TCRLA_Public/061124.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

          Friday, November 24, 2006, Vol. 7, Issue 234

                          Headlines

A R G E N T I N A

BANCO HIPOTECARIO: Mulling Perpetual Bond Issuance
CLUB ATLETICO: Verification of Proofs of Claim Is Until Nov. 29
LODIMET SA: Claims Verification Deadline Is Set for Dec. 7
MANTENIMIENTOS INDUSTRIALES: Claims Verification Ends Feb. 16
ROJOS AGRO: Last Day for Verification of Claims Is on Feb. 19

SUADIR SA: Deadline for Verification of Claims Is on Feb. 13
TRANSENER SA: Fitch Assigns Low B Curr. Issuer Default Ratings
WENDY'S INTERNATIONAL: Discloses Results of Dutch Auction
YPF SA: Strikers Want Firm Offset Income Taxes on Overtime Pay

B A H A M A S

COMPLETE RETREATS: Court Dismisses Bermuda Cliffs' Ch. 11 Case
COMPLETE RETREATS: Court Moves Lease Decision Period to Feb. 18
PINNACLE ENT: Amends PNK Ownership Pact with Robert Johnson

B A R B A D O S

HILTON HOTELS: Seeks Modification of Partial Final Judgment

B E L I Z E

* BELIZE: Seeks BZ$25MM Inter-American & Caribbean Dev't Loan

B E R M U D A

HALE INVESTMENTS: Final General Meeting Is Set for Dec. 13
HALE II INVESTMENTS: Sets Final General Meeting for Dec. 13
HITE MASTER: Appoints Kim Roberts as Liquidator
LDT CORP: Marco Montarsolo Replaces Douglas Pullen as Liquidator
MONMOUTH LTD: Proofs of Claim Filing Deadline Is Set for Dec. 4

NS PARTICIPATION: Proofs of Claim Must be Filed by Nov. 29
PH7 FUND: Creditors Have Until Dec. 5 to File Proofs of Claim
REDWING LIMITED: Shareholders Vote to Liquidate Business
RTO INSURANCE: Creditors Must File Proofs of Claim by Dec. 8
SEA CONTAINERS: Can Assign Admin. Status to Claims Until Dec. 19

SEA CONTAINERS: Reports Initial Consolidated Cash Flow Forecast
STARVEST MAXIMA: Last Day to File Proofs of Claim Is on Dec. 4
VASSAR LTD: Deadline for Proofs of Claim Filing Is on Dec. 1

B O L I V I A

INTERNATIONAL PAPER: Commences Up to US$2.35B Bond Buyback
PETROLEO BRASILEIRO: Defending Bolivia Pact Before Lower House
PETROLEO BRASILEIRO: Spending US$780MM on Renewable Energy Dev't

B R A Z I L

ALCATEL SA: Will Deploy WiMax in Latin America Next Year
AMERICAN AXLE: Declares US$0.15 Per Share Cash Dividend
BANCO BRADESCO: Backs Out of Berj Auction
BANCO ITAU: Backs Out of Berj Auction
BANCO NACIONAL: Approves BRL116.3MM Financing to Randon SA

BANCO SCHAHIN: Moody's Puts B2 Rating on US$50MM Step-Up Notes
COMPANHIA DE SANEAMENTO: Inking Joint Venture Pact with Sedapal
DURA AUTOMOTIVE: Gets Interim Court Okay for Customer Programs
GERDAU SA: Will Decide on Possible Arcelor Thuringen Offer
NOVELIS CORP: Moody's Affirms Corporate Family Rating at B1

NRG ENERGY: Completes Hedge Reset Transactions
USINAS SIDERURGICAS: Unit to Register Record Revenues for 2006

* BRAZIL: No Bids Presented for Berj Auction
* BRAZIL: S&P Changes Ratings Outlook to Positive from Stable

C A Y M A N   I S L A N D S

ADVENTURE ENTERPRISES: Proofs of Claim Must be Filed by Nov. 30
ARTEMUS STRATEGIC: Final Shareholders Meeting Is Set for Nov. 30
ATHENA LIBERTY: Proofs of Claim Filing Is Until Nov. 30
BBVA PREFERRED: Liquidator Presents Wind Up Accounts on Nov. 30
BLACK DIAMOND: Shareholders Gather for Final Meeting on Nov. 30

DIVI TIARA: Buyers Doubt Making Business Profitable Again
EIKOS LTD: Calls Shareholders for Final Meeting on Nov. 30
G & M FINANCE: Last Shareholders Meeting Is Set for Nov. 30
KILIMANJARO LTD: Shareholders Final Meeting Is on Nov. 30
NDC PROPERTY: Invites Shareholders for Last Meeting on Nov. 30

SACHSEN-GUILDER: Last Day for Claims Submission Is on Nov. 30
SEABOARD CLO: Proofs of Claim Submission Deadline Is on Nov. 30
SENECA CBO III: Creditors Must Submit Proofs of Claim by Nov. 30
SPK FUNDING: Sets Final Shareholders Meeting on Nov. 30
STORRS CDO: Creditors Have Until Nov. 30 to File Proofs of Claim

STRATEGIC COMMODITIES: Final Shareholders Meeting Is on Nov. 30
SUPRA LTD: Shareholders Convene for Final Meeting on Nov. 30
TEC 1999-1: Invites Shareholders for Final Meeting on Nov. 30
TEH INTERNATIONAL: Last Shareholders Meeting Is on Nov. 30
TOYOSU HOLDINGS: Last Day to File Proofs of Claim Is on Nov. 30

URSA MINOR: Deadline for Proofs of Claim Filing Is on Nov. 30
VOYAGEUR LEASING: Last Day to File Proofs of Claim Is on Nov. 30
WARNER LAMBERT: Proofs of Claim Filing Is Until Nov. 30
WHARTON ASIAN: Shareholders Convene for Final Meeting on Dec. 1
YUGOSLAVIAN ASSET: Proofs of Claim Filing Deadline Is on Nov. 30

C H I L E

BLOCKBUSTER INC: CEO Buys 220,000 Shares of Class A Common Stock
BLOCKBUSTER: Ties Up with Papa John on New Movie Rental Promo
EMPRESA ELECTRICA: Submits Project Impact Statement to Conama

C O L O M B I A

DIRECTV GROUP: Regulator Extends Concession Contract for 10 Yrs.
ECOPETROL: Committees Okay Bill Allowing Stake Sale

* COLOMBIA: Inks Free Trade Agreement with the United States

G U A T E M A L A

BANCO INDUSTRIAL: Fitch Affirms BB Issuer Default Ratings

H A I T I

* HAITI: IMF Says Country Qualifies for Debt Relief Under HIPC

H O N D U R A S

* HONDURAS: IMF Says Economy Has Performed Well in 2006

J A M A I C A

CALDON FINANCE: Nicole Ann Fullerton Appearing Before Court
COURTS (JAMAICA): Regal Offers J$10.2 Bil. for Majority Shares
DYOLL INSURANCE: 400 Creditors Still Awaiting Repayment
SUGAR COMPANY: Receives New Offers for Five Assets

M E X I C O

BALLY TOTAL: Will Pay US$754,556 on Overtime Pay Violations
BEARINGPOINT: Files 2005 Form 10-K & Provides Metrics for 2006
FORD MOTOR: Accelerates Growth Plan in China
GENERAL MOTOR: Kirk Kerkorian Cuts GM Stake to 7.4%
GLOBAL POWER: Appoints John Matheson as President & CEO

HASBRO INC: Earns US$99.6 Million in Third Quarter of 2006
INDUSTRIAS UNIDAS: S&P Affirms 'B' Corporate Credit Rating
OPEN TEXT: Earns US$7.3MM in First Fiscal Quarter Ended Sept. 30
SANMINA-SCI: Guadalajara Operations Obtain National Export Award
VISTEON CORP: Moody's Lowers Corp. Family Rating to B3 from B2

P E R U

HERTZ CORP: Moody's Changes Outlook to Stable on Completed IPO
IIRSA NORTE: Fitch Upgrades Rating to 'BBB-' from BB+
IIRSA NORTE: Moody's Changes Outlook on Ba2 Rating to Stable

* PERU: IDB Grants US$1.28MM for Studies on Irrigation Works

P U E R T O   R I C O

ADVANCED MEDICAL: Sees US$45 Mln Revenue Cut from Product Recall
CENTENNIAL COMM: Selling Dominican Republic Business to Trilogy
PIER 1 IMPORTS: Gets NYSE Notice of Unusual Stock Trading
SOLECTON: Board Votes Termination of Stockholder's Rights Plan
SOLECTON CORP: Moody's Affirms B1 Corporate Family Rating

TRAILER BRIDGE: Moody's Assigns Loss-Given-Default Ratings

T R I N I D A D   &   T O B A G O

BRITISH AIRWAYS: Launching Service in Port of Spain
PAYLESS SHOESOURCE: Joins Exeter in Launching Tailwind Brand
PAYLESS SHOESOURCE: Posts US$28.9MM Earnings in Third Quarter

U R U G U A Y

INTERPUBLIC GROUP: Begins Exchange Offer of US$250 Mil. Notes
INTERPUBLIC GROUP: S&P Rates US$250MM Floating-Rate Notes at B

V E N E Z U E L A

HARVEST NATURAL: Pays VEB36.6 Billion to Seniat
PETROLEOS DE VENEZUELA: Disputes Int'l Agency's Oil Estimates
PETROLEOS DE VENEZUELA: Selling Component at Amuay Refinery


                         - - - - -


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


BANCO HIPOTECARIO: Mulling Perpetual Bond Issuance
--------------------------------------------------
Clarisa Lifsic, president of Banco Hipotecario SA, told El Cronista that the
bank is considering issuing perpetual bonds.

Business News Americas relates that the Argentine central bank allowed local
banks in October to issue perpetual bonds -- bonds with over 30-year
terms -- to boost their capital for regulatory purposes so they could
finance the issuance of longer term loans.

Reports say Banco Macro was one of the other potential candidates who will
issue perpetual bonds.

Meanwhile, Ms. Lifsic told BNamericas that Banco Hipotecario was keen on
acquiring Tarshop, a local credit card issuer.  However, the bank pulled out
due to price issues and because its own credit card business is growing
strongly.

Banco Hipotecario would continue to look for acquisition targets or selected
portfolios to extend its business scope, which is still heavily concentrated
on mortgage lending, BNamericas says, citing Ms. Lifsic.

"We expect mortgages in 4Q06 (fourth quarter of 2006) alone to be equivalent
to those issued from January-September 2005," Gabriel Saidon, Banco
Hipotecario chief financial officer, told BNamericas.

Headquartered in Buenos Aires, Argentina, Banco Hipotecario SA
-- http://www.hipotecario.com.ar-- is an Argentinean commercial bank and
specialty mortgage provider.  Banco Hipotecario' business lines include
credit lines for consumers, short-term financing for exporting companies,
factoring services, deposit accounts, purchase and sale of foreign currency,
custodial services, safe deposit box rentals, payroll bank accounts,
securities brokerage services and sales of insurance through authorized
agents and companies.  The bank launched this new series of products and
services as an alternative to its mortgage loans business, which as a result
of the economic crisis, came to a temporary halt in 2002.  In late 2003, and
in the light of the favorable trends shown by economic variables, Banco
Hipotecario started to offer new housing mortgage loans.  The bank's
subsidiaries consist of BHN Sociedad de Inversion Sociedad Anonima.

                        *    *    *

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

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

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

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

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

Moody's affirmed these ratings:

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

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

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

                        *    *    *

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

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

   -- Short-term IDR affirmed at 'B';

   -- Individual rating affirmed at 'D'; and

   -- Support rating affirmed at '5'.

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


CLUB ATLETICO: Verification of Proofs of Claim Is Until Nov. 29
---------------------------------------------------------------
Nancy Cristina Molina, Stella Maris Corti and Isabel Ferlito, the
court-appointed trustees for Club Atletico Talleres Rosario Puerto
Belgrano's reorganization proceeding, will verify creditors' proofs of claim
until Nov. 29, 2006.

The trustees will present the validated claims in court as individual
reports on Feb. 15, 2007.  A court in Rosario, Santa Fe, will determine if
the verified claims are admissible, taking into account the trustee's
opinion and the objections and challenges raised by Club Atletico 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 Club Atletico's accounting and
banking records will follow on March 30, 2007.

The debtor can be reached at:

          Club Atletico Talleres Rosario Puerto Belgrano
          Avenida San Juan Domingo Peron 1790
          Villa Governador Galvez
          Santa Fe, Argentina

The trustee can be reached at:

          Nancy Cristina Molina
          Stella Maris Corti
          Isabel Ferlito
          Cordoba 1464, Rosario
          Santa Fe, Argentina


LODIMET SA: Claims Verification Deadline Is Set for Dec. 7
----------------------------------------------------------
Estudio Ortiz Goni, Alvarez y Asociados, the court-appointed trustee for
Lodimet S.A.'s bankruptcy case, will verify creditors' proofs of claim until
Dec. 7, 2006.

Estudio Ortiz Goni will present the validated claims in court as individual
reports on Feb. 22, 2007.  A court in Moron, Buenos Aires will determine if
the verified claims are admissible, taking into account the trustee's
opinion and the objections and challenges raised by Lodimet 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 Lodimet SA's accounting and
banking records will follow on Apr. 10, 2007.

The debtor can be reached at:

          Lodimet SA
          Leandro N. Alem 1680 Castelar
          Partido de Moron
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Ortiz Goni, Alvarez y Asociados
          San Nicolas 1798 Castelar
          Partido de Moron
          Buenos Aires, Argentina


MANTENIMIENTOS INDUSTRIALES: Claims Verification Ends Feb. 16
-------------------------------------------------------------
Miguel Adolfo Kupchik, the court-appointed trustee for Mantenimientos
Industriales S.A.'s bankruptcy proceeding, will verify creditors' proofs of
claim until Feb. 16, 2007.

Mr. Kupchik will present the validated claims in court as individual reports
on March 30, 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 Mantenimientos Industriales 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 Mantenimientos Industriales'
accounting and banking records will follow on
May 17, 2007.

The trustee can be reached at:

          Miguel Adolfo Kupchik
          San Luis 3067
          Buenos Aires, Argentina


ROJOS AGRO: Last Day for Verification of Claims Is on Feb. 19
-------------------------------------------------------------
Ester Lazzarone, the court-appointed trustee for Rojos Agro S.A.'s
bankruptcy case, will verify creditors' proofs of claim until Feb. 19, 2006.

Under the Argentine bankruptcy law, Ms. Lazzarone 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
Rojos Agro and its creditors.

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

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

Rojos Agro was forced into bankruptcy at the behest of de Franco Tofoni,
whom it owes US$10,589.

Clerk No. 48 assists the court in the proceeding.

The debtor can be reached at:

           Rojos Agro SA
           Sarmiento 1727
           Buenos Aires, Argentina

The trustee can be reached at:

           Ester LAzzarone
           Cordoba 1843
           Buenos Aires, Argentina


SUADIR SA: Deadline for Verification of Claims Is on Feb. 13
------------------------------------------------------------
Jorge David Jalfin, the court-appointed trustee for Suadir S.A.'s bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 13, 2007.

Mr. Jalfin will present the validated claims in court as individual reports
on March 30, 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 Suadir 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 Suadir SA's accounting and
banking records will follow on May 18, 2007.

The debtor can be reached at:

          Suadir SA
          San Marin 793
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge David Jalfin
          Sarmiento 1452
          Buenos Aires, Argentina


TRANSENER SA: Fitch Assigns Low B Curr. Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings upgraded Transener SA's national scale rating to 'BBB+ (arg)'
from 'BBB-(arg)'. In addition, Fitch assigns these ratings to Transener:

   -- Long-term foreign currency Issuer Default Rating 'B';
   -- Long-term local currency Issuer Default Rating 'B';
   -- US$250 million proposed senior unsecured note offering
      'B/RR4'.

All ratings have a Stable Outlook.

Transener's ratings reflect its improving financial profile and operating
performance.  Over the last year, credit fundamentals have strengthened
following the company's debt restructuring and the recently implemented
tariff increase.  Credit protection measures are expected to improve
slightly from currently levels and stabilize following completion of the
proposed refinancing.

Transener's electric transmission business has low operating and business
risks and generates stable cash flows.  The company should benefit from an
increasingly diversified business mix, with a growing share of the
non-regulated business; non-regulated business is essentially income from
the operation, supervision and maintenance of third party transmission
expansion projects.  The ratings also incorporate significant expose to
regulatory risk and the currency mismatch between its dollar denominated
debt and its peso denominated cash flow.

Transener's financial profile remains leveraged and is consistent with the
'B' rating category.  At Sept. 30 2006, net debt/EBITDA was a moderate 3.6x
and EBITDA/interest expense of 2.2x.  Existing covenants restrict dividend
distributions and have permitted cash to build and pay down debt; excess
cash flow allowed for a repurchase of debt for approximately US$20 million
through September 2006.  Going forward, EBITDA is expected to be in the mid
US$60 million range with capital expenditures of about US$15 million,
against current debt service of approximately US$25 million.  Fitch expects
the new issuance will extend debt maturities and lower annual debt service
requirements through 2012 and provide more financial flexibility by
introducing a less restrictive covenant package.

Transener is exposed to high levels of regulatory and country risks, which
are incorporated into the ratings.  Late last year, Transener reached a
transitional agreement with the government that increased regulated tariffs
until the full review of its concession contract.  The tariff increase has
helped restore profitability to its regulated business segment.  Although
positive, the agreement also stipulated tariff adjustments to reflect cost
increases that have not yet been approved and the full tariff review of the
contract remains pending, which adds to uncertainty.  The future development
of the non-regulated sector is partially subject to the effective expansion
of the national grid.  Future investment is expected to be promoted and
supported by the Argentine government through quasi Public Private
Partnerships given the lack of private sector investment in the sector.
Completion of currently planned projects should positively impact
Transener's cash flow.


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

The company has accepted for purchase 22,413,278 of its common shares at a
purchase price of US$35.75 per share, for a total cost of US$801.3 million.

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

American Stock Transfer & Trust Company, the depositary for the tender
offer, will promptly issue payment for the shares validly tendered and
accepted for purchase under the tender offer.

The number of shares the Company accepted for purchase in the tender offer
represents approximately 19% of its currently outstanding common shares.

All inquiries about the tender offer should be directed to the information
agent, Georgeson Inc., at 1-866-277-0928.

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

                        *    *    *

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

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


YPF SA: Strikers Want Firm Offset Income Taxes on Overtime Pay
--------------------------------------------------------------
Alberto Roberti, the head of the Federation of Oil and Gas Workers, told
Bloomberg that oil refinery workers started a strike demanding that
Repsol -- the parent firm of YPF SA -- and other companies offset income
taxes on overtime pay.

Mr. Roberti said that some 18,000 workers throughout Argentina sought the
same benefits that firms granted last week to workers at oil and gas
production plants, Bloomberg notes.

The strike could lead to shortages soon, Bloomberg says, citing Mr. Roberti.

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

                        *    *    *

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




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


COMPLETE RETREATS: Court Dismisses Bermuda Cliffs' Ch. 11 Case
--------------------------------------------------------------
At Complete Retreats LLC and its debtor-affiliates' behest, the U.S.
Bankruptcy Court for the District of Connecticut dismissed the bankruptcy
case of Bermuda Cliffs LLC nka Arthrr LLC, nunc pro tunc to July 23, 2006.

The Honorable Alan H.W. Shiff directed Larry Langer, Arthrr LLC, and Bermuda
Cliffs to release and discharge the Debtors and their subsidiaries,
affiliates, successors, agents, and attorneys from all claims and causes of
action in connection with Bermuda Cliffs having been a Debtor in the Chapter
11 cases.

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Nicholas H. Mancuso, Esq., at Dechert LLP, in Hartford,
Connecticut, told the Court that Bermuda Cliffs was formed pursuant to the
Delaware Limited Liability Company Act and in contemplation of a business
prospect in Bermuda, but that business never materialized.  Mr. Mancuso
noted that Bermuda Cliffs was never capitalized by any Tanner & Haley
entity, no operating agreement was ever executed for it, and the Debtors
never used Bermuda Cliffs for any purpose.  Bermuda Cliffs' bankruptcy
petition disclosed that it had no assets or operations.

Mr. Mancuso informed the Court that Mr. Langer, then a manager
and officer of the Debtors, amended Bermuda Cliffs' certificate
of formation to change its name to Arthrr LLC, on Feb. 28, 2005.
In addition, before the Debtors' bankruptcy filing, Mr. Langer
executed an operating agreement pursuant to which he was the
exclusive managing member.  Mr. Mancuso said that under the operating
agreement, Mr. Langer capitalized the company with his own funds for the
eventual purpose of conducting his own business in Arizona.

Mr. Langer currently remains the sole member and manager of
Arthrr.  Mr. Langer has resigned from the Debtors effective as of Aug. 28,
2006.

According to Mr. Mancuso, the Debtors have never been involved in any of
Arthrr's operations and were unaware of the name change and subsequent
capitalization and use of Arthrr by Mr. Langer before the Debtors'
bankruptcy filing.

On Sept. 8, 2006, Mr. Langer sent a letter to the Debtors
confirming that:

   (i) no Tanner & Haley entity has ever had any member interest
       or other interest in Arthrr;

  (ii) Arthrr has never had any member interest or other
       interest in any Tanner & Haley entity; and

(iii) no current or prior asset of Arthrr was transferred to
       Arthrr directly or indirectly from any Tanner & Haley
       entity.

