TCRLA_Public/061123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 23, 2006, Vol. 7, Issue 233

                          Headlines

A R G E N T I N A

COOPERATIVA VITIVINICOLA: Claims Verification Is Until Dec. 21
FASHION SA: Verification of Proofs of Claim Is Until Dec. 11
FREESCALE: Extends Tender Offer for Senior Notes to Nov. 29
GLOBAL VENDING: Claims Verification Deadline Is March 1, 2007
LUFIMAR SRL: Claims Verification Deadline Is on Dec. 12

TARJETA NARANJA: Selling US$100 Mil. in Peso-Denominated Bonds
TRANSVISION SA: Last Day for Verification of Claims Is Dec. 28

* ARGENTINA: Bond of the South Nine Times Oversubscribed

B A H A M A S

COMPLETE RETREATS: Sells Assets to Ultimate Resort for US$98 Mln

B E R M U D A

REFCO INC: Ch. 11 Trustee Wants to Collect US$1 Million in Fees
SEA CONTAINERS: U.K. Regulator May Issue Financial Directions
SCOTTISH RE: Says Strategic Review Is on Track
SCOTTISH RE: Liquidity Concerns Cues AM Best to Cut FSR to B
SEA CONTAINERS: Taps Carter Ledyard as Special Counsel

SEA CONTAINERS: Wants to Extend Time to File SALS & SOFAS

B O L I V I A

COEUR D'ALENE: Withdrawing Pacific Exchange Listing

* BOLIVIA: Gov't Halts Plans on Mining Sector Nationalization
* BOLIVIA: World Bank Grants US$30MM for Urban Infrastructure

B R A Z I L

BANCO BARCLAYS: Moody's Withdraws All Ratings
BANCO BRADESCO: Offering Cheap Insurance Products Through Postal
BANCO BRADESCO: Selling Stakes in Firms Outside Core Business
BANCO BRADESCO: Will Close Down Microcredit Operations
BANCO CRUZEIRO: Moody's Rates US$50MM Step-Up Sub. Notes at B2

BANCO NACIONAL: Uniao de Bancos Acquiring Firm from Magalhaes
COMPANHIA SIDERURGICA: Merrill Lunch Downgrades Firm to Neutral
DURA AUTOMOTIVE: Can Access US$300MM Goldman Sachs DIP Financing
GERDAU SA: Names Andre Gerdau Johannpeter as Chief Executive
GERDAU SA: Wins Bid for 324,327,847 Shares Issued by Siderperu

GOL LINHAS:  Reviews Financial Outlook for Full Year 2006
LUCENT TECHNOLOGIES: US$11.8-Billion Deal with Alcatel Approved
NOVELIS INC: Moody's Confirms Low B Ratings on Updated Filing
UNIAO DE BANCOS: Acquiring Banco Nacional from Magalhaes Pinto

* BRAZIL: Sells US$1.5 Billion of Dollar-Denominated Bonds
* BRAZIL: IDB Grants US$400MM Loan for Integrated Energy Project

C A Y M A N   I S L A N D S

495 LEASING: Last Day to File Proofs of Claim Is on Nov. 30
AHR RIVER: Last Day for Filing of Proofs of Claim Is on Nov. 30
ASIAN RECOVERY: Creditors Must Submit Proofs of Claim by Nov. 30
ATSU CO: Creditors Have Until Nov. 30 to File Proofs of Claim
ATSU 2 CO: Creditors Must Submit Proofs of Claim by Nov. 30

BOLERO LEASING: Deadline for Proofs of Claim Filing Is Nov. 30
GULLIVER LEASING: Claims Filing Deadline Is Set for Nov. 30
HARBOR 2006-1: Last Day for Submission of Claims Is on Nov. 30
LA TOUR: Deadline for Submission of Claims Is on Nov. 30
LB AUSTRALIA: Proofs of Claim Must be Submitted by Nov. 30

MASTR CI-5: Creditors Must Submit Poofs of Claim by Nov. 30
MEIJE: Creditors Have Until Nov. 30 to File Proofs of Claim
N KAKIGARA: Last Day for Submission of Claims Is on Nov. 30
NATS R-27: Last Day for Proofs of Claim Filing Is on Nov. 30
OPTEUM HOLDINGS: Last Day to File Proofs of Claim Is on Nov. 30

PARROTSPITZE FINANCE: Claims Filing Deadline Is Set for Nov. 30
PROSPERO CAPITAL: Filing of Proofs of Claim Is Until Nov. 30
SOUTHERN FUNDING: Proofs of Claim Filing Deadline Is on Nov. 30

C H I L E

DELL INC: Reports Third Quarter Preliminary Financial Results
GOODYEAR TIRE: Closes US$1-Billion Senior Notes Offering
PHELPS DODGE: Freeport Takeover Depends on Commodity Prices

C O L O M B I A

CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
ECOPETROL: Could Acquire 5% Stake in State Power & Telecom Firm

* COLOMBIA: Spending COP222 Trillion Over Four Years

C O S T A   R I C A

DENNY'S HOLDINGS: Moody's Ups Corp. Family Rating to B1 from B2
GENERAL NUTITION: Parent Declares Pricing of Senior PIK Notes

D O M I N I C A N   R E P U B L I C

JETBLUE: Moody's Junks Rating on US$40 Million Revenue Bonds
JETBLUE AIRWAYS: S&P Assigns B Rating on US$40MM Revenue Bonds

E C U A D O R

PETROECUADOR: Conducts Green Plus Study

G U A T E M A L A

DIGICEL LTD: Will Launch Operations in Guatemala Next Year

G U Y A N A

* GUYANA: Secures US$24.3MM Loan for Transport Infrastructure

H O N D U R A S

LEAR CORP: Fitch Rates US$900MM Sr. Unsecured Notes at B/RR4

* HONDURAS: IDB OKs US$27.9MM Loan for Poverty Reduction Program

J A M A I C A

CALDON FINANCE: Nicole Ann Fullerton Tries to Flee Fraud Ruling
COURTS (JAMAICA): Cobalt Holding Co. Ltd. Offers to Buy Company

M E X I C O

BALLY TOTAL: John Rogers Resigns from Board of Directors
BALLY TOTAL: Pays Paul Toback US$900,000 Bonus for 2005
FORD MOTOR: Restates First & Second Quarter Financial Statements
FORD MOTOR: SEC Wants More Disclosure on Restated Financials
GLOBAL POWER: Gets US$85MM DIP Loan Pledge from Morgan Stanley

KANSAS CITY SOUTHERN: Gets US$146MM in Tenders for 10.25% Notes
KANSAS CITY SOUTHERN: Offering US$175 Mil. of 7.625% Sr. Notes
ODYSSEY: AM Best Says Fairfax Share Reduction Positive for Firm

P A N A M A

* PANAMA: Increasing Canal Toll to Help Fund Expansion

P E R U

HERTZ CORP: S&P Affirms Low B Ratings on Synthetic Securities
IIRSA NORTE: S&P Ups Rating on US$213MM 8.75% Sr. Notes to BB+

* PERU: IDB Approves US$200MM Loan to Improve Public Management

P U E R T O   R I C O

KMART CORP: Inks Pact Resolving HSBC's Claim Nos. 36375 & 57876
KMART CORP: Reports Revenues for 13-Week Ended Oct. 28
PEP BOYS: Profitability Prompts S&P to Affirm B- Credit Rating
PIER 1: Completes Sale of Private-Label Credit Card Operations

T R I N I D A D   &   T O B A G O

BRITISH AIRWAYS: Inks Code Share Pact with Caribbean Airlines
BRITISH WEST: Caribbean Airlines Dumps London Routes

V E N E Z U E L A

PETROLEOS DE VENEZUELA: 45.5B Barrels of Oil in Carabobo Proven
UNIVERSAL COMPRESSION: S&P Ups Corporate Credit Rating to BB

* VENEZUELA: Bond of the South Nine Times Oversubscribed
NASDAQ STOCK: LSE Purchase Offer Cues S&P to Review BB+ Rating
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


COOPERATIVA VITIVINICOLA: Claims Verification Is Until Dec. 21
--------------------------------------------------------------
Estudio Cdoras Rosa Fanny Castro y Silvia Irma Bustos, the court-appointed
trustee for Cooperativa Vitivinicola, Horticola, Fruticola, Olivicola,
Apicola, Ganadera y de Consumo Vinas de Medrano Limitada's bankruptcy
proceeding, will verify creditors' proofs of claim until Dec. 21, 2006.

Estudio Cdoras will present the validated claims in court as individual
reports on March 7, 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 Cooperativa Vitivinicola 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 Cooperativa Vitivinicola's
accounting and banking records will follow on Apr. 23, 2007.

The debtor can be reached at:

          Coopertiva Vitivinicola, Horticola, Fruticola,
          Olivicola, Apicola, Ganadera y de Consumo Vinas
          De Medrano Limitada
          Espejo 509, Ciudad de Mendoza
          Mendoza, Argentina

The trustee can be reached at:

          Estudio Cdoras. Rosa Fanny Castro y Silvia Irma Bustos
          25 de Mayo 1054, Ciudad de Mendoza
          Mendoza, Argentina


FASHION SA: Verification of Proofs of Claim Is Until Dec. 11
------------------------------------------------------------
Marcela Alejandra Zamora, the court-appointed trustee for Fashion SA's
insolvency case, will verify creditors' proofs of claim until Dec. 11, 2006.

Ms. Zamoira will present the validated claims in court as individual reports
on Apr. 3, 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 Fashion SA 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 Fashion SA's accounting and
banking records will follow on July 4, 2007.

On Oct. 19, 2007, Fashion SA's creditors will vote on a settlement plan that
the company will lay on the table.

The trustee can be reached at:

          Marcela Alejandra Zamorav
          Rioja 80 Ciudad de Mendoza
          Mendoza, Argentina


FREESCALE: Extends Tender Offer for Senior Notes to Nov. 29
-----------------------------------------------------------
Freescale Semiconductor, Inc., has extended the expiration date for its
previously announced tender offers and consent solicitations for any and all
of its outstanding US$350,000,000 aggregate principal amount of 6.875%
senior notes due 2011 and any and all of its outstanding US$500,000,000
aggregate principal amount of 7.125% senior notes due 2014 pursuant to the
Offer to Purchase and Consent Solicitation Statement, dated
Oct. 23, 2006.

Freescale announced that it is extending the expiration date for the tender
offers to 5:00 p.m. prevailing Eastern Time on
Nov. 29, 2006.  Freescale expects the settlement date for the tender offers
will be on Dec. 1, 2006.

The tender offers remain open and are scheduled to expire on the expiration
date, unless extended or earlier terminated.  The tender offers are subject
to the satisfaction of certain conditions, including the receipt of
specified financing, the consummation of the merger pursuant to the
previously announced Agreement and Plan of Merger dated as of Sept. 15,
2006, by and among Freescale, Firestone Holdings LLC and Firestone
Acquisition Corporation and certain other customary conditions.

As of 5:00 p.m. prevailing Eastern time on Nov. 20, 2006, US$349,889,000 in
aggregate principal amount of the 2011 Notes, representing approximately
99.97% of the outstanding 2011 Notes, had been validly tendered and
US$499,925,000 in aggregate principal amount of the its 2014 Notes,
representing approximately 99.98% of the outstanding 2014 Notes, had been
validly tendered.

Freescale has engaged Credit Suisse Securities (USA) LLC and Citigroup
Corporate and Investment Banking to act as dealer managers in connection
with the tender offers and solicitation agents in connection with the
consent solicitations.

Any questions or requests for assistance may be directed to either:

          Credit Suisse Securities (USA) LLC
          Tel: 800-820-1653 (U.S. toll-free)
               212-325-7596 (collect)

                    -- or --

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

D.F. King & Co., Inc. has been retained as Tender Agent and as Information
Agent in connection with the tender offers and consent solicitations.

Requests for additional copies of the Statement or any other document may be
directed to:

          D.F. King & Co., Inc.
          48 Wall Street, New York, New York 10005
          Tel: 800-714-3312 (U.S. toll-free)

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

                        *    *    *

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

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


GLOBAL VENDING: Claims Verification Deadline Is March 1, 2007
-------------------------------------------------------------
Roberto Alfredo Mazzarella, the court-appointed trustee for Global Vending
SA's bankruptcy case, will verify creditors' proofs of claim until March 1,
2007.

Under the Argentine bankruptcy law, Mr. Mazzarella is required to present
the validated claims in court as individual reports.  Court No. 24 in Buenos
Aires will determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges raised by
Global Vending and its creditors.

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

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

Global Vending was forced into bankruptcy at the request of Arcor SAIC,
which it owes US$5,642.92.

Clerk No. 48 assists the court in the proceeding.

The debtor can be reached at:

           Global Vending SA
           Gamarra 1131/35
           Buenos Aires, Argentina

The trustee can be reached at:

           Roberto Alfredo Mazzarella
           Laprida 1411
           Buenos Aires, Argentina


LUFIMAR SRL: Claims Verification Deadline Is on Dec. 12
-------------------------------------------------------
Silvia Adriana Arbelo, the court-appointed trustee for Lufimar SRL's
reorganization proceeding, will verify creditors' proofs of claim until Dec.
12, 2006.

Under the Argentine bankruptcy law, Ms. Arbelo is required to present the
validated claims in court as individual reports.  A court in Mar del Plata,
Buenos Aires will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and challenges raised
by Lufimar and its creditors.

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

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

The debtor can be reached at:

          Lufimar SRL
          Calle 72, Numero 230 Miramar
          Partido de General Alvarado
          Buenos Aires, Argentina

The trustee can be reached at:

          Silvia Adraina Arbelo
          Rawson 2840, Mar del Plata
          Buenos Aires, Argentina


TARJETA NARANJA: Selling US$100 Mil. in Peso-Denominated Bonds
--------------------------------------------------------------
A term sheet from a fund manager indicated that Tarjeta Naranja SA will sell
the equivalent of approximately US$100 million in Argentine peso-denominated
bonds, Dow Jones Newswires reports.

Tarjeta Naranja set a provisional price area of 15.50% yearly, plus or minus
25 basis points.  The five-year senior unsecured amortizing bonds will carry
a fixed rate of interest and will be sold under Regulation S rules for
overseas borrowers.  The average duration will be 2.4 years and the bank
will start to repay principal in May 2008, Dow Jones relates, citing the
term sheet.

According to Dow Jones, Citigroup is the bookrunner for the deal.

Dow Jones underscores that Tarjeta Naranja started a roadshow in London on
Nov. 15.  It will launch and price the bonds this week.

The term sheet said that the bonds will be listed in Luxembourg and Buenos
Aires and will be sold under New York law, Dow Jones notes.

Fitch Ratings Services upgraded these ratings of Tarjeta Naranja:

   -- Local currency long-term IDR upgraded to 'B' from 'B-',
      with a Stable Outlook; and

   -- Short-term IDR affirmed at 'B'.

The rating of TN's US$26 million unsubordinated fixed-rate note was upgraded
to 'B/RR4' from 'B-/RR4'.


TRANSVISION SA: Last Day for Verification of Claims Is Dec. 28
--------------------------------------------------------------
Ernesto Oscar Higueras, the court-appointed trustee for Transvision SA's
bankruptcy case, will verify creditors' proofs of claim until Dec. 28, 2006.

Mr. Higueras will present the validated claims in court as individual
reports on March 13, 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 Transvision 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 Transvision's accounting and
banking records will follow on Apr. 26, 2007.

The trustee can be reached at:

          Ernesto Oscar Higueras
          Sanchez de loria 1944
          Buenos Aires, Argentina


* ARGENTINA: Bond of the South Nine Times Oversubscribed
--------------------------------------------------------
The so-called Bond of the South, jointly issued by Argentina and Venezuela,
received biddings for nine times the amount issued, El Universal reports.

Investors in Venezuela submitted bids for US$9 billion of the bonds, El
Universal says, citing a communique from the Finance Ministry.  Investors
paid for the dollar-denominated bonds using bolivars.

Venezuela issued bonds totaling US$500 million that will become due in April
6, 2017.  Argentina issued US$300 million in Boden 12 bonds maturing Aug. 3,
2012, with a floating coupon, and another US$200 million in Boden 15 bonds
maturing Oct. 3, 2015, with a coupon rate of 7%.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

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




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COMPLETE RETREATS: Sells Assets to Ultimate Resort for US$98 Mln
----------------------------------------------------------------
Complete Retreats LLC fdba Tanner & Haley Resorts and Ultimate Resort LLC
signed an agreement under which Ultimate Resort will acquire substantially
all of the real estate assets of Complete Retreats for cash consideration of
approximately US$98 million.

The proposed transaction has been unanimously approved by the Complete
Retreats Unsecured Creditors' Committee, and is now subject to approval by
the Bankruptcy Court, which is expected to be received as soon as Dec. 19,
2006.  If approved by the Bankruptcy Court, the members of Complete
Retreats' three destination clubs -- Private Retreats, Distinctive Retreats,
and Legendary Retreats -- will be offered the opportunity to accept
membership in Ultimate Resort on special terms.

"This transaction will be good for our company, good for our industry and,
above all, good for the members of the combined enterprise," Jim Tousignant,
founder, President and Chief Executive Officer of Ultimate Resort, said.
"It will establish Ultimate Resort as the second-largest destination club in
the industry.  Ultimate Resort's existing members will have many more
destinations to choose from. Tanner & Haley's destination club members will
become part of an extremely well capitalized company with a prudent and
sustainable business model and a highly experienced management team, which
will be augmented by many new T&H colleagues.  Our entire industry will
benefit from the resolution of a situation that has been closely followed by
many existing and prospective destination club members."

