TCRLA_Public/061114.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

          Tuesday, November 14, 2006, Vol. 7, Issue 226

                          Headlines

A R G E N T I N A

BANCO FRANCES: Posts ARS46 Million Third Quarter 2006 Net Profit
BANCO HIPOTECARIO: Earns ARS73.1MM in Third Quarter of 2006
BANCO HIPOTECARIO: Will Double Mortgage Loan Book in 2007
COMPANIA DE ALIMENTOS: Fitch Arg Affirms D Rating on Debts
COMPANIA ELABORADORA: Swift Armour Buys Plant for US$15.75 Mil.

CORPORACION INTERNACIONAL: Asks for Court OK to Restructure Debt
CRUZ DORADA: Deadline for Verification of Claims Is on Dec. 7
EMPRESA DISTRIBUIDORA: Posts ARS260MM 1st Nine-Month Net Profits
EUROMAYOR SA: Holding Shareholders Meeting on November 30
FREESCALE SEMICONDUCTOR: Accelerometer Shipments Surpass 300 Mln

IMAGEN SATELITAL: Fitch Argentina Affirms D Rating on Notes
IRSA: Posts ARS15.6MM Net Income in Quarter Ended Sept. 30, 2006
JUPEMAR SA: Verification of Proofs of Claim Is Until Dec. 27
KALEKIN SRL: Claims Verification Deadline Is Set for Dec. 27
PRATTO SRL: Trustee Verifies Proofs of Claim Until Dec. 12

TELECOM ARGENTINA: Will Invest ARS500 Million in 3G Services
TELEFONICA DE ARGENTINA: Posts ARS172MM First Nine-Month Profits
VALEANT PHARMA: Filing Delay Cues Moody's to Review Ba3 Rating
YPF SA: Posts ARS3.72 Billion First Nine-Month 2006 Net Profits

B A H A M A S

ISLE OF CAPRI: Names John Bohannon Black Hawk VP & Gen. Manager
WINN-DIXIE: Wants Dell Marketing Stipulation Approved

B E L I Z E

* BELIZE: Ministry Identifies Development of Fuel Storage Plans

B E R M U D A

ASPEN INSURANCE: Moody's Rates US$200MM Preference Shares at Ba1
PANTHER RE: S&P Rates US$144 Million Term B Loan at BB+
REFCO: RCMI's Section 341(a) Meeting Scheduled for November 27
REFCO: Chap. 7 Trustee Wants More Time to Decide on Contracts
SCOTTISH RE: Incurs US$30.5MM Net Loss in Third Quarter 2006

B O L I V I A

CA INC: Filing Delay Prompts Moody's to Review Ba1 Rating

B R A Z I L

BRASIL TELECOM: Will Implement WiMax Network in Two Cities
CENTRAIS ELECTRICAS: Posts BRL825MM First Nine-Month Profits
COMPANHIA ENERGETICA: Continuing Expansion Through Acquisitions
COMPANHIA SIDERURGICA: Maintains 5 Million Tons Sales Forecast
COMPANHIA SIDERURGICA: Union Tries to Prevent Wheeling Merger

CONVERIUM HOLDING: Earns US$54.3 Million for Third Quarter 2006
NOVELL INC: Completes 0.50% Sr. Debentures Consent Solicitation
NRG ENERGY: Fitch Assigns B+/RR3 on US$1.1-B Sr. Notes Due 2011
PARANA BANCO: S&P Assigns B Debt Rating on US$125-Million Notes
PETROLEO BRASILEIRO: Posts BRL20.7B Profit in First Nine Months

TAM SA: Reaches 51.1% Domestic & 58.2% Int'l Market Share
TELE NORTE: Anatel Okays Firm's Corporate Restructuring Plans
UNIAO DE BANCOS: Posts BRL106MM Third Quarter 2006 Net Profits

C A Y M A N   I S L A N D S

CURALIUM FUND: Liquidator Presents Wind Up Accounts on Nov. 17
CYBERIA HOLDINGS: Final Shareholders Meeting Is Set for Nov. 17
DESOAS ENTERPRISES: Filing of Proofs of Claim Is Until Nov. 17
DEUTSCHE (OCEANIC): Sets Final Shareholders Meeting on Nov. 17
DEUTSCHE (PACIFIC): Last Shareholders Meeting Is Set for Nov. 17

I-SECURITY (CAYMAN): Final Shareholders Meeting Is on Nov. 17
I-SECURITY (HOLDINGS): Last Shareholders Meeting Is on Nov. 17
NPR AUTO: Invites Shareholders for Final Meeting on Nov. 17
RX HEALTHCARE: Shareholders Gather for Final Meeting on Nov. 17
YOKOHAMA EXCELLENT: Sets Last Shareholders Meeting on Nov. 17

C O L O M B I A

BANCOLOMBIA: Authorizes Construction of Headquarters in Medellin
BANCOLOMBIA: Post COP63.4 Billion of Earnings for October 2006
ECOPETROL: Workers Hold Demonstrations Against Sale

* COLOMBIA: Atlantico Province Freezes Bavaria's Accounts

C O S T A   R I C A

PHOTOCIRCUITS CORP: Court Confirms Amended Chapter 11 Plan

D O M I N I C A N   R E P U B L I C

JETBLUE AIRWAYS: Prices US$124MM Enhanced Equipment Trust Certs
AFFILIATED COMPUTER: Filing Delay Cues Moody's to Review Rating

H O N D U R A S

* HONDURAS: Disclosing Bidders for Int'l Oil Tender by Nov. 22

J A M A I C A

AIR JAMAICA: International Leasing Returns Confiscated Aircraft
AIR JAMAICA: Reports Say Management in Conflict
AIR JAMAICA: Union in Full Support of Airline's Management
NATIONAL COMMERCIAL: Posts US$5.4 Billion 2006 Net Profit
NATIONAL WATER: Claremont Heights Residents Ask for Firm's Aid

M E X I C O

CHEMTURA: Lion Chemical May Buy EPDM & Rubber Chemical Assets
GRUPO MEXICO: Anti-Trust Commission Rejects Rail Merger
HERBALIFE LTD: Jesse Rogers Resigns from Board of Directors
MERIDIAN AUTOMOTIVE: Sells Michigan Properties for US$900,000
NEWPARK RESOURCES: Names James McFarland to Board of Directors

NEWPARK RESOURCES: Incurs US$2.3MM Loss in Third Quarter 2006
NEWPARK RESOURCES: Filing Delay Cues Moody's Negative Outlook
SANMINA-SCI: Filing Delay Prompts Moody's to Review Ba2 Rating

P A N A M A

CHIQUITA BRANDS: Secures Amendment to Financial Covenants
CHIQUITA BRANDS: S&P Affirms B Corporate Credit Rating

P A R A G U A Y

* PARAGUAY: Congress Mulling EBY Project Debt Restructuring Deal

P E R U

EMPRESA NACIONAL: Launches Gas Turbine Plant Operations in Peru
GRAN TIERRA: Peruvian Exploration & Production Pact Approved

P U E R T O   R I C O

ALBERTO-CULVER: Stockholders Approve Separation Transaction
CENTENNIAL COMM: Redeems US$20 Million 10-3/4% Sr. Sub. Notes
MUSICLAND HOLDING: Can Assume & Assign Leases to Record Town
MUSICLAND HOLDING: Court Denies Transport Logistics Settlement
SUNCOM: Files Business Plan in Response to NYSE Delisting Notice

V E N E Z U E L A

PRIDE INT'L: Acquires Deepwater Semisubmersibles for US$215MM

* BOND PRICING: For the week of November 6 -- November 10, 2006


                          - - - - -


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


BANCO FRANCES: Posts ARS46 Million Third Quarter 2006 Net Profit
----------------------------------------------------------------
BBVA Banco Frances, the Argentine unit of Banco Bilbao Vizcaya Argentaria,
said in a statement that its net profit increased 66.6% to ARS46 million in
the third quarter of 2006, from the ARS27.6 million recorded in the same
period of 2005.

Dow Jones Newswires relates that Banco Frances' net profit in the third
quarter of 2006 was driven by the growth of its lending activities.

Banco Frances told Dow Jones that its retail lending activity increased by
46.3% in the three months ending Sept. 30, 2006, compared with the same
period of 2005.

Headquartered in Buenos Aires, Argentina, BBVA Banco Frances SA --
http://www.bancofrances.com-- conducts capital markets and securities
operations directly, in the over-the-counter market, and through a
subsidiary, in the Buenos Aires Stock Exchange.  The bank operates 227
branches, 512 automated teller machines (ATMs), a telephone banking service
and an Internet banking service, called Frances Net.  Banco Frances has a
market share in the mutual fund portfolio management industry in Argentina
through Frances Administradora de Inversiones SA, and in the pension fund
industry through Consolidar AFJP SA.  Banco Frances is a subsidiary of Banco
Bilbao Vizcaya Argentaria.

                        *    *    *

As reported on June 2, 2006, Moody's Investors Service upgraded
the Bank Financial Strength Rating of BBVA Banco Frances S.A. to
D- from E to reflect:

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

BBVA Banco Frances long-term bank deposits carries Moody's
Investor Service's Caa1 rating.


BANCO HIPOTECARIO: Earns ARS73.1MM in Third Quarter of 2006
-----------------------------------------------------------
Banco Hipotecario recorded net income of ARS73.1 million for the third
quarter of 2006 (ARS0.49 per share).  Cumulative net income for the first
nine months of 2006 was ARS209.4 million, 26.8% higher than in the first
nine months of 2005.

Results reflect sound financial position, which is the basis for its
continued growth.

During the period, the bank had a net interest margin of 3.9%, a return on
assets of 3.2%, an equity ratio of 27.1% and a return on equity of 12.1%.
As of Sept. 30, 2006, the bank's equity was ARS2,426.5 million, which ranks
it second among Argentine banks.

Banco Hipotecario fuels growth in the lending industry and increased its
market share.

The bank has been among the largest contributors to the growth in the
lending industry during the last twelve months. The bank's stock of loans to
the private sector, net of reserves, excluding the effect from
securitizations, increased 34.1% in the last twelve months, to ARS2,941.9
million as of Sept. 30, 2006, compared with ARS2,194.0 million as of Sept.
30, 2005.

                Expansion of Mortgage Lending
               and Diversification of Business

Mortgage loan originations during the first nine months of 2006 was 80%
higher than during the comparable period of 2005. Non-mortgage loans
increased to 35% of the total portfolio of loans as of Sept. 30, 2006,
compared with 24% as of Sept. 30, 2005, principally as a result of increased
demand for consumer loans and corporate loans.

Significant improvement in financial intermediation margins of ARS254.5
million for the first nine months of 2006, 21% higher than in the comparable
period of 2005.

This improvement resulted primarily from the continued expansion in lending
and substantial reduction in the bank's costs for financing.

        Significant Reduction In Financial Expenditures

Financial liabilities decreased 8.0% in the last twelve months, while total
financial expenditures decreased 16% during the nine months ended Sept. 30,
2006, compared with the nine months ended Sept. 30, 2005, reflecting the
bank's efficient financial management, substitution of liabilities and
extension of maturities on its debt outstanding.

              Strong Increase In Deposit Base

During the last twelve months, the bank's deposits grew 53% or ARS218.1
million, mainly as a result of an 88% increase in time deposits as well as
higher savings account balances, which increased by 33% compared with the
balances recorded at
Sept. 30, 2005.

           Sustained Improvement In Asset Quality

The continued improvement in the bank's loan asset quality has resulted in
an improved ratio of non-performing loans to total loans of 5.9% as of Sept.
30, 2006, compared with 6.1% as of June 30, 2006, the lowest such ratio ever
recorded by the bank. At that same date, total loan loss reserves to
non-performing loans was 100%.  The bank's portfolio of non-performing loans
as of Sept. 30, 2006, reflected continued a downward trend over the past
several periods and largely consist of loans originated before December
2001.  Substantially all of these loans are secured by mortgages.

Banco Hipotecario S.A. was formed under the laws of Argentina in
Sept. 1997 to continue the business of Banco Hipotecario
Nacional.  The Bank distributes its products through a network
of 24 branches and 14 sales offices located throughout
Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 12, 2006, Standard &
Poor's has increased the rate given to the long-term credit of Banco
Hipotecario to B+ from B, after upgrading Argentina's rating.

The increase responds to the reduction on the level of debt, which made the
agency increased the rate given to the Argentine debt from B to B+.


BANCO HIPOTECARIO: Will Double Mortgage Loan Book in 2007
---------------------------------------------------------
A spokesperson of Banco Hipotecario SA told Business News Americas that the
bank is planning to double its mortgage loan book next year.

The new mortgage loan originations of Banco Hipotecario increased 80% to
ARS1.55 billion in the first nine months of 2006, compared with the first
nine months of 2005, BNamericas relates.

According to BNamericas, Banco Hipotecario's net loans to the private sector
increased 34.1% to ARS2.94 billion in the first nine months of 2006, from
the same period of 2005.  The bank's past-due loan ratio rose to 5.89% in
the first nine months of 2006, from 8.45% in the same period of 2005.

The spokesperson told BNamericas that part of the expected boost in mortgage
lending would be driven by recently passed mortgage loan regulations.  The
Argentine congress recently ratified a bill allowing banks to provide more
flexible loan maturities and conditions for lower-income individuals to
improve a sluggish mortgage market.

BNamericas underscores that while the banking system in Argentina has
recovered faster than expected from the 2001-02 financial crisis, mortgage
lending still represents around 2% of the country's gross domestic product,
compared with 4% before the crisis.

Banco Hipotecario told BNamericas that it will launch 75 new branches to
reach 100 by 2008 to prepare for a rebound in the mortgage loan market.

Banco Hipotecario said in its earnings release that its profits increased
26.8% to ARS209 million in the first nine months of 2006, compared with the
first nine months of 2005, due to strong loan volume and lower financial
costs.

                        *    *    *

On June 4, 2006, Moody's Investors Service took these rating actions on
Banco Hipotecario SA:

   -- Bank Financial Strength Rating: upgraded to E+ from E,
      with positive outlook;

   -- Long-term global local-currency deposit rating: Ba3 with
      stable outlook;

   -- Short-term global local-currency deposit rating: Not Prime
      with stable outlook; and

   -- National scale rating for foreign currency deposits:
      Ba1.ar with stable outlook.

Moody's affirmed these ratings:

   -- National scale rating for local-currency deposits: Aa1.ar
      with stable outlook;

   -- Long-term foreign currency-deposit rating: Caa1 and

   -- Short-term foreign currency-deposit rating: Not Prime.

                        *    *    *

Fitch Ratings Services upgraded on Aug. 4, 2006, these ratings
of Banco Hipotecario:

   -- Foreign and local currency long term IDRs upgraded: to B
      from B-, with a Stable Outlook;

   -- Short-term IDR affirmed at 'B';

   -- Individual rating affirmed at 'D'; and

   -- Support rating affirmed at '5'.

The rating of its US$1.2 billion Global Medium Term Notes
Programme and US$250 million 10-year unsubordinated fixed-rate
note were both upgraded to 'B/RR4' from 'B-/RR4.


COMPANIA DE ALIMENTOS: Fitch Arg Affirms D Rating on Debts
----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo affirmed the D rating it assigned to
Compania de Alimentos Fargo SA's Obligaciones Negociables for US$120
million.

The rate was given because the company has not been able to pay the
interests of the Obligaciones presently rated.  The strong weakness of the
company perceived in the generation of funds and the strong devaluation of
the peso have severely affected the capacity of the company for assuming
financial commitments in international currency.  In order to preserve its
operating funds, Fargo is currently restructuring its debts.

Fitch believes that despite the emerging trend registered on the level of
sale in the economy, which might positively influence the generation of
funds, there still exists a high level of uncertainty in relation to the
concurso of the company and the possible executions of capital from Fargo.

Headquartered in Buenos Aires, Argentina, Compania de Alimentos
Fargo, S.A., is controlled by the Mexican investor Chico Pardo
(70%) and the Bimbo group (30%).  The company is currently
restructuring US$185 million in debts, from which US$120 million
belong to Obligaciones Negociables.

Fargo's bondholders comprised of Rainbow Global High Yield Fund,
Argo Capital Investors Fund SPC, The Star Fund and The Rainmac
Fund filed an involuntary chapter 11 case against the company on
Sept. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12128).  David
Eaton, Esq., at Kirkland & Ellis LLP represents the petitioners.
The petitioners hold approximately US$82,390,000 in bonds.


COMPANIA ELABORADORA: Swift Armour Buys Plant for US$15.75 Mil.
---------------------------------------------------------------
Brazilian company JBS/Friboi has acquired through Swift Armour, Argentina's
leading slaughterhouse, Venado Tuerto plant that belonged to bankrupt
Compania Elaboradora de Productos Alimenticios S.A.  The company paid
US$15.75 million for the plant, which is almost three times the base auction
price set by court.

Compania Elaboradora de Productos Alimenticios was a meat exporter in
Argentina before it started liquidating its assets in October 2005.


CORPORACION INTERNACIONAL: Asks for Court OK to Restructure Debt
----------------------------------------------------------------
Court No. 4 in Buenos Aires is studying the merits of Corporacion
Internacional SA's petition to restructure its debts after it stopped paying
its obligations on Oct. 23, 2006.

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

Clerk No. 7 assists the court in the case.

The debtor can be reached at:

          Corporacion Internacional SA
          Rio Cuarto, Cordoba
          Charcas 4160
          Buenos Aires, Argentina


CRUZ DORADA: Deadline for Verification of Claims Is on Dec. 7
-------------------------------------------------------------
Sandra Claudia D. Ambrosio, the court-appointed trustee for Cruz Dorada SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 7,
2006.

Ms. Ambrosio will present the validated claims in court as individual
reports on Feb. 22, 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 Cruz Dorada 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 Cruz Dorada's accounting and
banking records will follow on Apr. 5, 2007.

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

The trustee can be reached at:

          Sandra Claudia D. Ambrosio
          Sarmiento 1574
          Buenos Aires, Argentina


EMPRESA DISTRIBUIDORA: Posts ARS260MM 1st Nine-Month Net Profits
----------------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte SA said in a filing with the
Buenos Aires stock exchange that its net profits were ARS260 million in the
first nine months of 2006.

Business News Americas relates that Empresa Distribuidora incurred
ARS144-million net loss in the third quarter of 2006 due in part to higher
operating and financial costs.

Empresa Distribuidora's profits in the first nine months of 2006 reflect
debt restructuring and deferment of capital gains tax.  The company's net
equity at the end of the period decreased to ARS1.64 billion, from ARS1.78
billion in the second quarter of 2006, BNamericas states.

Empresa Distribuidora y Comercializadora Norte SA serves 2.4 million clients
in the northern part of Buenos Aires, Argentina.  It is 51%-owned by Easa,
an Argentine holding company.  The EDFI international unit of France's state
power company EDF holds a 25%-stake in Edenor and US investment company New
Equity Ventures 14%.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2006,
Standard & Poor's Latin America assigned raBB+ ratings on Empresa
Distribuidora y Comercializadora Norte SA, aka Edenor's debts:

   -- Obligaciones Negociables for US$600,000,000;

   -- Bono Par a Tasa Fija at fixed rate for US$123,700,000;

   -- Discount bond at fixed rate (Bono Descuento a Tasa Fija)
      for US$240,000,000; and

   -- Bond at same price at variable rate (Bono a la par) for
      US$12,300,000.

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


EUROMAYOR SA: Holding Shareholders Meeting on November 30
---------------------------------------------------------
Euromayor SA de Inversiones has called for a shareholders assembly Nov. 30,
2006, at 3:00 p.m.  The company's filing with the Comision Nacional Valores
didn't say what the meeting's agenda would be.

Euromayor SA de Inversiones --
http://www.euromayor.com/english/empresa.htm-- is controlled by the ECIPSA
Group, a holding company aiming at real estate developments, which are
innovative, different and of high impact on important Argentine cities.

