TCRLA_Public/061121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, November 21, 2006, Vol. 7, Issue 231

                          Headlines

A R G E N T I N A

BANCO DEL CHACO: Fitch Arg Ups Short-Term Debt Rating to A3
CIDEC COMPANIA: Verification of Proofs of Claim Is Until Feb. 22
CORSINO IMPRESORES: Trustee Verifies Claims Until March 13
EMPRESA DISTRIBUIDORA: Posts ARS52.5MM Net Loss in Nine Months
ESTABLECIMIENTO INDUSTRIAL: Claims Verification Is Until Feb. 5

FIDEICOMISOS (REALTY I): Moody's LatAm Rates US$16MM Debts at D
HARD PRINTER: Deadline for Verification of Claims Is on March 2
METROVIAS: Public Income Sec. Wants Directors' Equities Frozen
QUIMICA ESTRELLA: Changes Name to Grupo Estrella
SHIFA SERVICE: Claims Verification Deadline Is Set for Dec. 20

WENDY'S INT: Reports Preliminary Results of Dutch Auction

B A H A M A S

PINNACLE ENTERTAINMENT: Closes Purchase of Sands/Traymore Site

B E R M U D A

COMCAST MO: Creditors Must File Proofs of Claim by Dec. 7
FOSTER WHEELER: Approves Grant Stock Options to Employees
LIONROCK CAPITAL: Last Day to File Proofs of Claim Is on Dec. 4
MANULIFE EUROPEAN: Proofs of Claim Filing Is Until Nov. 29
METRO NETWORKS: Fist Shareholders Meeting Is Set for Dec. 1

SCOTTISH RE: Hovde Urges Firm to Maximize Value for Shareholders
SEA CONTAINERS: Wants to Employ Ordinary Course Professionals
SEA CONTAINERS: Wants to Set Up Interim Compensation Procedures
TRENT COMPANY: Final General Meeting Is Set for Dec. 18

B O L I V I A

* BOLIVIA: IDB Governors Reach Agreement on Debt Relief

B R A Z I L

BANCO NACIONAL: Sees BRL88.6 Bln in Investments for Power Sector
CIA SIDERURGICA: Merger Outcome Depends on Newly Appointed Board
COMPANHIA SIDERURGICA: Wheeling Shareholders Reject Firm's Offer
COMPANHIA SIDERURGICA: Offers 475 Pence A Share to Acquire Corus
CIA SIDERURGICA: S&P Puts Rating on Watch on Proposed Corus Buy

DURA AUTOMOTIVE: Gets Interim Nod to Pay Foreign Vendor Claims
FERRO CORP: Plans Closure of Niagara Falls Plant in 2007
PETROLEO BRASILEIRO: Inks 6 Technical Evaluation Pacts with Peru
PETROLEO BRASILEIRO: Unit Completing Study on Peru's Block 58
TAM SA: Adds Thirteenth A320 Airbus to Fleet

UNIAO DE BANCOS: Unibanco AIG Gets BRL16.6M Contract with Furnas

C A Y M A N   I S L A N D S

ARTEMUS STRATEGIC: Deadline for Filing of Claims Is on Nov. 30
BBVA PREFERRED: Last Day for Proofs of Claim Filing Is Nov. 30
BELLEROPHON GLOBAL: Last Shareholders Meeting Is Set for Nov. 28
BLACK DIAMOND: Last Day to File Proofs of Claim Is on Nov. 30
EIKOS LIMITED: Last Day to File Proofs of Claim Is on Nov. 30

FOUNDATION RE: S&P Puts Low B Ratings on Classes A & G Notes
G & M FINANCE: Proofs of Claim Filing Is Until Nov. 30
GLOBAL STANDARD: Creditors Must File Proofs of Claim by Nov. 27
KILIMANJARO LTD: Creditors Have Until Nov. 30 to File Claims
MASTER DRAGON: Invites Shareholders for Final Meeting on Nov. 28

NATIONAL WARRANTY: Proofs of Claim Filing Deadline Is on Nov. 30
NDC PROPERTY: Claims Filing Deadline Is Set for Nov. 30
SAPIC 98 (14): Proofs of Claim Must be Filed by Nov. 24
SAPIC 98 (18): Last Day to File Proofs of Claim Is on Nov. 24
SAPIC 98 (23): Proofs of Claim Must be Filed by Nov. 24

SOFOS CAPITAL: Creditors Must File Proofs of Claim by Nov. 30
SPK FUNDING: Last Day for Proofs of Claim Filing Is on Nov. 30
STAINLESS OVERSEAS: Proofs of Claim Must be Submitted by Nov. 30
SUPRA LTD: Creditors Have Until Nov. 30 to File Proofs of Claim
TEC 1999-1: Deadline for Filing of Proofs of Claim Is on Nov. 30

TERAGON FUND: Shareholders Convene for Final Meeting on Nov. 24

C H I L E

DELL INC: Announcing Prelim Third Quarter Results by Month's End
FRESH DEL MONTE: Wins Lawsuit Filed by Minority Shareholders

C O L O M B I A

BANCOLOMBIA: Superintendency Approves Almacenar Spin-Off
BANCOLOMBIA: Discloses Decrees from Superintendency of Finance
GENERAL NUTRITION: Higher Debt Load Cues Moody's to Junk Ratings
HEXION SPECIALTY: Boosting Local Operations Via Land Purchase

C O S T A   R I C A

DENNY'S CORP: S&P Raises Corporate Credit Rating to B+ from B

E C U A D O R

PETROECUADOR: Awarding Contracts for Marginal Fields on Nov. 22

G R E N A D A

* GRENADA: Government Has Mobilized Grants to Offset Shortfalls

G U A T E M A L A

GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal
GOODYEAR TIRE: Fitch Junks Rating on US$1 Bil. Sr. Unsec. Notes
GOODYEAR TIRE: Moody's Rates US$1 Bil. Unsec. Note Offer at B2

G U Y A N A

* GUYANA: IDB Governors Reach Agreement on Debt Relief

H A I T I

* HAITI: IDB Governors Reach Agreement on Debt Relief

H O N D U R A S

* HONDURAS: IDB Governors Reach Agreement on Debt Relief

J A M A I C A

KAISER ALUMINUM: Earns US$14.3 Million in Quarter Ended Sept. 30
KAISER: Asks Court to Reduce Law Debenture Trust's Claims

M E X I C O

ALLIS-CHALMERS: Extends Tender Offer for 9% Sr. Notes to Dec. 8
COTT CORP: Earns US$6.6 Million in 2006 Third Quarter
DAVE & BUSTER'S: Completes Sale-Leaseback of Three Restaurants
GRUPO MEXICO: Most Likely Buyer for Phelps Dodge
ODYSSEY RE: Fairfax to Sell Nine Million Shares in Company

ONEIDA LTD: Shareholders Elect Seven-Member Board of Directors

* MUNICIPALITY OF TEPIC: Moody's Releases Joint Default Analysis
* PUERTO PENASCO: Moody's Releases Joint Default Analysis
* STATE OF MEXICO: Moody's Releases Joint Default Analysis
* STATE OF NUEVO LEON: Moody's Releases Joint Default Analysis

N I C A R A G U A

* NICARAGUA: IDB Governors Reach Agreement on Debt Relief

P E R U

PHELPS DODGE: Freeport-McMoRAn Buying Firm for US$25.9 Billion
PHELPS DODGE: Grupo Mexico Most Likely Buyer for Firm

* PERU: Inks Six Technical Evaluation Pacts with Brazil

P U E R T O   R I C O

BLOCKBUSTER: Credit Concerns Prompt Fitch to Hold Junk Ratings

T R I N I D A D   &   T O B A G O

BRITISH WEST: Recruitment for New Airline Without Fuss
HILTON HOTELS: Declares Dividend of US$0.04 Per Share

U R U G U A Y

* URUGUAY: Transmission Lines Failure Leads to Power Supply Cut

V E N E Z U E L A

CITGO PETROLEUM: Makes First Delivery of Discounted Heating Oil
CITGO PETROLEUM: Says Lawsuit on Price-Fixing Has No Basis
PETROLEOS DE VENEZUELA: Eyes 49% Stake in Curacao's Isla Plant
PETROLEOS DE VENEZUELA: Launching Vehicular Natural Gas Program
PETROLEOS DE VENEZUELA: Restarts Sincor After Maintenance

* VENEZUELA: Building Complex to Improve Heavy Crude Oils
* BOND PRICING: For the week of November 13 -- November 17, 2006


                          - - - - -


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


BANCO DEL CHACO: Fitch Arg Ups Short-Term Debt Rating to A3
-----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo upgrades the short-term
debt rating of Nuevo Banco del Chaco to A3 from B.

The increase is the result of the company's improving
performance. The tight position of the capital also been
evaluated as well as the political risk in which the company is
inmersed because of the strong participation that the Province
of Chaco has in the bank.

Despite that, a positive trend is registered, the bank's capital
is adjusted.  The main shareholder, the province of Chaco, is
not planning additional capitalizations, reason why the growing
perspectives for the future could be limited.

The result of the first semester has been highly impacted by the
non-payment of diverse credits, mainly related to shares, and
which were derived from auctions for US$22.6 million.  From this
amount, US$7.8 million belong to this exercise.  There is also
an increase in the expenses related to administration.

It is also important to mention that the results related to the
main business of the bank, have highly deteriorated.

The exposure to the public sector is still reasonable, because
despite that it reaches the 42.3% of the shares and it is 4.6
times bigger than the equity, the majority of the public titles
are Letras of the BCRA.

The private sector is good, with an irregularity of 1.8%, and a
cover of provisions of 109.3%.

The majority of the funds come from deposits.  At June 30, 2006,
the shares reached US$856.4 million, with a net equity of
US$77.5 million.

Nuevo Banco del Chaco is the result of the privatization of
Banco del Chaco, developing as a minor commercial bank since
September 1993.  The 70.07% of the capital belongs to the
government of Chaco.


CIDEC COMPANIA: Verification of Proofs of Claim Is Until Feb. 22
----------------------------------------------------------------
Roberto Quian y Asociados, the court-appointed trustee for Cidec
Compania Industrial del Cuero S.A.'s bankruptcy case, will
verify creditors' proofs of claim until Feb. 22, 2007.

Roberto Quian will present the validated claims in court as
individual reports on Apr. 9, 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 Cidec Compania 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 Cidec Compania's
accounting and banking records will follow on May 22, 2007.

The debtor can be reached at:

          Cidec Compania Industrial del Cuero S.A.
          Junin 352
          Buenos Aires, Argentina

The trustee can be reached at:

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


CORSINO IMPRESORES: Trustee Verifies Claims Until March 13
----------------------------------------------------------
Adriana Mabel Ataguile, the court-appointed trustee for Corsino
Impresores SRL's reorganization proceeding, will verify
creditors' proofs of claim until March 13, 2007.

Ms. Ataguile will present the validated claims in court as
individual reports on May 8, 2007.  A court in Mendoza will
determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges
raised by Corsino Impresores 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 Corsimo Impresores'
accounting and banking records will follow on Sept. 4, 2007.

On Dec. 12, 2007, Corsino Impresores' creditors will vote on a
settlement plan that the company will lay on the table/

The trustee can be reached at:

          Adriana Mabel Ataguile
          San Martin 1425, Ciudad de Mendoza
          Mendoza, Argentina


EMPRESA DISTRIBUIDORA: Posts ARS52.5MM Net Loss in Nine Months
--------------------------------------------------------------
Empresa Distribuidora Sur SA, the major electricity distributor
in Buenos Aires, Argentina, registered ARS52.5 million in losses
for the first nine months of 2006.  The loss was attributed to
the freezing of rates.  The company's losses have been
increasing since 2004, where it reported losses of ARS18.48
million and ARS50.091 million in 2005.

Operating loss increased to ARS33.4 million, compared with a
ARS21.1 million loss in the same period of 2005.

The company, as well as other electrical distributors, signed a
contract last year with the government where it committed to
invest ARS215 million per year and suspend the demand presented
against Argentina at the international tribunal.  In exchange,
an adjustment of 15% was agreed on the residential rates, which
started on November 2005.

In May, Edesur reported a gain of ARS8.9 million during the
first quarter of the year, which inclued the rates adjustments.
Without it, results would have been negative for ARS18.7
million.

Edesur is controlled by Distrilec Inversora (56.36%) and by
Enersis, Chilean branch of Endesa (51.5%), and by Petrobras
Energia (48.5%).


ESTABLECIMIENTO INDUSTRIAL: Claims Verification Is Until Feb. 5
---------------------------------------------------------------
Daniel Alberto Martinez, the court-appointed trustee for
Establecimiento Industrial M.A.G. S.A.'s bankruptcy case, will
verify creditors' proofs of claim until Feb. 5, 2007.

Mr. Martinez will present the validated claims in court as
individual reports on March 19, 2007.  A court in Rosario, Santa
Fe will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Establecimiento Industrial 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 Establecimiento
Industrial's accounting and banking records will follow on
June 11, 2007.

The debtor can be reached at:

          Establecimiento Industrial M.A.G. S.A.
          25 de Dicimebre 856, Rosario
          Santa Fe, Argentina

The trustee can be reached at:

          Daniel Alberto Martinez
          Cordoba 1464, Rosario
          Santa Fe, Argentina


FIDEICOMISOS (REALTY I): Moody's LatAm Rates US$16MM Debts at D
---------------------------------------------------------------
Fideicomisos Financieros Realty I's debts are rated D by Moody's
Latin America:

  -- Certificado de Participacion for US$3,200,000
  -- Titulos de Deuda Fiduciaria Clase A for US$11,200,000
  -- Titulos de Deuda Fiduciaria Clase B for US$1,600,000


HARD PRINTER: Deadline for Verification of Claims Is on March 2
---------------------------------------------------------------
Griselda Isabel Eidelstein, the court-appointed trustee for Hard
Printer S.A.'s bankruptcy proceeding, will verify creditors'
proofs of claim until March 2, 2007.

Ms. Eidelstein will present the validated claims in court as
individual reports on Apr. 27, 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 Hard Printer 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 Hard Pinter's
accounting and banking records will follow on June 21, 2007.

The trustee can be reached at:

          Griselda Isabel Eidelstein
          Lambare 1140
          Buenos Aires, Argentina


METROVIAS: Public Income Sec. Wants Directors' Equities Frozen
--------------------------------------------------------------
Santiago Montoya, the Argentine Secretary of Public Income, has
asked the government to freeze the equities of Metrovias' eight
directors for US$14,000,000 over an unpaid debt.  The official
also wants Metrovias to temporarily halt its business until the
debt issue is resolved.

Metrovias is in charge of trains and metro transport in Buenos
Aires, Argentina.  It holds the concession until Dec. 2017, in
order to exploit the tube sytems of Buenos Aires and the Urquiza
line -- train line of public passengers.  The main shareholder
of the company is Compania Latinoamericana de Infraestructura &
Servicios S.A., the holding infrastructure company of the Roggio
Group which, through Benito RoggioTransporte SA, holds 75% of
the shares; the remaining 25% is trading, since October 2005, at
the Buenos Aires stock market.

As reported on Aug. 8, 2006, the Comision Nacional Valores
placed on the ordinary shares of Metrovias, the tube and train
concession for the city of Buenos Aires, in category 4.

A category 4 status means low quality shares which stems from:

   i) average share trading and the issuer's low capacity to
      generate funds;

  ii) below average share trading and the issuer has a regular
      capacity to generate funds; or

iii) below average share trading and the issuer has a low
      capacity to generate funds.


QUIMICA ESTRELLA: Changes Name to Grupo Estrella
------------------------------------------------
Beginning Nov. 8, Quimica Estrella starts operating under its
new name -- Grupo Estrella.

The conversion was done through Caja de Valores.

At the end of June, an ordinary assembly of shareholders of
QuĦmica Estrella approved the change of name to Grupo Estrella.
The company will increase its presence in the bread and drinks
sectors.  The company will also start doing business in the
agriculture sector.

                   About Quimica Estrella

Quimica Estrella manufactures and distributes chemical,
medicinal, veterinary, agricultural products, healing items,
dressing table items, food products, and other related items.
Other activities include exporting, importing, purchasing and
selling said products and consigning, commissioning,
representing, mandating, servicing, distributing, and marketing
of these products.

Quimica Estrella incurred ARS5.244 million net loss for the year
ended Mar. 31, 2005, compared with ARS13.089 million net loss
for the year ended Mar. 31, 2004.


SHIFA SERVICE: Claims Verification Deadline Is Set for Dec. 20
--------------------------------------------------------------
Hector Franco, the court-appointed trustee for Shifa Service
SRL's bankruptcy proceeding, will verify creditors' proofs of
claim until Dec. 20, 2006.

Under the Argentine bankruptcy law, Mr. Franco is required to
present the validated claims in court as individual reports.
Court No. 25 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 Shifa Service and
its creditors.

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

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

Shifa Service was forced into bankruptcy at the request of
Carlos Muller, whom it owes ARS8,045.58.

Clerk No. 49 assists the court in the proceeding.

The debtor can be reached at:

          Shifa Servcie SRL
          Olleros 1664
          Buenos Aires, Argentina

The trustee can be reached at:

          Hectyor Franco
          Chacabuco 178
          Buenos Aires, Argentina


WENDY'S INT: Reports Preliminary Results of Dutch Auction
---------------------------------------------------------
Wendy's International, Inc., disclosed the preliminary results
of its modified "Dutch Auction" tender offer, which expired at
5:00 p.m., Eastern Time, on Nov. 16, 2006.

In accordance with the terms and conditions of the tender offer,
and based on the preliminary count by American Stock Transfer &
Trust Company, the depositary for the tender offer, the company
expects to accept for purchase approximately 22,418,000 of its
common shares (including approximately 4,644,000 shares tendered
through guaranteed delivery procedures and 90,000 shares
tendered subject to conditions) at a purchase price of US$35.75
per share, for a total cost of approximately US$800 million.

Based on a preliminary count by the depositary, approximately
22,418,000 common shares were properly tendered and not
withdrawn at prices at or below the purchase price.
Approximately 27,887,000 common shares were properly tendered
and not withdrawn in total.