Moreover, Mr. Mancuso said, counsel for Arthrr has informed the
Debtors that the filing of Bermuda Cliffs' bankruptcy petition
has caused Arthrr to be in default under certain agreements, none of which
the Debtors are a party to or are even aware of, and has otherwise
significantly restricted its ability to conduct business.

Thus, Mr. Mancuso asserted that Bermuda Cliffs' bankruptcy case should be
dismissed because:

   (1) Arthrr has no connection with the Debtors.  Arthrr does
       not contain any assets that are the property of the
       Debtors' estates, and it is not an affiliate of any of
       the Debtors;

   (2) Arthrr and the Debtors are not responsible for the
       obligations of each other;

   (3) The administration of Bermuda Cliffs' case would
       inevitably lead only to confusion and delay the course of
       the other Debtors' cases, especially if Arthrr's
       creditors assert that their claims cannot be treated
       alongside of those of the other Debtors.

The Debtors reserve any and all claims that they may have against Mr.
Langer, whether related to Arthrr, Bermuda Cliffs, or otherwise.

                   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.

The Debtors' exclusive period to file a plan expires on
February 18, 2007.  They have until April 19, 2007, to solicit acceptance to
that plan.  (Complete Retreats Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Court Moves Lease Decision Period to Feb. 18
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut extended Complete
Retreats LLC and its debtor-affiliates time to assume or reject unexpired
non-residential real property leases to Feb. 18, 2007, without prejudice to
the Debtors' right to seek additional extensions.

The Court will determine the assumption or rejection of the
Debtors' leases with Fideicomiso at a later date.

In the ordinary course of their businesses, the Debtors are
parties to several unexpired non-residential real property
leases.  The Debtors have yet to determine whether it is in the
best interests of their estates and their creditors to assume or
to reject the leases.

In their request, as published in the Troubled Company Reporter on Nov. 2,
2006, the Debtors told the Court that they are still in the process of
analyzing the necessity of the leases in connection with their development
of a long-term business plan and anticipate assuming or rejecting the Leases
in the near future.

                  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.

The Debtors' exclusive period to file a plan expires on
February 18, 2007.  They have until April 19, 2007, to solicit acceptance to
that plan.  (Complete Retreats Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


PINNACLE ENT: Amends PNK Ownership Pact with Robert Johnson
-----------------------------------------------------------
Pinnacle Entertainment Inc. entered into an Amended and Restated Limited
Liability Operating Agreement with Robert L. Johnson regarding the ownership
and operation of PNK (PA) LLC in connection with the Company's proposed
Philadelphia gaming project.

The Company disclosed that the parties' obligations under the Operating
Agreement are conditioned upon, among other things, PNK PA being issued a
gaming license in Philadelphia and approval of Mr. Johnson's proposed
ownership interest in PNK PA without significant additional licensing fees
by the relevant gaming authorities of Pennsylvania.  If the conditions are
satisfied, Pinnacle will own 66-2/3% of PNK PA and Mr. Johnson will own
33-1/3%.

The Operating Agreement calls for certain equity cash contributions by the
parties pro rata with their respective ownership interests aggregating up to
US$80 million, subject to increase under certain circumstances, the Company
disclosed.

The Operating Agreement also contemplates that Pinnacle and
Mr. Johnson will enter into agreements with PNK PA, whereby Pinnacle will be
entitled to receive certain development, construction, and operating fees
and Mr. Johnson will be entitled to certain fees for marketing and promotion
of the Philadelphia gaming project.

The Company further disclosed that there is no material relationship, other
than with respect to the transaction, between Mr. Johnson and Pinnacle or
any of its affiliates, or any director or officer of Pinnacle.

A full text-copy of the Amended and Restated Limited Liability Company
Operating Agreement of PNK LLC may be viewed at no charge at
http://ResearchArchives.com/t/s?1587

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

                        *    *    *

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

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




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


HILTON HOTELS: Seeks Modification of Partial Final Judgment
-----------------------------------------------------------
Hilton Hotels Corp. -- a party defendant in the Partial Final Judgment
entered in the United States versus Greater Portland Convention Association,
Inc., et al., Civil No. 70-310, on
Nov. 29, 1971 -- has filed a request with the Antitrust Division of the U.S.
Department of Justice to modify the Partial Final Judgment.

Hilton Hotels is publishing a notice of its intention to seek modification
of the Partial Final Judgment so that any interested persons can submit
comments to the Antitrust Division regarding the proposed modification.

The Partial Final Judgment settled the United States' complaint alleging
violations of Section 1 of the Sherman Act, 15 U.S.C. 1, against:

          -- Greater Portland Convention Association, Inc.;
          -- Hilton Hotels Corp.;
          -- ITT Sheraton Corp. of America; and
          -- Cosmopolitan Investment, Inc.

The Partial Final Judgment prohibits defendants and their subsidiaries,
successors and assigns from, inter alia:

         (1) agreeing with any other hotel to give or promise to
             give preferential treatment for the purchase of
             hotel supplies to hotel suppliers, or

         (2) giving or promising to give preferential treatment
             for the purchase of hotel supplies to any hotel
             suppliers on the basis of payments, contributions,
             or dues paid by suppliers to any convention bureau.

While the latter prohibition, contained in V of the Partial Final Judgment,
will not be affected by the proposed modification.  Hilton Hotels' proposed
to add to the prohibition in Section IV of the Partial Final Judgment:

Provided, however, that nothing in this Section shall be construed to
prohibit any hotel defendant from:

         1. Developing hotel supply purchasing programs for its
            owned, managed and franchised hotels; or

         2. Participating in bona fide group purchasing
            organizations or programs notwithstanding the fact
            that the organizations or programs may include one
            or more other hotels.

Hilton Hotels is seeking these modifications to ensure that IV of the
Partial Final Judgment would not be interpreted so as to prohibit the hotel
defendants from engaging in these specified activities.

Hilton Hotels understands that in the course of evaluating the request, the
Antitrust Division will also consider whether the Partial Final Judgment
should be terminated.

Interested persons may submit comments on the proposed modification and a
potential termination of the Partial Final Judgment to the Antitrust
Division within 30 days.  Comments should be addressed to:

          John R. Read
          Chief, Litigation III Section
          Antitrust Division, U.S. Department of Justice
          Liberty Place Building, 325 Seventh Street, N.W.
          Suite 300, Washington, D.C. 20530

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

                        *    *    *

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

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

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

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%




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


* BELIZE: Seeks BZ$25MM Inter-American & Caribbean Dev't Loan
-------------------------------------------------------------
The government of Belize is seeking a BZ$25 million concessionary loan from
the Inter-American Development Bank or IDB and may also seek a similar
financial facility from the Caribbean Development Bank, the Jamaica Gleaner
reports.

According to The Gleaner, the money would be used to help pay down its debt.

Said Musa, the Belize Prime Minister, told The Gleaner, "This IDB
concessionary credit is a crucial component of our overall debt
restructuring exercise.  The dialogue with our private sector international
creditors continues following our government's announcement on Aug. 2, that
we would seek new terms for that stock of debt."

According to The Gleaner, Belize's external debt stock two years ago was
over US$1.3 million.

Prime Minister Musa said that he was thankful to the citizens for their
cooperation during the period of adjustment in the past two years, The
Gleaner notes.

Prime Minister Musa told The Gleaner, "During this period, we have also
benefited from the support from some bilateral partners such as the Republic
of China on Taiwan and the Bolivarian Republic of Venezuela.  In our
consultations with our commercial creditors, we have highlighted the painful
contributions that the people and government of Belize have already made."

The loans sought from the IDB and the Caribbean Development would also
endorse Belize's adjustment program, The Gleaner says, citing the prime
minister.

The Gleaner states that Dean Barrow, a government opposition leader, claimed
that Belize's troubles were the result of serial corruption and
mismanagement and Prime Minister Musa was merely implementing the painful
adjustments imposed by overseas financial institutions.

"So for them to suggest that this is some sort of a gift from the IDB merely
because it is a concessionary loan, again is a form of gross
misrepresentation. It is a policy-based loan," Mr. Barrow told The Gleaner.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

                        *    *    *

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




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


HALE INVESTMENTS: Final General Meeting Is Set for Dec. 13
----------------------------------------------------------
Hale Investments Ltd.'s final general meeting will be at 9:30 a.m. on Dec.
13, 2006, or as soon as possible, at:

             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda

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

The liquidator can be reached at:

             Robin J. Mayor
             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda


HALE II INVESTMENTS: Sets Final General Meeting for Dec. 13
-----------------------------------------------------------
Hale II Investments Ltd.'s final general meeting will be at 9:30 a.m. on
Dec. 13, 2006, or as soon as possible, at:

             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda

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

The liquidator can be reached at:

             Robin J. Mayor
             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda


HITE MASTER: Appoints Kim Roberts as Liquidator
-----------------------------------------------
Hite Master Futures II Ltd. appointed Kim Roberts as liquidator for the
winding up of its business.

The liquidator can be reached at:

          Kim Roberts
          Argonaut House, 5 Park Road
          Hamilton, HM 09, Bermuda


LDT CORP: Marco Montarsolo Replaces Douglas Pullen as Liquidator
----------------------------------------------------------------
LDT Corp. Ltd. appointed Marco Montarsolo as the company's new liquidator
for the winding up of its business due to the untimely death of Douglas H.
Pullen.

The new liquidator can be reached at:

          Marco Montarsolo
          Sofia House
          1st Floor, 48 Church Street
          Hamilton, Bermuda


MONMOUTH LTD: Proofs of Claim Filing Deadline Is Set for Dec. 4
---------------------------------------------------------------
Monmouth Ltd.'s creditors are given until Dec. 4, 2006, to prove their
claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 19, 2006, at 9:30 a.m., or as soon as
possible.

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

Monmouth Ltd.'s shareholders agreed on Nov. 17, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Cannon's Court, 22 Victoria Street
         Hamilton, Bermuda


NS PARTICIPATION: Proofs of Claim Must be Filed by Nov. 29
----------------------------------------------------------
NS Participation (Bermuda) Ltd.'s creditors are given until
Nov. 29, 2006, to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 18, 2006, at 9:30 a.m., or as soon as
possible.

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

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

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, Bermuda


PH7 FUND: Creditors Have Until Dec. 5 to File Proofs of Claim
-------------------------------------------------------------
PH7 Fund Ltd.'s creditors are given until Dec. 5, 2006, to prove their
claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 22, 2006, at 12:00 p.m., or as soon as
possible.

PH7 Fund's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

PH7 Fund's shareholders agreed on Nov. 15, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Cannon's Court, 22 Victoria Street
         Hamilton, Bermuda


REDWING LIMITED: Shareholders Vote to Liquidate Business
--------------------------------------------------------
Redwing Ltd.'s shareholders decided on Nov. 3, 2006, to place the company in
voluntary liquidation under the British Virgin Islands International
Business Companies Act Cap291.

Marek Limited was appointed as liquidator to facilitate the winding up of
Redwing's business.

The liquidator can be reached at:

          Marek Limited
          Beaufort House
          P.O. Box 438, Road Town
          Tortola, British Virgin Islands


RTO INSURANCE: Creditors Must File Proofs of Claim by Dec. 8
------------------------------------------------------------
RTO Insurance Ltd.'s creditors are given until Dec. 8, 2006, to prove their
claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 27, 2006, at 9:00 a.m., or as soon as
possible.

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

RTO Insurance's shareholders agreed on Nov. 20, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Cannon's Court, 22 Victoria Street
         Hamilton, Bermuda


SEA CONTAINERS: Can Assign Admin. Status to Claims Until Dec. 19
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware grants, on an interim basis, Sea Containers, Inc. and its
debtor-affiliates' request to accord administrative priority expense status
to all Intercompany Claims, through and including Dec. 19, 2006.

As reported in the Troubled Company Reporter on Oct. 30, 2006, in the normal
operations of their business, the Debtors engage in intercompany
transactions involving intercompany trade and
intercompany cash and capital needs.

As a result, there are numerous intercompany claims that reflect
intercompany receivables and payments made in the ordinary course of the
Debtors' businesses.  These Intercompany Transactions include, but are not
limited to expense allocation and advances.

At any given time, there may be Intercompany Claims owing among
the Debtors.  The Debtors maintain records of all Intercompany
Transactions and can ascertain, trace and account for all
Intercompany Transactions.

                    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: Reports Initial Consolidated Cash Flow Forecast
---------------------------------------------------------------
Sea Containers, Ltd., and its subsidiaries Sea Containers
Services, Ltd., and Sea Containers Caribbean, Inc., delivered a
consolidated cash flow forecast with the U.S. Bankruptcy Court for the
District of Delaware on Nov. 1, 2006.

Ian C. Durant, vice president for finance and chief financial
officer of Sea Containers Ltd., disclosed in a regulatory filing
with the Securities and Exchange Commission that certain assets
of the Debtors and their non-debtor subsidiaries may be sold
during the next twelve months, which may result in additional
available cash for the Debtors.

       Period                  Forecast Closing Cash
       ------                  ---------------------
       October 2006                    US$49,100,000
       November 2006                      48,200,000
       December 2006                      49,800,000
       January 2007                       48,100,000
       February 2007                      43,900,000
       March 2007                         38,200,000
       April 2007                         34,700,000
       May 2007                           29,900,000
       June 2007                          24,100,000
       July 2007                          13,600,000
       August 2007                        10,600,000
       September 2007                      6,200,000
       October 2007                        3,600,000

A full-text copy of the Consolidated Cash Flow Forecast is
available for free at http://researcharchives.com/t/s?152f

                    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)


STARVEST MAXIMA: Last Day to File Proofs of Claim Is on Dec. 4
--------------------------------------------------------------
Starvest Maxima Fund Ltd.'s creditors are given until
Dec. 4, 2006, to prove their claims to Jennifer Y. Fraser, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 19, 2006, at 10:00 a.m., or as soon as
possible.

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

Starvest Maxima's shareholders agreed on Nov. 17, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Cannon's Court, 22 Victoria Street
         Hamilton, Bermuda


VASSAR LTD: Deadline for Proofs of Claim Filing Is on Dec. 1
------------------------------------------------------------
Vassar Ltd.'s creditors are given until Dec. 1, 2006, to prove their claims
to Roderick M. Forrest, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 18, 2006, at 10:00 a.m., or as soon as
possible.

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

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

The liquidator can be reached at:

         Roderick M. Forrest
         Wakefield Quin
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda




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


INTERNATIONAL PAPER: Commences Up to US$2.35B Bond Buyback
----------------------------------------------------------
International Paper has commenced a cash tender offer to purchase a portion
of its outstanding bonds.  The terms and conditions of the tender offer are
described in an offer to purchase dated Nov. 22, 2006.  Pursuant to the
tender offer, International Paper would use up to US$2.35 billion in cash
(excluding accrued interest, fees and expenses) to repurchase a portion of
its outstanding bonds.

On July 13, the company planned to spend approximately US$6 billion to US$7
billion to strengthen its balance sheet, primarily through debt repayment,
as a component of its transformation plan, launched in 2005. This tender
offer represents a portion of that debt repayment.  As of the end of the
third quarter, International Paper had debt of approximately US$10.5
billion, reduced from approximately US$13.4 billion at the end of the 2005
second quarter.

"We committed to our shareowners that we would use a portion of proceeds
from our transformation plan to strengthen our balance sheet, and that's
what we're doing," said John Faraci, International Paper chairman and chief
executive.

                        Tender Offer

The amounts of each series of bonds that are purchased in the tender offer
will be determined in accordance with the priorities identified in the
column "Acceptance Priority Level" in the table following this release.  The
tender offer will expire at 12:00 midnight, New York City time, on Dec. 20,
2006, unless extended.  Holders of bonds subject to the tender offer must
validly tender and not validly withdraw their bonds on or before the early
tender date, which is 5 p.m. New York City time on Dec. 6, 2006, unless
extended, to receive the applicable total tender offer consideration.

Holders of bonds subject to the tender offer who validly tender their bonds
after the early tender date and on or before the expiration date and whose
bonds are accepted for purchase will receive the applicable late tender
offer consideration, namely the total tender offer consideration less the
applicable early tender premium.

The applicable total tender offer consideration for each US$1,000 in
principal amount of bonds tendered and accepted for payment pursuant to the
tender offer will be determined in the manner described in the offer to
purchase.  The consideration will be determined by reference to a fixed
spread specified for such bonds over the yield based on the bid-side price
of the applicable U.S. Treasury Security specified in the table following
this release, as fully described in the offer to purchase.  The
consideration will be calculated by the dealer managers for the tender offer
at 2 p.m. New York City time on the second business day preceding the
expiration date.  The late tender offer consideration is the applicable
total tender offer consideration minus the applicable early tender premium.

In addition to the applicable total tender offer consideration or applicable
late tender offer consideration, as the case may be, accrued and unpaid
interest up to, but not including, the applicable settlement date will be
paid in cash on all validly tendered bonds accepted for purchase in the
tender offer.  The settlement date for the tender offer will be the first
business day following the expiration date and currently is expected to be
Dec. 21, 2006.

Holders of bonds subject to the tender offer who validly tender their bonds
on or before the early tender date may not withdraw their bonds after the
early tender date except in the limited circumstances described in the offer
to purchase.  Holders of bonds subject to the tender offer who validly
tender their bonds after the early tender date but on or before the
expiration date may not withdraw their bonds except in the limited
circumstances described in the offer to purchase.

Banc of America Securities LLC, Citigroup Corporate and Investment Banking,
J.P. Morgan Securities Inc. are the dealer managers of the tender offer and
Barclays Capital, Inc., Deutsche Bank Securities Inc. and Morgan Stanley are
serving as co-dealer managers for the tender offer.  Global Bondholders
Services Corporation has been retained to serve as the depositary and
information agent.

Questions regarding the tender may be directed to:

          Banc of America Securities LLC
          Tel: (866) 475-9886 (toll-free)

                 -- or --

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

                 -- or --

          J.P. Morgan Securities Inc.
          Tel: (866) 834-4666 (toll-free)

Requests for copies of the offer to purchase, letter of transmittal and
related materials should be directed to:

          Global Bondholders Services Corporation
          Tel: (212) 430-3774
               (866) 470-4200 (toll-free).

International Paper's announcement is part of the transformation plan by the
company disclosed in July 2005 to strengthen the company by:

   -- focusing on two global platform businesses (uncoated
      papers and packaging, along with xpedx, its merchant
      distribution business) and improving profitability of
      those key businesses;

   -- exploring strategic options, including possible sale or
      spin-off, for certain assets or businesses; and

   -- using proceeds from divestitures to return value to
      shareowners, strengthen the company's balance sheet,
      and selectively reinvest in its two global platform
      businesses.

