TCRLA_Public/061116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 16, 2006, Vol. 7, Issue 228

                          Headlines

A R G E N T I N A

BANCO MACRO: Moody's Assigns Low B Ratings on Medium Term Notes
FOGON ARROYOCORTENSE: Verification of Claims Is Until Feb. 16
FORTUNA SEGURIDAD: Claims Verification Deadline Is on Feb. 28
INDUSTRIAL DEL HUEVO: Names Saenz as Trustee for Insolvency Case
NEWFOOD SA: Deadline for Verification of Claims Is on Dec. 27

NIKMAZE SA: Seeks for Court Approval to Reorganize Business
TELECOM ARGENTINA: Will Stick with ARS1 Billion Investment
TELEFONICA ARGENTINA: Inks Collaboration Accord with Ministry

* CITY OF BUENOS AIRES: Moody's Releases Joint Default Analysis
* BUENOS AIRES: Moody's Issues Joint Default Analysis

B A H A M A S

COMPLETE RETREATS: Amends Ableco DIP Pact, Adds On US$2MM Loan
COMPLETE RETREATS: Wants Patriot & Footbridge Pacts Approved

B A R B A D O S

DIGICEL LTD: Allegedly Asks Workers to Leave Union
DIGICEL LTD: Seeking Legal Advice on Union Recognition

B E R M U D A

ARION INSURANCE: Scheme Creditors' Meeting Is Set for March 12
INTELSAT LTD: Sept. 30 Balance Sheet Upside-Down by US$494.7MM
SCOTTISH RE: S&P Junks Rating on Possible Nonrepayment on Notes
SCOTTISH RE: Responds to Standard & Poor's Rating on Nov. 14
WARNER CHILCOTT: Licenses Rights to Schering AG's SEGRA Compound

B R A Z I L

AMRO REAL: Posts BRL1.27 Billion First Nine-Month 2006 Earnings
BANCO BRADESCO: May Expand Retail Operations Abroad in 10 Years
BANCO DO BRASIL: Unit Posts BRL9.20MM Third Quarter 2006 Losses
BANCO NACIONAL: Grants US$24MM Financing to Cosmeticos Natura
CIA DE SANEAMENTO: Posts BRL1.5B Third Quarter 2006 Revenues

COMPANHIA SIDERURGICA: Improves Offer of Wheeling-Pittsburgh
CIA SIDERURGICA: Wheeling-Pitt Board Endorses Enhanced Offer
COMPANHIA DE BEBIDAS: Moody's Affirms Ba1 Foreign Curr. Rating
COMPANHIA PARANAENSE: Will Invest BRL437 Million in 2007
FUNDO DE INVESTIMENTOL: Moody's Rates Senior Shares at (P)Ba2

NET SERVICOS: Obtains Exemplary Disclosure Certification
NOSSA CAIXA: Posts BRL128 Million Third Quarter 2006 Earnings
NOVELIS INC: Posts US$102 Million Third Quarter 2006 Net Loss
PETROLEO BRASILEIRO: Deciding on Entry to China's Oil Industry
PETROLEO BRASILEIRO: Meeting 2007-11 Strategic Investment Plan

PETROLEO BRASILEIRO: Planning to Import Gas to Boost Production
PETROLEO BRASILEIRO: Refinery with Venezuela Needs US$2.8 Bil.

* BRAZIL: IDB Includes Banco Industrial as TFFP Issuing Bank
* BRAZIL: World Bank Approves US$100MM for Road Infrastructure

C A Y M A N   I S L A N D S

AIM INVESTMENT: Liquidator Presents Wind up Accounts on Nov. 17
CASTILLON INSURANCE: Final Shareholders Meeting Is on Nov. 18
JOBALI LTD: Last Day for Proofs of Claim Filing Is on Nov. 20
KG INTERNATIONAL: Last Shareholders Meeting Is Set for Nov. 20
MARICO LTD: Deadline for Proofs of Claim Filing Is on Nov. 20

MOSBY EQUITY: Shareholders Convene for Final Meeting on Nov. 20
MOSBY LTD: Invites Shareholders for Final Meeting on Nov. 20
MUTUAL (GLOBAL FOCUS): Final Shareholders Meeting Is Nov. 20
MUTUAL (PACIFIC FOCUS): Last Shareholders Meeting Is on Nov. 20
SPIRENT FINANCING: Final Shareholders Meeting Is Set for Nov. 17

TORNADO FUNDING: Last Day to File Proofs of Claim Is on Nov. 20

C H I L E

ARAMARK CORP: Declares US$0.07 Per Share Quarterly Cash Dividend
BLOCKBUSTER: Posts US$24.7 Mil. Net Loss in 2006 Third Quarter
SHAW GROUP: Tim Barfield Resigns from Company Effective Nov. 17

C O L O M B I A

BANCOLOMBIA SA: Establishes New Corporate Image
HEXION SPECIALTY: Amends Pact for US$2 Billion Credit Facilities
INTERCONEXION ELECTRICA: S&P Affirms Rating on Transmissao Buy

* COLOMBIA: Lobbies in Washington for Trade Pact Approval

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: District Court Postpones Fraud Trial
DYOLL INSURANCE: Officials Seek Dismissal of Charges

E C U A D O R

PETROECUADOR: Unit Renews Contract with Union of Transport Firms

H O N D U R A S

* HONDURAS: IDB Includes Banco Ficohsa as Issuing Bank on TFFP

J A M A I C A

AIR JAMAICA: Gov't Agrees with Opposition on Speeding Up Talks
AIR JAMAICA: No Job Layoffs in Airline's Reorganization
KAISER ALUMINUM: Posts US$14.3MM Third Quarter 2006 Net Income

M E X I C O

CINEMARK USA: Third Quarter 2006 Revenues Up 12.4% to US$288MM
CINRAM INT: S&P Revises Outlook to Negative on Weak Financials
ENESCO GROUP: Inks Thirteenth Amendment to Credit Facility
FORD MOTOR: Files Third Quarter & Restated 2005 Annual Reports
GENERAL MOTORS: Fitch Rates New US$1.5 Billion Senior Loan at BB

GENERAL MOTORS: S&P Rates US$1.5B Sr. Term Loan Facility at 'B+'
GLOBAL POWER: Wants Court Approval to Use BofA's Cash Collateral
KANSAS CITY: Moody's Rates Senior Unsecured Notes due 2013 at B3
REMY INT: Weak Quarterly Results Cue S&P to Lower Rating to CCC

N I C A R A G U A

* NICARAGUA: Plans Waterway Linking Pacific to Atlantic

P A N A M A

BANCO BHD: Will Launch Branch Offices in Panama

P E R U

* PERU: Lobbies at U.S. Congress for Trade Pact Approval

P U E R T O   R I C O

CENTENNIAL COMMS: Redeeming US$20 Mil. of 10-3/4% Senior Notes
PILGRIM'S PRIDE: Prices Gold Kist's 10-1/4% Senior Notes
MUSICLAND HOLDING: Objects to James Hayes Lift Stay Motion
MUSICLAND HOLDING: Second Interim Fee Filing Deadline Is Jan. 30

U R U G U A Y

INTERPUBLIC GROUP: Fitch Rates US$400MM 4.25% Sr. Notes at B/RR4
INTERPUBLIC GROUP: S&P Assigns B Rating on US$400MM Senior Notes

V E N E Z U E L A

ARVINMERITOR: Declares Quarterly Dividend of US$0.10 Per Share
PETROLEOS DE VENEZUELA: Developing Own Software & Tech Solutions
PETROLEOS DE VENEZUELA: Refinery with Brazil Needing US$2.8 Bil.
PETROLEOS DE VENEZUELA: Spending VEB250B on Road Improvements

* VENEZUELA: Gets Steel Factory Proposal from Italian Consortium
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BANCO MACRO: Moody's Assigns Low B Ratings on Medium Term Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B2 global foreign currency debt rating
to Banco Macro S.A.'s US$400,000,000 Global Medium Term Note Program and a
B3 long-term foreign currency debt rating to the proposed US$150,000,000
subordinated notes that are due in 2036 and are to be issued under the
program.  Moody's also assigned an A3.ar to the subordinated debt in
national scale.  The outlook on the ratings is stable.

Moody's noted that Banco Macro would sell these notes under New York Law.
The notes are eligible to account as Tier-1 capital, under current
regulations of the Central Bank of Argentina.  Moody's said that the B3
foreign currency bond rating incorporates Banco Macro's fundamental credit
quality, which is reflected by its Ba3 global local-currency deposit rating
and which includes all relevant country risks.  At this rating level,
Moody's notching guidelines determine a two-notch differential from the Ba3
base rating for the subordinated tranches, as well as an additional notching
due to the non-cumulative characteristic of this particular bond.

Banco Macro is the fourth largest privately owned bank in Argentina and has
achieved a leading market position in many of the provinces of the interior
of Argentina.  The bank's growing regional franchise, gained through
inorganic growth, is reflected in Moody's E+ bank financial strength rating
with a positive outlook for Banco Macro.

Banco Macro is headquartered in Buenos Aires, Argentina and had ARS8.1
billion (US$ 2.6 billion) in total assets and ARS2.2 million (US$698
million) in equity as of September 2006.

These ratings were assigned to Banco Macro S.A:

   -- US$400million Global Medium Term Note Program:

      Long-term foreign-currency debt rating: B2, stable
      Outlook;

   -- US$150 million Subordinated Notes:

      Long-term foreign currency debt rating: B3, stable
      Outlook; and

   -- National scale foreign currency debt rating: A3.ar,
      stable outlook.


FOGON ARROYOCORTENSE: Verification of Claims Is Until Feb. 16
-------------------------------------------------------------
A court-appointed trustee for Fogon Arroyocortense Asociacion Civil's
bankruptcy case will verify creditors' proofs of claim until Feb. 16, 2006.

The trustee will present the validated claims in court as individual reports
on Apr. 3, 2007.  A court in Bahia Blanca, Buenos Aires will determine if
the verified claims are admissible, taking into account the trustee's
opinion and the objections and challenges raised by Fogon Arroyocortense 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 Fogon Arroyocortense's accounting
and banking records will follow on May 17, 2007.

The debtor can be reached at:

          Fogon Arroyocortense Asociacion Civil
          Bartolome Mitre, Arroyo Corto
          Partido de Saavedra
          Buenos Aires, Argentina


FORTUNA SEGURIDAD: Claims Verification Deadline Is on Feb. 28
-------------------------------------------------------------
Nora Mabel Pszemiarower, the court-appointed trustee for Fortuna Seguridad
SRL's bankruptcy proceeding, will verify creditors' proofs of claim until
Feb. 28, 2007.

Ms. Pszemiarower will present the validated claims in court as individual
reports on March 14, 2007.  Court No. 14 in Buenos Aires will determine if
the verified claims are admissible, taking into account the trustee's
opinion and the objections and challenges raised by Fortuna Seguridad 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 Fortuna Seguridad's accounting
and banking records will follow on May 2, 2007.

Fortuna Seguridad was forced into bankruptcy at the behest of Oscar Riesco,
whom it owes US$13,376.57.

Clerk No. 28 assists the court in the case.

The debtor can be reached at:

          Fortuna Seguridad SRL
          Ciudad de la Paz 2544
          Buenos Aires, Argentina

The trustee can be reached at:

          Nora Mabel Pszemiarower
          Avenida Corrientes 1257
          Buenos Aires, Argentina


INDUSTRIAL DEL HUEVO: Names Saenz as Trustee for Insolvency Case
----------------------------------------------------------------
A court in Rosario, Santa Fe, appointed Hugo Marcos Saenz to supervise the
insolvency case of Industrial del Huevo S.R.L.

As trustee, Mr. Saenz will:

   -- verify creditors' proofs of claim; and

   -- prepare and present individual and general reports in
      court after the claims are verified.

After the verification phase, the court will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Industrial del Huevo and its creditors.

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

Industrial del Huevo will negotiate a settlement plan with its creditors in
order to avoid a straight liquidation.

The trustee can be reached at:

          Hugo Marcos Saenz
          Rodriguez 262, Rosario
          Santa Fe, Argentina


NEWFOOD SA: Deadline for Verification of Claims Is on Dec. 27
-------------------------------------------------------------
Alberto Ladaga, the court-appointed trustee for Newfood SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Dec. 27, 2006.

Mr. Ladaga 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 Newfood 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 Newfood's accounting and banking
records will follow on Apr. 25, 2007.

The debtor can be reached at:

          Newfood S.A.
          Viamonte 1145
          Buenos Aires, Argentina

The trustee can be reached at:

          Alberto Ladaga
          Vidt 2039
          Buenos Aires, Argentina


NIKMAZE SA: Seeks for Court Approval to Reorganize Business
-----------------------------------------------------------
Court No. 14 in Buenos Aires is studying the merits of Nikmaze SA's petition
to reorganize its business after it stopped paying its obligations on Nov.
13, 2006.

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

Clerk No. 28 assists the court in the case.

The debtor can be reached at:

          Nikmaze SA
          Montiel 1986
          Buenos Aires, Argentina


TELECOM ARGENTINA: Will Stick with ARS1 Billion Investment
----------------------------------------------------------
Carlos Felices, chief executive officer of Telecom Argentina, said in a
conference call that the firm will stick with its plan to invest ARS1
billion in broadband infrastructure and new services no matter what decision
the government makes on telephony rates, Business News Americas reports.

Mr. Felices told BNamericas, "I do not think these two events are connected.
The investments respond to our need to continue improving the capacity to
offer more innovative services, while the discussion with the government
goes in a separate way."

According to BNamericas, Telecom Argentina signed an accord with the
Argentine government in March 2006 to facilitate renegotiation of the
company's concession contract.  All public services firms were obligated to
freeze rates and begin billing in pesos rather than dollars during
Argentina's 2002 economic crisis.  The government considered other services
like energy supply as more essential and prioritized these for price
adjustments.  Telecom firms are still negotiating.

Several administrative steps are required before the authorities will allow
telecom companies to increase rates, BNamericas says, citing Mr. Felices.
However, he expects this issue to make news in the first quarter of next
year.

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 ARGENTINA: Inks Collaboration Accord with Ministry
-------------------------------------------------------------
Telefonica de Argentina said in a statement that it has signed a
collaboration agreement with the Argentine interior ministry to implement
technology for diverse security projects.

Business News Americas relates that Telefonica de Argentina is expected to
provide the ministry with software specially designed to cross-referencing
information connecting several data bases.  This is the first step in the
accord.

BNamericas reports that the accord considers a wide range of activities
like:

          -- studies,
          -- research, and
          -- academic activities, among others.

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.


* CITY OF BUENOS AIRES: Moody's Releases Joint Default Analysis
---------------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the City of Buenos Aires' debt rating at B1 and Aa2.ar, with a
stable outlook.

The rating is based on a BCA of 14, B3 rating on the Government of
Argentina, 20% probability of support and 70% default dependence.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.


* BUENOS AIRES: Moody's Issues Joint Default Analysis
-----------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Province of Buenos Aires' debt rating at B3 and A3.ar, with a
stable outlook.

The rating is based on a BCA of 16, B3 rating on the Government of
Argentina, 20% probability of support and 70% default dependence.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.




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


COMPLETE RETREATS: Amends Ableco DIP Pact, Adds On US$2MM Loan
--------------------------------------------------------------
As Complete Retreats LLC and its debtor-affiliates prepared to
close under its debtor-in-possession financing facility agreement with
Ableco Finance LLC, they determined that, among other things, their
estimates of various expenses that must be paid or escrowed upon closing,
including legal fees for secured lenders, closing costs, title costs, and
transfer taxes, were dramatically understated.

Moreover, the Debtors underestimated the amount of reserves on
availability that would be required by Ableco.

To obtain the additional liquidity they need to operate their
business in the upcoming months, the Debtors engaged in further
discussions and negotiations with Ableco, their existing
secured lenders, and other parties.

As a result, Ableco agreed to lend the Debtors an additional
US$2,000,000 so that the Ableco DIP Financing Facility would now
provide up to a total loan of US$82,000,000.  Ableco also agreed to reduce
certain required reserves on availability by approximately US$4,000,000.

In exchange for the additional liquidity, the Debtors agreed to
modify the Ableco DIP Facility so that US$5,000,000 of the DIP loan would
have a higher interest rate than the remaining portion.

The Debtors believe that the additional liquidity will afford them
sufficient time to finish their review of investor proposals, formulate an
appropriate exit strategy, and facilitate and consummate their prompt exit
from bankruptcy.

Accordingly, the Debtors obtained the U.S. Bankruptcy Court for
the District of Connecticut's permission to amend the Ableco DIP
Facility.

The Honorable Alan H.W. Shiff authorized the Debtors to:

   -- incur postpetition indebtedness up to an aggregate
      principal amount of US$82,000,000;

   -- pay interest with respect to a US$5,000,000 portion of the
      Ableco DIP Facility term loan portion at a rate of 20% per
      annum;

   -- amend the definition of the term "Borrowing Base" and the
      release of certain reserves to provide the Debtors with
      approximately US$4,000,000 of incremental liquidity; and

   -- amend the definition of "Holdback" to mean US$2,000,000 or
      a greater amount as may be agreed to by The Patriot Group,
      LLC.

In addition, the Court permitted Ableco, in its sole discretion,
to advance funds or other extensions of credit in excess of any
Budget, Budget Amount, Material Deviation formulae, or other
terms and conditions, provided that the principal amount of those advances
will not exceed US$82,000,000.

As reported in the Troubled Company Reporter on Nov. 1, 2006, the Court
authorized the Debtors to borrow up to US$80,000,000 from Ableco as
administrative and collateral agent, and certain other lenders, on a final
basis.

All objections to the Ableco DIP Financing have been withdrawn or overruled.

The Court permitted the Debtors to repay prepetition obligations
and existing DIP obligations, which payments will be without
prejudice to the rights of the Debtors, the Official Committee of Unsecured
Creditors or any other party-in-interest.

Each Prepetition Lender and each Existing DIP Lender were expected to
provide the Debtors, no later than 3:00 p.m. on the business day immediately
preceding the Closing of the Ableco DIP Financing Facility, a written
pay-off letter setting forth their Prepetition Indebtedness or Existing DIP
Indebtedness.

The Court noted that LPP Mortgage Ltd. delivered its proposed
pay-off statements to the Debtors, the Creditors Committee, and
Ableco on Oct. 27, 2006.

With the first advance of funds under the Ableco DIP Financing
Facility, Judge Shiff directed the Debtors to pay, in full, to
each Prepetition Lender and each Existing DIP Lender their full
Pay-Off Amount.

Judge Shiff authorized the Debtors to withhold payment of
US$2,000,000 to The Patriot Group LLC.  The Holdback will accrue
interest at the rate specified in the Patriot Prepetition Loan
Documents.

The Court preserved the Creditors Committee's rights to challenge the
Pay-Off Amounts and the reasonableness of any professional fees, expenses or
claim for payment of interest at a default rate.

As adequate protection for the diminution in the value of
Patriot's interest in the Patriot Prepetition Collateral, and to
secure the prompt payment and performance of the Holdback and all other
Remaining Patriot Prepetition Indebtedness and Remaining Existing DIP Loan
Obligations owed to Patriot, the Court granted Patriot the Patriot
Replacement Lien and the Patriot Super-Priority Claim that is equal or
subordinate only to the Carve-Out and the Super-Priority Claims of Ableco
and the Postpetition Lenders.

Judge Shiff also authorized the Debtors to pay homeowner
association fees, condominium fees and similar fees that accrued
prepetition, up to US$80,000, in connection with obtaining title
insurance with respect to the closing of Ableco DIP Financing
Facility that was proposed to occur on Oct. 31, 2006.

The Final DIP Order is without prejudice to Christopher Stevens'
rights to pursue claims for the imposition of a constructive
trust with respect to funds he paid to the Debtors amounting to
US$750,000.

The term of the Ableco DIP Facility will be through the earliest
of:

     (i) April __, 2008;

    (ii) the date of substantial consummation of a confirmed
         plan of reorganization; or

   (iii) the date on which the loans become due and payable in
         accordance with the terms of the loan documents.

A full-text copy of the Final DIP Order on the Ableco DIP
Financing Facility is available for free at:

                http://researcharchives.com/t/s?143f

A full-text copy of the Approved Ableco DIP Financing Facility is available
for free at:

           http://researcharchives.com/t/s?1440

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their
restructuring efforts.  Michael J. Reilly, Esq., at Bingham McCutchen LP, in
Hartford, Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the Debtors'
schedules, however, the Debtors disclosed US$308,000,000 in total debts.
(Complete Retreats Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Wants Patriot & Footbridge Pacts Approved
------------------------------------------------------------
In August 2006, the U.S. Bankruptcy Court for the District of
Connecticut authorized Complete Retreats LLC and its debtor-
affiliates to obtain US$12,000,000 in postpetition financing from The
Patriot Group, LLC, and LPP Mortgage Ltd.  The Patriot DIP Order provided
the Official Committee of Unsecured Creditors with certain rights to
investigate and bring actions against each the Debtors' prepetition lenders.

Patriot is an agent under a prepetition loan facility with the
Debtors.  Footbridge Limited Trust is a participant in the
Patriot Facility.

The Committee has been and is conducting an investigation of
Patriot and Footbridge, in accordance with the Patriot DIP Order, to
determine the existence of potential claims that it could assert against the
Prepetition Lenders, Joel Levitin, Esq., at Dechert LLP, in New York,
relates.

                  Rule 2004 Exam on Patriot

In line with its investigation, the Committee has sought and
obtained the Court's permission to perform an examination
pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure on Patriot.

The Committee seeks discovery from Patriot, among other things:

   -- an account history of financing of or credit advanced to
      the Debtors within the six months before the Petition
      Date;

   -- lists purporting to identify original notes and
      corresponding mortgages and the amount of debt allocated
      to each property or property interest of the Debtors; and

   -- contracts, agreements, arrangements, communications and
      settlements of any kind between Patriot and the Debtors.

                  The Settlement Agreement

In order to obtain capital to fund their operations and to avoid
the uncertainty and costs associated with litigation, the
Debtors, the Committee, Century Corporation Limited, and Private
Retreats Paradiso Ltd., engaged in negotiations with Patriot,
Footbridge, and the Lenders' officers, representatives,
subsidiaries, investors and financing participants.

Century Corp. and Private Retreats Paradiso are Nevisian
subsidiaries and affiliates of the Debtors who own real property
that serves as a portion of the collateral for the prepetition
and DIP financing that Patriot advanced to the Debtors.

Accordingly, the Debtors and the Committee sought and obtained
the Court's permission, pursuant to Rule 9019 of the Federal
Rules of Bankruptcy Procedure, to enter into a Settlement
Agreement and Release with Patriot and Footbridge.

Upon the effective date of the Settlement Agreement, Patriot and
Footbridge will pay the Debtors US$1,000,000, in the aggregate, in full and
final settlement of all disputes and controversies
between the parties.  Patriot will pay US$750,000 of the Settlement Amount
while Footbridge will pay the remaining US$250,000.