"I'm delighted that -- less than four months after Tanner & Haley's Chapter
11 filing -- our intense efforts to preserve as much value as possible for
Tanner & Haley's members and other creditors have been so well rewarded,"
Holly Felder Etlin, Chief Restructuring Officer of Tanner & Haley and a
Principal of XRoads Solutions Group LLC, said.  "Ultimate Resort is one of
the industry leaders in the luxury destination club business, and will
assume ownership and management of most of Complete Retreats' current
properties.  I'm also pleased that the vast majority of Tanner & Haley's
current employees will continue to be employed by Ultimate Resort once the
purchase agreement is approved and the transaction executed.  In my view,
this is the best possible result, under challenging circumstances, for
everyone involved."

"The members of the Unsecured Creditors' Committee are very pleased with the
attractive terms under which Complete Retreats members will be able to
travel as new members of the greatly expanded Ultimate Resort organization,"
Joel S. Lawson III, Chairman of the Complete Retreats Unsecured Creditors'
Committee, said.  "This will go a long way toward providing T&H members with
the travel opportunities they originally sought in joining the T&H
destination clubs.  Under the circumstances, I and my colleagues on the UCC
have unanimously agreed that this is a very good outcome."

Under the terms of the Asset Purchase Agreement filed on
Nov. 21, 2006, in the U.S. Bankruptcy Court for the District of Connecticut,
Bridgeport Division, if approved by the Bankruptcy Court, Ultimate Resort
would acquire substantially all of the real estate assets of Complete
Retreats' three destination clubs for a cash consideration of approximately
US$98 million, most of which will be used to repay Complete Retreats'
borrowings under its existing US$82 million debtor-in-possession credit
facility.

                   About Ultimate Resort

Headquartered in Orlando, Florida, Ultimate Resort LLC --
http://www.ultimateresort.com/-- is a private destination club designed to
provide individuals, families and corporate members with exclusive club
privileges and flexible access to a growing portfolio of properties located
in exciting resort destinations throughout the United States, Mexico, the
Caribbean and Europe.

                  About Complete Retreats

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




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REFCO INC: Ch. 11 Trustee Wants to Collect US$1 Million in Fees
---------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 trustee for the estate of Refco Capital
Markets, Ltd., reminds the U.S. Bankruptcy Court for the Southern District
of New York that from the date of his appointment on April 20, 2006, through
Oct. 20, 2006, he disbursed out of the RCM estate US$33,978,774 in
professional fees.

Pursuant to Sections 326, 330 and 331 of the Bankruptcy Code, the RCM
Trustee seeks allowance of US$1,000,000 as interim compensation in
connection with his past and ongoing services on RCM's behalf.

The RCM Trustee assures the Court that his request is intended to have no
precedential effect in connection with any further
interim or final compensation he might seek later on.

Tina L. Brozman, Esq., at Bingham McCutchen LLP, asserts that the interim
compensation is appropriate considering RCM's unusually large case that
entails exceptional amount of monthly fees.

Ms. Brozman states that since Mr. Kirschner's appointment, the
RCM Trustee has received no compensation for services he has
rendered or reimbursement for his expenses.  She adds that the
RCM Trustee is not affiliated with or employed by any other
entity and receives no form of salary from any other source other than
certain retirement benefits from Jones Day, his previous law firm.

According to Ms. Brozman, the RCM Trustee has posted a
US$156,500,000 bond for the RCM case.  The Interim Compensation is
anticipated to remain far below the posted bond amount.  Moreover the RCM
estate currently has in excess of US$2,400,000,000 of cash and securities
available for distribution to RCM customers and creditors under the RCM
Settlement Agreement.

Ms. Brozman further contends that the Interim Compensation amount is
appropriate and reasonable in light of amount of time expended and to be
expended by the RCM Trustee and the billing rates of other professionals in
the Debtors' Chapter 11 cases.  The US$1,000,000 compensation computes to
approximately US$471 per hour based on an average of 250 hours per month
from April 10 through Dec. 31, 2006, which is significantly less than the
hourly time charges of the senior professionals in the Debtors' cases, she
maintains.

                      About Refco Inc.

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

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

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 48; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: U.K. Regulator May Issue Financial Directions
-------------------------------------------------------------
The United Kingdom Government Pensions Regulator has warned Sea
Containers Ltd. and its debtor-affiliates that it is considering the
exercise of its power to issue financial support directions to the Company,
Ian C. Durant, vice president for finance and chief financial officer of Sea
Containers, Ltd., disclosed in a regulatory filing with the U.S. Securities
and Exchange Commission dated Oct. 30, 2006.

Mr. Durant said the FSDs will be under relevant UK pensions
legislation, in respect of the Sea Containers 1983 Pension Scheme and the
Sea Containers 1990 Pension Scheme, which are multi-employer defined benefit
pension plans of Sea Containers Services Ltd.

According to Mr. Durant, if FSDs are issued, SCL may be liable to make a
financial contribution to the Schemes that may be greater than the sum
payable by SCL under the terms of a 1989 support agreement with Sea
Containers Services.  Pursuant to the Support Agreement, Sea Containers
Services provides administrative services to SCL and other subsidiaries, and
is indemnified by SCL for the cost of its services.

Mr. Durant said the trustees of the Schemes or their actuary
advised SCL that their current estimates of the cost of winding
up the Schemes, including the cost of purchasing annuities to pay projected
benefit obligations to Scheme participants, would be US$201,000,000 for the
1983 Scheme and US$51,000,000 for the 1990 Scheme.  Because the Schemes are
multi-employer plans, the
liabilities under them are shared among the participating
companies, Mr. Durant added.

                    SCL Disputes Warning

Tom Burroughes at Reuters reports that SCL believes there was no
need for the UK Regulator's warning as the Company is currently
in talks with the UK Pension Funds.

"They (pension fund members) will be ranked on an equal footing
with bondholders and other creditors.  We are keen to let these
discussions play out," an Sea Containers spokeswoman told Reuters.

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


SCOTTISH RE: Says Strategic Review Is on Track
----------------------------------------------
Bermudan reinsurer Scottish Re Group Ltd. says its strategic review
concerning the sale of all or part of the company is on track, Reuters
reports.  The company adds that it is also on track in resolving issues
related to the repayment of a US$115 million note.

"I wish to assure our shareholders and other stakeholders that we believe
that company remains on track to complete the strategic process in the next
few weeks," Chief Executive Officer Paul Goldean was quoted by Reuters as
saying.

Previously, the reinsurer said it is working on various alternatives to
resolve the pending repayment issue, but was unable to accelerate any of its
efforts, Reuters says.

"We are confident that the alternatives (we've been working on) will enable
us to terminate the bank credit facility...allowing us the ability to repay
the US$115 million convertible notes," Mr. Goldean said in a statement.

However, Standard & Poor's has lowered its counterparty credit rating on
Scottish Re to 'CCC' from 'B+' on nonrepayment concerns.

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


SCOTTISH RE: Liquidity Concerns Cues AM Best to Cut FSR to B
------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating (FSR) to B from
B+ and the issuer credit ratings to "bb+" from "bbb-" of the primary
operating insurance subsidiaries of Scottish Re Group Limited.  A.M. Best
has also downgraded the ICR of Scottish Re to "b" from "bb-" and all of
Scottish Re's debt ratings.  All ratings remain under review with negative
implications.

These rating actions reflect A.M. Best's review of Scottish Re's short-term
liquidity and collateral needs following the release of its third quarter
financial statements.  A.M. Best notes that, as indicated in its recent
Securities and Exchange Commission filings, Scottish Re's liquidity and
collateral position remains very tight over the near term and tenuous into
2007.  Note holders have the right to require Scottish Re to repurchase
US$115 million of the 4.5% senior convertible notes on Dec. 6, 2006, and
this source of liquidity has not yet been finalized. A.M. Best acknowledges
management's efforts at seeking strategic alternatives and capital and
liquidity sources since the last rating action on Aug. 22, 2006.

However, the timing and execution of any capital raising initiatives to
alleviate these near and longer-term liquidity concerns remains uncertain.
As a result, the maintenance of a "Secure" FSR is no longer appropriate.
Should a transaction be announced, A.M. Best would determine if a change in
the under review status is appropriate.

The FSR has been downgraded to B from B+ and the ICRs have been downgraded
to "bb+" from "bbb-" and remain under review with negative implications for
the following subsidiaries of Scottish Re Group Limited:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.;
   -- Scottish Re (U.S.), Inc.;
   -- Scottish Re Life Corporation;
   -- Scottish Re Limited; and
   -- Orkney Re, Inc.

The ICR has been downgraded to "b" from "bb-" and remains under review with
negative implications for Scottish Re Group Limited.

These debt ratings have been downgraded and remain under review with
negative implications:

   Scottish Re Group Limited

   -- to "b" from "bb-" on US$115 million 4.5% senior unsecured
      convertible notes, due 2022;

   -- to "ccc+" from "b" on US$143 million 5.875% of hybrid
      capital units, due 2007; and

   -- to "ccc+" from "b" on US$125 million non-cumulative
      preferred shares.

   Stingray Pass-thru Trust

   -- to "bb" from "bbb-" on US$325 million senior unsecured
      pass-thru certificates, due 2012

These indicative ratings for debt securities under the shelf registration
have been downgraded and remain under review with negative implications:

   Scottish Re Group Limited --

   -- to "ccc+" from "b" on preferred stock;
   -- to "b-" from "b+" on subordinated debt; and
   -- to "b" from "bb-" on senior unsecured debt;

   Scottish Holdings Statutory Trust II and III

   --to "b-" from "b+" on preferred securities

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.


SEA CONTAINERS: Taps Carter Ledyard as Special Counsel
------------------------------------------------------
Sea Containers, Ltd., and its debtor-affiliates ask the Honorable Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware for
permission to employ Carter Ledyard & Milburn LLP as their special counsel
for general domestic legal matters, nunc pro tunc to Oct. 15, 2006.

Edwin S. Hetherington, vice president, general counsel, and
secretary of Sea Containers Ltd., tells Judge Carey that Carter
Ledyard has represented the Debtors as outside counsel for
general domestic legal matters since 1968.

Mr. Hetherington adds that the firm's professionals have become
very familiar with the Debtors and their business affairs, and
have gained extensive experience in most aspects of the Debtors'
general legal work and needs.

Among other things, Carter Ledyard has been providing services
and advice relating to:

    -- questions arising under the indentures relating to SCL's
       outstanding publicly held senior notes;

    -- the employee benefit plans maintained by Sea Containers
       America, Inc.; and

    -- filing necessary Forms 8-K with the Securities and
       Exchange Commission to announce material events.

A full-text copy of Carter Ledyard's scope of services is
available for free at:

              http://researcharchives.com/t/s?1530

Carter Ledyard will be paid for its services based on their
customary hourly rates:

      Professional                       Hourly Rate
      ------------                       -----------
      Partners and Counsel             US$350 - US$650
      Associates                       US$200 - US$390
      Para-professionals               US$125 - US$235

The firm will also be reimbursed for necessary out-of-pocket
expenses.

According to Mr. Hetherington, Carter Ledyard has received a
US$200,000 prepetition retainer for providing the Debtors with
representation on certain of the General Legal Matters.  A
portion of the retainer has been applied to outstanding balances
existing as of the Petition Date, and the remainder will
constitute a general retainer for postpetition services and
expenses.

In addition to the retainer, Mr. Hetherington says, Carter
Ledyard received US$3,946,660 from the Debtors within one year
prior to the Petition Date on account of services rendered with
regard to certain of the General Domestic Legal Matters.

James Gadsden, Esq., a partner at Carter Ledyard & Milburn LLP,
assures the Court that his firm does not hold or represent any
interests adverse to the Debtors, or to their estates in matters
upon which his firm is to be engaged.

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


SEA CONTAINERS: Wants to Extend Time to File SALS & SOFAS
---------------------------------------------------------
Sea Containers, Ltd. and its debtor affiliates ask the Honorable Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware for an
additional 30 days, through and including
Dec. 14, 2006, within which they may file their:

    (1) schedules of assets and liabilities;
    (2) schedules of current income and expenditures;
    (3) schedules of executory contracts and
        unexpired leases; and
    (4) statements of financial affairs.

Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in
Wilmington, Delaware, relates that the Debtors have been
diligently gathering, reviewing, and assembling information from
their books and records and from documents relating to numerous
transactions, and have made significant progress towards
completing their Schedules and Statements.  Also, the Debtors
have retained BMC Group to, among other things, assist in
preparing their Schedules and Statements.

Mr. Brady tells Judge Carey a brief extension is necessary due
to, among others:

    -- the size and complexity of the Debtors' businesses;
    -- the diversity of their operations and assets; and
    -- the number of creditors.

Moreover, Mr. Brady says, an extension will provide the Debtors
sufficient time to finalize and file accurate and complete
Schedules and Statements.

The Court will convene a hearing on Dec. 19, 2006, to
consider the Debtors' request.  By application of Rule 9006-2 of
the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
deadline to file Schedules and Statements is automatically
extended through the conclusion of that hearing.

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




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


COEUR D'ALENE: Withdrawing Pacific Exchange Listing
---------------------------------------------------
Coeur d'Alene Mines Corp. plans to withdraw the listing of its common stock
from NYSE Arca, Inc., formerly the Pacific Exchange.  Coeur's common stock
will continue to be listed and traded on the New York Stock Exchange.

Coeur has decided to withdraw its listing from NYSE Arca, Inc. to streamline
operations and eliminate duplicative administrative requirements inherent
with dual listings as a result of the NYSE Group's recent merger with
Archipelago Holdings, the parent company of NYSE Arca.  The withdrawal is
expected to be effective within the next month.

Coeur does not believe that withdrawing its listing from NYSE Arca will have
any impact on the liquidity of its stock.  NYSE Arca will continue to trade
Coeur stock on an unlisted trading privilege basis.

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is
the world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                        *    *    *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poors' B- rating.


* BOLIVIA: Gov't Halts Plans on Mining Sector Nationalization
-------------------------------------------------------------
The Bolivian government backs off from its plan to nationalize the country's
mining industry, saying it doesn't have the funds needed to run mining
concessions.

The nationalization plan was prompted after miners died as a result of a
control dispute in the Huanuni tin mine.

Instead of nationalizing the sector, government officials said they'd
reactivate it to generate jobs and investments, BBC News reports.

Although President Evo Morales admitted that "the state doesn't have the
economic resources to achieve mining nationalization," he underscored that
"that doesn't mean that this has stopped" and said the policy had merely
been postponed until 2007, The Financial Times reports.

The government's about face came after it successfully completed wresting
control from foreign firms in Bolivia's hydrocarbons sector.

Minerals worth US$483 million -- mainly zinc, silver, gold, and tin were
exported in the first half of 2006, BBC says, citing figures from the
Bolivian Institute of Foreign Commerce said.

Despite the government's decision to hold off mining nationalization, it
would still take over Glencore International AG's concessions in the
country.

Last year, Glencore bought Compania Minera de Sur, Bolivia's largest tin
smelter and a zinc producer, from Gonzalo Sanchez de Lozada, a former
president who now lives in exile in the US and who the government wants to
extradite on charges of using troops to kill dozens of protesters in 2003.
The current administration may have singled out Glencore because of this,
the FT says.

                        *    *    *

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


* BOLIVIA: World Bank Grants US$30MM for Urban Infrastructure
-------------------------------------------------------------
To continue supporting Bolivia in its efforts to reduce poverty, the World
Bank's Board of Directors discussed an Interim Strategy Note or ISN for the
country, with financial assistance from the International Development
Association or IDA likely to total US$140 million over the next two years.
In addition, the Board of Directors approved a US$30 million interest-free
credit to improve the access to basic services by the urban poor in
Bolivia's major cities.

"Through this new Interim Strategy Note, the World Bank will be able to
remain a partner of the new Bolivian government, offering technical advice,
practical knowledge, development options and donor coordination support,"
said Marcelo Giugale, World Bank Director for Bolivia, Ecuador, Peru and
Venezuela.  "We are also pleased to support the government's development
plan through a new credit that will help to deliver better quality services
to the poor and support Bolivia's new stage of decentralization," he added.

The ISN aims to ensure the Bank's role as a development partner in Bolivia.
During the next two years, the Bank will allocate nearly US$140 million for
ten projects within the priority areas of the government, which include good
governance emphasizing anti-corruption, fostering job creation through
inclusive growth, and social inclusion through improved public service
provision.

Additionally, several Bank studies are planned in the next two years
addressing areas of concern for the government, such as regional autonomies
and natural resource management.  The main goal of these studies will be to
bring international experience to help inform the government's decisions as
it formulates policy options.  The interim nature of the strategy provides a
bridge in the World Bank Group's assistance to the country until a new
Country Assistance Strategy is developed.

Under the Multilateral Debt Relief Initiative, the World Bank cancelled IDA
debt amounting to about US$1.5 billion contracted and disbursed up to
December 2003.  IDA debt relief became effective July 1, 2006, and is
equivalent to budget support of about US$43 million annually on average for
the next 35 years.

                 Urban Infrastructure Project

The US$30 million Urban Infrastructure Project seeks to improve the access
to basic services by the urban poor in Bolivia's major cities through
targeted infrastructure investments and the provision of technical
assistance to municipalities in the planning, expansion and sustainability
of urban service delivery.

"Bolivia has made substantial progress in improving living conditions,
access to basic social services and social indicators during the 1990s;
however, the country faces persistent high levels of poverty and
inequality," said Connie Luff, World Bank Country Manager for Bolivia. "This
project directly supports one of the government's priorities, which is
delivering higher quality services to the poor while promoting more
transparent and accountable institutions," Mr. Luff added.

The Urban Infrastructure Project will focus on:

   -- La Paz, the country's capital;

   -- the adja1cent city of El Alto, one of the fastest growing
      in the hemisphere; and

   -- Santa Cruz, Bolivia's largest city and commercial and
      industrial hub of the eastern lowlands, also experiencing
      rapid population and economic growth.

In the case of Santa Cruz, the project will work with the city's largest
sanitation cooperative, SAGUAPAC.  When combined, they represent Bolivia's
largest and centrally important urban areas.