              Notes Subject To The Tender Offer


CUSIP Number:                        158525AQ8
Title of Security:                   7.75% Debentures due 2025
Aggregate Principal
Amount Outstanding:                  US$123,642,000
Acceptance Priority Level:           1
Reference US                         4.500% U.S. Treasury Note
Treasury Security:                   Due Feb. 15, 2036
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         168
Early Tender Premium:                US$25.00


CUSIP Number:                        158525AR6
Title of Security:                   7.35% Debentures due 2025
Aggregate Principal
Amount Outstanding:                  US$174,995,000
Acceptance Priority Level:           2
Reference US                         4.500% U.S. Treasury Note
Treasury Security:                   Due Feb. 15, 2036
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         168
Early Tender Premium:                US$25.00

CUSIP Number:                        460146BD4
Title of Security:                   6.875% Debentures due 2029
Aggregate Principal
Amount Outstanding:                  US$134,715,000
Acceptance Priority Level:           3
Reference US                         4.500% U.S. Treasury Note
Treasury Security:                   Due Feb. 15, 2036
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         163
Early Tender Premium:                US$25.00

CUSIP Number:                        158525AT2
Title of Security:                   7.20% Debentures due 2026
Aggregate Principal
Amount Outstanding:                  US$200,000,000
Acceptance Priority Level:           4
Reference US                         4.500% U.S. Treasury Note
Treasury Security:                   Due Feb. 15, 2036
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         168
Early Tender Premium:                US$25.00

CUSIP Number:                        158525AV7
Title of Security:                   7.15% Debentures due 2027
Aggregate Principal
Amount Outstanding:                  US$80,175,000
Acceptance Priority Level:           5
Reference US                         4.500% U.S. Treasury Note
Treasury Security:                   Due Feb. 15, 2036
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         173
Early Tender Premium:                US$25.00

CUSIP Number:                        460146AP8
Title of Security:                   6.875% Debentures due 2023
Aggregate Principal
Amount Outstanding:                  US$190,000,000
Acceptance Priority Level:           6
Reference US                         4.500% U.S. Treasury Note
Treasury Security:                   Due Feb. 15, 2036
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         165
Early Tender Premium:                US$25.00

CUSIP Number:                        313693AD5
Title of Security:                   10% Debentures due 2011
Aggregate Principal
Amount Outstanding:                  US$23,421,000
Acceptance Priority Level:           7
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Oct. 31, 2011
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         63
Early Tender Premium:                US$10.00

CUSIP Number:                        313693AF0
Title of Security:                   8.875% Debentures due 2012
Aggregate Principal
Amount Outstanding:                  US$95,855,000
Acceptance Priority Level:           8
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Nov. 15, 2016
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         50
Early Tender Premium:                US$10.00

CUSIP Number:                        460146BS1
Title of Security:                   3.80% Notes due 2008
Aggregate Principal
Amount Outstanding:                  US$288,085,000
Acceptance Priority Level:           9
Reference US                         4.875% U.S. Treasury Note
Treasury Security:                   Due Oct. 31, 2008
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         50
Early Tender Premium:                US$5.00

CUSIP Number:                        905530AH4
Title of Security:                   9.25% Debentures due 2011
Aggregate Principal
Amount Outstanding:                  US$124,800,000
Acceptance Priority Level:           10
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Oct. 31, 2011
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         58
Early Tender Premium:                US$10.00

CUSIP Number:                        460146BN2
Title of Security:                   6.75% Notes due 2011
Aggregate Principal
Amount Outstanding:                  US$768,634,000
Acceptance Priority Level:           11
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Oct. 31, 2011
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         53
Early Tender Premium:                US$10.00

CUSIP Number:                        460146BX0
Title of Security:                   5.50% Notes due 2014
Aggregate Principal
Amount Outstanding:                  US$351,301,000
Acceptance Priority Level:           12
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Nov. 15, 2016
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         95
Early Tender Premium:                US$10.00

CUSIP Number:                        460146BQ5
Title of Security:                   5.85% Notes due 2012
Aggregate Principal
Amount Outstanding:                  US$802,771,000
Acceptance Priority Level:           13
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Nov. 15, 2016
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         58
Early Tender Premium:                US$10.00

CUSIP Number:                        460146BV4
Title of Security:                   4.25% Notes due 2009
Aggregate Principal
Amount Outstanding:                  US$407,115,000
Acceptance Priority Level:           14
Reference US                         4.875% U.S. Treasury Note
Treasury Security:                   Due Oct. 31, 2008
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         50
Early Tender Premium:                US$5.00

CUSIP Number:                        460146BU6
Title of Security:                   5.30% Notes due 2015
Aggregate Principal
Amount Outstanding:                  US$451,588,000
Acceptance Priority Level:           15
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Nov. 15, 2016
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         113
Early Tender Premium:                US$10.00

CUSIP Number:                        460146BZ5
Title of Security:                   5.25% Notes due 2016
Aggregate Principal
Amount Outstanding:                  US$281,120,000
Acceptance Priority Level:           16
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Nov. 15, 2016
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         113
Early Tender Premium:                US$10.00

CUSIP Number:                        460146BY8
Title of Security:                   4.00% Notes due 2010
Aggregate Principal
Amount Outstanding:                  US$414,350,000
Acceptance Priority Level:           17
Reference US                         4.625% U.S. Treasury Note
Treasury Security:                   Due Nov. 15, 2009
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         50
Early Tender Premium:                US$5.00

CUSIP Number:                        158525AU9
Title of Security:                   6.65% Notes due 2037
Aggregate Principal
Amount Outstanding:                  US$100,000,000
Acceptance Priority Level:           18
Reference US                         4.500% U.S. Treasury Note
Treasury Security:                   Due Feb. 15, 2036
Bloomberg Reference Page:            PX1
Fixed Spread (basis points):         160
Early Tender Premium:                US$25.00

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  These businesses
are complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *    *    *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


PETROLEO BRASILEIRO: Defending Bolivia Pact Before Lower House
--------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said in a
statement that Jose Gabrielli, its chief executive officer, will defend the
firm's new exploration and production contract with Yacimientos Petroliferos
Fiscales Bolivianos -- its Bolivian counterpart -- in a public hearing in
the lower house.

Business News Americas relates that Petroleo Brasileiro signed an
exploration and production accord with Yacimientos Petroliferos on Oct. 28,
ending six months of talks that commenced from Bolivia's May 1 hydrocarbons
nationalization decree.  The Bolivian congress still has to approve the new
contracts.

The hearing is tentatively slated for Dec. 6 with the lower house's mines
and energy committee.  The committee also wants to hear from Silas Rondeau,
the Brazilian mines and energy minister, about the contract, BNamericas
notes.

The lower house said in a statement that Congressman Raul Jungmann wants
Petroleo Brasileiro to give more details on the accord to determine whether
it is in the firm's interests.

Congressman Jungmann told BNamericas that it is unclear from the minutes of
the contract that Petroleo Brasileiro guaranteed returns on the US$1.5
billion invested in Bolivia.

Petroleo Brasileiro said in a statement that the minutes were not the final
version of the accord and investments are guaranteed.  Petroleo Brasileiro
cannot publish contract details due to certain confidential clauses.

According to BNamericas, Congressman Jungmann wants to ensure that Petroleo
Brasileiro will still be an operator in Bolivia, and not just a service
provider to Yacimientos Petroliferos.

BNamericas underscores that Petroleo Brasileiro and Yacimientos Petroliferos
still have to conclude negotiations over gas export conditions and
compensation payments for the nationalization of Petroleo Brasileiro's
refining assets in Bolivia.

Petroleo Brasileiro said in a statement that it can take Yacimientos
Petroliferos and Bolivian authorities to international arbitration courts if
its investments are threatened.

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

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

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

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

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

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


PETROLEO BRASILEIRO: Spending US$780MM on Renewable Energy Dev't
----------------------------------------------------------------
An official of Petroleo Brasileiro, the state-run oil firm of Brazil, told
the Associated Press that the company will spend US$780 million from 2007 to
2011 to develop renewable energy.

AP relates that Almir Barbassa, chief financial officer of Petroleo
Brasileiro, said at a seminar on oil and energy in Rio de Janeiro that most
of the spending will be channeled to biofuels.  The remainder will be used
for the production of electricity from solar, wind and small hydroelectric
power plants.

The investment volumes for renewable energies are still small when compared
to the total investments of Petroleo Brasileiro, AP notes, citing Mr.
Barbassa.

AP underscores that Petroleo Brasileiro disclosed in July a US$87-billion
investment plan for the 2007-2011 period.

According to the report, Petroleo Brasileiro will spend US$136 million on
new biodiesel plants, and US$140 million for investments in the production
of its new H-Bio diesel fuel.

H-Bio, which Petroleo Brasileiro developed, has vegetable oils blended into
it at the plant, AP says.

Petroleo Brasileiro told AP that it will begin producing H-Bio on an
industrial scale in December.  In 2008, the company will use 425 million
liters of vegetable oils -- mostly from soy -- per year to produce H-Bio.

The report says that Petroleo Brasileiro will spend US$170 million to
construct an ethanol-only pipeline from producing areas in western Brazil
and Sao Paulo state to the coast.  The firm hopes to export 3.5 billion
liters of ethanol yearly.

AP emphasizes that Petroleo Brasileiro will invest:

          -- US$104 million in wind power in the five-year
             period,

          -- US$123 million in small hydroelectric power plants,
             and

          -- US$10 million in solar energy.

Petroleo Brasileiro presented on Nov. 22 a BRL2-billion plan to modernize
its oil pipeline system in Sao Paulo.  Construction on new pipeline portions
and the recovery of existing parts will start in the second half of 2008 and
will take two years to complete, BNamericas states.

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

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

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

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

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

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




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


ALCATEL SA: Will Deploy WiMax in Latin America Next Year
--------------------------------------------------------
Francois Cadorel, Alcatel SA's business development director for WiMax, told
Business News Americas that the company will make its first deployments of
WiMax in Latin America in the first quarter of 2007.

Latin America is an important region for Alcatel's business as there is a
large untapped market for WiMax, Mr. Cadorel explained to BNamericas.  The
region represented almost 18% of global revenues in the third quarter of
2006.

Mr. Cadorel told BNamericas, "We are currently conducting several WiMax
tests in the US, Canada and Latin America.  Operators are testing the
technology connecting our solutions with their own networks."

Alcatel will focus on the residential segment in the initial phase.  In the
second phase, the company will then target vertical markets like firms in
the oil and gas or mining sector, BNamericas notes, citing Mr. Cadorel.

Telefonica has awarded Alcatel a contract to upgrade the former's broadband
infrastructure in Latin America, BNamericas states.

Headquartered in Paris, France, Alcatel SA (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, including Brazil and Mexico in Latin America.

Moody's Investors Service has placed the Ba1 long-term debt ratings of
Alcatel SA on review for possible downgrade following its definitive
agreement to merge with Lucent Technologies (rated B1).  The ratings placed
on review include Alcatel's senior, unsecured Eurobonds, convertible bonds,
Euro-medium term notes, its EUR1.0 billion revolving credit facility and its
corporate family rating, all at Ba1 currently.  Alcatel's rating for
short-term debt was affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications equipment maker
Alcatel on CreditWatch with negative implications.


AMERICAN AXLE: Declares US$0.15 Per Share Cash Dividend
-------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., declared a cash dividend of
US$0.15 per share payable on Dec. 28, 2006, to stockholders of record on all
of the company's issued and outstanding common stock as of Dec. 7, 2006.

American Axle & Manufacturing -- http://www.aam.com/--  
manufactures, engineers, designs and validates driveline and
drive train systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Standard & Poor's Ratings Services assigned its 'BB' rating to
the US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


BANCO BRADESCO: Backs Out of Berj Auction
-----------------------------------------
Banco Bradesco SA did not present a bid for Berj, the state bank of Rio de
Janeiro, on Nov. 22, Business News Americas reports.

BNamericas relates that the auction of Berj has been postponed when no bids
were submitted for the bank.

According to BNamericas, Banco Bradesco and Banco Itau subsequently
deposited financial guarantees of at least 25% of the minimum price.
However, both banks did not present bids in the auction.

BNamericas says the state government disclosed the auction early in November
for a minimum price of BRL739 million.

Victor Martins, a local banking analyst from Banco Safra, commented to
BNamericas, "I don't think they really had enough time to evaluate it."

According to the report, Banco Bradesco had filed a motion to postpone the
auction.  A state court granted the request at first.  However, the chief
justice of the state supreme court later overruled the motion.

Mr. Martins told BNamericas, "Both Bradesco and Itau took significant
goodwill charges last quarter, so maybe they thought, hold on a minute, and
put their foot on the brakes.  But who else is going to buy [Berj] if not
these two?"

BNamericas underscores that Banco Bradesco wrote off BRL2.11 billion in
goodwill payments 10 years ahead of schedule, affecting third quarter
earnings by BRL1.36 billion.  Third quarter net profits decreased 84.7% to
BRL219 million in 2006, compared with the third quarter of 2005.

Meanwhile, Banco Itau wrote off BRL1.76 billion from its acquisition earlier
this year of BankBoston Brasil from Bank of America for BRL4.5 billion in
shares, the report says.  Third quarter net profits declined 94.8% to BRL71
million in 2006, compared with the same quarter last year.

Mr. Martins expected the Rio state government to start the process over,
BNamericas relates.  However, he doubted an auction would be held before
Governor Rosinha Matheus steps down at the end of 2006.

Mr. Martins told BNamericas, "I don't see it happening this year unless the
[state] government offers a larger discount."

The state government had planned to sell its 96.2% stake in Berj. BNamericas
states.

Headquartered in Sao Paulo, Brazil, Banco Bradesco SA --
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 SA:

   -- 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 ITAU: Backs Out of Berj Auction
-------------------------------------
Banco Itau Holding Financeira SA did not present a bid for Berj, the state
bank of Rio de Janeiro, on Nov. 22, Business News Americas reports.

BNamericas relates that the auction of Berj has been postponed when no bids
were submitted for the bank.

According to BNamericas, Banco Bradesco and Banco Itau subsequently
deposited financial guarantees of at least 25% of the minimum price.
However, both banks did not present bids in the auction.

BNamericas emphasizes that the state government disclosed the auction early
in November for a minimum price of BRL739 million.

Victor Martins, a local banking analyst from Banco Safra, commented to
BNamericas, "I don't think they really had enough time to evaluate it."

According to the report, Banco Bradesco had filed a motion to postpone the
auction.  A state court granted the request at first.  However, the chief
justice of the state supreme court later overruled the motion.

Mr. Martins told BNamericas, "Both Bradesco and Itau took significant
goodwill charges last quarter, so maybe they thought, hold on a minute, and
put their foot on the brakes.  But who else is going to buy [Berj] if not
these two?"

BNamericas underscores that Banco Bradesco wrote off BRL2.11 billion in
goodwill payments 10 years ahead of schedule, affecting third quarter
earnings by BRL1.36 billion.  Third quarter net profits decreased 84.7% to
BRL219 million in 2006, compared with the third quarter of 2005.

Meanwhile, Banco Itau wrote off BRL1.76 billion from its acquisition earlier
this year of BankBoston Brasil from Bank of America for BRL4.5 billion in
shares, the report says.  Third quarter net profits declined 94.8% to BRL71
million in 2006, compared with the same quarter last year.

Mr. Martins expected the Rio state government to start the process over,
BNamericas relates.  However, he doubted an auction would be held before
Governor Rosinha Matheus steps down at the end of 2006.

Mr. Martins told BNamericas, "I don't see it happening this year unless the
[state] government offers a larger discount."

The state government had planned to sell its 96.2% stake in Berj. BNamericas
states.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--  
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA (Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2006, Standard & Poor's Ratings Services assigned a
'BB' currency credit rating on Banco Itau SA.

                        *    *    *

Fitch affirmed on Aug. 28, 2006, the ratings of the Itau Group
of banks and the National Long- and Short-term ratings of
BankBoston Banco Multiplo SA and its subsidiary, BankBoston
Leasing SA -- Arrendamento Mercantil (BankBoston Leasing).  This
followed the conclusion of the agreement between Banco Itau
Holding Financeira with Bank of America Corp. to acquire BAC's
Brazilian operations (spearheaded by BKB) and its Latin American
subsidiaries.  Central Bank of Brazil approved the BKB
transaction on Aug. 22, 2006, and the acquisition of the local
subsidiaries of BAC is contingent on approval by the Chilean and
Uruguayan regulatory authorities.

The affected ratings of Banco Itau were:

   Banco Itau Holding Financeira

      -- Foreign currency IDR affirmed at 'BB+', Stable Outlook

      -- Short-term foreign currency rating affirmed at 'B'

      -- Local currency IDR affirmed at 'BBB-' (BBB minus),
         Stable Outlook

      -- Short-term local currency rating affirmed at 'F3'

      -- Individual rating affirmed at 'B/C'

      -- National Long-term rating affirmed at 'AA+(bra)',
         Stable Outlook

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

      -- Support rating affirmed at '4'


BANCO NACIONAL: Approves BRL116.3MM Financing to Randon SA
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
financing of BRL 116.3 million to Randon S.A. Implementos e Participacoes
for a group of investments at the manufacturing plant in Caxias do Sul
(State of Rio Grande do Sul) that include:

   -- increase in the production installed capacity from 20,000
      to 26,000 semitrailers/year and from 1,000 to 1,500
      railway wagons/year;

   -- modernization of the boiler shop and painting productive
      processes;

   -- development of new products; and

   -- a project for environmental and social improvements.

BNDES' financing to Randon SA corresponds to 65% of total investment, of
BRL179 million.

This is the fifth financing approved this year by BNDES for the performance
of investments by Group Randon.  The previous four were approved last
August, in the total amount of BRL98.4 million for investments carried out
by:

   -- Jost Brasil Sistemas Automotivos Ltda,
   -- Master Sistemas Automotivos Ltda,
   -- Suspensys Sistemas Automotivos Ltda and
   -- Fras-Le SA.

BNDES reinforces its support to strengthen the domestic industry
manufacturer of equipment for the transport sector.

Randon SA's project will generate 330 new jobs, which will be added to the
current work force of about 2,800 company's employees.  The investments will
allow for:

   -- meeting the increase in demand of transport equipment,
   -- increased productivity of the manufacturing plant,
   -- reduced unit production costs, and
   -- investment in research and development of new products and
      manufacturing processes.

Randon SA Implementos e Participacoes is a leader in the domestic market of
roadway implements and one of the largest global manufacturers.  The company
produces trailers, semitrailers, railway wagons and silos, and exports its
products to over 50 countries.  The main export markets are Mercosur
countries such as Argentina, and Chile -- where the company is a market
leader -- and countries in Africa, besides the Arab Emirates.

Randon SA is the holding company of Group Randon, founded in 1949,
manufacturer of one of the most diversifying lines of products related to
the roadway and railway transport sector among similar companies in the
world.  Group Randon also stands out for its continuous investments in R&D,
seeking the development of new products.

The Group is comprised of eight companies:

   -- the holding company Randon S.A. Implementos e
      Participacoes,

   -- four direct subsidiaries:

      * Fras-le,
      * Randon Argentina,
      * Randon Veiculos and
      * Randon Administradora de Consorcios and

   -- three joint ventures:

      * Master,
      * Jost and
      * Suspensys.

By the end of 2005, Group Randon had 6,900 employees.

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

                        *    *    *

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


BANCO SCHAHIN: Moody's Puts B2 Rating on US$50MM Step-Up Notes
--------------------------------------------------------------
Moody's Investors Service assigns a 'B2' long-term foreign currency rating
to Banco Schahin US$50,000,000 step-up subordinated notes with final
maturity 2016.  The notes are being issued on a stand-alone Reg S/144a
basis.  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 Schahin's Ba3 global local currency
deposit rating.  At this rating level, Moody's notching guidelines determine
a two-notch differential from the base rating.


COMPANHIA DE SANEAMENTO: Inking Joint Venture Pact with Sedapal
---------------------------------------------------------------
Companhia de Saneamento Basico do Estado de Sao Paulo, the largest water
utility in Brazil, will enter into a joint venture agreement with Sedapal --
a water utility in Lima, Peru -- to carry out waterworks in parts of Lima,
Gestion reports.

Hernan Garrido Lecca -- Peru's housing, construction and sanitation
minister -- told Business News Americas that the joint venture seeks to
provide potable water to seven districts south of Lima.

Minister Lecca denied to BNamericas that the Peruvian government plans to
privatize the nation's water utilities.  However, the minister said that
authorities were looking to promote public-private partnerships, as well as
public-public alliances.

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

                        *    *    *

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


DURA AUTOMOTIVE: Gets Interim Court Okay for Customer Programs
--------------------------------------------------------------
DURA Automotive Systems Inc., pursuant to Sections 105(a), 363, 1107(a), and
1108 of the Bankruptcy Code, obtained, on an interim basis, the U.S.
Bankruptcy Court for the District of Delaware's authorization to:

    (a) perform their prepetition obligations related to the
        foregoing Customer Programs; and

    (b) continue, renew, replace, implement new, or terminate
        their Customer Programs, in the ordinary course of
        business, without further application to the Court.

The Debtors sought to continue their Customer Programs as they have proven:

    (i) successful business strategies in the past; and

   (ii) responsible for generating valuable goodwill, repeat
        business, and net revenue increases.

Before filing for chapter 11 protection, and in the ordinary course of their
businesses, the Debtors engaged in certain practices to develop and sustain
positive reputations in the marketplace for their products and services,
including warranty obligations, customer rebates, price reductions, and
tooling and steel debit programs.

The Debtors desire to continue, during the postpetition period, the
cost-effective Customer Programs that were beneficial to their businesses
during the period prior to their filing for chapter 11 protection, relates
Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.

                    Warranty Obligations

The Debtors' Customer Programs include ordinary course warranty obligations
with their various industrial and indirect retail customers.  Consistent
with common industry practices, the Debtors issue warranties related to the
various products and materials they produce.  With respect to their
automotive component products, the Debtors generally participate in their
customers' warranty sharing or warranty recovery program.

According to Mr. Collins, OEM-related Warranty Obligations generally mirror
the OEM's warranty to its customer.  However, in some cases, the Debtors'
Warranty Obligations to the OEM may run as long as fifteen years.  The
Debtors also provide warranties with respect to their recreation, mass
transit and heavy-duty commercial and industrial markets.  While most
component parts supplied to the recreation vehicle market are warranted for
two to three years, there are exceptions where broader warranties exist for
specific product lines and customers.

The Debtors accrue warranty liabilities on their balance sheet. Based on
their historical warranty claims, the Debtors estimate that claims related
to the Warranty Obligations, if any, are not likely to exceed US$5,000,000
for warranties issued prior to the Commencement Date.

Moreover, the Debtors' products often contain parts and assemblies supplied
by certain vendors, many of which are under warranty from those vendors.  In
other words, if one of these parts or components fails, or is part of a
warranty claim against the Debtors, the Debtors may have recourse back
against the vendor who supplied the part or component, Mr. Collins relates.

                      Customer Rebates

The Debtors provide rebates and incentives to certain customers to support
the development and marketing of their various products.  Most Customer
Rebates are determined and issued to customers based on designated
purchasing thresholds.  The Customer Rebates are an integral part of the
Debtors' incentive package to their customers.

In the ordinary course, the Debtors accrue expense reserves for the Customer
Rebates based upon the terms of the existing agreements with the relevant
customers.  For example, if a customer purchases a certain amount of
product, they will be entitled to a percentage rebate for each
pre-determined threshold they reach.  The majority of these Customer Rebates
are issued to customers of the Atwood Mobile Products segment.  For the 2005
fiscal year, the Debtors issued aUS$625,000 in Customer Rebates related to
the Atwood companies.

                   Price Reduction Programs

Pursuant to negotiated price reductions, the Debtors provide certain of
their OEM Customers with purchase order piece price reductions.  That is,
the Debtors provide either percentage or dollar value discounts on the
purchase of parts or systems, and in certain instances, the discounts are
not realized for some period of time.

Additionally, the Debtors accrue for potential cash refunds to Customers for
estimated potential overpayments by Customers.  As of Sept. 30, 2006, and
pursuant to the Price Reduction Programs, the Debtors have accrued but
unrealized purchase order piece price reductions and potential refunds in
the amount of approximately US$5,000,000.

                           Tooling

The Debtors also perform certain "middle-man" functions on behalf of many of
their customers related to the purchasing of tooling equipment.