As reported on Sept. 5, 2006, Fitch Argentina Calificadora de Riesgo S.A.
assigned C ratings on Euromayor S.A. de Inversiones' three notes:

   -- Obligaciones Negociables Serie I peso-class for
      US$6,799,800

   -- Obligaciones Negociables Serie I dollar-class for
      US$3,073,200

   -- Obligaciones Negociables dollar-class for US$3,078,183

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


FREESCALE SEMICONDUCTOR: Accelerometer Shipments Surpass 300 Mln
----------------------------------------------------------------
Freescale Semiconductor has shipped more than 300 million accelerometers --
a major milestone in the company's long history of sensor innovation.

Freescale began its foray into acceleration sensors in the late 1980s when
it began developing one of the first surface-micromachined, single-axis
accelerometer for the automotive airbag market. Freescale now ships 2- and
3-axis devices with g-select features designed to enable developers to
choose the level of acceleration sensitivity for their application
requirements.

"Freescale's acceleration sensors are in high demand for embedded systems
requiring measurement of g forces, which can damage sensitive electronics
components," said Demetre Kondylis, director and general manager of
Freescale's Sensor & Actuator Solutions Division.  "With our recent
development of g-select accelerometers, designers have more flexibility to
explore new applications for sensors. Key applications range from handheld
consumer appliances and industrial and healthcare monitoring systems to
computer peripherals."

Freescale's acceleration sensor portfolio ranges from 1.5 g to 250 g
accelerometers, with g-select devices offering 1.5 g to 10 g selectivity,
allowing multiple functions to be used in the same device.  The latest XZ,
XY and XYZ low-g accelerometers are among the first single-package, dual-
and triple-axis accelerometers with selectable sensitivity.  Additional
features, such as sleep mode, low operating current, fast power-up response
time and small quad flat no-lead (QFN) packaging make it easy and
cost-effective to design Freescale accelerometers into embedded systems.

"We're entering a very exciting period of growth as MEMS sensors are being
integrated into an increasingly diverse array of applications within the
consumer market," said Marlene Bourne, principal analyst at Bourne Research.
"Sales of MEMS sensors for use in consumer electronics are forecast to
exceed $750 million in 2010 as more manufacturers embrace the improved
functionality and performance that MEMS sensors offer."

Freescale's broad portfolio of acceleration sensor products enables embedded
developers to address a diverse range of existing and emerging applications
that require accurate detection of small changes in force. Application
examples include:

   -- Shock detection for shipping and handling applications,

   -- High shock detection for new multiple-airbag solutions,

   -- Free-fall detection to help protect data stored in
      laptops, cell phones, MP3 players and other handheld
      devices,

   -- Vibration detection for motor stability,

   -- Jiggle control for video recording,

   -- Physiological motion detection applications, such as
      pedometers,

   -- Seismic monitoring,

   -- Motion detection for event recorders and "black box"
      applications, and

   -- Automotive rollover detection.

In late September, Sensors, a publication dedicated to sensor-related
technologies, announced that Freescale's inertial sensor applications team
won the magazine's inaugural "Engineer of the Year" award.  Sensors magazine
editors awarded the Freescale engineering team for its development of a
reliable accelerometer-based system that can detect free-fall of portable
electronics products, including computers, PDAs, cell phones and digital
music players.

"When we heard about this application of sensor technology, we were so
inspired that we set about to find the people who developed it," said
Barbara G. Goode, editor in chief of Sensors magazine.  "Free-fall detection
is a perfect application for sensor technology - and something the
electronics industry sorely needed.  Previous methods have had limited
success, but using multiple accelerometers and a processor, this inertial
sensor applications team has enabled reliable and efficient fall detection
even in the presence of other motion."

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services said that it has kept its
ratings, including the 'BB+' corporate credit rating, on Austin,
Texas-based Freescale Semiconductor Inc. on CreditWatch with
negative implications, where they were placed on Sept. 11, 2006,
following the company's announcement that it was considering a
business transaction, later confirmed as a leveraged buyout.

At the same time, Moody's Investors Service has assigned
Freescale Semiconductor a corporate family rating of Ba3 and a
speculative grade liquidity rating of SGL-1.


IMAGEN SATELITAL: Fitch Argentina Affirms D Rating on Notes
-----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo affirmed the D rating it assigned to
Imagen Satelital's Obligaciones Negociables.

The rate shows the unpayment of the remaining Obligaciones Negociables,
which have not been included in the restructuring proposal.  From the
operative point of view, the company has a good competitive advantage in the
Argentine market (cable TV sector), considering the experience of its main
shareholder and the arrangements existing with companies from Claxson
groups.

The future evolution of the company's equity will depend mainly in the
capacity of generating enough income, which would allow the company to
change the negative trend.  Fitch expects this to happen in the short term.
By June 2006, Imagen reported a shareholders' equity deficit for US$6
million.

Imagen Satelital S.A. is one of the main cable TV distributors
in South America.  It operates 11 TV channels.  Its main source
of income is subscriptions (72% of the 2005 sale).  CTG Inversora (branch of
Claxson Interactive Group, rated with B- by
Fitch) controls 96% of the company, the rest is in the hands of
El Sitio.


IRSA: Posts ARS15.6MM Net Income in Quarter Ended Sept. 30, 2006
----------------------------------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima disclosed first quarter
fiscal year 2007 results.

Net income for the three-month period ended Sept. 30, 2006, was ARS15.6
million or ARS0.36 per GDS, while earnings per diluted GDS totaled ARS0.31,
compared with a gain of ARS18.6 million, or ARS0.52 per GDS (ARS0.41 per
diluted GDS) for the same period the previous year.

Operating income increased 54.5%, from ARS33.4 million in the first three
months of fiscal year 2006 to ARS51.7 million in the same period of fiscal
year 2007, mainly due to higher revenues.

Consolidated sales for the three-month period totaled ARS169.6 million,
compared with ARS106.0 million recorded in the same period the previous
year.

Participation of the various segments in net sales was as follows: sales and
developments, ARS29.7 million; offices and other rental properties, ARS9.5
million; shopping centers, ARS101.1 million; hotels, ARS28.6 million; and
financial operations and others, ARS0.7 million.

                         Highlights

   -- Net income for the first quarter of fiscal year 2007
      amounted to ARS15.6 million, compared with ARS18.6 million
      registered during the same period of the previous year.
      The decrease is explained by a lower income generated by
      related companies, mainly from Banco Hipotecario, whose
      income decreased from ARS19.1 million to ARS1.4 million.
      However, such result was broadly offset by its business
      segments' operating results.

   -- Operating income grew 54.5% compared with the first
      quarter of fiscal year 2006, to ARS51.7 million from
      ARS33.4 million, mainly due to higher revenues, which
      increased 60.1% to ARS169.6 million. EBITDA was ARS72.0
      million, an increase of 34.5% compared with the same
      quarter of the previous fiscal year.

   -- Average occupancy of its offices continues high, reaching
      96.1% for the first quarter of fiscal year 2007, compared
      to 95% in the first quarter of fiscal year 2006.  Income
      from lease properties reached ARS9.5 million, compared
      with ARS6.5 million recorded in the first quarter of
      fiscal year 2006.

   -- Operating income from its subsidiary Centros Comerciales
      APSA grew 53.5% compared with the first quarter of fiscal
      year 2006, reaching ARS44.1 million. Our shopping center
      portfolio reached an occupancy rate of 99.2%, whereas its
      tenants' sales increased 23.4% in nominal terms.
      Additionally, the favorable context and the successful
      performance of Tarshp S.A.'s management made operating
      income grow 100.2%, reaching ARS10.7 million.

   -- Continuing with the regional expansion plan and
      consolidation of its commercial leadership, its subsidiary
      APSA signed a purchase agreement subject to due diligence
      for the acquisition of Cordoba Shopping, the company's
      tenth shopping center. Located in the neighborhood of
      Villa Cabrera in the city of Cordoba, Cordoba Shopping
      has a total area of 35,000 square meters, with 160 retail
      stores, 12 movie theatres and parking for 1,500 vehicles.

   -- For the three-month period ended Sept. 30, 2006, income
      from the sales and development segment was ARS29.7
      million, compared with ARS0.5 million recorded in the same
      period of the previous year, mainly reflecting the success
      of its "Cruceros Dique II" project.  Among main projects
      are the high expectations for "Torres Renoir," located in
      the area of Puerto Madero, with 57% of construction
      complete.  Also promising are prospects for the
      "Caballito Nuevo" residential complex and "Canteras
      Natal Crespo" development, embedded in the hillside
      setting of Sierras Chicas, in the province of Cordoba.

   -- Income from the hotel segment was ARS28.6 million for the
      first quarter of 2007, compared with ARS24.9 million in
      the same period of the previous year. Average rate per
      room increased to ARS470 for the first quarter of fiscal
      year 2007, from ARS344 in the same quarter of fiscal year
      2006.

   -- In August 2006, Fitch Argentina Calificadora de Riesgo
      S.A. rating company raised the rating of its debt bonds
      from BB+ (arg) to BBB (arg), surpassing "Investing Grade"
      level at local level.  In addition, Fitch Argentina
      Calificadora de Riesgo S.A. raised the rating of its
      shares to the maximum level. The rating takes into account
      the low-level indebtedness in connection with assets held
      by the company and the growing capacity for fund
      generation and solidity of its subsidiary Alto Palermo SA.

                 First Quarter Financial Highlights
                  (In thousands of Argentine Pesos)

                                09-30-06                09-30-05

Total sales                      169,646                 105,950
Operating Income                  51,654                  33,436
Net Income --(Loss)               15,619                  18,646
Net Income per GDS                  0.36                    0.52
Net Income per GDS diluted          0.31                    0.41


                                09-30-06                09-30-05

Total Current Assets             498,820                 481,788

Total Non Current Assets       2,262,362               2,258,333

Total Assets                   2,761,182               2,740,121
Short-Term debt                   99,284                 110,799

Total Current Liabilities        423,657                 419,228
Long-term debt                   272,313                 280,560

Total Non Current Liabilities    377,142                 385,138

Total Liabilities                800,799                 804,366
Minority interest                454,981                 449,989
Shareholders' Equity           1,505,402               1,485,766

Created in 1943, Inversiones y Representaciones S.A. aka IRSA is
a leading company with activities in the business of offices,
commercial centers and hotels.  It is the only company in the
industry whose shares are listed on the Bolsa de Comercio de
Buenos Aires and The New York Stock Exchange.  Through its
subsidiaries, IRSA manages an expanding top portfolio of
shopping centers and office buildings, primarily in Buenos
Aires.  The company also develops residential subdivisions and
apartments (specializing in high-rises and loft- style
conversions) and owns three luxury hotels. Additionally, IRSA
owns a 11.8% stake in Banco Hipotecario, Argentina's largest
mortgage supplier in the country which shareholder's equity
amounted to ARS2,247.6 million.

                        *    *    *

Moody's assigned these ratings on IRSA on July 30, 2001:

   -- local currency issuer rating: B3; and
-- foreign currency issuer rating: Caa1


JUPEMAR SA: Verification of Proofs of Claim Is Until Dec. 27
------------------------------------------------------------
Norberto Bonesi, the court-appointed trustee for Jupemar SA's insolvency
case, will verify creditors' proofs of claim until Dec. 27, 2006.

Mr. Bonesi will present the validated claims in court as individual reports
on March 12, 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 Jupemar and its creditors.

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

Mr. Bonesi will also submit a general report that contains an audit of
Jupemar's accounting and banking records.  The report submission date has
not been disclosed.

The trustee can be reached at:

          Norberto Bonesi
          Avda Juan B. Justo 5096
          Buenos Aires, Argentina


KALEKIN SRL: Claims Verification Deadline Is Set for Dec. 27
------------------------------------------------------------
Roberto Eugenio Vogliotti, the court-appointed trustee for Kalekin SRL's
bankruptcy case, will verify creditors' proofs of claim until Dec. 27, 2006.

Mr. Vogliotti will present the validated claims in court as individual
reports on March 12, 2007.  Court No. 22 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 Kalekin 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 Kalekin's accounting and banking
records will follow on Apr. 26, 2007.

Kalekin was forced into bankruptcy at the request of Claudio Perez, whom it
owes US$71,243.38.

Clerk No. 44 assists the court in the case.

The debtor can be reached at:

          Kalekin S.R.L.
          Avenida Chorroarin 135/37
          Buenos Aires, Argentina

The trustee can be reached at:

          Roberto Eugenio Vogliotti
          Avenida Cordoba 1309
          Buenos Aires, Argentina


PRATTO SRL: Trustee Verifies Proofs of Claim Until Dec. 12
----------------------------------------------------------
Daniel Alfredo Erdocia, the court-appointed trustee for Pratto SRL's
bankruptcy case, verifies creditors' proofs of claim until Dec. 12, 2006.

Under the Argentine bankruptcy law, Mr. Erdocia 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 Pratto and
its creditors.

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

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

The trustee can be reached at:

          Daniel Alfrdo Erdocia
          Paraguay 610
          Buenos Aires, Argentina


TELECOM ARGENTINA: Will Invest ARS500 Million in 3G Services
------------------------------------------------------------
Telecom Argentina said in a statement that it will invest ARS500 million in
offering 3G services through Telecom Personal, its mobile unit.

Carlos Felices, chief executive officer of Telecom Argentina, told Business
News Americas, "This investment comes in addition to plans to convert the
fixed line network as part of the integral transformation of
telecommunications in the country."

According to BNamericas, Telecom Argentina's 3G services will combine mobile
broadband with a wide range of multimedia services.

Clients of Telecom Personal will be able to use Iand download content
through the mobile device or a PC at high-speed rates, BNamericas notes.

Other 3G services to be offered are the mobile multimedia and real time
video services, BNamericas reports.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
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 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 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
S.A.'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'.


TELEFONICA DE ARGENTINA: Posts ARS172MM First Nine-Month Profits
----------------------------------------------------------------
Telefonica de Argentina said in a filing with the Buenos Aires stock
exchange that the firm's net profits decreased 38.7% to ARS172 million in
the first nine months of 2006, from ARS281 million in the same period of
2005.

Business News Americas relates that Telefonica de Argentina disclosed in
September plans to reduce its share capital by 60%.

According to BNamericas, Telefonica de Argentina's share capital was
expected to decrease from ARS1.75 billion to ARS698 million.

Net equity of Telefonica, the parent firm of Telefonica de Argentina, was
ARS2.08 billion in September, BNamericas states.

Headquartered in Buenos Aires, Argentina, Telefonica de Argentina SA --
http://www.telefonica.com.ar/-- provides telecommunication services, which
include telephony business both in Spain and Latin America, mobile
communications businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting, broadband
and Business-to-Business e-commerce activities.

                        *    *    *

Moody's Investors Service upgraded on May 27, 2006, the ratings on
Telefonica de Argentina, SA's Corporate Family Rating (foreign currency) to
B2 from B3 with stable outlook; Foreign currency issuer rating to B2 from B3
with stable outlook; and Senior Unsecured Rating (foreign currency) to B2
from B3 with stable outlook.


VALEANT PHARMA: Filing Delay Cues Moody's to Review Ba3 Rating
--------------------------------------------------------------
Moody's Investors Services placed Valeant Pharmaceuticals' Ba3 rating under
review for possible downgrade after announcing financial filing delay.

Moody's Investors Service published a report of summary information on
rating actions related to federal probes into backdating and other stock
option timing issues.  Some 15 issuers rated by Moody's have disclosed
either a Securities and Exchange Commission or Department of Justice inquiry
into their option award timing.  Moody's has taken rating actions related to
the option investigations at 11 issuers, including two that conducted an
internal investigation but have not disclosed an inquiry by the SEC or DOJ.
In eight of the 11 cases, failure to file timely financial statements
triggered the action.

"Issuers rated by Moody's are a small portion of the more than 100 companies
that have disclosed federal investigations," said Ken Bertsch, managing
director for corporate governance analysis.  Overall, more than 160
companies have disclosed either internal or external investigations.

Moody's continues to monitor developments and anticipates that there will be
some additional disclosures of timing issues.

Investigations into past option awards and the need to restate past
financial results have caused the filing delays. Delayed financial filings
triggered risk of technical default at issuers subject to debt covenants
requiring timely filing of financial statements.

Many stock option timing investigations have proven more complex and time
consuming than we anticipated, and they are causing delayed financial
filings at a number of companies. Over a period of months, Moody's has
placed six issuers that failed to file financials on time on review for
downgrade. In two of these cases, existing issuer ratings were subsequently
affirmed once financial statements were filed. The outlook was changed to
"developing" for one additional issuer that failed to file financials on
time, and another was simply downgraded.

Moody's downgraded two issuers, Amkor Technology and UnitedHealth Group.
Amkor, currently rated Caa1, was downgraded due to concerns regarding its
liquidity following failure to file timely financial statements.
UnitedHealth Group was downgraded following the publication of an
independent internal review and the resulting announcement of the CEO's
planned departure.

A number of rated issuers have restated financial results due to improper
accounting of past option awards.  These restatements were primarily
non-cash charges.  As Moody's anticipated, restatements thus far have not
resulted in cash outlays with a material impact on credit quality at any
rated issuers.

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty
pharmaceutical company with US$823 million of 2005 revenues.
The company has offices in Argentina.


YPF SA: Posts ARS3.72 Billion First Nine-Month 2006 Net Profits
---------------------------------------------------------------
YPF SA, Repsol's subsidiary in Argentina, said in a filing with the Buenos
Aires stock market that its net profits decreased 7.1% to ARS3.72 billion in
the first nine months of 2006, from the ARS4 billion in the same period of
2005.

Business News Americas relates that YPF's investments increased 46% to
ARS3.46 billion in Argentina in the first nine months of 2006, compared with
the same period of 2005.

YPF earned ARS6.72 billion in revenues from its exports during the first
nine months of this year, BNamericas notes.

According to BNamericas, YPF paid the government of Argentina ARS8.98
billion in royalties and taxes in the first nine months of 2006, compared
with the ARS8.4 billion paid in the first nine months of 2005.

YPF's equity increased 3.8% to ARS23.8 billion at Sept. 30, 2006, compared
with Sept. 30, 2005, BNamericas states.

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

                        *    *    *

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




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


ISLE OF CAPRI: Names John Bohannon Black Hawk VP & Gen. Manager
---------------------------------------------------------------
Isle of Capri Casinos, Inc., appointed John Bohannon as vice president and
general manager of the company's Isle of Capri-Black Hawk and Colorado
Central Station properties in Black Hawk, Colo.

Mr. Bohannon most recently held the position of vice president of marketing
for the Black Hawk properties.  He brings extensive management experience
having served as vice president and general manager at Isle of Capri-Bossier
City, La.  Since joining the company in 1993, Bohannon's responsibilities
included operations, marketing and sales.  His prior experience includes
serving as corporate sponsorships manager for Six Flags Astroworld, Houston
and sales representative for Six Flags Over Texas in Arlington, TX.

Mr. Bohannon holds a bachelor's of business administration from Stephen F.
Austin State University, Nacogdoches, Texas.

Based in Biloxi, Miss., Isle of Capri Casinos, Inc. (Nasdaq:
ISLE) -- http://www.islecorp.com/-- a developer and owner of
gaming and entertainment facilities, operates 16 casinos in 14
locations.  The Company owns and operates riverboat and dockside
casinos in Biloxi, Vicksburg, Lula and Natchez, Miss.; Bossier
City and Lake Charles (two riverboats), La.; Bettendorf,
Davenport and Marquette, Iowa; and Kansas City and Boonville,
Mo.  The Company also owns a 57% interest in and operates land-
based casinos in Black Hawk (two casinos) and Cripple Creek,
Colorado.  Isle of Capri's international gaming interests
include a casino that it operates in Freeport, Grand Bahama, and
a 2/3 ownership interest in casinos in Dudley, Walsal and
Wolverhampton, England.  The company also owns and operates
Pompano Park Harness Racing Track in Pompano Beach, Fla.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 26, 2005,
Standard & Poor's Ratings Services affirmed its ratings on Isle
of Capri Casinos Inc., including its 'BB-' corporate credit
rating.  At the same time, all ratings were removed from
CreditWatch with negative implications where they were placed on
Sept. 1, 2005.  S&P said the outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector, the rating agency confirmed Isle of Capri Casinos,
Inc.'s Ba3 Corporate Family Rating.