In return, the Debtors and the Committee will release and forever discharge
Patriot and Footbridge of and from any and all claims, demands, debts,
obligations, rights, actions, causes of action, damages or liabilities,
which they have or could have against Patriot and Footbridge.

The releases as they relate to Footbridge's financing
participants, Great Sound Realty and Lantana Resort Limited, will be
effective only as to claims, causes of action or other rights of recovery
arising as of and subsequent to the
March 8, 2006, LMC Acquisition, when Grosvenor Trust Company Limited, as
trustee for Footbridge, purchased 100% of the membership interests in DR
Lantana Management, LLC, from Debtor Preferred Retreats, LLC.

The Debtors and the Committee concede that the payoff amounts set forth in
an Oct. 30, 2006, payoff letter from Patriot are
valid, approved, and not subject to review, reduction or
challenge of any kind.

Nothing in the Agreement, however, will be construed to affect,
in any way, the rights of any of the Released Parties to assert
claims against the Debtors, Paradiso, and Century.

                Termination of Investigation

The Debtors and the Committee will terminate the investigation on Patriot
and Footbridge.  Moreover, the Debtors and the Committee will have no
further right to re-open the investigation for potential claims.

The Committee further agrees to withdraw, with prejudice, its
motions for Rule 2004 examinations on Patriot and John C. Howe,
Patriot's former principal.

                Validity of Patriot's Claims

Under the Agreement, the Debtors and the Committee acknowledge
that the proofs of claim filed by Patriot in the Debtors'
bankruptcy cases are accurate as to amount and secured status and not
subject to any objection, defense, setoff claims, claim of recoupment,
subordination or recharacterization.

The Debtors and the Committee further acknowledge that Patriot's
proofs of claim are allowed as filed.

A 17-page copy of the Patriot/Footbridge Settlement Agreement and Release is
available for free at:

          http://researcharchives.com/t/s?14fb

                 About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their
restructuring efforts.  Michael J. Reilly, Esq., at Bingham McCutchen LP, in
Hartford, Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the Debtors'
schedules, however, the Debtors disclosed US$308,000,000 in total debts.
(Complete Retreats Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).




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


DIGICEL LTD: Allegedly Asks Workers to Leave Union
--------------------------------------------------
The Barbados Workers Union accused Digicel Ltd. of asking some of its
workers to leave the union and let the firms address any issues, Starcom
Network News reports.

According to Starcom, the union claimed that after requesting Digicel for
union recognition, the firm began to ask workers individually whether they
are members of the union or not.

The union told Starcom that workers started getting unusually low merit
ratings in their appraisals.

Digicel's behavior is typical of firms owned by some expatriates that try to
suppress the rights of workers, Starcom says, citing the union.

Rober Morris, deputy general secretary of British Workers, told Starcom that
Digicel's stance is disappointing, since the social partnership in Ireland
where the headquarters is based, is a model for trade union, private sector
and government corporation.

However, Digicel denied the union's accusation to Starcom, saying that
necessary procedures are being worked out to respond to the union's request
for recognition as soon as possible.

Digicel Ltd. is a wireless services provider in the Caribbean region founded
in 2000, and controlled by Denis O'Brien.  The company started operations in
Jamaica in April 2001 and now offers GSM mobile services in Caribbean
countries including Jamaica, St. Lucia, St. Vincent, Aruba, Grenada,
Barbados, Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million and US$155
million, respectively.

                        *    *    *

On July 12, 2006, Moody's Investors Service assigned a B3 senior unsecured
rating to the US$150 million add-on Notes offering of Digicel Ltd. and
affirmed Digicel's existing B3 senior unsecured and B1 Corporate Family
Ratings.  Moody's changed the outlook to stable from positive.

                        *    *    *

Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel Ltd.'s
proposed add-on offering of US$150 million 9.25% senior notes due 2012.
These notes are an extension of the US$300 million notes issued in July
2005.  In addition, Fitch also affirms Digicel's foreign currency Issuer
Default Rating and the existing US$300 million senior notes due 2012 at 'B'.
Fitch said the rating outlook is stable.


DIGICEL LTD: Seeking Legal Advice on Union Recognition
------------------------------------------------------
Digicel Ltd. told Starcom Network News that its is seeking legal advice on
the recognition of the Barbados Workers Union as the bargaining
representative of the firm's workers.

Starcom relates that Digicel has acknowledged the union's request for
recognition.

British Workers has accused Digicel of anti-union tactics, which involve
individual inquiries on workers' involvement in the union, Starcom notes.

Starcom underscores that the union also claimed that Digicel has asked
members to leave British Workers.

However, Digicel has denied the accusation, Starcom states.

Digicel Ltd. is a wireless services provider in the Caribbean region founded
in 2000, and controlled by Denis O'Brien.  The company started operations in
Jamaica in April 2001 and now offers GSM mobile services in Caribbean
countries including Jamaica, St. Lucia, St. Vincent, Aruba, Grenada,
Barbados, Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million and US$155
million, respectively.

                        *    *    *

On July 12, 2006, Moody's Investors Service assigned a B3 senior unsecured
rating to the US$150 million add-on Notes offering of Digicel Ltd. and
affirmed Digicel's existing B3 senior unsecured and B1 Corporate Family
Ratings.  Moody's changed the outlook to stable from positive.

                        *    *    *

Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel Ltd.'s
proposed add-on offering of US$150 million 9.25% senior notes due 2012.
These notes are an extension of the US$300 million notes issued in July
2005.  In addition, Fitch also affirms Digicel's foreign currency Issuer
Default Rating and the existing US$300 million senior notes due 2012 at 'B'.
Fitch said the rating outlook is stable.




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


ARION INSURANCE: Scheme Creditors' Meeting Is Set for March 12
--------------------------------------------------------------
The Supreme Court of Bermuda ordered that Arion Insurance Company Ltd.'s
Scheme Creditor's Meeting will be at 11:00 a.m. on March 12, 2007, at:

          Appleby Spurling Hunter
          Canon's Court, 22 Victoria Street
          Hamilton HM EX, Bermuda

The meeting's purpose is to consider and, if thought fit, to approve a
Scheme of Arrangement proposed by the company and the scheme creditors.

Copies of the Scheme of Arrangement and Explanatory Statement may be
requested from the offices of Appleby Spurling Hunter and
PricewaterhouseCoopers LLP at:

          PricewaterhouseCoopers LLP
          Attn: Saleem Malik
          Two Commerce Square
          2001 Market Street, Philadelphia, PA 19103
          Tel: +1 267 330 2127
          Fax: +1 813 329 9449
          E-mail: saleem.malik@us.pwc.com

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

A form of proxy and/or a blank claim form are available from
PricewaterhouseCoopers LLP.

Forms of proxy and a completed and signed claim form must be lodged not
later then 5:00 p.m. on Feb. 7, 2007, at the company's office at:

          Arion insurance Company Limited
          Attn: Jocille Blakeney
          c/o Richmond Management Services (Bermuda) Limited
          Suite 535, 48 Par-la-Ville Road
          Hamilton HM 11, Bermuda
          Fax: +1 441 292 1467

The forms of proxy may be faxed at the same time and date, provided that the
original forms are handed to the Chairman of the Scheme Creditor's Meeting
at the meeting or posted to Arion Insurance, that it may receive the forms
not later than three business days after the meeting.

The Supreme Court of Bermuda ordered Allan Dunkle to serve as the chairman
of the Scheme Creditor's Meeting.

The Scheme of Arrangement is still subject to the court's approval.


INTELSAT LTD: Sept. 30 Balance Sheet Upside-Down by US$494.7MM
--------------------------------------------------------------
Intelsat, Ltd., reported results for the three-month and
nine-month periods ended Sept. 30, 2006.

Results for both periods include Intelsat, Ltd. and its subsidiaries,
referred to as Intelsat or the company.  Results incorporate the impact of
the July 3, 2006, acquisition of PanAmSat Holding Corp., which was
subsequently renamed Intelsat Holding Corp.

Intelsat, Ltd. reported revenue of US$528.5 million and a net loss of
US$172.5 million for the quarter ended Sept. 30, 2006.  The net loss
reflects the impact of an asset impairment charge of US$49.0 million to
write down the net book value of one of the company's satellites that
experienced an anomaly in September 2006.  The net loss also reflects the
impact of restructuring costs of US$19.9 million related to the PanAmSat
Acquisition.

The company also reported Intelsat, Ltd. EBITDAi, or earnings before
interest, taxes and depreciation and amortization, for the quarter of
US$287.5 million.  The company reported Adjusted EBITDAi for Intelsat
Bermudaii of US$394.8 million, or 75% of revenue, for the same three-month
period.

For the nine months ended Sept. 30, 2006, Intelsat reported revenue of
US$1.1 billion, a net loss of US$305.4 million, and EBITDA of US$689.2
million.  These results also reflect the impact of the previously mentioned
asset impairment charge. Intelsat Bermuda Adjusted EBITDA was US$842.5
million, or 75% of revenue, for the same nine-month period.

Intelsat generated free cash flow from operationsi of US$175.3 million
during the nine months ended Sept. 30, 2006.  Free cash flow from operations
is defined as net cash provided by operating activities, less payments for
satellites and other property, plant and equipment and associated
capitalized interest.

"In our first full quarter of results since acquiring PanAmSat, our business
performance is solid and we are pleased with our progress on integration.
Our sales and marketing teams are focused on our key markets and are
exploring new opportunities with our expanded customer base.  Our Network
Services business continues to perform well, with strong demand for Lease
Services and Managed Solutions," said Intelsat Chief Executive Officer, Dave
McGlade.  "Integration continues to be on track, and we expect to begin
hitting major milestones in satellite and customer operations in the current
quarter and into 2007."

With respect to the integration of the PanAmSat Acquisition, Intelsat
expects to realize approximately US$92 million in annual net operating cost
savings by the end of 2008.  In order to achieve these expected savings,
Intelsat believes it will be necessary to incur approximately US$180 million
in one-time expenditures, including approximately US$40 million to US$45
million in capital expenditures.  Approximately US$35 million of the US$180
million in integration costs was incurred by PanAmSat prior to the closing
of the PanAmSat Acquisition. Approximately 60% of the integration costs are
expected to be incurred in 2006, with substantially all of the balance in
2007.

                  Financial Results for the
             Three Months Ended Sept. 30, 2006

Total revenue increased US$234.9 million, or 80 percent, for the three
months ended Sept. 30, 2006, from US$293.6 million for the three months
ended Sept. 30, 2005.  The increase was primarily due to the impact of the
PanAmSat Acquisition.  The operations of the former PanAmSat business
contributed approximately US$218.7 million to the increase in revenue.  Also
contributing to growth were one-time contract termination fees of US$11.7
million and net growth in the prior Intelsat business.  Growth trends
included strong sales of lease and managed solutions services to customers
in the video and network services groups, with revenue increases generated
by existing and new customers in Africa, Middle East and North America.

Lease revenue increased US$224.1 million to US$413.9 million for the three
months ended Sept. 30, 2006, as compared with US$189.8 million for the three
months ended Sept. 30, 2005.  The growth was primarily due to revenues
associated with the acquired operations of the former PanAmSat business of
US$197.5 million and the aforementioned contract termination fees, as well
as new business growth of US$15.0 million.  Managed Solutions revenue
increased US$22.9 million to US$52.7 million for the three months ended
Sept. 30, 2006, from US$29.8 million for the three months ended Sept. 30,
2005.  Primary contributors to this growth were US$16.7 million of Managed
Solutions revenues associated with the acquired operations of the former
PanAmSat business and new service growth of US$6.2 million.  Channel
revenues of US$45.4 million declined by US$8.7 million from US$54.0 million
in the third quarter of 2005, reflecting the continuing decline of this
legacy product.  Mobile Satellite Services, or MSS, revenue declined by
US$8.6 million, to US$7.1 million for the three months ended Sept. 30, 2006,
as compared with US$15.7 million in the prior-year period, primarily due to
reduced usage of mobile satellite services sold to customers of Intelsat
General Corporation, or Intelsat General.  These declines were partially
offset by other and unallocated revenue of US$9.4 million, primarily due to
unallocated conforming revenue adjustments as a result of purchase
accounting for the PanAmSat Acquisition.  These adjustments are expected to
be identified with specific product lines in the fourth quarter of 2006.

Total operating expenses for the three months ended
Sept. 30, 2006, increased US$192.8 million to US$435.4 million, from
US$242.6 million in the same period in 2005, with the increase primarily due
to the impact of the acquired PanAmSat operations.

Depreciation and amortization expense increased US$54.7 million, or 37%, to
US$202.0 million for the three months ended
Sept. 30, 2006, from US$147.3 million for the same period in 2005, primarily
due to the depreciation recognized for assets acquired in the PanAmSat
Acquisition.  Excluding the impact of the PanAmSat Acquisition, depreciation
increased approximately US$18.1 million, primarily as a result of the IA-8
satellite being placed in service in July 2005, offset in part by the IS-706
satellite becoming fully depreciated during August 2006.  Direct cost of
revenue increased by US$33.8 million, or 56 percent, to US$94.2 million for
the period from US$60.4 million for the same period in 2005.  The acquired
operations of PanAmSat accounted for approximately US$50.0 million of the
increase, which was partially offset by capacity savings resulting from the
integration of terrestrial infrastructure and the elimination of margin on
pre-acquisition intercompany contracts.

Selling, general and administrative expense for the third quarter of 2006
was US$56.0 million, an increase of US$21.2 million from US$34.8 million in
the three months ended
Sept. 30, 2005.  An estimated US$30.0 million of the increase was due to the
acquired operations of PanAmSat, with the remaining increase in expenses due
primarily to professional fees, increased temporary facilities rentals,
computer equipment and software expenses incurred in connection with the
PanAmSat Acquisition.  During the third quarter of 2006, the company also
recorded operating costs which included a non-cash impairment charge of
approximately US$49.0 million to write down the net book value of the IS-802
satellite, and US$14.3 million in losses on an undesignated interest rate
swap related to the Intelsat Corp. (formerly known as PanAmSat Corp. and the
principal operating subsidiary of PanAmSat) credit facility, and incurred
approximately US$19.9 million in restructuring costs associated with the
PanAmSat Acquisition, as compared with no expense for these items in the
third quarter of 2005.

Net loss of US$172.5 million for the three months ended
Sept. 30, 2006, reflected an increase of US$118.0 million from US$54.5
million of net loss for the three months ended
Sept. 30, 2005.  The net loss increased primarily as a result of the
acquired PanAmSat operations, the previously described satellite impairment
charge, and higher interest expense, which increased US$167.8 million to
US$267.9 million for the three months ended Sept. 30, 2006, from US$100.0
million for the same period in 2005. The increase in interest expense was
principally due to the incurrence or acquisition of approximately US$6.4
billion of additional debt related to the PanAmSat Acquisition. This was
offset in part by higher total capitalized interest for the period of
US$11.7 million.

                Financial Results for the
            Nine Months Ended Sept. 30, 2006

On Jan. 28, 2005, Intelsat, Ltd. was acquired by Intelsat Holdings, Ltd.
For comparative purposes, when we refer in this news release to our results
for the nine months ended
Sept. 30, 2005, we are referring to our combined results for the period from
January 1, 2005 through Jan. 31, 2005 and for the period (post-Zeus
Acquisition) from Feb. 1, 2005 through
Sept. 30, 2005.

Total revenue increased US$242.9 million, or 28%, to US$1,119.5 million for
the nine months ended Sept. 30, 2006, from US$876.6 million for the nine
months ended Sept. 30, 2005.  The increase was due primarily to the revenues
of the acquired PanAmSat business, the impact of which is described in the
above quarterly comparison.

Lease revenue increased US$235.9 million to US$800.6 million for the nine
months ended Sept. 30, 2006, as compared with US$564.7 million for the nine
months ended Sept. 30, 2005.  Managed solutions revenue increased US$40.3
million to US$119.0 million for the nine months ended Sept. 30, 2006, from
US$78.7 million for the nine months ended Sept. 30, 2005.  Channel revenue
decreased by US$10.8 million to US$160.7 million for the nine months ended
Sept. 30, 2006, as compared with US$171.5 million for the nine months ended
Sept. 30, 2005.  Additionally, MSS and other revenue decreased US$22.5
million to US$39.2 million for the nine months ended Sept. 30, 2006, from
US$61.7 million for the nine months ended Sept. 30, 2005.  The changes
between the results for the nine months ended Sept. 30, 2005, and the
results for the nine months ended Sept. 30, 2006, were primarily
attributable to the factors described above in the quarterly comparison.

Total operating expenses for the nine months ended
Sept. 30, 2006, increased US$78.0 million to US$916.8 million, from US$838.8
million for the same period in 2005.  The period in 2006 included the three
months of operating expenses associated with the acquired PanAmSat
operations, and US$49.0 million IS-802 satellite impairment charge, while
the 2005 period included a US$69.2 million satellite impairment charge
related to the failure of our IS-804 satellite in January 2005.

Depreciation and amortization expense increased US$78.9 million, or 19%, to
US$505.2 million for the nine months ended
Sept. 30, 2006, from US$426.3 million for the same period in 2005, primarily
due to the fair value of depreciable assets acquired in connection with the
PanAmSat Acquisition.  Direct costs of revenue increased by US$4.2 million,
or 2%, to US$195.4 million for the first nine months of 2006 from US$191.2
million for the same period in 2005.  Excluding the impact of the PanAmSat
Acquisition and related transactions, the decrease was principally due to
lower third party capacity costs driven by a decline in MSS revenue and
decreases in lease service sales to customers of Intelsat General.  Addition
al decreases in costs were associated with lower insurance costs of US$6.3
million, offset by increased severance expense of US$14.5 million in the
first and second quarters of 2006.

Selling, general and administrative expense for the first nine months of
2006 was US$132.9 million, a decline of US$18.9 million from US$151.8
million for the nine months ended
Sept. 30, 2005.  Excluding the impact of the acquired PanAmSat operations,
the decrease was due primarily to decreases in professional fees of US$40.8
million incurred mainly in connection with the Zeus Acquisition and related
transactions, offset by recovery of previously written-off bad debts of
US$7.3 million in 2005.  Additional decreases of US$5.7 million associated
with accelerated vesting of stock-based compensation plans in 2005 as a
result of the Zeus Acquisition and related transactions, decreases in costs
associated with management bonuses, and accruals under our corporate bonus
plan of US$3.9 million were offset by US$5.8 million of increased severance
expenses.

Net loss of US$305.4 million for the nine months ended
Sept. 30, 2006, reflected a decrease in earnings of US$45.8 million from
US$259.6 million of net loss for the nine months ended Sept. 30, 2005.  The
increase between the nine month periods was primarily due to the acquired
PanAmSat operations and the additional interest expense due to the debt
associated with the PanAmSat Acquisition, and the net lower impairment
charge and lower professional fees expenses in 2006 due to the one-time
costs incurred in 2005 associated with the Zeus Acquisition and related
transactions.

EBITDA of US$287.5 million, or 54.4% of revenue, for the three months ended
Sept. 30, 2006, reflected an increase of US$92.3 million, or 47 percent,
from US$195.2 million, or 66% of revenue, for the same period in 2005.  This
increase was primarily due to the net effects of the acquired PanAmSat
operations, offset in part by the satellite impairment charge, as described
above.  For the nine months ended Sept. 30, 2006, EBITDA increased US$228.0
million to US$689.2 million, or 62% of revenue, from US$461.1 million, or
53% of revenue, for the same period in 2005.  This increase was again
primarily attributable to the acquired PanAmSat operations.

In addition to EBITDA, Intelsat reports Intelsat Bermuda Adjusted EBITDA as
mentioned above, and a measure called Sub Holdco Adjusted EBITDA, based on
the term Consolidated EBITDA, as defined in the credit agreement (as
amended) of each of Intelsat Subsidiary Holding company, Ltd., or Intelsat
Sub Holdco.

   -- Intelsat Bermuda Adjusted EBITDA increased US$183.7
      million to US$394.8 million, or 75% of revenue, for the
      three months ended Sept. 30, 2006, from US$211.1 million,
      or 72% of revenue, for the same period in 2005.  For the
      nine months ended Sept. 30, 2006, Intelsat Bermuda
      Adjusted EBITDA increased US$215.7 million to US$842.5
      million, or 75% of revenue, from US$626.8 million, or 72%
      of revenue, for the same period in 2005.

   -- Sub Holdco Adjusted EBITDA increased US$16.5 million to
      US$227.6 million, or 69% of revenue, for the three months
      ended Sept. 30, 2006, from US$211.1 million, or 72% of
      revenue, for the same period in 2005.  For the nine months
      ended Sept. 30, 2006, Sub Holdco Adjusted EBITDA increased
      US$48.4 million to US$675.2 million, or 73% of revenue,
      from US$626.8 million, or 72% of revenue, for the same
      period in 2005.

At Sept. 30, 2006, Intelsat's backlog, representing expected future revenue
under contracts with customers, was US$8.0 billion.  At June 30, 2006,
Intelsat's backlog was US$3.7 billion.  The increase in backlog was
primarily attributable to the acquired PanAmSat operations.

Intelsat, Ltd. - http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

On June 12, 2006, Moody's Investor Service affirms Intelsat
(Bermuda) Ltd.'s ratings:

      -- New Guaranteed Sr. Notes: Assigned B2,
      -- New Sr. Notes: Assigned Caa1, and
      -- Sr. Discount Notes, due 2015: Downgraded to Caa1 from
         B3 (these notes will be moved to Intelsat Intermediate
         Holding Company Ltd. Upon closing of the merger).


SCOTTISH RE: S&P Junks Rating on Possible Nonrepayment on Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty credit rating on
Scottish Re Group Ltd. to 'CCC' from 'B+' and kept the rating on CreditWatch
with negative implications.

Standard & Poor's also said that it lowered its counterparty credit and
financial strength ratings on Scottish Re's operating companies to 'B+' from
'BBB-' and kept them on CreditWatch with negative implications.

In addition, Standard & Poor's raised its senior secured debt rating on
Ballantyne Re plc's Class A-1 notes to 'AA' from
'BBB-' and removed the rating from CreditWatch developing.  Standard &
Poor's also raised its subordinated debt rating on Ballantyne's Class B-1
and B-2 notes to 'BBB+' from 'BBB-' and removed these ratings from
CreditWatch developing.  Ballantyne Re is a special-purpose reinsurer
established by Scottish Re for the purpose of reinsuring certain policies
assumed by Scottish Re from Security Life of Denver Insurance Co.
(AA/Stable/A-1+).

"The downgrade on Scottish Re reflects the increased possibility that the
company will not repay the noteholders of US$115 million of convertible
notes, who are likely to exercise a put option on Dec. 6, 2006," said
Standard & Poor's credit analyst Neil Strauss.  "The payment of the
noteholders from holding-company funds has been at risk since the summer,
when the company announced poor second-quarter results."

These results created an adverse event for its credit facility and thus
disallowed funds being upstreamed from the operating companies, where
liquidity would normally be available to the holding company.  Although the
company might be able to eliminate the credit facility outstanding balance
and thereby cancel the bank agreement, there has only been slow incremental
progress to that goal over the past several months, and the attainment of
that goal is uncertain, as it depends on third parties whose sense of
urgency and timing might lag Scottish Re's.