Specifically, the project will support these activities:

   -- Achieve sustainable improvements in the urban
      infrastructure and living standards in the poorest
      neighborhoods of La Paz through comprehensive urban
      upgrading and neighborhood participation in project
      implementation;

   -- Enhance mobility in the city of El Alto by removing
      infrastructure bottlenecks and introducing measures to
      modernize public transport services and urban transport
      management; and

   -- Expand sewerage coverage in poor areas of Santa Cruz de
      la Sierra.

The US$30 million IDA interest-free credit has a repayment period of 35
years, including 10 years of grace.

                        *    *    *

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 BARCLAYS: Moody's Withdraws All Ratings
--------------------------------------------
Moody's Investors Service withdraws all of its ratings for Banco Barclays
S.A. (Brazil) for business reasons.  The bank has no rated foreign currency
debt outstanding.

This action does not reflect a change in Barclays (Brazil)'s
creditworthiness.

Banco Barclays S.A. (Brazil) had total assets of BRL1.2 billion (US$565
million) and equity of BRL227 million (US$105 million) as of June 30, 2006.

These ratings were withdrawn:

   -- Bank Financial Strength Rating: D-, with stable outlook;

   -- Long-Term Foreign Currency Deposit Rating: Ba3, with
      stable outlook; and

   -- Short Term Foreign Currency Deposit Rating: Not Prime,
      with stable outlook.


BANCO BRADESCO: Offering Cheap Insurance Products Through Postal
----------------------------------------------------------------
Marcio Cypriano, Banco Bradesco's chief executive officer, told Business
News Americas that the bank will offer low-priced insurance products through
Banco Postal, its financial services joint venture with the Correios
national post office.

BNamericas underscores that Banco Postal does not offer insurance yet.
However, Banco Bradesco has been planning to market low-priced policies at
Banco Postal since 2003.

According to BNamericas, Banco Bradesco bid BRL200 million in 2001 to become
Correios' partner in Banco Postal, beating Banco Itau and Caixa Economica
Federal.  Banco Bradesco's contract with Banco Postal runs until 2011.

The report says that Banco Postal launched operations in 2002 and has since
expanded to 5,556 points of sale in post offices, many in areas where no
other financial institutions exist.

Banco Bradesco recovered its initial investment in Banco Postal and now
offers services, from credit cards and personal loans to checking and
savings accounts for low-income customers, BNamericas says, citing Mr.
Cypriano.

Luiz Carlos Trabuco -- chief executive officer of Bradesco Seguros, a Banco
Bradesco insurance unit -- told BNamericas that the Brazilian insurance
sector will reach up to 8% of gross domestic product after Brazil is
classified as investment grade.

Auto, life and private pension plans are the three main growth segments for
the next 5-10 years, BNamericas says, citing Mr. Trabuco.

Mr. Trabuco told BNamericas, "In Brazil, there are roughly 30 million
vehicles, but around 21-22 million don't have insurance.  Only 8 million
vehicles are insured, so there is a lot of room for growth."

"The insurance business is fundamentally important to Bradesco: it accounts
for 30% of profits," BNamericas states, citing Mr. Cypriano.

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

                        *    *    *

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

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

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

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

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

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

   -- Support rating affirmed at '4';

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

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


BANCO BRADESCO: Selling Stakes in Firms Outside Core Business
-------------------------------------------------------------
Marcio Cypriano, Banco Bradesco's chief executive officer, told reporters
that the bank will keep selling stakes in firms not related to its core
business.

"We are leaving all participations that are not relevant to our business,"
BNamericas says, citing Mr. Cypriano.

BNamericas relates that Banco Bradesco sold a 2.8% stake in Usiminas to
Camargo Correa and Votorantim Participacoes last week.

Banco Bradesco told BNamericas that it would earn BRL219 million from that
sale.

In the five years since Banco Bradesco debuted on the New York Stock
Exchange, the bank's market value increased 397% to US$35.3 billion and its
net assets doubled to US$113 billion, BNamericas says, citing Mr. Cypriano.

"We are the only private sector bank in Latin America to figure among this
select group with assets above US$100 billion," Mr. Cypriano told
BNamericas.

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

                        *    *    *

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

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

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

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

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

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

   -- Support rating affirmed at '4';

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

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


BANCO BRADESCO: Will Close Down Microcredit Operations
------------------------------------------------------
Marcio Cypriano, chief executive officer of Banco Bradesco, told reporters
that the bank will shut down its microcredit operations due to the 8% rate
of non-performing loans in that business.

Mr. Cypriano said that with the end of microcredit operations, Banco
Bradesco will focus more on personal, payroll and retirement loans, Business
News Americas relates.

According to BNamericas, Banco Bradesco expects to increase lending by 25%
in 2006, compared with 2005.  The bank also expects overall non-performing
loan ration of 4.3% by the end of 2006 and loan growth of 20% in 2007, with
non-performing loan ratio be around 4.3%.

BNamericas underscores that Banco Bradesco increased lending by 22.3% to
BRL92.0 billion in the 12 months ending September 2006, compared with the
same period in 2005.  Retail lending grew 27.0% to BRL38.8 billion due to
vehicle financing operations.

Banco Bradesco was close to signing a deal with Banco do Brasil to allow
account holders to use the two banks' nationwide ATM networks, BNamericas
says, citing Mr. Cypriano.

Banco Bradesco is also negotiating a similar agreement with Caixa Economica
Federal, BNamericas states.

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

                        *    *    *

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

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

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

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

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

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

   -- Support rating affirmed at '4';

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

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


BANCO CRUZEIRO: Moody's Rates US$50MM Step-Up Sub. Notes at B2
--------------------------------------------------------------
Moody's Investors Service assigned a B2 long-term foreign currency rating to
Banco Cruzeiro do Sul S.A.'s US$50,000,000 Step-up subordinated notes due
2016.  The notes are being issued under the Banco Cruzeiro's US$500 million
Global Euro Medium-term Note Program.  The outlook on the rating is stable.

The rating agency noted that the subordination of the notes was taken into
consideration and applied to Banco Cruzeiro do Sul's Ba3 global local
currency deposit rating.  At this rating level, Moody's notching guidelines
determine a two-notch differential from the base rating.

Banco Cruzeiro do Sul is headquartered in Sao Paulo, Brazil and had BRL2.6
billion (US$880 million) in total assets and BRL162.6 million (US$84.6
million) in shareholders' equity as of June 2006.


BANCO NACIONAL: Uniao de Bancos Acquiring Firm from Magalhaes
-------------------------------------------------------------
Published reports say that Uniao de Bancos Brasileiros has reached an
agreement with the Magalhaes Pinto family regarding its acquisition of Banco
Nacional.

According to BNamericas, the central bank of Brazil took control of Banco
Nacional 10 years ago.  Uniao de Bancos then started managing Banco
Nacional's customer accounts in November 1995.

A spokesperson of Uniao de Bancos told Business News Americas that the bank
had signed an accord with Magalhaes Pinto in July 2005.  The spokesperson
did not say if Uniao de Bancos would purchase Banco Nacional or would act as
liquidator.

Valor Economico relates that the agreement calls for Uniao de Bancos and
Magalhaes Pinto to create a new firm with BRL150 million in capital to act
as liquidator.

Banco Nacional will also withdraw a BRL6-billion lawsuit against Uniao de
Bancos for BRL142 million in compensation, O Estado de S Paulo notes.

Valor Economico underscores that when the liquidation ends, Magalhaes Pinto
will give Uniao de Bancos full control of Banco Nacional.

Banco Nacional's liquidation could be concluded by the first half of 2007, O
Estado de S Paulo states.

                   About Uniao de Bancos

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

                   About Banco Nacional

Formerly Brazil's seventh-largest bank, Banco Nacional went bankrupt in
1994, fifty years after its founding in Minas Gerais.  This institution
represents traditional Brazilian families running business as small shops.


COMPANHIA SIDERURGICA: Merrill Lunch Downgrades Firm to Neutral
---------------------------------------------------------------
Merrill Lynch said in a report that it has lowered its recommendation for
Companhia Siderurgica Nacional to neutral from buy.

Business News Americas relates that the downgrade comes after Companhia
Siderurgica disclosed on Nov. 17 its plan to launch a takeover bid for
Corus.

Merrill Lynch said in a report, "We take the opportunity to downgrade CSN's
(Companhia Siderurgica) stock from buy to neutral, because of management's
decision to bid for Corus, uncertainties related to the return on this
acquisition and timing/return on the company's iron ore project."

According to BNamericas, Companhia Siderurgica addressed Corus' board
regarding a potential cash proposal worth 475 British pence per ordinary
share.  Corus is already the subject of 455 pence per share takeover bid
from Tata Steel.

Companhia Siderurgica told BNamericas that it would fund the acquisition
through a combination of existing financial resources and proceeds of new
debt facilities that a bank syndicate will underwrite.

"We believe the market will remain cautious on CSN's shares while it is
involved in a potential acquisition of Corus," Merrill Lynch told
BNamericas.

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)'.


DURA AUTOMOTIVE: Can Access US$300MM Goldman Sachs DIP Financing
----------------------------------------------------------------
DURA Automotive Systems Inc. received Court approval for the
US$300 million Debtor-in-Possession financing it arranged from Goldman
Sachs, GE Capital and Barclays, as part of DURA's Chapter 11 filing, which
encompasses the company's U.S. and Canadian subsidiaries.

The company and its lenders will finalize the lending agreements and close
the loan facilities Monday, Nov. 27, 2006.

"We are pleased that we have accomplished our initial objectives to
stabilize the company while entering Chapter 11," said Larry Denton,
chairman and chief executive officer of DURA Automotive Systems.  "While
there is much work to be done to complete our plan of reorganization, we are
currently on schedule and confident in our strategy.  The company's primary
focus has shifted back to running our business, delivering on our customer
commitments and competing for new business."

As part of the company's first day motions granted on October 31, DURA
received approval to access US$50 million of its approximately US$300
million in DIP financing.  Access to the balance of the DIP facility was
subject to the hearing held today by U.S. Bankruptcy Court for the District
of Delaware.  The Court's approval, allowing DURA full access to the DIP
financing, ensures that DURA can fund normal business operations and
continue its operational restructuring program, key goals of its Chapter 11
financial restructuring.

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 andUS$1,730,758,000 in total liabilities.


GERDAU SA: Names Andre Gerdau Johannpeter as Chief Executive
------------------------------------------------------------
Gerdau SA appointed Andre Gerdau Johannpeter as chief executive officer,
effective Jan. 1, 2007, replacing Jorge Gerdau Johannpeter who has been at
the helm of the Group since 1983.  Claudio Gerdau Johannpeter will become
the chief operating officer.  This position has the role of coordinating
business and promoting synergies between the various operations.  Andre and
Claudio have served as executive vice-presidents since 2002.

Also, as of Jan. 1, 2007 Jorge Gerdau Johannpeter, Frederico Gerdau
Johannpeter, and Carlos J. Petry will no longer serve in the Executive
Committee, but will retain their respective positions as President (Jorge
Gerdau Johannpeter) and Vice-Presidents of the Board of Directors.

At the age of 43, Andre Gerdau Johannpeter will preside over the Gerdau
Executive Committee, which is the Group's highest executive body, in charge
of proposing and implementing the strategies approved by the Board of
Directors.

In this new position he will become the Group's main representative before
the various stakeholders.  In his responsibilities concerning institutional
relationships and policies, Andre Johannpeter will be supported by the
Chairman of the Board of Directors.

Andre will also have direct responsibility over the functional processes of
Human Resources and Organizational Development, Strategic Planning and
Management, Business Development, Finance and Investor Relations, Accounting
and Auditing, Information Technology, Corporate Communications and Public
Affairs, Legal, Strategic Projects, and Social Responsibility.

Andre has 25 years of experience in the Group and leads the areas of
Marketing and Sales, Raw Materials, Procurement, Logistics, Human Resources,
and Organizational Development on a global level.

Before that he was the Vice-President in charge of the operations in North
America (Gerdau Ameristeel) and of the Information Technology process.  He
also held the position of Chief Operating Officer (COO) at Gerdau
Ameristeel, which covered the company´s activities in the United States and
Canada.  Andre has been part of the Gerdau Ameristeel Board since 2002.

In 2001 he held the position of Business Development Director in Brazil and
in 2002 was COO for Group's activities in Canada, a country where he had
worked from 1992 to 1994 as Assistant to the Executive President and Human
Resources Manager of Courtice Steel, which today is Gerdau Ameristeel
Cambridge.

Andre also performed various functions in the areas of information
technology, sales, human resources, and strategic planning. André holds a
Bachelor´s Degree in Business Administration from the Catholic University of
Rio Grande do Sul.  He has also studied General Business Administration at
the University of Toronto (Canada), Marketing in Ashridge (England), and
Advanced Management at the Wharton School - University of Pennsylvania
(United States).

Claudio Gerdau Johannpeter becomes the Chief Operating Officer at age 43, a
position that spearheads the operational coordination of the various
business units -- Long Steel Brazil, Açominas, North America, Specialty
Steel, and South America.  He holds a degree in Metallurgy Engineering from
the Federal University of Rio Grande do Sul and has over 25 years of
experience in the Gerdau Group.

Claudio will also be directly responsible for the functional processes of
Marketing and Sales, Industrial Processes, Procurement, Raw Materials,
Logistics, Engineering, Environment and Energy, Management Systems, and
Operational Planning.

In the position of Executive Vice-President he oversaw the Specialty Steel
operation.  Claudio is currently in charge of Acominas. During four years he
has also headed up the industrial processes and investments on a global
level.  Claudio has been a member of the Board of Directors of Corporacion
Sidenor in Spain since January 2006.

Up to 2002 Claudio served as the Executive Director of the Industrial Units
in Brazil.  From 1997 to 2000 he was in charge of Gerdau Piratini Specialty
Steels, spearheading a turnaround process at the plant that from then on
began to see positive results.  In 1996 Claudio served as Industrial Manager
at Gerdau Riograndense and before that was Melt Shop Manager at Gerdau
Courtice Steel in Canada and Supervisor of the Gerdau Cosigua Melt Shop in
Rio de Janeiro.

Claudio began working in the Group as an intern in the mills while finishing
his academic activities.  After he graduated he worked in various production
areas such as melt shop, rolling, wire drawing, nail factory, scrap yard,
engineering, and quality control.
Claudio completed courses abroad in Operations Management at the University
of London (Canada), Executive Development at Penn State (United States), and
Advanced Management Program at Harvard (United States).

The new structure was defined taking into consideration the size,
complexity, and challenges of the Gerdau Group, an active player in the
consolidation of the global steel sector.  The best practices of large
companies around the world were also considered based on studies prepared
with the support of international consulting companies.

                Corporate Governance Process

The process of changing the corporate governance structure was done in an
organized way and following absolutely professional criteria.  It began in
2000 and was developed with the help of international consulting companies,
as well as based on internal analyses, in order to ensure confidence and
safety to the business and markets.

The decision about the new Chief Executive Officer and Chief Operating
Office was reached through consensus among the members of the company´s
Board of Directors.  Personal qualities were taken into account to select
the best person to lead the business globally.

The conclusion of this analysis indicated that the executive management of
the Gerdau Group should continue within the controlling family, since it has
capable professionals who meet the requirements of the new corporate
governance model.  Weight was given to the fact that the leadership provided
by the Gerdau Johannpeter family over the 105 years of this business has set
a pace of growth with profitability, respect, and transparence for the
various internal and external stakeholders.

A milestone in the governance change process took place in 2002 when the
Gerdau Executive Committee was created with the objective of expanding the
Group's management capacity due to its expressive growth in the
international arena.  Over these years, the GEC has become an executive body
for collegiate decision-making.  The GEC coordinates and supervises the
Business Operations in order to put into practice the strategies and
policies defined by the Board of Directors.

In the same period, the Gerdau Group began to count on independent members
on its Board of Directors, which is responsible for deciding on the
strategies for the Gerdau Group, and to monitor and carry out the policies
adopted.

                     Board of Directors

The Board of Directors, focused on guiding the Group's policies, strategies,
and controls, will keep its current members:

   -- Jorge Gerdau Johannpeter: Chairman;
   -- Germano H. Gerdau Johannpeter: Vice Chairman;
   -- Klaus Gerdau Johannpeter: Vice Chairman;
   -- Frederico C. Gerdau Johannpeter: Vice Chairman;
   -- Carlos J. Petry: Vice Chairman;
   -- André P. de Lara Resende: Borad member;
   -- Affonso Celso Pastore: Board member;
   -- Oscar P. Bernardes Neto: Board member; and
   -- Expedito Luz: Secretary general,

The Gerdau Executive Committee is made up of the chief executive director,
chief operating executive, five executive vice presidents, and a secretary
general, who will meet every 15 days.  Their responsibilities will be
divided according to Business Operations and Functional Processes with
responsibility for implementing the strategy approved by the Board of
Directors.  Their members will work following a collegiate model, a culture
already consolidated in the Gerdau Group, in order to bring about a greater
synergy among the operations, and individually, with a focus on managing
each business and its functional processes in order to maximize its results.

The functional processes include:

   -- Marketing and Sales,
   -- Industrial Processes,
   -- Logistics and Transportation,
   -- Raw Materials,
   -- Procurement,
   -- Strategic Planning and Management,
   -- Business Development,
   -- Operational Planning,
   -- Human Resources and Organizational Development,
   -- Finance and Investor Relations,
   -- Accounting and Auditing,
   -- Information Technology,
   -- Corporate Communications and Public Affairs,
   -- Legal,
   -- Management Systems, and
   -- Social Responsibility.

The Executive Committee will include these members:

   -- Andre Johannpeter (CEO);
   -- Claudio Johannpeter (COO);
   -- Filipe Affonso Ferreira (Controllership and
      Information Technology);
   -- Mario Longhi Filho (North America);
   -- Osvaldo Schirmer (Finance and Investor Relations);
   -- Paulo Fernando Bins de Vasconcellos (Specialty Steel);
   -- Ricardo Gehrke (Long Steel Brazil); and
   -- Expedito Luz (Secretary General).