Shareholders who deposited common shares in the tender offer at
or below the purchase price will have all their tendered common
shares purchased, subject to certain limited exceptions.

The number of shares to be purchased and the purchase price per
share are preliminary.  Final results for the tender offer will
be determined subject to confirmation by the depositary of the
proper delivery of the shares validly tendered and not
withdrawn.  The actual number of shares to be purchased and the
purchase price per share will be disclosed following the
completion of the confirmation process.

The number of shares the company expects to purchase in the
tender offer represents approximately 19% of its currently
outstanding common shares.  In the tender offer, the company
offered to purchase up to approximately 22.2 million of its
common shares at a price between US$33.00 and US$36.00 per
share, for a maximum aggregate repurchase price of up to US$800
million.  The company also had the right to purchase up to an
additional 2% of its shares outstanding in the event more than
22.2 million shares were tendered without extending the offer.

All inquiries about the tender offer should be directed to the
information agent at:

          Georgeson Inc.
          Tel: 1-866-277-0928

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

                        *    *    *

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

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




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


PINNACLE ENTERTAINMENT: Closes Purchase of Sands/Traymore Site
--------------------------------------------------------------
Pinnacle Entertainment has completed its purchase of The Sands
and Traymore sites in Atlantic City, N.J., from entities
affiliated with financier Carl Icahn for approximately US$250
million, plus an additional US$20 million for certain tax-
related benefits and additional real estate.

The purchase includes approximately 18 contiguous acres at the
heart of Atlantic City, with extensive frontage along the
Boardwalk, Pacific Avenue and Brighton Park.  Pinnacle intends
to build a new destination resort on the site that would be
among the largest and most exciting casino hotels in the region.

As part of the transaction, The Sands hotel-casino was closed on
Nov. 11.  The closure of the 26-year-old casino, which was among
the oldest and smallest in the city, was necessary to allow the
construction of a new, much larger facility as soon as possible.

"We look forward to designing and developing a world-class
resort on this spectacular site," said Daniel R. Lee, Pinnacle's
Chairman and Chief Executive Officer.  "We have a great deal of
work ahead of us, and look forward to creating thousands of new
jobs, millions in tax revenues and other lasting benefits for
Atlantic City and the entire region.  We are continuing to work
with gaming regulators on our licensing application.

"We have not yet set dates for site demolition or for the
groundbreaking of the new project, but we are moving quickly,"
Mr. Lee continued.  "We will keep state and regional authorities
apprised of our progress as we begin our design and development
phase."

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

                        *    *    *

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

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




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


COMCAST MO: Creditors Must File Proofs of Claim by Dec. 7
---------------------------------------------------------
Comcast MO FSC Two, Ltd.'s creditors are given until
Dec. 7, 2006, to prove their claims to Mark G. Moffat, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 13, 2006, at 10:00 a.m., or as soon as
possible.

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

Comcast MO's shareholders agreed on Nov. 6, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Mark G. Moffat
         The Continental Building
         25 Church Street
         Hamilton, Bermuda


FOSTER WHEELER: Approves Grant Stock Options to Employees
---------------------------------------------------------
The Compensation Committee of the Board of Directors of Foster
Wheeler Ltd. approved on Nov. 15, 2006, the grant of stock
options under the company's Omnibus Incentive Plan to certain
employees of the company, including the executive officers,
subject to the terms of the Plan and the employee nonqualified
stock option agreement entered into between the company and each
person to whom such options were granted, which grants became
effective on the same date.

The exercise price of the options is US$50.10, representing the
closing price of the company's common shares on the date of
grant.  The options vest and are exercisable in one-third
increments on each of Dec. 31, 2007, Dec. 31, 2008 and
Dec. 31, 2009.  The expiration date of the stock options is
Dec. 31, 2011.  In the event of a change of control of the
company, the options will immediately vest in full.  In
addition, certain termination events can also trigger
accelerated vesting of the options.

Also the Compensation Committee approved on Nov. 15, 2006, the
grant of restricted stock units under the Plan to certain
employees of the company, including the executive officers of
the company, subject to the terms of the Plan and the employee
restricted stock unit award agreement entered into between the
company and each person to whom such restricted stock units were
granted, which grants became effective on such date.

The restricted stock units vest in one-third increments on each
of Dec. 31, 2007, Dec. 31, 2008, and Dec. 31, 2009.  In the
event of a change of control of the company, the restricted
stock units will immediately vest in full.  In addition, certain
termination events can also trigger accelerated vesting of the
restricted stock units.

                            Number of       Number of Restricted
Executive Officer          Stock Options         Stock Units

J. T. La Duc                  24,381                   10,827
Executive Vice President &
Chief Financial Officer

Umberto della Sala            18,286                    8,120
Chief Executive Officer of
Foster Wheeler Global
Engineering and
Construction Group

Peter J. Ganz                 16,701                    7,417
Executive Vice President,
General Counsel &
Secretary

The Compensation Committee recommended to the Board a form of
nonqualified stock option and a form of restricted stock unit
agreement for non-employee director grants, and the Board
approved such forms of agreements on the same date.

On Nov. 15, 2006, a total of 212,331 stock options and 94,267
restricted stock units were granted by the Company to its non-
employee directors and employees.

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

                        *    *    *

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

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


LIONROCK CAPITAL: Last Day to File Proofs of Claim Is on Dec. 4
---------------------------------------------------------------
Lionrock Capital Ltd.'s creditors are given until Dec. 4, 2006,
to prove their claims to Carolynn D. Hiron, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 8, 2006, or as soon as possible.

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

Lionrock Capital's shareholders agreed on Nov. 1, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Carolynn D. Hiron
         c/o Williams House
         20 Reid Street
         Hamilton, Bermuda


MANULIFE EUROPEAN: Proofs of Claim Filing Is Until Nov. 29
----------------------------------------------------------
Manulife European Holdings (Bermuda) Ltd.'s creditors are given
until Nov. 29, 2006, to prove their claims to Jennifer Y.
Fraser, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 15, 2006, at 9:00 a.m., or as soon as
possible.

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

Manulife European's shareholders agreed on Nov. 9, 2006, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Clarendon House, Church Street
         Hamilton, Bermuda


METRO NETWORKS: Fist Shareholders Meeting Is Set for Dec. 1
-----------------------------------------------------------
Metro Networks Ltd.'s shareholders will gather for a first
meeting at 10:00 a.m. on Dec. 1, 2006, at:

          Deloitte & Touche
          Corner House, Church Street
          Hamilton, Bermuda

Proxy forms to be used at the meeting have been mailed to all
known shareholders and creditors and must be lodged with the
provisional liquidator on the same time and date.

The provisional liquidator can be reached at:

          Mark W.R. Smith
          c/o Deloitte & Touche
          Corner House, 20 Parliament Street
          Hamilton, Bermuda


SCOTTISH RE: Hovde Urges Firm to Maximize Value for Shareholders
----------------------------------------------------------------
Hovde Capital Advisors LLC has sent a letter to Scottish Re
Group Limited.  In the letter, Hovde Capital stated that, based
on Scottish Re's recent press announcements, it was concerned
that Scottish Re's process to evaluate strategic alternatives
and review capital and liquidity sources may result in a
transaction in the range of US$8.00 per share, which would be
extremely unfair to the shareholders.

Hovde Capital said it believes the process is likely to result
in a proxy solicitation to shareholders for approval of a
transaction that will offer shareholders little real choice and
that will be extremely unfair from a financial point of view.
Hovde Capital said it would resist any sale of the company at a
price that did not fairly reflect the true implied value of
Scottish Re, supported by Scottish Re's own third party
valuation by Tillinghast, and would resist any capital raising
initiative that dilutes existing shareholders at a depressed
valuation through a sale of stock to one or more large
institutional investors.

Eric Hovde, Portfolio Manager of Hovde Capital, stated in the
letter to the Scottish Re Board of Directors, "We believe that a
rights offering provides an outcome that is fairer for the
shareholders of Scottish Re than any other transaction that you
might present to the shareholders in the range of US$8.00."  He
said the banking and thrift industry in the early and mid 90s
and the European insurers in the period 2001-2003 clearly
understood the benefits of rights offerings when they were
confronted with financial woes.

Mr. Hovde said the benefits of a rights offering are two-fold:

   -- one, it provides all existing shareholders with the
      ability to determine for themselves whether or not they
      will be diluted and,

   -- second, as is the case in any rights offering, it will
      help support or even lift Scottish Re's stock price, as
      certain investors will buy stock to obtain the right to
      participate in the rights offering.

Mr. Hovde stated in the letter that the Board of Directors of
Scottish Re, as fiduciaries, owed Scottish Re's shareholders the
opportunity to preserve their ownership interest on valuation
terms as equally favorable as would be made available to third
parties and to afford the existing shareholders the choice to
avoid the dilution that would result from a sale to those third
parties at artificially deflated prices.

Hovde Capital further stated in the letter that Scottish Re
should not attempt a short-term fix that is punitive to the
shareholders but rather should focus on the longer-term
maximization of value for the shareholders.  Hovde Capital
believes that a significant rights offering offers such a
transaction as it would result in strengthening the company and
regaining more favorable ratings.  Alternatively, Hovde Capital
suggested that the company raise a substantially smaller amount
of capital through a rights offering and pursue a liquidation
runoff strategy.  In either scenario, Mr. Hovde believes it
would provide a better economic outcome for shareholders than a
transaction in the US$8.00 per share range.

Hovde Capital is a registered investment advisor that advises a
series of hedge funds focused on the financial services sector.
Hovde Capital, indirectly through its client accounts, may be
deemed to be the beneficial owner of 2.9% of the outstanding
ordinary shares of Scottish Re.

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.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 16, 2006,
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.


SEA CONTAINERS: Wants to Employ Ordinary Course Professionals
-------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates seek permission
from the U.S. Bankruptcy Court for the District of Delaware to
continue to utilize the services of ordinary course
professionals postpetition without the necessity of filing
formal applications for the employment and compensation of each
OCP pursuant to Sections 327, 328, 329, 330, and 331 of the
Bankruptcy Code.

The Debtors regularly utilize the services of various attorneys,
accountants, financial advisors, and other professionals in the
ordinary course of their business operations.  The OCPs provide
services to the Debtors in a variety of discrete matters
unrelated to the Debtors' Chapter 11 cases, including, but not
limited to, general litigation, employment and labor law,
intellectual property law, general corporate and securities law,
accounting, auditing, financial advisory, and tax matters.
Other OCPs have been, or may be, utilized by the Debtors from
time to time.

A list of the Debtors' OCPs is available for free at:

              http://researcharchives.com/t/s?146b

Due to the number and geographic diversity of the OCPs that
they utilized, the Debtors note that it would be costly and
administratively burdensome to both the Debtors and the Court to
ask each OCP to apply separately for approval of its employment
and compensation.

The Debtors want to employ the OCPs on terms substantially
similar to those in effect before the Petition Date, but subject
to certain terms and conditions.  The Debtors represent that:

   (a) they wish to employ the OCPs as necessary for the day-to-
       day operations of the Debtors' businesses;

   (b) the fees and expenses incurred by the OCPs will be kept
       to a minimum; and

   (c) the OCPs will not perform substantial services relating
       to bankruptcy matters without Court permission.

The Debtors propose to implement uniform procedures for the
retention and compensation of OCPs:

   (1) After an OCP submits an affidavit and a monthly invoice,
       the OCP will be allowed to offset the invoiced amount
       against any unapplied prepetition retainer, and if there
       are unsatisfied postpetition fees and expenses related to
       that invoice, the Debtors will be allowed to pay 100% of
       the postpetition fees and expenses incurred; provided
       that the fees do not exceed:

          * GBP40,000 per month on average over the previous
            rolling three-month period to the extent that the
            OCP has historically been paid in pounds sterling,
            or

          * US$40,000 per month on average over the previous
            rolling three-month period to the extent that the
            OCP has historically been paid in U.S. dollars.

   (2) If the fees incurred and invoiced exceed the monthly cap,
       the OCP must seek Court approval of the fees; provided
       that the OCP will be entitled to a net interim offset and
       payment of up to US$40,000 or GBP40,000.

   (3) Each OCP will file with the Court and serve on the Office
       of the United States Trustee, counsel to the Debtors, and
       counsel to the Official Committee, an Affidavit within 30
       days of commencing postpetition services to the Debtors.
       The OCP Affidavit will include information like services
       to be rendered, the hourly rates to be charged by the
       OCP, and a disclosure of its disinterestedness.

   (4) The Notice Parties have 10 days to object to the OCP
       Affidavit.  Objections not resolved will be brought
       before the Court.

   (5) Beginning with the fiscal quarter ending Dec. 31, 2006,
       within 15 days following the end of each fiscal quarter
       in which the Debtors' Chapter 11 cases are pending, the
       Debtors will file with the Court and serve on the Notice
       Parties a statement containing:

       -- the name of the OCP,
       -- the total amounts paid during the previous quarter,
          and
       -- a general description of the services rendered.

   (6) The Debtors reserve the right to supplement the OCP List.

The Debtors note that while some of the OCPs may wish to
continue to represent them on an ongoing basis, others may be
unwilling to do so if they are forced to apply for payment of
fees and expenses through the formal application process.  If
the knowledge and expertise of any OCP with respect to the
particular areas and matters for which it was responsible before
the Petition Date are lost, the Debtors say they will
undoubtedly incur additional and unnecessary expenses as other
professionals without that background and expertise will have to
be retained to assist the Debtors with their business
operations.

The Debtors believe the OCP Procedures will allow them to avoid
any disruption in the professional services required in the day-
to-day operation of their businesses.

As the OCPs will provide professional services in connection
with the Debtors' ongoing business operations, the Debtors do
not believe the OCPs are "professionals," as that term is used
in Section 327 of the Bankruptcy Code, whose retention must be
approved by the Court.  Nevertheless, the Debtors seek the
Court's approval to avoid any subsequent controversy regarding
their employment and compensation of the OCPs during the
pendency of their Chapter 11 cases.

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Wants to Set Up Interim Compensation Procedures
---------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to establish
uniform procedures for:

   (i) the allowance of interim compensation and reimbursement
       of expenses of professionals retained by court order; and

  (ii) the reimbursement of expenses incurred by the members of
       the Official Committee of Unsecured Creditors.

The Debtors have filed or intend to file applications to employ:

   (a) Sidley Austin LLP as general reorganization and
       bankruptcy counsel,

   (b) Young Conaway Stargatt & Taylor, LLP, as Delaware
       counsel,

   (c) PricewaterhouseCoopers LLP as financial advisor,

   (d) Kirkland & Ellis LLP as special conflicts litigation
       counsel,

   (e) Carter Ledyard & Milburn LLP as special counsel for U.S.
       corporate matters, and

   (f) Richards Butler LLP as special counsel for foreign legal
       matters.

The Debtors expect to hire other estate professionals in their
Chapter 11 cases.  The Creditors' Committee will likely seek to
retain its own professionals as well.

The Debtors want to streamline the professional compensation
process and enable the Court and all parties-in-interest to more
effectively monitor the fees incurred by the Professionals.  The
procedures will also reduce the financial burdens imposed on the
Professionals while awaiting final approval of their fees and
expenses.

Specifically, the Debtors propose that:

   (1) No earlier than the 25th day of each month following the
       month for which compensation is sought, each Professional
       seeking interim allowance of its fees and expenses may
       file an application and serve a copy of that application
       to:

          (a) the Office of the United States Trustee
              for the District of Delaware
              J. Caleb Boggs Federal Building, Rome 2207
              844 N. King Street
              Wilmington, DE 19801
              Attn: David Buchbinder, Esq.

          (b) the Debtors
              Sea Containers, Ltd.
              c/o Sea Containers Services Ltd.
              20 Upper Ground
              London SE1 9PF, United Kingdom
              Attn: Edwin S. Hetherington, Esq.

          (c) counsel to the Debtors
              Sidley Austin LLP
              One South Dearborn
              Chicago, IL 60603
              Attn: Larry J. Nyhan, Esq., and
                    Brian J. Lohan, Esq.

                    -- and --

              Young Conaway Stargatt & Taylor, LLP
              The Brandywine Building
              1000 West Street
              Wilmington, DE 19801
              Attn: Robert S. Brady, Esq.

          (d) counsel to the official committee

   (2) Each Notice Party will have 20 days to object to a
       Monthly Fee Application.  If there are no objections, the
       Debtors will be allowed to pay 80% of the Professional's
       fees and 100% of the expenses requested.  If objections
       are filed, the Debtors will be allowed to pay 80% of the
       undisputed fees and 100% of the undisputed expenses.  The
       first Monthly Fee Application will cover the period from
       the Petition Date through and including Oct. 31, 2006.

   (3) The parties are encouraged to resolve timely objections
       filed.  If unsuccessful, the parties may seek a Court
       ruling on the Objection.  The Professionals may seek
       payment of the difference, if any, between the Maximum
       Interim Payment and the Actual Interim Payment made, or
       forego payment of the Incremental Amount until the next
       quarter fee application request hearing or final fee
       application hearing, at which time the Court will
       consider and rule on the Objection, if requested by the
       parties.

   (4) Beginning with the approximate three-month period from
       the Petition Date and ending on Dec. 31, 2006, and at the
       end of each three-month period thereafter, each
       Professional must file with the Court and serve on the
       Notice Parties a notice requesting interim Court approval
       and allowance of compensation for services rendered and
       reimbursement of expenses sought in the Monthly Fee
       Applications filed during that period.  Each Quarterly
       Fee Application Request will be filed and served by no
       later than 45 days after the end of the applicable
       Interim Fee Period.  The first Interim Fee Application
       Deadline will be Feb. 14, 2007.

   (5) The Debtors will ask the Court to schedule a hearing on
       Quarterly Fee Application Requests at least once every
       six months or at other intervals as the Court deems
       appropriate.

   (6) The pendency of an Objection will not disqualify a
       Professional from future payment.

   (7) All fees and expenses paid to Professionals in accordance
       with the Compensation Procedures are subject to
       disgorgement until final allowance by the Court.

The Debtors further ask the Court to allow each Committee Member
to submit statements of expenses and supporting vouchers to
counsel to the applicable Committee, who will collect and submit
those requests for reimbursement in accordance with the
Compensation Procedures as if that Committee Member were a
Professional.