In addition, although the company has stated that it is exploring strategic
alternatives to either sell the company or receive a capital infusion, this
process lags significantly the company's original timetable for resolution.
Such a transaction remains possible and could have positive credit
characteristics.  However, attainment of such a deal is uncertain as well
and dependent wholly on actions of third parties.

The downgrade of the operating company reflects tight liquidity for the
ongoing needs in the business.  The company's recently released 10Q stated
that Scottish Re runs the risk of its liquidity sources being outpaced by
its liquidity needs as early as the end of second-quarter 2007 unless
affirmative steps are taken to restructure or sell the business.  The
company's business plan had been to finance cash-flow needs from raising
capital, securitizations, or both.  However, in the company's current
vulnerable position, neither can be counted on.  Thus, a run-off scenario
for this company would not be orderly, as cash flow could turn negative
within the next year and stay negative for several years.

In the event that a transaction is consummated prior to the Dec. 6 deadline
to either raise liquidity to solve the immediate problem or a capital
infusion is arranged to help towards solution of the longer term financing
needs, Standard & Poor's would evaluate the ratings based on the terms of
the transaction.  Any final resolution would incorporate the viability of
the franchise and business prospects following the events of the past
several months.

Standard & Poor's raised the ratings on Ballantyne after further
conversations with Security Life of Denver, the sole cedent of the block of
business contained in the structure.  Standard & Poor's conclusion is that
it can look directly through to Security Life of Denver as the relevant
counterparty to this transaction.

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.


SCOTTISH RE: Responds to Standard & Poor's Rating on Nov. 14
------------------------------------------------------------
Scottish Re Group Limited issued a response to actions taken by Standard &
Poor's Rating Services on Nov. 14, 2006.

Paul Goldean, Chief Executive Officer of Scottish Re Group Limited, stated,
"We are perplexed by this action given the amount of information provided to
S&P regarding our current operations, liquidity and strategic process."

"Since August, we have provided S&P with regular updates on our progress.
Most recently, within the past week, we provided S&P with a review of the
details regarding our discussions with each of the remaining parties
involved in the strategic process.  We believe the information provided to
S&P should have led them to conclude that we are on track to complete the
strategic process, as was stated in our press release of Nov. 9, 2006.  It
is unfortunate that S&P decided to act now rather than allow the remaining
parties to complete their confirmatory due diligence, which we expect to
occur as early as next week."

Dean Miller, Chief Financial Officer of Scottish Re Group Limited, added his
comments with respect to the banking facility, "We strongly disagree with
S&P's assertion that there has been only slow progress toward the goal of
eliminating the credit facility.  S&P has been advised that there are
numerous alternatives currently available to us to resolve the restricted
payment issue before the Dec. 6, 2006, deadline.  In fact, we have reduced
the outstanding balance under the bank credit facility from US$61.4 million
at Aug. 14, 2006, to US$25.3 million at Nov. 9, 2006, as stated in our third
quarter 2006 Form 10Q.  In addition, US$9.8 million of the remaining US$25.3
million relates to subsidiaries of ING for which we have ING's commitment to
facilitate a timely resolution.  Another US$11.6 million of outstanding
letters of credit are in the final stages of being replaced by qualifying
reserve credit trusts with our clients.  These reserve credit trusts require
various legal documentation and a review of the adequacy of the investments
placed in trust.  Our clients are being very supportive of our need to
terminate their existing letters of credit, but appropriate time is required
to complete this process.  Any remaining letters of credit not replaced by
reserve credit trusts can be handled with replacement letters of credit
issued by a financial institution.  As a final alternative, we can request
the clients to draw on the letters of credit, which will require us to
provide the bank group with the assets to terminate the letters of credit."

"S&P reported that the holding company downgrade reflects the Company's
tight liquidity referred to in the third quarter 2006 Form 10Q, wherein we
stated we risk running out of liquidity as early as the end of the second
quarter of 2007.  S&P's precipitous action was largely based on questions
about the Company's ability to repay the convertible notes. It should be
noted that the statement in the Form 10Q was based on a liquidity analysis
that included the repayment of the convertibles due on Dec. 6, 2006."

"We have been working on various alternatives to solve this issue in the
best interests of our clients, the bank group, the Company and the parties
involved in the strategic process.  S&P did not provide sufficient warning
that a downgrade was imminent, and thus, we were unable to accelerate any of
our actions to address their concern over the timing of such actions.  We
are confident that the alternatives described above will enable us to
terminate the bank credit facility, thereby eliminating the restricted
payment provision and allowing us the ability to repay the US$115 million
convertible notes when due on Dec. 6, 2006."

Mr. Goldean stated, "I wish to assure our shareholders and other
stakeholders that we believe the company remains on track to complete the
strategic process in the next few weeks.  Notwithstanding this unfortunate
rating agency action late in the process, we will not be diverted from our
critical path to resolve the issues facing the company in a manner that is
in the best interest of all shareholders."

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.


WARNER CHILCOTT: Licenses Rights to Schering AG's SEGRA Compound
----------------------------------------------------------------
Warner Chilcott Limited disclosed that Schering will license to Warner
Chilcott its proprietary selective glucocorticoid receptor agonist or SEGRA
compound for the oral or topical treatment of inflammatory skin diseases.
Warner Chilcott will pay a royalty to Schering on sales of any product
containing the SEGRA compound under the license.

In addition, Warner Chilcott and Schering have reached a settlement in the
patent case filed by Warner Chilcott Company, Inc. against Berlex Inc. and
Schering AG, in the United States District Court for the District of New
Jersey, in connection with Warner Chilcott's U.S. Patent No. 5,552,394 and
relating to the marketing and sale of Yaz(R). Schering will make certain
payments to Warner Chilcott in connection with the settlement.

The terms of the agreements are confidential and subject to clearance by the
Federal Trade Commission under the Hart Scott Rodino Antitrust Improvements
Act of 1976, as amended.

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its
ratings on Warner Chilcott Corp.  The corporate credit rating
was raised to 'B+' from 'B'.  At the same time, the ratings were
removed from CreditWatch, where they were placed with positive
implications on June 13, 2006, following the company's
announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  S&P said the rating outlook is
stable.

Moody's Investors Service revised on Oct. 9, 2006, the rating outlook on
Warner Chilcott Company, Inc., and related entities to positive from stable,
and affirmed the existing ratings, including the B2 corporate family rating.
At the same time, Moody's upgraded the speculative grade liquidity rating to
SGL-2 from SGL-3.  In addition, Moody's withdrew the B1 senior secured term
loan rating on Warner Chilcott Holdings Company III, Limited following the
repayment of this tranche of debt.




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


AMRO REAL: Posts BRL1.27 Billion First Nine-Month 2006 Earnings
---------------------------------------------------------------
Earnings of Banco ABN Amro Real SA, ABN Amro's Brazilian unit, increased 51%
to BRL1.27 billion in the first nine months of 2006, from BRL844 million in
the same period of 2005, Business News Americas reports.

Amro Real said in its financial statements that return on equity increased
to 23.7% in the first nine months of 2006, compared with 17.1% in the same
period of 2005.

BNamericas relates that Amro Real's service fee income increased 23% to
BRL9.35 billion in the first nine months of 2006, compared with the first
nine months of 2005.

Amro Real's efficiency ratio rose to 49.6% in the first nine months of 2006,
from 55.8% in the first nine months of 2005, BNamericas notes.

According to BNamericas, Amro Real incurred a BRL23-million currency-related
loss in the first nine months of 2006, compared with BRL170 million in the
same period of 2005.

The report says that Amro Real's total lending increased 28% to BRL45.6
billion in the 12 months ending September 2006, compared with the same
period of 2005.  Its loan market share also rose to 6.7% from 6.3%.

BNamericas underscores that Amro Real's retail lending increased 26.7% to
BRL20.7 billion in the first nine months of 2006, compared with the first
nine months of 2005.  Its commercial lending grew 29.1% to BRL23.1 billion,
while its loans to small and medium-sized enterprises increased 46.9% to
BRL18.4 billion.

Amro Real increased its loan-loss provisions to BRL2.46 billion in September
2006, compared with BRL1.75 billion in September 2005, BNamericas says.

BNamericas states that Amro Real's total assets increased 7% to BRL8.93
billion in September 2006, compared with September 2005.

Amro Real represented 95% of ABN Amro's operating income in Latin America in
the first nine months 2006.  ABN Amro's third quarter 206 net profits in
Latin America decreased 53.1% to EUR178 million, compared with the third
quarter of 2005.  Its earnings region-wide dropped 14.1% to EUR461 million
in the first nine months of 2006, from the first nine months of 2005,
BNamericas reports.

ABN AMRO is an international bank with European roots.  It
focuses on consumer and commercial clients in local markets and
focus globally on select multinational corporations and
financial institutions, as well as private clients.  As an
international bank, it has more than 4,500 branches in 53
countries.  In South America, ABN has branches in: Argentina,
Brazil, Chile, Colombia, Ecuador, Paraguay, Uruguay and
Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept 4, 2006, Moody's Investors Service upgraded Banco ABN AMRO
Real S.A.'s long-term foreign currency deposits to Ba3, from B1.
Moody's said the rating outlook is stable.


BANCO BRADESCO: May Expand Retail Operations Abroad in 10 Years
---------------------------------------------------------------
Marcio Cyprano, Banco Bradesco SA's chief executive officer, told reporters
that the bank could expand retail operations abroad within the next 10
years.

Business News Americas relates that Mr. Cyprano said during the annual
assembly of Latin American federation Felaban, "In the short term, we have
no interest in leaving Brazil to open retail branches, but in the mid to
long term, we are looking at the possibility.  There is still a lot of
opportunity here in Brazil."

Up to 42 million of the 80 million economically active people in Brazil have
bank accounts, BNamericas says, citing Mr. Cypriano.

Mr. Cypriano told BNamericas, "But when the market in Brazil becomes a
little tighter, we're going to look abroad."

Mr. Cypriano said that Banco Bradesco's market value has increased to US$37
billion from US$6 billion in the past four years, BNamericas notes.

"Thus the possibility grows to be the hunter rather than the hunted," Mr.
Cypriano told BNamericas.

According to BNamericas, Mr. Cypriano said that the local market is "well
defined" and lacks acquisition targets.  About 50% of the market is in the
hands of state and federal banks, 30% in the hands of local private sector
banks, and 20% is controlled by foreign banks.  Banco Bradesco has yet to
choose a foreign market.  Mr. Cypriano described Africa and India as
important markets.

"These plans are still in the early stages.  I'm thinking about 10 years
from now and I only have three years left as CEO (chief executive officer).
So, it will be an issue for my successor to solve," Mr. Cypriano told
BNamericas.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
-- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, two in the Bahamas, and four in the
Cayman Islands.  Bradesco offers Internet banking, insurance,
pension plans, annuities, credit card services (including
football-club affinity cards for the soccer-mad population), and
Internet access for customers.  The bank also provides personal
and commercial loans, along with leasing services.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2006, Fitch Ratings took these rating actions on Banco
Bradesco S.A.:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Short-term Local Currency rating affirmed at 'F3';

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

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


BANCO DO BRASIL: Unit Posts BRL9.20MM Third Quarter 2006 Losses
---------------------------------------------------------------
Local press says that Banco Popular do Brasil, Banco do Brasil's microcredit
arm, reduced losses by 43% to BRL9.20 million in the third quarter of 2006,
compared with the third quarter of 2005.

Business News Americas relates that Banco Popular's accumulated losses for
the first nine months of 2006 was BRL35 million.

Aldo Luiz Mendes, chief financial officer of Banco do Brasil, told Agencia
Estado, "Next year, Banco Popular will be in the black."

BNamericas underscores that Banco Popular clients had access to credit 20
days after opening an account.  This was applicable until March 2006.  Now a
client must wait 90 days as Banco Popular is seeking to decrease losses from
bad loans.

According to BNamericas, Banco Popular has provided BRL296 million in loans
to low-income earners with average terms of 10-12 months since it was
founded in the second half of 2004.  The bank also offers low-cost life
insurance.

Banco Popular's distribution model is based on partnerships with non-bank
channels like retail stores and drugstore chains, BNamericas states.

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

                        *    *    *

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


BANCO NACIONAL: Grants US$24MM Financing to Cosmeticos Natura
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
financing of US$24 million to Industria e Comercio de Cosmeticos Natura SA
to support the company's exports.

Founded in 1969, Natura is one of the leading companies of cosmetics,
fragrances and personal hygiene in Brazil, having over 600 products in its
sales portfolio.

The company began its internationalization process in 1994, when it started
to export to Chile and Argentina.  Currently, the group carries subsidiaries
in Argentina, Chile, Peru, Mexico and France, in addition to a
representation in Bolivia.  Until the end of current year, it should begin
its activities in Venezuela and along 2007 will be also present in Colombia.

Since the 90's, Natura consolidated itself as one of the leading domestic
conglomerates for the production and distribution of cosmetics, competing
with multinational brands of long tradition in the Brazilian market.  Its
expansion was possible thanks to investments in three strategic bases:

   -- innovation,
   -- direct sales channel and
   -- consolidation of the brand.

Group Natura has eleven laboratories at the Municipality of Cajamar, in Sao
Paulo, where about 160 specialists make microbiological researches and
application of technology, which include development of new products,
packaging and industrial standards.

In addition, the company has a sales channel with 597 thousand consultants,
with support of an agile program of distribution allowing the necessary
speed to ship products to practically all Brazilian municipalities and to
countries where Natura operates.
Group Natura has a relationship with BNDES since 1997.  Until May 2004,
BNDESPar held an equity interest in Cosmeticos Natura, when there was a sale
of its shares at a public offer.  To date, the group has shares listed in
the so-called New Market, the highest corporate governance level of Sao
Paulo Stock Exchange.

The most recent BNDES financing to Cosmeticos Natura was approved in May
2005, in the amount of BRL15.3 million, destined to the installation of a
new vertical warehouse in the company's manufacturing area, in Cajamar.
BNDES financial support corresponded to 46% of the endeavor's total
investment, which reached BRL33.2 million.

The project aimed at eliminating warehousing bottlenecks and increasing
exports.  The new warehouse allowed increase in storage capacity of inputs
and finished products by over 100%, going from 24,000 to 52,000 pallets
(wooden floors to handle the products piled).

After construction of the new warehouse, Cosmeticos Natura also had
environmental gains, arising from the reduction to zero of the emission of
pollutants in the atmosphere.  Additionally, with the use of natural light,
the electrical energy consumption for illumination of the new installations
was decreased, hence reducing costs.

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

                        *    *    *

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


CIA DE SANEAMENTO: Posts BRL1.5B Third Quarter 2006 Revenues
------------------------------------------------------------
Cia. de Saneamento Basico do Estado de Sao Paulo aka Sabesp reported results
for the third quarter 2006.

In the 3Q06 SABESP's gross operating revenue reached BRL1,505.9 million and
EBITDA totaled BRL 626.4 million.  The 13.8% increase in gross operating
revenue was mainly due to:

   -- the 3.6% increase in billed water and sewage volume;

   -- the 7.95% impact of the 9.0% tariff readjustment as of
      Aug. 31, 2005; and

   -- the 1.17% impact of the 6.71% tariff readjustment as of
      Aug. 31, 2006.

Costs of products and services rendered, administrative and selling expenses
grew BRL94.1 million, or 11.4%, in the period, mainly with salaries and
payroll charges, electric power, credit write-off and treatment supplies.

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

                        *    *    *

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


COMPANHIA SIDERURGICA: Improves Offer of Wheeling-Pittsburgh
------------------------------------------------------------
Companhia Siderurgica Nacional sent a letter to the Board of Directors of
Wheeling-Pittsburgh Corp. containing a substantially enhanced offer to
Wheeling-Pittsburgh shareholders as they consider the pending merger of
Wheeling-Pittsburgh with the company's North American assets.

Specifically, the letter outlines the following:

   -- As consideration for Companhia Siderurgica's 49.5%
      interest in the combined company, Companhia Siderurgica
      will contribute an incremental US$50 million of cash to
      Wheeling-Pittsburgh, in addition to the contribution of
      Companhia Siderurgica LLC:

         * the Slab Supply Agreement, which provides very
           favorable working capital terms and credit to
           Wheeling-Pittsburgh;

         * the Exclusivity Agreement, that provides
           Wheeling-Pittsburgh exclusive marketing rights in
           North America for Companhia Siderurgica products; and

         * the Technology Sharing Agreement;

   -- Companhia Siderurgica will increase the value of the
      depositary "B" share to US$32 from US$30, which Companhia
      Siderurgica will be required to redeem in four years;

   -- Companhia Siderurgica will reduce the company's
      Convertible Debt to US$175 million; and

   -- Companhia Siderurgica would seek to commit the company to
      a rights offering one year after-closing of the merger so
      that non-Companhia Siderurgica shareholders would have the
      option to purchase up to 4.6 million shares (equal to half
      of shares underlying Convertible Debt) at the Convertible
      Debt strike price.

The revised offer follows continued conversations with major
Wheeling-Pittsburgh shareholders, and is responsive to their diverse aims
and objectives.  This offer:


   -- Improves the economic consideration to the underlying
      merger, which responds to questions regarding the
      appropriateness of the value of Companhia Siderurgica's
      assets being contributed;

   -- Increases the "cash" component by raising the value of the
      depository "B" share to $32, and represents $24.41 in
      present value assuming a 7% yield-to-maturity, which
      implies a 34% premium to the closing price of US$18.24 as
      of Nov. 13, 2006.  As an expression of its confidence in
      the benefits of the merger, Companhia Siderurgica will
      take the risk that if it is unable to resolve any
      successorship issues with the USW, it will commit to sell
      shares in order to remain below 50% of ownership while
      purchasing the B shares;

   -- Strengthens the balance sheet, by increasing the equity
      contribution by US$50 million cash and reducing the
      Convertible Debt by US$50 million;

   -- Retains the merger structure that provides shareholders
      freedom of choice to take either "B" share cash or equity
      upside, which is in response to significant shareholder
      interest in continuing its equity participation;

   -- Improves shareholders' ability to participate further in
      future upside, through a rights offering at the end of the
      first year following completion of the merger; and

   -- Provides current Wheeling-Pittsburg shareholders with the
      ability to maintain control equal to their 50.5% through
      the combined company's merger consideration and rights
      offering.

Marcos Lutz, managing director for infrastructure and energy for Companhia
Siderurgica, said, "This is a winning proposition for all
Wheeling-Pittsburgh shareholders.  We believe we have addressed each aspect
of offer, and have improved each component significantly.
Wheeling-Pittsburg shareholders will have more hard value, more options,
more control and a stronger combined company.  We continue to strongly
believe that the proposed combination of our North American assets with
Wheeling-Pittsburgh provides significant value creation, and this enhanced
offer provides further benefits to Wheeling-Pittsburgh shareholders."

"With the annual meeting of shareholders at the end of this week, it is now
time for Wheeling-Pittsburgh shareholders to decide.  Shareholders can
choose to accept this transaction, if the current directors are re-elected,"
concluded Mr. Lutz.

Further, John Hastings, Managing Director of RBC Dain Rauscher, the agent
bank for Wheeling-Pittsburgh's federally guaranteed loan said, "We welcome
improvements to Wheeling-Pittsburgh's balance sheet, and enhancing the
credit worthiness of Wheeling-Pittsburgh will be viewed as a positive by the
banking group.  The capital contribution contemplated by this revised
proposal appears to meet those goals."

Under the original Agreement and Plan of Merger previously announced on Oct.
24, 2006, the parties agreed to merge Wheeling-Pittsburgh with a subsidiary
of Companhia Siderurgica, as a result of which the Wheeling-Pittsburgh
shareholders are to receive 50.5% of the combined company and Companhia
Siderurgica the remaining 49.5%.  Companhia Siderurgica had also agreed to
contribute US$225 million in cash through the issuance by the combined
company of a convertible debt security.

On Nov. 6, 2006, the companies announced an enhanced proposal, under which
for each share of Wheeling-Pittsburgh, shareholders will have the choice of
electing to receive either

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

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

iii) a combination of A and B Shares.

Each B share will represent the same class of common stock as the A Share
that is deposited with a depositary and will be subject to a mandatory
purchase by Companhia Siderurgica for US$30 per share on the 4th anniversary
of the merger.  The total number of B Shares will be limited to 50% of the
total of A and B shares issued in the merger.  The B shares will be listed
for trading on the NASDAQ.  Companhia Siderurgica and the company are in
discussions to finalize the enhancement, subject to an amendment of the
existing definitive agreements.

On Oct. 24, 2006, Companhia Siderurgica Nacional, Companhia Siderurgica
Holdings Corp., an indirect, wholly owned subsidiary of Companhia
Siderurgica, Companhia Siderurgica Acquisition Corp., a wholly owned
subsidiary of Companhia Siderurgica Holdings, and Wheeling-Pittsburgh
Corporation entered into an Agreement and Plan of Merger.  The Merger
Agreement provides for the merger of Wheeling-Pittsburgh with and into
Merger Sub, with Wheeling-Pittsburgh stockholders receiving 50.5% of the
outstanding Common Stock of Companhia Siderurgica Holdings and Companhia
Siderurgica owning the remaining 49.5% of outstanding Common Stock of
Companhia Siderurgica Holdings.  Companhia Siderurgica Holdings will be
renamed Wheeling-Pittsburgh Corp. upon the consummation of the Merger.

The Merger Agreement also contemplates that at the closing of the Merger,
Companhia Siderurgica will lend US$225 million in cash in exchange for the
issuance by New Wheeling-Pittsburgh Corp. and certain of its subsidiaries of
a convertible debt security that would be convertible into shares of Common
Stock of New Wheeling-Pittsburgh within three years, provided that such
additional ownership of equity is not prohibited under the terms of the
collective bargaining agreement then in place between New
Wheeling-Pittsburgh and the United Steelworkers.  Upon conversion of the
Convertible Note, Companhia Siderurgica's ownership of the outstanding stock
of New Wheeling=Pittsburgh would increase to 64%.

                     Enhanced Proposal

Under the enhanced offer, Companhia Siderurgica will make a cash
contribution to New Wheeling-Pittsburgh of US$50 million as part of the
Merger.  The amount of Companhia Siderurgica's loan will be reduced from
US$225 million to US$175 million in cash and the Convertible Note upon
conversion would increase Companhia Siderurgica's ownership of New
Wheeling-Pittsburgh Common Stock to approximately 60.5%.  Accordingly, the
aggregate amount of the Cash Contribution and the loan by Companhia
Siderurgica will remain at US$225 million.  These changes would be reflected
in an amendment to the Merger Agreement and a revised version of the
agreed-upon form of the Note Purchase Agreement.


In addition, Companhia Siderurgica proposes to provide to
Wheeling-Pittsburgh stockholders an elective right

   (i) to receive New Wheeling-Pittsburgh Common Stock
       ("A Shares") and/or

  (ii) to sell to Companhia Siderurgica a portion of the New
       Wheeling-Pittsburgh Common Stock to be received in the
       Merger in exchange for US$32 per share, in cash, payable
       four years following the Merger (the "B Shares").