WINN-DIXIE: Wants Dell Marketing Stipulation Approved
-----------------------------------------------------
Winn-Dixie Stores Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Middle District of Florida to approve their stipulation with
Dell Marketing LP.

Before filing for bankruptcy, Dell supplied and sold the Debtors computers,
monitors, servers, and related computer products.
After the Debtors filed for bankruptcy, Dell served the Debtors with a
reclamation demand seeking $6,706 pursuant to Section
546(c) of the Bankruptcy Code and Section 2.702 of the Uniform
Commercial Code.

In March 2005, Dell filed Claim Nos. 286 and 369 as prepetition
non-priority unsecured claims each asserting $442,148.  In
October 2005, Dell agreed to be bound by a Court-approved
stipulation that resolves reclamation claims filed by the
Debtors' various vendors.  Dell's agreement preserved the
Debtors' rights to any preference claims relating to $39,239 in
payments made to Dell between February 10 and February 21, 2005.

In their 2nd Omnibus Claims Objection, the Debtors asked the
Court to disallow Claim No. 369 because it was a duplicate claim.  The Court
had approved the proposed disallowance in January 2006.

In their 16th Omnibus Claims Objection, the Debtors asked the
Court to reduce Claim No. 286's amount to $105,200.  Dell timely
filed an objection and argued that the claim should be allowed
for $435,710 to reflect the difference between the original
amount of its claim and the amounts paid by the Debtors on
account of the Reclamation Claim.

According to D.J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in New York, the parties wish to resolve all remaining issues between them
concerning Claim No. 286 and any potential preference claims under Section
547 of the Bankruptcy Code.

The parties agree, among others, that upon Court approval of
their Stipulation:

   (1) The 16th Omnibus Claims Objection and Dell's response
       with respect to Claim No. 286 will be deemed resolved;

   (2) Claim No. 286 will be allowed as a prepetition non-
       priority unsecured claim for US$137,396; and

   (3) In consideration of the agreed reduction of Claim No.
       286, the Debtors will be deemed to have waived the
       Possible Preference Claims against Dell.

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. 59; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


* BELIZE: Ministry Identifies Development of Fuel Storage Plans
---------------------------------------------------------------
An official from the finance ministry of Belize told Business News Americas
that the Belize Petroleum Energy is identifying fuel storage projects to be
developed under the ALBA Petrocaribe energy cooperation model of Venezuela.

Business News Americas relates that Belize Petroleum and Petroleos de
Venezuela, the state-owned oil firm of Venezuela, signed in a June a
memorandum of association to forge Petrocaribe.

According to BNamericas, the government of Belize formed the Belize
Petroleum specifically for the Petrocaribe.

Negotiations between Belize Petroleum and Petroleos de Venezuela still
continue and nothing has been decided yet, BNamericas says, citing the
official.  Belize Petroleum is open to private sector proposals on
developing the nation's oil infrastructure.

The official told BNamericas that ExxonMobil, which runs Belize's sole fuel
storage complex, agreed in 2005 to a one-time only receipt of fuel from
Venezuela.

Under Petrocaribe, nations pay 60% of the cost of Venezuelan oil at the time
of purchase.  Governments can retain 40% of the cost as financing for
development projects.  The financing is then amortized after a two-year
grace period over 23 years at 1% yearly interest.

Petrocaribe could help advance plans to construct a small plant in Belize
after Belize Natural Energy, a local oil firm, became the first company in
2005 to find a commercial oil field in Belize, BNamericas 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
=============


ASPEN INSURANCE: Moody's Rates US$200MM Preference Shares at Ba1
----------------------------------------------------------------
Moody's Investors Service announced today that it has assigned a Ba1 rating
to the proposed US$200 million Perpetual Non-Cumulative Preference Shares
(Preference Shares) to be issued by Aspen Insurance Holdings Limited, the
existing perpetual "PIERS" of which are rated Ba1 by Moody's.  Aspen
Insurance currently intends to use the net proceeds from the proposed
Preference Shares for general corporate purposes, including the repurchase
of its outstanding ordinary shares. The rating agency said that the Ba1
rating, which has a stable outlook in line with other Aspen Group ratings,
is based on the expectation that there will be no material difference
between current and final documentation in relation to the issue.

The Ba1 rating reflects the instrument's preferred claim in liquidation.

The instrument will qualify for Basket D classification by Moody's, i.e.
will be treated as 75% equity and 25% debt in the adjusted financial
leverage calculation.  Basket D treatment reflects the perpetual maturity
and the fact that the ability to redeem the Preference Shares will be
limited by the terms of a replacement capital covenant (for a strong ranking
on No Maturity), optional non-cumulative interest deferral (for a moderate
ranking on No Ongoing Payments), and deep subordination of the instrument
(for a strong ranking on Loss Absorption).

Aspen Insurance, headquartered in Hamilton, Bermuda, is the holding company
of the Aspen Group the principal operating entities of which are Aspen
Insurance UK Limited and Aspen Insurance Limited, both rated A2 for
insurance financial strength.  At the end of September 2006, Aspen Group
reported net income of US$259m and shareholders' equity of US$2,315 milion.


PANTHER RE: S&P Rates US$144 Million Term B Loan at BB+
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB+' preliminary senior
secured bank loan rating to Panther Re Bermuda Ltd.'s proposed US$72 million
Term A loan and its 'BB+' preliminary subordinated bank loan rating to
Panther Re's proposed US$144 million Term B loan.

Panther Re is a limited-life, special-purpose Class 3 reinsurance company
domiciled in Bermuda.  It was set up specifically to offer quota-share
reinsurance to Hiscox-Syndicate 0033's property catastrophe excess-of-loss
reinsurance business.

"The ratings on the term loans reflect the obligations' very low modeled
probabilities of default and the structural provisions that align the
interest between Panther Re and Syndicate 0033," said Standard & Poor's
credit analyst Maren Josefs.

As one of the largest syndicates operating at Lloyd's (insurer
financial strength rating A/Positive), Panther Re will benefit from
Syndicate 0033's strong competitive position and the requirement to
underwrite according to Lloyd's Market regulations.  Syndicate 0033 also has
an experienced underwriting team with a long track record in the Lloyd's
Market.  However, these positive factors are partially offset by Panther
Re's exposure to property catastrophe losses and the high level of modeling
risk inherent in forecasting the frequency and severity of natural
disasters.

The modeled probability of default refers to the percentages of simulations
that result in either of the term loans becoming impaired and is based on
the modeled loss output from AIR CATRADER Version 8.  The cumulative modeled
probability of default for the Term B loan is 33 basis points (bps), and it
is less than 1 bps for the Term A loan.  Standard & Poor's has adjusted
these probabilities to charge for modeling risk, operational risk, credit
risk, and other unfavorable variance in the assumptions made.

The ratings also reflect the application of Standard & Poor's criteria for
obligations exposed to single or multiple event risk.  Although the modeled
and adjusted probabilities are low, Panther Re's Term B loan could become
impaired by the occurrence of one natural catastrophe event.  In all of the
more than 900,000 modeled scenarios, at least two events have to occur for
the Term A loan to become impaired.  Ratings for securities where lenders
are exposed to a loss of principal or interest from one or two natural
catastrophe events are capped at 'BB+' and 'BBB+', respectively.

Syndicate 0033 will cede a portion of the premium from its property
catastrophe excess-of-loss reinsurance business to Panther Re via a
quota-share reinsurance treaty.

Standard & Poor's has not currently assigned an interactive Lloyd's
Syndicate Assessment to Syndicate 0033.


REFCO: RCMI's Section 341(a) Meeting Scheduled for November 27
--------------------------------------------------------------
Diana G. Adams, Acting United States Trustee for Region 2, will
convene a meeting of Refco Commodity Management, Inc. creditors
on Nov. 27, 2006, at 3:30 p.m., prevailing Eastern Time, at
80 Broad Street, 2nd Floor, in New York.

This is the first meeting of creditors required under Sec. 341(a) of the
Bankruptcy Code in RCMI's Chapter 11 case.

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

                      About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO: Chap. 7 Trustee Wants More Time to Decide on Contracts
-------------------------------------------------------------
As of Oct. 31, 2006, Albert Togut, the Chapter 7 trustee overseeing the
liquidation of the Refco, LLC estate, has identified and disposed of
approximately 800 executory contracts.  However, there are a handful of
additional executory contracts still being evaluated and whose final
disposition has not yet been determined.  The few remaining executory
contracts are with ongoing service suppliers who provide records storage and
similar services to Refco LLC's estate.

Accordingly, the Chapter 7 Trustee asks the U.S. Bankruptcy Court for the
Southern District of New York to extend until
Jan. 10, 2007, the time within which he may assume or reject the executory
contracts so he may continue evaluating those which may be necessary for the
estate's administration.

The extension request will be without prejudice to:

   (i) the rights of any of the non-debtor counterparties to
       seek an earlier date on which the Chapter 7 Trustee must
       decide on a specific contract; and

  (ii) the Chapter 7 Trustee's right to seek further extension
       if necessary and appropriate.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
asserts that the extension will assist the Chapter 7 Trustee in
fulfilling his fiduciary duty of maximizing the value of the
Chapter 7 Debtor's estate for the creditors' benefit.

                      About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SCOTTISH RE: Incurs US$30.5MM Net Loss in Third Quarter 2006
------------------------------------------------------------
Scottish Re Group Ltd. reported that the net loss available to ordinary
shareholders for the three months ended Sept. 30, 2006, was US$30.5 million,
or a loss of US$0.54 per diluted ordinary share, as compared with net income
available to ordinary shareholders of US$31.9 million, or US$0.66 per
diluted ordinary share for the prior year period.  The net loss available to
ordinary shareholders for the nine months ended Sept. 30, 2006, was US$142.8
million, or a loss of US$2.61 per diluted ordinary share, as compared with
net income available to ordinary shareholders of US$66.9 million, or US$1.42
per diluted ordinary share for the prior year period.

The net operating loss available to ordinary shareholders was US$24.0
million, or a loss of US$0.42 per diluted ordinary share for the three
months ended Sept. 30, 2006, as compared with net operating earnings of
US$32.6 million or US$0.67 per diluted ordinary share for the prior year
period.  The net operating loss available to ordinary shareholders was
US$140.0 million, or a loss of US$2.56 per diluted ordinary share for the
nine months ended Sept. 30, 2006, as compared with net operating earnings of
US$79.3 million or US$1.68 per diluted ordinary share for the prior year
period.

"The company has been in a very difficult period the past several months,
but has continued to maintain its focus on the core business. Excluding the
expected one-off expenses related to our current situation and the unusually
high tax expense for the quarter, the third quarter results reflect an
underlying core profitability that is within our expectations.  It is
important to note that our mortality continues to be in line with
expectations," said Paul Goldean, Chief Executive Officer of Scottish Re
Group Limited.

Mr. Goldean further added, "We are continuing our pursuit of strategic
alternatives for Scottish Re, including a possible sale of the company or a
significant equity infusion by new investors.  At this time, we cannot give
assurances that an agreement with any party will be reached, or the price at
which a transaction may be consummated, which may be below the share price
as of market close on Nov. 9, 2006. However, we do expect the process to
conclude within the next several weeks."

"In view of the confidential and sensitive nature of negotiations at this
time, we will not be holding our usual earnings conference call. We do not
expect to make any further announcements, nor can we answer any inquiries
about the process until an agreement is reached or we have otherwise
terminated the process.  We ask our stakeholders to review our Form 10Q and
Financial Data Supplement, both of which are available on our website, for
additional details regarding our third quarter financial results."

Total revenues for the three months ended Sept. 30, 2006, increased to
US$611.3 million from US$563.7 million for the prior year period, an
increase of 8%.  Excluding realized gains and losses and the change in value
of the embedded derivatives, total revenues for the three months ended Sept.
30, 2006, increased to US$618.3 million from US$565.0 million for the prior
year period, an increase of 9%.  Total revenues for the nine months ended
Sept. 30, 2006, increased to US$1,783.3 million from US$1,622.3 million for
the prior year period, an increase of 10%.  Excluding realized gains and
losses and the change in value of the embedded derivatives, total revenues
for the nine months ended Sept. 30, 2006, increased to US$1,797.6 million
from US$1,636.0 million for the prior year period, an increase of 10%.

Total benefits and expenses increased to US$618.2 million for the three
months ended Sept. 30, 2006, from US$535.9 million for the prior year
period, an increase of 15%.  Total benefits and expenses increased to
US$1,816.0 million for the nine months ended Sept. 30, 2006, from US$1,567.9
million for the prior year period, an increase of 16%.

The company's operating expense ratio (which is the ratio of operating
expenses to total revenue excluding realized gains and losses and the change
in value of embedded derivatives) for the nine months ended Sept. 30, 2006,
was 6.1%, as compared with an operating expense ratio of 5.0% for the year
ended
Dec. 31, 2005.  The increase in operating expense ratio is directly related
to the additional severance, legal, actuarial and directors' costs incurred
as a result of our current situation and strategic process.

For the three months ended Sept. 30, 2006, the company had a pre-tax loss of
US$6.8 million before minority interest as compared with a pre-tax profit of
US$27.8 million for the prior year period.  Income tax expense in the third
quarter ended Sept. 30, 2006, was US$20.8 million compared with an income
tax benefit of US$6.7 million in the same period in 2005.  The change in our
effective tax rate in the third quarter ended Sept. 30, 2006, compared with
the same period in 2005 is primarily related to a US$30.1 million valuation
allowance established on deferred tax assets.

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

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

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

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




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


CA INC: Filing Delay Prompts Moody's to Review Ba1 Rating
---------------------------------------------------------
Moody's Investors Services placed CA Inc.'s Ba1 rating under review for
possible downgrade after announcing financial filing delay.  The rating will
be affirmed after filing, with a negative outlook.

Moody's Investors Service published a report of summary information on
rating actions related to federal probes into backdating and other stock
option timing issues.  Some 15 issuers rated by Moody's have disclosed
either a Securities and Exchange Commission or Department of Justice inquiry
into their option award timing.  Moody's has taken rating actions related to
the option investigations at 11 issuers, including two that conducted an
internal investigation but have not disclosed an inquiry by the SEC or DOJ.
In eight of the 11 cases, failure to file timely financial statements
triggered the action.

"Issuers rated by Moody's are a small portion of the more than 100 companies
that have disclosed federal investigations," said Ken Bertsch, managing
director for corporate governance analysis.  Overall, more than 160
companies have disclosed either internal or external investigations.

Moody's continues to monitor developments and anticipates that there will be
some additional disclosures of timing issues.

Investigations into past option awards and the need to restate past
financial results have caused the filing delays. Delayed financial filings
triggered risk of technical default at issuers subject to debt covenants
requiring timely filing of financial statements.

Many stock option timing investigations have proven more complex and time
consuming than we anticipated, and they are causing delayed financial
filings at a number of companies. Over a period of months, Moody's has
placed six issuers that failed to file financials on time on review for
downgrade. In two of these cases, existing issuer ratings were subsequently
affirmed once financial statements were filed. The outlook was changed to
"developing" for one additional issuer that failed to file financials on
time, and another was simply downgraded.

Moody's downgraded two issuers, Amkor Technology and UnitedHealth Group.
Amkor, currently rated Caa1, was downgraded due to concerns regarding its
liquidity following failure to file timely financial statements.
UnitedHealth Group was downgraded following the publication of an
independent internal review and the resulting announcement of the CEO's
planned departure.

A number of rated issuers have restated financial results due to improper
accounting of past option awards.  These restatements were primarily
non-cash charges.  As Moody's anticipated, restatements thus far have not
resulted in cash outlays with a material impact on credit quality at any
rated issuers.

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




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


BRASIL TELECOM: Will Implement WiMax Network in Two Cities
----------------------------------------------------------
Brasil Telecom Participacoes said in a statement that it will implement a
mobile Worldwide Interoperability for Microwave Access or WiMax network in
Porto Alegre and Curitiba.

Business News Americas relates that Brasil Telecom clients in Porto Alegre
and Curitiba will be able to use the Internet without losing their
connection, while on the move with mobile devices like mobile phones,
laptops or personal digital assistants.

Dante Nardelli, Brasil Telecom director of technology and technical
planning, told BNamericas that the firm's current broadband infrastructure,
which serves 1.2 million clients, has reached its capacity.  The current
cable networks are insufficient and this is a strategic decision to target a
technology of the future.

There are 200,500 broadband clients in Porto Alegre and Curitiba who could
potentially migrate to the WiMax platform, BNamericas says, citing Mr.
Nardelli.

According to BNamericas, Vant -- Brasil Telecom's WiMax unit -- secured
licenses in the 3.5 gigahertz and 10.5 gigahertz bands in 2003.  Brasil
Telecom aims to provide mobile WiMax in all of its concession areas.

However, Brasil Telecom is yet waiting for the approval of Anatel, the
Brazilian telecoms regulator, Mr. Nardelli told BNamericas.

BNamericas underscores that the awarding of the 5 gigahertz and 10 gigahertz
spectrum licenses was initially scheduled for Sept. 18.  However, Brasil
Telecom is waiting for the result of legal hearings to see whether
concession contract holders can bid for licenses in areas where they hold
existing concession contracts.

Valor Economico relates that Brasil Telecom's investment is expected to be
some dozens of millions of reals.

BNamericas emphasizes that Brazil has 250 WiMax networks in operation or in
a test phase but most are on a fixed or nomadic system, which does not allow
the same degree of mobility.

Published reports say that Brasil Telecom will be among the first operators
worldwide to introduce the system.

Data communications revenues of Brasil Telecom increased 23.6% to BRL616
million in the third quarter of 2006, compared with the BRL498 million
recorded in the same period of 2005, BNamericas notes.

Brasil Telecom's gross revenues increased 1.8% to BRL3.84 billion in the
third quarter of 2006, from BRL3.77 billion in the third quarter of 2005,
BNamericas states.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA --
http://www.brasiltelecom.com.br -- is a holding company that conducts
substantially all of its operations through its wholly owned subsidiary,
Brasil Telecom SA.  The fixed-line telecommunications services offered to
the company's customers include local services, including all calls that
originate and terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public telephones and
supplemental local services; intraregional long-distance services, which
include intrastate and interstate calls; interregional and international
long-distance services; network services, including interconnection and
leasing; data transmission services; wireless services, and other services.

                        *    *    *

Brasil Telecom Participacoes' local currency long-term debt carries Fitch's
BB+ rating.


CENTRAIS ELECTRICAS: Posts BRL825MM First Nine-Month Profits
------------------------------------------------------------
Centrais Electricas Brasileiras SA said in a statement that its net profits
in the first nine months of 2006 were BRL825 million, reversing a loss of
BRL356 million in the same period of 2005.

Business News Americas relates that Centrais Electricas' gross operating
revenues increased 1.5% to BRL14.5 billion in the first nine months of 2006,
compared with the same period of 2005.  Its operating expenses rose to
BRL10.6 billion from BRL10.5 billion.

Centrais Electricas' financial expenses dropped to BRL2.48 billion in the
first nine months of 2006, from BRL4.20 billion in the same period of 2005,
BNamericas notes.

BNamericas states that Centrais Electricas reported operating profits of
BRL1.43 billion in the first nine months of 2006, reversing an operating
loss of BRL445 million in the same period of 2005.

Aloisio Vasconcelos, the chief executive officer of Centrais Electricas,
said in a statement that the firm benefited from macroeconomic conditions
that increased its earnings from intra-company loans.

Centrais Electricas' operational units include:

          -- Furnas,
          -- Eletronorte,
          -- Eletrosul,
          -- Chesf,
          -- Eletronuclear,
          -- CGTEE, and
          -- Itaipu.

According to BNamericas, Furnas' net profits decreased to BRL221 million in
the first nine months of 2006, from BRL456 million in the same period of
2005.

BNamericas underscores that Chesf's net profits decreased to BRL450 million
in the first nine months of 2006, from BRL595 million in the same period of
2005.