In many cases, the Debtors need to acquire specialized tooling equipment in
order to produce the end products ordered by their customers.  In these
situations, the customer will often intend to own the specialized tooling
equipment and will use the Debtors to sub-contract the tool production work
and to perform quality control assessments.  The tooling would in most
instances, be used by the Debtors at their location, although the customer
would retain title to the tooling.

The Debtors technically buy the tooling from third-party suppliers, but the
customer will either advance funds to the Debtors prior to payment of the
third-party toolmaker or will reimburse the Debtors for funds the Debtors
paid to the third- party toolmaker for the specialized tooling.  In these
instances, the Debtors have no equitable interest in either the tooling or
the funds advanced by the customers.  The Debtors, out of an abundance of
caution, request the Court's authority to continue to serve as a middle-man
with respect to the Tooling Payments, regardless of whether the payments
involve are prior to its filing for chapter 11 protection or postpetition
transactions or transfers.

                     Steel Debit Program

The Debtors participate in steel repurchase and debit programs with certain
of their customers.  Under these programs, the Debtors have the opportunity
to purchase steel at a customer- negotiated discount by buying through their
customers' accounts with various steel manufacturers.  In these instances,
the customer will purchase steel on the Debtors' behalf; and subsequently
will deduct the steel cost from payables owed to the Debtors for the goods
the Debtors manufacture with such steel.

As of Oct. 26, 2006, the payables to be deducted by customers total
US$530,000.  The Steel Debit Programs do not represent typical "customer
programs," as the Debtors do not directly extend benefits to their
customers, Mr. Collins notes.  Rather, he clarifies, the Debtors realize
cost savings by purchasing their primary raw material through their
customers' high-volume steel programs.  The Debtors intend to continue, in
their discretion, their participation in their customers' Steel Debit
Programs.

            JCI Seeks Clarification on Tooling Program

Johnson Controls Inc. issued numerous purchase orders to the Debtors for
tooling.  JCI objects to the Debtors' request on grounds that the Debtors
have failed to:

   (i) identify to JCI existing or potential liens on JCI
       tooling;

  (ii) identify to JCI amounts owed to tooling suppliers and
       others having possession of JCI tooling; and

(iii) unequivocally commit to pay tooling funds received from
       JCI to tooling suppliers and others having possession of
       JCI tooling.

The Debtors manufacture parts for JCI using custom tooling built
specifically for JCI.  Dura Automotive Systems Inc. does not build the
tooling but rather orders the tooling from third party suppliers on JCI's
behalf.  Dura initially incurs the expense of building tooling and passes it
through to JCI without a mark-up or other surcharge.  In some instances, JCI
advances the costs of the tooling to Dura and the Debtor then is responsible
for paying the third-party suppliers.

JCI believes that its tooling transactions with the Debtors are consistent
with their description of their tooling practices in their request,
including the Debtors' statement that they have no equitable interest in
either the tooling ordered for JCI or the funds advanced by JCI to pay for
the tooling.

Gaston P. Loomis II, Esq., at Reed Smith LLP, in Wilmington, Delaware, notes
that the Debtors are seeking the authority, but not the obligation, to
continue to act as a middleman for the tooling payments, among their other
Customer Programs.

JCI agrees with the Debtors' general intent to continue with their tooling
program.  However, JCI is concerned that it may make tooling payments to the
Debtors that they may thereafter retain instead of using them to pay the
tooling suppliers.

This result, according to Mr. Loomis, would appear permitted by the Debtors'
Motion, since the Debtors are requesting the authority, but not the
obligation, to continue payments to suppliers under the tooling program.
The unfair result,
Mr. Loomis says, would likely disrupt JCI's relationship with the tooling
suppliers and potentially subject JCI to having to pay twice for the
tooling.  In addition, this situation would adversely impact JCI's ongoing
relationship with the Debtors, he asserts.

To clarify the tooling payments situation, JCI asks the Court to enter an
order explicitly stating that JCI's tooling payments, whether made to the
Debtors or a third-party escrow agent, will be used only for the purpose of
paying the third-party tooling suppliers for JCI's order, or other
third-parties, including warehousemen or shippers, who may have possession
of some of the tooling, and that the Debtors and JCI will work out a
mutually agreeable method of ensuring this result.

JCI also asks the Court to enter an order providing that its tooling
payments will not at any time become property of the Debtors' estates.

In addition, JCI asks Judge Carey to order the Debtors to:

   (i) timely account to JCI for their use of JCI's tooling
       payments to discharge their tooling payment obligations
       to the respective third-party suppliers, and other third-
       parties for JCI's orders; and

  (ii) provide JCI with current information regarding the status
       of the various pieces of JCI tooling, including unpaid
       amounts to suppliers and others having possession of JCI
       tooling as well as any existing or potential liens.

Mr. Loomis maintains that JCI's proposal is entirely consistent with the
Debtors' tooling program and would allow JCI to continue making payments to
the Debtors or escrow agent with the assurance that those funds would be
used only to pay tooling suppliers and other third parties relating to JCI
orders or else the funds would be returned to JCI.

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

The Debtors filed for chapter 11 petition on October 30, 2006 (Bankr.
District of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy
proceedings.  Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the
Debtors' co-counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire
& Co., LLC is the Debtors' investment banker.  Glass & Associates Inc.,
gives financial advice to the Debtor.  Kurtzman Carson Consultants LLC
handles the notice, claims and balloting for the Debtors and Brunswick Group
LLC acts as their Corporate Communications Consultants for the Debtors.  As
of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and
US$1,730,758,000 in total liabilities.  (Dura Automotive Bankruptcy News,
Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


GERDAU SA: Will Decide on Possible Arcelor Thuringen Offer
----------------------------------------------------------
Gerdau SA will be deciding on a possible bid for Arcelor Thuringen, the
German unit of Arcelor Mittal, AE-Setorial reports.

Arcelor Thuringen must be sold due to Europe's antitrust legislation, as a
result of Arcelor's acquisition by Mittal in August.  The plant produces
900,000 tons per year of long steel, Business News Americas states.

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.


NOVELIS CORP: Moody's Affirms Corporate Family Rating at B1
-----------------------------------------------------------
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, after Novelis's disclosure 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 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 and the
worse-than-expected impact of the differential between used beverage can
prices and primary aluminum prices.

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, 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 after 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.

   * Novelis Inc:

   * Ratings Confirmed:

      -- Corporate Family Rating, B1

      -- Probability of default rating. PDR-B1

      -- Graduated. Sr. Sec. Revolving Credit Facility, Ba2,
         LGD2, 24%

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

   * Ratings Upgraded

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

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

   * Novelis Corporation

   * Ratings Confirmed

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

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.


NRG ENERGY: Completes Hedge Reset Transactions
----------------------------------------------
NRG Energy, Inc., completed its Hedge Reset transactions disclosed on Nov.
3, 2006.  These transactions included approximately US$1.35 billion in
payments made to hedge counterparties to reset the price levels to current
market prices of certain legacy hedges acquired in February 2006.  The
payments were funded with US$250 million from existing cash balances and the
proceeds of closing of a public offering of US$1,100 million in aggregate
principal amount of 7.375% senior notes due 2017.

NRG also disclosed the approval and closing of an amendment to its existing
senior credit facilities.  The amendments, among other things:

   -- permit the incurrence of the debt to fund the hedge resets
      described above;

   -- increase the amount of the synthetic letter of credit
      facility from US$1,000 million to US$1,500 million to
      support incremental hedging activity;

   -- increase to US$500 million the amount immediately
      available for unrestricted use by the Company, which may
      be used among other things for share repurchases; and

   -- provide additional flexibility to NRG with respect to
      certain covenants governing or restricting the use of
      excess cash flow, new investments, new indebtedness and
      permitted liens.

"We received a very favorable response from our senior credit facility
holders and the high yield note market," commented Robert Flexon, NRG
Executive Vice President and Chief Financial Officer.  "Completing these
transactions provides the Company with a more appropriate level of
flexibility to execute our capital allocation plans," added Flexon.

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

                        *    *    *

As reported in the Troubled Compay Reporter on Nov. 14, 2006, Fitch Ratings
assigned a rating of 'B+/RR3' on NRG Energy's issuance of US$1.1 billion
senior notes due 2011.  This issue will rank equally with NRG's other senior
unsecured obligations.  Fitchs said the rating outlook is stable.


USINAS SIDERURGICAS: Unit to Register Record Revenues for 2006
--------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA said on its Web site that Usiminas
Mecanica, its construction unit, will register record revenues for 2006.

Usiminas Mecanica aims to increase sales to BRL1 billion in 2006, from
BRL540 million in 2005, Business News Americas reports.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais aka Usiminas is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.

                        *    *    *

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais SA -- Usiminas.  At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd.  S&P
says the outlook on the corporate credit rating is stable.


* BRAZIL: No Bids Presented for Berj Auction
--------------------------------------------
The auction of Berj, a state bank of Rio de Janeiro, has been postponed when
no bids were submitted for the bank, Business News Americas reports.

BNamericas relates that the state government disclosed the auction early in
November for a minimum price of BRL739 million.

Banco Bradesco and Banco Itau subsequently deposited financial guarantees of
at least 25% of the minimum price.  However, both banks did not present bids
in the auction on Nov 22, BNamericas notes.

Victor Martins, a local banking analyst from Banco Safra, commented to
BNamericas, "I don't think they really had enough time to evaluate it."

According to BNamericas, Banco Bradesco had filed a motion to postpone the
auction.  A state court granted the request at first.  However, the chief
justice of the state supreme court later overruled the motion.

Mr. Martins told BNamericas, "Both Bradesco and Itau took significant
goodwill charges last quarter, so maybe they thought, hold on a minute, and
put their foot on the brakes.  But who else is going to buy [Berj] if not
these two?"

BNamericas underscores that Banco Bradesco wrote off BRL2.11 billion in
goodwill payments 10 years ahead of schedule, affecting third quarter
earnings by BRL1.36 billion.  Third quarter net profits decreased 84.7% to
BRL219 million in 2006, compared with the third quarter of 2005.

Meanwhile, Banco Itau wrote off BRL1.76 billion from its acquisition earlier
this year of BankBoston Brasil from Bank of America for BRL4.5 billion in
shares, the report says.  Third quarter net profits declined 94.8% to BRL71
million in 2006, compared with the same quarter last year.

Mr. Martins expected the Rio state government to start the process over,
BNamericas relates.  However, he doubted an auction would be held before
Governor Rosinha Matheus steps down at the end of 2006.

Mr. Martins told BNamericas, "I don't see it happening this year unless the
[state] government offers a larger discount."

The state government had planned to sell its 96.2% stake in Berj. BNamericas
states.

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: S&P Changes Ratings Outlook to Positive from Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on its long-term
ratings on the Federative Republic of Brazil to positive from stable.
Standard & Poor's also affirms these ratings on the Republic of Brazil:

   -- 'BB'for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

The rating agency also revises its outlook on its 'brAA+' national scale
credit rating on Brazil to positive.

"The positive outlook reflects the continued decline in Brazil's fiscal and
external vulnerabilities through another electoral cycle and the expectation
that President Luiz Inacio Lula da Silva aims to progressively reduce fiscal
inflexibility during his second term," said Standard & Poor's credit analyst
Lisa Schineller.

Given its continuing and exceptional balance-of-payments performance,
Brazil's external indebtedness, net of liquid assets, is projected at 51% of
current account receipts in 2006 and 43% in 2007, down from 75% in 2005 and
one-fifth the levels of 2000-2002.  Continued improvement incorporates the
leveling off of the decline in external indebtedness in dollar terms.

"While the public sector continues to deleverage externally in nominal
dollar terms, nonresident holdings of locally issued Brazilian
real-denominated government debt are projected to continue to increase over
the medium term," said Ms. Schineller.

"The projected decline in net debt also incorporates private sector external
financing for foreign direct investment abroad; this could provide further
resiliency to Brazil's still comparatively small export base of 18% of GDP,"
Ms Schineller added.

Brazil's general government fiscal deficit is projected to average 3.5% in
2006-2007, higher than the 2% median for 'BB' peer credits but well below
its 6% average over the past five years.  For the eighth straight year and
including through this year's electoral cycle, the government is set to
comply with its primary fiscal target.  Brazil's net general government debt
and interest burdens, at 49% of GDP and 19% of revenue, respectively, are
higher than those of its peers and declining slowly. Proactive debt
management, however, has rendered Brazil's debt significantly less
vulnerable to interest- and exchange-rate fluctuations.  Fixed-rate
securities now comprise 33% of domestic debt, floating rate paper 44%, and
dollar-linked paper has been eliminated.

"The switch from vulnerable, (currently) cheaper, external debt to higher
cost domestic debt does not come without its initial costs, namely a more
slowly declining debt/interest burden," explained Ms. Schineller.  "An
ongoing commitment to improving fiscal weakness is crucial to hasten the
decline in debt, consolidate benefits of lower real and nominal
real-denominated interest rates (which are still at extremely high levels),
and engineer a further lengthening of maturity and duration (from 45 and 16
months, respectively) of locally issued debt," she said.

Standard & Poor's expects the Administration, governing coalition,
opposition, and state governors will incrementally address two key fiscal
weaknesses during President Lula's second term:

   -- the extremely high level and poor quality of public
      spending and

   -- taxation.

"As economic growth continues to disappoint, consensus around reducing the
stifling tax burden is growing, as is recognition that doing so implies some
expenditure rationalization," Ms. Schineller said.  "The politically
sensitive nature of redirecting and/or cutting spending requires a careful
balancing act.  Coupled with Brazil's track record of reform 'at the margin'
versus deep-sweeping change, this tends to support likelihood of incremental
progress," she added.

Ms. Schineller said that the positive outlook incorporates the expectation
of further reduction of the vulnerability of government debt and modest
improvement in the composition of Brazil's fiscal balances.  "This would
likely generate positive implications, not just for fiscal dynamics, but
also investment and trend rates of growth and, in turn, creditworthiness,"
noted Ms. Schineller.  "Conversely, if commitment to fiscal policy weakens
unexpectedly, a more balanced fiscal policy is not implemented, or the
overnment fails to adequately respond to unforeseen shocks, the outlook
could revert to stable," she concluded.




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


ADVENTURE ENTERPRISES: Proofs of Claim Must be Filed by Nov. 30
---------------------------------------------------------------
Adventure Enterprises Ltd.'s creditors are required to submit proofs of
claim by Nov. 30, 2006, to the company's liquidator:

          Anthony Pagliuco
          c/o Arcadia Group Ltd.
          P.O. Box 10300
          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.

Adventure Enterprises' shareholders agreed on Oct. 15, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Richard Rich
          c/o Arcadia Group Ltd.
          P.O. Box 10300
          Grand Cayman, Cayman Islands
          Tel: (345) 945 1830
          Fax: (345) 945 1835


ARTEMUS STRATEGIC: Final Shareholders Meeting Is Set for Nov. 30
----------------------------------------------------------------
Artemus Strategic Asian Credit Fund Ltd.'s final shareholders meeting will
be at 10:00 a.m. on Nov. 30, 2006, at:

          BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


ATHENA LIBERTY: Proofs of Claim Filing Is Until Nov. 30
-------------------------------------------------------
Athena Liberty Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidator:

          CDL Company Ltd.
          P.O. Box 31106 SMB
          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.

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


BBVA PREFERRED: Liquidator Presents Wind Up Accounts on Nov. 30
---------------------------------------------------------------
BBVA Preferred Capital Ltd.'s shareholders will convene for a final meeting
on Nov. 30, 2006, at:

           BBVA, Paseo de la Castellana 81-3a Planta
           Madrid 28001, Spain

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

The liquidator can be reached at:

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


BLACK DIAMOND: Shareholders Gather for Final Meeting on Nov. 30
---------------------------------------------------------------
Black Diamond Notes 1999-1 Ltd.'s shareholders will convene for a final
meeting on Nov. 30, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


DIVI TIARA: Buyers Doubt Making Business Profitable Again
---------------------------------------------------------
Divi Tiara Resort's potential buyers doubt that they could create a
profitable business from the company, the Caymanian Compass reports.

Mark Steward, Divi Resorts' vice president of sales and marketing, told the
Caymanian Compass that this is because of airline service issues to Cayman
Brac.

Cayman Airways would have to put on a direct service from Miami into Cayman
Brac at least twice a week for up to 60-room replacement hotel to be
successful there, the Caymanian Compass says, citing Mr. Steward.

Charles Clifford, minister for tourism, explained to the Caymanian Compass
that figures of travel seats have risen significantly over the past five
years, with Cayman Express providing up to 4,850 roundtrip seats monthly
from Grand Cayman to the Sister Islands.  Fares have decreased from US$156
in 2003 to US$119.  Divi Resorts had not maintained the necessary standards
for competitiveness at Divi Tiara.

According to the Caymanian Compass, the sale price of Divi Tiara is between
US$9 million and US$11 million.

Mr. Steward told the Caymanian Compass that he hopes the resort will sell as
quickly as possible.  The resort is still receiving offers and it will sell
to the most appropriate.

The Caymanian Compass underscores that previous offers for the hotel failed
for various reasons.

"We will sell the hotel at the appropriate price," Mr. Steward told the
Caymanian Compass, in response to the question on whether Divi Resorts would
consider lowering the price of the property.

Some US$5 million would need to be re-invested in the property by a
purchaser to create an exclusive boutique out of it.  This type of hotel
could work, as the visitors to this type of resort would have their own jets
that they could use to get to the island, thus getting around the airlift
issue, the Caymanian Compass notes, citing Mr. Steward.

Divi Tiara Beach Resort shut down its operations in Cayman Islands on Sept.
8, 2006, citing economic reasons.  It terminated its 37 employees on Sept.
23.


EIKOS LTD: Calls Shareholders for Final Meeting on Nov. 30
----------------------------------------------------------
Eikos Ltd.'s shareholders will convene for a final meeting on Nov. 30, 2006,
at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


G & M FINANCE: Last Shareholders Meeting Is Set for Nov. 30
-----------------------------------------------------------
G & M Finance Ltd.'s shareholders will convene for a final meeting on Nov.
30, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


KILIMANJARO LTD: Shareholders Final Meeting Is on Nov. 30
---------------------------------------------------------
Kilimanjaro Ltd.'s shareholders will convene for a final meeting on Nov. 30,
2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


NDC PROPERTY: Invites Shareholders for Last Meeting on Nov. 30
--------------------------------------------------------------
NDC Property Funding Corp.'s shareholders will convene for a final meeting
on Nov. 30, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


SACHSEN-GUILDER: Last Day for Claims Submission Is on Nov. 30
-------------------------------------------------------------
Sachsen-Guilder, 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.

Sachsen-Guilder'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.


SEABOARD CLO: Proofs of Claim Submission Deadline Is on Nov. 30
---------------------------------------------------------------
Seaboard CLO 2000 Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidators:

          Martin Couch
          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.

Seaboard CLO'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.


SENECA CBO III: Creditors Must Submit Proofs of Claim by Nov. 30
----------------------------------------------------------------
Seneca CBO III, Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidators:

          Andrew Millar
          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.

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


SPK FUNDING: Sets Final Shareholders Meeting on Nov. 30
-------------------------------------------------------
SPK Funding Corp.'s shareholders will convene for a final meeting on Nov.
30, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


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

          Andrew Millar
          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.

Storrs CDO'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.


STRATEGIC COMMODITIES: Final Shareholders Meeting Is on Nov. 30
---------------------------------------------------------------
Strategic Commodities Investments Ltd.'s final shareholders meeting will be
at 10:00 a.m. on Nov. 30, 2006, at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           Stuart Sybersma
           Attn: Mervin Solas
           Deloitte
           P.O. Box 1787, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949-7500
           Fax: (345) 949-8258


SUPRA LTD: Shareholders Convene for Final Meeting on Nov. 30
------------------------------------------------------------
Supra Ltd.'s shareholders will convene for a final meeting on Nov. 30, 2006,
at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


TEC 1999-1: Invites Shareholders for Final Meeting on Nov. 30
-------------------------------------------------------------
TEC 1999-1 Ltd.'s shareholders will convene for a final meeting on Nov. 30,
2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Simon Wetherell
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


TEH INTERNATIONAL: Last Shareholders Meeting Is on Nov. 30
----------------------------------------------------------
TEH International Finance Ltd.'s shareholders will convene for a final
meeting on Nov. 30, 2006, at:

           105 Penang Road
           Penang, Malaysia

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

The liquidator can be reached at:

           Fong Yew Kong
           Attn: Richard D. Fear
           Charles Adams, Ritchie & Duckworth
           P.O. Box 709GT, Zephyr House
           Mary Street, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949-4544
           Fax: (345) 949-8460


TOYOSU HOLDINGS: Last Day to File Proofs of Claim Is on Nov. 30
---------------------------------------------------------------
Toyosu Holdings' 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.

Toyosu Holdings' 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.


URSA MINOR: Deadline for Proofs of Claim Filing Is on Nov. 30
-------------------------------------------------------------
Ursa Minor Ltd.'s creditors are required to submit proofs of claim by Nov.
30, 2006, to the company's liquidators:

          Andrew Millar
          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.

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


VOYAGEUR LEASING: Last Day to File Proofs of Claim Is on Nov. 30
----------------------------------------------------------------
Voyageur 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.

Voyageur 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.


WARNER LAMBERT: Proofs of Claim Filing Is Until Nov. 30
-------------------------------------------------------
Warner Lambert Manufacturing (Ireland) Ltd.'s creditors are required to
submit proofs of claim by Nov. 30, 2006, to the company's liquidator:

          Peter Duffy
          Pottery Road
          Dun Laoghaire Co
          Dublin, Ireland
          Tel: 353-1-2049215

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.