Furthermore, New Wheeling-Pittsburgh will commit to have a rights offering
one year following the closing of the Merger Agreement.  Under the Rights
Offering, holders of A Shares, other than Companhia Siderurgica, will have
the option to purchase their pro-rata portion of 4,600,000 additional A
Shares at a price of approximately US$19 per share.

The participants in the Rights Offering will also have the option to
purchase on a pro-rata basis the unsubscribed additional A Shares.  The
proceeds from the Rights Offering would be applied to reduce the amount of
indebtedness outstanding under the Convertible Note.  If the Rights Offering
is fully subscribed, the net proceeds would reduce the principal amount of
the Convertible Note by approximately $87.5 million, which upon conversion
would reduce Companhia Siderurgica's interest to its original 49.5% level.

The details of the cash elective structure with respect to the B Shares are
stated, which would be reflected in an amendment to the Merger Agreement.
Certain changes would also be made to the agreed-upon form of Stockholders'
Agreement and Registration Rights Agreement to be entered into by Companhia
Siderurgica and New Wheeling-Pittsburgh at the closing of the Merger.

Merger Structure           Existing Merger structure, in which
                           Wheeling-Pittsburgh will merge with
                           and into Merger Sub, with Wheeling-
                           Pittsburgh stockholders receiving
                           50.5% of the outstanding Common Stock
                           of New Wheeling-Pittsburgh and
                           Companhia Siderurgica owning the
                           remaining 49.5%.


Election by WPC            In the Merger, Wheeling-Pittsburgh
Stockholders to            stockholders can elect at the time of
Receive Cash in            the Merger to have the shares of New
the Future                 Wheeling-Pittsburgh Common Stock they
                           receive in the Merger be subject to a
                           mandatory purchase by Companhia
                           Siderurgica for US$32 per share on
                           the 4th anniversary of the Merger,
                           provided that the aggregate number of
                           shares of New Wheeling-Pittsburgh
                           Common Stock subject to the Call will
                           not exceed 50% of the total number of
                           shares of New Wheeling-Pittsburgh
                           Common Stock issued to
                           Wheeling-Pittsburgh stockholders in
                           the Merger, provided, further, that
                           the aggregate value of the Call does
                           not exceed 60% of the total value of
                           the consideration issued to Wheeling-
                           Pittsburgh stockholders in the
                           Merger.  To the extent that Wheeling-
                           Pittsburgh stockholders exercise the
                           Call Election in excess of the
                           foregoing 50% limitation, it would be
                           subject to pro-ration.

Depositary Shares          All shares of New Wheeling-Pittsburgh
                           Common Stock which are subject to the
                           Call will be deposited with a
                           Depositary immediately upon issuance
                           in the Merger and the Wheeling-
                           Pittsburgh stockholders who have made
                           the Call Election will receive
                           depositary shares representing their
                           interest in the Deposited Common
                           Stock and Companhia Siderurgica's
                           Call obligation.

                           The Depositary Shares will be listed
                           on NASDAQ.

Companhia Siderurgica's    On the Call Date, Companhia
Call                       Siderurgica will be obligated to
                           purchase all Deposited Common Stock
                           and deposit funds for such purchase
                           with the Depositary.  Upon the
                           delivery of such funds, the
                           Depositary will release all Deposited
                           Common Stock to Companhia
                           Siderurgica.

                           The Depositary will cancel all
                           Depositary Shares immediately
                           following the receipt of the funds
                           from Companhia Siderurgica and the
                           holders of the Depositary Shares
                           will only be entitled to receive the
                           Call Price in exchange for their
                           Depositary Shares.


Voting of the Deposited
Common Stock               The Depositary will vote all shares
                           of Deposited Common Stock based on
                           instructions received from the
                           holders of the Depositary Shares.

Distributions on the
Deposited Common Stock     All cash, securities and other
                           property distributed by New Wheeling-
                           Pittsburgh in respect of the
                           Deposited Common Stock will be held
                           by the Depositary and be released to
                           Companhia Siderurgica upon payment to
                           the Depositary of the Call Price.

Sale of New WPC
Common Stock by
Companhia Siderurgica      The agreed upon form of Stockholders'
                           Agreement and Registration Rights
                           Agreement to be entered into by
                           Companhia Siderurgica and New
                           Wheeling-Pittsburgh at the time of
                           the Merger will allow for:

                           * Companhia Siderurgica's ability to
                             sell shares of New Wheeling-
                             Pittsburgh Common Stock for a
                             limited period of time prior to
                             the Call so that in the event
                             Companhia Siderurgica's ownership
                             of New Wheeling-Pittsburgh cannot
                             increase due to the prohibition
                             under the CBA, its equity ownership
                             in New Wheeling-Pittsburgh will not
                             exceed 49.5% upon purchase of the
                             Deposited Common Stock; and

                           * Companhia Siderurgica's ability to
                             require New Wheeling-Pittsburgh to
                             register under the Securities Act
                             of 1933, as amended, the number of
                             shares of New Wheeling-Pittsburgh
                             Common Stock as Companhia
                             Siderurgica would be required to
                             sell in the Pre-Call Sale.

Governance                 The temporary reduction in Companhia
                           Siderurgica's ownership of New
                           Wheeling-Pittsburgh Common Stock
                           resulting from the Pre-Call Sale
                           will not affect any of Companhia
                           Siderurgica's governance rights as
                           stockholder of New
                           Wheeling-Pittsburgh.

SEC Registration           The Depositary Shares will trade as a
                           "Unit" with Companhia Siderurgica's
                           Call obligation.  Companhia
                           Siderurgica will register its Call
                           obligation on a registration statement
                           on Form F-3.

Rights Offering            Number of Additional Shares:
                           4,600,000 A Shares offered

                           Subscription Price:
                           Approximately US$19 per share

                           Eligible Participants:
                           Holders of A Shares, other than
                           Companhia Siderurgica, can
                           participate in the Rights Offering
                           and the participants will also have
                           the option to purchase on a pro-rata
                           basis the unsubscribed A Shares

                           Commencement:
                           One year following the closing of
                           the Merger

                           Use of Proceeds:
                           All proceeds used to payoff a portion
                           of Companhia Siderurgica's loan, and
                           the number shares of New Wheeling-
                           Pittsburgh Common Stock that the
                           Convertible Notes are convertible
                           into would be correspondingly reduced

The proposal stated in this non-binding Term Sheet is subject to negotiation
and execution of definitive agreements by the parties with respect thereto.

                 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)'.


CIA SIDERURGICA: Wheeling-Pitt Board Endorses Enhanced Offer
------------------------------------------------------------
Wheeling-Pittsburgh Corp.'s board of directors has endorsed Companhia
Siderurgica Nacional's substantially enhanced proposal to merge
Wheeling-Pittsburgh with the company's North American assets.

"We believe that Companhia Siderurgica has been diligent in its efforts to
respond to shareholder concerns.  In this proposal, they provide more value
for shareholders and more opportunities for current shareholders to take
part in our future success," said James G. Bradley, Wheeling-Pittsburgh
Chairman and CEO.  "This enhanced proposal validates the process our Board
has conducted to maximize shareholder value.

"As someone with 40 years of steel industry experience, I share Companhia
Siderurgica's conviction that the proposed combination of
Wheeling-Pittsburgh with Companhia Siderurgica's North American assets
creates a strong company that is uniquely positioned to be successful in the
U.S. I believe, as does our Board of Directors, that Companhia Siderurgica
is the right partner for our shareholders, our Company, our employees and
our steel communities."

"Today's enhanced proposal clearly demonstrates the capacity of
Wheeling- Pittsburgh's Board of Directors to lead this company and to
envision a strategic plan that both delivers superior shareholder value
while transforming Wheeling-Pittsburgh's operations and finances," Mr.
Bradley said.

"Our Board has continuously sought to maximize shareholder value and remains
committed to doing so.  Shareholders, I believe, will validate our Board of
Directors' leadership by re-electing the current slate of directors," Mr.
Bradley said.

Under the original Agreement and Plan of Merger previously announced on Oct.
24, 2006, the parties agreed to merge Wheeling-Pittsburgh with a subsidiary
of Companhia Siderurgica, as a result of which Wheeling-Pittsburgh
shareholders are to receive 50.5% of the combined company and Companhia
Siderurgica the remaining 49.5%.  Companhia Siderurgica had also agreed to
contribute US$225 million in cash through the issuance by the Company of a
convertible debt security.

On Nov. 6, 2006, the companies announced an enhanced proposal, under which
for each share of Wheeling-Pittsburgh, shareholders will have the choice of
electing to receive either

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

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

iii) a combination of A and B Shares.

Each B share will represent the same class of common stock as the A Share
that is deposited with a depositary and will be subject to a mandatory
purchase by Companhia Siderurgica for US$30 per share on the 4th anniversary
of the merger.  The total number of B Shares will be limited to 50% of the
total of A and B shares issued in the merger.  The B shares will be listed
for trading on the Nasdaq.  Companhia Siderurgica and the company are in
discussions to finalize the enhancement, subject to an amendment of the
existing definitive agreements.

                 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)'.


COMPANHIA DE BEBIDAS: Moody's Affirms Ba1 Foreign Curr. Rating
--------------------------------------------------------------
Moody's Investors Service upgraded the global local currency issuer rating
of Companhia de Bebidas das Americas aka AmBev to Baa1 from Baa3 and
affirmed its Ba1 foreign currency issuer rating, which is constrained by
Brazil's foreign currency ceiling of Ba1.

The upgrade is based on AmBev's continued solid operating performance in its
core Brazilian market, combined with improvement in its operations in Canada
and in the rest of Latin America.  Also, AmBev's key credit metrics continue
to be generally stronger than those of most of its similarly rated global
peers and also strong for the Baa rating category.  In addition, the upgrade
reflects an improvement in recent years in the macroeconomic environments of
most of the countries in which AmBev operates and its track record of cost
reduction and improved distribution efficiency.  The outlook is stable.
This action concludes the review for upgrade Moody's initiated on Aug. 14,
2006.

"AmBev's Baa1 global local currency issuer rating takes into account the 15
rating factors cited in Moody's Global Alcoholic Beverage Rating
Methodology", said Moody's analyst Soummo Mukherjee.  "AmBev's Baa1 rating
balances the company's size, product diversification, efficiency of
distribution, innovation and organic revenue growth that score at the A
rating level against the company's shareholder-oriented financial policy and
return on assets that are at the Baa level, diversification by market that
score in the B level due to its concentration in emerging markets, and
credit metrics and other qualitative factors that are in the Ba to Aaa
level."

AmBev's Baa1 reflects its strong and profitable beer and beverages franchise
in its core market of Brazil (59% of total net revenues and 63% of EBITDA)
where it has nearly a 70% market share of the beer market and a 17% market
share of the soft drinks business.  For the third quarter ending in
September 2006, AmBev's Brazilian operations continued to post top-line
growth and operating improvements, yielding a 260 bps improvement over the
same period in 2005 in its EBITDA margin to 45.2%.  Moody's expects AmBev's
soft drink business to benefit from the implementation of flow meters
throughout the Brazilian soft drink industry that will serve to prevent tax
evasion and undermine the unfair competition practices of many of the
smaller players.

AmBev also has a strong presence in Canada (25% of net revenues and 26% of
EBITDA) following its business combination with Interbrew (now InBev) in
August 2004 that gave it full control of Labatt, which has an approximately
41% share of the Canadian beer market.  Despite the tough competitive
environment in Canada, where Molson-Coors (Baa2/stable) has approximately
the same market share as Labatt, the company's focus on margin improvement
has so far been successful, with EBITDA margin improving to 43% at the end
of Q3 2006 from 41% at the end of Q3 2005, despite flat to slightly negative
volume and revenue growth.  Moody's also highlighted the benefits of having
InBev as a shareholder, which include the opportunity to share management
talent and best practices as well as the ability to offer each others'
products in new markets.

AmBev's Quinsa operations (11% of net revenues and EBITDA) also enjoy
superior EBITDA margins (40% at the end of Q3, 2006) and dominant market
positions in most of the countries in which Quinsa operates.  This business
should also continue to benefit from the improving economic environments in
Argentina and the other South-American countries.  It should also benefit
from a sharing of best practices with AmBev now that AmBev owns 91.8% of it.
The operations that remain troublesome for AmBev are mainly those in the
HILA-ex Quinsa countries (Peru, Ecuador, Guatemala, Nicaragua, Dominican
Republic, Venezuela and El Salvador).  Mostly in development phases, these
operations have been largely EBITDA negative thus far, but offer good growth
prospects in the medium- to longer-term.

Moody's notes that at the end of September 2006, AmBev had approximately
BRL4.1 billion (US$1.9 billion) of non-provisioned contingencies.  AmBev's
legal consultants note that a substantial portion of such contingencies
relate to the Brazilian laws dealing with taxation in Brazil of profits
obtained by subsidiaries or affiliated companies outside of the country and
consider the potential for loss from such contingencies to be remote.
Moody's will continue to monitor developments for any resolution related to
these contingencies, but acknowledges that the outcome and timing of any
resolutions remains largely uncertain.

AmBev's Baa1 rating continues to reflect the company's aggressive policy to
distribute a high level of cash to its shareholders in the form of interest
on capital, dividends and share repurchases.  The Baa1 and stable outlook,
however, assume that the company will continue to adhere to its conservative
leverage target of maintaining Net Debt to EBITDA below 1.3 times at all
times.

Upward rating momentum for AmBev's Baa1 global local rating could develop
should AmBev demonstrate that it can successfully manage and integrate its
growing geographic network and avoid volatility in its results despite its
emerging market focus.  In addition, for any upgrade to be considered,
EBITA/Interest would have to improve and be in the 8 to 11 times range on a
consistent basis, while FCF/Total Debt would have to also be maintained
above 20% on a sustainable basis (both using Moody's standard analytic
adjustments).

AmBev's rating would likely be downgraded if its operating performance were
to deteriorate or if the company's leverage were to significantly increase
due to a change in debt structure or because of a debt-financed acquisition.
A downgrade would be considered should EBITA/Interest fall below 4.0 times
or FCF/Total Debt fall below 10% on a consistent basis (both according to
Moody's standard analytic adjustments).

Companhia de Bebidas das Americas aka AmBev, based in Sao Paulo, Brazil, is
the largest brewer in Latin America and the fifth largest worldwide.  It
produces, distributes, and markets beer, soft drinks, and other beverage
products in 14 countries across the Americas.  AmBev is also Pepsico's
largest bottler outside the United States.


COMPANHIA PARANAENSE: Will Invest BRL437 Million in 2007
--------------------------------------------------------
Rubens Ghilardi, chief executive officer of Companhia Paranaense de Energia,
said in a webcast that the firm would invest BRL437 million in 2007, which
is lower than the BRL990-million investment planned for 2006.

Business News Americas relates that Companhia Paranaense's investment plan
for 2006 is unusually high as it includes the BRL434-million, 60% stake in
the 480-megawatt gas-fired Araucaria power plant.  The company purchased the
stake from El Paso, giving it an 80% interest in the plant.

According to BNamericas, Companhia Paranaense will invest next year:

          -- BRL149 million in transmission,
          -- BRL215 million in distribution,
          -- BRL35 million in telecommunications, and
          -- BRL20 million for generation, including work to
             secure an environmental license for the 361-
             megawatt Maua hydro plant the firm plans to
             construct with Eletrosul.

Mr. Ghilardi told BNamericas, "We should get the license to start
construction in 2007."

Companhia Paranaense has a 51% controlling stake in Maua, which needs BRL950
million in investments to conclude construction in January 2011, BNamericas
says, citing Mr. Ghilardi.  Aside from licensing, Companhia Paranaense and
Eletrosul are considering funding options for the project.  The two plan to
raise 70% of the project costs from financial markets through funds backed
by Maua's future revenue.

BNamericas underscores that Maua sold power in 30-year contracts at the
government's Oct. 10 power auction, with first delivery scheduled for
January 2011.

Meanwhile, Companhia Paranaense will invest BRL556 million in operations in
2006, BNamericas notes, citing Mr. Ghilardi.

Mr. Ghilardi told BNamericas, "Most of the investment is in transmission and
distribution, which is where we can really improve quality [to our end
clients]."

BNamericas notes that Companhia Paranaense will invest for this year:

          -- BRL177 million in transmission,
          -- BRL317 million in distribution, and
          -- BRL21.6 million in generation.

BNamericas states that Companhia Paranaense invested in the first nine
months of 2006:

          -- BRL4.4 million in generation,
          -- BRL105 million in transmission, and
          -- BRL214 million in distribution.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Paran and has a generating capacity of nearly 4,600 MW,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitly postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *    *    *

Copel's BRL100,000,000 debentures due March 1, 2007, is rated
Ba3 by Moody's.


FUNDO DE INVESTIMENTOL: Moody's Rates Senior Shares at (P)Ba2
-------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)Aa3.br
(Brazilian National Scale) and of (P)Ba2 (Global Scale, Local Currency) to
the senior shares to be issued by Fundo de Investimento em Direitos
Creditorios Companhia Paulista de Trens Metropolitanos, a securitized
transaction backed by future collections of certain train tickets sold by
Companhia Paulista de Trens Metropolitanos in specified eligible Companhia
Paulista stations.

The provisional ratings are based on these factors:

   -- The ability of Companhia Paulista, as a company
      controlled by the State of Sao Paulo, to provide
      continued train transportation services within the Sao
      Paulo's metropolitan region;

   -- The importance of the Companhia Paulista's train system
      as the major means of transportation for more than 1.4
      million commuters within Sao Paulo's metropolitan area;

   -- The financial support provided by the State of Sao Paulo
      to Companhia Paulista, on a monthly basis, through
      subvention payments and capitalization;

   -- The historical volumes of "Exclusive" ticket collections
      originated in the eligible stations;

   -- The structural protections of the transaction, including
      the mitigation of commingling risk through the deposit of
      collections directly into the Fund's bank account, and
      the ability to apply all collections to pay down the
      senior shares if certain triggers, including the Debt
      Service Coverage Ratio, are breached;

   -- The reserve account, equivalent to two months of
      projected maximum debt service, which will be funded at
      closing from issuance proceeds;

   -- The legal structure of the transaction, including the
      bankruptcy remoteness of the issuer.

The issuer is a closed-end FIDC that will issue senior and subordinated
shares, backed by future flow collections of "Exclusive" tickets that are
sold by Companhia Paulista in cash at 21 designated or eligible stations.
The designated stations include 21 stations located along Companhia
Paulista's six lines and any future stations to be built within 3 kilometers
from these 21 stations, says Luis Barretto, an AVP/Analyst at Moody's.

The fund's legal final maturity date is 84 months from the date of issuance.
Senior and subordinated shares will amortize in 72 monthly payments of
principal and interest, after a 12-month grace period.  If an early
amortization period commences, all collections will be applied to make
interest and principal payments to senior investors, and the legal final
date of the transaction will be automatically extended until the senior
shares have been paid in full.  Moody's ratings address the expected loss on
the senior shares taking into account the legal final maturity of the fund
(84 months after closing).

Companhia Paulista, founded in 1992, is the company that runs the train
system of Sao Paulo's metropolitan region.  Companhia Paulista is controlled
by the State of Sao Paulo (ratings of Ba2 on the Global Scale, Local
Currency and Ba2 on the Global Scale, Foreign Currency).  The company's
system has 6 lines and 88 stations, serves 22 municipalities and transports
on average 1.4 million passengers in a weekday.


NET SERVICOS: Obtains Exemplary Disclosure Certification
--------------------------------------------------------
Net Servicos de Comunicacao S.A. has obtained the Exemplary Disclosure
certification.  Thus, Net Servicos has become the first company in the world
to achieve such certification, strengthening its commitment to best
practices in corporate governance and respect to all investors.

The Exemplary Disclosure concept was jointly developed by Linklaters (law
firm), KPMG Assurance Services and MZ Consult (investor relations and
financial communications consulting company), based on U.S. federal
securities laws (such as Regulation Fair Disclosure), the rules and
regulations of the U.S. Securities and Exchange Commission (i.e.
Sarbanes-Oxley Act), the U.S. stock exchanges, as well as, certain local
non-US security regulators (i.e. CVM).  In developing the Exemplary
Disclosure process, it was also considered the best and most relevant global
corporate governance practices applied in relation to investor and analyst
relations.

To lead the implantation and to initiate a select group of companies
adopting the Exemplary Disclosure philosophy, Net Servicos has enhanced its
manual for disclosure of material information and trading with its own
securities, as well as has developed specific procedures for each of its
processes of information disclosure and interaction with the capital
markets.  After approval granted by its Board of Directors, the manual was
filed with the SEC and CVM, and the effective commitment to the Exemplary
Disclosure process was revised and the independent agreed upon procedures
report was prepared by KPMG.

"With this unique certification in Exemplary Disclosure, Net Servicos
reinforces its strong commitment to best practices in corporate governance
and ensures full compliance with the three fundamental principles, which
should underpin listed companies' relations with the global capital markets
and their investors -- access to information, transparency and equal
treatment" says Leonardo Pereira, Chief Financial Officer and Investor
Relations Officer of Net Servicos.

"The independent certification guarantees the existence of disclosure
procedures and controls in the Company, as required by Sarbanes-Oxley
Section 302, whose personal certificates signed by the CEO and the CFO are
part of the annual report (20F form) filed with the SEC," concludes Leonardo
Pereira.

Net Servicos will adopt the seal "Market Relations Exemplary Disclosure" in
all its information disclosures, reports and presentations to the capital
markets and investor relations website. The seal has semi-annual validity
(until the end of June/07) and KPMG will be responsible for performing the
periodical revisions to allow for subsequent renewals.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--
is the largest subscriber TV multi-operator in Brazil, as it
operates the NET brand in major cities, including operations in
the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte
and Porto Alegre.

NET also offers Broadband InterNet services through its NET
VIRTUA brand name.

                        *    *    *

Moody's America Latina assigned on May 22, 2006, a Baa2.br
Brazilian National Scale Rating and a B1 Global Local Currency
Rating to Net Servicos de Comunicacao S.A.'s BRL650 million
debentures due in 2011 issued in September 2005.  Concurrently,
Moody's Investors Service affirmed Net's B1 global local
currency scale corporate family rating.  Moody's said the ratings outlook is
stable.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 8, 2006,
Standard & Poor's Rating Services assigned its 'BB-' senior
unsecured debt rating to the proposed perpetual bonds (up to
US$150 million) to be issued by Brazil's largest cable pay-TV
operator, Net Servicos de Comunicacao S.A.  The proceeds will be
used primarily to fund additional investments in the company's
network and digital services.  NET's total debt amounted to
BRL650 million (approximately US$300 million) in September 2006.


NOSSA CAIXA: Posts BRL128 Million Third Quarter 2006 Earnings
-------------------------------------------------------------
Banco Nossa Caixa said in its latest financial statement that its earnings
decreased 25.5% to BRL128 million in the third quarter of 2006, from BRL172
million in the third quarter of 2005.

Business News Americas relates that Nossa Caixa's net income for the third
quarter of 2006 grew 11.5%, compared with BRL115 million in the second
quarter of 2006.