Eletronorte's loss decreased to BRL261 million in the first nine months of
2006, from BRL502 million in the same period of 2005, the report says.

BNamericas notes Eletronuclear's profits decreased to BRL20.5 million in the
first nine months of 2006, from BRL277 million in the first nine months of
2005.

According to the report, Eletrosul's profits increased 29% to BRL160 million
in the first nine months of this year, from the first nine months of last
year.

CGTEE decreased its loss to BRL9.9 million in the first nine months of 2006,
from BRL19.7 million in the first nine months of 2005, BNamericas states.

Headquartered in Brasilia, Brazil, Centrais Electricas
Brasileiras SA aka Eletrobras -- http://www.eletrobras.gov.br/
-- operates in the electric power sector.  The objective of
Eletrobras is to perform activities involving studies, projects,
construction and operation of electric power plants,
transmission and distribution lines as well as underlying trade
operations.  Eletrobras has also an objective to assist the
Ministry of Mines and Energy in designing Brazil's electric
energy policy.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked the generation,
transmission and distribution of electric power, as well as
studies involving the exploitation of hydrographical basins for
various purposes.

                        *    *    *

On Feb. 28, 2006, Standard & Poor's assigned these ratings to
Centrais Electricas Brasileiras SA:

     * Long-Term Foreign Issuer Credit, BB; and
     * Long-Term Local Issuer Credit, BB+.


COMPANHIA ENERGETICA: Continuing Expansion Through Acquisitions
---------------------------------------------------------------
Djalma Bastos de Morais, chief executive officer of Companhia Energetica de
Minas Gerais, said in a webcast that the company will continue expanding
through acquisitions.

Flavio de Moura, the chief financial officer of Companhia Energetica,
explained to Business News Americas, "Cemig (Companhia Energetica) targets
to have 20% of Brazil's generation market, 20% of its distribution market
and wants to be one of largest transmission companies.  We will continue to
look at all assets up for grabs in all these areas."

BNamericas relates that Companhia Energetica has offered for the
780-megawatt Norte Fluminense thermo plant in Rio de Janeiro.  The company
is also studying whether to purchase a 12% stake in the 1,140-megawatt
Machadinho hydro plant.

Mr. de Moura told BNamericas that private sector acquisitions provide better
returns than projects acquired at government-organized auctions for new
transmission and concessions.

According to BNamericas, Companhia Energetica has grown through acquisitions
in the distribution, transmission and generation businesses.

Mr. de Moura told BNamericas, "We are now operating in several states in
Brazil.  Our growth has been accelerated by acquisitions, but all following
a criteria to maintain profitability with the objective of obtaining a
return."

BNamericas underscores that Companhia Energetica spent BRL348 million
earlier in 2006 to purchase stakes in five power transmission firms with a
combined length of 468 kilometers.  It also acquired Light Servicos
Participacoes, a local power company in Rio de Janeiro, for BRL175 million.
Light Servicos also controls 852 megawatts of installed capacity.

Companhia Energetica also purchased the 55-megawatt Rosal hydro plant for
BRL133 million in 2005, BNamericas notes.

The report says that Companhia Energetica expanded in 2006 its:

         -- installed capacity by 10% to 6,736 megawatts,
         -- transmission network by 9.5% to 5,360 kilometers,
            and
         -- distribution network by 5% to 414,416 kilometers.

Companhia Energetica will continue investing in its own projects,
particularly in ongoing generation projects, BNamericas relates.

Mr. de Morais told BNamericas, "On Dec. 5 we will start commercial
operations of the Capim Branco I and Capim Branco II hydroelectric
projects."

According to the report, Companhia Energetica has a 21% stake in both
projects, which is about 94 megawatts of installed capacity.

BNamericas reports that another project is the 140-megawatt Baguari hydro
project, where Companhia Energetica has a 48% stake.  Baguari could launch
commercial operations in 2010.

Companhia Energetica, says BNamericas, will invest BRL1.92 billion this
year.  Of the amount, BRL1.5 billion has already been spent, including the
acquisitions of Light Servicos and transmission lines.

Companhia Energetica will invest BRL1.53 billion next year, BNamericas
states.

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

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

                        *    *    *

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


COMPANHIA SIDERURGICA: Maintains 5 Million Tons Sales Forecast
--------------------------------------------------------------
Companhia Siderurgica Nacional has maintained its sales forecast for this
year, which is at five million tons, AE-Setorial reports.

Business News Americas relates that Companhia Siderurgica's sales volume in
the first nine months of 2006 decreased 9.2% to 3.19 million tons, from the
same period of 2005.  The firm's shipments in September reached 1.26 million
tons.

Companhia Siderurgica will continue with its strategy of concentrating on
markets where it has operations, AE-Setorial states.

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

                        *    *    *

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

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

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


COMPANHIA SIDERURGICA: Union Tries to Prevent Wheeling Merger
-------------------------------------------------------------
The United Steelworkers union told Reuters that it filed a complaint with
Wheeling-Pittsburgh Corp. to prevent the latter's US$225-million merger with
Companhia Siderurugica Nacion.

According to Reuters, the union complained that it had not reached an
employment accord with Companhia Siderurgica.  The union said the agreement
is required under the terms of its contract during a change in control.

The union said in a statement, "There is simply no basis to conclude that we
will reach an agreement with CSN (Companhia Siderurgica); therefore the
transaction cannot be consummated."

The union told Reuters that it continues to support Esmark's proposal, which
Wheeling-Pittsburgh has rejected.  The union said it would not ratify any
Companhia Siderurugica plans to change debt into stock down the road, which
would boost the firm's ownership.

                 About Wheeling-Pittsburgh

Wheeling-Pittsburgh operates solely in the United States,
producing hot rolled, cold rolled, galvanized, pre-painted and
tin mill sheet products.

                About Companhia Siderurgica

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

                        *    *    *

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

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

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


CONVERIUM HOLDING: Earns US$54.3 Million for Third Quarter 2006
---------------------------------------------------------------
Converium Holding AG released its financial results for the third quarter
and first nine months ended Sept. 30, 2006.

Converium posted US$54.3 million in net profit on US$538.3 million of
revenues for the third quarter of 2006, compared with US$6.9 million in net
losses against US$678.7 million in revenues for the same period in 2005.

The company posted US$178.4 million in net profit against
US$1.39 billion in revenues for the first nine months of 2006, compared with
US$34.5 million in net profit against US$2.18 billion in revenues for the
same period in 2005.

As of Sept. 30, 2006, Converium Holding AG had US$11.87 billion in assets,
US$9.97 billion in liabilities and US$1.9 billion in shareholder equity.

"Converium reports another quarter of impressive financial performance,"
Inga Beale, Chief Executive Officer, commented.  "Our capital base has
further strengthened.  The results primarily reflect strong current-year
underwriting performance, highlighting the quality of our book of business.
The third quarter demonstrates once more the sustainability of Converium's
rebound."

"We now focus on the year-end renewal negotiations and believe that we can
benefit from the recent positive rating actions," Mr. Beale added.  "We
remain confident that Converium will be awarded a better financial strength
rating in the near future."

           Agreement to Sell North American Operations

On Oct. 17, Converium disclosed of the signing of a definitive agreement to
sell its North American operations to National Indemnity Company, a
Berkshire Hathaway company, for a total consideration of US$295 million
comprised of US$95 million in cash and US$200 million in assumption of debt.
Converium has not provided any guarantee or indemnity in respect of the
reserves of the North American operations.  The transaction is subject to
regulatory approvals and customary closing conditions.  The transaction is
not reflected in Converium's third quarter financial accounts presented.

The sale to National Indemnity Company is based on the balance sheet as of
June 30, 2006.  On this basis Converium estimates that the sale will result
in a decrease in shareholders' equity of US$135 million.  The overall effect
on net income and shareholders' equity will depend on the amount of
unrealized investment losses or gains at the North American operations,
closing net asset adjustments and foreign exchange developments.  Increases
or decreases in the net assets of the North American operations after June
30, 2006, do not give rise to a net benefit or detriment to Converium,
resulting in a fixed economic effect of the transaction at closing.

On completing this transaction, Converium will achieve finality regarding
its North American operations.  In addition, the Company's risk profile
improves following the assumption of all of the North American operations'
reinsurance liabilities (in excess of US$1 billion as of June 30, 2006) by
National Indemnity Company.

Following the conclusion of the sale, Converium will maintain a strong
financial position, while further de-risking its balance sheet.  Converium
is very pleased with Standard & Poor's decision to place the Company on
Credit Watch with positive implications after the transaction was announced.

         Financial Guidance for 2006 Essentially Unchanged

Converium reiterates the fundamental elements of its full-year financial
guidance given in March 2006:

   -- gross premiums written for 2006 are projected to come in
      at US$1.8-1.9 billion;

   -- the priced combined ratio for the ongoing non-life
      operations is anticipated at around 102.5%, including an
      administration expense ratio of 5.5%, expected losses from
      natural catastrophes of about US$80 million but excluding
      expected Corporate Center costs of up to US$55 million as
      compared with the Company's previous guidance of
      US$45-50 million.

      This upward revision of Corporate Center costs is driven
      by additional expenses associated with the sale of the
      North American operations;

   -- the corporate tax rate is expected to range between
      12-15%, up from the previous guidance of 7-12%.  This
      upward revision is largely attributable to more income
      from high-tax jurisdictions;

   -- average invested assets including cash and cash
      equivalents should be in the magnitude of around
      US$7.2 billion, up from the previous guidance of around
      US$7 billion.

              Positive Outlook for Year-End Renewals

In the ongoing year-end renewals Converium experiences strong support from
clients.  Given the most recent positive signals from rating agencies,
especially Standard & Poor's placing of Converium under Credit Watch with
positive implications, clients believe that Converium will obtain an
improved financial strength rating in the near future.

Even assuming no upgrade before the end of the year Converium expects to
achieve at least a stable volume of business in 2007, based on increasing
shares in a number of client relationships, new business from various
markets, and overall market conditions which Converium believes to remain
attractive.

                    Distinct Value Proposition

Following a ratings upgrade Converium will continue to build its franchise
as a mid-sized multi-line reinsurer with a distinct geographic emphasis on
Europe, Asia Pacific and the Middle East, and with a focus on global
specialty lines.  The Company believes that, based on its knowledge-based
strategy, it can successfully position itself as an "intelligent
alternative" in global reinsurance markets, also benefiting from a clear and
distinctive strategic stance on North America.  As a result of a ratings
upgrade, Converium expects to gain increased shares with existing clients
and to establish new client relationships without compromising on
profitability.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.   The company also operates in Germany, United
Kingdom, France, Malaysia, Singapore, Australia, Japan, Bermuda, Argentina,
U.S.A., Brazil and Canada.

                          *     *     *

In October 2006, Fitch Ratings placed Swiss-based Converium AG's Insurer
Financial Strength BBB- rating on Rating Watch Positive.  The agency has
also placed other ratings within the Converium group on RWP.

Converium group ratings are: Converium AG's IFS BBB- on RWP;
Converium AG's Issuer Default rating BBB- on RWP; Converium Insurance (U.K.)
Limited's IFS BBB- on RWP; Converium Ruckversicherungs (Deutschland) AG's
IFS BBB- on RWP; Converium Holding AG's IDR BB on RWP; and Converium Finance
S.A.'s
US$200 million subordinated debt due 2032 BB+ on RWP.


NOVELL INC: Completes 0.50% Sr. Debentures Consent Solicitation
---------------------------------------------------------------
Novell, Inc., has completed its consent solicitation with respect to certain
amendments to, and a waiver of rights to pursue remedies available with
respect to certain alleged defaults under, the provisions of the indenture,
dated
July 2, 2004, governing its 0.50% convertible senior debentures due 2024
(CUSIP Nos. 670006AB1 and 670006AC9).  As of the expiration of the consent
solicitation at 5:00 p.m., New York City time, on Nov. 9, 2006, Novell had
received the consents from the holders in excess of a majority of the
outstanding aggregate principal amount of the Debentures.

Novell and Wells Fargo Bank, National Association, the trustee under the
Indenture, are entering into a first supplemental indenture implementing the
proposed amendments described in the consent solicitation statement dated
Oct. 17, 2006, as amended and supplemented on Oct. 31, 2006, and Nov. 7,
2006.  The amendments will be binding on all debentureholders, including
non-consenting debentureholders.

Under the terms of the Consent Solicitation Statement, Novell will pay an
additional 7.33% per annum (payable semi-annually) in special interest on
the Debentures from and after
Nov. 9, 2006 to, but excluding, Nov. 9, 2007.  Payments of the special
interest will be made along with the regular interest payments to
debentureholders entitled to such regular interest payments.

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

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

The information agent for the consent solicitation was Global Bondholder
Services Corporation.

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

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

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


NRG ENERGY: Fitch Assigns B+/RR3 on US$1.1-B Sr. Notes Due 2011
---------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B+/RR3' on NRG Energy's issuance of
US$1.1 billion senior notes due 2011.  This issue will rank equally with
NRG's other senior unsecured obligations.  The Rating Outlook is Stable.

On Nov. 3, 2006, Fitch affirmed NRG's ratings following the company's
announcement of its hedge reset transaction.  Proceeds from the current
offering along with cash on hand will be used to fund payments to
counterparties under certain of the company's existing long-term hedging
agreements pursuant to agreements to reset the hedge price levels into line
with current market prices.  While this transaction will increase total debt
oustanding, it will also substantially increase cash flow for the 2007 to
2010 period, as well as permit the company to enter into further hedges
through 2012.

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


PARANA BANCO: S&P Assigns B Debt Rating on US$125-Million Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' foreign-currency senior
unsecured debt rating to Parana Banco S.A.'s (B/Stable/B) US$25 million
notes to be issued this month and maturing in two years.

The ratings on Parana Banco S.A. incorporate the intrinsic risks to a very
small bank with high product concentration operating in a competitive
environment; the bank's challenge to further diversify its funding base and
become less dependent on the group's resources; and the potential margin
pressures in the medium-to-long term that could affect profitability.  In
addition, the bank faces the challenge of increasing the scale of its
operations while maintaining adequate asset quality.  The bank's good
profitability levels, adequate operating efficiency, and improved asset
quality ratios temper these risks.

Parana Banco is a niche bank in the segment of payroll discount lending,
primarily to public-sector employees.  The bank's adjusted total assets of
US$375 million as of June 2006 represented less than 1% of total assets in
the Brazilian banking industry.  The bank is a relevant part of a broader
conglomerate (J. Malucelli), with operations in different sectors and
concentrated in the South of Brazil.  Standard & Poor's does not assign
ratings to any company in the J. Malucelli group, and the ratings assigned
to the bank do not incorporate potential support from shareholders.

The stable outlook reflects Standard & Poor's expectations that Parana Banco
will maintain its core competencies in the medium term, with profitability
and asset-quality indicators at adequate levels.  The outlook may be revised
to positive or ratings may be raised if the bank shows superior growth in
its niche operations in payroll-discount loans with consistent returns,
improving liquidity, a stable and more diversified funding base, and less
dependence on the Group's resources. Meanwhile, the ratings may be lowered
or the outlook may be revised to negative if:

   -- there is a significant worsening in asset quality
      (with a nonperforming loans-to-total loans ratio higher
      than 5%);

   -- profitability (ROAA) levels drop drastically; and

   -- funding and liquidity become problematic to support the
      bank's operations.


PETROLEO BRASILEIRO: Posts BRL20.7B Profit in First Nine Months
---------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras reported results for the Jan. to Sept.
2006 period.

                        Highlights:

   -- accumulates BRL20.7billion in profit in nine months
      Jan-Sept 2006;

   -- earnings up 33% on the same period in 2005;

   -- investments reach BRL22.6 billion;

   -- a 34% spike Oil and LNG production rose 6% in Brazil;

   -- byproduct production grew 3% in Brazil;

   -- government taxes and holdings added up to BRL55.6
      billion; and

   -- market value rose 13% in a year, to BRL190,1 billion.

The positive result was accompanied by major investment expansions in the
first nine months of 2006, Petrobras' consolidated net profit was BRL
20billion 7 million, up 33% on the same period in 2005.  The period's
investments topped-out at BRL22.6 billion, 34% more than in the first nine
months of 2005, setting a new record for the three first quarters of the
year.  The profits were accompanied by net debt reductions, from BRL24.8
billion on Dec. 31, 2005, to BRL20.8 billion on June 30, 2006, and BRL19.6
billion on Sept. 30, 2006.  This solid financial performance was possible
because of the strong earnings before interest, taxes, depreciation and
amortization (EBITDA), of BRL40.7 billion, 18% above the BRL34.6 billion
achieved in the same period in 2005.

The results accumulated in the first nine months were supported by a 20% net
operating income, reaching BRL117.2 billion due to:

   -- the increased volumes of byproducts sold in Brazil and
      abroad (4%),

   -- the higher price of the byproducts sold domestically
      (13%), and

   -- the 6% increase in oil and LNG production in Brazil.

The international Brent oil prices spiked 25%, in Dollars, in the same
period.  The company maintained its price policy in line with the
international market on the midterm, avoiding figuring in seasonal or
geographical variations.  Average byproduct sale realization prices, in
Reais, rose 13% from January to September 2006 on the same period of 2005.
Considering the 13% stronger Real in this period, the hikes kept pace with
international crude oil prices.

Another highlight was net financial expense reduction (-47%) in the first
nine months of 2006, which was the outcome of:

   -- a weaker Real compared to the Dollar from January to
      September 2006 on the same period last year
      (BRL505 million); and

   -- closing of the hedge agreements on PESA's billing, which
      in the same period of 2005 had caused a loss of BRL459
      million.

The third quarter net profit also benefited from the increase in the fiscal
benefit on interest provisioning on self -owned capital in September 2006
(BRL746 million).  The higher net income was accompanied by a 23% boost in
the cost of the products sold between January and September 2006.  This
growth reflected the incorporation of extraordinary values relative to:
adjustments made to the reinjected gas production costs (due accounting
practice reviews) and government holding reviews, retroactive to 2002 due to
the NPA's reinterpretation of the costs incurred with the Marlim field's
structured financing. The higher sold product cost was also impacted by
larger government holdings due to the bigger domestic oil and natural gas
production in new high -- productivity fields such as Barracuda, Caratinga,
Albacora Leste, and Golfinho, and due to the higher reference prices used by
the NPA, which are indexed by the Brent oil price, the quotation for which
had a strong hike in the period.  These results were compensated for
partially by the costs incurred in bond repurchases in July 2006 (BRL 321
million) and by the anticipated Senior Trust Certificate liquidation, in
March 2006 (BRL29 million).

In 3Q-2006, net profit surged 26% compared 3Q-2005, to BRL7.1 billion.  The
net operating income totaled BRL43.4 billion, a 21% improvement on the same
period in 2005, also because of the higher international and domestic
prices.  Investments strengthen strategic and business goals Petrobras,
fulfilling the goals set forth by i ts strategic plan, continues
prioritizing investments in boosting its oil and natural gas production
capacity.  From January to September 2006, total investments topped out at
BRL 22.637 billion, a 34% increase on the resources invested in the same
period in 2005.

              Growth in Production and Refining

From January to September 2006, domestic oil production increased 6% on the
same period in 2005, mainly due to production being kicked off at the P-43
platform (Barracuda), in December 2004, at the P-48 platform (Caratinga), in
February 2005, at the P-50 platform (Albacora Leste), in April 2006, and at
th e FPSO-Capixaba (Golfinho), in May 2006. Production was stabilized at
platforms P-43 and P-48 as of June 2005.  Oil production increased 3%
between 3Q-2005 and 3Q-2006 in Brazil because of the delays in production
increases in the P-50 (Albacora) and FPSO Capixaba (Golfinho) production
platforms.

Meanwhile, in October 2006, the retaking in production acceleration at these
units led the company to break a new daily production record of more than
1.9 million barrels.