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


WHARTON ASIAN: Shareholders Convene for Final Meeting on Dec. 1
---------------------------------------------------------------
Wharton Asian Equity Linked Company Ltd.'s shareholders will convene for a
final meeting on Dec. 1, 2006, at:

           Wharton Investment Advisors Limited
           Suite 38-39, Level 3, Three Pacific Place
           1 Queen's Road East, Hong Kong

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

The liquidator can be reached at:

           David Post
           c/o Wharton Investment Advisors Limited
           Suite 38-39, Level 3, Three Pacific Place
           1 Queen's Road East, Hong Kong


YUGOSLAVIAN ASSET: Proofs of Claim Filing Deadline Is on Nov. 30
----------------------------------------------------------------
Yugoslavian Asset Backed Securities Ltd.'s creditors are required to submit
proofs of claim by Nov. 30, 2006, to the company's liquidators:

          Carrie Bunton
          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.

Yugoslavian Asset'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.




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


BLOCKBUSTER INC: CEO Buys 220,000 Shares of Class A Common Stock
----------------------------------------------------------------
Blockbuster Inc.'s chairman of the board and chief executive officer, John
F. Antioco, bought Tuesday 220,000 shares of the Company's Class A common
stock, bringing his holdings to a total of 1,100,460, according to a
regulatory filing with the U.S. Securities and Exchange Commission.

The Company's shares rose to a 52-week high after Mr. Antioco raised his
holdings.  Analysts said the surge signal confidence in the Company.

Analysts also said that the stock rose higher because the Company is selling
non-core assets in Taiwan.

A Taiwan-based Web site DigiTimes.com reported that the Company is selling
89 stores in Taiwan to Webs-TV Digital International Co. Ltd. for an
undisclosed amount.

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Fitch Ratings affirmed Blockbuster Inc.'s Issuer default rating at 'CCC';
Senior secured credit facility rating at 'CCC/RR4'; and Senior subordinated
notes rating at 'CC/RR6'.


BLOCKBUSTER: Ties Up with Papa John on New Movie Rental Promo
-------------------------------------------------------------
Papa John's International Inc. customers can get unmatched access to movies
free for a 14-day trial period through a new alliance with Blockbuster Inc.
thru BLOCKBUSTER Total Access(TM).

Customers who sign-up online at http://www.papajohns.com/for the new
Blockbuster online movie rental program will also receive a free US$10 Papa
Card for use toward their next purchase of Papa John's pizza, side items, or
beverages.

BLOCKBUSTER Total Access is a new rental program that gives online
subscribers unprecedented access to movies.  It provides online customers
the option of returning their DVDs through the mail or exchanging them at
one of more than 5,000 participating Blockbuster stores for free in-store
movie rentals.  For each online rental exchanged in the store, customers can
receive a free in-store movie rental.  In-store movies are still subject to
store rental terms, including due dates, and must be returned to the store
from which they were rented.

"Pizza and movies are an irresistible combination," Papa John's
International Inc. vice president of partnership development Sean Muldoon
said.

"Papa John's delivers pizza to the door, and in addition to its extensive
store network, Blockbuster delivers DVDs to the mailbox and it is all done
online from the comfort of your own home.  And, we're upping the ante by
offering a US$10 Papa Card during the busy holiday season to customers who
sign up for the rental program through http://www.papajohns.com/"

As Papa John's online business continues to grow, increasing by more than
50% year-over-year in 2006, continued special offerings to online customers
are a win-win for the company and its customers.  Recent online small group
research shows that more than 70% of Papa John's customers are eating pizza
while watching DVDs at least once a month providing further incentive to
implement the popular pizza and a movie concept.

"We've enjoyed working with Papa John's in the past and we look forward to
increasing our awareness of BLOCKBUSTER Total Access with their customer
base through this new alliance," Blockbuster chief marketing officer Curt
Andrews said.

"Pizza and a movie are a great mix and now, when a customer's favorite pizza
is delivered they can already have a movie ready to watch, whether it was
delivered through our online service or something they picked up from one of
our stores.  Only BLOCKBUSTER Total Access can offer online customers the
convenience and selection of the more than 60,000 titles available online
coupled with the ability to immediately exchange their online movies for
free in-store rentals."

Facts About http://www.papajohns.com/

    * Papa John's is the only national pizza chain with online
      ordering available from all of its U.S. restaurants.

    * Papajohns.com features 24/7 plan-ahead ordering, allowing
      orders to be placed online up to 21 days in advance.

    * A "repeat last order" function allows customers to enter
      their last order with only a few keystrokes.

    * Papa John's recently made papajohns.com online ordering
      available in Spanish.

               Papa John's and Blockbuster Alliance

    * Blockbuster has been featured for a limited-time only on
      Papa John's pizza boxes.

    * Papa John's and Blockbuster team to provide BLOCKBUSTER
      Total Access and US$10 Papa Card to subscribers.

                      About Papa John's

Louisville, Ky.-based Papa John's International Inc. (NASDAQ: PZZA) --
http://www.papajohns.com/-- is the world's third largest pizza company.
For seven years running, consumers have rated Papa John's No. 1 in customer
satisfaction among all national QSR chains in the highly regarded American
Customer Satisfaction Index.

                      About Blockbuster

Blockbuster Inc. (NYSE: BBI, BBI.B) -- http://www.blockbuster.com/--  
provides in-home movie and game entertainment, with more than 8,500 stores
throughout the Americas, Europe, Asia, and Australia.  The company operates
in Puerto Rico, Argentina, Brazil and Chile.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Fitch Ratings has affirmed Blockbuster Inc.'s Issuer default rating at
'CCC'; Senior secured credit facility rating at 'CCC/RR4'; and Senior
subordinated notes rating at 'CC/RR6'.


EMPRESA ELECTRICA: Submits Project Impact Statement to Conama
-------------------------------------------------------------
Empresa Electrica del Norte Grande SA presented to Conama -- Chile's
environmental authority -- its environmental impact statement for a
US$12-million fuel storage project in Region II's Mejillones, Business News
Americas reports.

Conama's SEIA said in its evaluation Web site that the project would entail
the reception of fuel, particularly diesel, through either existing
installations at the Mejillones port or the diesel terminal planned by Suez
Energy Andino, Belgium's Suez Energy unit.

Project documents indicated that the first stage of construction would
involve installing a 4,000-cubic-meter storage tank over six months to run
with Empresa Electrica's 4,000-cubic-meter tank, BNamericas notes.

BNamericas relates that the second stage would involve the construction of
three 10,000-cubic-meter tanks.  Construction is expected to last for four
months.

The tanks' total 38,000m-cubic-meter capacity could be available for storage
a month after the second construction stage, BNamericas relates.

Empresa Electrica del Norte Grande SA aka Edelnor is owned by state copper
company Codelco and Suez Energy Andino, a subsidiary of Belgian company Suez
Energy through their Inversiones Tocopilla holding company

                        *    *    *

As reported on Nov. 11, 2005, Standard & Poor's Ratings Services
raised its corporate credit and senior secured debt ratings on
Chilean thermal power generator Empresa Electrica del Norte
Grande S.A. to 'B+' from 'B', mainly reflecting the improvement
of its debt-service coverage ratios as a result of higher-than-
expected cash generation combined with a prepayment of 12.1% of
its US$217.6 million outstanding debt certificates in May 2005.
S&P said the outlook is stable.

The 'B+' ratings reflect the operation in a very competitive
market environment and its still weak financial profile, which
mainly derives from its volatile cash flow and weak financial
flexibility.  These weaknesses are partly offset by Edelnor's
diversified generation base (mainly natural gas and coal),
ownership of transmission assets, and its 21% equity stake in
the Gasoducto Norandino pipeline, which somewhat mitigate the
company's high cash flow volatility.




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


DIRECTV GROUP: Regulator Extends Concession Contract for 10 Yrs.
----------------------------------------------------------------
Comision Nacional de Television, the national television regulator of
Colombia, has renewed the concession contract for Directv Group, Inc., for
10 years, Portafolio reports.

Business News Americas relates that the renewal of the accord, which was
implemented on Nov. 15, paves the way for the launch of Directv Group's
Directv Plus service.

According to Portafolio, Directv Group finished the first half of 2006 with
88,000 clients.  The firm expects to have 100,000 by the end of this year.

Comision Nacional de Television will be given three months to determine the
value of the renewal.  Directv Group paid COP1 billion when it signed the
original concession in 1996, BNamericas states.

The DIRECTV Group, Inc., formerly Hughes Electronics
Corp., headquartered in El Segundo, California, is a
world-leading provider of multi-channel television
entertainment, and broadband satellite networks and services.
The DIRECTV Group, Inc. with sales in 2004 of approximately
US$11.4 billion is 34% owned by Fox Entertainment Group, Inc.,
which is owned by News Corp.  DIRECTV is currently
available in Latin American countries: Argentina, Brazil, Chile,
Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago,
Uruguay, Venezuela and several Caribbean island nations.

                        *    *    *

On June 8, 2005, Moody's assigned a Ba2 rating to DIRECTV's US$1
billion senior unsecured notes.  Moody's said the rating outlook
is stable.


ECOPETROL: Committees Okay Bill Allowing Stake Sale
---------------------------------------------------
The Colombian congress' senate and lower house committees have ratified a
bill that would change the structure of Ecopetrol, the nation's state-owned
oil firm, to allow the sale of a 20% stake in the company to investors,
Servicio de Noticias del Estado reports.

Business News Americas relates that the full senate and house will then
decide on the bill that the government introduced.

An Ecopetrol official told BNamericas, "I think the full senate and house
will receive the bill next week since it was flagged as urgent by the
government."

Legislators from the pro-government coalition hold the majority in congress,
BNamericas says, citing the official.

According to BNamericas, the lawmakers approved caps on how many Ecopetrol
shares individual and institutional investors can purchase.

Hernan Martinez Torres, Colombian mining and energy minister, told Servicio
de Noticias del Estado, "Some controls were placed on share purchases in
order to prevent the sale from going to a reduced number of people."

The Ecopetrol official explained to BNamericas that specifically, lawmakers
set a cap that would prevent individual investors from purchasing over the
equivalent of 5,000 minimum monthly salaries in Ecopetrol shares, or
US$900,000 total.

The official told BNamericas, "The initial proposal was for a cap of 1,000
minimum monthly wages, but it was modified at the behest of legislators.
They argue this will be the biggest IPO in the history of Colombia."

Under the committees' guidelines, institutional investors can purchase 3% or
less of Ecopetrol, BNamericas notes.

BNamericas underscores that the lawmakers took steps to make sure the
remaining 80% of Ecopetrol will still belong to the government.

Private sector participation in Ecopetrol would help ensure the firm's
financial and administrative independence, which is needed for exploration
and production investments and for oil infrastructure modernization,
BNamericas states, citing the government.

"This clears the way for Ecopetrol to take on debt with banks and financial
institutions and reinvest part of its increased profits," Mauricio Salgar,
president of Ecopetrol, told Servicio de Noticias del Estado.

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: Inks Free Trade Agreement with the United States
------------------------------------------------------------
Inter-American Development Bank President Luis Alberto Moreno hailed the
signing of the free trade agreement or FTA between Colombia and the United
States, forecasting that its implementation will boost bilateral commerce
and investments.

Colombian Minister of Trade, Industry and Tourism Jorge Humberto Botero and
Deputy United States Trade Representative John K. Veroneau signed the
agreement in a ceremony held in the IDB conference center in Washington,
D.C.

The agreement, which will eliminate tariffs and other barriers to trade
between Colombia and the United States, must be ratified by Congress in both
countries.

"I am certain that this agreement will create economic opportunity and
enhance freedoms for both of our countries and their peoples," said Mr.
Moreno.  "It is a crucial step in the consolidation of a partnership between
our nations-a partnership built on our shared values of opportunity,
security and democracy."

Ambassador Veroneau underscored the importance of this event to relations
between Bogota and Washington.  "Today, we bring that relationship even
closer.  Under the political leadership of President George W. Bush and
President Alvaro Uribe, scores of dedicated officials from both governments
have worked tirelessly over the past two years to produce an agreement that
we can be proud of."

The FTA will benefit consumers, create jobs, generate new export
opportunities, and provide enhanced stability and security across the Andean
region, added Veroneau.

Before becoming president of the IDB in October 2005, Mr. Moreno
participated in the commercial negotiations as Colombia's ambassador to the
United States since 1998.

The agreement will replace the trade preferences unilaterally granted by the
United States to Colombia, which expire at the end of this year. The FTA
will provide a stable framework for commerce with rules agreed by both
countries.

                        *    *    *

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.




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


BANCO INDUSTRIAL: Fitch Affirms BB Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Guatemala's Banco Industrial's long-term foreign
and local currency Issuer Default Ratings at 'BB'. The Rating Outlook
remains Stable.

Due to its dominant position, Industrial has benefited from a pick up in
economic activity and strong loan growth.  The improving operating
environment has also aided asset quality, liquidity and profitability
ratios.  However, Industrial's ratings remain constrained by systemic risks,
such as financial dollarization and sizeable offshore banking activities, as
well as its tight capital position.

Despite its adequate internal capital generation and forthcoming infusions
from shareholders to support growth, capitalization was affected by the
acquisition of Banco de Occidente, Guatemala's sixth largest bank with a
market share of roughly 5% of the system's loans, consolidated since March
2006 and merged into Industrial a few days ago.  The integration of
Occidente's assets and ample goodwill created (34% of equity) negatively
impacted Industrial's capital adequacy.  Positively, Industrial has received
US$46 million of new capital in 2006 and it aims at further improving its
capitalization through earnings retention, additional capital injections if
required, and hybrid debt that provides some equity-credit under Fitch's
criteria.

The acquisition of Occidente also affected operating efficiency and loan
loss reserve coverage, but the bank's aims at reverting this trend and
achieving historical levels by end-2006.  While Industrial's financial
condition continues to be consistent with its IDRs and its 'D' Individual
rating, the bank's ability to rebuild capital and reserves and to sustain
improvements in profitability will likely benefit these ratings over time.

In October 2006, the banking authorities in Guatemala intervened Banco del
Cafe aka Bancafe, the fourth largest bank in the country.  Industrial did
not have any direct exposure to Bancafe and we expect it will not be
materially affected, given its adequate financial profile, ample liquidity
and dominant market position.  However, Fitch remains concerned about the
potential negative effect of this event on public confidence, especially on
the sizeable offshore entities held by most major Guatemalan banks.

Industrial is the largest Guatemalan bank, with an asset market share of 25%
at end-June 2006, and one of the largest financial conglomerates in Central
America.  Established in 1968, the bank has primarily focused on serving the
corporate sector and high-income individuals, although it also provides a
wide range of banking services to its broad client base.

Fitch has affirmed these ratings with a Stable Outlook:

   -- Long-term foreign currency Issuer Default Rating 'BB';
   -- Short-term foreign currency rating 'B';
   -- Long-term local currency Issuer Default Rating 'BB';
   -- Short-term local currency rating 'B';
   -- Individual affirmed at 'D';
   -- Support upgraded '3';
   -- National-scale Long term rating 'AA-(gtm)'; and
   -- National-scale Short-term rating 'F1(gtm)'.




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


* HAITI: IMF Says Country Qualifies for Debt Relief Under HIPC
--------------------------------------------------------------
The World Bank's International Development Association or IDA and the
International Monetary Fund have determined that the Republic of Haiti
qualifies for debt relief under the enhanced Heavily Indebted Poor Countries
or HIPC Initiative by reaching the decision point under the Initiative.  The
Republic of Haiti becomes the 30th country to reach its decision point under
the Initiative.

The Government of the Republic of Haiti will receive interim debt relief
from certain creditors, but in order to qualify for irrevocable debt relief
at the completion point, Haiti will be implementing a broad set of reforms.
In particular, Haiti has launched and is expected to implement an economic
program supported by the IMF's Poverty Reduction and Growth Facility or
PGRF, prepare and implement a Poverty Reduction Strategy for at least one
year, and implement key structural and social reforms, including in the
areas of economic governance and debt management.

In addition to HIPC debt relief, the Republic of Haiti will be eligible for
Multilateral Debt Relief Initiative or MDRI assistance when it reaches the
HIPC completion point.  This will further increase the resources available
to the Government in order to reduce poverty.

Takatoshi Kato, Deputy Managing Director of the IMF, said, "Haiti has made
good progress in strengthening macroeconomic performance and introducing key
structural reforms.  Together with the recent successful elections, the
progress achieved so far provides an opportunity for a reversal of the
trends of the past decades and sustained pro-poor growth.  Haiti's external
debt situation will remain difficult even after HIPC debt relief, and strong
economic policies, prudent debt management, and continued donor support on
highly concessional terms will be needed to ensure a sustainable external
debt in the medium term."

Caroline Anstey, the World Bank Country Director for the Republic of Haiti,
said, "The objective of debt relief is to free up resources to reduce
poverty.  The Haitian authorities have recently introduced important reforms
in economic governance.  Sustaining and building on those improvements will
be needed to ensure that resources are used effectively, efficiently and
transparently to improve the delivery of education, health and basic
services for poor people.  How donors can support Haiti in these areas will
be central themes at the Haiti Donor's Conference to be held in Madrid,
Spain on Nov. 30."

            Specifics of the Debt Relief Operation

   -- Haiti's public and publicly guaranteed external debt was
      estimated at US$1.3 billion in nominal terms as of
      end-September 2005, equivalent to US$932.9 million in net
      present value terms.

   -- Debt relief under the enhanced HIPC Initiative will be
      approximately US$140.3 million in NPV terms, equivalent to
      a 15.1% reduction of its debt after traditional debt
      relief mechanisms.  Over time, this will reduce Haiti's
      debt service payments by about US$212.9 million.

   -- IDA's share of enhanced HIPC assistance to Haiti amounts
      to US$52.8 million in NPV terms, including US$33.1 million
      already provided through an arrears clearance operation
      undertaken in early 2005.  Immediately following the
      approval of the decision point by the Boards of IDA and
      the IMF, IDA will begin to provide the remaining
      assistance (US$19.7 million).  The IMF will provide
      assistance of US$3.1 million (equivalent to SDR2.101
      million) in NPV terms.  Under the enhanced HIPC
      Initiative's burden sharing approach, other creditors of
      Haiti will provide the remainder of the Initiative's debt
      relief.

   -- MDRI debt relief from IDA could amount to US$243.3 million
      in NPV terms or approximately US$464.4 million over time,
      assuming that Haiti reaches its completion point by
      end-September 2008.  Haiti is not expected to have any
      eligible IMF debt for MDRI relief.

Haiti is the poorest country in the Latin America and Caribbean region and
amongst the poorest in the world.  About 54% of Haiti's population lives
below the US$1 a day poverty line and 78 percent below US$2 a day.  After
years of political deadlock following the disputed parliamentary elections
of the year 2000 and a two-year period of political transition, presidential
and parliamentary elections were held in February and April 2006,
respectively.  This provides an opportunity for Haiti to overcome the legacy
of past decades.

                     The HIPC Initiative

In 1996, the World Bank and IMF launched the HIPC Initiative to create a
framework in which all creditors, including multilateral creditors, can
provide debt relief to the world's poorest and most heavily indebted
countries, and thereby reduce the constraints on economic growth and poverty
reduction imposed by the debt-service burdens in these countries.  The
Initiative was modified in 1999 to provide three key enhancements:

   -- Deeper and Broader Relief

      External debt thresholds were lowered from the original
      framework.  As a result, more countries have become
      eligible for debt relief and some countries have become
      eligible for greater relief;

   -- Faster Relief

      A number of creditors began to provide interim debt relief
      immediately at the "decision point."  Also, the new
      framework permitted countries to reach the "completion
      point" faster; and

   -- Stronger Link Between Debt Relief and Poverty Reduction

      Freed resources were to be used to support poverty
      reduction strategies developed by national governments
      through a broad consultative process.

To date, 30 HIPC countries have reached their decision points, of which 20
have reached completion point.

                        *    *    *

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




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


* HONDURAS: IMF Says Economy Has Performed Well in 2006
-------------------------------------------------------
An International Monetary Fund staff mission visited Honduras on Nov. 13 to
Nov. 21.  Luis Breuer led the mission team.

The IMF mission conducted discussions on recent economic developments and
macroeconomic policies for the 2006 Article IV consultation.  The mission
met with President Manuel Zelaya and Vice President Elvin Santos, Minister
of the Presidency Yani Rosenthal, Central Bank President Gabriela Nunez de
Reyes, Minister of Finance Rebeca Santos, Banking and Insurance Commission
President Gustavo Alfaro, and with a broad range of representatives from
congress, the business sector, banks, civil society, and donors.

According to Mr. Breuer, "The economy has performed well this year supported
by benign external conditions.  Growth is expected to exceed 5 percent in
2006, reflecting higher consumption and strong growth of construction,
financial sector services, and coffee production. Inflation has dropped to
under 5 percent, helped by the stable exchange rate and favorable
agricultural supply.  Net international reserves rose in the first semester
due mainly to the strong growth of family remittances and have stabilized at
around US$2.3 billion."
The overall fiscal deficit is projected to rise somewhat in 2006, to around
2 percent of GDP, reflecting weaker state enterprise finances, higher wages
and subsidies, and the increase in net lending from a public pension fund.
These factors more than offset the underexecution of public investment
(including pro-poor projects), lower quasi-fiscal deficit of the central
bank, and higher tax revenue.  The authorities launched an ambitious reform
of the tax office, which includes the merit-based selection of tax and
customs officials and the strengthening of tax collection procedures.