According to BNamericas, Nossa Caixa's return on assets and equity decreased
to 22.9% in the third quarter of 2006, from 33.9% in the third quarter of
2005, and 24.9% in the second quarter of 2006.

BNamericas underscores that Nossa Caixa's accumulated net income for the
first nine months of 2006 dropped 24.2% to BRL418 million, compared with
BRL552 million in the first nine months of 2005.

Nossa Caixa's efficiency ratio was 56.6% in the third quarter of 2006, which
was worse than 54.4% in the same period of 2005, but better than 57.2% in
the second quarter of 2006, BNamericas notes.

The report says that the total lending of Nossa Caixa increased 18.7% to
BRL7.04 billion in September 2006, from BRL5.92 billion in September 2005
and 3.9% from BRL6.77 billion in March 2006.

Nossa Caxia's service fee revenues grew 28.3% to BRL209 million in the third
quarter of 2006, from BRL163 million in the third quarter of 2005,
BNamericas says.

BNamericas emphasizes that on Jan. 1, 2007, Nossa Caixa will handle the
payroll of all Sao Paulo state workers.  The bank has launched 13 new
branches and 10 service outlets in the third quarter.

Nossa Caixa told BNamericas that about 940,000 Sao Paulo state employees, or
roughly 80% of the total 1.2 million, had opened accounts at Nossa Caixa by
September 2006.

The state government of Sao Paulo cancelled on Oct. 3 a public offering of
shares that would have involved 20.25% of Nossa Caixa's capital and would
have increased the free float to 49.0%, BNamericas relates.

Nossa Caixa's total assets increased 17.8% to BRL36.7 billion in September
2006, from BRL31.2 billion in September 2005, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank offering
banking and financial services through commercial and loan portfolios,
including real estate and foreign exchange, as well as administering credit
cards.  Through its subsidiary, it operates with private pensions.  Nossa
Caixa uses demand, saving and time deposits, which include judicial
deposits, to fund its operations.  The main focus of Nossa Caixa is to
attend individuals, especially public employees and small and medium-sized
companies in Sao Paulo, as well as state and municipal government agencies.
As the official bank for the government of the State of Sao Paulo, it
administers the state's resources and state lotteries and takes care of the
payroll of the indirect state administration and part of the direct
administration.  As of Dec. 31, 2005, the Bank's network consisted of 2,579
attendance points in its distribution network.

                        *    *    *

On Oct. 19, 2005, Moody's Investors Service upgraded Banco Nossa Caixa SA's
long-term foreign currency deposit rating to B1 from B2 with a positive
outlook.

At the same time, the ratings agency upgraded Banco Nossa Caixa's long-term
foreign currency debt rating to Ba1 with a stable outlook.


NOVELIS INC: Posts US$102 Million Third Quarter 2006 Net Loss
-------------------------------------------------------------
Novelis Inc. said in a statement that it incurred a US$102-million net loss
in the third quarter of 2006, compared with a US$10-million net income in
the same period of 2005.

Business News Americas relates that Novelis' net sales increased to US$2.5
billion in the third quarter of 2006, from US$2.1 billion in the same period
of 2005.

Novelis incurred a net loss of US$170 million in the first nine months of
2006, compared with a net income of US$32 million on net sales of US$6.3
billion in the first nine months of 2005, BNamericas notes.

According to BNamericas, Novelis incurred a net loss in the third quarter of
2006 despite an income tax benefit of US$52 million.  The net loss through
September 2006 included an income tax expense of US$30 million.

Novelis said in a statement that its 2006earnings have been affected by
higher metal prices that the firm is unable to pass through to certain
customers as a result of metal price ceilings on a portion of the company's
can sheet sales in North America.

Rolled product shipments increased to 737,000 tons in July to September 2006
period, compared with 725,000 tons in the same period of 2005.  Total sales
volume in the first nine months of 2006 increased 3% to 2.2 megatons,
BNamericas states.

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

                        *    *    *

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


PETROLEO BRASILEIRO: Deciding on Entry to China's Oil Industry
--------------------------------------------------------------
Marcelo Castilho da Silva, chief representative of Petroleo Brasileiro in
China, told Dow Jones Newswires that the company will decide within months
regarding its entry into China's offshore oil industry.

However, hopes of investing in the refining sector have been put off due to
uncertainty over new regulations, Dow Jones says, citing Mr. da Silva.

Mr. da Silva explained to Dow Jones that the focus of Petroleo Brasileiro is
on a number of deepwater blocks where China lacks the technology to drill
and recover oil.

According to Dow Jones, Petroleo Brasileiro has been negotiating with CNOOC
Ltd., the listed arm of China National Offshore Oil Corp., about entering
the sector, but has yet to sign a contract.

Mr. da Silva told Dow Jones, "In the first quarter of next year we will have
a final position as far as exploration and production is concerned."

Dow Jones relates that interest in exploring China's territorial waters inte
nsified in 2006 after a string of discoveries, including the find in June by
Canada's Husky Energy (HSE.T) of a field about 240 kilometers south of Hong
Kong containing an estimated 113 billion to 170 billion cubic meters of
recoverable natural gas reserves.

Mr. Da Silva told BNamericas that Petroleo Brasileiro was continuing to
study investments in restoring China's refineries to process more heavy
crude.  However, the firm would not make a decision until it was clear how
far China was willing to open its downstream sector.

Dow Jones underscores that China has to open its wholesale oil trade to
foreign investors in December to meet its obligations to the World Trade
Organization.

Comparing the likely timetable for Petroleo Brasileiro investing in China's
downstream business with the exploration and production sector, Mr. da Silva
told Dow Jones, "Refining and processing is further out.  It depends on the
new regulations in China, which we expect to change (the investment
criteria).  Maybe in January or February things will be clearer."

According to the report, Petroleo Brasileiro wants to revamp China's plants
so they can handle more heavy crude from Brazil/

Petroleo Brasileiro aimed to allow the refineries to handle between 100,000
barrels a day and 150,000 barrels per day by 2010, Mr. da Silva told Dow
Jones.

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

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

                        *    *    *

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

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

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

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


PETROLEO BRASILEIRO: Meeting 2007-11 Strategic Investment Plan
--------------------------------------------------------------
Almir Barbassa, Petroleo Brasileiro's chief financial officer, said in a
webcast that the company is on track to meeting its 2007-11 strategic
investment program of US$87 billion.

Business News Americas relates that Petroleo Brasileiro invested BRL22.6
billion in the first nine months of 2006.  The investment was about 34%
higher than the BRL16.9 billion spent in the same period of 2005, but below
the target for the US$87 billion program.

However, Petroleo Brasileiro officials are not worried about the missed
goal, BNamericas notes.

Mr. Barbassa told BNamericas, "Most of the projects listed in the five-year
investment program are already underway."

BNamericas underscores that investments are in part designed to boost
domestic oil production by 26%.

According to BNamericas, Petroleo Brasileiro's domestic output averaged 1.76
million barrels daily in the first nine months of 2006, and 2.29 million
barrels per day including international operations.

Petroleo Brasileiro is committed to investing US$17 billion yearly, mostly
from its own resources, BNamericas says.

BNamericas emphasizes that of the US$87 billion planned in the program,
about US$49 billion is allocated for exploration and production investments.

Petroleo Brasileiro told BNamericas that of the total invested in the first
three quarters of 2006:

          -- 51% were used in exploration and production,
          -- 17% were spent on international operations, and
          -- 13% went to supplies.

Mr. Barbassa told BNamericas that operating costs have been increasing, in
part intentionally as Petroleo Brasileiro works to meet its investment
target.  In the first nine months of 2006, the firm's operating expenses
increased 3.5% to BRL15.6 billion and costs of goods sold grew 23% to
BRL70.0 billion.

Mr. Barbassa said that some of the increases reflect higher oil production
and refining costs, BNamericas relates.  However, Petroleo Brasileiro
increased spending on consultancy services for project development.

Mr. Barbassa explained to BNamericas, "Given the size of our investment
programs, we are hiring several consulting services for projects."

Petroleo Brasileiro's expenses on other items including consultancy services
increased 50.8% to BRL1.3 billion in the third quarter of 2006, compared
with the second quarter of 2006, BNamericas states.

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

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

                        *    *    *

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

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

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

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


PETROLEO BRASILEIRO: Planning to Import Gas to Boost Production
---------------------------------------------------------------
Petroleo Brasileiro, the state-owned oil firm of Brazil, is putting in place
a plan called Plangas to import gas and boost gas production and transport
networks in the nation, in an effort to meet demand and replace Bolivian
gas, Business News Americas reports.

According to BNamericas, Petroleo Brasileiro sells its 26 million cubic
meters per day of domestic natural gas production at US$4.00 per million
British thermal unit (MBTU).

BNamericas says that gas imported from Bolivia is sold at US$5.70/MBTU.
Brazil consumes about 42 million cubic meters per day of natural gas.  Over
half of the gas used comes from Bolivia.

Independent consultants told BNamericas that a price increase could slow
double-digit growth in consumption.

However, Petroleo Brasileiro predicted that demand for natural gas will be
increasing at yearly rate of about 17% to over 100 million cubic meters per
day by 2011, BNamericas notes.

"By 2011, we will be producing 70Mm3/d of gas locally," Almir Barbassa,
Petroleo Brasileiro chief financial officer, told BNamericas.

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

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

                        *    *    *

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

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

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

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


PETROLEO BRASILEIRO: Refinery with Venezuela Needs US$2.8 Bil.
--------------------------------------------------------------
Petroleo Brasileiro told El Universal that it's refinery project with
Petroleos de Venezuela will require an investment of US$2.8 billion, instead
of US$2.5 billion established in the initial plan.

El Universal relates that the plant will be built in Pernambuco, Brazil.
The foundation stone was placed on Dec. 16, 2005.

Petroleo Brasileiro said in a statement, "The volume was recently revised
due to the growing cost of materials and services, particularly steel."

Petroleo Brasileiro and Petroleos de Venezuela are negotiating the
organization of joint ventures to implement oil accords on refining,
prospecting and production of oil and natural gas, El Universal states.

                About Petroleos de Venezuela

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

                  About Petroleo Brasileiro

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

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

                          *     *     *

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

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

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

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


* BRAZIL: IDB Includes Banco Industrial as TFFP Issuing Bank
------------------------------------------------------------
The Inter-American Development Bank aka IDB included Banco Industrial do
Brasil as Issuing Bank under its Trade Finance Facilitation Program or TFFP.

Under the TFFP, the IDB extends guarantees to cover letters of credit,
promissory notes and other instruments used in the financing of
international trade transactions.  This agreement will support Banco
Industrial's expansion of its trade finance activities with IDB member
countries by enabling its access to a broader number of International
Confirming Banks participating in the program.

Claudio Torres, Banco Industrial's head of financial institutions, said,
"This announcement is 100% in line with Banco Industrial's strategy since it
will enable us to increase our trade activities, while enhancing our
relationship with a very selective group of banks.  It is a great honor and
a quality assurance certification to our bank to become an Issuing Bank
under the TFFP of the IDB, which is well known for its rigorous credit due
diligence."

Banco Industrial do Brasil is a mid-size Brazilian bank with US$427.1
million in assets.  It is headquartered in Sao Paulo with domestic branches
primarily in the south and southeast regions of Brazil.  The bank provides
financial services mainly to middle market companies and individuals.  Here,
the TFFP is expected to play a meaningful role in assisting Banco Indsutrial
to broaden its international funding base among existing and new
international correspondent banks.

                        *    *    *

As reported on Sept. 4, 2006, Moody's upgraded Brazil's foreign currency
country ceiling to Ba1 from Ba2 while the government's
foreign- and local-currency bond ratings were changed to Ba2 from Ba3.


* BRAZIL: World Bank Approves US$100MM for Road Infrastructure
--------------------------------------------------------------The World
Bank's Board of Executive Directors approved a US$100 million loan to the
State of Bahia in Northeast Brazil to increase the effective use of the
State's road infrastructure as a way to stimulate economic growth.

"We are pleased to support the State's long-term development by addressing
the effectiveness in the use of State road infrastructure," said John
Briscoe, World Bank Director for Brazil.  "By reducing the cost of doing
business and increasing the State's productivity, the project will have
significant effects on job creation and income, as well as contribute to
sustainable growth and poverty reduction."

The major issue in Bahia's transport sector is the poor condition of the
road networks, including Federal, State and municipal networks.
Insufficient funding over the past ten to fifteen years has led to the
deterioration of the networks, which is now accelerating due to increased
traffic.  Because of the poor condition of many Federal trunk highways, a
substantial share of traffic, including heavy trucks, has deviated onto
alternative State routes that have not been designed for heavy traffic,
resulting in further deterioration.

The Bahia Integrated State Highway Management Project seeks to increase the
effective use of the State's road infrastructure, which will in turn reduce
transport costs and delays in the State's main corridors.  As a result, the
project will contribute to the State's economic growth by increasing the
competitiveness of agriculture and industry in the interior of the State.

Specifically, the project will support these activities:

   -- Rehabilitation, resurfacing, safety and environmental
      rehabilitation works on about 2,000 km of the paved road
      network (or 15% of the State's network).

   -- Institutional strengthening of the State road
      administration through the consolidation of its capacity
      and the gradual implementation of the State's logistics
      program.  In addition, this component will strengthen the
      State road administration's local development management,
      improve its technical capacity, and support the
      preparation  of works' engineering designs and
      supervision.

To achieve this, the project will support a set of key institutional
improvements in the road sector to ensure the sustainability of the works
and create an incentive structure for continued investment.  The project
will help implement the State's decision to adopt longer-term, output-based
contracts that will incentive performance both in the rehabilitation works
and maintenance services.

"More efficient and effective transport is a necessary condition to
sustained economic growth in the State of Bahia.  Beyond reducing costs and
promoting growth, the project's activities will help reduce travel times and
accidents, improving the lives of all of those who use the State's highways,
and will help foster regional integration," said Aymeric-Albin Meyer, World
Bank task manager for the project.

The new US$100 million fixed-spread loan from the International Bank for
Reconstruction and Development has a repayment period of 17 years, including
five years of grace.

                        *    *    *

As reported on Sept. 4, 2006, Moody's upgraded Brazil's foreign currency
country ceiling to Ba1 from Ba2 while the government's foreign- and
local-currency bond ratings were changed to Ba2 from Ba3.




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


AIM INVESTMENT: Liquidator Presents Wind up Accounts on Nov. 17
---------------------------------------------------------------
AIM Investment Fund, SPC'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 liquidator can be reached at:

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


CASTILLON INSURANCE: Final Shareholders Meeting Is on Nov. 18
-------------------------------------------------------------
Castillon Insurance Company, Ltd.'s final shareholders meeting will be at
10:00 a.m. on Nov. 18, 2006, at:

          BDO Tortuga, 5th Floor
          Zephyr House, Mary Street
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

            Glen Trenouth
            P.O. Box 31118 SMB
            Grand Cayman, Cayman Islands
            Tel: (345) 943 8800
            Fax: (345) 943 8801


JOBALI LTD: Last Day for Proofs of Claim Filing Is on Nov. 20
-------------------------------------------------------------
Jobali Ltd.'s creditors are required to submit proofs of claim by Nov. 20,
2006, to the company's liquidator:

          Condor Nominees Limited
          c/o Barclays Private Bank & Trust (Cayman) Limited
          4th Floor FirstCaribbean House
          25 Main Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


KG INTERNATIONAL: Last Shareholders Meeting Is Set for Nov. 20
--------------------------------------------------------------
KG International Trade Ltd.'s final shareholders meeting will be at 2:00
p.m. on Nov. 20, 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.


MARICO LTD: Deadline for Proofs of Claim Filing Is on Nov. 20
-------------------------------------------------------------
Marico Ltd.'s creditors are required to submit proofs of claim by Nov. 20,
2006, to the company's liquidator:

          Condor Nominees Limited
          c/o Barclays Private Bank & Trust (Cayman) Limited
          4th Floor FirstCaribbean House
          25 Main Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Marico Ltd.'s shareholders agreed on Oct. 4, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.
The liquidator can be reached at:

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


MOSBY EQUITY: Shareholders Convene for Final Meeting on Nov. 20
---------------------------------------------------------------
Mosby Equity Ltd.'s final shareholders meeting will be at 10:00 a.m. on Nov.
20, 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 liquidator can be reached at:

            Westport Services Ltd.
            Attn: Ica Eden
            P.O. Box 1111
            Grand Cayman, Cayman Islands
            Tel: 345 949 5122
            Fax: 345 949 7920


MOSBY LTD: Invites Shareholders for Final Meeting on Nov. 20
------------------------------------------------------------
Mosby Ltd.'s final shareholders meeting will be at 10:30 a.m. on Nov. 20,
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 liquidator can be reached at:

            Westport Services Ltd.
            Attn: Ica Eden
            P.O. Box 1111
            Grand Cayman, Cayman Islands
            Tel: 345 949 5122
            Fax: 345 949 7920


MUTUAL (GLOBAL FOCUS): Final Shareholders Meeting Is Nov. 20
------------------------------------------------------------
Mutual Fund Basket Master Fund (8 - Global Focus)'s final shareholders
meeting will be at 1:30 p.m. on Nov. 20, 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 liquidator can be reached at:

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


MUTUAL (PACIFIC FOCUS): Last Shareholders Meeting Is on Nov. 20
---------------------------------------------------------------
Mutual Fund Basket Master Fund (8 - Pacific Focus)'s final shareholders
meeting will be at 12:00 p.m. on Nov. 20, 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 liquidator can be reached at:

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


SPIRENT FINANCING: Final Shareholders Meeting Is Set for Nov. 17
----------------------------------------------------------------
Spirent Financing (Cayman) Ltd.'s shareholders will convene for a final
meeting at 10:00 a.m. on Nov. 17, 2006, at:

          Spirent House, Crawley Business Quarter
          Fleming Way, Crawley
          West Sussex RH10 9QL, United Kingdom

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

The liquidators can be reached at:

          Simon James Underwood
          Paul David Williams
          Attn: Chris Polwin
          Menzies Corporate Restructuring
          Corporate Filing Services Ltd.
          P.O. Box 613, George Town
          Grand Cayman, Cayman Islands
          Tel: 44 207 487 7256
          Fax: 44 207 487 7299


TORNADO FUNDING: Last Day to File Proofs of Claim Is on Nov. 20
---------------------------------------------------------------
Tornado Funding Ltd.'s creditors are required to submit proofs of claim by
Nov. 20, 2006, to the company's liquidators:

          Cereita Lawrence
          Janet Crawshaw
          P.O. Box 1109
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7510
               (345) 949-7755
          Fax: (345) 949-7634

Creditors who are not able to comply with the Nov. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Tornado Funding's shareholders agreed on Oct. 3, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.




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


ARAMARK CORP: Declares US$0.07 Per Share Quarterly Cash Dividend
----------------------------------------------------------------
Aramark Corp.'s board of directors has declared a quarterly cash dividend of
US$0.07 per share on its Class A and Class B common stock. The dividend will
be payable on Dec. 7, 2006, to Aramark shareholders of record at the close
of business on
Nov. 24, 2006.

Headquartered in Philadelphia, ARAMARK Corp. --
http://www.aramark.com/-- is a leader in professional services,
providing food services, facilities management, and uniform and
career apparel to health care institutions, universities and
school districts, stadiums and arenas, and businesses around the
world.  It has approximately 240,000 employees serving clients
in 20 countries, including Mexico, Brazil and Chile.

                        *    *    *

Standard & Poor's Ratings Services lowered on Aug. 8, 2006, its
ratings on Philadelphia-based ARAMARK Corp. and its subsidiary,
ARAMARK Services Inc., including its corporate credit rating to
'BB+' from 'BBB-'.

Fitch downgraded on Aug. 8, 2006, the Issuer Default Rating
and senior unsecured debt ratings for both ARAMARK Corporation
and its wholly owned subsidiary, ARAMARK Services, Inc., to
'BB-' from 'BBB'.  The ratings remain on Rating Watch Negative.

Moody's Investors Service downgraded on Sept. 20, 2006, the 5%
senior notes due 2012 of ARAMARK Services, Inc., to B2 from
Baa3, confirmed the Baa3 ratings on the senior notes due 2007
and 2008, and assigned a corporate family rating of Ba3 to
ARAMARK Corp., ARAMARK Services' holding company parent.  The B2
rating on the 5% senior notes due 2012 and the Ba3 corporate
family rating are under review for possible downgrade.


BLOCKBUSTER: Posts US$24.7 Mil. Net Loss in 2006 Third Quarter
--------------------------------------------------------------
Blockbuster Inc. reported a US$24.7 million net loss on US$1.3 billion of
revenues for the third quarter ended Sept. 30, 2006, compared with a
US$491.4 million net loss on US$1.4 billion of revenues for the same period
in 2005.

The decrease in revenues in the third quarter of 2006 was a result of a
decrease in the company-owned store base compared with the same period in
2005.  This decrease was mostly offset by a US$28 million decrease in
selling, general and administrative expenses.  The Company recognized a
US$336.1 million impairment of goodwill and other long-lived assets in the
third quarter of 2005, none in the third quarter of 2006.

At Sept. 30, 2006, the Company's balance sheet showed US$2.8 billion in
total assets, US$2.1 billion in total liabilities, and US$702.6 million in
total stockholders' equity.

Full-text copies of the Company's consolidated financial
statements for the quarter ended Sept. 30, 2006 are available for free at
http://researcharchives.com/t/s?14f8

                     About Blockbuster

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

                        *    *    *

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

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

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


SHAW GROUP: Tim Barfield Resigns from Company Effective Nov. 17
---------------------------------------------------------------
The Shaw Group Inc. disclosed that Tim A. Barfield, Jr., President of Shaw,
has resigned from the company effective
Nov. 17, 2006, to pursue other interests.

Mr. Barfield has been employed with Shaw since 1994 when he was named
Secretary and General Counsel.  He later became President of Shaw Alloy
Piping Products, Inc. and has served the company in a number of executive
positions.  Mr. Barfield played a vital role in the company's acquisitions
of Stone & Webster, Inc. and The IT Group, Inc., after which acquisition he
was named President of the company's Environmental and Infrastructure
division.  He was appointed President and Chief Operating Officer of Shaw in
September 2003.

The company and Mr. Barfield expect to enter into a consulting arrangement
for a period of time following the resignation in order to facilitate a
transition. Mr. J.M. Bernhard, Jr., Chairman and Chief Executive Officer of
Shaw, will assume Mr. Barfield's responsibilities as President.

Mr. Bernhard said, "The Board of Directors and I would like to express our
appreciation for Mr. Barfield's contributions to the company and his efforts
to create value for shareholders during his tenure.  We wish him well for
the future."

Mr. Barfield said, "Shaw has never been better positioned for growth and
success, and I am fortunate to have been a part of building an incredible
company.  We have achieved so much, both the company and me, personally.  I
now have the opportunity to pursue other dreams and ambitions outside of the
engineering and construction business, as well as focus more attention on my
family.  I leave with the confidence that Shaw is in great hands, with the
talent, leadership and resources to go far beyond its current
accomplishments."