The Gerdau Group has taken a path of international growth in line with the
steelmaking consolidation movement.  As a result of this work, it is a
leader in the production of long steel in the Americas and holds 14th place
among the largest steelmaking groups worldwide.  It has an annual installed
capacity of 18.7 million tons of steel, 32,000 employees, and 157 industrial
plants in nine countries.  Its companies have their stock listed on the São
Paulo, New York, Toronto, and Madrid stock exchanges.

The management capacity of the Gerdau Group is based on its business
policies, accumulated experience, collective intelligence, and its
structured management systems.  The Gerdau Business System, for example,
brings together the best internal practices from all its business processes,
as well as incorporates practices of excellence identified through external
benchmarking.  With this, the GBS provides a basis for development and for
the consistent management of functional processes and business operations,
establishing a shared language that is used in different cultures and
markets with the aim of joining growth with profitability.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

Gerdau's four majority-owned Brazilian operating subsidiaries
are:

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

                        *    *    *

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

                        *    *    *

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


GERDAU SA: Wins Bid for 324,327,847 Shares Issued by Siderperu
--------------------------------------------------------------
Gerdau S.A.'s wins 324,327,847 shares issued by Empresa Siderurgica Del Peru
S.A.A. aka Siderperu, located in the city of Chimbote, which represents
32.84% of the total capital stock.

The bid for this stake was made in a Public Sale Offering of shares owned by
Sider Corp S.A.  The price per share was 0.40 nuevos soles totalizing 129.7
millions of nuevos soles (US$ 40.5 millions).  This acquisition added to the
stake already owned by Gerdau represents 83.27% of the total capital stock
of Siderperu.

Siderperu is a long and flat steel producer with annual sales of
approximately 400,000 tons in finished products.  Siderperu operates one
blast furnace, a direct reduction unit and a melt shop with two electric arc
furnaces, two LD converters and three rolling mills. Roughly 20% of total
sales are of flat steel and the remaining 80% in long steel.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

Gerdau's four majority-owned Brazilian operating subsidiaries
are:

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

                        *    *    *

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

                        *    *    *

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


GOL LINHAS:  Reviews Financial Outlook for Full Year 2006
---------------------------------------------------------
GOL Linhas Aereas Inteligentes reviewed its financial outlook for the full
year 2006.

GOL has reviewed its guidance to account for the negative impacts of the
recent problems with the air traffic in Brazil.  As a consequence, GOL's net
revenues are expected to be reduced due to a higher number of delayed and
cancelled flights. Such scenario has inhibited passengers to fly, impacting
industry demand in the short term.

Also, expenses should register variations due to a reduction in the
effective flight hours, as well as an increase in the travel time as a
result of longer periods to take off and lower flight speed. Those factors
contribute to lower dilution of fixed costs and higher fuel consumption.

      GOL's old and new guidance for full year 2006:


Guidance                  2006 FY Old            2006 FY New

ASK Growth                  +/- 45%                +/- 45%

Load Factor                 +/- 75%               +/- 74%

Net Revenues           +/- BRL4.1 billion     +/- BRL4.0 billion

CASK ex-fuel           BRL9 - 10 cents       +/- BRL9.3 cents

Operating Margin           26% - 28%              +/- 23%

Earnings per Share    BRL3.90 - BRL4.30      BRL3.75 - BRL4.00

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

                        *    *    *

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

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

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

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


LUCENT TECHNOLOGIES: US$11.8-Billion Deal with Alcatel Approved
---------------------------------------------------------------
Lucent Technologies Inc. has obtained approval from President George W. Bush
for an US$11.8 billion deal pursuant to which Alcatel will acquire the
company, Reuters reports.

The companies stated that they are working to finalize the transaction, and
expects to close the merger by Nov. 30, 2006.

Reports show that Lucent chief executive officer Patricia Russo will serve
as CEO of the newly combined company, which will be based in Paris.  The
companies have already received approval from shareholders as well as U.S.
and EU antitrust authorities.

Jeremy Pelofsky, writing for Reuters, relates that the move came despite
some lawmakers' concerns about safeguards for classified work that Lucent's
Bell Laboratories conducts for the U.S. government.  The Companies have
promised to create a separate unit run by Americans to handle sensitive U.S.
contracts, Mr. Pelofsky adds.

Lucent's government contracts consist of advanced communications systems for
the Defense Advanced Research Projects Agency, the Pentagon's technology
incubator.  In addition, the Company has unclassified government contracts.

White House spokesman Tony Snow said that the two companies have agreed with
the U.S. government agencies to enter into contracts, which were a strict
condition for the administration's approval of the deal.  The agreements
were designed to ensure the protection of the national security.

The arrangement would create one of the world's biggest suppliers of network
hardware and software for mobile and high-speed internet connections, with
an annual revenue of US$25 billion, Caren Bohan report for Reuters.

According to data compiled by Reuters, the Committee on Foreign Investment
in the United States spent 75 days investigating the national security
implications of the transaction.  The panel recommended approval of the deal
to President Bush.

                       About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries.

                 About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better manage their
networks.  Lucent's customer base includes communications service providers,
governments and enterprises worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                        *    *    *

In November 2006, Standard & Poor's Ratings Services said that its 'BB'
long-term corporate credit rating on France-based Alcatel and its 'B'
long-term corporate credit rating on U.S.-based Lucent Technologies Inc.
remain on CreditWatch with negative and positive implications, respectively,
where they were placed on March 24 on news of the two telecoms equipment
makers' plans to merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms for the
various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

In April 2006, Moody's Investors Service placed Lucent's B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


NOVELIS INC: Moody's Confirms Low B Ratings on Updated Filing
-------------------------------------------------------------
Moody's Investors Service confirmed Novelis Inc.'s corporate family rating
at B1, and its B1 PDR and also confirmed the Ba2 rating on its US$500
million senior secured credit facility, and the Ba2 rating on its senior
secured term loan.  The US$1.4 billion senior unsecured notes were upgraded
from B3 to B2.  Moody's also confirmed the Ba2 senior secured term loan
rating for Novelis Corporation, guaranteed by Novelis Inc.  At the same
time, Moody's changed Novelis's speculative grading liquidity rating to
SGL-2 from SGL-4.  The outlook is stable.

This concludes the review of debt ratings for possible downgrade, initiated
on May 16, 2006, following Novelis's announcement to further delay the
filing of its financial statements, the downgrade review of which continued
after Novelis's long term debt ratings were downgraded on
Sept. 5, 2006.

The confirmation reflects the progress Novelis has made in getting current
on its financial reporting requirements and the elimination of any potential
default under the senior unsecured notes, which could have forced an
acceleration of payment.  In addition, the confirmation reflects Novelis's
substantial global footprint in the aluminum rolled products industry and
Moody's expectation that improving performance will be evident in 2007 as
the negative drag of the can price ceiling diminishes on contract
restructuring.  The upgrade of the senior unsecured notes reflects their
improved standing in the waterfall under Moody's loss given default
methodology following further paydown in the secured term loans (to US$711
million in aggregate) and the increased proportion of these unsecured notes
in the capital structure.

The B1 corporate family rating reflects the challenges Novelis is facing in
its 2006 performance and the resultant deterioration in earnings and debt
protection metrics.  Novelis' performance has suffered due to its remaining
exposure to certain can contracts with price ceilings (which are below the
current aluminum prices) and the worse-than-expected impact of the
differential between used beverage can prices and primary aluminum prices
(which impacts the company's expected internal hedge position).  In
addition, the rating considers the increased cost profile from both an
operational perspective and as a result of the increased costs associated
with the review and restatement of Novelis's financial statements since its
spin-off from Alcan, the increased interest costs due to waivers required
under the bank agreements, and the step-up in the interest rates on the
notes due to non-registration.  However, the rating acknowledges the
company's substantive global position in the aluminum rolled products
markets and its debt reduction performance since its spin-off from Alcan.

Moody's sees 2006 as a transition year for Novelis both operationally and
from a management and reporting perspective.  With the delayed filing and
restatement of financial statements now behind the company, as well as the
weak performance through the first three quarters of 2006, which resulted
largely from price caps on some of its can sheet contracts, Moody's expects
improved operating margins and a continued focus on debt reduction
throughout 2007.

The stable outlook reflects Moody's expectation that the current favorable
business environment for aluminum rolled products for aerospace, automotive,
commercial construction and industrial applications will continue into 2007
allowing for improved earnings and cash flow generation.  Moody's also
expects that losses associated with certain contracts with price ceilings
(which are below current aluminum prices), recorded at approximately US$115
million for the 2006 third quarter alone, will be significantly reduced as
roughly half of the affected contracts move to more market based pricing in
2007.  Moody's also believes that hedging strategies implemented in the
third quarter should help mitigate the degree of exposure to losses on the
remaining contracts.

The change to SGL-2 reflects Novelis's improved liquidity following the
timely filing of its third quarter 10-Q and the improved cushion under its
renegotiated financial covenants in its bank revolver and term loan
facilities.  The SGL-2 rating also captures the expectation that, despite
negative free cash flow generation in Q2 and Q3, 2006, the company will
demonstrate improved performance in 2007 as a substantial portion of
contracts with price ceilings begin to move to a more market based pricing.

Moody's confirmed these ratings:

   Novelis Inc:

   -- Corporate Family Rating, B1;

   -- Probability of default rating, PDR-B1;

   -- Gtd. Sr. Sec. Revolving Credit Facility, Ba2, LGD2, 24%;
      and

   -- Gtd Sr. Sec Term Loan B, Ba2, LGD2, 24%;


   Novelis Corp:

   -- Gtd. Sr. Sec Term Loan B Ba2, LGD2, 24%.


Moody's upgraded these ratings:

   -- Sr. Global Notes to B2, LGD5, 74% from B3, LGD5, 76%;

   -- Speculative Grade Liquidity Rating to SGL-2 from SGL-4;

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

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


UNIAO DE BANCOS: Acquiring Banco Nacional from Magalhaes Pinto
--------------------------------------------------------------
Published reports say that Uniao de Bancos Brasileiros has reached an
agreement with the Magalhaes Pinto family regarding its acquisition of Banco
Nacional.

A spokesperson of Uniao de Bancos told Business News Americas that the bank
had signed an accord with Magalhaes Pinto in July 2005.  The spokesperson
did not say if Uniao de Bancos would purchase Banco Nacional or would act as
liquidator.

According to BNamericas, the central bank of Brazil intervened Nacional 10
years ago.  Uniao de Bancos then started managing Banco Nacional's customer
accounts in November 1995.

Valor Economico relates that the agreement calls for Uniao de Bancos and
Magalhaes Pinto to create a new firm with BRL150 million in capital to act
as liquidator.

Banco Nacional will also withdraw a BRL6-billion lawsuit against Uniao de
Bancos for BRL142 million in compensation, O Estado de S Paulo notes.

Valor Economico underscores that when the liquidation ends, Magalhaes Pinto
will give Uniao de Bancos full control of Banco Nacional.

Banco Nacional's liquidation could be concluded by the first half 2007, O
Estado de S Paulo states.

                   About Banco Nacional

Formerly Brazil's seventh-largest bank, Banco Nacional went bankrupt in
1994, fifty years after its founding in Minas Gerais.  This institution
represents traditional Brazilian families running business as small shops.

                  About Unioa de Bancos

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

                        *    *    *

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

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

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

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


* BRAZIL: Sells US$1.5 Billion of Dollar-Denominated Bonds
----------------------------------------------------------
The Brazilian government sold US$1.5 billion of bonds early this month, its
first issue of dollar-denominated bonds in international markets since
March, Bloomberg News reports.

Brazil's issue in March was for US$500 million of 7.125% bonds due in 2037.

According to Bloomberg, the 6% bonds will mature in 2017 with a yield of
6.25%.  The Treasury sold the bonds to yield 159 basis points, or 1.59
percentage points, over U.S. Treasuries of similar maturity.

"Brazil is taking the advantage of higher investor demand, favorable global
financial conditions and lower yields on its debt to sell more
dollar-denominated bonds," Marcelo Saddi Castro, who helps manage BRL19
billion (US$8.9 billion) as head of fixed-income trading at BNP Paribas
Asset Management in Sao Paulo, told Bloomberg.

"It's important that Brazil doesn't neglect the dollar segment of its
external debt as well as keep developing the local-currency debt curve
abroad," Jerome Booth, who helps manage US$23 billion in emerging-market
assets at Ashmore Investment Management, said in a phone interview with
Bloomberg.

Deutsche Bank Securities Inc. and Barclays Capital Inc. managed the sale.

Fitch assigned a BB rating with a stable outlook on Brazil's US$1.5 billion
global bond.  Fitch last upgraded Brazil's sovereign ratings (long-term
foreign and local currency Issuer Default Ratings) to BB from BB- in June,
reflecting the improvement in the country's external finances, especially
the sharp reduction in the public sector's external exposure.


* BRAZIL: IDB Grants US$400MM Loan for Integrated Energy Project
----------------------------------------------------------------
The Inter-American Development Bank approved a US$400 million loan to SOL
Coqueria Tubarao S.A. for an integrated coke plant and cogeneration electric
power facility in the city of Vitória, State of Espirito Santo, Brazil.

The project includes the design, development, construction, operation and
maintenance of facilities to produce 180-megawatts of electric power and
approximately 1.6 million tons of coke per year.  The power and coke will be
used by the project's shareholders and any excess power will be sold to the
spot market.

Financing consists of a US$50 million loan from the IDB's ordinary capital
complemented by a US$350 million "B-loan" under a club deal being led by ABN
Amro and BBVA.

The shareholders of the borrower are:

   -- Companhia Siderurgica de Tubarao,
   -- Belgo Siderurgica S.A. and
   -- Sun Coke Company.

The project will utilize state-of-the-art integrated heat recovery
technology that reduces chemical by-products and hazardous solid waste and
converts waste heat into steam, which is used to generate electricity, while
producing stronger coke of larger size, more efficient in blast furnaces.
This proprietary Sun Coke innovative technology is a leader in the industry.

This initiative will contribute to economic growth and competitiveness
through the efficient production of electricity and coke.  The project has
created 4,600 jobs during its construction and will create 250 new permanent
jobs during operation.

The 10-year loans have a 36-month grace period.  Total project costs are
US$745 million.

IDB participation in the project helped mobilize access to necessary
long-term financing.  It also required the highest environmental, social,
health and safety standards and procedures for construction and operation.

                        *    *    *

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




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


495 LEASING: Last Day to File Proofs of Claim Is on Nov. 30
-----------------------------------------------------------
495 Leasing Ltd.'s creditors are required to submit proofs of claim by Nov.
30, 2006, to the company's liquidators:

          Phillip Hinds
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, 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.

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


AHR RIVER: Last Day for Filing of Proofs of Claim Is on Nov. 30
---------------------------------------------------------------
AHR River Investments, Ltd.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidators:

          Carrie Bunton
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, 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.

AHR River'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.


ASIAN RECOVERY: Creditors Must Submit Proofs of Claim by Nov. 30
----------------------------------------------------------------
Asian Recovery CBO I, Ltd.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidators:

          Mora Goddard
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, 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.

Asian Recovery'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.


ATSU CO: Creditors Have Until Nov. 30 to File Proofs of Claim
-------------------------------------------------------------
Atsu Co., Ltd.'s creditors are required to submit proofs of claim by Nov.
30, 2006, to the company's liquidators:

          Carlos Farjallah
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, 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.

Atsu Co.'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.


ATSU 2 CO: Creditors Must Submit Proofs of Claim by Nov. 30
-----------------------------------------------------------
Atsu 2 Co., Ltd.'s creditors are required to submit proofs of claim by Nov.
30, 2006, to the company's liquidators:

          Carlos Farjallah
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, 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.

Atsu 2 Co.'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.


BOLERO LEASING: Deadline for Proofs of Claim Filing Is Nov. 30
--------------------------------------------------------------
Bolero Leasing Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidators:

          Phillip Hinds
          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093, 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.

Bolero Leasing's shareholders agreed on Oct. 18, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


GULLIVER LEASING: Claims Filing Deadline Is Set for Nov. 30
-----------------------------------------------------------
Gulliver Leasing Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidators:

          Phillip Hinds
          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093, 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.

Gulliver Leasing Ltd.'s shareholders agreed on Oct. 18, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


HARBOR 2006-1: Last Day for Submission of Claims Is on Nov. 30
--------------------------------------------------------------
Harbor 2006-1 Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidators:

          Martin Couch
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, 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.

Harbor 2006-1's shareholders agreed on Oct. 18, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


LA TOUR: Deadline for Submission of Claims Is on Nov. 30
--------------------------------------------------------
La Tour Manet Cayman Ltd.'s creditors are required to submit proofs of claim
by Nov. 30, 2006, to the company's liquidators:

          Melanie Whittaker
          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093, 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.

La Tour'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.


LB AUSTRALIA: Proofs of Claim Must be Submitted by Nov. 30
----------------------------------------------------------
LB Australia and Asia Investments Ltd.'s creditors are required to submit
proofs of claim by Nov. 30, 2006, to the company's liquidators:

          Richard Gordon
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, 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.

LB Australia's shareholders agreed on Oct. 18, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


MASTR CI-5: Creditors Must Submit Poofs of Claim by Nov. 30
-----------------------------------------------------------
MASTR CI-5's creditors are required to submit proofs of claim by Nov. 30,
2006, to the company's liquidators:

          Suzan Merren
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, 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.

MASTR CI-5's shareholders agreed on Oct. 13, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


MEIJE: Creditors Have Until Nov. 30 to File Proofs of Claim
-----------------------------------------------------------
Meije's creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidators:

          Mora Goddard
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, 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.

Meije'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.


N KAKIGARA: Last Day for Submission of Claims Is on Nov. 30
-----------------------------------------------------------
N Kakigara Corp.'s creditors are required to submit proofs of claim by Nov.
30, 2006, to the company's liquidators:

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

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.