The mission supports the authorities' goals of sustaining high growth and
alleviating poverty, while maintaining fiscal discipline and macroeconomic
stability.  The mission agreed with the authorities on the need to further
strengthen tax revenue, control public spending and redirect it to priority
areas, and improve efficiency in the state telephone and electricity
companies.  The mission shared the authorities' view that further actions
will be critical to offset the increase in the wage bill expected in 2007
and beyond, in order to protect pro-poor and investment spending and to
consolidate macroeconomic stability.  There was also agreement on the need
to address other challenges, including transforming the state enterprises so
that they contribute to efficiency and support the public finances,
improving the targeting of subsidies to the poor, and protecting the
financial integrity of public pension funds.

"The mission welcomed the authorities' objective of lowering inflation to
the level of main trading partners over the medium term.  In the mission's
view, this goal will require a gradual tightening of monetary policy in the
coming months, which should also help bring to more sustainable levels the
rapid expansion in bank credit.  The mission welcomed the central bank's
plans to implement further steps to reform its monetary operations and
develop local capital markets and the payments system," Mr. Breuer
continued.

The financial sector is continuing its recovery.  The mission agreed that
further strengthening would be important with the continued strict
enforcement of supervisory and prudential rules; these would also help banks
internalize potential risks from the rapid expansion in credit, in
particular in U.S. dollar terms, and prepare for greater competition from
growing regional integration.

The mission was encouraged by the authorities' support of regional
integration and noted that further enhancing the investment climate would
require maintaining stable investment rules and reducing red tape as well as
upgrading infrastructure (electricity, ports, and roads) as planned.  It
would also be important to avoid further fiscal incentives in attracting
foreign investment, which would weaken the government's tax base and its
ability to implement its ambitious social and growth agenda.

During its stay, the mission sensed a broad agreement among Honduran leaders
over the goals of economic policies, including growth and poverty
alleviation, as well as a clear understanding of the policy challenges.
This situation presents a good opportunity to further strengthen national
consensus on policies, including measures to deal with short-term challenges
in the fiscal sector.  The IMF will continue to maintain a close policy
dialogue with the authorities.  Upon its return to Washington, the mission
will prepare a report to the IMF's Executive Board, as a basis for a Board
discussion that is tentatively scheduled for early 2007.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998c




=============
J A M A I C A
=============


CALDON FINANCE: Nicole Ann Fullerton Appearing Before Court
-----------------------------------------------------------
Nicole Ann Fullerton -- former acting operations manager of
Caldon Merchant, Caldon Finance's main unit -- will appear before the
Half-Way-Tree Court, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on Nov. 23, 2006,
Ms. Fullerton allegedly tried leaving Jamaica to escape pending court
decision on a fraud complaint filed against her.  Ms. Fullerton 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. Fullerton was found
guilty of three counts of fraud on Nov. 20 and was awaiting sentence set for
Dec. 14, when she was arrested at the Norman Manley International Airport
trying to board a plane headed for the United States.  Ms. Fullerton was
taken into custody.

Radio Jamaica underscores that Ms. Fullerton was released on
Nov. 22.

According to Radio Jamaica, Senior magistrate Judith Pusey extended Ms.
Fullerton's JUS$6 million bail.  Ms. Pusey heard submissions from Jacqueline
Samuels-Brown -- Ms. Fullerton's legal representative -- and Paula
Llewellyn, senior government prosecutor.

Ms. Samuels-Brown insisted that Ms. Fullerton did not breached the terms and
conditions of her bail, Radio Jamaica notes.

Since Ms. Fullerton was granted bail in 1999, she had been permitted to
travel overseas, Ms. Samuels-Brown explained to RJR News.

On each occasion, Ms. Fullerton went back to Jamaica, Radio Jamaica says,
citing Ms. Samuels-Brown.

Ms. Fullerton indicated on Nov. 21 that she was unaware that she had
breached her bail.  Ms. Fullerton said she had every intention of returning
to the island, Radio Jamaica states, citing Ms. Samuels-Brown.

Meanwhile, Ms. Llewellyn said in the court that Ms. Fullerton breached the
condition of her bail and should remain in custody until the day of her
sentencing on Dec. 14, Radio Jamaica relates.

According to the report, Ms. Llewellyn presented documents and court records
to show that Ms. Fullerton had no authority being in possession of a
passport or to leave Jamaica.

However, Ms. Samuels-Brown argued that a monstrous injustice had been done
to Ms. Fullerton.  Ms. Samuels-Brown threatened a lawsuit against
authorities, Radio Jamaica relates.  She said that Ms. Fullerton's rights
were violated when she was stopped and taken into custody at the Norman
Manley International Airport.

Ms. Samuels-Brown claimed that in October 2001, a magistrate ordered the
permanent return of Ms. Fullerton's passport, Radio Jamaica notes.  Ms.
Fullerton had every right to travel abroad.

Radio Jamaica says that Ms. Pusey accepted the defense's explanation and
extended Ms. Fullerton's bail.  However, she ordered that Ms. Fullerton
surrender her travel documents.  Ms. Pusey also imposed a stop order.

After the proceedings were adjourned, the ruling of Martin Gayle -- the 2001
magistrate -- disproved the arguments Ms. Samuels-Brown presented, Radio
Jamaica states.  The magistrate's order written in his court sheet in 2001
indicated that he had ordered that Ms. Fullerton should return her passport
to the court's office on Feb. 11, 2002.

Ms. Llewellyn then attempted to have Ms. Pusey deal with the matter.
However, the magistrate told her that the extension of bail remains, Radio
Jamaica reports.

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): Regal Offers J$10.2 Bil. for Majority Shares
--------------------------------------------------------------
Regal Forest Holding Co., a furniture conglomerate based in El Salvador,
presented an offer of J$10.2 billion for majority shares in Courts (Jamaica)
Ltd., the Jamaica Observer reports.

Hayden Singh, managing director of Courts (Jamaica), and representatives of
Cobalt Holding Co. Ltd. that the takeover would not affect business at
Courts (Jamaica).

The Observer underscores that Cobalt Holding was the firm set up by Regal
Forest to acquire Courts (Jamaica) in the Caribbean.

As reported in the Troubled Company Reporter-Latin America on Nov. 23, 2006,
Courts (Jamaica) Ltd. said that it received on Nov. 20 an offer from Cobalt
Holding to buy all the ordinary shares in the company.

The Observer underscores notes that specifically, the deal works out to
J$4.25 per stock unit.  However, shareholders can choose to be paid in US
dollars.  The offer price comes in at a multiple of 11.3 times, representing
a 50% premium.

Mario Guerrero, Cobalt Holding director, told The Observer, "We will not
change the brand.  We recognize the value that has been built over the 47
years.  Courts will continue to be managed by the existing management team
under the leadership of a regional corporate executive."

The Observer relates that Regal Forest also disclosed its plan to de-list
Courts (Jamaica) from the Jamaica Stock Exchange after the share offer
closes on Dec. 18.  Cobalt Holding will make Courts (Jamaica) part of a
wholly owned subsidiary of Regal Forest.

As Courts Plc -- UK-based parent of Courts (Jamaica) -- has been in
bankruptcy since November 2004, the administrators have signed over the
company's 79.86% holdings in Courts (Jamaica) to Cobalt Holding.  However,
the firm needed 80.01% of Courts shares for the deal to go through, The
Observer says.

The Observer reports that shareholders led by financial analyst John Jackson
provided the additional stocks through the Bridgeton Management Services and
Capital Market Services.

Regal Forest told The Gleaner that it already has commitments from 82% of
shareholders.  Once it completes the acquisition at J$8.3 billion, it would
delist, whether or not the remaining 1,800 shareholders take up the offer.

"If at the end of the offer Period Cobalt has not received acceptances in
respect of 90% or more of the stock in Courts, then it will be Cobalt's
intention to procure that de-listing will become effective shortly after the
offer closes," Cobalt Holding said in a statement.

According to The Gleaner, Cobalt Holding has locked in agreements with seven
minority shareholders, including directors of Courts (Jamaica):

          -- Keith Fredericks, whose 10 million shares will earn
             him J$42.5 million;

          -- Hayden Singh, whose two million shares will give
             him J$8.4 million, and

          -- Dennis Harris, whose 1.33 million shares will give
             him J$5.7 million.

Mr. Singh told The Observer, "We regard the takeover by Cobalt as a
significant development in ensuring that Courts remains in Jamaica and the
wider Caribbean.  As the Christmas season approaches, we wish to assure our
customers that it is business as usual for all of us at Courts.  We will
continue to invest and expand as the demand rises.  In the next few days, we
will open our 29th store in Bogue, Montego Bay."

The Gleaner relates that Cobalt Holding secured JUS$10.2 billion financing
to cover the cost of full acquisition of the Jamaican operations from a
consortium of international banks, including:

          -- Scotiabank,
          -- Royal Bank of Trinidad and Tobago, and
          -- Citibank.

Mayberry Investment Ltd. is the lead broker for the transaction while NCB
Nominees is the registrar of Court (Jamaica), The Gleaner states.

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.


DYOLL INSURANCE: 400 Creditors Still Awaiting Repayment
-------------------------------------------------------
About 400 of Dyoll Insurance Co.'s creditors are still waiting to collect
millions of dollars due to them under a payout scheme that began eight
months ago, Radio Jamaica reports.

Under the terms of the scheme, funds were made available to policyholders in
Jamaica and the Cayman Islands, Radio Jamaica notes.

RJR News relates that of the 1,000 creditors who were to receive payments,
600 have so far collected cheques.

The remaining 400 creditors who have not received cheques are reportedly due
to receive JUS$33 million, Radio Jamaica states.

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


SUGAR COMPANY: Receives New Offers for Five Assets
--------------------------------------------------
The Sugar Company of Jamaica has reportedly received several new offers for
its five sugar factories since it decided to extend the deadline for the
submission of proposals from investors, Radio Jamaica reports.

The Sugar Company has put up these assets for sale:

          -- the Duckenfield estate in St. Thomas,
          -- Bernard Lodge in St. Catherine,
          -- Monymusk in Clarendon,
          -- Long Pond and Hampden in Trelawny, and
          -- Frome in Westmoreland.

The agriculture ministry issued invitations to entities that showed interest
in buying the factories.  However, the government was disappointed with the
proposals it received and decided to extend the deadline for submissions
until the end of December.

Local and international investors have presented offers for the assets,
expressing interest in participating in the sugar sector, Roger Clarke,
Jamaica's agriculture minister, told Radio Jamaica.

Sugar Company of Jamaica registered a net loss of almost US$1.1 billion for
the financial year ended Sept. 30, 2005, 80% higher than the US$600 million
reported in the previous financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.




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


BALLY TOTAL: Will Pay US$754,556 on Overtime Pay Violations
-----------------------------------------------------------
Bally Total Fitness Holding Corp. will pay US$745,556 in back wages to 3,245
employees due to overtime pay violations, the Daily Southtown reports,
citing the U.S. Department of Labor.

Bally Total agreed to pay the back wages when it discovered that the
compensation for overtime had been wrongly computed in violation of the Fair
Labor Standards Act for the December 2003 to March 2006 period, the
Department of Labor said in a press release.

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.


BEARINGPOINT: Files 2005 Form 10-K & Provides Metrics for 2006
--------------------------------------------------------------
BearingPoint, Inc., has filed its audited 2005 financial statements and 2005
Form 10-K with the U.S. Securities and Exchange Commission.

"We are pleased to move another step forward in becoming current with our
SEC filings," said Harry You, BearingPoint's chief executive officer.  "This
has been a tremendous effort and I thank everyone for their hard work and
dedication in completing this task.  In many ways, today's filing puts the
past behind us and we are now moving full speed ahead at completing our 2005
Form 10-Q's and 2006 filings.  We look forward to holding our annual meeting
of stockholders on Dec. 14, 2006."

Mr. You concluded: "In the meantime, as demonstrated by the third quarter
2006 business metrics, our core business continues to perform well and
BearingPoint is well-positioned for continued success in the future."

                    Q3 2006 Key Metrics

BearingPoint also reported key business metrics for the third quarter ended
September 30, 2006, which were driven by solid performance in the company's
core business and continued traction in the marketplace.

Highlights of BearingPoint's third-quarter performance include:

   -- Bookings of US$811 million, consistent with Q2 of 2006
      and a five percent increase over the same quarter in 2005.
      Total bookings for the first nine months of 2006 were
      approximately US$2.4 billion;

   -- Voluntary total employee turnover of 27.5 percent,
      representing a slight improvement over Q2 2006 and flat
      over Q3 2005;

   -- Total workforce utilization of 77.2 percent up from 76.8
      percent in Q2 2006 and up from 74.7 percent in Q3 2005;

   -- Billable headcount of approximately 15,300, a slight
      increase from Q2 2006 and flat year-over-year.

In addition, as of Sept. 30, 2006, cash balances were approximately US$274
million.

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations in Australia, Austria, Brazil,
China, France, India, Indonesia, Japan, Mexico, Portugal,
Singapore, Thailand, and the United Kingdom, among others.

                        *    *    *

As reported in the TCR-Europe on Oct. 11, Moody's
downgraded and placed these ratings on review for further
possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2.


FORD MOTOR: Accelerates Growth Plan in China
--------------------------------------------
Ford Motor Company continues its accelerated growth plan for China and is on
track to deliver its year to date with growth expected to exceed 100.8%
(year on year) in 2006.  Headlining Ford's product line-up at Auto China
2006 is the all-new Ford S-MAX, which was named Car of the Year in Europe
last week, and is the first Ford vehicle to introduce "kinetic design" to
China's motoring enthusiasts.

At Ford, kinetic design stands for "energy in motion."  Ford S-MAX is one of
the new vehicles to hit China's roads and highways.  Ford Focus was also at
the show.  Ford recently added a 5-door version to Ford Focus to keep ahead
of consumer demand.

In addition to a product showing at Auto China 2006, Ford Motor Company also
announced a major new investment -- the opening of the Ford Research and
Engineering Center -- to be located in Nanjing, China.  It will support Ford
Motor Company's product development for worldwide operations while also
making a major contribution to the future of China's auto market.

"The Ford Research and Engineering Center represents another major milestone
for Ford as it strengthens its manufacturing blueprint in China.  It will
offer a winning combination that leverages Ford's global expertise in
research and engineering in addition to building China's leading local
talent.  It will also work with Technical Development Centers at Ford
Motor's joint ventures in China to support product development and
procurement, " Ford Motor (China) Ltd. chairman and chief executive officer
Mei Wei Cheng said.

With its "kinetic design" Ford S-MAX, it is expected to be a favorite in
China as it has in Europe.  Speaking at Auto China 2006, Mei Wei Cheng
confirmed that S-MAX will be produced by Changan Ford and will be ready to
roll off production lines in early 2007.

Joining S-MAX and Focus on stage is the Ford iosis Concept Car which gives
Ford's customers a strong sense of the future design direction the brand is
taking.

Other products taking center stage for Ford will include Ford's Reflex
concept, which features a Diesel Hybrid Powertrain, the legendary Ford
Mustang Shelby GT500 and the all-new Focus ST.  A range of other locally
produced blue oval favorites will also be on display.

"We are using Auto China 2006 to showcase the strength of our product range,
reinforcing the depth and diversity of the Ford Motor Company product
family.  Our portfolio has something to appeal to everyone, from dependable
and affordable transportation through to luxurious premium brands.  In the
future, Chinese customers can continue to expect more exciting, locally made
Ford vehicles that consistently deliver cutting-edge design and world
leading technology," Mei Wei Cheng said.

The full Ford Focus family will be on display at the show.  Ranging from
locally produced Focus 4-door and Focus 5-door through to the Focus China
Circuit Championship (CCC) racing car and the visually stunning Focus ST.
This convertible Focus has been a global success and is now making its first
appearance in China at this years show.  Ford Focus boosted the sales at
Changan Ford Mazda Automobile in the first ten months of 2006 with retail
sales totaling 56,151 units, representing more than 50% of total Ford
product sales.

With strong sales momentum, Changan Ford Mazda Automobile is now one of the
fastest growing auto makers in China.  In 2007, total annual production
capacity will exceed 410,000 units at Chongqing and Nanjing plants
(combined).  Ford also continues to expand its distribution network and will
have 200 appointed dealers by the end of 2006.

"It is no secret that the China market is critical to our plans for building
a stronger Ford Motor Company globally," Mei Wei Cheng said.  "With sales
volumes continuing to fuel growth, we are looking ahead and taking the
required steps now to ensure our China operation is able to continue to meet
the seemingly insatiable appetite for our products.  In doing so, the China
market will play an even greater role in the future growth and success of
Ford Motor Company's global operations."

For the year 2006, Ford Motor Company's China Sourcing Office is on track to
source some US$2.6 billion worth of auto parts and systems, supporting Ford
Motor Company's global manufacturing operations and after sales customer
services.  The company is also actively expanding its auto financing
business in the China market.  Ford Automotive Finance has extended its auto
financing services to more than 70 Chinese cities nationwide in just
18 months after starting operation, servicing Changan Ford Mazda Automobile
and Jiangling Motor Company simultaneously.

As one of the largest exhibitors with 5,000 square meters of exhibition
space, Ford Motor Company, comprising of six affiliated brands (Ford,
Lincoln, Volvo, Land Rover, Jaguar and Mazda) will demonstrate its
enterprise muscle, displaying a full fleet of show vehicles.

Executives from Ford Motor Company, John Parker, group vice president of
Ford Motor Company, Asia Pacific and Africa; Mei Wei Cheng, chairman and
chief executive officer of Ford Motor China; and Martin Smith, executive
design director from Ford of Europe, attended the Ford press conference and
show preview for media at Auto China 2006 in Beijing.

                      About Ford Motor

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

                        *    *    *

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

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

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


GENERAL MOTOR: Kirk Kerkorian Cuts GM Stake to 7.4%
---------------------------------------------------
Billionaire investor Kirk Kerkorian's Tracinda Corp. had sold
US$462 million of stock in General Motor Corp., cutting its stake in the
automaker to 7.4% from 9.9% of outstanding shares, Kevin Krolicki of Reuters
reports.

According to the source, Mr. Kerkorian dropped his plans to buy more GM
shares after Jerome York's resignation from GM board and the closure of
potential partnership deal between GM and the Nissan Motor Co.-Renault SA
alliance, which sent GM stock dropping 5% on the New York Stock Exchange.
Carlos Ghosn heads both Nissan and Renault.

John D. Stoll and Stephen Wisnefski of the Wall Street Journal reports that
Mr. Kerkorian had been the driving force behind the talks but failed to work
it out because of a dispute over the specific equity arrangement of a
potential tie-up, which leads to the resignation of his associate Mr. York
from GM's board after GM ended the deal.

The move to sell shares led many analysts to believe that Mr. Kerkorian's
plans include the possibility of Tracinda seeking a proxy fight to place its
members on GM's board of directors, Wall Street relates.

Bloomberg states that Mr. Kerkorian offered to buy US$825 million in shares
of Las Vegas-based, casino operator MGM Mirage, the same day when the stake
sale was announced.  Tracinda, GM's second largest shareholder, seeks to pay
US$55 a share to increase its stake in MGM to 61.7%.

In a filing with the Securities and Exchange Commission, Tracinda agreed to
sell 14 million shares in a private transaction for US$33 each.  The
purchase is to be settled tomorrow, Nov. 24, 2006.

                    About General Motors

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 16, 2006,
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The 'B+' rating was
placed on Creditwatch with negative implications, consistent with the other
issue ratings of GM, excluding recovery ratings.

As reported in the Troubled Company Reporter on Nov 16, 2006,
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The 'B+' rating was
placed on Creditwatch with negative implications, consistent with the other
issue ratings of GM,
excluding recovery ratings.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


GLOBAL POWER: Appoints John Matheson as President & CEO
-------------------------------------------------------
Global Power Equipment Group Inc. announced key management changes effective
immediately, including the appointment of John Matheson as president and
chief executive officer.

Mr. Matheson, who previously served as the Company's executive vice
president and chief operating officer, replaces Larry Edwards, who will
remain as the Company's non-executive chairman of the board.  Mr. Matheson
was also named a member of the board of directors.

The Company disclosed that Mr. Matheson has served in several other senior
roles within the Company, including senior vice president of Global Power,
executive vice president, Operations of the Auxiliary Power segment, and as
the Company's general counsel and secretary.

During these roles, Mr. Matheson was responsible for many of the Company's
key strategic initiatives, including mergers and acquisitions and the
corporate operations in Asia.

He led the reorganization of the Auxiliary Power segment and the
acquisitions of Williams Industrial Services Group and Deltak Power
Equipment (China).

Before joining the Company, he was with The Williams Companies, where he was
responsible for mergers, acquisition, and securities law matters.

Formerly, he was a shareholder with the law firm of Conner & Winters P.C.,
in Tulsa, Oklahoma, and was a Certified Public Accountant with Price
Waterhouse.  Mr. Matheson is an alumnus of Harvard Business School,
Georgetown University Law Center, and the University of Oklahoma School of
Business.

                  Other Key Appointments

The Company appointed Michael Hanson to chief financial officer, replacing
Jim Wilson, who had retired.  Mr. Hanson previously served as the Company's
chief accounting officer, and before that, as corporate controller.  Before
joining Global Power, he was financial controller at Xeta Technologies, a
provider of communications solutions and services, as well as an audit
manager at Arthur Andersen LLP.  A Certified Public Accountant, Mr. Hanson
holds a B.S. in Accounting from the University of Tulsa.

Jeff Davis has also been named president of the Deltak Specialty Boiler
Systems division of Deltak LLC.  Mr. Davis first joined Deltak in 1985, and
has served in a range of positions within its engineering, sales, and
management teams.  He holds a B.S. in Chemical Engineering from the
University of Colorado.