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion in annual
revenues, Shaw employs approximately 20,000 people at its offices and
operations in Venezuela, Chile, North America,
Europe, the Middle East and the Asia-Pacific region.

                        *    *    *

As reported on the Troubled Company Reporter on Oct 06, 2006,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.

"The CreditWatch placement followed the company's announced agreement to
take a 20% ownership interest in the US$5.40 billion acquisition, led by
Toshiba Corp. (BBB/Watch Neg/A-2), of Westinghouse Electrical Company Co.
from British Nuclear Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.




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


BANCOLOMBIA SA: Establishes New Corporate Image
-----------------------------------------------
In the interest of establishing itself as a customer-oriented financial
group based on a universal banking model characterized by its strength,
innovation and a wide portfolio of products and services for all segments,
Bancolombia S.A. and its subsidiaries have changed its corporate image.

From now on, these subsidiaries and affiliates of Bancolombia S.A., will be
denominated as:

   -- Fiduciaria Bancolombia S.A. Sociedad Fiduciaria
      (before Fiducolombia);

   -- Banca Inversion Bancolombia S.A. Corporacion Financiera
      (before Colcorp);

   -- Valores Bancolombia S.A. Comisionista de Bolsa
      (before Suvalor);

   -- Factoring Bancolombia S.A. Compania de Financiamiento
      Comercial (before Comercial);

   -- Leasing Bancolombia S.A. Compania de Financiamiento
      Comercial (before Leasing Colombia);

   -- Bancolombia Puerto Rico Internacional Inc.
      (before Corfinsura Internacional Inc.); and

   -- Renting Colombia S.A. (before Surenting).

From now on, the financial group shall be denominated as "Grupo Bancolombia"
(before Organizacion Bancolombia).

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.


HEXION SPECIALTY: Amends Pact for US$2 Billion Credit Facilities
----------------------------------------------------------------
Hexion Specialty Chemicals Inc. amended its senior secured credit facility
pursuant to an amendment and restatement of the credit agreement governing
the credit facility.

The amended and restated credit agreement provides that the
Company's current seven-year US$1.625 billion term loan facility
will remain outstanding, and also provides for an additional
US$375 million seven-year term loan facility, with the term
beginning in May 2006.  It also provides that the Company's
current seven-year US$50 million synthetic letter of credit facility will
remain outstanding, with the term beginning in May 2006.  The Company
disclosed that it continues to have access to the US$225 million revolving
credit facility.

               Sale of Senior Secured Notes

The Company, on Nov. 3, 2006, through its wholly owned finance
subsidiaries, Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC, sold US$200 million of Second-Priority Senior Secured Floating
Rate Notes due 2014 and US$625 million of 9 3/4% Second-Priority Senior
Secured Notes due 2014.  The Notes were issued under an Indenture, dated
Nov. 3, 2006, among Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC, certain guarantors named therein, and Wilmington Trust
Company, as Trustee.

The Floating Rate Notes bear interest at a rate per annum, reset
quarterly, equal to LIBOR plus 4.50%, provided, that, if a Note
Registration Default occurs, up to 1% of additional interest will accrue on
the Floating Rate Notes.  Interest will be paid
quarterly in arrears to the holders of record of the Floating Rate Notes on
Feb. 15, May 15, August 15 and November 15 of each year commencing on Feb.
15, 2007.

The Fixed Rate Notes bear interest at a rate per annum of 9 3/4%, provided,
that, if a Note Registration Default occurs, up to 1% of additional interest
will accrue on the Fixed Rate Notes.  Interest will be paid semi-annually in
arrears to the holders of record of the Notes on May 15 and Nov. 15 of each
year commencing on May 15, 2007.

The terms of the Notes are substantially identical to the
indenture, dated as of Aug. 12, 2004.  However, are not fungible
with the previously issued second-priority notes.

Under the terms of the Indenture, the Company is subject to
certain customary covenants, that, among other things, restrict
its ability to create liens on its assets, incur debt at its
subsidiaries or enter into sale leaseback transactions, subject to a number
of important qualifications and exceptions.  The
Indenture also specifies certain events of default, including
failure to pay principal and interest on the Notes, failure to
comply with covenants, subject to a grace period in certain
instances, and certain bankruptcy, insolvency or reorganization
events.

            Notes Registration Rights Agreement

In connection with the sale of Floating Rate Notes and Fixed Rate Notes, the
Company and certain of our wholly owned subsidiaries, including Hexion U.S.
Finance Corp. and Hexion Nova Scotia Finance, ULC, entered into a
registration rights agreement with Credit Suisse Securities (USA) LLC, as
representative of the initial purchasers of the Notes.

Pursuant to the registration rights agreement, the Company agreed to file a
registration statement to exchange the Notes for new notes, with
substantially identical terms to the Notes being exchanged.  It also agreed
to cause the Note Exchange Offer Registration Statement to be declared
effective under the
Securities Act and to offer the new notes in exchange for
surrender of the Notes.  For each Note validly tendered, the
Company will issue to the holder of the Note a new note, which
will be freely transferable by holders other than its affiliates
after the exchange offer without further registration under the
Securities Act.

In certain circumstances and subject to certain conditions, the
Company agreed to cause a shelf registration statement covering
resales of the Notes to be declared effective and to keep it
effective for a period up to Nov. 3, 2008.

The Company also agreed that if it fails to timely file a Note
Exchange Offer Registration Statement or a Note Shelf Registration Statement
or if certain other conditions are not met, it will pay additional cash
interest on the Notes or new notes at the rate of 0.25% per annum for the
first 90-day period immediately following the occurrence of a Note
Registration Default, and will increase by an additional 0.25% per annum for
subsequent 90-day period up to a maximum of 1% per annum until the earlier
of the cure of the Note Registration Default or
Nov. 3, 2008.

                   Intercreditor Agreement

On Nov. 3, 2006, the Company entered into an intercreditor
agreement governing the relationship between creditors under its
senior secured credit facility and creditors under the Notes with respect to
certain shared collateral.  Pursuant to the terms of the intercreditor
agreement, at any time at which first-priority secured obligations are
outstanding, the intercreditor agent, initially, JPMorgan Chase Bank, N.A.,
the administrative agent under the senior secured credit facility, will
determine the time and method by which the security interests in the
collateral securing the Notes and the senior secured credit facility will be
enforced.  The trustee under the Notes will not be permitted to enforce the
security interests securing the Notes except, in any insolvency or
liquidation proceeding, as necessary to file a claim or statement of
interest with respect to the Notes or as necessary to take any action in
order to create, prove, preserve, perfect or protect its rights in the
second-priority liens.

The intercreditor agreement further provides that, so long as
there are first-priority secured obligations outstanding:

     (i) the holders of first-priority secured obligations may
         direct the intercreditor agent to take actions with
         respect to the shared collateral without the consent of
         the holders of the Notes;

    (ii) the Company may require the trustee under the Notes to
         agree to modify the applicable security documents or
         the intercreditor agreement, without the consent of the
         trustee under the Notes and the holders of the Notes,
         to secure additional extensions of credit and add
         additional secured creditors so long as the
         modifications do not expressly violate the provisions
         of the senior secured credit agreement or the
         Indenture; and

   (iii) the holders of the first-priority secured obligations
         may change, waive, modify or vary the security
         documents without the consent of the holders of the
         Notes, provided that the change, waiver or modification
         does not materially adversely affect the rights of the
         holders of the Notes and the other secured creditors.

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 23, 2006
Standard & Poor's Ratings Services lowered its corporate credit
rating on Hexion Specialty Chemicals Inc. to 'B' from 'B+'.  The
outlook is stable.  S&P also lowered the rating on the existing
US$225 million first-lien senior secured revolving credit facility to 'B'
from 'B+'.

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service assigned B3 ratings to the new
guaranteed senior secured second lien notes due 2014 of Hexion
Specialty Chemicals Inc.


INTERCONEXION ELECTRICA: S&P Affirms Rating on Transmissao Buy
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered the local currency corporate
credit rating on Interconexion Electrica S.A. E.S.P., the largest Colombian
power transmission company, to 'BBB-' from 'BBB' and removed it from
CreditWatch with negative implications, where it was placed on June 20,
2006, following the company's acquisition of a 50.1% controlling stake in
Companhia de Transmissao de Energia Paulista.  The outlook is stable.  At
the same time, Standard & Poor's affirmed the 'BB' foreign currency
long-term corporate credit rating on the company.

"The local currency rating downgrade reflects an aggressive financial policy
evidenced by continued debt-funded acquisitions," said Standard & Poor's
credit analyst Fabiola Ortiz.

The rating action takes into consideration Interconexion Electrica's
expected deleveraging of its capital structure through a stock issue in
2007, as well as the expected associated improvement in the company's
financial measures.  In our view, the acquisition of Companhia Transmissao
reflects Interconexion Electrica's continuous efforts to pursue geographic
diversification and to capitalize growth opportunities throughout the
region.  Standard & Poor's expects that the acquisition will translate into
improved margins for Interconexion Electrica due to the consolidation of the
profitable Brazilian transmission business.

The affirmation of the local currency rating on Interconexion Electrica
reflects the company's dominant position in Colombia's National Transmission
System, its strategic importance for Colombia, its natural monopoly, and the
government's ownership.  These strengths are mitigated by the risks of
operating in Colombia's economic and political environment and by the risk
of foreign exchange, as well as by increased exposure to more volatile
economies such as Peru and Bolivia.

The stable outlook on the local currency rating reflects Interconexion
Electrica's operations in a proven and stable regulatory framework, and its
natural monopoly.  Standard & Poor's expects the company to maintain
satisfactory financial and operational performance.  The rating agency also
expects that the company will be able to improve its financial measures,
such as debt to EBITDA (to around 3x).  Any adverse macroeconomic
development in Colombia, a government ownership decrease to less than 51%,
or an aggressive investment plan in other countries without free cash flow
generation, with successful completion of the stock issuance, could pressure
the ratings downward.  A significant improvement in the company's key
financial ratios as well as a conservative and selective financial policy
regarding new investments (in terms of profitability and impact on
Interconexion Electrica's cash flow) could lead to a positive rating action
in the long term.

The positive outlook on the foreign currency ratings reflects the
government's ownership in Interconexion Electrica and the transmission
company's importance to the Republic of Colombia due to its operation of
about 84% of the country's transmission grid.  Although we view the
government's ownership as an important factor in maintaining a close link
between the sovereign rating and the rating on Interconexion Electrica,
Standard & Poor's does not see Interconexion Electrica's international
operations as strategic for the Colombian government. Thus, the close link
between the ratings could change.


* COLOMBIA: Lobbies in Washington for Trade Pact Approval
---------------------------------------------------------
Reuters reports that Peru and Colombia lobbied Monday in Washington for the
approval of their free-trade pacts.

Bilateral trade deal between the United States and Peru has been signed,
while a deal with Colombia will be signed in Nov. 22.  But the pacts have to
be ratified by the U.S. Congress in order to take effect.

The current US administration supports the trade deals with friendly Latin
American nations, but some Democrats in Congress won't vote in favor of the
deals unless stricter labor rules are imposed that would protect workers,
Reuters says.

"We're really big optimists ... Whether that's possible or not depends on
the U.S. agenda," Hernando De Soto, Peru's special trade envoy, was quoted
by Reuters as saying.

"We have a game plan that we want to propose to the government in light of
the results of the recent election," Reuters relates, citing Mr. De Soto.
The plan, which would not be a formal renegotiation, "should put to rest the
concerns that many Democrats have concerning labor and other matters ... in
which Peru has a very good standing international-wise," he added.

                        *    *    *

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.




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


BANCO INTERCONTINENTAL: District Court Postpones Fraud Trial
------------------------------------------------------------
The Dominican Republic's National District 1st Collegiate Court has moved
the DOP55 billion Banco Intercontinental SA fraud case on Nov. 22, Dominican
Today reports.

As reported in the Troubled Company Reporter-Latin America on Oct. 27, 2006,
the fraud trial against former Banco Intercontinental officials was
postponed for 20 days, as Juarez Castillo -- one of the defense lawyers --
would undergo heart surgery in Boston.  Juarez Castillo is the lawyer of
Ramon Baez Figueroa, the former president of Banco Intercontinental.

According to Dominican Today, the case was again postponed to give the
defense lawyers of Ramon Baez Figueroa -- the former head of Banco
Intercontinental -- a chance to be present in the hearing.

The judges accepted a motion by Mr. Figueroa's lawyers, after justifying
that it has yet to access the indictment to prepare their client's defense,
Dominican Today states.

Banco Intercontinental collapsed in 2003 as a result of a massive fraud that
drained it of about US$657 million in funds.  As a consequence, all of its
branches were closed.  The bank's current and savings accounts holders were
transferred to the bank's new owner -- Scotiabank.  The bankruptcy of
Baninter was considered the largest in world history, in relation to the
Dominican Republic's Gross Domestic Product.  It cost Dominican taxpayers
DOP55 billion and resulted to the country's worst economic crisis.


DYOLL INSURANCE: Officials Seek Dismissal of Charges
----------------------------------------------------
Legal representatives of Mark Thwaites -- former Dyoll Insurance chief --
and three other directors of Dyoll Group, have filed a constitutional motion
in the High Court, seeking to dismiss charges against them, Radio Jamaica
reports.

Radio Jamaica relates that these defendants appeared in the Half-Way-Tree
Criminal Court:

          -- Mr. Thwaites;
          -- Catherine Park-Thwaites, his wife;
          -- James Morrison, former Dyoll director; and
          -- Debbie Ann Hyde, former Financial Controller.

The four breached the Insurance Act when they supplied false information to
authorities regarding Dyoll's financial status, Radio Jamaica notes, citing
prosecutors.

Radio Jamaica underscores that the defendants were also accused of failing
to comply with Financial Services Commission directions between December
2004 and January 2005 regarding the investigation of Dyoll.

However, the defense lawyers filed a motion, saying that their clients
should be released as the latter were charged under a law that was not
existing, Radio Jamaica states.

The defense lawyers told Radio Jamaica that the Financial Services
Commission Act under which they were charged was not enacted during the
period when they allegedly committed fraud.  The lawyers said that even
though the legislation was passed by the Parliament in 2001, it was not
gazetted into law until
March 4, 2005.

Prosecutors wanted to place Dyoll before the court, which was opposed by the
defense, Radio Jamaica reports.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in Mar. 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
levelled on the company as a result of the hurricane Ivan.
Kenneth Tomlison was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.




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


PETROECUADOR: Unit Renews Contract with Union of Transport Firms
----------------------------------------------------------------
Petroecuador, the state-owned oil firm of Ecuador, said in a statement that
Petrocomercial, its transport and distribution division, has renewed the
fuel transport contract with the union of national transport companies.

The contract will ensure fuel supply to southern Ecuador with supply
transported from Guayaquil's Pascuales terminal to the Chaullabamba terminal
in Cuenca, Business News Americas reports.

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



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


* HONDURAS: IDB Includes Banco Ficohsa as Issuing Bank on TFFP
--------------------------------------------------------------
The Inter-American Development Bank included Banco Financiera Comercial
Hondurena, S.A. aka Banco Ficohsa - Honduras as Issuing Bank under its Trade
Finance Facilitation Program or TFFP.  Under the TFFP, the IDB extends
guarantees to cover letters of credit, promissory notes and other
instruments used in the financing of international trade transactions.  This
agreement will support expansion of Banco Ficohsa's trade finance activities
with IDB member countries by enabling its access to a broader number of
International Confirming Banks participating in the program.

"The inclusion of Banco Ficohsa in the IDB's Trade Finance Facilitation
Program is of great importance to us, because our bank has provided trade
finance services from the beginning," said Camilo Atala, executive president
of Grupo Financiero Ficohsa.  "This program broadens our network of
correspondent banks, resulting in greater benefits for our clients, who
everyday become more demanding and sophisticated due to the integration of
world markets and the development of global free trade.  We thank the IDB
for their inclusion of Banco Ficohsa and support to our bank."

Banco Ficohsa is a Honduran bank with over US$850 million in assets.  It is
headquartered in Tegucigalpa with domestic branches throughout the country.
Banco Fichosa is the first bank in Central America to receive a license for
a representative office, which is located in Miami.  The bank provides
financial services mainly to corporate, market companies and individuals.
Here, the TFFP is expected to play a meaningful role in assisting Banco
Ficohsa to broaden its international funding base among existing and new
international correspondent banks.

                        *    *    *

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: Gov't Agrees with Opposition on Speeding Up Talks
--------------------------------------------------------------
The government of Jamaica has agreed with the Parliamentary Opposition to
speed up deliberations on Air Jamaica, Radio Jamaica reports.

Radio Jamaica relates that Mike Henry, a Member of Parliament, carried out
on Nov. 14 his threat to bring the matter to the House, forcing the
government to agree on plans to expedite meetings of the parliamentary
committee examining Air Jamaica.

As reported in the Troubled Company Reporter-Latin America on Nov. 13, 2006,
Bruce Golding, a government opposition leader, has called for the activation
of a parliamentary select committee on Air Jamaica.  The select committee
was created in February but has not had one session.  Although the
government eventually agreed to a bipartisan select committee on Feb. 28 to
examine Air Jamaica's financial and operational status, the group has not
met since, Mr. Golding said.

Radio Jamaica underscores that Mr. Henry used one of the two options
available to opposition members to bring the issue to the House.  In the
Question and Answer session, Mr. Henry called for an urgent meeting of the
parliamentary committee and asked when questions he tabled last week about
Air Jamaica would be answered.

Dr. Peter Phillips, the Leader of Government Business in the House, replied
that there were challenges in setting a meeting date, Radio Jamaica notes.
According to him, the Standing Orders of Parliament stipulate that questions
were due to be answered on Nov. 28.

Dr. Phillips told Radio Jamaica that provision for questions, which require
urgent national attention, were contained in the Standing Orders of
Parliament.

According to Radio Jamaica, the Mr. Henry's questions would be answered
within a seven-day period.

However, Dr. Phillips told Radio Jamaica that Mr. Henry did not use the
Parliamentary mechanism.

Members of the House would receive Air Jamaica's balance sheet and other
documents needed to facilitate informed discussions, Radio Jamaica says,
citing Dr. Phillips.

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: No Job Layoffs in Airline's Reorganization
-------------------------------------------------------
The Air Jamaica management has guaranteed that the current workforce will
remain intact, Radio Jamaica reports, citing Kavon Gayle -- Bustamante
Industrial Trade Union Assistant General Secretary.

According to Radio Jamaica, Air Jamaica has over 2,000 workers.

Radio Jamaica relates that the Air Jamaica management met with senior
officials of trade unions:

          -- National Workers Union,
          -- Bustamante Industrial Trade Union,
          -- Union of Clerical, Administrative and Supervisory
             Employees,
          -- Jamaica Airline Pilots Association, and
          -- the group representing flight attendants.

As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2006,
the Air Jamaica management set a meeting with officials of the trade unions
representing the airline's workers to address concerns about the future of
the firm.  The unions requested for the meeting on fears that the
restructuring plan for Air Jamaica could result to layoffs.  Concerns about
Air Jamaica intensified after creditors confiscated one of its planes in
Miami last week.

Radio Jamaica underscores that the government had rejected a new business
plan from the Air Jamaica management and told the latter to come up with new
proposals.  The management has been advised to focus on downsizing some
areas and abandoning unprofitable routes.

Meanwhile, the Parliamentary Opposition will be heading to the parliament to
force state officials to give a response regarding the state of affairs at
Air Jamaica, Radio Jamaica notes.

The opposition will also ask the Jamaican government to give an update on
the status of the Special Select Committee on Air Jamaica, Radio Jamaica
states, citing Mike Henry -- the opposition spokesperson on transports.

The Troubled Company Reporter-Latin America reported on
Nov. 13, 2006, that Bruce Golding -- a government opposition leader --
called for the activation of a parliamentary select committee on Air
Jamaica.  The select committee was created in February but has not had one
session

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

                        *    *    *

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


KAISER ALUMINUM: Posts US$14.3MM Third Quarter 2006 Net Income
--------------------------------------------------------------
Kaiser Aluminum Corporation (NASDAQ: KALU - News) reported net income of
US$14.3 million for the third quarter 2006.  The company, which emerged from
Chapter 11 on July 6, 2006, additionally reported a US$3.1 billion non-cash
gain associated with the implementation of its plan of reorganization and
fresh-start accounting.  For the third quarter 2005, the company reported
net income of US$16.6 million.

The company reported operating income of US$21.7 million the third quarter
2006, which compares to US$19.7 million for the prior year quarter.
Operating income for the nine months of 2006 totaled US$74.1 million,
compared with US$45.5 million in the same period of 2005.

Net sales for the third quarter of 2006 increased 22 percent to US$331.4
million, compared with US$271.6 million for the third quarter of 2005.  Net
sales for the first nine months of 2006 increased 25 percent to US$1.0
billion compared with US$815.9 million for the same period the previous
year.  Both periods reflected increased shipments and significantly higher
metal prices.

"The company continues to deliver strong results leveraging the broad-based
demand for our fabricated products, especially for aerospace and high
strength applications," said Jack A. Hockema, chairman, president, and CEO
of Kaiser Aluminum.

                    Fabricated Products

Operating income in the fabricated products division totaled US$29 million
for the third quarter of 2006 compared with US$26 million for the same
period in 2005.  The third quarter results improved 13 percent from what was
a very strong quarter in 2005.  Slightly higher shipments and continuing
stronger conversion prices contributed approximately US$5 million to this
improvement.  In addition, operating income improved approximately US$2
million in the current period due to lower depreciation as the company
implemented fresh start accounting.  This was offset somewhat by higher than
normal major maintenance spending and other costs.

"Our third quarter 2006 operating income compares favorably to the same
quarter in 2005 which is especially impressive given that last year's
results were driven by a dramatic increase in plate sales," added Mr.
Hockema.  "Heat treat plate demand remains at unprecedented levels and we
expect this trend to continue."

For the first nine months of 2006, operating income in the fabricated
products division totaled US$90 million compared with US$66 million for the
same period in 2005.  The significant improvement in operating results for
the nine-month period reflects higher shipments, stronger conversion prices
and favorable scrap raw material costs offset by unfavorable energy and
non-run-rate costs.

                      Primary Products

Operating income in the primary products segment, which includes the
non-core Anglesey operations, totaled US$3 million for the third quarter,
approximately US$2 million below the third quarter 2005.  Operating income
in the primary products segment totaled US$15 million for the first nine
months of 2006, an approximate US$2 million increase over the same period in
2005.  Favorable impacts from rising ingot prices were largely offset by
firm price commitments to the fabricated products business in both periods.
Additionally, the 2006 periods reflected adverse impacts in both power and
alumina costs.  The results also included these non-run-rate items:

   -- Mark-to-market gains on hedging-related derivative
      transactions for the third quarter of US$1 million
      compared with a loss of US$1 million for the 2005
      period.

   -- Mark-to-market gains on hedging-related derivative
      transactions for the first nine months of US$8 million
      compared with a loss of US$5 million for the 2005 period.