In the January-September 2006 period, international oil production was 18%
below the mark achieved in the first nine months of 2005 due to the
migration of the operational agreements in Venezuela to the mixed company
mode with the majority participation of PDVSA, as well as because of the
natural decline in mature fields in the Angola Unit, and due to the
temporary shutdown of the main fields in the United States Unit on account
of the damage caused to the production outflow system by the Rita and
Katrina hurricanes.  International gas production rose 2% on the same period
of 2005 due to the higher demand for Bolivian gas for Brazil and Argentina.

In 3Q-2006, international oil production decreased 24% compared to 3Q -2005,
mainly because of the lower production in Angola and because of the
reduction in the participation in production in Venezuela.  International
gas production went up 7% compared to the same quarter in 2005 as a result
of the increase in production in the Bolivia and Argentina units, which was
partially compensated for by the loss in participation in production in
Venezuela.

By-product production in the Brazilian refineries increased 3% from January
to September 2006 compared to the same period in the previous year due to
the improved operational reliability process and because of fewer scheduled
shutdowns in 2006.

In the third quarter 2006, the installed capacity usage at the country's
refineries fell 2 percentage points compared to the same quarter last year
because of oil receipt restrictions and higher number of scheduled
maintenance shutdowns compared to the same quarter in 2005.

                 Byproduct Sales Volume

The sales volume in the domestic market rose 3% from January to September
2006, compared to the same period last year.  The higher sales in the period
are related mainly to the higher volumes of gasoline that were sold due to
the reduction, from 25% to 20%, in the proportion of alcohol that is added
to the gasoline and because of the loss of competitiveness alcohol had among
the bifuel vehicle owners; of petrochemical naphtha, because of the more
attractive prices compared to those practiced in the international market
and due to operational problems that affected imports; of natural gas, with
the highlight on the paper and cellulose, glass, and chemicals sectors; in
addition to intensified vehicular natural gas use in the domestic market ;
and as a result of the higher oil exports volumes.

The international sales volume grew 21%, particularly because of the
increased offshore operations that sought to capture commercial
opportunities abroad, compensated, partially, by the reduced sales in
Venezuela due to the agreement conversions.

               Net Oil and Byproduct Exports

In the first nine months of 2006, there was a 69,000 barrel per day (46,000
barrel per day in the same period of 2005) surplus in Petrobras' oil and
byproduct trade balance. In financial terms, there was a US$152 million
surplus, with US8.775 billion in exports and US$8.623 billion in imports.
These results can be compared with a US$324 million deficit in the first
nine months of 2005, when exports totaled US$6.420 billion against US$744
million in imports.

                Refinery and Lifting Costs

Lifting costs, including government holdings, from January to September
2006, grew 24% (10% in Reais) on the same period in 2005 due to the higher
average reference price of the domestic oil for participation calculation,
taking the higher international oil quotations, associated to the bigger
productivity in the Barracuda and Caratinga Fields, into account.

Including government holdings, there was a 10% increase in the lifting cost
in Brazil in 3Q-2006 compared to 3Q-2005 (10% in Reais), reflecting the
increased lifting cost caused mainly by greater operational expenses
(transportation, rigs, and corrective maintenance), and by the costs
incurred in the initial operation phase at the Albacora Leste and Golfinho
fields.

From January to September 2006, the international unit lifting cost rose 13%
on the same period in 2005, and 12% in 3Q-2006 on 3Q-2005 due to the higher
expenses with outsourced services and materials at the Argentina unit
because of turbine renovations and well repairs.

Higher operational expenses, a reflex of the investments made aiming at
adapting the refineries to process heavy oil and at improving fuel quality
to comply with environmental demands, resulted in a 16% increase in refining
unit cost in Brazil from January to September 2006 compared to the same
period last year.  Discounting the effects of the 13% appreciation of the
Real, in association with the percentage in domestic currency on the
expenses in this activity, refining costs increased 2%.

Compared with 3Q-2005, the refining unit cost in Brazil rose 33% in 3Q-2006
because of the larger amount of scheduled shutdowns in this quarter.  From
January to September 2006, the average international refining unit cost
spiked 16% on the same period in 2005 because of the higher expenses with
materials, outsourced services, and staff in Argentina and in the refineries
in Bolivia, caused by emergency maintenance shutdowns that took place in
January, May, and June 2006.

The average international refining unit cost, in 3Q-2006, rose 11% on
3Q-2005 as a result of the lower processed load, of the higher expenses with
outsourced services, materials, and staff in Argentina, and due to the
scheduled maintenance shutdowns for industrial units in the period.

Shares once again outperform market averages From January to September 2006,
common and p referred shares rose 9.81% and 9.08%, respectively, while the
Ibovespa recorded gains of 8.95%.  Petrobras' ADRs rose 17.62% (common) and
16.27% (preferred) in the first nine months of the year, outperforming the
Dow Jones Index in the same period (+8.97%).  Furthermore, Petrobras'
deposit receipts have been the ones that have been traded the most in the
NYSE in 2006, with an average daily financial volume of US$340 million in
the first nine months of the year.  The company's market value reached
BRL190.1 billion on 09/30/06, a 13% gain on Sept. 30, 2005.

             Total Consolidated Debt Reduction

Total consolidated debt on Sept. 30, 2006, was BRL19.6 billion, a 6% fall on
Sept. 30, 2005 (BRL20.8 billion), mainly reflecting a reduction in financing
amortization and in the company's earnings before interest, taxes,
depreciation, and amortization.  This performance resulted in a
one-percentage point decrease in financial leverage.  In 3Q-2006, Petrobras
International Finance Company (PIFCO) anticipated the payment of notes for a
total of BRL2,644 billion, and amortized BRL544 million in credit lines.
The capital structure is represented by a 46% participation of third-party
capital on Sept. 30, 2006, with a one-percentage point increase on June 30,
2006.  Meanwhile, the net debt fell by one percentage point, closing the
quarter at 17% due to the debt amortization and to cash flow accumulation.

        Economic Contribution and Government Holdings

Petrobras' economic contribut ion to Brazil, measured by taxes, charges, and
social contributions, totaled, from January to September 2006, BRL39.541
billion, while the international contribution reached BRL2.903 billion,
topping out at BRL42.444 billion, a 20% increase on the same period of 2005.

Government holdings in Brazil in the period ranging form January to
September 2006 rose 22% on the same period in 2005, reflecting the increase
in the Special Participation aliquot on the Barracuda and Caratinga fields,
due to their new production levels, and the 19% hike on the reference price
for domestic oil, which reached, form January to September 2006, the average
price of BRL119.56 ($54.78) compared to BRL100.74 (US$40.64) from January to
September 2005, tied to the Brent quotation in the international market.

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: Reaches 51.1% Domestic & 58.2% Int'l Market Share
---------------------------------------------------------
TAM S.A. reported operating data for October 2006, as disclosed by the
National Civil Aviation Agency -- ANAC.  According to ANAC, TAM registered
28.1% growth in domestic RPK (demand) compared with the same period last
year, and a 26.1% increase in domestic ASK (supply).  In October, market
demand increased by 5.0% and market supply increased by 6.0%.  In the
international market, TAM registered 34.5% growth in RPK and 43.7% in ASK,
compared with October 2005.

TAM's domestic load factor was 71.8%, representing 1.1 p.p. growth compared
with October 2005 and higher than the 70.7% market average. Regarding the
international load factor, TAM reached 74.9%, higher than the market average
of 70.6%.

TAM registered a domestic market share (RPK) of 51.1%, a 9.2 p.p. growth
compared with the same period in 2005. Regarding the international market,
the company reached a market share of 58.2%, representing a 38.0 p.p. growth
year on year.

The total scheduled yield (domestic and international) in October increased
compared with the same period in 2005.

The operating data for October is:

    Operating data            Oct-2006    Oct-2005      Var. %
    Domestic Market
     ASK (millions) - Supply     2,437       1,932       26.1%
     RPK (millions) - Demand     1,748       1,364       28.1%
     Load Factor                 71.8%       70.6%    1.1 p.p.
     Market share                51.1%       41.9%    9.2 p.p.

    International Market
     ASK (millions) - Supply       773         538       43.7%
     RPK (millions) - Demand       579         430       34.5%
     Load Factor                 74.9%       80.0%  (5.1) p.p.
     Market share                58.2%       20.1%   38.0 p.p.

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: Anatel Okays Firm's Corporate Restructuring Plans
-------------------------------------------------------------
Anatel, the telecoms regulator in Brazil, said in a statement that it has
authorized Tele Norte Leste Paticipacoes SA's corporate restructuring plans.

As reported in the Troubled Company Reporter-Latin America on Oct. 30, 2006,
the restructuring plan will allow to Tele Norte to:

          -- simplify the structure of its three units:

             * Telemar Participacoes,
             * Tele Norte Leste Participacoes, and
             * Telemar Norte Leste; and

          -- bring its shareholders together under one company
             called Oi Particicoes.

The operation would involve a major share exchange program, with each
preferential share (without voting rights) being exchanged for an ordinary
share.

Tele Norte still has to get its shareholders' approval at a shareholders
meeting, Business News Americas.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste Participacoes
SA -- http://www.telemar.com.br-- is a provider of fixed-line
telecommunications services in South America.  The company markets its
services under its Telemar brand name.  Tele Norte's subsidiaries include:

          -- Telemar Norte Leste SA,
          -- TNL PCS SA,
          -- Telemar Internet Ltda., and
          -- Companhia AIX Participacoes SA.

                        *    *    *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Tele Norte Leste
Participacoes S.A.'s foreign currency issuer default rating to 'BB+' from
'BB'.


UNIAO DE BANCOS: Posts BRL106MM Third Quarter 2006 Net Profits
--------------------------------------------------------------
Uniao de Bancos Brasileiros said in a statement that its net profits
decreased 78% to BRL106 million in the third quarter of 2006, from the
BRL475 million recorded in same period of 2005, due to an extraordinary
goodwill charge-off.

Business News Americas relates that Uniao de Bancos booked a BRL464-million
charge-off due to a decision to hasten its goodwill amortization period to
five from 10 years.

The report says that excluding the charge, Uniao de Bancos' third quarter
net profit was BRL566 million, which was 3% below the third quarter 2006
estimate of Merrill Lynch but higher by 3.3% on the net profit in the same
quarter of 2005.

BNamericas underscores that Uniao de Bancos' earnings figure, without the
charge-off, translates into a quarterly return on equity of 24.8%.

Uniao de Bancos' net profit in the first nine months of 2006 increased 22.9%
to BRL1.63 billion, compared with the same period of 2005, BNamericas notes.
Meanwhile, the bank's overall lending rose 17.5% to BRL43.3 billion in the
12 months ending September 2006, compared with the same period of 2005.
Total assets increased 15% to BRL102 billion.

Valerie Fry, an analyst at Merrill Lynch maintained her buy rating on Uniao
de Bancos' stock, BNamericas states.

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.




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


CURALIUM FUND: Liquidator Presents Wind Up Accounts on Nov. 17
--------------------------------------------------------------
Curalium Fund Inc.'s final shareholders meeting will be at 10:00 a.m. on
Nov. 17, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

           Q&H Nominees Ltd.
           Attn: Greg Link
           P.O. Box 1348, George Town
           Grand Cayman, Cayman Islands
           Telephone: (345) 949 4123
           Facsimile: (345) 949 4647


CYBERIA HOLDINGS: Final Shareholders Meeting Is Set for Nov. 17
---------------------------------------------------------------
Cyberia Holdings Ltd.'s final shareholders meeting will be at 9:30 a.m. on
Nov. 17, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

           John Cullinane
           Derrie Boggess
           c/o Walkers SPV Limited
           Walker House
           P.O. Box 908, George Town
           Grand Cayman, Cayman Islands


DESOAS ENTERPRISES: Filing of Proofs of Claim Is Until Nov. 17
--------------------------------------------------------------
Desoas Enterprises Ltd.'s creditors are required to submit proofs of claim
by Nov. 17, 2006, to the company's liquidator:

           Royhaven Secretaries Limited
           Coutts (Cayman) Limited
           Coutts House, 1446 West Bay Road
           P.O. Box 707, 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.

Desoas Enterprises' shareholders agreed on Oct. 17, 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:

           MC Fitzgerald
           P.O. Box 707, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 945-4777
           Fax: (345) 945-4799


DEUTSCHE (OCEANIC): Sets Final Shareholders Meeting on Nov. 17
--------------------------------------------------------------
Deutsche International Oceanic Ltd.'s shareholders will convene for a final
meeting on Nov. 17, 2006, at:

          Deutsche Bank (Cayman) Limited
          Elizabethan Square, 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:

          David Dyer
          P.O. Box 1984
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8244
          Fax: (345) 949 5223


DEUTSCHE (PACIFIC): Last Shareholders Meeting Is Set for Nov. 17
----------------------------------------------------------------
Deutsche International Pacific's shareholders will convene for a final
meeting on Nov. 17, 2006, at:

          Deutsche Bank (Cayman) Limited
          Elizabethan Square, 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:

          DAVID DYER
          P.O. Box 1984
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8244
          Fax: (345) 949 5223


I-SECURITY (CAYMAN): Final Shareholders Meeting Is on Nov. 17
-------------------------------------------------------------
I-Security Solutions (Cayman Islands) Ltd.'s shareholders will convene for a
final meeting at 10:00 a.m. on Nov. 17, 2006, at:

          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong

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

The liquidators can be reached at:

          Ying Hing Chiu
          c/o Ms. Connie Pang
          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong


I-SECURITY (HOLDINGS): Last Shareholders Meeting Is on Nov. 17
--------------------------------------------------------------
I-Security Solutions (Holdings) Ltd.'s shareholders will convene for a final
meeting at 10:15 a.m. on Nov. 17, 2006, at:

          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong

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

The liquidators can be reached at:

          Ying Hing Chiu
          c/o Ms. Connie Pang
          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong


NPR AUTO: Invites Shareholders for Final Meeting on Nov. 17
-----------------------------------------------------------
NPR Auto Parts (Holdings), Inc.'s final shareholders meeting will be at 9:00
a.m. on Nov. 17, 2006, at the company's registered office:

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

           John Cullinane
           Derrie Boggess
           c/o Walkers SPV Limited
           Walker House
           P.O. Box 908, George Town
           Grand Cayman, Cayman Islands


RX HEALTHCARE: Shareholders Gather for Final Meeting on Nov. 17
---------------------------------------------------------------
Rx Healthcare Overseas Fund's final shareholders meeting will be at 10:00
a.m. on Nov. 17, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

           John Cullinane
           Derrie Boggess
           c/o Walkers SPV Limited
           Walker House
           P.O. Box 908, George Town
           Grand Cayman, Cayman Islands


YOKOHAMA EXCELLENT: Sets Last Shareholders Meeting on Nov. 17
-------------------------------------------------------------
Yokohama Excellent Holdings Inc.'s final shareholders meeting will be at
11:00 a.m. on Nov. 17, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

           John Cullinane
           Derrie Boggess
           c/o Walkers SPV Limited
           Walker House
           P.O. Box 908, George Town
           Grand Cayman, Cayman Islands




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


BANCOLOMBIA: Authorizes Construction of Headquarters in Medellin
----------------------------------------------------------------
Bancolombia SA said in a press release that it has approved the construction
of the COP300-billion headquarters in Medellin.

Business News Americas relates that the constructed site will be 125,000
square meters.  The building will be able to accommodate about 4,200
workers.

Bancolombia told BNamericas that it believes the project will be completed
in two years.

Bancolombia said it doesn't expect the effects of the investment to be
significant to its consolidated financial results and should be
counterbalanced by the sale of over 10 offices it currently owns, BNamericas
reports.

Headquartered in Medellin, Colombia, Bancolombia SA --
http://www.bancolombia.com.co-- operates as a commercial bank.  It
organizes its activities into three primary divisions: Retail and Small and
Medium-Sized Enterprises (SMEs) Banking, Corporate Banking, and Mortgage &
Building Banking.  The bank offers traditional banking products and
services, like checking accounts, saving accounts, time deposits, lending
(including overdraft facilities), mortgage loans, personal and corporate
loans, credit cards and cash management services.  It also offers
non-traditional products and services, like pension banking, bancassurances,
international transfers, fiduciary and trust services, brokerage services
and investment banking.

                        *    *    *

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

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


BANCOLOMBIA: Post COP63.4 Billion of Earnings for October 2006
--------------------------------------------------------------
Bancolombia reported unconsolidated net income of COP63,380 million for the
past month of October, accumulating COP457,266 million for the first ten
months of 2006.

During October, total net interest income, including investments, amounted
to COP141,199 million.  Additionally, total net fees and income from
services amounted to COP49,015 million in the month.

As of Oct. 31, 2006, Bancolombia's total assets amounted to COP25.60
trillion, total deposits totaled COP16.61 trillion and total shareholders'
equity amounted to COP3.26 trillion.

Also as of Oct. 31, 2006, Bancolombia's level of past due loans as a
percentage of total loans was 2.51% and the level of allowance for past due
loans was 140.20%.

On Oct. 12, 2006, Bancolombia purchased mortgage-backed securities called
TIPS, indexed to the UVR (Unidad de Valor Real), for approximately
COP490,000 million in a public offering made by Titularizadora Colombiana
S.A.  All such TICOPwere classified as "Held to Maturity".

Other operating income amounted to US$35,896 million in October, basically
due to two non-recurring events:

   -- Bancolombia sold through the Colombian Stock Exchange
      (Bolsa de Valores de Colombia), the last part of the
      stake it held in Corfinversiones (now Compania de
      Suramericana de Inversiones S.A.), which was received as a
      result of the spin-off of Corfinsura S.A.. Since Colombian
      regulations do not allow banks to have equity investments
      in non-financial companies, the Superintendency of Finance
      determined that Bancolombia would have a period of two
      years to sell such investment.

      Bancolombia's profits from the sale of such investment
      amounted to COP24,193 million.

   -- Bancolombia sold mortgage loans to Titularizadora
      Colombiana amounting to approximately COP580,000 million.
      These mortgage loans were secured by the Titularizadora
      through the issuance of securities TIPS.  Bancolombia's
      profits from the sale of such interest earning mortgage
      loans amounted to COP11,651 million.

                        Market Share

According to Asobancaria (Colombia's national banking association),
Bancolombia's market share of the Colombian Financial System in October 2006
was as follows: 17.8% of total deposits, 20.6% of total net loans, 18.0% of
total savings accounts, 21.6% of total checking accounts and 14.3% of total
time deposits.

                        *    *    *

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

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


ECOPETROL: Workers Hold Demonstrations Against Sale
---------------------------------------------------
Several public sector workers in Colombia protested against the government
for the planned sale of Ecopetrol, Xinhua News reports.

Xinhua News relates that the workers were also against Colombia's free Trade
accord with the United States as well as the tax reform bill.

According to Xinhua News, the main protest -- participated by almost 10,000
union workers -- was held in downtown Bogota.  The workers were marching to
the Plaza de Bolivar, which is a short distance from the Colombian
president's residence.

Fabio Aria -- vice president of the Unitary Workers Central, the country's
largest trade union group -- told Xinhua News that at least 70% of the
almost 500,000 state workers joined the 24 strikes

Mr. Aria said that the protest was positive and it expressed one segment of
Colombia, which is against the signing of the free trade agreement with the
US, Xinhua News states.

"Just as it does not support submitting a tax reform bill to Congress and
selling parts of the state petrol company Ecopetrol," Mr. Arias told Xinhua
News.

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

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


* COLOMBIA: Atlantico Province Freezes Bavaria's Accounts
---------------------------------------------------------
The Colombian province of Atlantico froze 174 billion Colombian pesos
(US$75.2 million) held by the country's biggest brewer, Bavaria SA, in bank
accounts all over the country, the company's general secretary said
Saturday.

The governor's office of the Atlantico province, located on the Caribbean
coast, claims that Bavaria owes as much as COP1.9 billion in payments of a
tax created in late 2001 and demands from the company the payment of a
penalty, referred to as a sanction of COP171 billion, Fernando Jaramillo,
Bavaria's general secretary, told Dow Jones Newswires.

On Thursday, the governorship ordered a freeze on an amount twice as high as
the amount of the sanction, he said.

"The sanction is out of proportion with the amount they say we owe them,"
Mr. Jaramillo said.