N Kakigara'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.


NATS R-27: Last Day for Proofs of Claim Filing Is on Nov. 30
------------------------------------------------------------
Nats R-27 Ltd.'s creditors are required to submit proofs of claim by Nov.
30, 2006, to the company's liquidators:

          Chris Watler
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, 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.

Nats R-27'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.


OPTEUM HOLDINGS: Last Day to File Proofs of Claim Is on Nov. 30
---------------------------------------------------------------
Opteum Holdings I, Ltd.'s creditors are required to submit proofs of claim
by Nov. 30, 2006, to the company's liquidators:

          Dianne Scott
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, 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.

Opteum Holdings' shareholders agreed on Oct. 12, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


PARROTSPITZE FINANCE: Claims Filing Deadline Is Set for Nov. 30
---------------------------------------------------------------
Parrotspitze Finance Ltd.'s creditors are required to submit proofs of claim
by Nov. 30, 2006, to the company's liquidators:

          Phillip Hinds
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, 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.

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


PROSPERO CAPITAL: Filing of Proofs of Claim Is Until Nov. 30
------------------------------------------------------------
Prospero Capital Inc.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidators:

          Phillip Hinds
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, 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.

Prospero Capital's shareholders agreed on Oct. 13, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


SOUTHERN FUNDING: Proofs of Claim Filing Deadline Is on Nov. 30
---------------------------------------------------------------
Southern Funding Co., Ltd.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidators:

          Phillip Hinds
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, 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.

Southern Funding's shareholders agreed on Oct. 13, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.




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


DELL INC: Reports Third Quarter Preliminary Financial Results
-------------------------------------------------------------
Dell Inc. reported preliminary results for the third quarter of fiscal year
2007, with revenue of US$14.4 billion, operating income of US$824 million,
and earnings per share of US$0.30.  Dell ended the quarter with US$11.6
billion in cash and investments.  Commercial paper outstanding at the end of
the quarter totaled US$236 million.  The company suspended its share
repurchase program in mid-September and, therefore, only spent US$335
million to repurchase 15 million shares.

                   Investigation Update

The U.S. Securities and Exchange Commission and the company's Audit
Committee are conducting investigations into certain accounting and
financial reporting matters, including the possibility of misstatements in
prior period financial reports, and the company previously received a
related subpoena from the United States Attorney for the Southern District
of New York.  Due to questions raised in connection with these ongoing
investigations, the company has not filed the Form 10-Q for its fiscal
second quarter ended Aug. 4, 2006, and does not expect to be able to timely
file its Form 10-Q for the fiscal third quarter ended Nov. 3, 2006.  As a
result, all financial results described in this press release, as well as
the previously announced financial results for the second quarter, should be
considered preliminary, and are subject to change to reflect any necessary
corrections or adjustments, or changes in accounting estimates, that are
identified prior to the time the company is in a position to complete these
filings.

In addition, the preliminary results for the second and third quarters could
be affected by any restatements of prior period financial statements that
are required as a result of any conclusions reached by the investigations.
No determination has been made as to whether restatements of prior period
financial statements will be required.

The company is not currently able to predict the extent or significance of
any such changes, and those changes could materially affect the preliminary
results reported herein, as well as the previously announced results for the
second quarter.

               Summary of Third Quarter Results

In the quarter, the company achieved a better balance of liquidity,
profitability and growth, which was driven by an improved mix of products
worldwide.  In addition, the company continued to focus its actions to
strengthen product lines, particularly in the enterprise, improve customer
experience, and accelerate growth outside the U.S.

                  Desktop to Data Center

Dell began shipping two new PowerEdge servers featuring AMD Opteron
processors, providing customers an additional choice for high-performance
two-socket and four-socket systems. The company also launched the industry's
first standards-based Quad-Core processors for two-socket blade, rack and
tower servers.  Combined with the 9G servers launched last quarter with
Intel Xeon 5100 series processors, Dell now provides the broadest selection
of industry-standard servers in its history. In the quarter, server revenue
was US$1.5 billion on 12% unit growth.

In storage, revenue was US$577 million and the company announced a five-year
extension to its partnership with EMC.

In client systems, the company launched quad core processors on its XPS 710
Extreme desktop as well as on Dell Precision workstations.  In addition, the
company launched its 64-bit dual core Dimension and OptiPlex systems, and
Dell Latitude and Inspiron notebooks featuring AMD processors.

Mobility revenue was US$3.9 billion on 17% unit growth.  Desktop revenue was
US$4.7 billion on negative 5% unit growth.  In both cases, growth was
impacted by the company's decision to focus on more profitable products.

In software and peripherals, revenue was US$2.3 billion. Enhanced services
revenue was US$1.4 billion. The company's new Platinum Plus offering drove
an increase in premium service contracts year-over-year and the company now
has more than 300 Platinum Plus customers.

         Strong Unit Growth in APJ and Emerging Markets

In the Asia-Pacific and Japan region, revenue was US$1.9 billion on unit
growth of 23 percent, as the company gained 1.4 share points year-over-year.
Led by 33% unit growth in China, Dell was also the fastest growing among the
top five vendors in the region, growing at nearly three times the growth
rate of the industry.  In India, units were up 93% and to more efficiently
serve the growth in this market, Dell plans to open manufacturing operations
there early next year.

In Europe, Middle East and Africa, where the company took a more balanced
approach to pricing, revenue was US$3.3 billion with unit growth of 9
percent.  Dell also recently announced its second manufacturing location for
EMEA to be located in Lodz, Poland, to provide more timely delivery to
customers in Central and Eastern Europe.

In the Americas, revenue was US$9.2 billion on unit growth of negative 4
percent.  Unit growth was 37% in Brazil and 19% in Canada.

The company is investing an incremental US$150 million this year on its
Customer Experience initiatives and is seeing signs of improvement in key
external and internal indicators.  By increasing the number of agents,
average hold times for U.S. customers have been reduced from nine minutes to
three minutes in the past year.  In addition, the company has reduced call
transfers by over 30% and has improved first contact resolution rates by 20
percent.  "Resolve in One" reflects Dell's goal to resolve issues to a
customer's satisfaction on initial contact.

                       Company Outlook

The company said that the actions it has taken to drive improved operating
and financial performance long-term with a better balance of liquidity,
profitability and growth are starting to take hold.  However, in the near
term, improvement in growth and profitability may not be linear due to a
variety of factors, including the timing of continued investments in
Customer Experience, global expansion, and new product introductions, as
well as a muted seasonal uplift due to changes in the mix of product and
regional profit.  In addition, the fourth quarter of fiscal year 2006
included one extra week.

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.

Dell's inability to file timely reports prompted NASDAQ to send a Staff
Determination letter indicating the company is not in
compliance with the filing requirement for continued listing as
set forth in Marketplace Rule 4310(c)(14).


GOODYEAR TIRE: Closes US$1-Billion Senior Notes Offering
--------------------------------------------------------
The Goodyear Tire & Rubber Co. has closed its offering of US$1 billion
aggregate principal amount of three-year and five-year senior notes.  The
notes are senior unsecured obligations of the company.

The US$500 million of three-year notes were sold at 99% of the principal
amount and will bear interest at the six-month London Interbank Offered
Rate, or LIBOR, plus 375 basis points.  The US$500 million of five-year
notes were sold at par and will bear interest at a rate of 8-5/8%.

Goodyear intends to use the net proceeds from this offering to repay at
maturity US$515 million principal amount of its existing notes due Dec. 1,
2006, and March 1, 2007.  The company will use the remaining cash for
general corporate purposes, which may include addressing the continuing
strike by the United Steelworkers union.

The notes were offered in a private placement under Rule 144A, have not been
registered under the Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an applicable exemption from
registration requirements.

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 Nov. 21, 2006, 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.

Moody's Investors Service also 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.


PHELPS DODGE: Freeport Takeover Depends on Commodity Prices
-----------------------------------------------------------
Analysts told Business News Americas that the wisdom of Freeport-McMoRan
Copper & Gold's proposed takeover of Phelps Dodge will depend on future
commodity prices.

Victor Flores, an HSBC analyst, explained to BNamericas, "It all revolves
around what the commodity prices do.  Our view is that commodity prices will
stay fairly robust but they WILL decline.  Maybe they [Freeport] have
insights that we don't."

According to BNamericas, Mr. Flores was referring to Freeport's ability to
manage its new debt structure.

BNamericas relates that under the cash and stock transaction, Freeport will
pay US$126.46 per Phelps Dodge share, representing a 33% premium over the
latter's closing share price on Nov. 17.

Freeport told BNamericas that it will take on debt to pay the US$18 billion
cash portion, representing 70% of the total consideration of US$25.9
billion.  Including the transaction, pro forma net debt is estimated at
US$15 billion in 2006 versus estimated Ebitda of US$7.9 billion.

"Freeport is betting on the cycle lasting a lot longer.  I don't mean
necessarily higher copper prices than today's but ones that are still well
above the long-term levels that companies and analysts use on a planning
basis," Nick Hatch, an analyst at Investec, commented to BNamericas.

Richard Adkerson, chief executive officer of Freeport, told BNamericas that
copper prices do not have to be as good as 2006 for the deal to make sense.

BNamericas underscores that a Freeport said in a presentation that it saw
pro forma annual average Ebitda for 2007-09 of just under US$4 billion at
copper prices of US$1.50 per pound, almost US$6 billion at US$2 per pound
and US$8 billion at US$2.5 per pound.

According to the report, analysts agreed that the deal would provide
Freeport with important diversification.

Mr. Flores told BNamericas, "They potentially gain a lower risk rating for
the company by putting the Indonesian asset within a larger portfolio."

BNamericas emphasizes that Freeport's only mining operation is the world
class, low-cost Grasberg copper mine in Indonesia.

Meanwhile, Mr. Hatch is doubtful that another firm will compete with
Freeport on Phelps Dodge, BNamericas relates.

Mr. Hatch told BNamericas, "This one is substantially above Phelps' closing
share price and there are relatively few companies that would want to pay
that kind of money."

However, Mr. Flores admitted to BNamericas that it is possible that firms
would bid against Freeport, given this year's trend.

"As we have seen already in several cases this year, a deal that starts off
on one path ends up going down a very different path," Mr. Flores told
BNamericas.

The analysts agreed that the 2006 historical level of consolidation in the
mining sector will likely drop off next year in response to probable lower
metal prices and fewer opportunities, according to BNamericas.

The Freeport-Phelps Dodge deal is yet to be approved by the two firm's
shareholders.  The deal will be closed at the end of the first quarter of
next year, BNamericas 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.




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


CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
----------------------------------------------------------
CA Inc.'s board of directors has declared a regular, quarterly cash dividend
of US$0.04 per share.  The dividend will be paid on Dec. 29, 2006, to
stockholders of record at the close of business on Dec. 15, 2006.

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

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


ECOPETROL: Could Acquire 5% Stake in State Power & Telecom Firm
---------------------------------------------------------------
Ecopetrol, the state oil company of Colombia, could acquire a 5% stake in
Interconexion Electrica SA, a Colombian state-run power and
telecommunications firm, Business News Americas reports, citing an
Interconexion Electrica executive.

BNamericas relates that Interconexion Electrica would agree to the 5% sale
as part of its plan to acquire Ecopetrol's 30% stake in Transelca -- a
transmission firm which is 65% owned by Interconexion Electrica.

On Nov. 24, 2006, shareholders of Interconexion Electrica will vote on the
plan to acquire the 30% Transelca stake, BNamericas notes.

According to BNamericas, Interconexion Electrica would give Ecopetrol almost
56.6 million of its shares plus COP12.6 billion in cash as part of the
negotiation for Transelca.  The shares amount to a 5% stake.

"Ecopetrol would end up with no direct stake in Transelca, but a minority
stake in ISA (Interconexion Electrica), the holding," the executive told
BNamericas.

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

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


* COLOMBIA: Spending COP222 Trillion Over Four Years
----------------------------------------------------
Helen Murphy at Bloomberg News reports that Colombian President Alvaro Uribe
plans to spur economic growth by spending COP222 trillion (US$98 billion) on
security, infrastructure and social improvements over the next four years.

"We want to keep improving our security until we have police and army in
every corner of the country," Carolina Renteria, Colombia's director of the
National Planning Department told Bloomberg.  "We will continue to reduce
homicides, kidnappings and human rights violations."

The government believes that improving security in the country would
encourage foreign investors to pour in investments in Colombia.
Additionally, Pres. Uribe's administration wants to lower the rate of people
living in poverty by providing more jobs and other source of livelihood.

Colombia expects it economy to grow annually at least 5% for the next five
years.

                        *    *    *

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




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


DENNY'S HOLDINGS: Moody's Ups Corp. Family Rating to B1 from B2
---------------------------------------------------------------
Moody's Investors Service raised Denny's Holdings, Inc. corporate family
rating to B1 from B2 and assigned Ba2 ratings to Denny's, Inc.'s proposed
US$350 million senior secured credit facility consisting of a US$50 million
revolver, a US$260 million term loan B and a US$40 million synthetic letter
of credit facility.

At the same time, the senior unsecured notes at Holdings were upgraded to B3
from Caa1.  The proceeds of the proposed bank facilities will pay off
Denny's existing 1st lien credit facility and the 2nd lien term loan.

Accordingly, Moody's expects to withdraw the ratings on these issues once
the proposed credit facility is closed.  The rating outlook remains stable.

Moody's noted that the rating assignments are subject to a review of the
final documentation.

Ratings upgraded with a stable outlook:

   * Denny's Holdings, Inc.

      -- Corporate family rating to B1 from B2;

      -- probability of default rating to B1 from B2; and,

      -- the US$175 million senior unsecured notes to B3, LGD5,
         87% from Caa1, LGD5, 89%.

Rating assigned with a stable outlook:

   * Denny's, Inc.

      -- Ba2, LGD2, 24% on the US$50 million secured revolver;

      -- Ba2, LGD, 24% on the US$260 million secured term loan
         and Ba2, LGD2, 24% on the US$40 million secured
         synthetic letter of credit facility.

Ratings affirmed at this time but expected to be withdrawn after closing of
the proposed facility:

   * Denny's, Inc.

      -- Ba2, LGD2, 18% on the US$75 million 1st lien secured
         revolver;

      -- Ba2, LGD2, 18% on the US$225 million 1st lien secured
         term loan B; and,

      -- B2, LGD4, 53% on the US$120 million 2nd lien secured
         term loan.

The upgrade in the corporate family rating reflects Denny's recent success
at significantly de-levering its balance sheet through the sale of
company-owned, franchisee-operated real estate.

In addition, the rating action incorporates the company's solid same store
sales performance despite a challenging consumer spending environment, still
sizable real estate ownership and the projected, improved financial
flexibility stemming from the proposed refinancing which should noticeably
lower interest expense.  The new B1 corporate family rating also encompasses
Denny's still relatively high leverage position and weak fixed charge
coverage and the fact that it operates in the mature, highly competitive
family dining category of the restaurant industry.

Moody's notes that EBIT-to-interest and free cash flow-to-debt metrics are
not currently indicative of the B1 rating.  However, the rating agency
expects the company's positive qualitative factors, along with consistent
operating performance, to gradually translate into stronger credit metrics
over the next 12-18 months.

Denny's Corporation, a family-style restaurant chain headquartered in
Spartanburg, South Carolina, owned and operated 535 and franchised 1,024
full-service family dining restaurants as of Sept. 27, 2006.  Domestic
locations are scattered throughout 49 states and the District of Columbia
with concentrations in California, Florida and Texas.  Revenues for fiscal
2005 totaled US$979 million.

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.


GENERAL NUTITION: Parent Declares Pricing of Senior PIK Notes
-------------------------------------------------------------
GNC Parent Corp. closed a private offering of US$425.0 million in aggregate
principal amount of floating rate senior PIK notes due 2011. The Notes will
bear interest, payable and reset semiannually, at a rate per annum equal to
six-month LIBOR plus 6.75%.  Interest will be payable in the form of
additional notes on June 1 and December 1 of each year, beginning June 1,
2007.

The Notes will be senior unsecured obligations of GNC.  The net proceeds
from the sale of the Notes, together with cash on hand, were used for:

   -- the redemption of the outstanding Series A preferred stock
      of GNC Corp., a wholly owned subsidiary of GNC, with a
      redemption date of Dec. 4, 2006;

   -- to repay a portion of the indebtedness of General
      Nutrition Centers, Inc., a wholly owned subsidiary of
      GNC Corp., under Centers' senior term loan facility;

   -- to pay a dividend to the common stockholders of GNC; and

   -- to pay transaction-related fees and expenses.

The Notes offering was made solely by means of a private placement either to
qualified institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended or to persons outside the United States under
Regulation S of the Securities Act and to an entity that is an accredited
investor.

The Notes have not been registered under the Securities Act and, unless so
registered, may not be offered or sold in the United States absent
registration or an applicable exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and other
applicable securities laws.

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 ended Sept.
2006 approached US$1.5 billion.  GNC's Latin American operations
are in the Bahamas, Cayman Islands, Chile, Colombia, Costa Rica,
among others.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 20, 2006, 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.




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


JETBLUE: Moody's Junks Rating on US$40 Million Revenue Bonds
------------------------------------------------------------
Moody's Investors Service assigned ratings of Caa1 (LGD5, 88%) to the
approximately US$40 million of Special Facility Revenue Bonds, Series 2006
(JetBlue Airways Corporation Project or the JFK Facility Bonds) to be issued
by the New York City Industrial Development Agency.  Moody's affirmed the B2
corporate family rating for JetBlue Airways Corp.  The outlook remains
negative.

The Caa1 rating is the senior unsecured debt rating of JetBlue, as the
obligor of the JFK Facility Bonds.  Under the structure, JetBlue will enter
into a series of leases with the NYC Agency whereby payments from JetBlue
will be passed through to JFK Facility Bond holders.  In addition, JetBlue
will unconditionally guarantee the timely payment of interest and principal
of the bonds.  Using Moody's Loss Given Default methodology, a LGD5 bucket
implies that holders of a JetBlue senior unsecured claim could expect to
experience a loss of between 70 and 90% in the event of a default.  The Caa1
rating reflects the subordination of a senior unsecured claim at JetBlue to
the substantial amount of secured debt in JetBlue's capital structure.