The company disclosed a further expansion at its Trentwood facility,
increasing plate capacity and capabilities.  The first phase of this project
is now operating at full production.  The second phase is expected to be
fully operational by mid 2007, and the entire project by early 2008.

"The Trentwood expansion enjoys broad and strong customer support, and we
are pleased to have added several new multi-year supply contracts," added
Mr. Hockema.  "The additional capacity created by this expansion will
increase our ability to serve our customers."

Upon emergence from its Chapter 11 proceedings on July 6, 2006, the company
adopted fresh-start accounting in accordance with SOP 90-7, and a
significant amount of liabilities subject to compromise were relieved.
These changes make the historic financial statements for the periods prior
to emergence difficult to compare to the financial statements presented on
or after emergence.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading producer of
fabricated aluminum products for aerospace and high-strength, general
engineering, automotive, and custom industrial applications.  The Company,
along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corp. -- filed for chapter 11
protection on Feb. 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its cases.
Corinne Ball, Esq., at Jones Day, represents the Debtors in their
restructuring efforts.  Lazard Freres & Co. serves as the Debtors' financial
advisor.  Lisa G. Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J.
Kaim, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official Committee of
Unsecured Creditors.  The Debtors' Chapter 11 Plan became effective on July
6, 2006.  On June 30, 2004, the Debtors listed US$1.619 billion in assets
and US$3.396 billion in debts.  (Kaiser Bankruptcy News, Issue No. 107;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
609/392-0900)




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


CINEMARK USA: Third Quarter 2006 Revenues Up 12.4% to US$288MM
--------------------------------------------------------------
Cinemark USA, Inc.'s revenues for the three months ended
Sept. 30, 2006, increased 12.4% to US$288.0 million from US$256.3 million
for the three months ended Sept. 30, 2005.  The increase was primarily
related to a 4.5% increase in attendance, a 5.2% increase in average ticket
prices, a 7.4% increase in concession revenues per patron and a 41.4%
increase in other revenues.  The increase in other revenues is primarily the
result of incremental screen advertising due to the company's participation
in National CineMedia.

Operating income for the three months ended Sept. 30, 2006, was US$34.7
million compared with operating income of US$27.8 million for the three
months ended Sept. 30, 2005.  Earnings before interest, taxes, depreciation,
amortization and other non-cash expenditures for the three months ended
Sept. 30, 2006, increased to US$61.9 million from US$51.0 million for the
three months ended Sept. 30, 2005.  The company's Adjusted EBITDA margin was
21.5% for the three months ended Sept. 30, 2006.  Net income for the three
months ended Sept. 30, 2006, was US$14.3 million compared with net income of
US$10.6 million for the three months ended Sept. 30, 2005.

For the nine months ended Sept. 30, 2006, revenues increased 11.0% to
US$829.1 million from US$747.0 million for the nine months ended Sept. 30,
2005.  The increase was primarily related to a 4.0% increase in attendance,
a 5.1% increase in average ticket prices, a 6.7% increase in concession
revenues per patron and a 30.5% increase in other revenue due to National
CineMedia screen advertising.  The company's operating income for the nine
months ended Sept. 30, 2006, was US$108.2 million compared with operating
income of US$89.0 million for the nine months ended Sept. 30, 2005.
Adjusted EBITDA for the nine months ended
Sept. 30, 2006, increased to US$180.6 million from US$152.5 million for the
nine months ended Sept. 30, 2005.  The company's Adjusted EBITDA margin was
21.8% for the nine months ended
Sept. 30, 2006.  Net income for the nine months ended
Sept. 30, 2006, was US$50.6 million compared with net income of US$37.2
million for the nine months ended Sept. 30, 2005.

Cinemark USA, Inc. continues to be a leader in the development of stadium
seating multiplex theatres.  During the nine months ended Sept. 30, 2006,
the company opened 15 new theatres with
a total of 154 screens and acquired one theatre with 12 screens
in an exchange for one of our existing theatres.  On
Sept. 30, 2006, the company's aggregate screen count was 3,413, with screens
in the United States, Canada, Mexico, Argentina, Brazil, Chile, Ecuador,
Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Colombia.  As
of Sept. 30, 2006, the company had signed commitments to open six new
theatres with 78 screens by the end of 2006 and open 12 new theatres with
138 screens subsequent to 2006.

On Oct. 5, 2006, the company completed its acquisition of Century Theatres,
Inc., a national theatre chain headquartered in San Rafael, California with
approximately 79 theatres in 12 states, for a purchase price of
approximately US$681 million and the assumption of approximately US$360
million of debt of Century.

For Century's fiscal year ended Sept. 28, 2006, unaudited revenues, theatre
level cash flow, Adjusted EBITDA and operating income was approximately
US$516.0 million, US$143.3 million, US$122.1 million and US$59.3 million,
respectively.  Proforma revenues, TLCF and Adjusted EBITDA of the combined
companies, adjusted for approximately US$7.0 million in projected general
and administrative cost synergies, US$3.0 million in operating cost savings
and US$22.0 million in projected incremental advertising revenues, are
approximately US$1,640.2 million, US$463.0 million and US$392.3 million,
respectively.  Additionally, as a result of the acquisition, Cinemark's
percentage ownership in National CineMedia is estimated to increase to
approximately 25%.

On Oct. 12, 2006, National CineMedia filed a registration statement for a
proposed initial public offering with the Securities and Exchange
Commission.  National CineMedia intends to distribute the net proceeds from
the proposed initial public offering to its current owners, Regal
Entertainment Group, AMC Entertainment, Inc., and the company.  There can be
no guarantee that National CineMedia will complete the proposed initial
public offering or that the company will receive any proceeds.

Cinemark Inc. -- http://www.cinemark.com/-- operates 202
theatres and 2,469 screens in 34 states in the United States and
operates 112 theatres and 932 screens internationally in 13
countries, mainly Mexico, South and Central America.  Cinemark
was founded in 1987 by its Chief Executive Officer and Chairman
of the Board, Lee Roy Mitchell.  In 2004 a controlling interest
in Cinemark was sold to Madison Dearborn Capital Partners.
Cinemark was among the first theatre exhibitors to offer
advanced real-time Internet ticketing at its own website.

                        *    *    *

Standard & Poor's Ratings Services placed on Aug. 8, 2006, all
its ratings on Cinemark Inc. and subsidiary company Cinemark USA
Inc., which are analyzed on a consolidated basis, including the
'B+' corporate credit ratings, on CreditWatch with negative
implications.

The CreditWatch listing follows the company's announcement that
it will be financing the acquisition of Century Theatres Inc.
(B+/Negative/--) with a senior credit facility.  Cinemark had
US$1 billion in debt and US$846 million in present value of
operating leases as of March 31, 2006.


CINRAM INT: S&P Revises Outlook to Negative on Weak Financials
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on Cinram
International Inc., a wholly owned indirect subsidiary of Cinram
International Income Fund, to negative from stable.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit rating and
its 'BB-' bank loan rating, with a recovery rating of '4', on prerecorded
multimedia manufacturer Cinram.

"The negative outlook is based on Cinram's weakened financial performance
with both reported revenues and EBITDA down compared with the same period
the previous year," said Standard & Poor's credit analyst Lori Harris.  The
reported EBITDA margin also declined compared with the same period the
previous year because of lower volume and prices.  "We believe that margin
pressure will be ongoing given the media replication industry's
commodity-like nature, which has resulted in a continued decline in selling
prices," added Ms. Harris.

Furthermore, the negative outlook also reflects Standard & Poor's concerns
about long-term industry fundamentals as digital distribution is expected to
become a larger source of studio revenues.

The ratings on Cinram reflect the company's limited financial flexibility
and weak business risk profile, which is based on customer and product
concentration, seasonality, and the commodity-like nature of the media
replication industry that is vulnerable to shifts in technology toward
on-demand products and availability of hit new releases.  Although new hits
are a significant source of revenue growth, the availability of previously
released titles and television series in DVD format is also an important
part of the company's revenue base.  These factors are partially offset by
Cinram's strong market position as the world's largest manufacturer of
prerecorded multimedia products, solid credit measures, and management's
track record of adapting to changing technologies.

The negative outlook reflects Standard & Poor's concerns regarding the
challenges Cinram faces given its weakened operating performance and
difficult industry fundamentals.  The medium-to-long-term effect of these
challenges could be weakness in the overall business model as consumers
choose other media delivery methods.  Downward pressure on the ratings could
come from debt-financed acquisition activity or the deterioration in the
company's operations stemming from the loss of a significant contract or the
increased consumer acceptance of a competitive product or service.  In the
medium term, there is limited potential for a revision of the outlook back
to stable, given the high technological risk associated with the industry.

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International Income Fund,
provides pre-recorded multimedia products and related logistics services.
With facilities in North America and Europe, Cinram International Inc.
manufactures and distributes pre-recorded DVDs, VHS video cassettes, audio
CDs, audio cassettes and CD-ROMs for motion picture studios, music labels,
publishers and computer software companies around the world.  The company
has sales offices in Mexico.


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

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

                  About Enesco Group, Inc.

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

             What Happened to Precious Moments?

On May 17, 2005, the Company terminated its license agreement with Precious
Moments, Inc., to sell Precious Moments(R) products in the U.S.  On July 1,
2005, the Company we began operating under an agreement with PMI where
Enesco provided PMI transitional services related to its licensed inventory
through Dec. 31, 2005.  In conjunction with the PMI agreement, in June 2005
the Company incurred a loss of US$7.7 million equal to the cost of inventory
transferred to PMI.  The Company has not recorded any revenues for
transition services in 2006, as PMI has exercised its option to perform the
services in-house beginning Jan. 1, 2006.

During the transition period, Enesco maintained inventories of PMI products
on a consignment basis and processed sales orders on PMI's behalf.  Enesco
recorded the gross sale and cost of sale of PMI products and, additionally,
recorded a charge to cost of sales for the sale amounts to be remitted to
PMI, net of the amounts due from PMI for inventory purchases.  Enesco also
earned sales commissions and service fees from PMI for product fulfillment,
selling and marketing costs.  In the three months ended June 30, 2006,
Enesco and PMI reconciled the amounts owed to each other and, as a result,
the Company recorded an additional charge of US$355,000 to cost of sales to
properly reflect amounts due to PMI.  At June 30, 2006, the net amount owed
PMI was US$1 million, payable in three equal installments in July, August
and September.


FORD MOTOR: Files Third Quarter & Restated 2005 Annual Reports
--------------------------------------------------------------
Ford Motor Company filed with the U.S. Securities and Exchange
Commission its 2006 third-quarter 10-Q Report and an amended 2005 10-K
Report to restate its previously reported financial results from 2001
through 2005 to correct accounting for certain
derivative transactions under Paragraph 68 of the Statement of
Financial Accounting Standards 133, Accounting for Derivative
Instruments and Hedging Activities.

As part of the restatement, the company also reversed certain
immaterial accounting adjustments and recorded them in the proper period.

For the third quarter and first nine months of 2006, the company
reported a net loss of US$5.2 billion and US$7 billion, respectively; this
is an improvement of about US$550 million and US$250 million, respectively,
from the preliminary results released on Oct. 23.

The improvement primarily reflected the effect of the change in
accounting for certain Ford Motor Credit Company interest rate
swaps under Paragraph 68 of SFAS 133 and the impact of that change on the
valuation allowance for deferred tax assets.

The company also filed a Form 10-K/A for the year ended
Dec. 31, 2005, which includes amended financial statements for each of the
years ended Dec. 31, 2003, 2004, and 2005, and selected financial data for
each of the years 2001 through 2005.  Amended Form 10-Qs for the first and
second quarter of 2006 will be filed with the SEC by Nov. 20.

The restatement's cumulative impact on net income was an increase of about
US$850 million.  The change in accounting for the Ford Credit interest rate
swaps did not affect the economics of the derivative transactions involved,
nor have any impact on Ford Motor Company's cash.

Ford restated its results after discovering that certain interest rate swaps
that Ford Credit had entered into did not satisfy the specific requirements
of Paragraph 68 of SFAS 133 that would have exempted these transactions from
periodic assessments of their effectiveness.

One of the general requirements of SFAS 133 is that hedge
accounting is appropriate only for those hedging relationships
that a company expects will be highly effective in achieving
offsetting changes in fair value or cash flows attributable to the risk
being hedged.

Although Ford Credit's interest rate swaps were and continue to be highly
effective economic hedges, the company determined that
nearly all of these transactions did not meet Paragraph 68's
exemption requirements.

SFAS 133 precludes the company from retroactively testing the
effectiveness of these transactions in order to continue to apply hedge
accounting.

As a result, the restatement of the company's financial results
reflects changes in fair value of these hedging instruments as
derivative gains and losses during the affected periods, without
recording any offsetting change in the value of the debt they were hedging.

Changes in the fair value of interest rate swaps are driven
primarily by changes in interest rates.

Ford Credit has long-term interest rate swaps with large notional balances,
many of which are "receive-fixed, pay-float" interest rate swaps.  These
types of swaps increase in value when interest rates decline, and decline in
value when interest rates rise.

As a result, changes in interest rates can cause substantial
volatility in the fair values that must now be recognized in
earnings.

For 2001 and 2002, when interest rates were trending lower, Ford
is now recognizing large derivative gains in its restated
financial statements.

The upward trend in interest rates from 2003 through 2005 caused
the interest rate swaps to decline in value, resulting in the
recognition of derivative losses for these periods.

"After a review of our internal controls, we determined a material weakness
did exist with relation to SFAS 133.  That material weakness has been fully
remediated with the completion of this restatement," Ford's executive vice
president and chief financial officer Don Leclair said.

"Our hedging strategy going forward will continue to be effective at
reducing our exposure to economic risks."

The restatement also includes out-of-period adjustments that were previously
evaluated, both individually and in the aggregate, and determined to be
immaterial to the company's originally-filed financial statements.  As part
of the restatement, these immaterial adjustments are being reversed and
recorded in the appropriate periods.

Effect of Restatement

                              Net Income/(Loss)

                 2001      2002      2003      2004      2005
                (Bils.)   (Bils.)   (Bils.)   (Bils.)   (Bils.)
                -------   -------   -------   -------   -------
Previously
Reported
Net Income     (US$5.5)  (US$1.0)   US$0.5    US$3.5      US$2.0

Total Change
in Net
Income/(Loss)   US$0.7    US$1.9   (US$0.3)  (US$0.5)  (US$0.6)
                -------   -------   -------   -------   -------
Net Income
after
Restatement    (US$4.8)   US$0.9    US$0.2    US$3.0      US$1.4
                =======   =======   =======   =======   =======

                           * Including Special Items

Full-text copies of the Company's financials are available for
free at:

   Third Quarter Ended
   Sept. 30, 2006        http://ResearchArchives.com/t/s?1511

   Year Ended
   Dec. 31, 2005         http://ResearchArchives.com/t/s?1512

                      About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated automotive brands
include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and
Volvo.  Its automotive-related services include Ford Motor Credit Company
and The Hertz Corp.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 24, 2006,
Standard & Poor's Ratings Services placed its 'B' senior unsecured debt
issue ratings on Ford Motor Co. on CreditWatch with negative implications.
At the same time, S&P affirmed all other ratings on Ford, Ford Motor Credit
Co., and related entities, except the rating on Ford Motor Co. Capital Trust
II 6.5% cumulative convertible trust preferred securities, which was lowered
to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative.

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance led to the downgrade of the company's
long-term rating to B3.


GENERAL MOTORS: Fitch Rates New US$1.5 Billion Senior Loan at BB
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to General Motors
Corp.'s new US$1.5 billion, seven-year senior secured term loan.  GM's new
term loan is also placed on Rating Watch Negative, where it stands with GM's
'B' Issuer Default Rating and 'B/RR4'
senior unsecured debt pending resolution of the Delphi situation.

The new senior secured loan will be secured by perfected, first-
priority liens on machinery, equipment and special tools at
principal U.S. manufacturing facilities.

The loan is overcollateralized and full recovery is expected under a default
scenario.  The loan is also subject to a collateral value test with
collateral value required to be at least 2.5 times the amount of the loan
outstanding.

The new secured term loan brings total secured debt facilities to US$7.5
billion.  Under Fitch's recovery analysis, the new term loan would move the
estimated recovery value for unsecured debtholders to the very bottom of the
'RR4' range (estimated recovery of 30-50%).  As a result, any changes to
Fitch's assumptions or to GM's liability structure could result in a
downgrade of the unsecured debt rating.

The new facility provides a very modest boost to liquidity, which remains
adequate to fund near-term negative cash flows.  Cash flows remain negative
due to operating results, working capital drains and restructuring costs.
Liquidity is expected to be boosted substantially by the pending sale of a
controlling
interest in GMAC.

Operating results have benefited from the rollout of the GMT-900
series SUV products, and will further benefit from the rollout of the
refreshed pickup lineup.  However, industry sales declines in these
categories are likely to continue due to changing customer tastes, the
impact of higher gas prices and the impact of slower growth, casting doubt
on the sustainability of revenues in the latter part of 2007.  The
realization of cost savings from restructuring efforts should become more
evident, although high commodity costs, restructuring costs and working
capital outflows will likely result in continued negative cash outflows in
2007.  The Delphi situation, further stresses in the supply base, and the
September 2007 UAW contract talks also pose event risk over the near-term.


GENERAL MOTORS: S&P Rates US$1.5B Sr. Term Loan Facility at 'B+'
----------------------------------------------------------------Standard &
Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors
Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013,
with a recovery rating of '1'.

The 'B+' rating was placed on Creditwatch with negative implications,
consistent with the other issue ratings of General Motors, excluding
recovery ratings.  The bank loan is rated one notch higher than the
corporate credit rating.  This and the '1' recovery rating indicate that
lenders can expect full recovery of principal in the event of a payment
default.

At the same time, Standard & Poor's said that all ratings on General Motors,
including the 'B+' bank loan ratings--but excluding the '1' recovery
ratings -- remain on CreditWatch with negative implications. General
Motors's unsecured debt continues to be rated one notch below the corporate
credit rating.  The rating agency estimates that the absolute recovery
prospects for the unsecured creditors exceed 50% as detailed in our recovery
report dated June 20, 2006.  In addition, the disadvantage to the unsecured
debtholders is reflected by the ratio of priority claims to adjusted assets,
which is in the mid-20% area.  The new secured term loan facility provides
the company with a modest amount of incremental liquidity.

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


GLOBAL POWER: Wants Court Approval to Use BofA's Cash Collateral
----------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates
ask the U.S. Bankruptcy Court for the District of Delaware for
permission to use the cash collateral securing repayments of its
obligations to Bank of America N.A.

On Oct. 1, 2004, the Debtors entered into a US$1 million credit
agreement with Bank of America N.A.  On Apr. 1, 2005, the Debtors further
entered into a US$25 million term loan and US$75 million revolving credit
facility joint agreement with the U.S. Bank of National Association and Bank
of Oklahoma N.A., their senior lenders.  These obligations were secured by
liens and security interest in substantially of the Debtors' assets.

The Debtors' proposed cash collateral will be used to fund its
administration and operating expenses.  Additionally, the Debtors pledge
approximately US$8.5 million in cash and cash equivalent to further secure
the Debtors' obligations.

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

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


KANSAS CITY: Moody's Rates Senior Unsecured Notes due 2013 at B3
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Kansas City
Southern de Mexico S.A de C.V.'s issue of senior unsecured notes
due 2013.

Moody's will withdraw the rating on KCSM's 10.25% senior unsecured notes due
2007.

Also, Moody's changed the ratings outlook to stable from negative for KCSM,
Kansas City Southern Railway Company and Kansas City Southern.

KCSM is highly leveraged compared to other railroad competitors,
with credit metrics that are consistent with other issuers at the B3 rating
level.  The company operates a geographically attractive railway concession
in Mexico and has shown strong recent improvement in operating performance,
somewhat lagging the trend of the rest of the industry however.  KCSM is
highly sensitive to conditions in the Mexican economy and to Mexican
regulation and has a particularly high exposure to local automotive
production levels.

In addition, "KCSM has significant ongoing capital spending
requirements, especially for locomotives, which will likely limit sustained
improvement in credit metrics" according to Bob
Jankowitz, Senior Vice-President at Moody's.

KCSM's debt level will not change as proceeds of the 2013 Notes
will pay for the 10.25% Notes tendered under KCSM's current Tender Offer.
Because a substantial portion of the 10.25% Notes has been tendered to date,
Moody's will withdraw the rating on these notes.

However, issuing the 2013 Notes at this time will ease the near
term refinancing risk considerably, particularly since a condition of KCSM's
bank facility requires the outstanding 10.25% Notes to be refinanced in
March 2007 at the latest.

In addition, KCSM is expected to renegotiate its bank term loan to extend
out the amortization schedule.

These financing actions at KCSM, combined with much better
operating performance at both railroads and management's efforts
to control the cash position, have improved liquidity for both
KCSM and KCSR.

Moody's expectations of adequate near-term liquidity and some
further operating improvement drove the revision in the rating
outlook to stable from negative.

Moody's notes that KCSM's 2013 Notes will not be guaranteed by
either KCSR or KCS.  Similarly, the KCSR debt is not guaranteed by KCSM.

Kansas City Southern de Mexico owns the concession to operate
Mexico's northeast railway.


REMY INT: Weak Quarterly Results Cue S&P to Lower Rating to CCC
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Anderson, Ind.-based electrical components manufacturer Remy International
Inc. to 'CCC' from 'CCC+'.  The outlook is negative.

"The downgrade stems from Remy's inability to improve very weak earnings and
cash flow, leaving the company with shrinking prospects for meeting its
December 2007 maturity of its $145 million senior notes," said Standard &
Poor's credit analyst Nancy C. Messer.

Remy recently lowered its earnings guidance for 2006 to a range that is not
sufficient to cover the company's cash interest expense. In addition, Remy's
possible asset divestitures, details of which have not been announced, are
not expected to reduce leverage, and could have implications for the
recovery ratings that Standard & Poor's has assigned to Remy's secured debt.
Remy's secured bank debt is governed by a borrowing base mechanism, which
should tie usage to asset levels.   Still, should future asset sales manage
to reduce asset protection we would review Standard & Poor's recovery
rating.

The expected sale of Remy's diesel powertrain remanufacturing operations
could generate proceeds of up to US$150 million by the end of 2006, and the
company has retained a financial restructuring firm to advise it in the best
use of these proceeds.  Although details of the possible asset divestiture
and subsequent debt repurchase have not been disclosed, the company is
expected to remain highly leveraged following the two transactions. In
addition to the 2007 maturity, Remy faces several debt maturities in the
intermediate term, which will be difficult to refinance if EBITDA remains
depressed.  The company's US$80 million term loan has a required bullet
payment due in June 2008. The company's US$125 million second-lien floating
notes mature in April 2009, and US$165 million of subordinated notes mature
in May 2009.

Headquartered in Anderson, Indiana, Remy International, Inc., manufactures,
remanufactures, and distributes Delco Remy brandheavy-duty systems and Remy
brand starters and alternators, diesel engines,locomotive products and
hybrid power technology.  The company also provides worldwide components
core-exchange service for automobiles, light trucks, medium and heavy-duty
trucks and other heavy-duty, off-road and industrial applications.  Remy was
formed in 1994 as a partial divestiture by General Motors Corp. of the
former Delco Remy Division, which traces its roots to Remy Electric, founded
in 1896.  Its Latin American operations are in Brazil and Mexico.