Bavaria, a unit of the London-based brewer SABMiller PLC, refused to pay a
levy that was set at 0.1% of companies' sales, arguing the tax was
unconstitutional.

The governor's office froze Bavaria's accounts after the company lost a
first lawsuit in a provincial court.

The company appealed the freezing of its bank accounts to the Council of
State, the country's highest administrative court, on Friday, Mr. Jaramillo
said.

The company is losing a lot of money from the situation, according to
Bavaria's official.

"This affects all our operations.  We cannot pay salaries, suppliers. I'm
still calculating how much money all this will cost us," Mr. Jaramillo said.

Confident, his company will win its case, Mr. Jaramillo said it will sue the
province to seek compensation for the losses.

                        *    *    *

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




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


PHOTOCIRCUITS CORP: Court Confirms Amended Chapter 11 Plan
----------------------------------------------------------
The Hon. Stan Bernstein of the U.S. Bankruptcy Court for the Eastern
District of New York confirmed Photocircuits Corp., nka PC Liquidating
Corp.'s, Amended Chapter 11 Plan of Reorganization.

Judge Bernstein determined that the Amended Plan satisfies the 13 standards
for Confirmation under Section 1129(a) of the Bankruptcy Code.

                 Overview of the Amended Plan

As reported in the Troubled Company Reporter on Oct. 19, 2006, the Debtor's
Amended Plan incorporates settlements previously approved with the Debtor's
senior and junior secured creditors and other insiders.

The Debtor consummated a sale of substantially all of its operating business
assets as a going concern for the benefit of its creditors with American
Pacific Financial Corporation, which will require the transfer of title to
the 45-A Property and 45-B
Property.  The sale closing was funded on March 31, 2006, and became
effective on March 29, 2006.

American Pacific's modified purchase offer consist of:

   a) cash of US$35.5 million (US$3.5 million of which will be
      applied to reimburse Stairway for the draw on the letter
      of credit);

   b) the assumption of US$2.1 million of administrative
      obligations consisting primarily of outstanding checks and
      accounts payable to post-petition vendors;

   c) the assumption of US$1.5 million of accrued but unpaid
      vacation pay to employees; and

   d) a series of non-interest bearing contingent promissory
      notes in favor of the estate in the aggregate amount of
      US$5.5 million.

The notes indicated in the Asset Purchase Agreement mature one
each in years 2006, 2007, 2008, 2009, 2010, and 2011.  The payment of the
notes will be made from 50% of American Pacific's net operating income in
excess of US$1 million for the perspective note years.

The Plan is subject to the Court's approval of two settlements
reached with various parties.  The first settlement is the
Stairway/CMK Parties Settlement and the settlement with Messrs.
Endee, Wohlgemuth and Robbins, the Debtor's shareholders.  The
Court approved these settlements on March 10, 2006.  Following the
settlement approval, the Debtor's debt structure before further reduction
from objections to Claims is:

   a) Stairway (senior secured lender) -- approximately
      US$23.3 million;

   b) CMK (junior secured creditor) -- US$5.2 million;

   c) Other liens/cure costs -- US$4.62 million;

   d) Administrative claims -- (Estimated) US$5.4 million; and

   e) Unsecured creditors -- US$50 million;

The Amended Plan provides that the estates of Photocircuits, Alpha
Forty-Five LLC and Beta Forty-Five LLC will be substantially consolidated.

                        Plan Funding

The Debtor tells the Court that the Plan will be funded from the
proceeds from the sale of the assets after payment of the various classes of
Allowed Secured Claims and all other assets recovered by the Litigation
Trustee.  The Restructuring Committee will nominate an individual to act as
Distributing Agent to make the Distributions under the Plan.

Headquartered in Glen Cove, New York, Photocircuits Corp.
-- http://www.photocircuits.com/-- was the first independent
printed circuit board fabricator in the world.  Its worldwide
reach comprises facilities in Peachtree City, Georgia; Monterrey, Mexico;
Heredia, Costa Rica; and Batangas, Philippines.  The Company filed for
chapter 11 protection on Oct. 14, 2005 (Bankr. E.D.N.Y. Case No. 05-89022).
Gerard R. Luckman, Esq., at Silverman Perlstein & Acampora LLP, represents
the Debtor in its restructuring efforts.  Ted A. Berkowitz, Esq., and Louis
A. Scarcella, Esq., at Farrell Fritz, P.C., represent the Official Committee
of Unsecured Creditors.  When the Debtor filed for protection from its
creditors, it estimated more than US$100 million in assets and debts.




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


JETBLUE AIRWAYS: Prices US$124MM Enhanced Equipment Trust Certs
---------------------------------------------------------------
JetBlue Airways Corp. has priced approximately US$124 million in principal
amount of Enhanced Equipment Trust Certificates (EETCs) secured by a lien on
certain spare parts owned by JetBlue to fund working capital and capital
expenditures.

JetBlue plans to issue the certificates in two classes, with terms as:


Certificate:             Class G-1                Class B-1
Face Amount:             US$74.1MM                US449.4MM
Interest Rate:           LIBOR + 0.23%            LIBOR + 2.875%
Final Expected
Distribution Date:       1/02/2014                1/02/2014
S&P Ratings:             AAA                      B+
Moody's Ratings:         Aaa                      Ba3

The Class G-1 certificates will be supported by an insurance wrap provided
by MBIA Insurance Corp.  Additional details about the certificates can be
found in the company's prospectus supplement to its shelf registration filed
with the U.S. Securities and Exchange Commission.

Morgan Stanley is the sole bookrunning manager on this transaction, with RBS
Greenwich Capital acting as co-manager.  A copy of the final prospectus and
the prospectus supplement may be obtained from the offices of:

          Morgan Stanley & Co. Incorporated
          1585 Broadway, New York, NY 10036

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

                        *    *    *

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

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

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


AFFILIATED COMPUTER: Filing Delay Cues Moody's to Review Rating
---------------------------------------------------------------
Moody's Investors Services placed Affiliated Computer Services' Ba2 rating
under review for possible downgrade after announcing financial filing delay.

Moody's Investors Service published a report of summary information on
rating actions related to federal probes into backdating and other stock
option timing issues.  Some 15 issuers rated by Moody's have disclosed
either a Securities and Exchange Commission or Department of Justice inquiry
into their option award timing.  Moody's has taken rating actions related to
the option investigations at 11 issuers, including two that conducted an
internal investigation but have not disclosed an inquiry by the SEC or DOJ.
In eight of the 11 cases, failure to file timely financial statements
triggered the action.

"Issuers rated by Moody's are a small portion of the more than 100 companies
that have disclosed federal investigations," said Ken Bertsch, managing
director for corporate governance analysis.  Overall, more than 160
companies have disclosed either internal or external investigations.

Moody's continues to monitor developments and anticipates that there will be
some additional disclosures of timing issues.

Investigations into past option awards and the need to restate past
financial results have caused the filing delays. Delayed financial filings
triggered risk of technical default at issuers subject to debt covenants
requiring timely filing of financial statements.

Many stock option timing investigations have proven more complex and time
consuming than we anticipated, and they are causing delayed financial
filings at a number of companies. Over a period of months, Moody's has
placed six issuers that failed to file financials on time on review for
downgrade. In two of these cases, existing issuer ratings were subsequently
affirmed once financial statements were filed. The outlook was changed to
"developing" for one additional issuer that failed to file financials on
time, and another was simply downgraded.

Moody's downgraded two issuers, Amkor Technology and UnitedHealth Group.
Amkor, currently rated Caa1, was downgraded due to concerns regarding its
liquidity following failure to file timely financial statements.
UnitedHealth Group was downgraded following the publication of an
independent internal review and the resulting announcement of the CEO's
planned departure.

A number of rated issuers have restated financial results due to improper
accounting of past option awards.  These restatements were primarily
non-cash charges.  As Moody's anticipated, restatements thus far have not
resulted in cash outlays with a material impact on credit quality at any
rated issuers.

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




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


* HONDURAS: Disclosing Bidders for Int'l Oil Tender by Nov. 22
--------------------------------------------------------------
Lucy Bu de Bueso, the executive secretary of the Oil Administrative
Commission of Honduras, told Business News Americas that the government will
disclose by Nov. 22 the shortlisted participants in an international tender
to supply the nation's fuel requirements.
BNamericas relates that the tender aims to guarantee the long-term supply of
low-priced fuels in Honduras.

According to BNamericas, the oil administrative commission has
pre-qualified:

          -- Westport Petroleum,
          -- Louis Dreyfus Energy Services,
          -- Geogas Trading,
          -- Gas del Caribe,
          -- Petroleos de Venezuela,
          -- Trafigura Beheer,
          -- Petroleo Brasileiro,
          -- BP Products North America,
          -- ConocoPhillips,
          -- Clark Oil Trading Co.,
          -- Carib LPG Trading,
          -- Lukoil Pan Americas, and
          -- Petroperu.

The contracts to be tendered will run for 12 months.  The Honduran
government will have 60 days before the contracts expire to decide if they
are to be extended or a new bidding process launched, Ms. Bud de Bueso told
BNamericas.

                        *    *    *

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: International Leasing Returns Confiscated Aircraft
---------------------------------------------------------------
The International Lease Financing Corp. has returned the aircraft it
confiscated from Air Jamaica, the Jamaica Gleaner reports.

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

The Jamaica Labor Party told Radio Jamaica that the Jamaican government has
to give an explanation for the confiscation of Air Jamaica's plane.

Radio Jamaica relates that Mike Henry, the political party's spokesperson,
has given the government five days to respond, saying that it is necessary
as the continued silence could lead to a loss of confidence in Air Jamaica.
He said that if there is no response, he would raise the matter when the
parliament would meet on Oct. 14.

Michael Conway, Air Jamaica president and chief executive officer, told The
Gleaner that Air Jamaica's debt to the creditors was less than the US$7
million.

The International Lease had taken similar action against other airlines that
owed it in the past, The Gleaner says, citing Mr. Conway.

Mr. Conway explained to The Gleaner, "It has irked the lessor a little bit
and they weren't very happy to read statements about the company's
downsizing due to the number of planes they have with us.  Things came to a
head and they wanted a definitive answer and we have worked things out."

The confiscation would be unlikely to occur again, Mr. Conway assured The
Gleaner.

The Gleaner relates that Air Jamaica has reached an agreement with the
International Lease regarding the repayment of the former's debt.

Tourist interests had accepted Air Jamaica's explanation, The Gleaner notes,
citing Horace Peterkin, the Jamaica Hotel and Tourism Association president.

"I wouldn't say at the moment that we are worried (about a recurrence).  We
would definitely be concerned if there was some fallout but, based on what
we heard from the Air Jamaica Chairman, OK Melhado, on the radio, I am
prepared to accept that this was a hiccup, a knee-jerk reaction and that the
issue has been resolved," Mr. Peterkin told The Gleaner.

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: Reports Say Management in Conflict
-----------------------------------------------
Published reports say that there has been a rift in the management of Air
Jamaica.

According to Radio Jamaica, Michael Conway -- Air Jamaica chief executive
officer -- denied the reports of conflict in the management.  Some sources
at Air Jamaica, however, insisted that the airline is not well.

Some members of the management team are considering writing to Dr. Omar
Davies, the Jamaican finance minister, to inform him that they have lost
confidence in Mr. Conway, Radio Jamaica says, citing the sources.

The sources told Radio Jamaica that the managers were upset when an aircraft
was confiscated in Florida.  The managers believe this reflects Mr. Conway's
poor management of Air Jamaica.

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

                        *    *    *

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


AIR JAMAICA: Union in Full Support of Airline's Management
----------------------------------------------------------
The National Workers Union told Radio Jamaica that it fully supports the
senior management of Air Jamaica.

Published reports say that there has been a rift in the management of Air
Jamaica.

Some members of the management team are considering writing to Dr. Omar
Davies, the Jamaican finance minister, to inform him that they have lost
confidence in Mr. Conway, Radio Jamaica says, citing sources at Air Jamaica.

However, Granville Valentine -- National Workers' vice president -- told
Radio Jamaica that the relationship between the management and the union is
at its best in many years.

Mr. Valentine admitted to Radio Jamaica that the union is aware of persons
in Air Jamaica who are against the new direction the management has taken.

According to Radio Jamaica, it is understood that some senior personnel at
Air Jamaica think that the confiscation of one of the airline's aircraft
last week in Florida was facilitated by the airline's management to
embarrass the Jamaican Cabinet, which rejected a funding proposal the Air
Jamaica officials submitted.

The Bustamante Industrial Trade Union told Radio Jamaica that the situation
has caused unease among Air Jamaica workers.

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.


NATIONAL COMMERCIAL: Posts US$5.4 Billion 2006 Net Profit
---------------------------------------------------------
The National Commercial Bank's audited year-end results indicated that the
bank's net profit for the financial year ended Sept. 30, 2006, increased 23%
to US$5.4 billion, compared with the US$4.4 billion recorded in the same
period of 2005, the Jamaica Gleaner reports.

According to The Gleaner, senior executives of the National Commercial
attributed the increase in profit to a tight lid on costs and the firm's
strategic focus on its core business activities that resulted in:

          -- higher net interest income, and
          -- increased fee and commission income.

The Gleaner underscores that the National Commercial's group revenue rose 9%
to just over US$30 billion this year, compared with the US$27 billion last
year.

However, the National Commercial incurred a 20% decline in its net profit in
the fourth quarter of 2006, compared with the same quarter of 2005, The
Gleaner notes.

The National Commercial told The Gleaner that a US$609.7 million loan
provision recovery brought down its net profit in the final quarter of 2006
by US$476.7 million to US$1.6 billion, compared with the final quarter of
2005.

However, the National Commercial is positive that, based on medium-term
economic output, its growth is sustainable, pointing to its diversification
in insurance, capital markets, as well as its flagship retail banking
segment where it has signaled its intention to grow its fee income, The
Gleaner says.

Patrick Hylton, the National Commercial's managing director, told The
Gleaner, "The nature of our organization -- as we have said from time to
time and demonstrated also from time to time -- is such that it enables us
to respond to changes in the economic environment as and when they occur.
Once we continue to be alert to economic opportunities ... economic
challenges [and] to build, to read the signals and determine appropriate
responses, then we are confident we will continue to grow."

The National Commercial's handling of its expenses was a plus, The Gleaner
notes, citing Mr. Hylton.  Operating expenses moved marginally by 6% to
US$11.1 billion in 2006, compared with 2005.  Still, the National Commercial
incurred an impairment loss of US$244 million for its investment in Supreme
Ventures Ltd. as a result of the underwriting commitment of the IPO by NCB
Capital Markets, its subsidiary.

According to the report, much of the National Commercial's profits in 2006
came from its treasury operations, which represented 35% of pre-tax profit.
It was lesser than the 38% treasury represented in 2005.

The Gleaner states that the National Commercial's retail banking represented
13% of the bank's profits, reflecting its increasing emphasis on loans.  The
National Commercial's insurance unit reported a slight boost in 2006,
accounting for 8%, compared with the 7% recorded in 2005.  The corporate
banking business saw its contribution rise to 23% this year, from last
year's 20%.

The equities market, which incurred a 16% drop in the Jamaican Stock
Exchange Main Index, was punishing to the wealth management arm of the
National Commercial, The Gleaner relates.  Capital markets saw its
contribution to group profits fall to 21% this year from 32% in 2005.

Mr. Hylton told the press, "We have improved in all our asset base."

The National Commercial's total assets increased by US$32.8 billion, or 17%,
to US$190.3 billion in 2006, compared with 2005, The Gleaner states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Feb. 13, 2006,
Fitch initiated rating coverage on Jamaica's National Commercial Bank
Jamaica, Ltd., by assigning 'B+' ratings on the bank's long-term foreign
currency.  Other ratings assigned by Fitch include:

   -- Long-term local currency 'B+';
   -- Short-term foreign currency 'B';
   -- Short-term local currency 'B';
   -- Individual 'D';
   -- Support '4'.

Fitch said the ratings have a stable rating outlook.


NATIONAL WATER: Claremont Heights Residents Ask for Firm's Aid
--------------------------------------------------------------
Residents of Claremont Heights housing scheme have turned to the National
Water Commission for help as the pump, as the community has been without
water since last week, Radio Jamaica reports.

Radio Jamaica relates that the pump, which served the community, was taken
out of service due to a mechanical defect.

The National Water has not been providing water to Claremont Heights, Radio
Jamaica says, citing the residents.

Radio Jamaica underscores that residents stormed a truck allegedly belonging
to the National Water on Nov. 11 for water.

Reports say the residents were infuriated when they learned that the truck
was in the community to deliver water to one household.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 7, 2006, the National
Water Commission of Jamaica had been criticized for failing to act promptly
in cutting its losses.  For the fiscal years 2002 and 2003, the water
commission accumulated a net loss of US$2.11 billion.  The deficit fell to
US$1.86 billion the following year, and to US$670 million in 2004 and 2005.




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


CHEMTURA: Lion Chemical May Buy EPDM & Rubber Chemical Assets
-------------------------------------------------------------
Chemtura Corp. disclosed that Lion Chemical Capital, LLC is the potential
buyer of the company's EPDM business and the Rubber Chemicals businesses
associated with Geismar, Louisiana as well as Flexzone(r) antiozonants
worldwide.  The letter of intent was signed and announced Nov. 2.  The
companies expect that a definitive agreement will be completed by year-end.

Chemtura is selling EPDM and Rubber Chemicals in order to focus more
intently on its core businesses.

"We are very happy to be selling these businesses to a company for which
they will be core and strategic," said Chemtura Chairman and CEO Robert L.
Wood.  "We believe this will be beneficial for our customers."

Lion plans to merge the two businesses into its existing Lion Copolymer
business, located in Baton Rouge, La. Lion Copolymer is a leading
manufacturer and marketer of synthetic rubber.

Peter De Leeuw, chairman of Lion Copolymer, said, "We think the Chemtura
businesses are excellent additions to our existing synthetic rubber
business. All these businesses will be core to our future and will position
us to provide exceptional offerings of rubber-based products and services to
customers throughout much of the world.  We intend to expand our research
and technical service to ensure that customers can count on us to provide
solutions for their product needs."

Lion Copolymer CEO Paul Saunders said, "I am pleased that the EPDM and
Rubber Chemicals businesses will be part of our family.  We share the same
high standards for safety, environmental compliance, customer service and
high value for our associates that operate our facilities. Since acquiring
the SBR business in 2005, we have invested in the people and facilities at
our Baton Rouge plant under Lion Copolymer and plan to do the same for the
new businesses at Geismar, La."

The EPDM and Rubber Chemicals businesses being sold had revenues for the
twelve months ended Sept. 30, 2006 of approximately US$300 million. The
transaction is subject to regulatory approvals.  Proceeds from the sale will
be used primarily for debt reduction.

                   Lion Chemical Capital

Lion Chemical Capital is a private equity firm focused on investing in
premier businesses operating in the chemical and related industries. Lion
leverages its founders' extensive experience in the chemical industry,
executive management, private equity and investment banking. Target
investments are highly selective and possess key attributes such as market
and technological leadership and strong management.

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

                        *    *    *

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

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


GRUPO MEXICO: Anti-Trust Commission Rejects Rail Merger
-------------------------------------------------------
The Federal Competition Commission, the Mexican anti-trust commission, has
rejected the merger between Grupo Mexico SA de
CV's Ferromex railway and Ferrosur, which is controlled by
Carlos Slim, Reuters reports.

According to Reuters, the antitrust body has decided against the merger for
the second time.  The merger would have formed the largest rail firm in
Mexico and would have controlled 54% of the Mexican railroad market.

Reuters underscores that Grupo Mexico had made an appeal in June, saying
that the merger would be anti-competitive.

The report says that Grupo Mexico has not been officially informed of the
Federal Competition's decision.  However, the firm said it may challenge the
ruling in court.

"There are several possible resources open to us, including an injunction
before federal tribunals," Juan Rebolledo, the head of international affairs
of Grupo Mexico, told Reuters.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--  
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *    *    *

Fitch Ratings assigned these ratings to Grupo Mexico SA de C.V.:

     -- foreign currency long-term debt, BB; and
     -- local currency long-term debt, BB.