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

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


HASBRO INC: Earns US$99.6 Million in Third Quarter of 2006
----------------------------------------------------------
Hasbro, Inc. has reported its third quarter financial results for 2006.

In its financial statements, the company indicates that its worldwide net
revenues for the quarter were US$1.04 billion, up 5% compared to US$988.1
million a year ago and included a US$9.6 million favorable impact from
foreign exchange.  The company reported net income of US$99.6 million, which
includes stock-based compensation expense of US$3.9 million, net of tax, due
to the required implementation of SFAS 123R at the beginning of the year.

Net earnings prior to fiscal 2006 did not include stock-based compensation
expense.  In the third quarter of 2005 net earnings on a reported basis were
US$92.1 million.  This did not include the effect of stock-based
compensation expense.

The results in both years include the impact of the mark to market
adjustment for the Lucas warrants.  In the third quarter of 2006 there was a
non-cash expense of US$19.8 million share related to the Lucas warrants,
compared to non-cash income of US$570 thousand in 2005.

Alfred J. Verrecchia, President and Chief Executive Officer, said, "We are
pleased with our third quarter results.  Net revenues were up 5%, with
revenues excluding Star Wars up 13% for the quarter and year-to-date, driven
in part by the success of Littlest Pet Shop, Playskool, Nerf, Play-Doh,
Monopoly, Transformers and Clue.  Star Wars has performed well and continues
to be the number 1 action figure property with US$69 million in revenue for
the quarter and US$182 million year-to-date, demonstrating the strength of
the brand even in a non-movie year."

"With the overall breadth and depth of our product portfolio we have been
able to grow our business for the quarter and year-to-date, in spite of the
revenue decline of US$58 million for the quarter and US$193 million
year-to-date in Star Wars," Verrecchia concluded.

"Earnings per diluted share were up a strong 23% in the quarter," said David
Hargreaves, Chief Financial Officer.  "Absent the Lucas warrants mark to
market expense of US$0.09 per diluted share, the underlying business
performed even better with earnings per diluted share increasing 43% to
US$0.67 per diluted share for the quarter," he added.

North American segment revenues, which include all of the company's toys and
games business in the United States, Canada and Mexico, were US$745.5
million for the quarter compared to
US$712.3 million a year ago, reflecting strong performances from Littlest
Pet Shop, Playskool, Nerf, Play-Doh and Monopoly.  The segment reported an
operating profit of US$111.6 million for the quarter compared to US$85.3
million last year, as adjusted to include the impact of stock-based
compensation.  In addition to the higher revenues, the improvement in
operating profit reflected declines in amortization and royalty expenses,
partially offset by increases in product development and advertising
expenses.

International segment revenues for the quarter were US$280.4 million
compared to US$264.6 million a year ago and included a US$9.3 million
favorable impact from foreign exchange.  Volume increases reflected strong
performance from Littlest Pet Shop, Playskool, Transformers and Monopoly.
The International segment reported an operating profit of US$43.2 million
compared to an operating profit of US$32.9 million in 2005, as adjusted to
include the impact of stock-based compensation expense.  The improvement in
operating profit is primarily due to decreases in royalty and amortization
expense.

The company reported third quarter Earnings Before Interest, Taxes,
Depreciation and Amortization of US$192.6 million compared to US$187.9
million in 2005.

During the quarter, the company repurchased approximately
6.6 million shares of common stock at a total cost of US$131.0 million.
Since June 2005, the company has repurchased
23.5 million shares at a total cost of US$465.3 million.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE: HAS) --
http://www.hasbro.com/-- provides children's and family leisure time
entertainment products and services, including the design, manufacture and
marketing of games and toys ranging from traditional to high-tech.  The
company has operations in Australia, France, Hong Kong, and Mexico, among
others.

                        *    *    *

Moody's Investors Service affirmed the Baa3 long-term debt rating of Hasbro,
Inc., and changed the ratings outlook to positive from stable to reflect the
expectation for continued-strong operating performance and cash flows,
leading to further debt reduction and credit metric improvement over the
near-to-intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated debt.


INDUSTRIAS UNIDAS: S&P Affirms 'B' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirms 'B' long-term corporate credit
rating on Industrias Unidas SA de CV and revised the outlook to stable from
negative.

The rating action follows the successful issuance of Industrias Unidas'
US$200 million senior unsecured notes due 2016.  Proceeds from the notes
will be used to refinance existing debt.

"In our opinion, this will strengthen the company's liquidity, as it reduces
refinancing risk, provides the issuer with a manageable maturity schedule
and a better asset liability match, and eliminates liens on its Mexican
assets," said Standard & Poor's credit analyst Jose Coballasi.

Nevertheless, the company will remain highly leveraged relative to its
operating cash flow generation, and we expect its free operating cash flow
generation to remain weak.

The ratings on Industrias Unidas reflect the inherent cyclicality of the
construction industry, commodity price volatility, competitive pressure on
core products and markets, low operational margins, and high leverage
relative to its operating cash flow generation. These factors are partially
offset by the company's leading market positions in Mexico and the U.S.,
product mix, and some geographic diversification in the manufacturing and
distribution of copper tubing, copper-alloy products, valves, controls,
watt-hour meters, wire and cable, and electrical devices.  The ratings are
also predicated on the expectation that Industrias Unidas will continue to
follow a disciplined commercial strategy along with its efforts to increase
its offering of value-added products.

Industrias Unidas is one of Mexico's largest diversified industrial
companies, offering a large variety of products through integrated
manufacturing and distribution operations located principally in Mexico and
the U.S. The company's operations are conducted by seven principal business
groups: copper tubing, wire and cable, copper alloys, electrical products,
watt-hour meters, valves and controls, and diversified assets.

The stable outlook reflects our expectations that a manageable debt maturity
schedule, coupled with its commitment to maintain a disciplined commercial
strategy, should allow Industrias Unidas to continue to meet its debt
maturities as they come due, strengthen its cash balance, and increase its
credit line availability.  Renewed weakness in the issuer's financial
performance and liquidity could lead to a negative rating action.


OPEN TEXT: Earns US$7.3MM in First Fiscal Quarter Ended Sept. 30
----------------------------------------------------------------
Open Text Corp. filed its first fiscal quarter financial statements ended
Sept. 30, 2006, with the Securities and Exchange Commission Nov. 9, 2006.

Total revenue for the first quarter was US$101.2 million,
compared with US$92.6 million for the same period in the prior
fiscal year.  License revenue in the first quarter was
US$28.8 million, compared with US$24.9 million in the first quarter of the
prior fiscal year.

Adjusted net income in the quarter was US$12.2 million compared
with US$6.3 million for the same period in the prior fiscal year.  Net
income in accordance with U.S. generally accepted accounting principles was
US$7.3 million, compared with a net loss of US$12.9 million for the same
period in the prior fiscal year.

The cash, cash equivalents and short-term investments balance as
of Sept. 30, 2006, was US$111.2 million.  Accounts receivable as
of Sept. 30, 2006, totaled US$76.7 million, compared with
US$73.6 million as of Sept. 30, 2005, and Days Sales Outstanding
was 68 days in the first quarter of fiscal 2007, compared with
71 days in the first quarter of fiscal 2006.

Operating cash flow in the first quarter of fiscal 2007 was
US$9.6 million compared with US$300,000 in the first quarter of
fiscal 2006.

"With the addition of Hummingbird, we are the largest
independent ECM provider.  The combination of deep vertical
solutions expertise, market independence and the ability to
leverage Microsoft, Oracle and SAP, allows us to scale to the
enterprise, offering customers comprehensive solutions and the
capability of implementing an enterprise wide ECM strategy," Open Text
president and chief executive officer John Shackleton said.

"Now that we have completed the Hummingbird acquisition, our
focus is on integrating the two organizations as quickly and
smoothly as possible," Mr. Shackleton said.

The majority of Hummingbird's integration will be completed
during the second quarter of fiscal 2007, which ends on
Dec. 31, 2006.  As part of the integration, Open Text is
reducing its worldwide workforce of 3,500 people by
approximately 15%.  The restructuring actions commenced in October 2006 and
to date, approximately 60 percent of these reductions have been completed.
The remaining staff reductions are expected to be completed by the end of
November 2006.  The staff reductions will be focused on redundant positions
or areas of the business that are not consistent with the company's
strategic focus.  Open Text is also reducing 38 facilities by closing or
consolidating offices in certain locations.

"Actions are well underway to rationalize staff levels and
consolidate facilities to meet our operating goals.  Based on our expected
run-rate in our second quarter, these actions will
result in savings of approximately US$50 million for the current fiscal year
and on an annualized basis, approximately
US$80 million beginning in fiscal 2008," Open Text chief financial officer
Paul McFeeters said.

At Sept. 30, 2006, the Company's balance sheet showed
US$665.392 million, US$193.251 million in total liabilities,
US$6.025 million in minority interest, and US$466.116 million
in total shareholders' equity.

Full-text copies of the Company's first fiscal quarter financials are
available for free at http://ResearchArchives.com/t/s?157c

Headquartered in Waterloo, Ontario, Open Text Corp.
(NASDAQ: OTEX, TSX: OTC) -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
a field office in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 18, 2006,
Moody's Investors Service assigns a first-time Ba3 rating to the
senior secured facilities and B1 rating to the corporate family
of Open Text Corp.


SANMINA-SCI: Guadalajara Operations Obtain National Export Award
----------------------------------------------------------------
Sanmina-SCI Corp. has received the National Export Award for its electronic
assembly export programs, business efforts and corporate citizenship
initiatives in Mexico during 2006.  This distinguished award was presented
by the President of Mexico, Vicente Fox Quesada, and the President of the
Mexican Foreign Trade Council, Valentin Diez Morodo, during a celebration in
Ixtapa Zihuatanejo.

The National Export Award recognizes small, medium and large businesses in
the agricultural, manufacturing and service sectors that have made
outstanding contributions to increasing the quantity, quality and diversity
of the goods and services that Mexico provides to the global markets.  The
award also recognizes excellence in corporate citizenship.

"This is a key milestone for Sanmina-SCI's Mexico Operations and our
employees.  The National Export Award comes only a year after we were
awarded the State of Jalisco Export Award, and represents the highest
achievement in terms of export programs, export/import regulatory
compliance, and world-class procedures for manufacturing and delivering
products on time to our customers," said Marco Gonzalez Hagelsieb,
Sanmina-SCI's Senior Vice President of Mexico Operations.

"A significant part of our success has been our Lean Manufacturing
initiatives which drive process consistency and reliability, including
materials logistics and customs compliance. Our Logistics team in Mexico has
been outstanding in their performance and leadership, again playing an
instrumental role in Sanmina-SCI Mexico's success," Mr. Hagelsieb added.

Sanmina-SCI has more than 19 years of manufacturing experience in
Guadalajara, Mexico.  The Mexico Operations offer customers a wide range of
manufacturing services that include New Product Introduction, backplanes and
printed circuit board assembly, complex system-level build-to-order and
configure-to-order manufacturing, high-volume manufacturing, logistics and
distribution, and post-manufacturing repair/warranty solutions.

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006, Standard &
Poor's Ratings Services assigned its 'BB-' rating to Sanmina-SCI Corp.'s
US$600 million senior unsecured term loan, which matures Jan. 31, 2008.  In
addition, this rating was placed on CreditWatch with negative implications.


VISTEON CORP: Moody's Lowers Corp. Family Rating to B3 from B2
--------------------------------------------------------------
Moody's Investors Service downgraded Visteon Corp.'s corporate family rating
to B3 from B2, changed the ratings outlook to stable from under review for
possible downgrade and affirmed the company's liquidity rating of SGL-3.  At
the same time, the rating agency lowered the ratings on Visteon's secured
bank obligations to Ba3 LGD-2, 24% from Ba2 LGD-2, 22%, and Visteon's
unsecured notes to Caa2 LGD-6, 91% from Caa1, LGD 6, 91%.  The revised Ba3
rating on the bank term loan also applies to the US$100-US$200 million
increase to the term loan announced on Nov. 15, 2006.  Ratings on Visteon's
and Visteon Capital's shelf filings were also lowered one notch in parallel.
The rating action concludes a review announced on Oct. 4, 2006.

The B3 corporate family rating emphasizes weaker metrics which Visteon's
2006 performance is likely to produce and, compared with earlier
assumptions, the consequences of a more challenging automotive market in
2007.  This flows from meaningful reductions in market share and build-rates
by its largest customer, Ford Motor Company, as well as prevailing industry
conditions affecting all automakers.  While Visteon continues with an
improved foundation with sufficient resources and an appropriate strategy
from which it can progress, the pace of that improvement will be slower than
Moody's earlier expectations.

Moody's assumes that debt levels at the end of 2006 will be slightly higher
than those in its earlier projections.  When combined with weaker earnings
and free cash flow anticipated in 2007 the higher levels of debt will yield
coverage ratios closer to those associated with a B3 Corporate Family
rating.

Nonetheless, Visteon receives higher scores under the Auto Supplier rating
methodology for its substantial scale, global footprint, improving customer
and geographic diversification and stability provided by its liquidity and
debt maturity profiles. Scores for those factors suggest a rating in the Ba
category and a blended rating under the methodology of B1.  The assigned B3
corporate family ratings places greater weight on the impact that lower Ford
North American volumes may have on Visteon's performance.

Over time, ongoing restructuring actions could better position its fixed and
variable cost structure to achieve higher margins. But, prospective lower
volumes make this more challenging to achieve in the near term.  Scores for
several quantitative measurements are in the Caa rating category and pull
the overall result into the low B rating category.  Sufficient resources to
accomplish the bulk of necessary restructuring actions are available under
the Ford funded escrow account.

By increasing the size of its secured bank term loan and reducing the level
of its unsecured notes as a result of the company's second quarter
repurchases, the composition of Visteon's debt capital has shifted.  Under
the Loss Given Default Methodology, this impacts recovery levels on rated
obligations as overall enterprise value has not changed materially.  Bank
term loans also benefit from upstreamed guarantees from Visteon's material
domestic subsidiaries. The unsecured notes are not guaranteed and are
effectively subordinate to the bank debt.

Consequently, the combination of a change in corporate family rating and the
underlying mix of debt produce lower ratings and marginally higher loss
given default measurements.  The Ba3 ratings on the secured bank term loans,
three notches above Corporate Family, continue to reflect the benefits of
collateral and the level of junior capital beneath their claims.  The
converse of this yields a Caa2 rating for the unsecured notes, two notches
below the Corporate Family.

The outlook is stable at the B3 corporate family rating.  This incorporates
current views on the company's prospective leverage, coverage ratios and
limited capacity to generate free cash flow.  Additional funds from the
incremental term loan support Visteon's liquidity and serve to reduce near
term default risks.  Resources in the Ford funded escrow account continue to
be available to finance ongoing restructuring actions, which, over a
lengthier period of time, could permit stronger results to emerge should
industry volumes prove accommodating.

The SGL-3 liquidity rating represents adequate liquidity over the coming
twelve months.  This is based on availability under its external funding
commitments, limited debt amortization in 2007, and minimal constraints from
financial covenants under its bank facilities.  Pro forma for the upsized
bank term loan, cash and cash equivalents at Sept. 30, 2006, would be
roughly US$840 million. Should Visteon raise more than US$100 million
through increasing its term loan, its internal resources would improve.

Moody's changed these ratings:

   Visteon Corp.

   -- Corporate Family Rating, B3 from B2;

   -- Outlook, stable from ratings under review for possible
      downgrade;

   -- Probability of Default rating, B3 from B2;

   -- Senior secured term loan, Ba3 LGD-2, 24% from Ba2, LGD-2,
      22%;

   -- Senior unsecured notes, Caa2 LGD-6 91% from Caa1, LGD6,
      91%;

   -- Shelf filings on unsecured, subordinated and preferred,
      (P)Caa2 LGD-6, 91%; (P)Caa2 LGD-6, 97%; and (P)Caa2 LGD-6,
      97% from (P)Caa1, LGD-6, 91%; (P)Caa1, LGD-6, 97%; and
      (P)Caa1, LGD-6, 97% respectively

   Visteon Capital Trust I

   -- Shelf trust preferred, (P)Caa2, LGD-6, 97 % from (P)Caa1,
      LGD-6, 97%

Moody's affirmed these ratings:

   -- Speculative Grade Liquidity rating, SGL-3.

The last rating action was on Oct. 4, 2006, at which time Visteon's ratings
were put under review for possible downgrade and the SGL-3 liquidity rating
was affirmed.

Headquartered in Van Buren Township, Michigan, Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries, including
Mexico, and employs approximately 50,000 people.




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


HERTZ CORP: Moody's Changes Outlook to Stable on Completed IPO
--------------------------------------------------------------
Moody's Investors Service changes the rating outlook of The Hertz Corp. to
stable from negative following the completion of a US$1.3 billion IPO by
Hertz Global Holdings, Inc., the acquisition vehicle through which equity
sponsors Clayton, Dubilier & Rice, Inc., The Carlyle Group and Merrill Lynch
Global Private Equity acquired Hertz in December 2005.

Proceeds from the IPO have been used to repay a US$1 billion loan facility
that funded a US$1 billion dividend payment to its common stockholders in
June 2006, and to make an additional US$260 million distribution to common
stockholders prior to the IPO.

The change in outlook to stable reflects Moody's view that the repayment of
the Hertz Holdings US$1 billion loan addresses the potential financial risk
posed to Hertz when its parent company took on this obligation.  Because
dividends from Hertz represent the only source of earnings, cash flow and
debt service capacity for Hertz Holdings, the US$1 billion loan could have
resulted in added pressure on Hertz to make such payments.  The outlook had
been changed to negative on June 29 as a result of this risk.

The stable outlook also reflects the rating agency's view that although
Hertz's leverage increased considerably as a result of the December 2005
buyout, the company's competitive position and credit metrics, relative to
those of its rental-company peers, will remain supportive of a Ba3 corporate
family rating.  Hertz's car rental operations enjoy a leading position in
the on-airport segment and a growing presence in the off-airport market.  In
addition, the company's equipment rental unit, Hertz Equipment Rental
Company or HERC, benefits from the continuing strong rebound in the
commercial construction market.  The principal operating challenges the
company faces include the weak financial position of its OEM automobile
suppliers, the rising cost of vehicles, and the exposure to changes in used
car prices due to higher purchases of risk vehicles that are not covered by
OEM repurchase agreements.  In addition, the equipment rental markets of
HERC remain highly cyclical.

Despite these operating challenges, Hertz's competitive strengths should
enable the company to gradually strengthen its credit metrics as the healthy
construction cycle continues and as it begins to harvest the benefits of
efforts to manage higher fleet costs.  These efforts include modestly
extending the holding period for cars, purchasing a higher percentage of
risk vehicles, and increasing the pace at which it passes on higher vehicle
costs to customers.  At September 2006 LTM Debt/EBITDA was 4.5x, YTD
EBIT/Interest was 1.3x, and LTM EBITDA/Interest was 3.8x.  In addition, the
company maintains a prudent level of liquidity with cash and securities of
US$436 million and US$1.6 billion available under its ABL credit facility.

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: Fitch Upgrades Rating to 'BBB-' from BB+
-----------------------------------------------------
Fitch has upgraded the rating on IIRSA Norte Finance Limited from 'BB+' to
'BBB-'.  The transaction is a securitization of Peruvian government payment
obligations in connection with a toll road concession.  The transaction
finances expansion and improvements on IIRSA Amazonas Norte, a 960-kilometer
network of existing toll roads in northern Peru.  The transaction also
benefits from a US$60 million partial guarantee or PG provided by the
Inter-American Development Bank.  At all times, the fixed dollar amount PG
covers more than 20% of the outstanding balance of the notes and will grow
over time as the notes amortize.

Upon completion, the road is not expected to generate sufficient revenues to
cover its construction costs.  In lieu of strong toll revenue, the
government of Peru compensates the concessionaire for construction progress
with annual payments in U.S. dollars (Certificados de Reconocimiento de Pago
Annual de Obras [CRPAOs]) prorated to the advance of works. This transaction
is a securitization of the CRPAOs.  CRPAOs delivered from the GOP to the
concessionaire are sold to the issuer.  Once generated, CRPAOs are not
subject to any condition or performance obligation relating to the
concession agreement. Noteholders are not exposed to construction risk.

Cash flow to maintain timely debt service on the transaction will depend on
the GOP's continued payment on CRPAOs.  CRPAOs are backed by the full faith
and credit of the Government of Peru, although are not considered public
debt from a legal standpoint.  In its initial rating, Fitch opined that on a
stand-alone basis, CRPAOs would not receive the same rating as Fitch rated
dollar-denominated sovereign obligations.  Several recent developments have
improved the CRPAO's stature and Fitch no longer differentiates on a
material basis, the likelihood the GOP would pay one obligation over the
other.  The transaction's PG, acting as a liquidity facility, further
reinforces this opinion, in that it provides time for corrective action in
the event that CRPAO payments are not appropriately budgeted. In addition to
a general increased public profile of the CRPAO program and the full
endorsement of new presidential administration (previously in transition), a
new law passed in September 2006 increases the certainty, that once
budgeted, allocation of CRPAO funds cannot be redirected.

The 'BBB-' rating of the notes reflects the strength of the underlying CRPAO
payments and the enhanced recovery in the event of default derived from the
PG provided by the IDB.