The JFK Facility Bonds will be issued to reimburse JetBlue for a portion of
the cost of construction of an airport facility that was substantially
completed in June 2005 and is in use by JetBlue Airways Corporation at the
JFK International Airport.  While the Bonds are secured by a leasehold
mortgage interest in the land and building improvements, Moody's views such
security as having very limited value for bond holders.  In the event of
default, The Port Authority of New York and New Jersey would fully control
critical decisions such as the potential re-assignment of the lease,
although The Port Authority is required to adhere to certain standards as
defined in the documents. "Because the holders of the JFK Facility Bonds do
not have full control of the collateral and the holders would more likely
pursue claims under the guaranty, Moody's views these obligations as a
senior unsecured claim of JetBlue Airways", according to Bob Jankowitz at
Moody's Investors Service.

JetBlue's B2 corporate family rating reflects the airline's low-cost
operations combined with an appealing product and strong brand image among
consumers that provide it with a competitive advantage among air carriers in
its high-density core markets.  Nonetheless, rapid growth in the mostly
debt-financed aircraft fleet, with operating margins low even by airline
standards, have resulted in credit metrics that are weak for the current B2
rating category.  "Although recent results showed some promise, a further
ratings downgrade is possible absent improvement in key credit metrics
including EBIT margin consistent with other B2 rated issuers, and EBIT to
interest to sustainably greater than 1.0x", adds Bob Jankowitz at Moody's.

The negative outlook reflects Moody's concerns that the company could face
challenges executing its growth strategy with a new aircraft type (the
Embraer 190), and returning to profitability over the near term while
operating in the still high fuel cost environment.  The rating outlook could
be stabilized if substantial improvements to its operating results occur,
including an EBIT margin greater than 7% over time and EBIT to interest
expense sustainably greater than 1.5x, as well as a successful integration
of the E190 aircraft.

Moody's assigned these ratings:

   -- New York City Industrial Development Agency Special
      Facility Revenue Bonds, Series 2006 (JetBlue Airways
      Corporation Project) rated at Caa1 (LGD5, 88%).

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


JETBLUE AIRWAYS: S&P Assigns B Rating on US$40MM Revenue Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services assigns its 'B' rating to US$40 million
of New York City Industrial Development Agency special facility revenue
bonds, series 2006 maturing on
May 15, 2021, and May 15, 2030; the amount for each maturity have yet to be
determined. The bonds, which will be used to finance a hangar and other
facilities, will be serviced by payments made by JetBlue Airways Corp.
(B/Stable/B-3) under a lease between the airline and the agency.

"The JFK airport bonds are rated at the same level as the corporate credit
rating on JetBlue because bondholders have the benefit of a security package
not available to general unsecured creditors," said S & P credit analyst
Betsy Snyder.

Standard & Poor's believes there is a substantial risk that, if challenged,
the facility lease under which the Industrial Development Agency leases the
land and facilities to JetBlue would be recharacterized as a financing in
any JetBlue bankruptcy reorganization, which occurred in the case of a
substantially similar lease and special facility revenue bonds in United Air
Lines Inc.'s bankruptcy.  In the event of a JetBlue bankruptcy, bondholders
should nonetheless benefit from guarantees of the bonds by JetBlue, which
are secured by JetBlue's leasehold interest in the facilities lease.

The 'B' long-term corporate credit rating on JetBlue reflects a weaker
financial profile after losses that began in 2005, with only modest
improvement expected over the near to intermediate term; and the inherent
risk characteristics of the U.S. airline industry.  Ratings also incorporate
the company's relatively low operating costs, despite ongoing high fuel
prices, and continuing high demand for its product offering. Since the
second half of 2004, the company's results have been hurt by high fuel
prices, with only minimal fuel hedges in place as an offset.

JetBlue has instituted a "Return to Profitability" plan that includes the
sale of five A320 aircraft in the latter half of 2006, the deferral of 12
A320 aircraft that had been scheduled for delivery in the 2007-2009 period
to 2011-2012, further aircraft sales deferrals yet to be determined, and a
greater focus on short- to medium-haul flying, all of which will slow down
the company's growth rates from previously expected levels. The plan also
includes revenue enhancements and nonfuel cost reductions.

JetBlue's costs are expected to remain under pressure as long as fuel prices
remain high.  However, the company's credit ratios are expected to improve
modestly over the near to intermediate term as benefits from its Return to
Profitability plan are realized.  If the company were to experience material
losses, the outlook could be revised to negative.  Revision to a positive
outlook is not considered likely.

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




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


PETROECUADOR: Conducts Green Plus Study
---------------------------------------
Petroecuador, the state-run oil firm of Ecuador, has conducted a study on
the effectiveness of Green Plus in decreasing major combustion gas emissions
in diesel engines, New Car Net reports.

New Car Net relates that Green Plus was designed for improving economy and
reducing harmful emissions.  Under development for over 10 years, Green Plus
is a new product that uses nanotechnology (working at the molecular level)
to achieve a breakthrough combination of improved fuel economy and reduced
emissions.  It is a liquid combustion catalyst that is added in very small
quantities to fuel to make a more complete, cooler and more linear burn.

Petroecuador's result indicated that Green Plus showed an ability to
significantly reduce the four major toxic and gaseous emissions of diesel
fuel combustion that can lead to serious health problems and
climate-changing effects, New Car Net notes.

According to New Car Net, Petroecuador conducted tests on diesel buses and
on stationary engines using certified test equipment.

New Car Net underscores that Petroecuador determined that stationary engines
showed:

          -- Carbon Monoxide emissions dropped by an average of
             52.27%,

          -- Nitrogen Oxide emissions decreased by an average of
             43.57%, and

          -- Sulfur Dioxide emissions decreased by an average of
             50.06%.

Petroecuador told New Car Net, "The opacity of the smoke produced in the
emissions of the two buses was reduced by levels of more than 90% in periods
of five to fifteen days."

According to the report, Petroecuador found out that:

          -- Carbon Monoxide was reduced by an average of
             54.98%,
          -- Nitrogen Oxides reduced by 53%, and
          -- Sulfur Dioxide by 4.66%.

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


DIGICEL LTD: Will Launch Operations in Guatemala Next Year
----------------------------------------------------------
Luis La Rocca, chief executive officer of Digicel Ltd.'s El Salvador unit,
told Telcosit that the firm will launch operations in Guatemala next year as
the next step of its expansion plan into the Central American market.

As reported in the Troubled Company Reporter-Latin America on Oct. 6, 2006,
Digicel Group completed the acquisition of Digicel Holdings Ltd., a company
operating a GSM mobile service in El Salvador that also holds a mobile
license in Guatemala.

La Rocca told Business News Americas that Digicel expects to win an
operating license in Panama.  The company could also enter the Honduran
market through a strategic partnership.

Digicel will have to wait for market liberalization to enter Costa Rica,
BNamericas notes.

The Costa Rican government will be implementing a new telecoms law updating
19 regulations, along with other bills authorizing partial liberalization of
the telecoms market, before the end of 2006, BNamericas states.

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

                        *    *    *

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

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




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


* GUYANA: Secures US$24.3MM Loan for Transport Infrastructure
-------------------------------------------------------------
The Inter-American Development Bank approved a US$24.3 million loan to
support a highway infrastructure rehabilitation program in Guyana aimed at
improving the country's road network reliability and driving conditions.

The program will replace critical infrastructure segmentalong the
Timehri-Rosignol roadway, implement road safety measures, and strengthen the
ongoing road maintenance activities along the main road network.

The loan will also fund the rehabilitation of the Black Bush Polder Road, a
main road located in one of the country's significant agricultural areas of
the country.

This 40-year loan will be executed by Guyana's Ministry of Public Works and
Communications.




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


LEAR CORP: Fitch Rates US$900MM Sr. Unsecured Notes at B/RR4
------------------------------------------------------------
Fitch has assigned a rating of 'B/RR4' to Lear's US$900 million in new
senior unsecured notes.  The notes are divided in to two tranches, with
US$300 million maturing in 2013 and US$600 million maturing in 2016. The
notes will be guaranteed by certain Lear direct and indirect subsidiaries.

Proceeds will be used to tender for Lear's outstanding 8.125% unsecured
senior notes due 2008 and a significant portion of the outstanding 8.11%
unsecured senior notes due 2009, resulting in a slight increase in Lear's
unsecured debt mix, but not enough to change Fitch's recovery analysis.  The
refinancing extends debt maturities by five to eight years, and together
with Lear's bank facilities, provides substantial liquidity and time to
focus on restructuring efforts.  The outlook is Negative.

Lear will continue to face very difficult conditions in the U.S. market due
to declining production at Ford and GM (particularly in the platforms served
by Lear), high commodity costs and Lear's restructuring efforts.  New
business wins and reduced capital expenditures will help support operating
results during the restructuring process, but any improvement in the
company's leverage position in 2007 is expected to be modest.  The pending
formation of a joint venture to which Lear will contribute its interiors
operations is viewed as a positive due to that unit's operating losses and
high capital expenditure requirements.

Fitch's current ratings are unaffected by the refinancing of like debt and
are:

   -- Issuer Default Rating at 'B';
   -- Senior secured bank debt at 'BB/RR1'; and
   -- Senior unsecured debt at 'B/RR4'.

Lear Corp., headquartered in Southfield, MI, is focused on providing
complete seat systems, electrical distribution systems and various
electronic products to major automotive manufacturers across the world.  The
company had revenue of US$17 billion in 2005 and has more than 110,000
employees in 34 countries including Argentina, Brazil, Honduras, Mexico and
Venezuela.


* HONDURAS: IDB OKs US$27.9MM Loan for Poverty Reduction Program
----------------------------------------------------------------
The Inter-American Development Bank approved a US$27.9 million soft loan to
Honduras to support its poverty reduction strategy.

The loan will support policy reforms to improve the targeting of social
services and to focus spending on people in extreme poverty, who represent
nearly half the Honduran population.

The reforms seek to combine the Red Solidaria social programs, such as
conditioned cash transfers, with other programs to increase the
competitiveness of the Honduran economy, such as job training, and programs
to generate employment opportunities, such as local development and social
infrastructure projects.

The Programa de Asignacion Familiar, which makes transfers directly to
beneficiary families, will be strengthened so it may serve as the sole
delivery channel for health and education subsidies.

A monitoring and evaluation system will be put in place to gauge the
effectiveness of Red Solidaria programs, as well as a management system to
monitor public sector spending and measures to improve strategic planning
and the preparation of the education and health budgets.

To promote social inclusion, the reforms will strengthen the government
agencies for child welfare and women and support the preparation of a
comprehensive development strategy for indigenous and Afro-Caribbean
peoples, who have the highest levels of poverty in Honduras.

Labor laws will be reformed to improve gender equity and promote
participation in the labor markets of other socially vulnerable groups. Job
placement and job training services will be modernized and improved.

IDB resources will also assist the Honduran government in protecting
priority social programs in a context of greater fiscal constraints caused
by public sector wage increases and an expected drop in customs revenues due
to the enactment of a free trade agreement with the United States.

The loan is for 40 years, with a 10-year grace period. Interest rates will
be 1% a year during the first decade and 2% thereafter.  Resources will be
disbursed in two tranches, the first one of US$10 million and the second of
US$17.9 million.

                        *    *    *

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


CALDON FINANCE: Nicole Ann Fullerton Tries to Flee Fraud Ruling
---------------------------------------------------------------
Nicole Ann Fullerton -- former acting operations manager of
Caldon Merchant, Caldon Finance's main unit -- allegedly tried leaving
Jamaica to escape pending court decision on a fraud complaint filed against
her, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2006,
Jamaica's Senior Resident Magistrate Judith Pusey would be disclosing a
ruling on a fraud case against Ms. Fullerton, who allegedly defrauded Colin
Karjohn -- a St. Catherine businessman -- of US$15 million in 1998,
investing it on Caldon Finance.  Mr. Karjohn had given Ms. Fullerton and her
father, former Caldon Finance chief Henry Fullerton, the amount to invest in
government treasury bills.  Ms. Pusey was set to disclose a ruling on the
fraud case on Oct. 19, but she postponed the release of a ruling last week,
as she was not quite ready with her judgment.

Radio Jamaica relates that Ms. Pusey encouraged Ms. Fullerton to make the
necessary arrangement to repay Mr. Karjohn.

Ms. Pusey told Radio Jamaica that a refunding of the money would go a far
way in convincing her not to send Ms. Fullerton to prison.  Because of the
amount of money involved Ms. Fullerton would be sent to prison if the money
was not returned.

Sometime Tuesday afternoon Ms. Fullerton was preparing to board a plane at
the Norman Manley International Airport when she was arrested, RJR News
Center says, citing Inspector Delroy Johnson of the Norman Manley Police
Station.  Ms. Fullerton was headed for the United States.

According to Radio Jamaica, Ms. Fullerton was found guilty of three counts
of fraud on Nov. 20 and was awaiting sentence set for Dec. 14.

Inspector Johnson explained to Radio Jamaica that the police made contact
with officials at the Half-Way-Tree Criminal Court on her status and were
given instructions.

Ms. Fullerton was taken into custody and will be appearing before the
Half-Way-Tree Court, Inspector Johnson told Radio Jamaica.

Caldon Finance collapsed after Dr. Omar Davies, Jamaica's
Minister of Finance and Planning, suspended the operations of
its main unit -- Caldon Finance Merchant Bank -- and installed a
temporary manager.  Efforts to liquidate Caldon Finance are
still being made.  Reports say that the completion of the
process could take a while due to a number of outstanding court
cases involving the firm's assets.  Raphael Gordon, the
company's liquidator, said that until the issues are dealt with,
the liquidation would remain a work in progress especially as it
relates to secured creditors.


COURTS (JAMAICA): Cobalt Holding Co. Ltd. Offers to Buy Company
---------------------------------------------------------------
Courts (Jamaica) Ltd. said in a statement that it received on Nov. 20 an
offer from Cobalt Holding Co. Ltd. to buy all the ordinary shares in the
company.

According to Radio Jamaica, Cobalt Holding was established in St. Lucia with
the special purpose of acquiring the Caribbean assets of Courts PLC, parent
firm of Courts (Jamaica).

As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2006,
Courts (Jamaica), a furniture retailer, was sold to a firm in Latin America.
The Latin American entity was said to be in a similar type of business as
Courts (Jamaica).  Courts (Jamaica) had signed a memorandum of understanding
or MOU with a preferred bidder in August.  The offer price would be around
JUS$4.00 per share.  The cash offer could be taken up in Jamaican or United
States currency.  The sale of Courts (Jamaica) was part of a Caribbean
package deal where the Latin American company would purchase the furniture
stores in the 11 Caribbean jurisdictions, including:

          -- Guyana,
          -- Trinidad and Tobago,
          -- Barbados, and
          -- Belize.

Radio Jamaica relates that Courts (Jamaica) shareholders were offered
JUS$4.25 for every stock.  The offer opened on Tuesday and would close on
Dec. 18.

Radio Jamaica relates that an acquisition report from Courts (Jamaica)
directors will be mailed to shareholders.  It will also be published in the
Jamaica Gleaner later this week.

The board of directors of Courts (Jamaica) is telling shareholders to
carefully evaluate Cobalt Holding's offer, Radio Jamaica notes.

The board told Radio Jamaica that it will make a recommendation in its
report whether shareholders should accept the offer.

Courts (Jamaica) is Courts UK's flagship operation in the Caribbean.  The
parent company, Courts UK, collapsed under the weight of a GBP280-million
debt burden in 2004.  The Courts UK board said in 2004 that it had been
informed that the principal lenders refused to grant waivers for the
covenant breaches likely to occur.  The lenders also decided not to provide
immediate additional funding required.

The losses did not carry over into is operations in 20 nations outside of
the United Kingdom.  The Cohen family -- the principal owners of the Courts
brand -- was removed from the board.   KPMG, the lead administrator, put up
Courts' overseas assets on sale.




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


BALLY TOTAL: John Rogers Resigns from Board of Directors
--------------------------------------------------------
John W. Rogers, Jr., resigned from Bally Total Fitness Holding Corp.'s board
of directors on Nov. 16, 2006.

Mr. Rogers' resignation was not due to any disagreement with Bally Total.

Bally Total's directors voted on Nov. 18, 2006, to reduce the size of the
board to five effective immediately prior to the company's annual meeting of
stockholders scheduled for
Dec. 19, 2006, by eliminating the vacancy in Class II created by Mr. John
Rogers' resignation.

The board of directors voted to eliminate the Class I directorship currently
held by Mr. Steven S. Rogers, effective upon the annual meeting of
stockholders, which will further reduce the size of the board to four at
that time.

The board of directors appointed Don R. Kornstein as chairperson of the
compensation committee on Nov. 18, 2006.

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

                        *    *    *

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


BALLY TOTAL: Pays Paul Toback US$900,000 Bonus for 2005
-------------------------------------------------------
Bally Total Fitness Holding Corp. has paid Paul Toback, its former
chairperson and chief executive, US$900,000 bonus for 2005, which is 125%
higher than his bonus in 2004, the Associated Press reports.

AP relates that Mr. Toback resigned from Bally Total in August, although his
contract was initially set to run through the end of 2007.  He was
criticized for the financial woes at Bally Total.

Bally Total's compensation committee established Mr. Toback's 2005 base
salary at US$575,000, which was not increased from 2004.  This placed Mr.
Toback's base salary at slightly below the median of base salaries at peer
group companies.

The compensation committee considered these factors in determining Mr.
Toback's base salary for 2005:

          -- the company's performance relative to its profit
             plan for 2005,

          -- the leadership provided through a challenging
             number of events, and

          -- the level of compensation paid to the highest paid
             executive at companies within the selected peer
             group.