HERBALIFE LTD: Jesse Rogers Resigns from Board of Directors
-----------------------------------------------------------
Herbalife Ltd. disclosed that Jesse Rogers has resigned from its Board of
Directors due to the potential conflict of interest presented by the
acquisition of Neways, Inc., by Golden Gate Capital, a private equity firm
of which Mr. Rogers is a Managing Director.

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

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

                        *    *    *

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


MERIDIAN AUTOMOTIVE: Sells Michigan Properties for US$900,000
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approves the sale of
Meridian Automotive Systems Inc. and its debtor-affiliates' Michigan
Properties to K. Marshall for US$900,000 free and clear of all liens,
claims, interests, or encumbrances.

Any liens on the Properties will transfer and attach to the Sale proceeds
with the same validity and priority as the liens had prior to the Sale.

The Properties consist of two parcels of real estate that collectively cover
3.3 acres of land.  Each Property contains an industrial building that the
Debtors used as a manufacturing facility until December 2004, Edward J.
Kosmowski, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington,
Delaware, relates.  The Properties are currently zoned for heavy
manufacturing and assembly use.

According to Mr. Kosmowski, the Debtors have attempted to sell the
Properties before and have had several offers ranging from US$800,000 to
US$1,200,000.  None of the offers, however, were foreclosed.

The Debtors do not anticipate utilizing the Properties in the future.  In
addition, there have been no objections to the proposed Sale, Mr. Kosmowski
informs the Court.

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  (Meridian Bankruptcy
News, Issue No. 43; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


NEWPARK RESOURCES: Names James McFarland to Board of Directors
--------------------------------------------------------------
Newpark Resources, Inc., named James W. McFarland to its Board of Directors.
Mr. McFarland is a Professor of Finance and Economics at the A. B. Freeman
School of Business at Tulane University.

Mr. McFarland has held various positions in the Freeman School of Business
since 1988, including Dean of the school from 1988 until 2005.  From 1976 to
1988 he was a professor at the University of Houston and served as dean at
the school's College of Business Administration from 1985 to 1988.  Mr.
McFarland serves on the boards of numerous public companies and other
organizations.  He holds a Ph.D. in Statistics, Economics and Mathematics
from Texas A&M University.

Paul Howes, Newpark's President and Chief Executive Officer, stated, "We are
pleased to welcome James to our Board of Directors.  He will be a strong
asset to our Board with a tremendous amount of knowledge and experience in
strategy development, economics and corporate finance."

Newpark Resources, Inc., (NYSE: NR) -- http://www.newpark.com/
-- is a worldwide provider of drilling fluids,environmental
waste treatment solutions, and temporary worksites and access
roads for oilfield and other commercial markets in the United
States Gulf Coast, west Texas, the United States Mid-continent,
the United States Rocky Mountains, Canada, Mexico, and areas of
Europe and North Africa.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 15, 2006
Standard & Poor's Ratings Services assigned its 'BB-' rating and
'1' recovery rating to oil field services company Newpark
Resources Inc.'s (B+/Watch Neg/--) planned US$150 million senior
secured term loan.  The 'BB-' rating was also placed on
CreditWatch with negative implications.  All the ratings on the
company are on CreditWatch.

As reported in the Troubled Company Reporter-Latin America on Sept. 28,
2006, in connection with Moody's Investors Service's implementation of its
new Probability-of-Default and Loss-Given-Default rating methodology for the
oilfield service and refining and marketing sectors this week, the rating
agency confirmed its B1 Corporate Family Rating for Newpark Resources, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Term Loan B            B2       B2     LGD 4       59%


NEWPARK RESOURCES: Incurs US$2.3MM Loss in Third Quarter 2006
-------------------------------------------------------------
Newpark Resources, Inc., disclosed results for the three and nine months
ended Sept. 30, 2006. Newpark also announced that it has filed its 2006
first, second and third quarterly reports on Form 10-Q with the U.S.
Securities and Exchange Commission.

Newpark reported revenues for the third quarter of 2006 totaling US$170.1
million compared with revenues of US$139.1 million for the third quarter of
2005.  Newpark reported a net loss of US$2.3 million, or US$0.03 per share,
in the third quarter of 2006, which included unusual pre-tax items totaling
US$16.8 million.  The largest of these items was an impairment charge of
US$17.8 million related to the shut down of the Newpark Environmental Water
Solutions (NEWS) business.  Net income for the third quarter of 2005 was
US$5.2 million, or US$0.06 per diluted share.

Paul Howes, President and Chief Executive Officer of Newpark, stated, "We
are pleased to now be current on our quarterly filings for 2006 and get on
with the job of creating value for shareholders.  Operational highlights for
the third quarter and the first nine months of 2006 included fluids systems
and engineering revenue that continued to outpace market growth in its areas
of operation.  Market penetration, type of well serviced and the performance
of our proprietary products were significant drivers of revenue growth in
our drilling fluids segment.  For the first nine months of 2006, this
segment's revenues increased 25%.  We believe our core fluids systems and
engineering business is positioned for continued growth while we work to
complete our strategic and operational growth planning process."

Fluids systems and engineering revenues in the third quarter were US$125.0
million compared with US$104.3 million in the third quarter of 2005.  Mat
and integrated services revenues in the third quarter were US$26.5 million
compared with US$21.3 million in the third quarter of 2005.  Environmental
services revenues in the third quarter of 2006 were US$18.6 million compared
to US$13.5 million in the third quarter of 2005.

                      Nine-Month Summary

For the nine months ended Sept. 30, 2006, Newpark reported revenues of
US$501.7 million compared with revenues of US$409.7 million for the first
nine months of 2005.  Net income in 2006 was US$9.8 million, or US$0.11 per
diluted share, which included unusual pre-tax items listed in the table
below totaling US$19.2 million.  Net income for the comparable period of
2005 was US$15.3 million, or US$0.18 per diluted share.

Fluid systems and engineering revenues in the first nine months of 2006 were
US$352.2 million compared with US$282.6 million in the comparable period of
2005.  Mat and integrated services revenues in the first nine months of 2006
were US$95.2 million compared with US$82.3 million in the comparable period
of 2005.  Environmental services revenues in the first nine months of 2006
were US$54.3 million compared with US$44.8 million in the same period of
2005.

Newpark Resources, Inc., (NYSE: NR) -- http://www.newpark.com/
-- is a worldwide provider of drilling fluids,environmental
waste treatment solutions, and temporary worksites and access
roads for oilfield and other commercial markets in the United
States Gulf Coast, west Texas, the United States Mid-continent,
the United States Rocky Mountains, Canada, Mexico, and areas of
Europe and North Africa.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 15, 2006
Standard & Poor's Ratings Services assigned its 'BB-' rating and
'1' recovery rating to oil field services company Newpark
Resources Inc.'s (B+/Watch Neg/--) planned US$150 million senior
secured term loan.  The 'BB-' rating was also placed on
CreditWatch with negative implications.  All the ratings on the
company are on CreditWatch.

As reported in the Troubled Company Reporter-Latin America on Sept. 28,
2006, in connection with Moody's Investors Service's implementation of its
new Probability-of-Default and Loss-Given-Default rating methodology for the
oilfield service and refining and marketing sectors this week, the rating
agency confirmed its B1 Corporate Family Rating for Newpark Resources, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Term Loan B            B2       B2     LGD 4       59%


NEWPARK RESOURCES: Filing Delay Cues Moody's Negative Outlook
-------------------------------------------------------------
Moody's Investors Services placed a negative outlook on Newpark Resources'
B1 rating after announcing financial filing delay.

Moody's Investors Service published a report of summary information on
rating actions related to federal probes into backdating and other stock
option timing issues.  Some 15 issuers rated by Moody's have disclosed
either a Securities and Exchange Commission or Department of Justice inquiry
into their option award timing.  Moody's has taken rating actions related to
the option investigations at 11 issuers, including two that conducted an
internal investigation but have not disclosed an inquiry by the SEC or DOJ.
In eight of the 11 cases, failure to file timely financial statements
triggered the action.

"Issuers rated by Moody's are a small portion of the more than 100 companies
that have disclosed federal investigations," said Ken Bertsch, managing
director for corporate governance analysis.  Overall, more than 160
companies have disclosed either internal or external investigations.

Moody's continues to monitor developments and anticipates that there will be
some additional disclosures of timing issues.

Investigations into past option awards and the need to restate past
financial results have caused the filing delays. Delayed financial filings
triggered risk of technical default at issuers subject to debt covenants
requiring timely filing of financial statements.

Many stock option timing investigations have proven more complex and time
consuming than we anticipated, and they are causing delayed financial
filings at a number of companies. Over a period of months, Moody's has
placed six issuers that failed to file financials on time on review for
downgrade. In two of these cases, existing issuer ratings were subsequently
affirmed once financial statements were filed. The outlook was changed to
"developing" for one additional issuer that failed to file financials on
time, and another was simply downgraded.

Moody's downgraded two issuers, Amkor Technology and UnitedHealth Group.
Amkor, currently rated Caa1, was downgraded due to concerns regarding its
liquidity following failure to file timely financial statements.
UnitedHealth Group was downgraded following the publication of an
independent internal review and the resulting announcement of the CEO's
planned departure.

A number of rated issuers have restated financial results due to improper
accounting of past option awards.  These restatements were primarily
non-cash charges.  As Moody's anticipated, restatements thus far have not
resulted in cash outlays with a material impact on credit quality at any
rated issuers.

Newpark Resources, Inc., (NYSE: NR) -- http://www.newpark.com/
-- is a worldwide provider of drilling fluids,environmental
waste treatment solutions, and temporary worksites and access
roads for oilfield and other commercial markets in the United
States Gulf Coast, west Texas, the United States Mid-continent,
the United States Rocky Mountains, Canada, Mexico, and areas of
Europe and North Africa.


SANMINA-SCI: Filing Delay Prompts Moody's to Review Ba2 Rating
--------------------------------------------------------------
Moody's Investors Services placed Sanmina-SCI's Ba2 rating under review for
possible downgrade after announcing financial filing delay.

Moody's Investors Service published a report of summary information on
rating actions related to federal probes into backdating and other stock
option timing issues.  Some 15 issuers rated by Moody's have disclosed
either a Securities and Exchange Commission or Department of Justice inquiry
into their option award timing.  Moody's has taken rating actions related to
the option investigations at 11 issuers, including two that conducted an
internal investigation but have not disclosed an inquiry by the SEC or DOJ.
In eight of the 11 cases, failure to file timely financial statements
triggered the action.

"Issuers rated by Moody's are a small portion of the more than 100 companies
that have disclosed federal investigations," said Ken Bertsch, managing
director for corporate governance analysis.  Overall, more than 160
companies have disclosed either internal or external investigations.

Moody's continues to monitor developments and anticipates that there will be
some additional disclosures of timing issues.

Investigations into past option awards and the need to restate past
financial results have caused the filing delays. Delayed financial filings
triggered risk of technical default at issuers subject to debt covenants
requiring timely filing of financial statements.

Many stock option timing investigations have proven more complex and time
consuming than we anticipated, and they are causing delayed financial
filings at a number of companies. Over a period of months, Moody's has
placed six issuers that failed to file financials on time on review for
downgrade. In two of these cases, existing issuer ratings were subsequently
affirmed once financial statements were filed. The outlook was changed to
"developing" for one additional issuer that failed to file financials on
time, and another was simply downgraded.

Moody's downgraded two issuers, Amkor Technology and UnitedHealth Group.
Amkor, currently rated Caa1, was downgraded due to concerns regarding its
liquidity following failure to file timely financial statements.
UnitedHealth Group was downgraded following the publication of an
independent internal review and the resulting announcement of the CEO's
planned departure.

A number of rated issuers have restated financial results due to improper
accounting of past option awards.  These restatements were primarily
non-cash charges.  As Moody's anticipated, restatements thus far have not
resulted in cash outlays with a material impact on credit quality at any
rated issuers.

Headquartered in San Jose, California, Sanmina-SCI Corp. is one
of the largest electronics contract manufacturing services companies
providing a full spectrum of integrated, value added solutions.  In Europe,
the company has operations in Finland, France, Ireland, Germany, Sweden,
Hungary, and Spain.  In Latin America, it operates in Brazil and Mexico.




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


CHIQUITA BRANDS: Secures Amendment to Financial Covenants
---------------------------------------------------------
Chiquita Brands International, Inc., disclosed that, as anticipated, the
company amended its credit agreement dated as of June 28, 2005, with a
syndicate of banks and financial institutions.  This amendment modifies
certain financial covenants relating to leverage and fixed charge coverage;
establishes new levels for compliance with those covenants to provide
additional financial flexibility; and amends the interest rate applicable to
borrowings outstanding under the credit agreement.

The amendment to the credit agreement, effective Nov. 8, 2006, among
Chiquita Brands LLC, Chiquita Brands International, Inc., certain financial
institutions as lenders, and Wachovia Bank, N.A., as administrative agent,
was filed yesterday as an exhibit to the company's Quarterly Report on Form
10-Q.

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 nov. 8, 2006, Moody's
Investors Service downgraded the ratings for Chiquita Brands L.L.C. (senior
secured to B1 from Ba3), as well as for its parent Chiquita Brands
International, Inc. (corporate family rating to B3 from B2).  The outlook on
all ratings is stable.

Standard & Poor's Ratings Services lowered on Nov. 5, 2006, its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc., including its
corporate credit rating, from 'B+' to  'B'.  The ratings remain on
CreditWatch with negative implications where they were placed on Sept. 26,
2006, following the company's announcement that third-quarter operating
performance was expected to be significantly affected by continued weak
banana prices in European and trading markets, excess fruit supply, and
lower sales/higher costs in its Fresh Express business because of recent
industry health concerns related to E.-coli-tainted spinach.


CHIQUITA BRANDS: S&P Affirms B Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating
and other ratings on Cincinnati, Ohio-based Chiquita Brands International
Inc. and Chiquita Brands LLC.  The ratings were removed from CreditWatch
with negative implications where they were placed on Sept. 26, 2006,
following the company's announcement that third quarter operating
performance was expected to be weak.  Ratings were subsequently lowered by
one notch on Nov. 3, 2006.

Chiquita recently received an amendment to its credit facility to relax
covenants over multiple quarters.  As indicated in our CreditWatch update on
Nov. 3, 2006, ratings would be affirmed and withdrawn from CreditWatch upon
receipt of such an amendment.

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

"The ratings on Chiquita reflect the company's high debt leverage, weak
credit measures, and its product concentration in bananas," said Standard &
Poor's credit analyst Alison Sullivan.  Also, the company competes in the
mature fruit and vegetable industry, which faces uncontrollable factors such
as global supply, world trade policies, political risk, currency swings,
weather, and disease.

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.




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


* PARAGUAY: Congress Mulling EBY Project Debt Restructuring Deal
----------------------------------------------------------------
The Paraguayan government said in a statement that Nicanor Duarte Frutos,
its president, will send to congress for approval the details of the debt
restructuring deal for its EBY hydro joint venture with Argentina.

Business News Americas relates that EBY administers the Yacyreta hydro
complex on the border between Argentina and Paraguay.

According BNamericas, EBY's debt totaled US$11.6 billion, mainly as a result
of additional building Argentina funded, but which Paraguay claimed interest
was calculated unjustly.

Of the US$11.6 billion, US$694 million corresponds to debt held by financial
creditors, while US$10.9 billion corresponds to debt held by Argentina's
treasury, BNamericas notes.  The US$10.9 billion figure will be reduced 54%
to US$4.69 billion, under the bilateral restructuring accord that allows
Paraguay to send Argentina 350,700 gigawatt hours from Yacyreta over 42
years to settle its share of debt.

EBY and Argentina's treasury negotiated the debt reevaluation accord, which
was then approved by the technicians from Argentina and Paraguay.  Because
of the agreement, the consolidated final debt became US$6.22 billion,
BNamericas states.

                        *    *    *

Moody's assigned these ratings on Paraguay:

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

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

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




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


EMPRESA NACIONAL: Launches Gas Turbine Plant Operations in Peru
---------------------------------------------------------------
Empresa Nacional de Electricidad aka Endesa said in a statement that it has
launched operations of a 492-megawatt, US$135-million combined cycle gas
turbine plant in Peru.

Business News Americas relates that it took two years for the plant to be
built.  It would operate on natural gas from Peru's Camisea fields.  The
plant makes Endesa the leading consumer of Camisea natural gas.

"This plant has cost us a great deal of effort and money and also gives us a
great deal of hope.  We have confidence in Peru and will continue to invest
here," Manuel Pizarro, Endesa chairperson told BNamericas.

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

                        *    *    *

Moody's Investors Service placed on Oct. 18, 2006, the senior unsecured Ba1
debt ratings of Enersis S.A., and Empresa Nacional de Electricidad, SA aka
Endesa Chile under review for possible upgrade.


GRAN TIERRA: Peruvian Exploration & Production Pact Approved
------------------------------------------------------------
Gran Tierra Energy told Business News Americas that its exploration and
production contract with Perupetro, the hydrocarbons promotion agency of
Peru, for the Maranon basin's block 122 has been ratified by a "supreme
decree."

Gran Tierra said in a statement that the contract marks Gran Tierra's entry
into Peru.

Dana coffield, chief executive officer and president of Gran Tierra, told
BNamericas, "Our entries into Argentina, Colombia and Peru have each taken
different approaches, via strategic property additions in Argentina, via a
corporate acquisition in Colombia and now via a wildcat exploration license
in Peru."

Under the terms of the contract, Gran Tierra will explore the 1.2-million
acre block in Peru for seven years, divided into four periods with a total
US$5-million work commitment, BNamericas notes.

Gran Tierra said in a statement that the contract stipulates a 30-year
production term if Gran Tierra declares commercial oil discoveries.

BNamericas underscores that Gran Tierra will launch aerogravity and magnetic
testing in early 2007, followed by a 2D seismic program and the drilling of
a well.

Gran Tierra will evaluate expansions through the acquisition of production
assets and exploration and production contracts with the Peruvian
government, BNamericas states.

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.




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


ALBERTO-CULVER: Stockholders Approve Separation Transaction
-----------------------------------------------------------
Alberto-Culver Co.'s stockholders approved the proposal to separate the
company into two separate publicly traded companies.  The proposal was
approved by approximately 83% of the issued and outstanding shares of
Alberto-Culver common stock entitled to vote and approximately 99% of the
votes cast was in favor of the transaction.

The company received a favorable private letter ruling from the
Internal Revenue Service concerning this transaction yesterday. Assuming the
satisfaction of all remaining closing conditions, Alberto-Culver expects to
complete the transaction on
Nov. 16, 2006.

As a result of the transactions, Alberto-Culver will separate into two
separate publicly traded companies:

   -- new Alberto-Culver, which will operate the company's
      consumer products business, and

   -- Sally Beauty Holdings, Inc., which will operate the
      company's Sally/BSG distribution business.

Shareholders will also receive a US$25.00 per share special cash dividend.
The shares of each company's common stock have been authorized for listing
on the New York Stock Exchange.  Beginning on the day following completion
of the transactions, new Alberto-Culver will be traded under the same symbol
as old Alberto-Culver, "ACV," and Sally Beauty Holdings will be traded under
the symbol "SBH."

The NYSE has informed Alberto-Culver that, assuming a
Nov. 16, 2006, closing date, the stock of new Alberto-Culver, Sally Beauty
Holdings and old Alberto-Culver will trade as:

   -- Shares of old Alberto-Culver will continue to trade on
      the NYSE under the symbol "ACV" up to and including
      Nov. 16, 2006.

   -- The NYSE will establish when-issued trading markets for
      the stock of new Alberto-Culver and Sally Beauty Holdings
      beginning on Nov. 13, 2006, under the symbols "ACV wi" and
      "SBH wi," respectively.

   -- When-issued trading in the stock of new Alberto-Culver
      and Sally Beauty Holdings will end on the close of trading
      on Nov. 16, 2006.