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TRENT COMPANY: Final General Meeting Is Set for Dec. 18
-------------------------------------------------------
Trent Company Ltd.'s final general meeting will be at 11:00 a.m.
on Dec. 18, 2006, at:

             Deloitte & Touche
             Corner House
             Church & Parliament Streets
             Hamilton, Bermuda

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

The liquidator can be reached at:

             Mark W.R. Smith
             c/o Deloitte & Touche
             Corner House, 20 Parliament Street
             Hamilton, Bermuda




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


* BOLIVIA: IDB Governors Reach Agreement on Debt Relief
-------------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank disclosed that its members reached an agreement
on a framework for debt relief for Bolivia, Guyana, Haiti,
Honduras and Nicaragua.

"This relief will benefit the poorest countries in our region
and assist them in their efforts to achieve the Millennium
Development Goals," said the chairman of the Committee of the
IDB Board of Governors, Jose Carlos Miranda of Brazil.

"I thank all the governors for their participation and their
understanding in reaching this agreement as well as the IDB
staff for helping us find a viable solution," Mr. Miranda added.

"This is great news for the more than 30 million people in these
five countries," said IDB President Luis Alberto Moreno.

The IDB will now put in place agile mechanisms to implement the
agreement, Moreno added.  Bank staff will also propose elements
for the discussion of principles for a future replenishment of
the Fund for Special Operations (FSO), the IDB's concessional
lending window.

"It's essential to continue with the FSO, which is part of this
institution's DNA," Mr. Moreno said.

Under the framework agreed by the committee, IDB member
countries will ensure the continuity of the FSO and the IDB's
technical cooperation program.

The Committee of the Board of Governors will meet in January
2007 in Amsterdam to define technical details for the
implementation of the new debt reduction framework.  Agreements
reached at that follow-up meeting will be presented to the full
Board of Governors when it convenes in Guatemala City next
March.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


BANCO NACIONAL: Sees BRL88.6 Bln in Investments for Power Sector
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social indicated
in a study that investments in the power sector in Brazil could
increase to BRL88.6 billion from January 2007 to December 2010,
compared with the sector's 2002 to 2005 BRL40 billion
investments, Business News Americas states.

BNamericas relates that the study, which is based on bank
funding programs and corporate financial results, showed that of
the 2007 to 2010 investments would include:

          -- BRL46 billion will be used in generation projects,
          -- BRL24 billion will go to distribution projects, and
          -- BRL16 billion will be allocated to transmission
             projects.

The BRL88.6-billion investment is enough to meet power demand
through 2010.  Brazil will need to construct additional
generation projects, including the 6,450-megawatt Rio Madeira
complex, from 2011, BNamericas notes.

According to BNamericas, investments in power and other
infrastructure projects will increase to BRL198 billion in the
2007-10 period, from BRL124 billion in 2002-05.  Power
represents about 45% of total investments in infrastructure.

BNamericas underscores that regulatory and environmental
licensing problems can cause a delay on infrastructure programs.
However, Brazil is now able to guarantee long-term funding.

The study says that Brazil is still faced with limitations in
terms of federal and regional budget allocations for projects,
BNamericas reports.

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

                        *    *    *

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


CIA SIDERURGICA: Merger Outcome Depends on Newly Appointed Board
----------------------------------------------------------------
Marcos Lutz, Vice President of Energy and Infrastructure for
Companhia Siderurgica Nacional said, "While Companhia
Siderurgica considers its proposal to be the best choice for
ensuring the long term success of the Wheeling Pittsburgh
shareholders, employees and community, it appears that the
shareholders have chosen that a new Board of Directors should
determine the outcome.  We expect that the new Board will be
evaluating on a timely basis its obligations under the Merger
Agreement and determining its future course.

"We continue to pursue our strategy of leveraging Companhia
Siderurgica's core strengths to create growth in key markets
including North America and Europe.  Companhia Siderurgica has
modern facilities, an integrated value-added supply chain, and a
profit oriented culture that allows us to maintain impressive
cash generation throughout the business cycles. In the North
American market, our Heartland asset is an excellent base from
which we intend to continue building. While we remain open to
potential continued discussions with Wheeling-Pittsburgh, we are
actively pursuing our other alternatives.

No matter the outcome, we hope Wheeling-Pittsburgh and its
shareholders are able to determine the course that positions the
company for future growth and achieves the best value, and we
wish the best to its high quality employees."

                 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 SIDERURGICA: Wheeling Shareholders Reject Firm's Offer
----------------------------------------------------------------
Shareholders of Wheeling-Pittsburgh Corp. have rejected
Companhia Siderurgica Nacional's proposal to merge its North
American assets with the former, the Associated Press reports.

AP relates that the shareholders preferred Esmark Inc.'s
proposal and have ousted its board of directors on Nov. 17.
Shareholders had a choice of supporting the incumbent board --
which favored a merger offer from Companhia Siderurgica -- or
Esmark's slate of directors, which will now assume control and
combine the companies.

James G. Bradley, chairperson and chief executive officer of
Esmark, told AP, "Based on preliminary figures available, we
expect the Esmark slate will be certified as the new board."

According to AP, Esmark had claimed victory over Companhia
Siderurgica.

James Bouchard, Esmark chief executive officer, told AP that h
is ready to move into the Wheeling-Pittsburgh headquarters
within weeks.  He said he is eager to start rebuilding the firm
with the help of the United Steelworkers Union.

AP underscores that the United Steelworkers had been against
Wheeling-Pittsburgh's merger with Companhia Siderurgica.  Its
contract at Wheeling-Pittsburgh lasts until September 2008.

Esmark is already considering the purchase of a beleaguered mill
to the north.  The mill is the former Weirton Steel Corp. and it
could become Esmark's 12th acquisition in three years.

Mr. Bouchard said that he and his brother Craig -- who is the
president of Chicago Heights, Illinois-based Esmark -- have
toured the Weirton operations, which is owned by Mittal Steel
Co., AP notes.

Mr. Bouchard told AP, "If Mittal elects to sell Weirton, Esmark
stands ready to make a cash offer."

According to the report, Mittal Steel may have to sell one of
its US assets -- either Weirton or its much larger mill in
Sparrows Point -- to settle antitrust issues over its proposed
acquisition of Arcelor SA.

The report says that Mittal Steel has not made a final decision.
However, the firm previously disclosed that its first choice
would be Weirton.

Weirton workers have already suggested ideas like the restart of
some equipment and the launch of a new paint line and cold mill,
AP states, citing John Goodwin, who will become chief executive
officer of the combined Esmark-Wheeling.

Mr. Bouchard told AP, "There's a lot of healing that needs to be
done inside the company.  It's time for us to sit down and work
together."

An independent inspector still has to certify the results, AP
says, citing Mr. Bradley.

                 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 SIDERURGICA: Offers 475 Pence A Share to Acquire Corus
----------------------------------------------------------------
Companhia Siderurgica Nacional approached the Board of Corus
regarding a proposal to acquire the company at a price of 475
pence per ordinary share in cash.  Any potential offer is
subject to certain pre-conditions, all of which Companhia
Siderurgica reserves the right to waive, including completion of
confirmatory due diligence satisfactory to the company,
finalization of financing arrangements and a recommendation from
the Board of Corus.

The combination of Companhia Siderurgica and Corus would create
a top five global steel group with 24 million tons of annual
steel production and, by 2010, approximately 50 million tons of
annual iron ore production.  Companhia Siderurgica intends to
finance the Corus acquisition through a combination of existing
financial resources and the proceeds of new debt facilities to
be underwritten by a bank syndicate comprised of Barclays Bank
PLC, Goldman Sachs Credit Partners L.P., and BNP Paribas and/or
their designated affiliates.  Companhia Siderurgica intends to
match the terms of the agreement reached with the trustees of
Corus' pension funds as described in Corus' scheme document.

Commenting on the offer, Benjamin Steinbruch, Chairman and CEO
of Companhia Siderurgica said, "A combination of Companhia
Siderurgica and Corus would create a global powerhouse with
market leading positions and exceptional distribution networks
across both developed and emerging markets.  With its vertically
integrated structure and industry leading margins, the enlarged
group would become a leader in the global steel industry, fully
self-sufficient in iron ore and ideally positioned to take
advantage of ongoing consolidation.  We have great respect for
the accomplishments of the Corus Board and management, including
their achievements in the Restoring Success program.  With their
support, we believe we can swiftly deliver the most attractive
proposal to Corus and its shareholders."

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: S&P Puts Rating on Watch on Proposed Corus Buy
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Brazil-based steel maker Companhia Siderurgica
Nacional on CreditWatch with negative implications.

"This rating action follows the announcement that Companhia
Siderurgica has approached the board of directors of Corus Group
PLC (BB/Watch Dev/B) regarding a proposal to acquire Corus at a
price of 475 pence per ordinary share in cash," said Standard &
Poor's credit analyst Reginaldo Takara.

Companhia Siderurgica affirms that any potential offer is
subject to certain pre-conditions, all of which Companhia
Siderurgica reserves the right to waive, including completion of
confirmatory due diligence satisfactory to Companhia
Siderurgica, finalization of financing arrangements, and a
recommendation from Corus's board.  The company also said that
it has already negotiated a financial package with relationship
banks to fund the acquisition; this package would include debt
instruments that would be primarily nonrecourse to the company's
assets in Brazil.

Although the approach is still preliminary and the ultimate
financing structure for the potential acquisition has not been
defined yet, we believe the impact of the transaction on
Companhia Siderurgica's financial profile would be significant
if the transaction is successfully completed.  Companhia
Siderurgica has indicated that it would use part of its cash
position (US$1.4 billion as of Sept. 30, 2006) and that it does
not envision an equity issuance to finance the acquisition.  On
the other hand, potential synergies between Corus's and
Companhia Siderurgica's operations could also be substantial,
particularly considering Companhia Siderurgica's premium access
to iron ore at its proprietary Casa de Pedra mine and its plans
to expand low-cost slab production capacity in Brazil.

The resolution of the CreditWatch depends on the developments of
the transaction and further clarity on the resulting financial
profile for the consolidated new entity.


DURA AUTOMOTIVE: Gets Interim Nod to Pay Foreign Vendor Claims
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on an interim basis, DURA Automotive Systems, Inc.'s request to
pay claims, prior to the filing for chapter 11 protection, owing
to vendors, service providers, regulatory agencies, and
governments located in foreign jurisdictions, including claims
for payment for direct and indirect materials and services
provided to the Debtors, as well as import or tax obligations.

The Debtors estimate they owe approximately US$3,400,000 to
Foreign Vendors as of the Petition Date.  Of that amount, the
Foreign Claims of the foreign joint venture aggregate
approximately US$100,000.

The Debtors also request that they be authorized to permit all
checks issued by them to the Foreign Vendors, prior to the
filing for chapter 11 protection, to clear the Debtors' bank
accounts.  The Debtors further request that the banks honor,
unless otherwise directed, any and all checks drawn by the
Debtors prior to the Petition Date to pay any of the
obligations, prior to the filing for chapter 11 protection,
owing to the Foreign Entities that have not cleared the banking
system prior to the Petition Date and any and all checks drawn
by the Debtors after the Petition Date to pay any claims, prior
to the filing for chapter 11 protection, of the Foreign Vendors.

Keith R. Marchiando, chief financial officer and vice president,
emphasizes the satisfaction of the Foreign Claims will not be
deemed to be an assumption or adoption of any agreements that
relate to those operations.

Mr. Marchiando tells the Court that the Debtors are making every
effort to avoid interruptions in the supply chain and the
adverse effects that even a temporary break in the supply chain
could have on their businesses.  Many of the Foreign Vendors
supply goods or services to the Debtors that are crucial to the
Debtors' ongoing U.S. and Canadian operations.  Moreover, Mr.
Marchiando says, some of these Foreign Vendors supply goods or
services to the Debtors that cannot be obtained from other
sources in sufficient quantity or quality or without significant
delays.  The Debtors regularly transact business with Foreign
Vendors of this type in Brazil, China, Czech Republic, France,
Germany, India, Japan, Korea, Mexico, Romania, Slovakia, Spain,
the United Kingdom, and elsewhere in Europe and Asia.  "[I]f
these goods are not obtained from Foreign Vendors without
interruption, the Debtors likely would not be able to fulfill
their obligations to their customers."

Mr. Marchiando notes Foreign Vendors might be confused or have
guarded reactions to the U.S. bankruptcy process.  "[T]here is a
significant risk that the nonpayment of even a single invoice
could cause a foreign vendor to stop shipping goods to the
Debtors on a timely basis and completely sever its business
relationship with the Debtors.  But even short of that,
nonpayment of prepetition claims may cause Foreign Vendors to
utilize extreme caution and adopt a wait-and-see attitude in
approaching the unfamiliar territory of Chapter 11, resulting in
costly delays in the shipment of additional goods.  The Debtors
can ill afford delays of this nature."

"If the Foreign Claims are not paid, the Foreign Vendors may
take precipitous action against the Debtors based upon an
erroneous belief that they are not subject to the jurisdiction
of the Court and, thus, not subject to the automatic stay
provisions of Section 362(a) of the Bankruptcy Code," Mr.
Marchiando notes.

The Debtors have a number of non-debtor affiliates located in
more than 15 foreign countries, and thus, the Foreign Vendors
may also take action against those non-debtor affiliates, or
against any property owned by the Debtors themselves located in
foreign territory.

If Foreign Vendors fail to ship goods or refuse to do business
with the Debtors because of a failure to pay the Foreign Claims,
or if foreign governmental entities seize goods from sole-source
suppliers because of a failure to pay the Foreign Claims, the
Debtors' manufacturing facilities utilizing those parts would
likely be forced to shut down less than 24 hours after the
missed shipment, Mr. Marchiando says.  Shortly after a shutdown
of one of the Debtors' facilities, the Debtors' OEM Customers
would likely be forced to halt production of their products on
one or more of their assembly lines.  Shutting down one assembly
line could cause an affected OEM Customer to assert damages
against the Debtors exceeding US$10,000,000 per day.

Thus, the Debtors to continue the payment of Foreign Claims on
the agreement of the individual foreign vendor to continue
supplying goods and services to the Debtors on terms that are
consistent with the historical trade terms between the parties.
The Debtors propose that the Customary Trade Terms apply for the
remaining term of the Foreign Vendor's agreement with the
Debtors, as long as the Debtors agree to pay for those goods in
accordance with those terms.

The Debtors reserve the right to negotiate trade terms with any
vendor, as a condition to payment of any Foreign Claim, that
vary from the Customary Trade Terms to the extent the Debtors
determine that those terms are necessary to procure essential
goods or services or are otherwise in their best interests.

If a Foreign Vendor accepts a payment on account of an
obligation of the Debtors, prior to the filing for chapter 11
protection and thereafter, fails to provide the Debtors with the
requisite Customary Trade Terms, then:

    (a) any Foreign Payment received by the Foreign Vendor will
        be deemed an unauthorized postpetition transfer under
        Section 549 of the Bankruptcy Code that the Debtors may
        either:

           (i) recover from the Foreign Vendor in cash or goods,
               or

          (ii) at the Debtors' option, apply against any
               outstanding administrative claim held by that
               Foreign Vendor; and

    (b) upon recovery of any Foreign Payment, the corresponding
        prepetition claim of the Foreign Vendor will be
        reinstated in the amount recovered by the Debtors, less
        the Debtors' reasonable costs to recover those amounts.

The Debtors also seek authorization, but not direction, to
obtain written verification before issuing payment to a Foreign
Vendor that that Foreign Vendor will continue to provide goods
and services to the Debtors on Customary Trade Terms for the
remaining term of the Foreign Vendor's agreement with the
Debtors; provided, however, that the absence of such written
verification will not limit their rights.

Finally, to facilitate the payment of Foreign Vendors and, thus,
the avoidance of foreign actions against the Debtors and their
assets, the Debtors request that the banks be authorized and
required to (a) honor any checks drawn against their accounts,
but not cleared prior to the Petition Date, and (b) complete an
fund transfer requests made but not completed prior to the
Petition Date.

In addition, the Debtors seek the Court's permission to issue
postpetition checks and to make postpetition fund transfer
requests to replace any prepetition checks and transfers, prior
to the filing for chapter 11 protection, to Foreign Creditors
that may be dishonored by the banks.

The Court will convene a hearing on November 20, 2006, at 1:00
p.m. Eastern Time to consider final approval.

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

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


FERRO CORP: Plans Closure of Niagara Falls Plant in 2007
--------------------------------------------------------
Ferro Corp. plans to close its Niagara Falls, New York, facility
by the end of 2007.

Approximately 150 employees are located at the facility, which
supplies a range of dielectric and industrial ceramic products
for the electronic materials and other marketplaces.  The
activities currently performed at Niagara Falls will be
gradually transferred to other Ferro facilities.

"The Niagara Falls facility has been impacted by changes in its
markets," said Barry Russell, Vice President of Ferro Electronic
Material Systems.  "Demand for the types of products produced at
the Niagara Falls facility has diminished greatly over the last
several years.  The remaining volume of business is insufficient
to support the current manufacturing capacity and this is not
expected to change in the future.

"Ferro regrets the impact that this difficult, but necessary,
business decision will have on our employees.  However, the
proposed closure will allow us to remain competitive and at the
same time retain the flexibility needed to support future
business growth."

Ferro also maintains a production facility in Penn Yan, New
York. That site employs about 207 and also produces materials
for the electronic materials market.  Ferro anticipates that the
transfer of a portion of the work currently being done in
Niagara Falls will add approximately 25 jobs at the Penn Yan
facility, while other work transfer is expected to add about 16
jobs at Ferro's site in Uden, The Netherlands.

                           New CFO

Sallie B. Bailey will join Ferro Corp on Jan. 2, 2007, as Vice
President and Chief Financial Officer.  Ms. Bailey will replace
Thomas M. Gannon.

Ms. Bailey currently serves as Senior Vice President-Finance and
Controller with The Timken Company.  She will report to James F.
Kirsch, President and Chief Executive Officer at Ferro.