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


* NICARAGUA: Plans Waterway Linking Pacific to Atlantic
-------------------------------------------------------
Nicaragua plans to build a water canal that would serve as a gateway between
the Pacific and Atlantic oceans.  The proposed waterway would accommodate
biggers ships, about 250,000 tons, that can't pass through the existing
Panama Canal, BBC News reports.

Nicaraguan President Enrique Bolanos told BBC that the project would cost
US$18 billion and would take 12 years to complete.  The president assures
that the canal won't compete with Panama for the same trade.

"The galloping increase in world business demands another canal in addition
to a widened Panama Canal," the Nicaraguan president said in a meeting,
calling for international funding to back the project that would add
economic life to the region, BBC News relates.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date

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




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


BANCO BHD: Will Launch Branch Offices in Panama
-----------------------------------------------
Banco BHD will launch operating offices in Panama, after securing an
international license from the Banks Superintendence in the nation, DR1
Newsletter reports.

Dominican Today relates that the new branch will be called the BHD
International Bank.

Banco BHD has fulfilled all legal requirements established by the Monetary
and Financial law on investments and the opening of an entity abroad, Diario
Libre notes.

Banco BHD's expansion strategy is aimed at benefiting from the increasing
commercial relations to be brought about by the Free Trade Agreement with
Central American nations and the United States, Dominican Today states.

                        *    *    *

As reported in the Troubled Company Reporter on May 22, 2006, Fitch upgraded
the foreign currency long-term Issuer Default Rating of Banco BHD to 'B'
from 'B-'.  Fitch has also affirmed Banco BHD and Republic Bank's other
international and national ratings.  These actions follow Fitch's recently
announced upgrade of the Dominican Republic's long-term foreign currency IDR
to 'B'.




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


* PERU: Lobbies at U.S. Congress for Trade Pact Approval
--------------------------------------------------------
Reuters reports that Peru and Colombia lobbied Monday in Washington for the
approval of their free-trade pacts.

Bilateral trade deal between the United States and Peru has been signed,
while a deal with Colombia will be signed in Nov. 22.  But the pacts have to
be ratified by the U.S. Congress in order to take effect.

The current US administration supports the trade deals with friendly Latin
American nations, but some Democrats in Congress won't vote in favor of the
deals unless stricter labor rules are imposed that would protect workers,
Reuters says.

"We're really big optimists ... Whether that's possible or not depends on
the U.S. agenda," Hernando De Soto, Peru's special trade envoy, was quoted
by Reuters as saying.

"We have a game plan that we want to propose to the government in light of
the results of the recent election," Reuters relates, citing Mr. De Soto.
The plan, which would not be a formal renegotiation, "should put to rest the
concerns that many Democrats have concerning labor and other matters ... in
which Peru has a very good standing international-wise," he added.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:

                     Rating     Rating Date

   Country Ceiling     BB      Nov. 18, 2004
   Long Term IDR       BB      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB+     Dec. 14, 2005




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


CENTENNIAL COMMS: Redeeming US$20 Mil. of 10-3/4% Senior Notes
--------------------------------------------------------------
Centennial Communications Corp. will redeem US$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.

              About Centennial Communications

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 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
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's controlling shareholders.

At Aug. 31, 2006, Centennial's balance sheet showed US$1,433,497,000 in
total assets and US$2,498,651,000 in total liabilities resulting in a
US$1,065,154,000 stockholders' deficit.

                        *    *    *

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.


PILGRIM'S PRIDE: Prices Gold Kist's 10-1/4% Senior Notes
--------------------------------------------------------
Pilgrim's Pride Corp. disclosed new pricing in its cash tender offer for,
and consent solicitation with respect to, any and all of Gold Kist Inc.'s
outstanding 10-1/4% Senior Notes due
March 15, 2014 (CUSIP No. 380616AB8, ISIN US380616AB82).  The tender offer
and consent solicitation are being made in connection with Pilgrim's Pride's
proposed acquisition of all of the outstanding common shares of Gold Kist.
Pilgrim's Pride's
obligation to accept for purchase and to pay for Notes properly
tendered and not withdrawn is subject to the satisfaction of
certain conditions which are described in the Offer to Purchase,
and Consent Solicitation Statement Dated Sept. 29, 2006, including the
satisfaction or waiver of all conditions to the tender offer for Gold Kist's
common shares.

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Pilgrim's Pride extended the tender offer expiration date to
Nov. 29, 2006, unless further extended.  Pilgrim's Pride also
received the requisite consents to the proposed amendments to the Notes and
the indenture under which the Notes were issued from holders of
approximately 99% of the aggregate principal amount of the outstanding
Notes.  Pursuant to the terms of the offer, as a result of the extension of
the Expiration Date, the consideration payable to holders of Gold Kist Notes
has been calculated using a new Price Determination Date of
Nov. 13, 2006, which is the 11th business day preceding the scheduled
Expiration Date.

Based on an assumed payment date of Dec. 2, 2006, holders who
validly tendered Notes with consents at or prior to 5:00 p.m., New York City
time, on Oct. 13, 2006 are eligible to receive US$1,153.29 for each US$1,000
principal amount of the Notes.  The Total Consideration includes a consent
payment equal to US$30 in cash per US$1,000 principal amount of the Notes.
The Consent Payment is payable only to holders of Notes validly tendered
with consents and not validly withdrawn on or prior to the Consent Date.

Holders who validly tendered Notes with consents after the Consent Date but
at or prior to midnight, New York City time, on the Expiration Date are
eligible to receive US$1,123.29 for each US$1,000 principal amount of the
Notes.

In addition to the Total Consideration or the Tender Offer
Consideration payable in respect of Notes purchased in the offer, Pilgrim's
Pride will pay accrued and unpaid interest from the last interest payment
date to, but not including, the Payment Date.  The "Payment Date" is
expected to be promptly after the Expiration Date and immediately prior to
the closing of the transactions contemplated by the tender offer for Gold
Kist's common shares.

The Total Consideration and the Tender Offer Consideration were
determined as of 10:00 a.m., New York City time on
Nov. 13, 2006, based on the Reference Yield of 4.686% for the Notes, and a
Fixed Spread of 50 basis points for the Notes, using an assumed Dec. 2,
2006, Payment Date for calculation purposes.  The offer is currently
scheduled to expire at 5:00 p.m. New York City Time on Nov. 29, 2006.  If
the Expiration Date is extended for more than 10 business days following the
Expiration Date, a new price determination date will be established (to be
10:00 a.m. New York City time on the 11th business day immediately preceding
the new Expiration Date) and the Tender Offer Consideration and the Total
Consideration will be redetermined as of new price determination date.
Information regarding the pricing, tender and delivery procedures, the
conditions to the tender offer and consent solicitation relating to the
Notes and the proposed amendments to the Notes and Gold Kist indenture are
contained in the Offer to Purchase.

Pilgrim's Pride has engaged Lehman Brothers Inc. to serve as the
Dealer Manager for the tender offer and the Solicitation Agent for the
consent solicitation.  Mellon Investor Services LLC has been retained to
serve as the Depository and Innisfree M&A Incorporated has been retained to
serve as the Information Agent for the tender offer and consent
solicitation.  Requests for documents may be directed to:

     Innisfree M&A Incorporated
     501 Madison Avenue, 20th Floor,
     New York, NY 10022
     Telephone (877) 687-1874 (toll free in the U.S. and Canada)
                or (212) 750-5833 (call collect)

Questions regarding the tender offer and consent solicitation may be
directed to Lehman Brothers Inc. by telephone at (800) 438-3242 (toll free
in the U.S.) or (212) 528-7581 (call collect).

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corp.
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the United States,
Mexico and in Puerto Rico.  Pilgrim's Pride employs approximately 40,000
people and has major operations in Texas, Alabama, Arkansas, Georgia,
Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee, Virginia, West
Virginia, Mexico and Puerto Rico, with other facilities in Arizona, Florida,
Iowa, Mississippi and Utah.

                        *    *    *

Moody's Investors Service's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology for the U.S. Consumer Products
sector, the rating agency held its Ba2 Corporate Family Rating for Pilgrim's
Pride Corp.  In addition, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on the company's note
issues, including an LGD6 rating on its US$100 million 9.250% Sr. Sub.
Global Notes Due Nov. 15, 2013, suggesting noteholders will experience a 95%
loss in the event of a default.


MUSICLAND HOLDING: Objects to James Hayes Lift Stay Motion
----------------------------------------------------------
James and Susan Hayes sought the U.S. Bankruptcy Court for the
Southern District of New York to lift the automatic stay to allow them to
commence:

   (a) negotiations with St. Paul Travelers Insurance with
       regards to the personal injury incident; and

   (b) an action for negligence against Musicland Holding Corp.
       and its debtor-affiliates in the Supreme Court, County of
       Erie.

Joel A. McMahon, Esq., at Watson, Bennett, Colligan, Johnson &
Schechter, L.L.P., in Buffalo, New York, related that in February 2004, Mr.
Hayes suffered severe injuries to his left lower extremities when he slipped
and fell in the parking lot of a Mediaplay store.  The Mediaplay store is
owned and managed by
Musicland Group, Inc.

Mr. McMahon asserted that Mr. Hayes sustained his injuries due to the
Debtors' negligence, the Troubled Company Reporter reports on Oct. 20, 2006.

                       Debtors Oppose

Andrea L. Johnson, Esq., at Kirkland & Ellis LLP, in New York,
notes that the automatic stay is a key element in preventing a
chaotic and uncontrolled scramble for a debtor's assets in a
variety of uncoordinated proceedings in different courts.

Ms. Johnson contends that James and Susan Hayes failed to
establish a prima facie case for the lifting of the automatic
stay.

If the Court allows Mr. Hayes' request, it may create an
unnecessary distraction preventing the Debtors from focusing on
confirming and implementing the liquidating plan of
reorganization, Mr. Johnson says.  "Allowing the action to proceed
prejudices the interests of the Debtors and other unsecured creditors."

The Debtors ask the Court to deny Mr. Hayes' request.

The Official Committee of Unsecured Creditors joins in the
Debtors' Objection.

                     Hayes Talks Back

The cost of defending an action is but one factor for the Court to consider,
but it alone does not constitute grounds for denying a movant relief from
the automatic stay, Joel A. McMahon, Esq., at Watson, Bennett, Colligan,
Johnson & Schechter, L.L.P., in Buffalo, New York, contends.

Mr. McMahon relates that the Debtors' counsel is aware that Mr.
Hayes sustained an ulceration that may result in amputation, but
the Debtors deny that the resulting ulceration was related to the initial
injury.  Mr. McMahon argues that the Debtors' position is speculative.

"It is the Hayes' position that the ulceration and potential
amputation is related to the incident caused by the Debtors'
negligence as lessee of the subject property," Mr. McMahon says.

Mr. Hayes asks the Court to permit him to proceed in negotiations with the
Debtors' insurance carrier and to commence an action for negligence against
the Debtors.

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


MUSICLAND HOLDING: Second Interim Fee Filing Deadline Is Jan. 30
----------------------------------------------------------------
Musicland Holding Corp. and its debtor-affiliates' Plan of
Liquidation provides that all final requests for payment of Fee
Claims must be filed no later than 45 days after the Confirmation Date.

The U.S. Bankruptcy Court for the Southern District of New York
has set a confirmation hearing date on Nov. 28, 2006.  If the Plan is
confirmed by Nov. 28, the Professionals will be required to submit a Final
Fee Application by Jan. 12, 2007.

The Professionals would be obligated to file their Final Fee
Application relatively shortly after the filing of their Second
Interim Fee Application.

The Debtors, the Official Committee of Unsecured Creditors and the Informal
Committee of Secured Trade Vendors believe that the
requirement of filing the Second Interim Fee Application would
likely result in unnecessarily duplicative proceedings, a waste of valuable
judicial resources and an increase in the cost of
Professional's fees for the Debtors' estates.

Consequently, the Parties agree that the Professionals' deadline
for filing their Second Interim Fee Application is extended
through Jan. 30, 2007.

If, however, the deadline for filing Final Fee Applications occurs before
the Second Interim Fee Application Deadline, the
Professionals are no longer required to file the Second Interim
Fee Applications and the deadline will be deemed vacated.

Upon review, the United States Trustee has no objections to the
Parties' agreement to postpone the filing deadline for the Second Interim
Fee Application.

At the parties' behest, the Court approves the Stipulation.

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




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


INTERPUBLIC GROUP: Fitch Rates US$400MM 4.25% Sr. Notes at B/RR4
----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B/RR4' to Interpublic Group's US$400
million 4.25% convertible senior unsecured notes due March 15, 2023.  The
new notes rank pari passu with other senior unsecured indebtedness of the
company.  The Outlook remains Negative.

Interpublic Group's ratings are:

   -- Issuer default rating: 'B';

   -- Enhanced liquidity facility notes: 'B/RR4';

   -- Senior unsecured notes (including the new convertible
      senior unsecured notes) 'B/RR4';

   -- Cumulative convertible perpetual preferred stock:
      'CCC/RR6'; and

   -- Mandatory convertible preferred stock 'CCC/RR6'.

The company has agreed to exchange half (US$400 million) of its old US$800
million, 4.5% convertible senior notes due 2023 for US$400 million, 4.25%
new convertible senior notes due 2023.  This exchange enhances the company's
financial flexibility by extending the first put date on the new securities
to March 2012 from March 2008 (the second put date is extended to 2015 from
2013).  This transaction also reduces the interest rate modestly (0.25%) on
the new notes.  In addition, the notes are not considered 'participating'
securities meaning that should the company pay a common dividend it would
not trigger the payment of contingent interest.

The rating and Negative Outlook continue to reflect the heightened
operational and financial risk given an extended time frame for the
company's operational turn around.  The ratings continue to reflect weak
financial performance that has been driven by ongoing material control
weaknesses (which have yet to be remedied) and operational challenges.  The
company continues to endure integration issues from its restructuring
initiatives, including major management changes.  Also, while the company
has reduced the high profile departures of major clients in 2006, compared
to 2005, Fitch recognizes that the nature of the advertising agency business
could expose the company to the risk of sustained client losses.  These
risks are balanced somewhat by Interpublic Group's position in the industry
as a leading global advertising holding company, its diverse client base,
and the progress it has made recently toward winning new accounts (Walmart)
and driving organic growth within its existing client base.

Interpublic Group's liquidity position is supported by approximately US$1.5
billion in cash and equivalents at
Sept. 30, 2006.  Net of US$220 million in letters of credit, the company has
approximately US$530 million available under its US$750 million enhanced
liquidity facility due June 15, 2009.  Fitch incorporates into its analysis
the meaningful working capital deficit (approximately US$1.3 billion)
resulting from payables and accrued liabilities in excess of receivables and
Fitch expects that Interpublic Group will be free cash flow negative in
2006.  Near-term flexibility is enhanced by the minimal debt maturities
Interpublic Group faces in 2007.  Interpublic Group's next meaningful
maturity is in 2008 when its US$250 million floating-rate senior unsecured
notes come due and the US$400 million convertible notes not included in this
exchange become putable by the note holders for cash.

The Recovery Ratings and notching reflect Fitch's recovery expectations
under a distress scenario.  Fitch has used an enterprise value analysis for
these recovery ratings, given the limited tangible asset base that exists
for companies in the advertising services industry.  The 'RR4' recovery
rating for Interpublic Group's bank facility, ELF notes and senior unsecured
notes reflects Fitch's belief that approximately 30%-50% recovery is
realistic, and the 'RR6' recovery rating for the preferred stock reflects
Fitch's estimate that negligible recovery would be achievable.

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees working in
offices in more than 130 countries around the world, including Argentina,
Brazil, Barbados, Belize, Chile, Colombia, Costa Rica, Dominican Republic,
Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua,
Panama, Paraguay, Puerto Rico, Peru, Uruguay and Venezuela.


INTERPUBLIC GROUP: S&P Assigns B Rating on US$400MM Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' rating to the proposed
US$400 million 4.25% convertible senior notes due 2023 of Interpublic Group
of Cos. Inc. (B/Watch Neg/B-3), which are being issued on a private basis in
exchange for the same principal amount of its old, 4.5% convertible senior
notes due 2023.  At the same time, the rating on these notes was placed on
CreditWatch with negative implications.  The new notes differ from the old
notes principally in the lower interest rate, an extension of the date upon
which they will be callable, and an extension of the dates upon which they
will be subject to repurchase at the investor's option.

The ratings on the outstanding debt of Interpublic remain on CreditWatch
with negative implications, where they were placed on March 22, 2006, as a
result of declines in Interpublic's core business and Standard & Poor's
reduced confidence in the company's prospects for cash flow generation.

"We expect to evaluate Interpublic's operating outlook and business
strategies within the next several weeks in order to complete our
CreditWatch review," said Standard & Poor's credit analyst Deborah Kinzer.
"Rating downside is currently limited to one notch."

                        Ratings List

Ratings Remaining On CreditWatch

Interpublic Group of Cos. Inc.
Corporate Credit Rating              B/Watch Neg/B-3
Short-Term Credit Rating             B-3/Watch Neg
Sr Unsecd Debt                       B/Watch Neg

New Rating; CreditWatch/Outlook Action
US$400 Mil 4.25% Sr Unsecd Conv Notes  B/Watch Neg

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees working in
offices in more than 130 countries around the world, including Argentina,
Brazil, Barbados, Belize, Chile, Colombia, Costa Rica, Dominican Republic,
Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua,
Panama, Paraguay, Puerto Rico, Peru, Uruguay and Venezuela.




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


ARVINMERITOR: Declares Quarterly Dividend of US$0.10 Per Share
--------------------------------------------------------------
ArvinMeritor, Inc.'s board of directors declared a quarterly dividend of
US$0.10 per share on the common stock of the company, payable Dec. 11, 2006,
to holders of record at the close of business on Nov. 27, 2006.

The company's annual shareowners' meeting will be held on
Jan. 26, 2007, at 9:00 a.m. at its Troy, Mich. headquarters.  Shareowners of
record at the close of business on Nov. 24, 2006 will be entitled to notice
of, and to vote, at the annual meeting.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. --
http://www.arvinmeritor.com/-- is a premier US$8.8 billion
global supplier of a broad range of integrated systems, modules
and components to the motor vehicle industry.  The company
serves light vehicle, commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets.
ArvinMeritor employs approximately 29,000 people at more than
120 manufacturing facilities in 25 countries.  It maintains 23
facilities in Venezuela, Brazil and Argentina.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for
ArvinMeritor, 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
   ----------           -------  -------  ------   ----------

   Sec. Revolving
   Credit Facility        Ba1     Baa3    LGD 2       18%

   Secured Term Loan      Ba1     Baa3    LGD 2       18%

   8-1/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   8-3/4% Sr. Notes       Ba3     Ba3     LGD 4       64%

   6-3/4% Sr. Notes       Ba3     Ba3     LGD 4       64%

   6.8% Senior Notes      Ba3     Ba3     LGD 4       64%

   6-5/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   7-1/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   Shelf Sr. Unsecured   (P)Ba3  (P)Ba3   LGD 4       64%


PETROLEOS DE VENEZUELA: Developing Own Software & Tech Solutions
----------------------------------------------------------------
Petroleos de Venezuela, the state-owned oil company of Venezuela, said in a
statement that it would develop its own software and tech solutions.

Business News Americas relates that about 60 researchers of Petroleos de
Venezuela will collaborate with researchers from:

          -- India,
          -- Cuba,
          -- China, and
          -- Russia

Petroleos de Venezuela will focus on tech projects developing:

          -- control and supervision systems,
          -- cryptology programs, and
          -- wireless databases, among others.

Socorro Hernandez, Petroleos de Venezuela's information technology and
telecoms director, said in a statement, "Everything is aimed at developing
our own software and also integrate communities and the universities."

According to BNamericas, Petroleos de Venezuela is also working through a
newly inaugurated technological district in Merida.

Petroleos de Venezuela expects to boost the professional level of tech firms
and university programs, BNamericas states.

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

                        *    *    *

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

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


PETROLEOS DE VENEZUELA: Refinery with Brazil Needing US$2.8 Bil.
----------------------------------------------------------------
Petroleos de Venezuela's refinery project with Petroleo Brasileiro will
require an investment of US$2.8 billion, instead of US$2.5 billion
established in the initial plan, El Universal says, citing Petroleo
Brasileiro.

El Universal relates that the plant will be built in Pernambuco, Brazil.
The foundation stone was placed on Dec. 16, 2005.

Petroleo Brasileiro said in a statement, "The volume was recently revised
due to the growing cost of materials and services, particularly steel."

Petroleo Brasileiro and Petroleos de Venezuela are negotiating the
organization of joint ventures to implement oil accords on refining,
prospecting and production of oil and natural gas, El Universal states.

                  About Petroleo Brasileiro

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

                About Petroleos de Venezuela

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

                        *    *    *

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

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


PETROLEOS DE VENEZUELA: Spending VEB250B on Road Improvements
-------------------------------------------------------------
Petroleos de Venezuela, the state-run oil firm of Venezuela, said in its
press release that the Venezuelan government will spend VEB250 billion
through the firm's social fund to carry out the first stage of the 2006 road
plan to improve and maintain highways all over the nation.

Asdrubal Chavez, Petroleos de Venezuela director, told Business News
Americas, "This is an important act that highlights the new PDVSA, which is
not content in [just] increasing oil production, but is carrying out social
actions throughout the country -- not just areas where there is oil
production."

BNamericas relates that as part of the road plan, Mr. Chavez represented
Petroleos de Venezuela in signing accords involving over VEB60 billion in
road investments in these five states:

          -- Aragua,
          -- Carabobo,
          -- Yaracuy,
          -- Cojedes, and
          -- Guarico.

According to BNamericas, the agreements signed include:

          -- VEB21 billion for Yaracuy,
          -- VEB33 billion in investment for Guarico,
          -- VEB4 billion in Cojedes, and
          -- VEB5 billion for Aragua.

Similar accords will be signed over the coming two weeks with the rest of
Venezuela's governors, BNamericas states.

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

                        *    *    *

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

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


* VENEZUELA: Gets Steel Factory Proposal from Italian Consortium
----------------------------------------------------------------
An Italian iron and steel consortium has submitted a technological proposal
to build and invest in a new steel factory in Venezuela, El Universal report
s, citing Vice-Minister of Energy and Petroleum Ivan Hernandez.

According to El Universal, the plant would be located in Ciudad Piar and
will have an estimated capacity of 1.2 million tons.

Reuters reports that the plant is expected to manufacture thick sheets for
bridges and the naval sector, seamless pipes and rails.

"Progress has been made in economic feasibility studies. There will be a
technological partner.  Thus far, talks have been conducted with an Italian
technological partner, Danieli," El Universal relates, citing Minister
Hernandez.

                        *    *    *

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

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

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                         ***********


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

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

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

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

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

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


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