   -- Following Nov. 16, 2006, shares of old Alberto-Culver will
      no longer trade on the NYSE or any other market.

   -- Regular trading in the stock of new Alberto-Culver and
      Sally Beauty Holdings will begin on Nov. 17, 2006, under
      the symbols "ACV" and "SBH," respectively.

Accordingly, if you sell your shares of old Alberto-Culver on or prior to
Nov. 16, 2006, you will not receive shares of new Alberto-Culver or Sally
Beauty Holdings or the $25.00 per share special cash dividend.

New Sally Holdings, Inc., headquartered in Denton, Texas, will be a leading
national retailer and distributor of beauty supplies with operations under
its Sally Beauty Supply and Beauty Systems Group businesses.  For the fiscal
year ended Sept. 30, 2005, New Sally's revenues exceeded US$2.2 billion.
The company has stores in Canada, Mexico, Puerto Rico, the U.K., Ireland,
Germany and Japan.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 26, 2006, Moody's
Investors Service assigned first time ratings, including a corporate family
rating of B2 and a speculative grade liquidity rating of SGL-2, to Sally
Holdings, LLC.

The rating outlook is stable.  The ratings are conditional upon review of
final documentation.

These are the rating actions:

     -- Corporate family rating at B2

     -- Probability-of-default rating at B2

     -- US$400 million senior secured guaranteed bank revolving
        credit facility at Ba2 (LGD 1, 7% LGD rate)

     -- US$1.07 billion senior secured guaranteed term loans at
        B2 (LGD 4, 50% LGD rate)

     -- US$430 million senior unsecured guaranteed notes at B2
        (LGD 4, 55% LGD rate)

     -- US$280 million unsecured senior subordinated guaranteed
        notes at Caa1 (LGD 6, 93% LGD rate)

     -- Speculative Grade Liquidity Rating of SGL-2


CENTENNIAL COMM: Redeems US$20 Million 10-3/4% Sr. Sub. Notes
-------------------------------------------------------------
Centennial Communications Corp. will redeem USs$20 million aggregate
principal amount of its US$145 million outstanding 10-3/4% senior
subordinated notes due Dec. 15, 2008.  The redemption will occur on or about
Dec. 15, 2006 at face value with no prepayment penalties.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. -- http://www.centennialwireless.com/-- provides wireless
communications with cellular licenses covering smaller markets
in the central United States.  Centennial Communications also
offers personal communications services in the Caribbean, as
well as wireline and wireless broadband services.  It operates
as a competitive local-exchange carrier in Puerto Rico, offering
traditional and Internet-based phone service.  Centennial
Communications sold its Puerto Rican cable operations in 2004.
Venture capital firm Welsh, Carson, Anderson & Stowe (54%) and a
unit of the Blackstone Group (24%) are Centennial
Communications' controlling shareholders.

                        *    *    *

As reported in the Troubled Company Reporter on Jul. 3, 2006,
Fitch assigned Centennial Communications Corp.'s issuer default
rating at 'B-' and senior unsecured notes rating at 'CCC/RR6'.
Fitch said the rating outlook is stable.


MUSICLAND HOLDING: Can Assume & Assign Leases to Record Town
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York authorized
Musicland Holding Corp. and its debtor-affiliates to assume and assign
certain leases to Record Town, Inc., or Record Town USA, LLC, as modified,
supplemented or amended by certain agreements between certain Landlords and
Record Town.

A 25-page list of the Leases to be assumed and assigned to Record Town is
available for free at http://researcharchives.com/t/s?14c2

The Debtors or Trans World Entertainment Corporation will cure any and all
monetary defaults under the Leases by paying the undisputed portion of any
Cure Amount at or about the time of assumption and assignment of the Leases,
with funds sufficient to pay the Excess Cure Amounts to be segregated
pending resolution and payment of those claims.

Judge Stuart M. Bernstein directs the Debtors to report to the Court
regarding the status of disputed Cure Amounts at a hearing set for Nov. 14,
2006.

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 $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: Court Denies Transport Logistics Settlement
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York declines to
approve Musicland Holding Corp. and its debtor-affiliates' settlement with
Transport Logistics Inc.

The Debtors previously have entered into a stipulation with Transport
Logistics to settle Transport Logistics' rejection damages claim.  Under the
settlement, Transport Logistics will pay the Debtors US$550,000, and retain
US$50,000 in full satisfaction of its administrative claim.

Judge Bernstein relates that "[both parties] have not provided sufficient
information to allow me to make an 'independent and informed judgment' that
the settlement is reasonable."

"The debtors have not identified any factual or legal issues, or shown that
they have considered the possible risks and rewards of further litigation,"
Judge Bernstein says.

The Court denies the Debtor's request, without prejudice pending the
development of a more complete factual record.

In addition, Judge Bernstein orders the Official Committee of Unsecured
Creditors and the Informal Committee of Secured Trade Vendors to sign the
stipulation if they support the Settlement.

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)


SUNCOM: Files Business Plan in Response to NYSE Delisting Notice
----------------------------------------------------------------
SunCom Wireless Holdings, Inc., previously disclosed that it had received
notification from the New York Stock Exchange that it is not in compliance
with the NYSE's continued listing standards.  SunCom is considered "below
criteria" by the NYSE because its total market capitalization has been less
than US$100 million over a consecutive 30-trading-day period.

The NYSE requested that SunCom Wireless provide a response within 45 days of
the date of its notification that would include a business plan
demonstrating how it intends to comply with the continued listing standards
within 18 months of the NYSE notification.  SunCom will be filing a business
plan outlining its strategy to comply with the NYSE's continued listing
standards within the requisite timeframe.  The NYSE will review the business
plan and will either accept the plan, at which time SunCom will be subject
to quarterly monitoring for compliance, or it will not accept the business
plan and SunCom will be subject to suspension and delisting by the NYSE.

Based in Berwyn, Pennsylvania, SunCom Wireless Holdings Inc.
(NYSE: TPC) -- http://www.suncom.com/-- offers digital wireless
communications services to more than one million subscribers in
the southeastern United States, Puerto Rico and the U.S. Virgin
Islands.  SunCom is committed to delivering Truth in Wireless by
treating customers with respect, offering simple,
straightforward plans and by providing access to the largest GSM
network and the latest technology choices.

SunCom Wireless' balance sheet showed a stockholders' deficit of
US$378,099,000 at Sept. 30, 2006, compared with a deficit of US$338,223,000
at June 30, 2006.




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


PRIDE INT'L: Acquires Deepwater Semisubmersibles for US$215MM
-------------------------------------------------------------
Pride International, Inc., acquired its partner's interest in the joint
venture companies that own the two deepwater semisubmersibles Pride Rio de
Janeiro and Pride Portland.  The transaction increases the company's
interest in these two units from 30% to 100%.  Constructed in 2004, the
Pride Rio de Janeiro and the Pride Portland are both dynamically positioned
and capable of operating in water depths of up to 5,600 feet.  Currently,
both units are operating in Brazil under contracts that expire in 2010.

Total cash consideration of US$215 million was paid with cash on hand and
funds available under the company's existing credit facility.  In addition,
the transaction contemplates contingent payments commencing during the
six-year period after the current contracts are completed, but only to the
extent of 30% of the portion of future dayrates on these rigs in excess of
today's leading edge rates, adjusted for cost increases and certain capital
additions.

As a result of the transaction, the operation, which is currently accounted
for as an equity investment, will be consolidated in the company's financial
statements, resulting in the addition of approximately US$283 million of
debt (representing 100% of the joint venture's debt) to the company's
consolidated balance sheet.  The debt, which is guaranteed by the U.S.
Maritime Administration, matures in 2012 and is prepayable, in whole or in
part, at any time.  The company expects the transaction to be slightly
accretive to its 2007 earnings, before considering potential purchase
accounting adjustments still under review relating to the valuation of the
existing below-market contracts, which could result in further increases in
expected accretion and could be material.

In a related transaction, the company also reached agreement for the
cancellation of future obligations under certain existing agency
relationships related to five offshore rigs the company operates in Brazil,
including the two joint venture rigs.  The agreement provided for the
payment of US$15 million in cash, which the company expects to expense
during the fourth quarter 2006.

Louis A. Raspino, President and Chief Executive Officer, commented, "This
acquisition represents an important step in executing our stated strategy to
increase our exposure in deepwater and to take advantage of close-in
acquisition opportunities.  With this transaction, we were able to grow our
deepwater fleet in a core market, without additional construction or
operational risk, at a significant discount to estimated replacement cost,
and at an attractive rate of return. In addition, we are exposed to
significant upside leverage to increased dayrates when the current
below-market contracts on these two rigs expire.  We continue to expect
prospects in the deepwater market to remain strong well into the next
decade, and we intend to pursue additional opportunities to expand our
presence in deepwater."

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.
The Company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semi submersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  Pride also provides a
variety of oilfield services to customers in Argentina,
Venezuela, Bolivia and Peru.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on contract driller Pride International Inc. and
removed the rating from CreditWatch with negative implications.
The outlook is stable.  As of June 30, 2006, Houston, Texas-
based Pride had US$1.01 billion in adjusted debt.

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Fitch Ratings raised Pride International's Issuer Default Rating
to 'BB' from 'BB-'.  Fitch also raised the ratings on Pride's
senior secured revolving credit facility, senior unsecured notes
and their convertible senior notes.


* BOND PRICING: For the week of November 6 -- November 10, 2006
---------------------------------------------------------------

Issuer                               Coupon   Maturity  Price
------                               ------   --------  -----
ABC Rail Product                     10.500%  12/31/04     0
Adelphia Comm.                        6.000%  02/15/06     1
Adelphia Comm.                        3.250%  05/01/21     0
Allegiance Tel.                      11.750%  02/15/08    41
Allegiance Tel.                      12.875%  05/15/08    41
Amer & Forgn Pwr                      5.000%  03/01/30    64
Amer Color Graph                     10.000%  06/15/10    69
Antigenics                            5.250%  02/01/25    66
Anvil Knitwear                       10.875%  03/15/07    69
Archibald Candy                      10.000%  11/01/07     0
ATA Holdings                         13.000%  02/01/09     4
Atlantic Coast                        6.000%  02/15/34    13
Autocam Corp.                        10.875%  06/15/14    51
Bank New England                      9.500%  02/15/96    13
Bank New England                      8.750%  04/01/99     6
BBN Corp                              6.000%  04/01/12     0
Budget Group Inc                      9.125%  04/01/06     0
Burlington North                      3.200%  01/01/45    58
Calpine Corp                         10.500%  05/15/06    75
Calpine Corp                          8.750%  07/15/07    74
Calpine Corp                          7.875%  04/01/08    74
Calpine Corp                          7.750%  04/15/09    73
Calpine Corp                          8.625%  08/15/10    52
Calpine Corp                          8.500%  02/15/11    52
Calpine Corp                          6.000%  09/30/14    42
Calpine Corp                          7.750%  06/01/15    35
Calpine Corp                          4.750%  11/15/23    51
Cell Therapeutic                      5.750%  06/15/08    70
Central Tractor                      10.625%  04/01/07     0
Chic East Ill RR                      5.000%  01/01/54    57
Clark Material                       10.750%  11/15/06     0
Collins & Aikman                     10.750%  12/31/11     4
Comcast Corp                          2.000%  10/15/29    41
Cooper Standard                       8.375%  12/15/14    74
Dal-Dflt09/05                         9.000%  05/15/16    35
Dana Corp                             9.000%  08/15/11    74
Dana Corp                             5.850%  01/15/15    72
Dana Corp                             7.000%  03/15/28    69
Dana Corp                             7.000%  03/01/29    69
Delco Remy Intl                      11.000%  05/01/09    50
Delco Remy Intl                       9.375%  04/15/12    41
Delta Air Lines                       7.700%  12/15/05    36
Delta Air Lines                       9.250%  12/27/07    29
Delta Air Lines                      10.000%  08/15/08    39
Delta Air Lines                       7.900%  12/15/09    38
Delta Air Lines                      10.125%  05/15/10    36
Delta Air Lines                      10.375%  02/01/11    34
Delta Air Lines                       9.750%  05/15/21    35
Delta Air Lines                       9.250%  03/15/22    35
Delta Air Lines                      10.375%  12/15/22    37
Delta Air Lines                       8.000%  06/03/23    37
Delta Air Lines                       2.875%  02/18/24    36
Delta Air Lines                       8.300%  12/15/29    39
Delta Air Lines                      10.000%  06/01/11    70
Delta Air Lines                      10.060%  01/02/16    73
Delta Mills Inc                       9.625%  09/01/07    23
Deutsche Bank NY                      8.500%  11/15/16    71
Diamond Triumph                       9.250%  04/01/08    71
Diva Systems                         12.625%  03/01/08     1
Dov Pharmaceutic                      2.500%  01/15/25    50
Drum Financial                       12.875%  09/15/99     0
Dura Operating                        9.000%  05/01/09     6
Dura Operating                        8.625%  04/15/12    27
Duty Free Int'l                       7.000%  01/15/04     0
DVI Inc                               9.875%  02/01/04     8
E.Spire Comm Inc                     13.750%  07/15/07     0
E.Spire Comm Inc                     10.625%  07/01/08     0
Eagle Family Food                     8.750%  01/15/08    74
Empire Gas Corp                       9.000%  12/31/07     1
Epix Medical Inc                      3.000%  06/15/24    71
Exodus Comm Inc                      10.750%  12/15/09     0
Exodus Comm Inc                      11.625%  07/15/10     0
Fedders North AM                      9.875%  03/01/14    70
Federal-Mogul Co.                     8.330%  11/15/01    63
Federal-Mogul Co.                     8.370%  11/15/01    61
Federal-Mogul Co.                     8.370%  11/15/01    63
Federal-Mogul Co.                     8.160%  03/06/03    65
Federal-Mogul Co.                     8.250%  03/03/05    65
Federal-Mogul Co.                     7.375%  01/15/06    68
Federal-Mogul Co.                     8.800%  04/15/07    68
Federal-Mogul Co.                     7.500%  01/15/09    68
Finova Group                          7.500%  11/15/09    30
Ford Motor Co                         7.125%  11/15/25    74
Ford Motor Co                         6.625%  02/15/28    73
Ford Motor Co                         7.750%  06/15/43    75
Ford Motor Co                         7.400%  11/01/46    73
Ford Motor Co                         7.700%  05/15/97    74
GB Property Fndg                     11.000%  09/29/05    57
Golden Books Pub                     10.750%  12/31/04     0
GST Network Fndg                     10.500%  05/01/08     0
Gulf Mobile Ohio                      5.000%  12/01/56    75
HNG Internorth                        9.625%  03/15/06    38
Home Prod Intl                        9.625%  05/15/08    71
Imperial Credit                       9.875%  01/15/07     0
Inland Fiber                          9.625%  11/15/07    64
Insight Health                        9.875%  11/01/11    25
Iridium LLC/CAP                      10.875%  07/15/05    24
Iridium LLC/CAP                      11.250%  07/15/05    25
Iridium LLC/CAP                      13.000%  07/15/05    26
Iridium LLC/CAP                      14.000%  07/15/05    25
Isolagen Inc.                         3.500%  11/01/24    75
IT Group Inc                         11.250%  04/01/09     0
JTS Corp                              5.250%  04/29/02     0
Kaiser Aluminum                       9.875%  02/15/02    30
Kaiser Aluminum                      12.750%  02/01/03     7
Kellstrom Inds                        5.750%  10/15/02     0
Kellstrom Inds                        5.500%  06/15/03     0
Tom's Foods Inc                      10.500%  11/01/04     9
Kmart Corp                            9.350%  01/02/20    10
Kmart Funding                         9.440%  07/01/18    23
Liberty Media                         4.000%  11/15/29    67
Liberty Media                         3.750%  02/15/30    62
Lifecare Holding                      9.250%  08/15/13    59
Macsaver Financl                      7.400%  02/15/02     5
Macsaver Financl                      7.875%  08/01/03     5
Macsaver Financl                      7.600%  08/01/07     5
Merisant Co                           9.500%  07/15/13    63
MHS Holdings Co                      16.875%  09/22/04     0
Movie Gallery                        11.000%  05/01/12    66
MSX Int'l Inc.                       11.375%  01/15/08    73
Muzak LLC                             9.875%  03/15/09    62
New Orl Grt N RR                      5.000%  07/01/32    70
Northern Pacific RY                   3.000%  01/01/47    57
Northern Pacific RY                   3.000%  01/01/47    57
Northwest Airlines                    9.179%  04/01/10    27
Northwest Airlines                    6.625%  05/15/23    63
Northwest Airlines                    7.625%  11/15/23    63
Northwest Airlines                    8.875%  06/01/06    63
Northwest Airlines                    8.700%  03/15/07    65
Northwest Airlines                    9.875%  03/15/07    66
Northwest Airlines                    7.875%  03/15/08    63
Northwest Airlines                   10.000%  02/01/09    64
Northwest Airlines                    9.152%  04/01/10     7
NTK Holdings Inc                     10.750%  03/01/14    70
Nutritional Src                      10.125%  08/01/09    66
Oakwood Homes                         7.875%  03/01/04     9
Oakwood Homes                         8.125%  03/01/09     9
Oscient Pharm                         3.500%  04/15/11    70
OSU-DFLT10/05                        13.375%  10/15/09     0
Outboard Marine                       7.000%  07/01/02     0
Outboard Marine                       9.125%  04/15/17     0
Overstock.com                         3.750%  12/01/11    70
Pac-West-Tender                      13.500%  02/01/09    64
PCA LLC/PCA Fin                      11.875%  08/01/09    19
Pegasus Satellite                     9.750%  12/01/06    11
Pegasus Satellite                    13.500%  03/01/07     0
Pegasus Satellite                    12.375%  08/01/08    11
Pegasus Satellite                     9.625%  10/15/49    13
Phar-mor Inc                         11.720%  09/11/02     2
Piedmont Aviat                       10.250%  01/15/49     3
Pixelworks Inc                        1.750%  05/15/24    69
Plainwell Inc                        11.000%  03/01/08     2
Pliant Corp                          13.000%  07/15/10    53
Polaroid Corp                         7.250%  01/15/07     0
Polaroid Corp                        11.500%  02/15/06     0
Primus Telecom                       12.750%  10/15/09    73
Primus Telecom                        3.750%  09/15/10    39
Primus Telecom                        8.000%  01/15/14    58
PSINET Inc                           11.000%  08/01/09     0
Radnor Holdings                      11.000%  03/15/10    12
Railworks Corp                       11.500%  04/15/09     1
Read-Rite Corp.                       6.500%  09/01/04     8
RJ Tower Corp.                       12.000%  06/01/13    15
Scotia Pac Co                         7.110%  01/20/14    75
Spinnaker Inds                       10.750%  10/15/06     0
Tribune Co                            2.000%  05/15/29    67
Trism Inc                            12.000%  02/15/05     0
United Air Lines                      8.700%  10/07/08    39
United Air Lines                      9.210%  01/21/17     7
United Air Lines                      9.200%  03/22/08    49
United Air Lines                      9.300%  03/22/08    49
United Air Lines                      9.350%  04/07/16    33
United Air Lines                     10.020%  03/22/14    52
United Air Lines                     10.110%  01/05/06     3
United Air Lines                     10.110%  02/19/49    48
United Air Lines                     10.850%  02/19/15    48
United Homes Inc                     11.000%  03/15/05     0
US Air Inc.                          10.800%  01/01/49    10
US Air Inc.                          10.750%  01/15/49     0
Venture Holdings                     11.000%  06/01/07     0
Venture Holdings                     12.000%  06/01/09     0
Vesta Insurance Group                 8.750%  07/15/25     9
Werner Holdings                      10.000%  11/15/07     8
Wheeling-Pitt St                      6.000%  08/01/10    70
Winstar Comm Inc                     12.500%  04/15/08     0
Winstar Comm Inc                     12.750%  04/15/10     0
World Access Inc                     13.250%  01/15/08     5
Xerox Corp                            0.570%  04/21/18    43
Ziff Davis Media                     12.000%  07/15/10    42


                        ***********


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

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

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

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of the
publishers.

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

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


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