                      About Ferro Corp

Headquartered in Cleveland, Ohio, Ferro Corp. --
http://www.ferro.com/-- supplies technology-based performance
materials for manufacturers.  Ferro materials enhance the
performance of products in a variety of end markets, including
electronics, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  The Company has approximately 6,800
employees globally.  In Latin America, the company has
operations in Argentina, Brazil, Mexico and Venezuela.

                        *    *    *

Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remains on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.


PETROLEO BRASILEIRO: Inks 6 Technical Evaluation Pacts with Peru
----------------------------------------------------------------
Petroleo Brasileiro, the state-owned oil firm of Brazil, said in
a statement that its consortium with Petroperu -- its Peruvian
counterpart -- has signed six technical accords with Perupetro,
Peru's state hydrocarbons promotions agency.

Business News Americas relates that the evaluation agreements,
which have a two-year period, correspond to the Maranon basin's
blocks:

          -- XXVI,
          -- XXVII,
          -- XXVIII,
          -- XXIX,
          -- XXX, and
          -- XXXI.

According to BNamericas, the consortium will identify zones with
the most hydrocarbons-bearing potential to determine if it will
enter into exploration and production license contracts.

The evaluation agreements will need an investment of US$980,000,
which will be funded equally by Petroleo Brasileiro and
Petroperu, 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: Unit Completing Study on Peru's Block 58
-------------------------------------------------------------
An official of Petrobras Energia Peru SA, a unit of Petroleo
Brasileiro, told Dow Jones Newswires that the firm is completing
its environmental study on block 58 in Peru.

Block 58 is in the southeastern jungle region near Camisea's
block 88.

Pedro Grijalba, general manager of Energia Peru, told Dow Jones,
"We are preparing the environmental impact study. We are
entering the final phase and we expect to present it for
approval next April."

Energia Peru will drill the first well in the block next year of
early 2008 and it will cost US$30 million, Dow Jones relates,
citing Mr. Grijalba.

Dow Jones notes that Mr. Grijalba was positive about finding
natural gas in the block.

"We are convinced that there is gas or we would not drill.  I am
sure that there is.  That is the optimistic vision we must have
or we would not expose US$30 million," Mr. Grijalba 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.


TAM SA: Adds Thirteenth A320 Airbus to Fleet
--------------------------------------------
TAM S.A. received another Airbus aircraft A320 that started
operating on Nov. 17.  This is the 13th Airbus A320/319 family
incorporated this year into TAM's fleet, bringing the total to
94 aircraft, of which 72 are Airbus models:

   -- 14 A319,
   -- 48 A320, and
   -- 10 A330.

TAM expects its fleet to achieve 96 airplanes at the end of
2006.

The aircraft is part of contracts that still foresee the
acquisition of 60 Airbus aircraft:

   -- 15 A319,
   -- 39 A320 and
   -- 6 A330

which are to be delivered until 2010.

The contracts include the option of an additional 20 aircraft.
TAM also acquired 4 Boeing 777-300ER with another 4 options to
be delivered in 2008.  TAM's strategic plan foresees an
operational fleet of 132 Airbus aircraft by the end of 2010.

The new A320 aircraft will fly domestic routes as well as routes
throughout South America, following the increase in demand
observed over past months.  According to Agencia Nacional de
Aviacao Civil -- ANAC -- the Brazilian authority, the domestic
market increased 13.5% in the period from January to October.
During the same period, year-on-year, TAM increased 30.8%.  The
company held a 51.1% domestic market share in October 2006.

Manufactured with high technology, the Airbus A320 has the
capacity to transport up to 174 passengers.  With this new A320,
TAM strengthens its policy of operating a young aircraft fleet,
offering more comfort to passengers with a high technology
product.

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

                        *    *    *

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


UNIAO DE BANCOS: Unibanco AIG Gets BRL16.6M Contract with Furnas
----------------------------------------------------------------
Unibanco AIG, a joint venture of Uniao de Bancos Brasileiros and
US insurer AIG, has reached a BRL16.6-million all-risks contract
with Furnas, the federal power firm, Diario Oficial reports.

Business News Americas relates that Furnas controls over 19,000
kilometers of transmission lines, including a transmission link
from the bi-national Itaipu hydroelectric power plant, and 9,000
megawatts of installed capacity through hydro and thermo power
plants.  Furnas supplies most of the power to the southeast of
Brazil.

The local press said earlier in November that the insurance unit
of Banco Itau made an appeal on the result of the bid to Furnas'
tender committee.

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

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

                        *    *    *

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

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

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

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




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


ARTEMUS STRATEGIC: Deadline for Filing of Claims Is on Nov. 30
--------------------------------------------------------------
Artemus Strategic Asian Credit Fund Ltd.'s creditors are
required to submit proofs of claim by Nov. 30, 2006, to the
company's liquidator:

          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632 APO
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Artemus Strategic's shareholders agreed on Oct. 9, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Ellen J. Christian
          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman, Cayman Islands


BBVA PREFERRED: Last Day for Proofs of Claim Filing Is Nov. 30
--------------------------------------------------------------
BBVA Preferred Capital Ltd.'s creditors are required to submit
proofs of claim by Nov. 30, 2006, to the company's liquidator:

          Juan Carlos Garcia Perez
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


BELLEROPHON GLOBAL: Last Shareholders Meeting Is Set for Nov. 28
----------------------------------------------------------------
Bellerophon Global Tactical Fund Inc.'s final shareholders
meeting will be at 11:00 a.m. on Nov. 28, 2006, at the company's
registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          Russell Smith
          Matthew Smith
          P.O. Box 2499, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 946 0820
          Fax: (345) 946 0864


BLACK DIAMOND: Last Day to File Proofs of Claim Is on Nov. 30
-------------------------------------------------------------
Black Diamond Notes 1999-1 Ltd.'s creditors are required to
submit proofs of claim by Nov. 30, 2006, to the company's
liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Black Diamond's shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


EIKOS LIMITED: Last Day to File Proofs of Claim Is on Nov. 30
-------------------------------------------------------------
Eikos Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Eikos Ltd.'s shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


FOUNDATION RE: S&P Puts Low B Ratings on Classes A & G Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
secured debt rating to Foundation Re II Ltd.'s US$180 million
Class A, Series 2006-1 variable-rate notes issue due
Nov. 26, 2010, and its 'B' senior secured debt rating to
Foundation Re II's US$67.5 million Class G, Series 2006-1
variable-rate notes issue due Jan. 8, 2009.  The two series of
notes are the initial offerings under Foundation Re II's US$750
million variable-rate note program.

Foundation Re II is a Cayman Islands exempted company licensed
as a Class B insurer in the Cayman Islands.

"The rating on each series is based on the modeled probability
of attachment," explained Standard & Poor's credit analyst Gary
Martucci. "Risk Management Solutions Inc.'s RiskLink 6.0 was
used to determine the probability of attachment of each series.
The annual probability of attachment for the Class A notes is
106 basis points (bps), and the annual probability for the Class
G notes is 462 bps."

The Class A notes are exposed to certain first and subsequent
U.S. hurricane events on a per occurrence basis and will cover
45% of losses between the initial index attachment point of
US$1.85 billion and the initial index exhaustion point of
US$2.25 billion.  The payment mechanism for the Class A notes is
based on a customized index structure computed as Property Claim
Services personal and commercial insured property loss estimates
by state and line of business multiplied by the applicable
payout factor by state/line of business multiplied by the factor
for automobile damages.

The Class G notes are exposed to losses from U.S. hurricanes,
U.S. earthquakes, and U.S. tornadoes/hailstorms on an annual
aggregate basis and will cover 45% of losses between the initial
index attachment point of US$462 million and the initial index
exhaustion point of US$612 million.  Losses are based on a
customized index structure computed as PCS personal and
commercial insured property loss estimates by state and line of
business multiplied by the applicable payout factor by
state/line of business multiplied by the factor for automobile
damages.  For the Class G notes, covered events with PCS
estimated insured industry losses below US$100 million and
greater than or equal to US$29.5 billion are excluded from
coverage.  In addition, all qualifying loss events are subject
to a maximum per event loss contribution limit of US$150
million.

The risk period will begin at 12:00 a.m. the day after closing
and end on Nov. 17, 2010, for the Class A notes and begin at
12:00 a.m. on Jan. 1, 2007, and end on Dec. 31, 2008, for the
Class G notes. The delay between the closing and the start of
the risk period of the Class G notes results in an annualized
attachment probability of 436 bps.

The reinsurance agreement, which is effectively supported by the
proceeds from the issuance of the notes, will provide Hartford
Fire Insurance Co. (AA-/Stable/--) with a source of index-based
catastrophe coverage for hurricane, earthquake, and
tornado/hailstorm events in the covered area.  For a hurricane
event, the covered area is the U.S. Gulf Coast, states that
border the Atlantic Ocean, and West Virginia, Vermont, and D.C.
For earthquake and tornado/hailstorm events, the covered area is
D.C. and all contiguous states constituting the continental
United States.  Hartford Fire Insurance Co. and Foundation Re II
will enter into a reinsurance agreement that will establish the
index-based coverage.

Upon the sale of the notes, the proceeds will be invested in
high-quality permitted investments within collateral accounts.
There will be a separate collateral account for each series of
notes.  Foundation Re II will swap the total return of each
collateral account with BNP Paribas (AA/Positive/A-1+) in
exchange for quarterly LIBOR-based payments minus 12 bps.  The
premium received by Foundation Re II pursuant to the reinsurance
agreement -- combined with the payments received under the swap
-- will be used to make the scheduled interest payments to the
noteholders.  If there is a trigger event, assets will be sold
from the related collateral account with the proceeds being
distributed to Hartford Fire Insurance Co. Principal on the
notes will be paid at maturity unless any covered event occurs.


G & M FINANCE: Proofs of Claim Filing Is Until Nov. 30
------------------------------------------------------
G & M Finance Ltd.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

G & M Finance's shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


GLOBAL STANDARD: Creditors Must File Proofs of Claim by Nov. 27
---------------------------------------------------------------
Global Standard Financial Group Ltd.'s creditors are required to
submit proofs of claim by Nov. 27, 2006, to the company's
liquidators:

          Peter D. Anderson
          William E.J. Walmsley
          P.O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Global Standard's shareholders agreed on Sept. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          William Walmsley
          P.O. Box 897, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7576
          Fax: (345) 949-8295


KILIMANJARO LTD: Creditors Have Until Nov. 30 to File Claims
------------------------------------------------------------
Kilimanjaro Ltd.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Kilimajaro Ltd.'s shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


MASTER DRAGON: Invites Shareholders for Final Meeting on Nov. 28
----------------------------------------------------------------
Master Dragon Investments, Ltd.'s final shareholders meeting
will be on Nov. 28, 2006, at:

          RSM Cayman Islands
          7 Dr. Roy's Drive
          Commerce House, 2nd Floor
          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:

          Pacot Ltd.
          Nemours Chambers, Road Town
          Tortola, British Virgin Islands
          Tel: 1 284 484-0525
          Fax: 1 284 494-0883


NATIONAL WARRANTY: Proofs of Claim Filing Deadline Is on Nov. 30
----------------------------------------------------------------
National Warranty Insurance Risk Retention Group's creditors are
required to submit proofs of claim by Nov. 30, 2006, to the
company's liquidator:

          G.T.L. Bullmore
          P.O. Box 493, George Town
          Grand Cayman, Cayman Islands
          Tel: +1-345-949-4800
          Fax: +1-345-949-7164

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

National Warranty's shareholders agreed on Oct. 16, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Nick Seaman
          P.O. Box 493, George Town
          Grand Cayman, Cayman Islands
          Tel: +1-345-914-4320


NDC PROPERTY: Claims Filing Deadline Is Set for Nov. 30
-------------------------------------------------------
NDC Property Funding Corp.'s creditors are required to submit
proofs of claim by Nov. 30, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

NDC Property's shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


SAPIC 98 (14): Proofs of Claim Must be Filed by Nov. 24
-------------------------------------------------------
Sapic 98 Reference Fund (14) Ltd.'s creditors are required to
submit proofs of claim by Nov. 24, 2006, to the company's
liquidator:

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

Creditors who are not able to comply with the Nov. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sapic 98's shareholders agreed on Oct. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

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


SAPIC 98 (18): Last Day to File Proofs of Claim Is on Nov. 24
-------------------------------------------------------------
Sapic 98 Reference Fund (18) Ltd.'s creditors are required to
submit proofs of claim by Nov. 24, 2006, to the company's
liquidator:

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

Creditors who are not able to comply with the Nov. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sapic 98's shareholders agreed on Oct. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

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


SAPIC 98 (23): Proofs of Claim Must be Filed by Nov. 24
-------------------------------------------------------
Sapic 98 Reference Fund (18) Ltd.'s creditors are required to
submit proofs of claim by Nov. 24, 2006, to the company's
liquidator:

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

Creditors who are not able to comply with the Nov. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sapic 98's shareholders agreed on Oct. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

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


SOFOS CAPITAL: Creditors Must File Proofs of Claim by Nov. 30
-------------------------------------------------------------
Sofos Capital Fund Ltd.'s creditors are required to submit
proofs of claim by Nov. 30, 2006, to the company's liquidator:

          Trident Directors (Cayman) Ltd.
          P.O. Box 847
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sofos Capital'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.

Parties-in-interest may contact:

          Kimbert Solomon
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Tel: (345) 949 0880
          Fax: (345) 949 0881


SPK FUNDING: Last Day for Proofs of Claim Filing Is on Nov. 30
--------------------------------------------------------------
SPK Funding Corp.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

SPK Funding's shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


STAINLESS OVERSEAS: Proofs of Claim Must be Submitted by Nov. 30
----------------------------------------------------------------
Stainless Overseas' creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidator:

          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, APO
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Stainless Overseas' shareholders agreed on Oct. 17, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman, Cayman Islands
          Tel: 345 945 9208
          Fax: 345 945 9210


SUPRA LTD: Creditors Have Until Nov. 30 to File Proofs of Claim
---------------------------------------------------------------
Supra Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Supra Ltd.'s shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


TEC 1999-1: Deadline for Filing of Proofs of Claim Is on Nov. 30
----------------------------------------------------------------
TEC 1999-1 LTD.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

TEC 1999's shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


TERAGON FUND: Shareholders Convene for Final Meeting on Nov. 24
---------------------------------------------------------------
Teragon Fund Ltd.'s final shareholders meeting will be at 10:00
a.m. on Nov. 24, 2006, at:

          Appleby Hunter Bailhache
          75 Fort Street
          P.O. Box 190, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Adam De Domenico
          2062 Portomaso, PTM01, Malta




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


DELL INC: Announcing Prelim Third Quarter Results by Month's End
----------------------------------------------------------------
Dell Inc. intends to report its preliminary results for the
fiscal third quarter by the end of this month.  The move from
the originally scheduled date of Nov. 16 reflects the level of
complexity the company is facing in the preparation of its
preliminary results.

The complexity arises out of the ongoing investigations by the
Securities and Exchange Commission and the company's Audit
Committee into certain accounting and financial reporting
matters, and the fact the company has not filed its Form 10-Q
for the second fiscal quarter.  When the company does announce
earnings it will be in the form of a press release only.

In addition, the company said that future earnings announcements
will be moved back by approximately one week versus Dell's prior
schedule.

The company also announced it has been informed that the SEC has
entered a formal order of investigation.  The delay in
announcing earnings is not related to that development.  Dell
continues to cooperate with the SEC, and is committed to
resolving all issues in connection with the investigation and
regaining compliance with all SEC filing requirements as soon as
possible.

Headquartered in Round Rock, Texas, Dell Inc. (NASDAQ: DELL) --
http://www.dell.com/-- designs, develops, manufactures,
markets, sells, and provides support for various computer
systems and services to customers worldwide.  Dell Inc.'s global
presence includes operations in Chile.


FRESH DEL MONTE: Wins Lawsuit Filed by Minority Shareholders
------------------------------------------------------------
Fresh Del Monte Produce Inc. disclosed that the jury hearing the
lawsuit in Miami-Dade County Circuit Court brought by certain
former indirect minority shareholders, returned a verdict in
favor of the company and its co-defendants.

"Since the filing of this meritless litigation almost four years
ago, we have always maintained that the acquisition of Fresh Del
Monte by the IAT Group in December 1996 was proper and according
to all legal requirements and consents," said Mohammad Abu-
Ghazaleh, Chairman and CEO of Fresh Del Monte.  "We stated from
the first day we saw their complaint that we would vigorously
defend against these false allegations regarding the propriety
of the sale of Fresh Del Monte to the IAT Group in 1996.
Finally, we had our day in court and the jury has confirmed that
we were right and that the plaintiffs' allegations were without
any merit.  The truth prevailed."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has 3 distribution centers in
Latin America (Argentina, Brazil, Chile) that provide a variety
of services including ripening, sorting, repacking, fresh-cut
processing, and delivery.

                        *    *    *

Standard & poor's Ratings Services assigned on June 28, 2006,
its 'BB' bank loan rating and '2' recovery rating on Fresh Del
Monte Produce, Inc.'s term loan, indicating an expected
substantial recovery of principal (80%-100%) in the event of a
payment default, and a '2' recovery rating to the revolving
credit facility.  The rating agency also affirmed its 'BB'
rating on Fresh Del Monte's senior secured credit facilities
following the addition of a new US$150 million term loan to its
existing US$600 million revolving credit facility.  Existing
ratings on the company, including its 'BB' corporate credit
rating, have been affirmed.  S&P said the outlook is negative.
About US$434 million total debt was outstanding at
March 31, 2006.




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


BANCOLOMBIA: Superintendency Approves Almacenar Spin-Off
--------------------------------------------------------
Bancolombia SA disclosed that on Nov. 14, 2006, the
Superintendency of Finance passed Resolution 2050 announcing its
"no objection" to the spin-off of Almacenes Generales de
Deposito Mercantil S.A. aka Almacenar.

This is a preliminary step in the process of sale by Bancolombia
S.A. of its equity participation in Almacenar and is aimed at
dividing the company into three different companies:

   -- the surviving entity and
   -- two other non- financial beneficiary companies
      (sociedades beneficiarias no financieras).