For 2005, Mr. Toback was eligible to earn a cash bonus ranging up to 70% of
his base salary based on Bally Total and individual performance goals.  The
compensation committee considered bonus payments to Mr. Toback, and
considered the performance of the company as compared to the company and
individual performance goals for 2005.

Based on Bally Total's performance, the compensation committee determined
that the company performance goals were not met for 2005.  The committee
then further analyzed additional factors, including:

          -- total cash compensation necessary to meet the
             objectives of hiring and retaining top executive
             talent,

          -- substantial progress in addressing regulatory
             matters, and

          -- accomplishment of executive management leadership
             objectives.

The compensation committee determined to weigh the actions of management
initiated for investment in the long-term growth of Bally Total against
decisions that could have been made for short-term results.  The committee
determined that based on quantitative and qualitative factors some level of
annual bonus should be made to Mr. Toback (and other executives), at a level
above the targets established.  For 2005, the committee determined to pay
Mr. Toback a bonus of US$900,000.

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

                        *    *    *

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


FORD MOTOR: Restates First & Second Quarter Financial Statements
----------------------------------------------------------------
Ford Motor Company filed its amended financial statements for quarterly
periods ended March 31, 2006, and June 30, 2006, with the Securities and
Exchange Commission, to restate consolidated and sector statements of
income, balance sheets and cash flows.

The restatements are related to an amended 2005 10-K Report published in
Troubled Company Reporter on Nov. 15, 2006.  The amended annual report
includes amended financial statements for each of the years ended Dec. 31,
2003, 2004, and 2005, and selected financial data for each of the years 2001
through 2005 to correct accounting for certain derivative transactions under
Paragraph 68 of the Statement of Financial Accounting Standards 133,
Accounting for Derivative Instruments and Hedging Activities.

             Restated First and Second Quarter Results

For the three months ended March 31, 2006, the Company incurred a US$1.4
billion net loss on US$36.9 billion of net revenues compared to US$875
million of net income earned on US$39.4 billion of net revenues for the same
period in 2005.

At March 31, 2006, the Company's restated balance sheet showed total assets
of US$269 billion, total liabilities of US$255.6 billion and total
stockholders' equity of US$12.2 billion.

For the three months ended June 30, 2006, the Company incurred a US$317
million net loss on US$37.8 billion of net revenues compared to US$1.2
billion of net income earned on US$38.7 billion of net revenues for the same
period in 2005.

At June 30, 2006, the Company's restated balance sheet showed total assets
of US$277 billion, total liabilities of US$261.1 billion and total
stockholders' equity of US$14.7 billion.

A Full-text copy of the company's amended financial statements for the
quarter ended March 30, 2006, are available for free at:

               http://researcharchives.com/t/s?1560

A Full-text copy of the company's amended financial statements for the
quarter ended June 31, 2006, are available for free at:

               http://researcharchives.com/t/s?1561

                      About Ford Motor

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

                        *    *    *

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

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

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


FORD MOTOR: SEC Wants More Disclosure on Restated Financials
------------------------------------------------------------
Ford Motor Company has been contacted by the Division of Corporation Finance
and the Division of Enforcement of the U.S. Securities and Exchange
Commission.

The SEC wants additional information regarding the disclosures in the
Current Reports on Form 8-K dated Oct. 20, 2006, the Annual Reports on Form
10-K/A for the year ended Dec. 31, 2005, and the Quarterly Reports on Form
10-Q for the period ended Sept. 30, 2006, filed by Ford and Ford Motor
Credit Company relating to their recent restatement of financial results.

Ford said it is voluntarily cooperating with SEC's informal inquiries.

As reported in the Troubled Company Reporter on Nov. 15, 2006, Ford restated
its previously reported financial results from 2001 through 2005 to correct
accounting for certain derivative transactions under Paragraph 68 of the
Statement of Financial Accounting Standards 133, Accounting for Derivative
Instruments and Hedging Activities.

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

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

                        *    *    *

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

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

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


GLOBAL POWER: Gets US$85MM DIP Loan Pledge from Morgan Stanley
--------------------------------------------------------------
Global Power Equipment Group Inc. received a commitment from Morgan Stanley
Senior Funding Inc. for debtor-in-possession credit facilities in an
aggregate amount of up to US$85 million.

The DIP credit facilities are subject to further due diligence by Morgan
Stanley and certain other customary conditions, including approval by the
United States Bankruptcy Court for the District of Delaware.  Among other
purposes, the proceeds of the DIP credit facilities will be used to
refinance Global Power's existing senior secured revolving debt and term
loan, facilitate bonding and performance obligations under letters of
credit, and provide further liquidity to Global Power in support of its
ordinary course business operations.

Global Power obtains an interim DIP credit facility in an aggregate amount
of US$10 million arranged by Bank of America, the proceeds of which will be
used to support a letter of credit facility for Global Power's Williams
Industrial Services Group business until such time as the DIP credit
facilities to be provided by Morgan Stanley become available.

"We are pleased with the progress we are making in ensuring that Global
Power continues to have adequate levels of financing to stabilize our
operations and meet customer needs as we move forward with our
reorganization," John Matheson, President and Chief Executive Officer of
Global Power, said.  "The interim DIP credit facility arranged by Bank of
America fills a unique need of our Williams business, which requires letters
of credit and bonding in its ongoing work.  At the same time, we are pleased
to have secured a commitment from Morgan Stanley to provide permanent DIP
credit facilities for use by our entire organization."

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

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


KANSAS CITY SOUTHERN: Gets US$146MM in Tenders for 10.25% Notes
---------------------------------------------------------------
Kansas City Southern's wholly owned subsidiary, Kansas City Southern de
Mexico, S.A. de C.V. has accepted for purchase tenders equal to
approximately US$146.0 million principal amount of its 10.25% Senior Notes
due 2007 (CUSIP Nos. 872402AC6 and P91415AA0) (ISIN Nos. US872402AC69 and
USP91415AA09).

The 2007 Senior Notes accepted for purchase were tendered on or prior to the
Expiration Time of midnight New York City time, Nov. 20, 2006, pursuant to
the previously announced tender offer and consent solicitation for the 2007
Senior Notes.  The terms and conditions of the tender offer and consent
solicitation are set forth in the Offer to Purchase and Consent Solicitation
Statement dated as of Oct. 23, 2006.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the U.S.,
Mexico and Panama.  Its primary U.S. holdings include The Kansas
City Southern Railway Company, serving the central and south
central U.S. Its international holdings include Kansas City
Southern de Mexico, S.A. de C.V., serving northeastern and
central Mexico and the port cities of Lazaro Cardenas, Tampico
and Veracruz, and a 50 percent interest in Panama Canal Railway
Company, providing ocean-to-ocean freight and passenger service
along the Panama Canal.  KCS' North American rail holdings and
strategic alliances are primary components of a NAFTA Railway
system, linking the commercial and industrial centers of the
U.S., Mexico and Canada.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 15, 2006, Standard &
Poor's Ratings Services assigned its 'B-' rating to the US$150 million
senior unsecured notes being issued by Kansas City Southern de Mexico S.A.
de C.V. (B/Negative/--), the Mexican subsidiary of Kansas City Southern
(B/Negative/--).

Fitch Ratings assigned a 'B+' foreign currency rating and an 'RR4' recovery
rating to the US$175 million 7.625% senior notes due 2013 to be issued by
Kansas City Southern de Mexico, S.A. de C.V.

Fitch also maintains 'B+' foreign currency ratings and 'RR4' recovery
ratings on KCSM's US$178 million 12.50% senior notes due 2012 and the US$460
million 9.375% senior notes due 2012.


KANSAS CITY SOUTHERN: Offering US$175 Mil. of 7.625% Sr. Notes
--------------------------------------------------------------
Kansas City Southern's wholly owned subsidiary, Kansas City Southern de
Mexico, S.A. de C.V. is offering US$175.0 million in aggregate principal
amount of 7.625% Senior Notes due 2013.

The company intends to use the proceeds from this offering to repurchase a
portion of the Company's 10.25% Senior Notes due 2007 pursuant to a tender
offer and consent solicitation and pay down a portion of the Company's term
loan indebtedness.

The Notes were offered to qualified institutional buyers under Rule 144A and
to persons outside the United States under Regulation S.  The Company will
be required pursuant to a registration rights agreement to file an exchange
offer registration statement with the Securities and Exchange Commission
with respect to an offer to exchange the Notes.  The Notes have not been
registered under the Securities Act of 1933, as amended, and, unless so
registered, may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the registrations
requirements of the Securities Act and applicable state securities laws.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the U.S.,
Mexico and Panama.  Its primary U.S. holdings include The Kansas
City Southern Railway Company, serving the central and south
central U.S. Its international holdings include Kansas City
Southern de Mexico, S.A. de C.V., serving northeastern and
central Mexico and the port cities of Lazaro Cardenas, Tampico
and Veracruz, and a 50 percent interest in Panama Canal Railway
Company, providing ocean-to-ocean freight and passenger service
along the Panama Canal.  KCS' North American rail holdings and
strategic alliances are primary components of a NAFTA Railway
system, linking the commercial and industrial centers of the
U.S., Mexico and Canada.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 15, 2006, Standard &
Poor's Ratings Services assigned its 'B-' rating to the US$150 million
senior unsecured notes being issued by Kansas City Southern de Mexico S.A.
de C.V. (B/Negative/--), the Mexican subsidiary of Kansas City Southern
(B/Negative/--).

Fitch Ratings assigned a 'B+' foreign currency rating and an 'RR4' recovery
rating to the US$175 million 7.625% senior notes due 2013 to be issued by
Kansas City Southern de Mexico, S.A. de C.V.

Fitch also maintains 'B+' foreign currency ratings and 'RR4' recovery
ratings on KCSM's US$178 million 12.50% senior notes due 2012 and the US$460
million 9.375% senior notes due 2012.


ODYSSEY: AM Best Says Fairfax Share Reduction Positive for Firm
---------------------------------------------------------------
A.M. Best Co. has commented on Fairfax Financial Holdings Ltd.'s
announcement that it intends to sell approximately 9 to 10 million in common
shares of Odyssey Re Holdings Corp., which it currently owns, while
continuing to maintain majority ownership.  A.M. Best views this divestiture
as positive for Odyssey whose financial strength ratings, Issuer Credit
Ratings and debt ratings remain unchanged.

Given the appropriate economics, A.M. Best views this as a positive for
Fairfax whose financial strength, issuer credit and debt ratings also remain
unchanged.  A.M. Best believes the realized gain on the sale, reduced
volatility of future earnings and the significant cash proceeds at the
holding company neutralizes the reduction of Odyssey's earnings and a
decreased shareholder dividend due to the decrease in ownership. The cash
proceeds should bring holding company liquidity to approximately 45% of
total outstanding Fairfax (including Crum & Forster) debt.  A.M. Best would
support the use of this cash infusion to reduce financial leverage.  This
transaction is expected to further improve Fairfax's existing comfortable
liquid position and financial flexibility.

In late August 2006, Fairfax announced that it had determined that Odyssey's
inclusion in its U.S. tax group was no longer necessary to maintain the
remaining portion of its future income tax asset related to capitalized
losses within the U.S. consolidated tax group.  That determination made more
transparent the fact that Fairfax's balance sheet, holding company liquidity
and overall financial position have strengthened to a point where the
company's dependency on Odyssey for liquidity as well as earnings has
significantly declined.  Therefore, Fairfax is in a comfortable -- but not
dependent -- position to monetize the value of Odyssey at a point in time
where its market capitalization is strong.  Alternatively, Odyssey is not
dependent on Fairfax to maintain its operations or capital structure.

This transaction will allow for greater ownership diversification for
Odyssey's stock, which should allow increased float and therefore heightened
investor interest.  While Odyssey has positively tested its attraction in
the capital markets with the sale of common and preferred shares in 2005 and
senior notes in February 2006, its financial flexibility should strengthen.

Fairfax's ownership of Odyssey is estimated to decrease from just above 80%
at June 30, 2006, to approximately 60%. Fairfax's ownership has otherwise
recently been diluted through the year-to-date partial conversion of
Odyssey's 4.375% convertible notes and the conversion of Fairfax's 3.15%
convertible debentures (convertible into Odyssey common shares).  Fairfax
declined to maintain its 80% ownership through the purchase of the shares of
the converted securities.

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.




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


* PANAMA: Increasing Canal Toll to Help Fund Expansion
------------------------------------------------------
Reuters reports that Panama will be hiking tolls on the Panama Canal to help
fund the US$5.25 billion expansion.

"It's a lot of money, it's about a third of the economy," Ricaurte Vasquez,
Panama's minister for canal affairs, explained to Reuters on the cost of the
project.

The expansion plan, set to start in 2008, was approved by the citizens in a
referendum on Oct. 22.  Once completed, bigger cargo vessels would be able
to pass the famous waterway.

Minister Vasquez told Reuters Panama has already informed canal customers
that it would like to double canal tolls over the next 20 years to finance
the expansion.  But he didn't say when the hikes would take effect.

Reuters says US vessels remain the biggest users of the canal, followed by
Chinese and Japanese ships, according to the Panama Canal Authority.

                        *    *    *

Fitch Ratings assigned these ratings on Panama:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BBB      Apr.  8, 2005
   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 E R U
=======


HERTZ CORP: S&P Affirms Low B Ratings on Synthetic Securities
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on two synthetic
securities related to Hertz Corp. and its related entities and removed them
from CreditWatch, where they were placed with negative implications on June
30, 2006.

The rating actions reflect the affirmation of the long-term corporate credit
and senior unsecured debt ratings on Hertz Corp. (BB-/Negative/NR) and its
related entities and their removal from CreditWatch negative on Nov. 16,
2006.

The ratings on the affected synthetic securities listed below are
weak-linked to the underlying collateral, Hertz Corp. debt.

         Ratings Affirmed and Off Watch Negative

   SATURNS Trust No. 2003-8

   -- US$25 million Hertz Corp. debenture-backed callable units
      and interest only units

                              Rating

               Class   To              From
               A       BB-             BB-/Watch Neg
               B       BB-             BB-/Watch Neg

   SATURNS Trust No. 2003-15

   -- US$25 million 7.0% class A callable units, notional amount
      0.851% class B interest-only callable units

                             Rating

              Class   To                From
              A       BB-               BB-/Watch Neg
              B       BB-               BB-/Watch Neg

Hertz Corp. -- https://www.hertz.com/ --  the largest global car rental
company, participates primarily in the on-airport segment of the car rental
industry.  This segment, which generates approximately 69% of Hertz's
consolidated revenues, is heavily reliant on airline traffic.  Demand tends
to be cyclical, and can also be affected by global events such as wars,
terrorism, and disease outbreaks.  Hertz has also grown its off-airport
business (12% of consolidated revenues), the segment of the car rental
business that is less cyclical and more profitable, but which is dominated
by 'A-' rated Enterprise Rent-A-Car Co.  Through its Hertz Equipment Rental
Corp. subsidiary (HERC, 18% of consolidated revenues), Hertz also operates
one of the larger industrial and construction equipment renters in the U.S.,
along with some European locations.  Hertz has operations in Hungary,
Philippines and Peru, among others.


IIRSA NORTE: S&P Ups Rating on US$213MM 8.75% Sr. Notes to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on IIRSA Norte Finance
Ltd.'s US$213 million 8.75% senior secured notes due 2024 to 'BB+' from
'BB'.  The upgrade follows the sovereign upgrade of the Republic of Peru to
'BB+' from 'BB'.  The outlook for Peru is stable.

IIRSA Norte is a securitization of U.S. dollar-denominated certificates
acknowledging the right to collect annual construction payments issued by
the government of Peru through its Minister of Transportation and
Communication and a credit linked note issued by Morgan Stanley.  The
construction payments are for the construction of the IIRSA Amazonas Norte
Toll Road.

The toll road project is one of the most important infrastructure projects
in Peru, which will connect two Peruvian ports:

   -- Patia, the second largest in Peru, and
   -- Yurimaguas, a fluvial port on the Amazon River.

Consequently, the toll road will link the south of Ecuador, the north of
Peru, and the region of Manaus in Brazil.  The project is part of a Regional
Integration Plan for South America supported by the Inter-American
Development Bank.  The project consists of a 960-km concession for 25 years
to IIRSA Norte to build, rehabilitate, maintain, and operate highways.


* PERU: IDB Approves US$200MM Loan to Improve Public Management
---------------------------------------------------------------
The Inter-American Development Bank approved a US$200 million loan to
continue supporting the government of Peru in carrying out institutional,
operational, legal and regulatory changes to improve the quality of public
management and expenditure.

The project is the second programmatic loan to help Peru meet its external
financing needs for the 2005-2007 cycle.

The program seeks to accomplish its objective by strengthening government
capacities to analyze and monitor the budget, budget investment, management
by results and administrative systems, and to promote greater private sector
participation in public sector investments.

"The idea is to take advantage of the synergy between reforms that will
improve the budget, public-debt management and public investment under the
public-private partnership policy approved in 2005, while at the same time
enhancing the quality of current and capital expenditure," said Carlos
Pimenta, IDB project team leader.

As part of the operation, Peru is committed to continuing its efforts to
maintain a macroeconomic environment consistent with the government's
objectives of achieving greater effectiveness in its public management
systems.

This 20-year loan will be executed by Peru's Ministry of Economy and
Finance.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 22, 2006, Standard &
Poor's Ratings Services raised its long-term foreign currency sovereign
credit rating on the Republic of Peru to 'BB+' from 'BB' and its long-term
local currency sovereign credit rating to 'BBB-' from 'BB+'.  Standard &
Poor's also raised its short-term local currency sovereign credit rating to
'A-3' from 'B', and affirmed its 'B' short-term foreign currency sovereign
credit rating on the republic.  The outlook on the ratings was revised to
stable from positive.  Standard & Poor's also raised its assessment of the
risk of transfer and convertibility to 'BBB' from 'BBB-'.