Once Almacenar's shareholders approve the spin-off at a General
Shareholders' Meeting, all Superintendency requirements met, the
spin-off formally carried out and all necessary authorizations
granted, Bancolombia will sell its direct share holding in
Almacenar (94.33%), and its indirect share holding in Almacenar
held through Banca Inversion Bancolombia S.A. Corporacion
Financiera, (3.92%), and one of the beneficiary companies, in
accordance with the binding letter of intent entered into with
Portal de Inversiones S.A.

Additionally, Bancolombia will temporarily use the other
beneficiary company that will be incorporated with part of the
shareholders equity equivalent to 26.42% of Almacenar's
shareholder equity, for the purposes of holding certain real
state and other assets.

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

                        *    *    *

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

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


BANCOLOMBIA: Discloses Decrees from Superintendency of Finance
--------------------------------------------------------------
In order to comply with Colombian Decree 3139 of 2006,
Bancolombia S.A. disclosed these issues:

By means of Resolution 1944 of 2006, the Superintendency of
Finance ruled in favor of Bancolombia S.A. in its appeal against
a fine imposed by the lower court, of COP80 million, due to an
involuntary operational error regarding the terms and conditions
of a loan.

In addition, by means of Resolution 2042 of 2006, the
Superintendency of Finance imposed on Bancolombia S.A. a fine of
COP38.9 million, considering the bank in violation of the rules
of operation of the Electronic Negotiation System -- Sistema
Electronico de Negociacion.

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.


GENERAL NUTRITION: Higher Debt Load Cues Moody's to Junk Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of GNC Parent Corporation to B3 and the US$425 million holding
company note issue to Caa2.

GNC Parent Corp. ultimately owns General Nutrition Centers, Inc.
Proceeds from the new debt principally will be used to retire
its PIK preferred stock for US$149 million and to pay a US$287
million dividend.

Relative to the prior capital structure that was rated on
Nov. 8, the holding company note issue was upsized to US$425
million from US$325 million and the dividend was also increased.
The downgrade of the corporate family rating was prompted by
Moody's opinion that the incremental debt will cause financial
flexibility to materially weaken.

In addition to issuance of these holding company notes, the
company also reported that it is exploring strategic
alternatives such as a sale of the company or an initial public
offering.

These ratings are lowered:

   -- Corporate family rating to B3 from B2;

   -- Probability of Default Rating to B3 from B2;

   -- Senior secured bank loan to Ba3, LGD1, 4% from Ba2;

   -- US$150 million of 8.625% senior notes (2011) to B1, LGD2,
      25%, from Ba3;

   -- US$425 million notes issued by GNC Parent Corp. to Caa2,
      LGD5, 84% from Caa1.

Affirmed:

   -- US$215 million of 8.5% senior subordinated notes (2010) at
      B3, LGD4, 56%.

Moody's downgraded and reassigned the ratings from General
Nutrition Centers, Inc., to GNC Parent Corporation in order to
regularize Moody's ratings.

GNC's corporate family rating of B3 balances the company's
aggressive financial policy, weak credit metrics, and revenue
vulnerability to new product introductions against certain
qualitative aspects that have low investment grade or high non-
investment characteristics.  Weighing down the overall rating
with B characteristics are the company's shareholder enhancement
policy and credit metrics that have remained weak since the
November 2003 leveraged buyout.  The ongoing challenges in
matching changes in consumer preferences for VMS products also
constrain the ratings.  The company's geographic diversification
and the relative lack of cash flow seasonality have solidly
investment grade scores, while the company's scale and
widespread consumer recognition of the GNC name in the intensely
competitive segment of vitamin, mineral, and nutritional
supplement retailing have Ba scores.

The stable rating outlook recognizes that the recent negative
trends in sales and operating profit have turned positive, and
that most proforma credit metrics are appropriate for a B rated
credit.

Moody's expects that, while future free cash flow will be small
relative to total debt, a large portion of future discretionary
cash flow will be applied to balance sheet improvement.  A
permanent decline in cash balances or revolving credit facility
availability that would result if free cash flow fell below
break-even, a return to declining store-level operating
performance, or another sizable shareholder enhancement activity
would cause the ratings to be lowered.

Given the sizable contribution to operating profit from
franchise royalties, difficulties or closure of many franchisees
also would negatively impact the ratings.  Specifically, debt to
EBITDA close to 7 times, EBIT to interest expense below 1 time,
or negative free cash flow to debt would cause ratings to be
lowered.  In the near term, a rating upgrade is unlikely.

Ratings could eventually move upward if the company establishes
a long-term track record of sales stability and improved
margins, the system expands both from new store development and
existing store performance, and if financial flexibility were to
sustainably strengthen such that EBIT coverage of interest
expense approaches 1.5x, leverage falls toward 5.5x, and Free
Cash to Debt consistently exceeds 3%.

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


HEXION SPECIALTY: Boosting Local Operations Via Land Purchase
-------------------------------------------------------------
As part of an effort to enhance the efficiency of its Edmonton,
Alberta operations, Hexion Specialty Chemicals has purchased two
parcels of land adjacent to its Edmonton plant and will improve
the rail and logistics infrastructure at the site.

The company recently purchased a 1-acre plot adjacent to its
current operations in West Edmonton at 12621 156th St. NW.
Hexion had previously purchased another, adjacent 2-acre parcel
from AEP Industries, which ceased operations at that location
last year. Together, the two parcels provide Hexion the space to
enhance the flow of inbound and outbound materials through
infrastructure improvements that will include new rail, loading
and unloading facilities.  The total cost of the projects is
anticipated to be US$4 million to US$5 million.

"These land purchases and planned improvements will allow us to
continue to enhance service to our regional forest products
customers," said Mark Alness, vice president for Hexion's
Phenolic & Forest Products Division.  "Our business has grown
steadily over the years and we had become cramped within the
original site footprint. This series of improvement projects
will provide better logistics at the site, which in turn will
enable us to more efficiently manage the flow of both raw
materials and the volume of finished products.  More than 900
million pounds of UF and PF resins are produced each year at the
Edmonton facility."

In addition, an agreement with CN will enable Hexion to import
methanol, a key raw material, to the Edmonton facility.  This
agreement is vital to the site, as Celanese Corporation has
announced it will close its Edmonton, Alberta methanol plant by
the end of 2006.  CN will play a key role by providing
transportation and logistics solutions through the Cargo Flow
facility it is establishing at its West Edmonton Bissell rail
yard.

Hexion is the world's leading producer of thermosetting resins.
It manufactures resins, adhesives and waxes at the Edmonton
plant that are used by the forest products industry to produce
plywood, laminated veneer lumber, oriented strandboard,
particleboard and other engineered wood products.  The site,
established in 1952, employs 132 people in manufacturing, sales,
research and support roles.

Since the mid 1980s, the Edmonton plant has undergone 9 major
expansions with a total capital investment of US$85 million and
is now the premier regional center for resin production in
Western Canada, serving 57 customer locations.  The company
estimates that resins from the Edmonton site are involved in the
annual production of almost 11 billion square feet of wood
products representing US$4.5 billion in customer sales.

The forest products industry continues its steady growth in the
region, with almost three billion square feet of additional
oriented strand board production capacity expected to be added
by 2009, according to industry publications.

The R&D center within the Edmonton complex is a global center of
excellence for Hexion's research into advanced resin systems for
oriented strandboard production.  These resin systems have been
a critical part of the company's continued growth, and products
resulting from this local research are used by Hexion customers
throughout the world.

Hexion also has significant operations in Vancouver, British
Columbia, and Laval and St. Romuald in Quebec.  These operations
all serve the Canadian forest products industry.

"Our customers are growing rapidly in Canada and especially in
Alberta and British Columbia," Mr. Alness said.  "We will
continue to invest in the region to serve the industry and our
customers."

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.




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


DENNY'S CORP: S&P Raises Corporate Credit Rating to B+ from B
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Spartanburg, S.C.-based Denny's Corp. to 'B+' from
'B'.  The outlook is stable.

At the same time, Standard & Poor's assigned a 'B+' rating to
Denny's Inc.'s US$300 million term loan B due 2012 and US$50
million secured revolver due 2011 (undrawn).  This and a
recovery rating of '2' indicate lenders can expect substantial
(80%-100%) recovery of principal in the event of a payment
default.

Proceeds from the term loan will be used primarily to refinance
existing debt.  The US$50 million revolver will be used for
working capital, capital expenditures, and general corporate
purposes.

"The upgrade reflects Denny's improved cash flow protection
measures following prepayment of debt with proceeds from real
estate sales and internally generated funds and generally good
operating performance over the past three years," said Standard
& Poor's credit analyst Diane Shand.

The ratings on Denny's reflect the company's inconsistent
operating performance, the risks of operating in the intensely
competitive family dining restaurant industry, high leverage,
and weak cash flow protection measures.  Denny's sales trends
have been positive since the fourth quarter of 2003 due to the
company's focus on expanding breakfast items throughout the day,
positive mix shift, facility upgrades, and better service and
advertising.

Headquartered in Spartanburg, South Carolina, Denny's Corp.
-- http://www.dennys.com/-- is America's largest full-service
family restaurant chain, consisting of 543 company-owned units
and 1,035 franchised and licensed units, with operations in the
United States, Canada, Costa Rica, Guam, Mexico, New Zealand and
Puerto Rico.




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


PETROECUADOR: Awarding Contracts for Marginal Fields on Nov. 22
---------------------------------------------------------------
Petroecuador, the state-run oil firm of Ecuador, will award the
contracts for the country's marginal fields on Nov. 22, Business
News Americas reports, citing a company spokesperson.

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2006, Petroecuador's tender committee received 27 bids
for seven of eight marginal fields in Amazon, which include
Armadillo, Chanangue, Eno-Ron, Frontera-Tapi-Tetete, Ocano-Pena
Blanca, Pucuna, Puma, and Singue.  Petroecuador said that the
fields' proven reserves total 120 million barrels and initial
development investment is expected at US$300 million.

The firms and consortiums that made offers include:

          -- Cayman,
          -- Ecopetrol,
          -- JTI,
          -- Petroriva,
          -- Petrotesting Colombia,
          -- Sociedad Internacional Petrolera,
          -- Petrosud-Petroriva,
          -- Drilling and Workover Service and Marmaoil,
          -- a consortium led by Dygoil,
          -- a consortium led by Ecuavital
          -- a consortium led by Pecs Iecontsa
          -- a consortium led by Petrobel, and
          -- a consortium led by Petroleos del Pacifico.

BNamericas relates that the bidders presented offers for:

          -- Armadillo,
          -- Chanangue,
          -- Frontera-Tapi-Tetete,
          -- Ocano-Pena Blanca,
          -- Pucuna,
          -- Puma,
          -- Singue, and
          -- Eno-Ron.

There were no offers for the eight Eno-Ron field, BNamericas
says.

A Petroecuador spokesperson told BNamericas that lawyers and
technicians from the company opened economic bids for the seven
marginal fields.

According to BNamericas, Petroecuador's special tender committee
will receive a definitive report regarding the offers on
Nov. 21.  The results will be disclosed the next day.

The ministry expects the contracts to boost total production
from the fields by over 400% to 30,000 barrels per day,
BNamericas states.

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.




=============
G R E N A D A
=============


* GRENADA: Government Has Mobilized Grants to Offset Shortfalls
---------------------------------------------------------------
An IMF mission visited Grenada on Nov. 8 to 16 to review
progress with the implementation of the government's economic
program supported by the IMF's Poverty Reduction and Growth
Facility or PRGF. The mission held productive discussions with
the Prime Minister, the Deputy Prime Minister, the Minister of
Finance and his staff, and representatives of other ministries
and the private sector.  Discussions centered on recent fiscal
performance, the draft budget for 2007, progress with the
government's structural reform agenda, financial sector reforms,
and other issues related to the first review under the PRGF.

Significant progress has been made since the mission last
visited Grenada in September 2006.  In the fiscal area, the
government has mobilized new grants that -- if fully delivered
-- would more than offset the earlier shortfalls identified for
2006.  Also, the Ministry of Finance has strengthened its
oversight of spending beyond the budget, which should enhance
the Ministry's ability to appropriately monitor government
finances.  On the structural front, the government has fully
implemented the automatic fuel pricing mechanism, with only a
minimal price change in light of the recent drop in oil prices
on the world market.  The government has also begun to publish
information on tax concessions in the Official Gazette, an
important step in achieving greater transparency and
accountability.  Work towards implementing a VAT remains firmly
on track, with the launching of the white paper planned for
later this month.  A new Investment Act, complemented by
amendments to the Income Tax Act and the repeal of other related
legislation, is expected to go to Parliament by mid-December
2006, with the aim of strengthening the environment for
investment.  Meanwhile, the government's efforts to secure
substantial foreign investment in the tourism sector appear to
have paid off, with some key projects now moving ahead.

Notwithstanding these positive developments, substantial
challenges remain.  Preliminary estimates and projections
suggest that government spending will considerably exceed
program targets for 2006, owing in large part to expenditure
pressures from reconstruction and preparations for the Cricket
World Cup.

The mission underscores the importance of containing public
spending in 2007, if the government is to achieve its
overarching objective of fiscal and debt sustainability. A key
challenge in this context will be to reach an agreement on
public sector wages that is consistent with these broader fiscal
objectives.

In the structural area, reform efforts need to be accelerated so
that the benefits can be reaped in the near- to medium-term.
These efforts include comprehensively reforming tax
administration, pushing ahead with a full-fledged Poverty
Reduction Strategy, modernizing the public sector, strengthening
the planning and implementation of the public sector investment
program, and further efforts to reduce the country's
vulnerability to natural disasters.

The authorities are fully aware of these challenges and
reiterated their commitment to the reform program.  The IMF will
continue to work closely with the authorities to assist them in
the implementation of the program.

                        *    *    *

As reported in the Troubled Company Reporter on March 21, 2006,
Standard & Poor's Ratings Services affirmed its 'B-' long-term
and 'C' short-term sovereign credit ratings on Grenada.  S&P
said the outlook on the long-term ratings remains stable.

The ratings on Grenada are constrained by large government debt,
which, at an estimated 118% of GDP in 2006 (98% of GDP on a net
basis), is one of the highest among the 110 sovereigns rated by
Standard & Poor's.  The debt burden has been partly alleviated
by the restructuring completed in Nov. 2005, which extended
the maturity of roughly US$261 million (or 44% of the total) in
debt to 2025 and reduced the interest payment by more than half,
to about 2.5% of GDP in 2006.




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


GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal
---------------------------------------------------------
The Goodyear Tire & Rubber Company has disclosed that bargaining
teams from the company and the United Steelworkers met last week
in Cincinnati.  Goodyear presented copies of its latest
proposals to the Union's full bargaining committee.  Goodyear
reviewed its proposals in detail and responded to questions from
the Union's bargaining team.  The Union made no new proposals.

The company said it is clear from the discussions that the two
primary issues continue to be retiree health care and the
announced closure of the Tyler, Texas plant.

Dates for further meetings with the union have not been
established.

Goodyear's latest proposal can be viewed at:

              http://researcharchives.com/t/s?155c

The United Steelworkers struck Goodyear on Oct. 5 after refusing
to further extend a three-year master contract with the company.

                     About Goodyear Tire

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

                        *    *    *

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

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


GOODYEAR TIRE: Fitch Junks Rating on US$1 Bil. Sr. Unsec. Notes
---------------------------------------------------------------
Fitch Ratings has assigned debt and Recovery Ratings of
'CCC+/RR6' to US$1 billion of new private placement notes issued
by The Goodyear Tire & Rubber Company.  All ratings remain on
Rating Watch Negative.

The new debt includes US$500 million of three-year floating rate
notes and US$500 million of five-year 8.625% notes.  Proceeds
will be used to refinance US$515 million of debt scheduled to
mature by March 2007 and for general corporate purposes,
including addressing the ongoing strike by the United
Steelworkers union.

Goodyear's existing debt and recovery ratings are:

   -- Issuer Default Rating 'B';
   -- US$1.5 billion first lien credit facility 'BB/RR1';
   -- US$1.2 billion second lien term loan 'BB/RR1';
   -- US$300 million third lien term loan 'B/RR4';
   -- US$650 million third lien senior secured notes 'B/RR4';
      and
   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities
      'BB/RR1'.

Fitch placed Goodyear's ratings on Rating Watch Negative on
Oct. 18, 2006, following the company's US$975 million drawdown
of its US$1.5 billion revolver, effectively using the remaining
capacity under the revolver.  The net addition of nearly US$500
million of debt, excluding debt to be refinanced, further
supports Goodyear's liquidity during the strike that began
Oct. 5.  The Rating Watch Negative reflects business risks posed
by the strike as well as concerns about Goodyear's evolving
financial position and liquidity as the strike continues.

Demands on Goodyear's cash include pension contributions, debt
service requirements, potential cash requirements related to the
resolution of the strike, uncertain access to any additional
financing, and continued operating challenges with respect to
the company's cost structure and raw material costs.  The
eventual outcome of the strike will be an important factor in
resolving the rating watch.

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


GOODYEAR TIRE: Moody's Rates US$1 Bil. Unsec. Note Offer at B2
--------------------------------------------------------------
Moody's Investors Service assigned a B2, LGD4, 63% rating to
Goodyear Tire & Rubber Company's new US$1 billion offering of
unsecured notes.

At the same time, the rating agency affirmed Goodyear's
Corporate Family Rating of B1 and negative outlook and revised
its Speculative Grade Liquidity rating to SGL-2.

All other long-term ratings are unchanged.

The new unsecured notes will consist of a US$0.5 billion
floating rate issue with a three-year maturity, and a US$0.5
billion fixed rate issue with a five-year maturity.  Both issues
will benefit from upstreamed guarantees from Goodyear's material
North American subsidiaries.  Goodyear will use US$515 million
of the proceeds to repay maturing obligations in December
(US$215 million) and March 2007 (US$300 million) with the
balance retained for general corporate purposes.  The new
financing will strengthen Goodyear's liquidity profile as it
works to resolve the strike affecting its U.S. production
capacity.

Goodyear's Corporate Family rating of B1 recognizes strong
scores for several factors in Moody's Automotive Supplier
Methodology.

These factors include:

      (a) the company's substantial scale;
      (b) global brands, leading market share;
      (c) diversified geographic markets; and,
      (d) improved debt maturity and liquidity profiles.

Scores for those qualitative attributes would normally track to
a higher Corporate Family rating.

However, the B1 rating considers Goodyear's relatively weak
quantitative scores including leverage, which has stepped-up
further from recent borrowings, low EBIT returns and weak
FCF/debt ratios.  Contributions to pension plans will remain
substantial for another year before declining in 2008.  Scores
from those quantitative factors counter qualitative strengths.
The company faces challenges in restoring its balance sheet,
resolving its U.S. organized labor contract and contending with
various contingent liabilities.

Nonetheless, debt levels have likely peaked and leverage
measurements could quickly retreat should a satisfactory accord
be reached with its North American union with incremental debt
retired in short order.

The negative outlook anticipates that the strike will be settled
within several months, but recognizes stepped-up leverage from
recent financing, and weak demand in North American replacement
tire markets.  Several pro forma metrics already suggest lower
rating categories.  However, leverage measurements could decline
if the strike was resolved quickly, recent incremental debt was
unwound, and lower underfunded pension liabilities anticipated
at year-end were recognized.

In addition, the company is positioned with strong liquidity and
faces minimal debt maturities until 2009.  On balance, Moody's
believes the risks are weighted to the downside by these short
term issues until the company's North American cost structure is
resolved.  Developments on these concerns could either evolve
rapidly or emerge over several months depending upon the outcome
of its labor negotiations.

Ongoing challenges also include maintaining and bolstering
profitability in the face of elevated and volatile raw material
prices, generating adequate cash flow from its operations, and
strengthening its capital structure.  Recent replacement tire
demand has been less than robust which could intensify
competition and pricing. Growth in replacement tire demand
should also resume over the intermediate period.

Ratings assigned:

   * Goodyear Tire & Rubber Company

      -- US$500 million senior unsecured guaranteed notes due
         2009, B2 LGD-4, 63%

      -- US$500 million senior unsecured guaranteed notes due
         2011, B2 LGD-4, 63%

Ratings affirmed:

   * Goodyear Tire & Rubber Company

      -- Corporate Family Rating, B1
      -- Outlook, Negative
      -- Probability of Default, B1
      -- first lien credit facility, Ba1, LGD 2, 10%
      -- second lien term loan, Ba3, LGD 3, 35%
      -- third lien secured term loan, B2, LGD 4, 63%
      -- 11% senior secured notes, B2, LGD 4, 63%
      -- floating rate senior secured notes, B2, LGD 4, 63%
      -- 9% senior notes, B2, LGD 4, 63%
      -- 6 5/8% senior notes, B3, LGD 6, 94%
      -- 8 1/2% senior notes, B3, LGD 6, 94%
      -- 6 3/8% senior notes, B3, LGD 6, 94%
      -- 7 6/7% senior notes, B3, LGD 6, 94%
      -- 7% senior notes, B3, LGD 6, 94%
      -- senior unsecured convertible notes, B3, LGD 6, 94%

   * Goodyear Dunlop Tyres Europe

      -- Euro revolving credit facilities, Ba1, LGD 2, 10%
      -- Euro secured term loan, Ba1, LGD 2, 10%

Ratings changed:

Speculative Grade Liquidity rating to SGL-2 from SGL-3

The last rating action was on Oct. 16 at which time the outlook
was changed to negative and the liquidity rating was lowered to
SGL-3.

The B2, LGD4, 63% rating assigned to the new notes recognizes
their junior position relative to the company's first, second
and third lien credit facilities as well as the benefits of
upstreamed guarantees from material North American subsidiaries,
an enhancement that is not in place on certain other unsecured
notes.

The SGL-2 liquidity rating, representing good liquidity over the
next 12 months, emphasizes substantial balance sheet cash
sourced through the recent revolving credit borrowings and note
issuance. However, external liquidity is very limited as the
company's domestic revolving credit is nearly fully utilized.
The company should have adequate room under its financial
covenants, but the cushion could diminish should North American
results be adversely affected by the strike.  While substantial
assets have been pledged, the company does have flexibility on
the use of proceeds from prospective asset sales.

Goodyear Tire & Rubber Company, based in Akron, Ohio, is one of
the world's largest tire companies with more than 100 facilities
in 29 countries around the world.  Products include tires,
engineered rubber products, and chemicals.  Revenues in 2005
were approximately US$20 billion.  It has marketing operations
in almost every country around the world.




===========
G U Y A N A
===========


* GUYANA: IDB Governors Reach Agreement on Debt Relief
------------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank disclosed that its members reached an agreement
on a framework for debt relief for Bolivia, Guyana, Haiti,
Honduras and Nicaragua.

"This relief will benefit the poorest countries in our region
and assist them in their efforts to achieve the Millennium
Development Goals," said the chairman of the Committee of the
IDB Board of Governors, Jose Carlos Miranda of Brazil.

"I thank all the governors for their participation and their
understanding in reaching this agreement as well as the IDB
staff for helping us find a viable solution," Mr. Miranda added.

"This is great news for the more than 30 million people in these
five countries," said IDB President Luis Alberto Moreno.

The IDB will now put in place agile mechanisms to implement the
agreement, Moreno added.  Bank staff will also propose elements
for the discussion of principles for a future replenishment of
the Fund for Special Operations (FSO), the IDB's concessional
lending window.

"It's essential to continue with the FSO, which is part of this
institution's DNA," Mr. Moreno said.

Under the framework agreed by the committee, IDB member
countries will ensure the continuity of the FSO and the IDB's
technical cooperation program.

The Committee of the Board of Governors will meet in January
2007 in Amsterdam to define technical details for the
implementation of the new debt reduction framework.  Agreements
reached at that follow-up meeting will be presented to the full
Board of Governors when it convenes in Guatemala City next
March.




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


* HAITI: IDB Governors Reach Agreement on Debt Relief
-----------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank disclosed that its members reached an agreement
on a framework for debt relief for Bolivia, Guyana, Haiti,
Honduras and Nicaragua.

"This relief will benefit the poorest countries in our region
and assist them in their efforts to achieve the Millennium
Development Goals," said the chairman of the Committee of the
IDB Board of Governors, Jose Carlos Miranda of Brazil.

"I thank all the governors for their participation and their
understanding in reaching this agreement as well as the IDB
staff for helping us find a viable solution," Mr. Miranda added.

"This is great news for the more than 30 million people in these
five countries," said IDB President Luis Alberto Moreno.

The IDB will now put in place agile mechanisms to implement the
agreement, Moreno added.  Bank staff will also propose elements
for the discussion of principles for a future replenishment of
the Fund for Special Operations (FSO), the IDB's concessional
lending window.

"It's essential to continue with the FSO, which is part of this
institution's DNA," Mr. Moreno said.

Under the framework agreed by the committee, IDB member
countries will ensure the continuity of the FSO and the IDB's
technical cooperation program.

The Committee of the Board of Governors will meet in January
2007 in Amsterdam to define technical details for the
implementation of the new debt reduction framework.  Agreements
reached at that follow-up meeting will be presented to the full
Board of Governors when it convenes in Guatemala City next
March.

                        *    *    *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructure will be alleviated with
increased international assistance.




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


* HONDURAS: IDB Governors Reach Agreement on Debt Relief
--------------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank disclosed that its members reached an agreement
on a framework for debt relief for Bolivia, Guyana, Haiti,
Honduras and Nicaragua.

"This relief will benefit the poorest countries in our region
and assist them in their efforts to achieve the Millennium
Development Goals," said the chairman of the Committee of the
IDB Board of Governors, Jose Carlos Miranda of Brazil.

"I thank all the governors for their participation and their
understanding in reaching this agreement as well as the IDB
staff for helping us find a viable solution," Mr. Miranda added.

"This is great news for the more than 30 million people in these
five countries," said IDB President Luis Alberto Moreno.

The IDB will now put in place agile mechanisms to implement the
agreement, Moreno added.  Bank staff will also propose elements
for the discussion of principles for a future replenishment of
the Fund for Special Operations (FSO), the IDB's concessional
lending window.

"It's essential to continue with the FSO, which is part of this
institution's DNA," Mr. Moreno said.

Under the framework agreed by the committee, IDB member
countries will ensure the continuity of the FSO and the IDB's
technical cooperation program.

The Committee of the Board of Governors will meet in January
2007 in Amsterdam to define technical details for the
implementation of the new debt reduction framework.  Agreements
reached at that follow-up meeting will be presented to the full
Board of Governors when it convenes in Guatemala City next
March.

                        *    *    *

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


KAISER ALUMINUM: Earns US$14.3 Million in Quarter Ended Sept. 30
----------------------------------------------------------------
In its financial report on Form 10-Q submitted to the U.S.
Securities and Exchange Commission, Kaiser Aluminum Corp.
reported net income of US$14,300,000 for the three months ended
Sept. 30, 2006, compared to net income of US$16,600,000 for the
same period in 2005.

The company additionally reported a US$3,100,000,000 non-cash
gain associated with the implementation of its plan of
reorganization and fresh-start accounting.

Kaiser reported operating income of US$21,700,000 for the third
quarter 2006, which compares to US$19,700,000 for the prior year
quarter.  Operating income for the nine months of 2006 totaled
US$74,100,000 compared to US$45,500,000 in the same period of
2005.

Net sales for the third quarter of 2006 increased by 22% to
US$331,400,000, compared to US$271,600,000 for the third quarter
of 2005.  Net sales for the first nine months of 2006 increased
by 25% to US$1,000,000,000 compared to US$815,900,000 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 chief executive officer of Kaiser
Aluminum.

                Fabricated Products Division

Operating income in the fabricated products division totaled
US$29,000,000 for the third quarter of 2006 compared with
US$26,000,000 for the same period in 2005.  The third quarter
results improved 13% from what was a very strong quarter in
2005.  Slightly higher shipments and continuing stronger
conversion prices contributed about US$5,000,000 to the
improvement.

In addition, operating income improved around US$2,000,000 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$90,000,000 compared with
US$66,000,000 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 Division

Operating income in the primary products segment, which includes
the non-core Anglesey operations, totaled US$3,000,000 for the
third quarter, around US$2,000,000 below the third quarter 2005.

Operating income in the primary products segment totaled
US$15,000,000 for the first nine months of 2006, an approximate
US$2,000,000 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 the
following non-run-rate items:

   -- Mark-to-market gains on hedging-related derivative
      transactions for the third quarter of US$1,000,000
      compared with a loss of US$1,000,000 for the 2005 period;
      and

   -- Mark-to-market gains on hedging-related derivative
      transactions for the first nine months of US$8,000,000
      compared with a loss of US$5,000,000 for the 2005 period.

                     Trentwood Facility

The company previously announced 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."

                      Post-Bankruptcy

Upon emergence from its Chapter 11 proceedings on July 6, 2006,
the company adopted fresh-start accounting as required by
American Institute of Certified Professional Accountants
Statement of Position 90-7, and a significant amount of
liabilities subject to compromise were relieved.

As more fully discussed in the company's Form 10-Q, 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.

A full-text copy of Kaiser's Third Quarter 2006 Report is
available for free at http://researcharchives.com/t/s?153a

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 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, and the company emerged from Chapter
11.  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)


KAISER: Asks Court to Reduce Law Debenture Trust's Claims
---------------------------------------------------------
Reorganized Kaiser Aluminum Corporation and its debtor-
affiliates ask the U.S. Bankruptcy Court for the District of
Delaware to reduce the Law Debenture Claim to US$427,200,000.

In December 2002, State Street Bank and Trust Company, a
predecessor indenture trustee for Kaiser Aluminum & Chemical
Corporation's 12-3/4% Senior Subordinated Notes due 2003, filed
eight proofs of claim against KACC and certain of its
affiliates.  The claims asserted general unsecured status, each
in the aggregate amount of US$427,213,838.

Pursuant to their reorganization plan, the aggregate allowed
amount of all claims against the Reorganized Debtors in respect
of the Senior Subordinated Notes and the Senior Subordinated
Note Indenture was set at US$427,200,000.

Under the Court order confirming the Plan, each of the non-
Canadian Reorganized Debtors was substantively consolidated.
Thus, one claim of State Street was deemed to be a surviving
claim and was allowed for US$427,200,000.

In February 2006, Law Debenture Trust Company of New York, the
current indenture trustee for the Senior Subordinated Notes,
filed Claim No. 16607 against KACC asserting a general unsecured
claim for US$432,390,511 in respect of the Senior Subordinated
Notes and the Senior Subordinated Note Indenture.

On the face of Claim No. 16607, Law Debenture indicated that it
was amending the State Street Claim.  Except for the inclusion
of US$5,176,674 in postpetition fees and expenses incurred by
State Street's agent U.S. Bank N.A. and Law Debenture, Claim No.
16607 is entirely duplicative of the State Street Claim,
Kimberly D. Newmarch, Esq., at Richards, Layton & Finger in
Wilmington, Delaware, tells the Court.

Ms. Newmarch notes that a provision in the Reorganized Debtors'
Plan specifically limited the aggregate allowed amount of all
claims in respect of the Senior Subordinated Notes and the
Senior Subordinated Note Indenture.

Ms. Newmarch also points out that the portion of the Law
Debenture Claim in respect of postpetition fees and expenses is
not allowable because general unsecured creditors cannot recover
postpetition fees and costs.

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 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
===========


ALLIS-CHALMERS: Extends Tender Offer for 9% Sr. Notes to Dec. 8
---------------------------------------------------------------
Allis-Chalmers Energy Inc. has extended the expiration of the
exchange offer relating to its 9.0% Senior Notes due 2014 to
5:00 p.m. (New York City time) on Dec. 8, 2006, pending
dissemination of financial information relating to its recently
completed acquisition of Petro-Rentals, Incorporated, and its
recently announced pending acquisition of substantially all the
assets of Oil & Gas Rental Services, Inc.

Copies of the prospectus and letter of transmittal may be
obtained from the exchange agent for the exchange offers at:

By Registered or Certified Mail:

          Wells Fargo Bank, N.A.
          Attn: Corporate Trust Operations
          MAC N9303-121
          P.O. Box 1517
          Minneapolis, MN 55480-1517

By Regular Mail, Hand or Overnight Delivery:

          Wells Fargo Bank, N.A.
          Sixth and Marquette
          Attn: Corporate Trust Operations
          MAC N9303-121
          Minneapolis, MN 55479
          Tel: 800-344-5128
          Fax: 612-667-4927

Based in Houston, Texas, Allis-Chalmers Energy Inc. (AMEX: ALY)
-- http://www.alchenergy.com/-- provides oilfield services and
equipment to the oil and gas exploration and development
companies primarily in Texas, Louisiana, New Mexico, Colorado,
and Oklahoma; offshore in the United States Gulf of Mexico; and
offshore and onshore in Mexico.  The company offers directional
drilling, compressed air drilling, casing and tubing, rental
tools, and production services.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sector, confirmed its B3 Corporate Family Rating for Allis-
Chalmers Energy Inc.  Moody's also affirmed its B3 rating on the
company's 9% Senior Unsecured Guaranteed Global Notes Due 2014,
and assigned the debentures an LGD4 rating suggesting a
projected loss-given default of 54%.

As reported in the Troubled Company Reporter on July 31, 2006,
Standard & Poor's Ratings Services affirmed its 'B-' rating on
Allis-Chalmers Energy Inc.'s proposed US$80 million senior notes
issuance due 2014.  The rating service also affirmed its 'B-'
corporate credit rating on the company.  S&P said the outlook is
stable.


COTT CORP: Earns US$6.6 Million in 2006 Third Quarter
-----------------------------------------------------
Cott Corp. reported a US$6.6 million net income on US$475.5
million of revenues for the third quarter ended Sept. 30, 2006,
compared with a US$1.8 million net loss on US$469.9 million of
revenues for the same period in 2005.

Despite registering a lower gross profit of US$62.0 million in
the third quarter of 2006, compared to a gross profit of US$65.4
million for the same period of 2005, the company managed to show
a profit of US$6.6 million largely due to lower recorded charges
for unusual items of US$9.3 million on a pre-tax basis in the
current quarter compared with a charge for unusual items of
US$25.7 million on a pre-tax basis in the same quarter in 2005.
This would account for the reported net income of US$6.6 million
in the third quarter of 2006 compared to the US$1.8 million net
loss for the same period in 2005.

The US$9.3 million of unusual items recorded in the third
quarter of 2006 consists of US$9.4 million of restructuring
charges, partially offset by a US$0.1 million gain related to a
recovery from a note receivable.

At Sept. 30, 2006, the company's consolidated balance sheet
showed US$1.2 billion in total assets, US$653.5 million in total
liabilities, US$21.9 million in minority interest, and US$513
million in stockholders' equity,

The company also disclosed that to assure long-term success and
profitability, it is focusing on reducing costs, becoming the
best partner to their retailer customers, and building and
sustaining a pipeline of innovation and new product development.

The company also reported that it will cease production at their
manufacturing plants in Elizabethtown, Kentucky and Wyomissing,
Pennsylvania by Dec. 31, 2006; and will reallocate production
volume to other manufacturing sites in North America.

Full-text copies of the company's consolidated financial
statements for the third quarter ended Sept. 30, 2006, are
available for free at:

                http://researcharchives.com/t/s?1538

Headquartered in Toronto, Ontario, Canada, Cott Corp.
(NYSE:COT; TSX:BCB) -- http://www.cott.com/-- is a non-
alcoholic beverage company and a retailer brand beverage
supplier.  The Company commercializes its business in over 60
countries worldwide, with its principal markets being the United
States, Canada, the United Kingdom and Mexico.  Cott markets or
supplies over 200 retailer and licensed brands, and Company-
owned brands including Cott, Royal Crown, Vintage, Vess and So
Clear.  Its products include carbonated soft drinks, sparkling
and flavoured mineral waters, energy drinks, juices, juice
drinks and smoothies, ready-to-drink teas, and other non-
carbonated beverages.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service's affirmed its Ba3 Corporate Family
Rating for Cott Corp. and its B1 Rating on Cott Beverages Inc.'s
8% Subordinate Notes Due 2011, in connection with Moody's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. beverage company sector.
Moody's assigned an LGD5 rating to those bonds, suggesting
noteholders will experience a 74% loss in the event of a
default.