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


KMART CORP: Inks Pact Resolving HSBC's Claim Nos. 36375 & 57876
---------------------------------------------------------------
Pursuant to a master equipment lease agreement dated
Oct. 25, 2000, Kmart Corp. agreed to lease from Varilease Technology Group,
Inc., a variety of equipment listed on six schedules executed by the
parties:

    -- Equipment Schedule No. 5;
    -- Equipment Schedule No. 6;
    -- Equipment Schedule No. 8;
    -- Equipment Schedule No. 9;
    -- Equipment Schedule No. 17; and
    -- Equipment Schedule No. 22

Varilease assigned the monthly payments due to it under Schedules 6, 8, 9,
17, and 22 to HSBC Bank USA, National Association.

Before Kmart and its debtor-affiliates filed for bankruptcy, various
equipment from the Equipment Schedules under the Master Lease were replaced
with other similar equipment.  Pursuant to Section 365 of the Bankruptcy
Code, Kmart assumed Schedules 5, 8 and 22, and rejected Schedules 6, 9, and
17.  The Debtors resolved all claims with respect to the rejection of
Schedules 6 and 9.

HSBC filed Claim No. 36375 against the Debtors for US$5,502,184 for amounts
due under all Schedules, and Claim No. 57876 for US$284,586 for amounts
allegedly due as a result of Schedule 17's rejection.

To resolve the claims, Kmart and HSBC agreed in a stipulation,
which gained the U.S. Bankruptcy Court for the Northern District of
Illinois' approval, that:

    (a) Claim No. 36375 will be disallowed in its entirety;

    (b) Claim No. 57876 will be allowed for US$284,586 as a
        general, prepetition, unsecured, non-priority Class 5
        Claim; and

    (c) HSBC consents to Kmart's substitution and transfer of
        equipment to, from, and between any Equipment Schedules
        under the Master Lease.

The parties exchange mutual releases.

                     About Kmart Corp.

Headquartered in Troy, Michigan, Kmart Corporation nka KMART
Holding Corporation -- http://www.bluelight.com/-- operates
approximately 2,114 stores, primarily under the Big Kmart or Kmart
Supercenter format, in all 50 United States, Puerto Rico, the U.S. Virgin
Islands and Guam.  The Company filed for chapter 11 protection on January
22, 2002 (Bankr. N.D. Ill. Case No.
02-02474).  Kmart emerged from chapter 11 protection on
May 6, 2003.  John Wm. "Jack" Butler, Jr., Esq., at Skadden, Arps, Slate,
Meagher & Flom, LLP, represented the retailer in its restructuring efforts.
The Company's balance sheet showed US$16,287,000,000 in assets and
US$10,348,000,000 in debts when it sought chapter 11 protection.  Kmart
bought Sears, Roebuck & Co., for US$11 billion to create the third-largest
U.S. retailer, behind Wal-Mart and Target, and generate US$55 billion in
annual revenues.  The waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act expired on Jan. 27, without complaint by the Department of
Justice.  (Kmart Bankruptcy News, Issue No. 119; Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000)


KMART CORP: Reports Revenues for 13-Week Ended Oct. 28
------------------------------------------------------
In a Form 8K filed with the U.S. Securities and Exchange Commission, Sears
Holdings Corp. discloses Kmart Corp.'s sales
for 13 weeks ended Oct. 28, 2006.

Aylwin Lewis, chief executive officer and president of Sears
Holdings, relates that the operating results at Kmart declined
due to lower sales levels and gross margins, partially offset by
reduced expenses.

               Kmart's Results and Key Statistics
             (In millions, except number of stores)

                                               13 Weeks Ended
                                             -------------------
                                             10/28/06   10/29/05
                                             --------   --------
    Merchandise sales and services revenue   US$4,042   US$4,172
    Cost of sales, buying and occupancy         3,096      3,157

    Gross margin rate                            23.4%     24.3%

    Selling and administrative                    889        930

    Selling and administrative expense
       as a percentage of total revenues         22.0%     22.3%

    Depreciation and amortization                  22         13
    Gain on sales of assets                        (9)      (17)
    Restructuring charges                           4          6
                                              -------    -------
    Total costs and expenses                    4,002      4,089
                                              -------    -------
    Operating income                            US$40      US$83
                                              =======   ========
    Number of Stores                            1,394      1,426

According to Mr. Lewis, Kmart's comparable stores sales declined
0.7%, which reflect the impact of increased competition and lower
transaction volumes.  The sales decline in home goods, food and consumables,
hardlines, and general merchandise, were partially offset by increased
comparable store sales within apparel and pharmacy.

Total revenues at Kmart declined US$2,000,000 as compared to the
prior year period, primarily reflecting a reduction in the total
number of Kmart stores in operation and, to a lesser degree, the
impact of comparable store sales declines, Mr. Lewis says.

Furthermore, Kmart's operating income shows a decrease of
US$43,000,000.

                     About Kmart Corp.

Headquartered in Troy, Michigan, Kmart Corp. nka KMART Holding Corp. --
http://www.bluelight.com/-- operates approximately 2,114 stores, primarily
under the Big Kmart or Kmart Supercenter format, in all 50 United States,
Puerto Rico, the U.S. Virgin Islands and Guam.  The Company filed for
chapter 11 protection on January 22, 2002 (Bankr. N.D. Ill. Case No.
02-02474).  Kmart emerged from chapter 11 protection on May 6, 2003.  John
Wm. "Jack" Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represented the retailer in its restructuring efforts.  The Company's
balance sheet showed US$16,287,000,000 in assets and US$10,348,000,000 in
debts when it sought chapter 11 protection.  Kmart bought Sears, Roebuck &
Co., for US$11 billion to create the third-largest U.S. retailer, behind
Wal-Mart and Target, and generate US$55 billion in annual revenues.  The
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
expired on Jan. 27, without complaint by the Department of Justice.  (Kmart
Bankruptcy News, Issue No. 119; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


PEP BOYS: Profitability Prompts S&P to Affirm B- Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook for
Philadelphia-based auto parts retailer Pep Boys-Manny, Moe & Jack to stable
from negative.  At the same time, the 'B-' corporate credit and all other
ratings were affirmed.

"The outlook revision reflects the company's recent improvement in
profitability and operating trends," said Standard & Poor's credit analyst
Stella Kapur.

While top-line revenue for the first nine months ended
Oct. 28, 2006, was flat year-over-year at US$1.69 billion, profitability
improved due to higher gross margins in the merchandise segment. However, it
is important to note that the prior year was an easy comparison, given that
Pep Boys' revenue and EBITDA had declined 1.7% and 51%, respectively in
2005.

The improvement in gross margins was mainly attributable to reduced
promotional activity, a marginal increase in tire prices, and changes in
products and product sourcing. As a result, EBITDA for the first three
quarters of 2006 was US$78 million, up 23% from a year earlier. (Standard &
Poor's does not include gains from the sale of assets and other income in
EBITDA).  Although gross margins have improved in recent quarters, it will
be challenging for the company to achieve further meaningful margin
expansion without generating more sales growth, given the tough environment.
Also, Pep Boys' store base still needs significant reinvestment, which makes
it tougher for the company to compete for customers.

Still, the recent improvement in gross margin and reduction in debt by US$60
million since 2005 have resulted in some recovery in credit metrics.  Total
lease-adjusted debt to EBITDA at
Oct. 28, 2006, was 7.6x, compared with 9.4x at the end of 2005. Debt to
EBITDA is anticipated to improve to the mid- to high-6x area by the end of
2006.

The ratings on Pep Boys reflect weak operating trends, the risks of
operating in the highly competitive and consolidating auto parts retail
sector, a highly leveraged capital structure, and somewhat limited financial
flexibility.  The company faces considerable challenges and needs to turn
around its service segment and reinvest capital in its store base.

The Pep Boys - Manny, Moe & Jack -- http://pepboys.com/-- has
593 stores and more than 6,000 service bays in 36 states and
Puerto Rico.  Along with its vehicle repair and maintenance
capabilities, the Company also serves the commercial auto parts
delivery market and is one of the leading sellers of replacement
tires in the United States.


PIER 1: Completes Sale of Private-Label Credit Card Operations
--------------------------------------------------------------
Pier 1 Imports, Inc., through subsidiaries, completed the sale of its
private-label credit card operations to Chase.  Under the terms of the
purchase and sale agreement, Chase acquired Pier 1 National Bank and its
private-label credit card accounts in addition to the outstanding balances
associated with the accounts.  Pier 1 received approximately US$155 million
in cash at closing.

Pier 1's private-label credit card portfolio includes receivables of
approximately US$140 million and nearly one million active accounts.  The
Pier 1 Preferred Card will continue to be offered through Chase under the
Pier 1 brand.

In addition, the two companies entered into a long-term agreement in which
Chase will provide credit and customer service benefits to Pier 1
cardholders and will offer special financing terms to Pier 1 customers. Pier
1 will receive future ongoing payments based on credit card sales, new
account generation and other credit and account related activities. Pier 1
and Chase will work together on various marketing initiatives designed to
increase Pier 1's sales and further enhance credit growth and profitability.

Based in Fort Worth, Texas, Pier 1 Imports, Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico and Pier 1
kids(R) stores in the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service downgraded Pier 1's corporate family
rating to B3 from B1 following continued degradation in same store sales,
which have resulted in modest operating results and negative free cash flow.
Moody's said the rating outlook is stable.




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


BRITISH AIRWAYS: Inks Code Share Pact with Caribbean Airlines
-------------------------------------------------------------
British Airways has signed a code share accord with Caribbean Airlines,
which will take the place of British West Indies Airlines on Jan. 1, Newsday
reports.

According to a press statement, Caribbean Airlines' flight code will be
placed on British Airways' services from Port-of-Spain as well as from
Barbados and Antigua.

Newsday relates that British Airways will launch service from Port-of-Spain
to London Gatwick, with three flights each week via Barbados on a Boeing
777.

British Airways operates three flights weekly from Crown Point, Tobago,
Newsday states.

"We welcome Caribbean Airlines as our latest code share partner and look
forward to our future relationship.  We are delighted to be starting service
from Port-of-Spain.  Port-of-Spain is the industrial capital of the Southern
Caribbean as well as a thriving leisure destination," Dr. Oliver King,
commercial senior vice president of British Airways' Latin America and
Caribbean operations, told Newsday.

                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.

                     About British Airways

Headquartered in West Drayton, United Kingdom, British Airways Plc --
http://www.britishairways.com-- is engaged in the operation of
international and domestic scheduled and charter air services for the
carriage of passengers, freight and mail, and the provision of ancillary
services.  British Airways has three business segments: network airline,
regional airline, and non-airline.  British Airways operates an
international scheduled airline route networks, comprising 148 destinations
in 75 countries.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH WEST: Caribbean Airlines Dumps London Routes
----------------------------------------------------
Caribbean Airlines, which will succeed British West Indies Airlines on Jan.
1, will not include London routes in its services, the Barbados Advocate
reports.

According to The Advocate, Caribbean Airlines is trading in its valuable
Heathrow spots to British Airways in favor of a code-sharing accord with
British Airways to Gatwick.

Newsday relates that Caribbean Airlines signed a code share accord with
British Airways.

According to a press statement, Caribbean Airlines' flight code will be
placed on British Airways' services from Port-of-Spain as well as from
Barbados and Antigua.

The Advocate emphasizes that Caribbean Airlines' code-sharing deal with
British Airways between Port-of-Spain and Gatwick will start on March 28,
2007.

Newsday states that British Airways will launch service from Port-of-Spain
to London Gatwick, with three flights each week via Barbados on a Boeing
777.

British Airways operates three flights weekly from Crown Point, Tobago,
Newsday states.

"We welcome Caribbean Airlines as our latest code share partner and look
forward to our future relationship.  We are delighted to be starting service
from Port-of-Spain.  Port-of-Spain is the industrial capital of the Southern
Caribbean as well as a thriving leisure destination," Dr. Oliver King,
commercial senior vice president of British Airways' Latin America and
Caribbean operations, told Newsday.

According to The Advocate, Caribbean Airlines clients will be able to redeem
frequent flyer rewards on the London flights.  Caribbean Airlines is working
to extend this program to the wider British Airways' global network,
targeted for the later part of 2007.

Caribbean Airlines said in a press release that the current schedule between
Port-of-Spain and Heathrow would continue until March 27, 2007.

Caribbean Airlines did not tell The Advocate what would happen to the
Heathrow flights after that date.

However, sources explained to The Advocate that the airline would stop
flying to Heathrow after March 27, 2007.

The Advocate underscores that British West had stopped its service to
Manchester, while Heathrow remained one of its most profitable routes.

Peter Davies, chief executive officer of Caribbean Airlines, told The
Advocate that the airline would be cutting down on the number of fights when
it is launched.  However, Mr. Davies did not say whether the Heathrow route
would be part of Caribbean Airlines' schedule.

                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 was losing US$1 million a week due to poor operational
management.

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.




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


PETROLEOS DE VENEZUELA: 45.5B Barrels of Oil in Carabobo Proven
---------------------------------------------------------------
Petroleos de Venezuela SA received last week from Canadian Ryder Scott a
certification attesting to the existence of 45.5 billion barrels of
original, onsite oil in bloc Carabobo I in the Orinoco oil belt, El
Universal reports.

Venezuela's domestic proven reserves is now at 87.6 billion barrels.  By
2008, Venezuela could well be in possession of the world's largest oil
reserves at 340 billion barrels if all goes as expected, El Universal says.

The bloc is jointly operated by Petroleos de Venezuela and Petroleo de
Brasileiro, Brazil's state-oil firm.  El Universal says the area is part of
the 27 blocs delimited by the Ministry of Energy and Petroleum during the
opening of the Magna Reserve project last year.

Other companies holding stakes in Orinoco under the Magna Reserve program
are:

       -- Spanish Repsol,
       -- Indian ONGC,
       -- Iranian Petropars,
       -- Russian Lukoil and Gazprom,
       -- Chinese CNPC,
       -- Uruguayan Ancap,
       -- Argentinean Enarsa,
       -- Belorussian Belarusneft and
       -- Petrovietnam.

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.


UNIVERSAL COMPRESSION: S&P Ups Corporate Credit Rating to BB
------------------------------------------------------------
Standard & Poor's Ratings Services raises its corporate credit rating on
Universal Compression Holdings Inc. to 'BB' from
'BB-'.  At the same time, assigns its 'BB' rating and '3' recovery rating to
Universal Compression's US$500 million revolving credit facility.  The
Houston, Texas-based oilfield services company had approximately US$807
million in debt outstanding following the IPO of its subsidiary Universal
Compression Partners L.P.

The '3' recovery rating indicates the expectation of meaningful (50% to 80%)
recovery of principal in the event of a payment default.

"The upgrade reflects Universal's improved credit metrics and operating
performance," said S&P's credit analyst Aniki Saha-Yannopoulos.

S&P's also said that it expects Universal to use its discretionary cash flow
for share repurchases and some debt reduction as well as business
reinvestment.

"We assume that the company will keep its consolidated credit measures
within the appropriate range for the rating, and acquisitions at the UCLP
level will be partially equity financed," said Ms. Saha-Yannopoulos.

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


* VENEZUELA: Bond of the South Nine Times Oversubscribed
--------------------------------------------------------
The so-called Bond of the South, jointly issued by Argentina and Venezuela,
received biddings for nine times the amount issued, El Universal reports.

Investors in Venezuela submitted bids for US$9 billion of the bonds, El
Universal says, citing a communique from the Finance Ministry. Investors
paid for the dollar-denominated bonds using bolivars.

Venezuela issued bonds totaling US$500 million and will become due in April
6, 2017.  Argentina issued US$300 million in Boden 12 bonds maturing Aug. 3,
2012, with a floating coupon, and another US$200 million in Boden 15 bonds
maturing Oct. 3, 2015, with a coupon rate of 7%.

                        *    *    *

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


NASDAQ STOCK: LSE Purchase Offer Cues S&P to Review BB+ Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term counterparty
credit ratings on The Nasdaq Stock Market Inc. on CreditWatch with negative
implications.

The CreditWatch action follows Nasdaq's announcement of its final cash offer
to purchase the 75% of the London Stock Exchange (LSE) that it doesn't
already own for 1,243 pence per ordinary share (approximately US$4.0 billion
in the aggregate).  The financing details will be made public in the very
near future when Nasdaq submits its Offer Document.

"We are concerned Nasdaq will mostly use debt and/or bank loans to finance
this transaction, as this has been its practice in the past," said Standard
& Poor's credit analyst Charles D. Rauch.

If Nasdaq succeeds in acquiring the LSE, the combined organization would be
a world-class stock market, operating on two continents and having a
favorable venue for global corporate listings. The acquisition also brings
some expense and technology synergies, but is not without risk.  There is a
high degree of integration risk, especially if Nasdaq proceeds on a
"nonrecommended" basis, and any additional debt financing further burdens
Nasdaq's already leveraged balance sheet.

The extent of any ratings downgrade will be a function of the mix of debt
and equity to be issued to finance this transaction.  Standard & Poor's
expects to resolve the CreditWatch action when Nasdaq discloses the details
of its financing arrangements in its Offer Document.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Some Do's and Don'ts in Investing in Turnarounds
         University Club, Milwaukee, WI
            Contact: http;//www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
         Carnelian Room, San Francisco, CA
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 1, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Garden Grove, CA
            Contact: http://www.ceb.com/

December 4-5, 2006
   PRACTISING LAW INSTITUTE
      Mortgage Servicing & Default Management
         Washington, DC
            Contact: http://www.pli.edu/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Intellectual Property -
      Are You Overlooking Significant Value?
         5th Avenue Suites, Portland, OR
            Contact: http://www.turnaround.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 8, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Los Angeles / Century City, CA
            Contact: http://www.ceb.com/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.


                        ***********


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

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

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

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

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

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


           * * * End of Transmission * * *