DAVE & BUSTER'S: Completes Sale-Leaseback of Three Restaurants
--------------------------------------------------------------
Dave & Buster's, Inc., has completed the sale and simultaneous
leaseback of three restaurant locations.  The transaction was
completed through National Retail Properties, Inc., at a sale
price of US$29.6 million.  Net proceeds from the transaction
were used to pay down outstanding balances on the company's
senior credit facility and the company's revolving credit
facility.

Dave & Busters Inc. operates a chain of about 50 food and
entertainment complexes in the US, Canada, and Mexico.  The
company's locations offer casual dining, full bar service, and a
cavernous game room.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency
confirmed its B2 Corporate Family Rating for Dave & Busters Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100M Sr. Sec.
   Term d. 2/2013         B1       Ba2     LGD2       12%

   US$60M Sr. Sec.
   Revolver d. 2/2011     B1       Ba2     LGD2       12%

   US$175M 11.25% Sr.
   Unsec. Notes
   d. 2/2014              B3       B3      LGD4       68%


GRUPO MEXICO: Most Likely Buyer for Phelps Dodge
------------------------------------------------
Grupo Mexico SA de CV is the most likely candidate for the
purchase of Phelps Dodge Corp., as its assets in the United
States and Mexico are relatively close to Phelps Dodge's,
Bloomberg says, citing Victor Lazarovici, a senior analyst at
BMO Capital Markets in New York.

Bloomberg relates that Eduardo Gonzalez, the chief financial
officer of Grupo Mexico, said on March 30 that the firm had the
financial capability to purchase a company for US$6 billion.

Globe and Mail said on July 29 that Grupo Mexico hired US
financial advisers to study a bid for Phelps Dodge.

However, Grupo Mexico denied plans to buy Phelps Dodge, saying
the firm's price was too high, the Troubled Company Reporter-
Latin America reported on Aug. 24.  Phelps Dodge's market value
was US$18.4 billion, more than twice that of Grupo Mexico's.

                     About Phelps Dodge

Phelps Dodge Corp. -- http://www.phelpsdodge.com/-- produces
copper and molybdenum and is the largest producer of molybdenum-
based chemicals and continuous-cast copper rod.  The company and
its two divisions, Phelps Dodge Mining Co. and Phelps Dodge
Industries, employ approximately 15,000 people worldwide.

                    About Grupo Mexico

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

                        *    *    *

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

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


ODYSSEY RE: Fairfax to Sell Nine Million Shares in Company
----------------------------------------------------------
At the request of Fairfax Financial Holdings Limited, Odyssey Re
Holdings Corp.'s majority shareholder, the company has filed a
registration statement with the Securities and Exchange
Commission relating to a secondary offering of its common stock.

Fairfax proposes to sell 9,000,000 of its Odyssey Re shares, and
will grant the underwriters an option to purchase up to
1,350,000 additional shares of common stock to cover over-
allotments, if any.  The proposed offering will be jointly led
by Citigroup Corporate and Investment Banking and Wachovia
Capital Markets, LLC.

Fairfax will continue to own a majority of the shares of Odyssey
Re after the proposed offering.  Odyssey Re will not receive any
proceeds from the sale of the shares.

The manner, timing and execution of any sale of Fairfax's
Odyssey Re shares are at Fairfax's discretion and subject to
market conditions and there is no assurance it will occur.

A written prospectus relating to the offering, when available,
may be obtained from:

          Citigroup Corporate and Investment Banking
          Brooklyn Army Terminal
          140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: 718-765-6732

                 -- or --

          Wachovia Capital Markets, LLC
          Attn: Equity Syndicate
          375 Park Avenue, 4th Floor
          New York, NY 10152
          E-mail: equity.syndicate@wachovia.com

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management
Limited and Newline Insurance Co. Ltd.  The Company underwrites
through offices in the United States, London, Paris, Singapore,
Toronto and Mexico City.  Odyssey Re Holdings Corp. is listed on
the New York Stock Exchange under the symbol ORH.

                        *    *    *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


ONEIDA LTD: Shareholders Elect Seven-Member Board of Directors
--------------------------------------------------------------
Oneida Ltd. announced the election of a new seven-member Board
of Directors that became effective on Nov. 1, 2006.

Over the past two years, the Company's previous Board presided
over a comprehensive operational restructuring and refinancing
which included a successful pre-negotiated Chapter 11
proceeding, positioning Oneida for a new era of financial
flexibility and growth.

Under the new Board's stewardship, Oneida will focus on building
its iconic brands globally and implementing innovative long-term
growth strategies.

"We are very excited about our future and believe this new Board
brings world-class credentials from both the Retail and
Foodservice industries," Oneida Ltd. president James E. Joseph
said.

"This Board was carefully chosen for their keen perspective on
today's consumer and for their commitment to helping Oneida
execute our global expansion plans."

Newly elected board member Andrew Herenstein, a Managing
Principal of Quadrangle Group LLC and a Managing Member of
Quadrangle Debt Recovery Advisors LLC, which in the aggregate
are Oneida's largest shareholders, said Oneida has emerged from
its recent restructuring positioned for growth: "We join
Oneida's Board of Directors at a pivotal time in the Company's
history. Our goal is to build on the strengths of Oneida's 126-
year-old brand and heritage."

The Oneida Board of Directors consists of:

   -- Diane Price Baker, former executive vice president and
      chief financial officer of Atari Inc., a major video game
      manufacturer.  Previously, she was chief financial officer
      at The New York Times Company from 1995 to 1998 and chief
      financial officer at R.H. Macy & Co. from 1990 to 1995
      following a career in corporate restructuring and
      investment banking at Salomon Brothers Inc.

   -- Andrew Herenstein, who joined Quadrangle Group LLC in 2002
      and is a managing principal and co-portfolio manager.
      Previously, he was a director of Lazard Freres & Co. LLC
      and served as co-portfolio manager of the Lazard Debt
      Recovery Funds.  During his career he also held positions
      at The Delaware Bay Co. Inc.; Brean, Murray, Foster
      Securities; and Bear, Stearns & Co.

   -- Norman S. Matthews, a former president of Federated
      Department Stores, one of the nation's premier retailers
      with more than 850 department stores under the names of
      Macy's and Bloomingdale's.  In addition to his senior
      management roles at Federated Department Stores from
      1978 to 1988, Mr. Matthews also served as senior vice
      president and general merchandise manager at E.J. Korvette
      and senior vice president of marketing and corporate
      development at Broyhill Furniture Industries.

   -- Edward W. Rabin, who retired as president of Hyatt Hotels
      Corporation in January 2006 following a distinguished
      37-year career in general management and operations at the
      hotel chain, ultimately overseeing 130 hotels and resorts
      in the U.S., Canada and the Caribbean.  He is currently a
      trustee of the American Hotel Foundation and SMG Corp.,
      the world's largest owner and operator of stadiums,
      arenas, and conventions centers and a joint venture
      between Hyatt and Aramark Corp.

   -- Hugh R. Rovit, a member of Oneida Ltd.'s Board of
      Directors since October 2004.  Mr. Rovit is presently
      chief executive officer of Sure-Fit Inc. and was recently
      a principal of turnaround management firm Masson & Company
      from 2001 through 2005.  Previously, Mr. Rovit held the
      positions of chief financial officer of Best Manufacturing
      Inc., a manufacturer and distributor of institutional
      service apparel and textiles, from 1998 through 2001 and
      chief financial officer of Royce Hosiery Mills Inc., a
      manufacturer and distributor of men's and women's hosiery,
      from 1991 through 1998.

   -- Thomas J. Russo, a Partner in RAVE, a privately held LLC
      specializing in quality assurance and customer
      satisfaction for the hospitality, restaurant and retail
      industries.  His career also encompasses more than 30
      years of senior management positions in foodservice,
      lodging and consumer goods at such well-known companies as
      Howard Johnson's, Ponderosa, Hanson Industries Housewares
      Group, and Miami Subs, among others.

   -- Eric S. Salus, a past president of Macy's and Macy's Home
      Store from 1997 to 2005 and 2004 to 2005, respectively.
      Previously, he held the positions of president of Bon
      Macy's from 2003 to 2004; executive vice president of Home
      Store and Cosmetics at Macy's from 1997 to 2003; executive
      vice president and merchandising and marketing officer of
      Dick's Sporting Goods; and senior positions at Foley's
      Houston, May D&F and The Hecht Co., all divisions of May
      Department Stores.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI)
-- http://www.oneida.com/-- manufactures stainless steel and
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.  The Company has
operations in the United States, Canada, Mexico, the United
Kingdom, and Australia.

The Company and its eight affiliates filed for Chapter 11
protection on March 19, 2006 (Bankr. S.D. N.Y. Case No. 06-
10489).  On May 12, 2006, Judge Gropper approved the Debtors'
disclosure statement.  Their pre-negotiated plan of
reorganization was confirmed on Aug. 31, 2006.  The Company
emerged from Chapter 11 on Sept. 15, 2006, as a privately held
company.

                        *    *    *

At July 29, 2006, the Company's balance sheet showed
US$296.5 million in total assets and US$355 million in total
debts resulting in a US$58.5 million stockholders' deficit.


* MUNICIPALITY OF TEPIC: 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 upgraded the Municipality of
Tepic's issuer rating to Ba2 from Ba3 and to A2.mx from A3.mx,
with a stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Baa3 rating on the State of Nayrit,
   -- 20% probability of support and
   -- 90% 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.


* PUERTO PENASCO: 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 upgraded the Municipality of
Puerto Penasco's issuer ratings to Ba3 from B1 and to A3.mx from
Baa2.mx, with a stable outlook.

The rating is based on:

   -- a BCA of 13,
   -- credit risk profile of the State of Sonora,
   -- 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.


* STATE OF MEXICO: 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 upgraded the State of
Mexico's issuer rating to Ba3 from B3 and to Baa1.mx from
Ba3.mx, with a stable outlook.

The rating is based on:

   -- a BCA of 14,
   -- Baa1 rating on the Government of Mexico,
   -- 20% probability of support and
   -- 90% 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.


* STATE OF NUEVO LEON: 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 upgraded the State of Nuevo
Leon's issuer rating to Baa3 from Ba1 and to Aa3.mx from A1.mx,
with a stable outlook.

The rating is based on:

   -- a BCA of 10,
   -- Baa1 rating on the Government of Mexico,
   -- 5% probability of support and
   -- 90% default dependence.

Moody's also affirmed senior secured debt ratings at
Baa1/Aaa.mx.

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.




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


* NICARAGUA: IDB Governors Reach Agreement on Debt Relief
---------------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank disclosed that its members reached an agreement
on a framework for debt relief for Bolivia, Guyana, Haiti,
Honduras and Nicaragua.

"This relief will benefit the poorest countries in our region
and assist them in their efforts to achieve the Millennium
Development Goals," said the chairman of the Committee of the
IDB Board of Governors, Jose Carlos Miranda of Brazil.

"I thank all the governors for their participation and their
understanding in reaching this agreement as well as the IDB
staff for helping us find a viable solution," Mr. Miranda added.

"This is great news for the more than 30 million people in these
five countries," said IDB President Luis Alberto Moreno.

The IDB will now put in place agile mechanisms to implement the
agreement, Moreno added.  Bank staff will also propose elements
for the discussion of principles for a future replenishment of
the Fund for Special Operations (FSO), the IDB's concessional
lending window.

"It's essential to continue with the FSO, which is part of this
institution's DNA," Mr. Moreno said.

Under the framework agreed by the committee, IDB member
countries will ensure the continuity of the FSO and the IDB's
technical cooperation program.

The Committee of the Board of Governors will meet in January
2007 in Amsterdam to define technical details for the
implementation of the new debt reduction framework.  Agreements
reached at that follow-up meeting will be presented to the full
Board of Governors when it convenes in Guatemala City next
March.

                        *    *    *

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 E R U
=======


PHELPS DODGE: Freeport-McMoRAn Buying Firm for US$25.9 Billion
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. will purchase Phelps Dodge
Corp. for US$25.9 billion in cash and stock, Bloomberg reports.

Phelps Dodge said in a statement that its stockholders will get
US$88 in cash and 0.67 share in Freeport-McMoRan.  The deal
values Phelps Dodge at US$126.46 a share, or 33% more than its
closing price Nov. 17.

Bloomberg relates that the acquisition will allow Freeport
McMoRan to overtake BHP Billiton Ltd. as the largest publicly
traded copper producer in the world.

According to Bloomberg, J. Steven Whisler -- chief executive
officer of Phelps Dodge -- will retire after the Freeport-
McMoRan deal is completed.  Mr. Whisleer agreed to the takeover
after failing in his bid to acquire Falconbridge Ltd. and Inco
Ltd. this year for US$40 billion.

Xstrata Plc acquired Falconbridge while Companhia Vale do Rio
Doce purchased Inco.

Bloomberg underscores that Atticus Capital LLC -- a New York-
based hedge fund -- criticized Mr. Whisler's acquisition
strategy.

Atticus and Timothy R. Brakett -- the firm's chairperson --
disclosed on Oct. 11 that it had negotiations with potential
buyers for Phelps Dodge, Bloomberg notes.

Bloomberg emphasizes that Mr. Barakett had commented that Phelps
Dodge should return to shareholders more of the cash the firm
built up during a four-year rally in copper prices.

The report says that Phelps Dodge paid UD$1.3 billion in special
dividends since November and expects to return another US$700
million to shareholders, including through stock repurchase, by
the end of 2006.

The combined company of Freeport McMoRan and Phelps Dodge would
have estimated earnings before interest, taxes and depreciation
of US$7.9 billion, and cash flows of US$6.5 billion for 2006.
Total debt could be US$17.6 billion at Dec. 31, Bloomberg says,
citing Freeport McMoRan.

Richard C. Adkerson, Freeport McMoRan president and chief
executive officer, said in a statement that the firm's
shareholders will benefit from significant cash-flow accretion,
lower cost of capital, and improved geographic and asset
diversification.

Freeport McMoRan told Bloomberg that it has secured finance from
JPMorgan Chase & Co. and Merrill Lynch & Co., who are also its
advisers.

The cash portion of the bid is about 70% of the total bid,
Bloomberg says, citing Freeport McMoRan.

Citigroup Inc. and Morgan Stanley & Co. advised Phelps Dodge,
Bloomberg states.

                   About Freeport McMoRan

Freeport-McMoran Copper & Gold Inc. -- through its majority-
owned subsidiary, PT Freeport Indonesia -- is engaged in copper,
gold and silver mining and production operations.  The Company
owns approximately 90.64% of PT Freeport Indonesia, and the
Government of Indonesia owns the remaining approximate 9.36%.
The Company's principal asset is the Grasberg minerals district.
During the year ended Dec. 31, 2005, net additions and revisions
to the aggregate proven and probable reserves of the Grasberg
and other Block A ore bodies in the Grasberg minerals district
totaled approximately 132 million metric tons of ore
representing increases of 2.1 billion recoverable pounds of
copper, 0.4 million recoverable ounces of gold and 12.1 million
recoverable ounces of silver.

                     About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has mining operations in Chile, Peru, Colombia,
Venezuela and Ecuador, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PHELPS DODGE: Grupo Mexico Most Likely Buyer for Firm
-----------------------------------------------------
Grupo Mexico SA de CV is the most likely candidate for the
purchase of Phelps Dodge Corp., as its assets in the United
States and Mexico are relatively close to Phelps Dodge's,
Bloomberg says, citing Victor Lazarovici, a senior analyst at
BMO Capital Markets in New York.

Bloomberg relates that Eduardo Gonzalez, the chief financial
officer of Grupo Mexico, said on March 30 that the firm had the
financial capability to purchase a company for US$6 billion.

Globe and Mail said on July 29 that Grupo Mexico hired US
financial advisers to study a bid for Phelps Dodge.

However, Grupo Mexico denied plans to buy Phelps Dodge, saying
the firm's price was too high, the Troubled Company Reporter-
Latin America reported on Aug. 24.  Phelps Dodge's market value
was US$18.4 billion, more than twice that of Grupo Mexico's.

                    About Grupo Mexico

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

                    About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has mining operations in Chile, Peru, Colombia,
Venezuela and Ecuador, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


* PERU: Inks Six Technical Evaluation Pacts with Brazil
-------------------------------------------------------
Petroperu, the state-run oil company of Peru, said in a
statement that its consortium with Petroleo Brasileiro, its
Brazilian counterpart, has signed six technical accords with
Perupetro, Peru's state hydrocarbons promotions agency.

Business News Americas relates that the evaluation agreements,
which have a two-year period, correspond to the Maranon basin's
blocks:

          -- XXVI,
          -- XXVII,
          -- XXVIII,
          -- XXIX,
          -- XXX, and
          -- XXXI.

According to BNamericas, the consortium will identify zones with
the most hydrocarbons-bearing potential to determine if it will
enter into exploration and production license contracts.

The evaluation agreements will need an investment of US$980,000,
which will be funded equally by Petroleo Brasileiro and
Petroperu, 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.

                        *    *    *

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


BLOCKBUSTER: Credit Concerns Prompt Fitch to Hold Junk Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed these ratings for Blockbuster Inc.:

   -- Issuer default rating 'CCC';
   -- Senior secured credit facility 'CCC/RR4';
   -- Senior subordinated notes of 'CC/RR6'.

Fitch has also revised Blockbuster's Rating Outlook to Stable
from Negative.  Approximately US$1.2 billion of debt is affected
by the action.

The ratings continue to reflect ongoing credit concerns which
include weak financial performance driven by pricing pressures
which continue to limit margin expansion, difficult industry
conditions, and intense competition from mass merchants, pay-
per-view suppliers, and online retailers.

The Stable Outlook reflects Blockbuster's improved financial
flexibility, stronger liquidity position, and the company's cost
cutting efforts that have enabled Blockbuster to improve Free
Cash Flow despite ongoing revenue declines, and the company's
leading position in the rental entertainment industry.
Importantly, Blockbuster's improved financial flexibility
includes covenant relief over 2006 and 2007, a stronger
liquidity position that has been aided by a US$150 million
preferred stock offering and LTM free cash flow of approximately
US$165 million.  The stable outlook also reflects Fitch's belief
that the company will be able to meet its amended 2006 minimum
EBITDA covenant of US$210 million.

However, Blockbuster's revenue generation continues to be
negatively affected from structural changes in the industry,
competitive factors, and the company's strategic decision to
eliminate late fees in 2005. Blockbuster's online movie rental
business, which is subscription based and was launched in 2004,
has not yet grown in size to offset competitive and industry
factors.  Despite these challenges, Blockbuster's operating
margin and operating EBITDA showed some improvement through the
first three quarters of 2006 as the company has significantly
reduced its advertising budget and overhead spend. For the
quarter ending Sept. 30, 2006, Blockbuster's operating margin
was 0.1% versus -25.3% for third quarter-2005 (3Q'05).
Operating EBITDA of US$64 million in the third quarter of 2006
reflected growth of 14% over US$56 million in 3Q'05.  These
positive variances reflect cost containment related to corporate
overhead, lower store level compensation, and reduced
advertising expenses.  Fitch notes that the cost cutting
strategy has driven better results however ongoing reduction of
expenses like advertising may be disadvantageous in the long run
as it does not help grow top line revenue.  Nevertheless, Fitch
expects margin and operating EBITDA improvement to continue in
the historically strong fourth quarter

Overall, Fitch remains concerned about Blockbuster's operational
policies, which have included major changes to its business
model in response to weakening market conditions.  These changes
include replacing lost revenue from the elimination of high
margin late rental fees in 2005.  Fitch views the elimination of
late fees as particularly risky and challenging given that
Blockbuster is now required to offset this source of operating
profit with substantial increases in rental and merchandise
revenues.  This may continue to be difficult for Blockbuster due
to price discounting employed by the company's online division
and strong competition in the home video/DVD market from mass
merchants.  While Fitch recognizes that Blockbuster's online
initiative has grown, Fitch notes that these revenues typically
carry a lower gross margin, as do other areas such as video
sales and game sales. This is important given Blockbuster's
large fixed-cost base due to its real estate leases, especially
if the online revenues cannibalize existing rental revenues.

Blockbuster generated meaningful discretionary free cash flow
over the last twelve months Sept. 30, 2006, due to the
aforementioned cost cuts as well as lower capital expenditures
offset by moderate working capital usage.  As such,
Blockbuster's free cash flow to total adjusted debt improved to
2.7% for LTM Sept. 30, 2006, from -3.4% for fiscal year 2005.
Blockbuster improved its financial flexibility in the last
twelve months by securing US$150 million in private equity
funding and using the proceeds to pay off the balance on its
revolving credit facility.  Importantly, Blockbuster has had no
borrowings on its facility for the last two quarters.  Leverage
as measured by total adjusted debt to operating EBITDAR
strengthened from 7.8 times as of fiscal year 2005 to 6.7x as of
LTM Sept. 30, 2006.  Total debt to operating EBITDA also
improved from 7.0x in fiscal year 2005 to 3.9x in LTM
Sept. 30, 2006.

Blockbuster's liquidity is improved and supported by cash
balances of US$255 million at third quarter end and availability
of US$293 million on its US$500 million secured revolving credit
facility (after deducting for Letter's of Credit and Viacom's
legacy reserve), which matures 2011.  The secured credit
facility has a covenant package with amendments related to
minimum EBITDA levels, restricted payments, and future fixed
charge coverage and leverage tests.  Blockbuster has been in
compliance with its amended covenants.  In addition, Fitch notes
that Blockbuster must continue to generate strong operating
EBITDA in the coming year in order to meet the fixed charge
covenant of 1.35x for any four consecutive fiscal quarters
ending after Dec. 31, 2007.  Fitch expects Blockbuster to
continue reducing its fixed cost base and meet this covenant.

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.




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


BRITISH WEST: Recruitment for New Airline Without Fuss
------------------------------------------------------
The recruitment for Caribbean Airlines, which will take the
place of British West Indies Airlines aka BWIA next year, seems
to be done very quietly, Curtis John, the head of the Aviation
Communication and allied Workers Union or ACAWU, told Newsday.

Mr. John admitted to Newsday that he was aware that interviews
are being conducted for pilots and flight attendants for
Caribbean Airlines.  However, Mr. John said he did not know how
many of the people interviews were BWIA workers.

Meanwhile, the Emirates Airline, which is an Arabian airline, is
seeking to recruit local pilots, Newsday notes.

Mr. John told Newsday that he heard of this development but had
no idea if any BWIA pilots might be interested in working for
Emirates Airline.

The Trinidad and Tobago Airline Pilots Association said in a
notice that Emirates Airline representatives will be holding
information sessions and interviews with local pilots at Crowne
Plaza Hotel in Port-of-Spain on Nov. 18 and 19.  The information
sessions will take place from 9:00 a.m. to noon.  A ten to 15
minute interview will be held after these sessions.  Persons who
wanted to attend the information session and have an interview
were requested to register by emailing at
pilot.recruitment@emirates.com.

                   About Emirates Airline

Emirates Airline, the international airline of the United Arab
Emirates, is based in Dubai and wholly owned by the Arabian
government.  Launched on Oct. 25, 1995, Emirates Airline has a
fleet of 92 aircraft (including the Boeing 777-200 and Airbus
340-500 planes) and is in an expansion phase.  Emirates Airline
is a member of the Emirates Group, which has member companies
involved in areas like hotels and cargo services.

              About British West Indies Airlines

British West Indies aka BWIA was founded in 1940, and for more
than 60 years has been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline has reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management is a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and reopen a
new airline that will be called Caribbean Airlines.  The
government approved a substantial capital injection for the
creation of Caribbean Airlines.


HILTON HOTELS: Declares Dividend of US$0.04 Per Share
-----------------------------------------------------
Hilton Hotels Corp. declared a dividend of US$.04 per share,
payable in cash on Dec. 15, 2006, to stockholders of record at
the close of business on Dec. 1, 2006.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, India, Indonesia,
Trinidad and Tobago, Philippines and Vietnam.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the gaming, lodging and leisure sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%




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


* URUGUAY: Transmission Lines Failure Leads to Power Supply Cut
---------------------------------------------------------------
UTE, the state power firm of Uruguay, said in a statement that
slightly more than 60% of the country's 1,200-megawatt power
supply was briefly cut due to the failure of two 500 kilovolt
transmission lines.

Business News Americas relates that the lines were transferring
energy from the Palmar hydro plant on Rio Negro.

The statement says that the power failure, which was due to
strong winds, affected 700,000 clients in southern Uruguay,
according to the statement.

Some 90% of supply had been reconnected within an hour after the
power supply was cut, BNamericas states.

                        *    *    *

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




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


CITGO PETROLEUM: Makes First Delivery of Discounted Heating Oil
---------------------------------------------------------------
Citgo Petroleum Corp., in partnership with Citizens Energy
Corporation, made its first delivery of discount heating oil for
2006-2007 on Nov. 17.

The Citgo-Venezuela heating oil program is committed to
delivering more than 25 million gallons of fuel, at a 40%
discount, to more than 100,000 needy households in New York
City.  This is the second year for the initiative.

The program will deliver fuel to eligible families throughout
the five boroughs.  The initiative will also devote 5% of the
delivery volume free of charge to homeless shelters during the
heating season.  The initial delivery was made to a 60-unit
Bronx apartment building, whose low-income tenants will receive
rent rebates as a result of the discount delivery of 200 gallons
per unit.

Felix Rodriguez, Citgo president and chief executive officer,
said, "We are more than just an oil company. We are neighbors
and friends who care for those in need.  This is a people-to-
people program that comes from the heart of Venezuela to the
homes of American families who just can't pay their energy
bills."

The program is targeting more than 100 million gallons to more
than 400,000 households in 16 states, more than doubling the
commitment made last year.  The expansion of the program came in
response to a request by last year's beneficiaries when they met
with Venezuelan President Hugo Chavez during a visit to
Venezuela earlier this year.

Citgo has designated Citizens Energy Corp., a Boston-based non-
profit, to run the household delivery program.  Citizens Energy,
formed by former Rep. Joseph P. Kennedy II during the oil price
shocks of the late 1970s, has provided discounted heating oil to
the poor and elderly for more than 25 years.

Mr. Kennedy stated, "We approached every major oil company and
every OPEC nation last year to ask that a small slice of their
record profits go to help the poor.  Only one oil company --
Citgo -- and only one nation -- Venezuela -- stepped up to the
plate to offer a helping hand."

Meanwhile, Bernardo Alvarez -- Venezuelan Ambassador to the
United States -- noted, "In Venezuela, we view our petroleum
reserves not simply as a commodity but as a treasure to use to
help others.  Our assistance to the poor of the United States is
part of a broad strategy to help those in need not only in
Venezuela but throughout the hemisphere, under a spirit of
solidarity promoted by President Chavez."

Families interested in receiving the discount oil could call
Citizens Energy at 1-877-JOE-4-OIL (1-877-563-4645) for an
application.  Once approved, the household would receive an
authorization letter and call its heating oil dealer to arrange
a delivery of up to 200 gallons of heating oil at 40% off the
retail price.

In New York City, Citizens Energy is conducting an outreach with
local partners to apartment buildings and co-ops with low-income
tenants to arrange deliveries.

The Citgo-Venezuela Heating Oil Program is also operating in:

          -- Alaska,
          -- Connecticut,
          -- Delaware,
          -- District of Columbia,
          -- Indiana,
          -- Maine,
          -- Maryland,
          -- Massachusetts,
          -- Michigan,
          -- New Jersey,
          -- Greater Philadelphia,
          -- Greater Pittsburgh,
          -- Rhode Island,
          -- Vermont,
          -- Virginia, and
          -- Wisconsin.

Citgo is also providing discount oil directly to 163 Native
American tribes in the states of Alaska, Maine, Minnesota and
New York.

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

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

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

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


CITGO PETROLEUM: Says Lawsuit on Price-Fixing Has No Basis
----------------------------------------------------------
David McCollum, a spokesperson of Citgo Petroleum, told Dow
Jones Newswires that the price-fixing lawsuit filed against the
firm has no basis.

As reported in the Troubled Company Reporter-Latin America on
Nov. 17, 2006, a federal price-fixing lawsuit was filed on
Nov. 13, 2006, against Citgo Petroleum on behalf of a class of
plaintiffs who purchased gasoline, asphalt, lubricants, various
petrochemicals, motor oil, and other refined oil products
directly from Citgo throughout the United States.  The complaint
arises out of Citgo's willing and conspiratorial participation
in the anticompetitive conduct of the Organization of Petroleum
Exporting Countries or OPEC, the world's most notorious and
successful price-fixing cartel.

Reuters relates that the complainants are:

          -- Spectrum Stores,
          -- Major Oil Co.,
          -- W.C. Rice Oil, and
          -- Abston Petroleum.

According to Dow Jones, the complaint comes amid continued ill-
will against Citgo Petroleum that started when Venezuelan
President Hugo Chavez called US President George W. Bush a devil
in his United Nations speech.

Mr. McCollum told Dow Jones, "We don't think it has any merit.
We will defend ourselves vigorously and we expect to win."

Felix Rodriguez, president of Citgo, commented to Reuters, "The
courts in the United States have no reason to hear this case."

U.S. District Judge Sim Lake will meet with Citgo and the
plaintiffs on Feb. 2, 2007, Reuters states, citing a court
official.

Plaintiffs are represented by a team of highly experienced
litigation law firms and lawyers:

  1) Robert G. Eisler
     Lieff, Cabraser, Heimann & Bernstein, LLP
     780 Third Avenue, 48th Floor
     New York, New York 10017-2024
     Tel: 212-355-9500
     Fax: 212-355-9592

  2) Geoffrey L. Harrison
     Susman Godfrey L.L.P.
     Suite 5100
     1000 Louisiana Street
     Houston, Texas 77002-5096
     Tel: 713-651-9366
     Telecopy: 713-654-6666

  3) Cunningham, Bounds, Crowder, Brown & Breedlove, L.L.C.
     1601 Dauphin Street, P.O. Box 66705
     Mobile, Alabama 36660
     Tel: 251-471-6191
     Fax: 251-479-1031

  4) Cooper & Kirk, PLLC
     Washington, District of Columbia

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

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

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

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


PETROLEOS DE VENEZUELA: Eyes 49% Stake in Curacao's Isla Plant
--------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, has offered to purchase a 49% stake in the Isla plant
of Curacao for US$1.5 billion, Amigoe reports.

Bloomberg relates that the government of Curacao owns the Isla
refinery.  The plant processes heavy crude oil from Venezuela,
which has a high sulfur and metal content.  Most of Isla's
products, including gasoline, are exported to the US and the
Caribbean.  The plant has an installed capacity of 335,000
barrels daily.

Amigoe notes that Petroleos de Venezuela leases the Isla
refinery in an accord that runs through 2019.

Petroleos de Venezuela made the offer for the Isla plant
recently.  The operation, however, has not been approved yet,
Reuters says, citing Nelson Pierre, Curacao Government Companies
commissary.

Mr. Pierre told El Universal, "We are still engaged in talks.
We are discussing a number of scenarios to determine how we will
eventually make the investment."

A committee of the government of Curacao would meet with
Petroleos de Venezuela on Nov. 24 to proceed with the
negotiations, El Universal says, citing Mr. Pierre.

If the deal moves forward, the plan is to invest US$1 billion to
purchase new equipment, with another US$500 million for
prevention of environmental damages, Mr. Pierre explained to El
Universal.

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.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Launching Vehicular Natural Gas Program
---------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil company of
Venezuela, said in a statement that it is launching a program to
promote vehicular natural gas, following an unsuccessful trial
in the 1990s, the company said in a statement.

Hector Castillo, the project's manager said in a statement, "We
plan on reactivating 148 existing gas service stations [with
VNG] and incorporating 350 new spots where GNV can easily be
supplied."

According to a statement, Petroleos de Venezuela invited
Argentine and Belarus officials to get involved in the project
since their nations have experience with the fuel.

Business News Americas relates that Venezuela will modernize
500,000 public transportation units to run on vehicular natural
gas.

Thousands of taxis were fitted with dual gasoline and vehicular
natural gas systems in the 1990s.

Petroleos de Venezuela said in a statement that the strategy is
to give residents an alternative fuel that is economically
attractive.

However, gasoline is low cost in Venezuela as prices were frozen
in 1997 after price raises caused riots in the late 1980s and
early 1990s, BNamericas reports.

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.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Restarts Sincor After Maintenance
---------------------------------------------------------
Sincor -- Petroleos de Venezuela's joint venture with Total and
Statoil -- is starting operations after a planned maintenance
for 19 days, Reuters reports, citing an official from Statoil.

Reuters relates that Sincor is one of four projects that upgrade
tar-like Orinoco oil into synthetic crude, which can be
processed by conventional refineries.

Petroleos de Venezuela told Reuters that Sincor's maintenance
led to bottlenecks.  The company is proposing merging two of the
projects.

Venezuela will construct a massive 800,000 barrels per day
upgrader in the Orinoco belt to process new oil production.  The
unit will be operational in the coming years, Reuters 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.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* VENEZUELA: Building Complex to Improve Heavy Crude Oils
---------------------------------------------------------
As part of the business plan implemented by Petroleos de
Venezuela S.A. through the Orinoco Magna Reserve Project,
Venezuela will construct a complex to improve heavy and extra
heavy crude oils.  The processing of these crude oils will allow
the country's industry to refine products that will meet the
requirements of clients both from the national and international
market.

With his opening words to the technical activities of 1st
International Conference on Heavy Crude Oils taking place in the
city of Beijing, China, the Technical General Manager of
Corporacion Venezolana del Petroleo, Jose Ramon Arias, disclosed
othe business opportunities of the Orinoco Oil Belt project, and
the technical strategies that are to be put in place both
upstream and downstream.

Mr. Arias pointed out that Venezuela has successfully initiated
the process of quantification and certification of the reserves
from the four fields that constitute the Orinoco Magna Reserve
Project. Moreover, he explained that the country has been a
pioneer in applying the technique of improved recovery, and that
the technology to be applied during the implementation of this
project is that of vapor injection, which will increase the
recovery factor by more than 20%.

"Petroleos de Venezuela can produce crude oils with partial
improvement; it can rely on the technologies patented by PDVSA
Intevep, such as the process of deep conversion which will allow
processing of crude in a way that minimizes the residue of the
product and thereby provides optimum returns when the finished
products are sold," Mr. Arias explained.

The 1st International Conference on Heavy Crude Oils has been a
timely opportunity for the technical staff of Petroleos de
Venezuela to share the experiences that Venezuela has had with
this type of oil in the areas of technology, exploration,
production and commercialization. Mr. Arias indicated that, "in
this important event Venezuela has been recognized as a point of
reference in the progress that is taking place in projects for
processing heavy and extra heavy crude oils."

the Venezuelan petroleum industry technicians who participated
in the conference presented 6 papers referring to:

   -- techniques for selection of prospective areas, using
      statistical methods in the Junin field of the Orinoco Oil
      Belt;

   -- analysis of the process of Vapor Assisted Gravitational
      Segregation;

   -- application of methodologies for water production control
      in the Morichal field;

   -- technological selection for exploitation using
      geo-statistical methods;

   -- the application of novel technologies of artificial
      elevation; and

   -- heavy and extra heavy crude oil well completion in the
      east of the country.

Parallel to the activities on the agenda, the technical group is
participating in the business center provided by the corporation
in the event.  The center has been attractive for investors, who
have shown their interest in learning about the business
portfolio that Venezuela offers in relation to heavy and extra
heavy crude oils.  In the important work sessions held, new and
future business opportunities or the country have been foreseen
within the framework of the policy of Full Oil Sovereignty being
carried out by the Bolivarian Government of Venezuela, through
the Ministry of Energy and Petroleum and Petroleos de Venezuela.

                        *    *    *

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


* BOND PRICING: For the week of November 13 -- November 17, 2006
----------------------------------------------------------------

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


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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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