IIRSA NORTE: Moody's Changes Outlook on Ba2 Rating to Stable
------------------------------------------------------------
Moody's Investors Service changes the outlook to positive from stable on the
Ba2 senior secured rating of IIRSA Norte Finance Ltd's Rule 144A Reg S Notes
due in 2024.  The outlook change is consistent with Moody's change in
outlook on the foreign currency government bonds of Peru.  For a discussion
of the change in outlook of the Government of Peru's ratings, please refer
to Moody's Rating Action of Nov. 7, 2006.

In 2005 the government of Peru entered into a Concession Agreement, through
the Ministry of Transportation and Communications, with Concesionaria IIRSA
Norte S.A. for the upgrade, construction, operation and maintenance of the
IIRSA Norte Amazonas Norte Road.  Upon phased construction completion, the
government will issue unconditional and irrevocable payment certificates
under the terms of the Concession Agreement.  The government has agreed to
make annual payments based on those payment certificates for the full and
timely payment of debt service on the Notes.  The rating on the Notes
incorporates Moody's expectation that the government will include the
payment obligations in its budget and appropriations for each fiscal year
until debt maturity.  Payment obligations are considered to rank equally
with all other existing and future unsecured and unsubordinated obligations
of the Government of Peru.  However, the payment certificates are expressly
stated not to be sovereign indebtedness of the Republic of Peru pursuant to
Article 75 of the Constitution.

The Ba2 rating of the Notes also considers the benefit from an
Inter-American Development Bank liquidity facility provided to the
Government of Peru that is sized to cover approximately two years of debt
service payments.  In the event that the government fails to make the
scheduled payments, the Peruvian trustee will notify the IDB of the amount
of the deficiency and IDB will make payments directly to the trustee.  Any
IDB draws that are not immediately repaid are converted to loans to be
repaid by the Government of Peru.  The IDB facility expires in 2026, two
years after the final maturity of the Notes.


* PERU: IDB Grants US$1.28MM for Studies on Irrigation Works
------------------------------------------------------------
The Inter-American Development Bank approved a US$1.28 million grant for
feasibility, environmental and social studies on water piping and
distribution works under the Olmos irrigation project in Peru.

The Olmos project works are located in the departments of Cajamarca and
Lambayeque, about 850 kilometers from Lima.  The plan is to carry out the
project over a 14-year period in two phases, building a water conveyance
system and a hydroelectric and irrigation complex.

The studies will pave the way for concessioning through public-private
partnerships to build and operate the Olmos irrigation system during the
first phase of the project and the sale of 35,000 hectares developed through
irrigation for agricultural export production.

The grant for the studies is from the IDB's Japan Special Fund.

                        *    *    *

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


ADVANCED MEDICAL: Sees US$45 Mln Revenue Cut from Product Recall
----------------------------------------------------------------
Advanced Medical Optics Inc. anticipates a financial impact associated with
its voluntarily recall of certain eye care product lots and the related
manufacturing capacity constraints caused by a production-line issue at its
manufacturing plant in China.

Advanced Medical expects the recall to reduce revenue for the remainder of
2006 and 2007 by a total of US$40 million to
US$45 million.  This is due to expected product returns, supply shortages
and temporary lost market share, primarily in Japan and Asia Pacific where
the vast majority of products produced at the China facility are shipped.
As a result, Advanced Medical now expects its 2006 revenue to be between
US$985 million and
US$1 billion, compared to prior guidance of US$1,010 million to US$1,020
million.  For 2007, the company now expects revenue to be in the range of
US$1,060 million and US$1,080 million, compared to prior guidance in the
range of US$1,080 million and US$1,100 million.

Advanced Medical expects to incur charges and costs to complete the recall,
remedy the manufacturing issue and restore market share.  For the remainder
of 2006 and 2007, the company expects these charges and costs to total
approximately US$35 million to US$40 million, which primarily includes
inventory writedowns, recall costs, plant costs, freight and logistics
costs, as well as anticipated increased marketing expenses.

As a result of the change in anticipated revenue and the associated
reduction in margin, coupled with recall-related spending for the balance of
2006 and the increased effective tax rate due to reduction of earnings
outside the U.S., AMO now expects 2006 adjusted EPS to be between US$1.30
and US$1.40, compared to previous guidance of US$1.85 to US$1.90.  For 2007,
the company now expects adjusted EPS to be between US$1.85 and US$2.00,
compared to prior guidance in the range of US$2.25 to US$2.35.  These
actions will affect other financial metrics such as adjusted gross margin
and adjusted operating margin for 2006 and 2007.  AMO will provide updated
guidance on these measures in future communications.

The company commenced the voluntary recall because of a production-line
issue at its manufacturing plant in China, which could affect the sterility
of the product.  Of the 2.9 million units being recalled, only 183,000 units
were shipped to the U.S. and the remainder was shipped to Asia Pacific and
Japan.

"This is a production-line issue and is not related to our formulations,
which have been used safely by contact lens wearers for years," said Jim
Mazzo, AMO chairman, president and chief executive officer.  "While we
believe the likelihood of patients experiencing an adverse reaction is low
based on our investigation to date, we are implementing this voluntary
recall as a precautionary measure.  While this issue is limited to two of
the four production lines in the China facility, we have temporarily ceased
all manufacturing there to clean and sanitize the plant.  We want to be
abundantly certain that eye care practitioners and their patients know they
can continue to rely on and trust AMO for products that meet high quality
standards.  We are working aggressively to replace recalled product and
minimize the inconvenience this action may cause."

AMO plans to extend the time period of the temporary plant closure in order
to move forward a previously disclosed plan to expand manufacturing capacity
at the China facility.  These plans include adding new filling lines and
increasing packaging capacity.  The company expects production at the China
facility to be suspended for approximately 10 to 12 weeks.  Operations at
the company's eye care facility in Alcobendas, Spain are unaffected by this
action and production continues uninterrupted.  None of the recalled
products were manufactured at the Spain facility, which is the primarily
supplier for the U.S. and European markets.

For the first nine months of 2006, AMO's eye care sales were US$208.6
million and represented approximately 28 percent of total sales.  The
company's largest eye care markets are the Americas and Europe, which
represented 34% and 28% of total eye care sales, respectively, for the first
nine months of 2006.  For this same period, Japan and Asia Pacific eye care
sales were 24 percent and 14 percent of total eye care sales.

                 About Advanced Medical Optics

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://wwwamo-inc.com/-- develops, manufactures
and markets ophthalmic surgical and contact lens care products.
AMO employs approximately 3,600 worldwide.  The company has
operations in 24 countries and markets products in 60 countries including
Puerto Rico and Brazil.

                        *    *    *

In October 2006, Fitch simultaneously affirmed and withdrew its ratings for
Advanced Medical Optics Inc.

Affected ratings include the company's 'B+' Issuer Default Rating and
'BB+/RR1' Senior Secured Credit Facility Rating.

Additionally, Moody's Investors Service confirmed its B1 Corporate Family
Rating for Advanced Medical Optics in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-Default
rating methodology.


CENTENNIAL COMM: Selling Dominican Republic Business to Trilogy
---------------------------------------------------------------
Centennial Communications Corp. has concluded its review of strategic and
operational alternatives for its Dominican Republic operations and entered
into a definitive agreement to sell its wholly owned subsidiary, All America
Cables and Radio, Inc., to Trilogy International Partners for approximately
US$80 million in cash.  The transaction is expected to close towards the end
of the first calendar quarter of 2007, subject to the satisfaction of
customary closing conditions including regulatory approval for the transfer
of Centennial Dominicana's telecommunications concession.

Centennial Dominicana operates an integrated wireless and broadband network
that served approximately 388,900 wireless subscribers as of Aug. 31, 2006.
Adjusted operating income and capital expenditures attributable to
Centennial Dominicana for the fiscal year ended May 31, 2006, were both
approximately US$11 million.

"This business has been a solid performer for Centennial during the last six
years, and we continue to believe the Dominican Republic is an attractive
and growing market," said Michael J. Small, Chief Executive Officer of
Centennial.  "Additional investment in this operation was not consistent
with our renewed commitment to deleveraging, and we believe that monetizing
our Dominican Republic asset at this time was the best alternative for our
shareholders."

"We are excited to add Centennial Dominicana to our portfolio of wireless
investments," said Brad Horwitz, President and CEO of Trilogy International
Partners.  "We are convinced that there are significant opportunities for
growth in the Dominican Republic's wireless market and we look forward to
working with Centennial Dominicana's staff to support their efforts to
expand the system's coverage area and to attract subscribers."

Waller Capital Corporation, a telecommunications-focused investment bank,
served as exclusive financial advisor to Centennial on this transaction.
Trilogy International's exclusive financial adviser was Deutsche Bank
Securities, Inc.

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

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

                        *    *    *

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


PIER 1 IMPORTS: Gets NYSE Notice of Unusual Stock Trading
---------------------------------------------------------
Pier 1 Imports Inc. received a notice from the New York Stock Exchange of an
unusual trading activity in the Company's stock.

The Company disclosed that the NYSE has asked it to respond by press release
to the unusual activity.

Pier 1 Imports says that it is not the Company's policy to comment on market
rumors or speculation including unusual market activity.

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.


SOLECTON: Board Votes Termination of Stockholder's Rights Plan
--------------------------------------------------------------
Solectron Corp.'s board of directors has voted to terminate the company's
stockholder rights plan, or "poison pill."

In addition, the Board established a new corporate governance policy
providing that any future poison pill will require stockholder approval
prior to adoption.  The new policy does, however, give the Board limited
discretion to adopt a new stockholder rights plan without first seeking
stockholder approval if a majority of the independent directors believes the
implementation of a rights plan is necessary for the proper exercise of the
Board's fiduciary responsibilities.  In such a circumstance, the rights plan
would need ratification by the company's stockholders within twelve months
of adoption, or it would automatically expire.

"Our decision to terminate the stockholder rights plan and establish this
new policy reflects the Board's continuing commitment to corporate
governance best practices," said Michael Cannon, Solectron's President and
Chief Executive Officer.  "The Board believes that our new policy balances
our stockholders' concerns and the protection of our stockholders' best
interests."

The Board's actions will accelerate the expiration date of the company's
current stockholder rights plan to Nov. 27, 2006.  It was due to expire in
July 2011.

Solectron Corp. (NYSE:SLR) -- http://www.solectron.com/--  
provides a full range of electronics manufacturing and supply
chain management services to the world's leading networking,
telecommunications, computing, consumer, automotive, industrial
and medical device firms.  The company's industry-leading Lean Six Sigma
methodology, (Solectron Production System(TM), provides OEMs with low cost,
flexibility and quality that improves competitive advantage.  Solectron's
service offerings include new product introduction, collaborative design,
materials management, product manufacturing, product warranty repair and
end-of-life support.  Based in Milpitas, California, Solectron operates in
more than 20 countries on five continents and had sales from continuing
operations of US$10.4 billion in fiscal 2005.  The company has operations in
Brazil, Mexico and Puerto Rico.

                        *    *    *

Moody's Investors Service affirmed on Nov. 21, 2006, the B1 Corporate Family
Rating of Solectron Corporation and other ratings affirmed included the B3
ratings of its US$450 million Convertible Senior Notes due 2034 and the
US$150 million Senior Subordinated Notes due 2016 guaranteed by it.  The
ratings reflect both the overall probability of default of the company, to
which Moody's assigns a PDR of B1, and a loss given default of LGD 4.  The
rating outlook was revised to positive.


SOLECTON CORP: Moody's Affirms B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating of
Solectron Corporation and other ratings affirmed included the B3 ratings of
its US$450 million Convertible Senior Notes due 2034 and the US$150 million
Senior Subordinated Notes due 2016 guaranteed by it.  The ratings reflect
both the overall probability of default of the company, to which Moody's
assigns a PDR of B1, and a loss given default of LGD 4.  The rating outlook
was revised to positive.

The change in the outlook reflects:

   (i) significant de-leveraging over the past 2-3 years which
       resulted in improved credit ratios
       (leverage and coverage);

  (ii) recent improvements though still modest in financial
       performance especially over the second half of fiscal
       2006;

(iii) the expectation of stronger performance in fiscal 2007 in
       terms of revenue growth, profitability and free-cash-flow
       generation;

  (iv) a liquid balance sheet with a net cash position and no
       significant maturity over the next 3 years; and

   (v) the franchise value of Solectron as a tier one EMS
       provider in the electronic supply chain.

The outlook also incorporates the announcement of Solectron's restructuring
program that is scheduled to be completed in the current fiscal year.  The
company expects to consolidate and/or close down 700,000 square feet of
facilities in US and Western Europe and reduce headcount by about 1400
persons.  About US$60 million of total charges are associated with this
phase with annual cost savings estimated at about US$30 million.

The B1 rating continues to reflect:

   (i) the intensely competitive landscape in the EMS industry
       with Asian competitors posing a more serious threat;

  (ii) the volatile nature of the EMS industry and the on-going
       consolidating trend by EMS' OEM customers which further
       accentuates the lumpiness of the sector's (including
       Solectron's) key customers;

(iii) Solectron's modest revenue growth of 1.1% in an
       environment of favorable end-market demand of over 10%
       CAGR, coupled with a preponderance of revenues (over 70%
       of total) in the traditional end-markets;

  (iv) still weak albeit improving profitability and return
       measures; and

   (v) negative free cash flow partly impacted by inventory
       build up in fiscal 2006.

Moody's affirmed these ratings:

   -- Corporate family rating B1;

   -- Probability-of-default rating B1;

   -- US$450 million 0.5% Convertible Senior Notes due 2034 at
      B3 (LGD 5, 89%);

   -- US$150 million 8.0% Senior Subordinated Notes due 2016,
      B3 (LGD 5, 89%);

Moody's withdrew this rating on Nov. 15, 2006:

   -- US$64 million 7.97% Subordinated Debentures due November
      2006, B3 (LGD 6, 95%).

The rating could be revised upward if:

   (i) there is further evidence of revenue stability and
       growth and diversification partly due to growth in non-
       traditional end-markets; and

  (ii) improvement in profitability and return metrics and
       better working capital management to result in positive
       free-cash-flow.

Moody's will also be monitoring the success of the company's restructuring
program and its impact on profitability.  Moody's does not foresee
Solectron's corporate family rating to falling below the current B1 unless
significant developments resulting in deterioration of revenue, return and
cash flow measures.

Solectron Corporation, headquartered in Milpitas, California, is a leading
electronics manufacturing and services i.e. customized, integrated
manufacturing and supply chain management services, provider to OEMs in the
electronics industry.  For the twelve months ended Aug. 2006, the company
generated approximately US$10.5 billion in net sales and US$342 million in
adjusted EBITDA. The company's Latin American operations are located in
Brazil, Mexico and Puerto Rico.


TRAILER BRIDGE: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of its
Probability-of-Default and Loss-Given-Default rating methodology for the
Transportation sector, the rating agency confirmed its B3 Corporate Family
Rating for Trailer Bridge, Inc., and held its B3 rating on the company's
Guaranteed Senior Secured Global Notes Due 2011.  Additionally, Moody's
assigned an LGD3 rating to those bonds, suggesting bondholders will
experience a 46% loss in the event of a default.

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

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

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

Based in Jacksonville, Florida, Trailer Bridge, Inc. --
http://www.trailerbridge.com/-- an integrated trucking and marine freight
carrier, provides truckload freight transportation primarily between the
continental United States and Puerto Rico. The company offers highway
transportation services in the continental United States, and marine
transportation between Jacksonville, Florida and San Juan, Puerto Rico.  It
provides southbound containers and trailers, as well as moves new
automobiles, used automobiles, noncontainerized or freight not in trailers,
and freight moving in shipper-owned or leased equipment.




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


BRITISH AIRWAYS: Launching Service in Port of Spain
---------------------------------------------------
British Airways Plc will start service from Port of Spain to London Gatwick
on March 28, 2007, the Caribbean 360 reports.

The Caribbean 360 relates that British Airways had stopped the service for
more than 10 years.

According to the Caribbean 360, there will be three flights each week from
Port of Spain via Barbados on a Boeing 777.

Dr. Oliver King, commercial senior vice president of British Airways' Latin
America and Caribbean operation, told the Caribbean 360, "We are delighted
to be starting service from Port of Spain.  The city becomes British
Airways' tenth destination in the Caribbean where we already serve
Trinidad's neighboring island, Tobago.  Port of Spain is the industrial
capital of the Southern Caribbean as well as a thriving leisure destination.
We look forward to offering residents a gateway to Europe and to welcoming
visitors to the island."

The Caribbean 360 states that British Airways will have 36 flights per week
between the Caribbean and London, serving:

          -- Antigua,
          -- Bridgetown,
          -- Grand Cayman,
          -- Grenada,
          -- Kingston,
          -- Nassau,
          -- St. Lucia,
          -- Providenciales, and
          -- Tobago.

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.


PAYLESS SHOESOURCE: Joins Exeter in Launching Tailwind Brand
------------------------------------------------------------
Payless ShoeSource and Exeter Brands Group, a wholly owned subsidiary of
Nike, Inc., have partnered to launch a unique new brand of stylish
performance athletic shoes called Tailwind designed to fill a
high-growth-potential market in the women's athletic footwear category for
shoes that combine contemporary fashion appeal with technical performance.

The Tailwind branded product, expected to retail initially at under US$35 a
pair, will be available exclusively at Payless stores and Payless.com
beginning in spring 2007.

"Payless' mission is to democratize fashion, design and innovation in
footwear and accessories, and we are thrilled to partner with Exeter to
create the Tailwind brand and bring this unique new line to consumers," said
Matt Rubel, CEO of Payless.  "Through our collaborative work, this unique
fashion-meets-performance collection celebrates expressive women who want
the comfort and quality of a serious performance shoe combined with the fun
of the latest fashion trends -- all at a great value."

The agreement is a multi-year deal with Exeter designing and producing the
styles, Exeter and Payless jointly launching the brand, and Payless serving
as the exclusive retailer of the Tailwind branded footwear line.  The
Tailwind brand will launch with six women's styles featuring innovative
cushioning gel and support technologies designed by Exeter designers in
collaboration with the Nike Sports Research Lab. By back-to-school season
next year, the Tailwind branded line is expected to include girl's and
accessory items as well.

"Today's announcement is terrific news and is a step forward for Nike Inc.'s
strategy for Exeter to develop multiple brands that deliver innovative
products to distinct consumer groups," said Lee Bird, president of Nike,
Inc. Subsidiaries, who leads new business development and long-term growth
strategies for the company's Converse, Cole Haan, Hurley International, Nike
Bauer Hockey Inc., and Exeter Brands Group businesses.

As part of the partnership, Exeter and Payless will jointly market the
Tailwind brand.  Brandi Chastain, a key member of the 1999 USA World
Cup-winning soccer team and 1996 U.S. Olympic soccer team, will be among the
athletes featured in the Tailwind campaign.

"We are truly excited to work with a retailer like Payless, the nation's
leading footwear retailer, in its mission to democratize innovation and
design in the footwear and accessories category," said Lisa Kempa, president
of Exeter.  "This new Tailwind branded line is going to strike a positive
chord with women consumers who want performance, innovation, style and fun
at a great price."

The launch of the Tailwind brand is an important initiative in Payless'
House of Brands business strategy to offer a range of brands in its stores.
Tailwind joins Champion, Airwalk, Spalding, and Shaquille O'Neal endorsed
Dunkman and the Dunkman Game Shoe lines -- all among the family footwear and
accessory brands offered today at Payless stores and on Payless.com.
Earlier this year, Payless disclosed the acquisition of the American Eagle
brand, and a co-branded line of authentic dance shoes with American Ballet
Theatre (America's National Ballet Company) called ABT for Spotlights.  The
American Eagle, ABT for Spotlights and Tailwind brands are all due to launch
in Payless stores early next year.

Headquartered in Topeka, Kansas, Payless ShoeSource, Inc., --
http://www.payless.com/-- is a family footwear specialty retailer with
4,605 retail stores, as of fiscal yearend Jan. 28, 2006 (fiscal 2005),
including 22 stores not open for operations.  The Company's Payless
ShoeSource retail stores in the United States, Canada, the Caribbean,
Central America, South America and Japan sold 182 million pairs of footwear,
in fiscal 2005.  The Company operates its business in two segments --
Payless Domestic and Payless International.  The Payless Domestic segment
includes retail operations in the United States, Guam and Saipan.  The
Payless International segment includes retail operations in Canada; Puerto
Rico; the United States Virgin Islands; Japan; the South American Region,
which includes Ecuador, and the Central American Region, which includes
Costa Rica, Guatemala, El Salvador, the Dominican Republic, Honduras,
Nicaragua, Panama and Trinidad and Tobago.

                        *    *    *

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the US
and Canadian Retail sector, the rating agency confirmed its Ba3 Corporate
Family Rating for Payless ShoeSource, Inc., and upgraded its B2 rating on
the company's US$200 million 8.25% senior subordinated notes to B1.

Moody's also assigned an LGD4 rating to notes, suggesting noteholders will
experience a 64% loss in the event of a default.


PAYLESS SHOESOURCE: Posts US$28.9MM Earnings in Third Quarter
-------------------------------------------------------------
Payless ShoeSource, Inc., reported that for the third quarter of fiscal
2006, which ended Oct. 28, 2006, diluted earnings per share increased to
US$0.43 from US$0.32 during the third quarter of fiscal 2005.  The company
recorded net earnings of US$28.9 million during the third quarter 2006
compared with US$21.9 million during the third quarter 2005.  The company
has presented the operations of Japan for fiscal years 2006 and 2005 as
discontinued operations.

Third quarter 2006 results include a loss of (US$0.03) per diluted share
relating to discontinuing retail operations in Japan. The company is
substantially complete with the exit process. In addition, results for the
third quarter include a favorable income tax impact of US$0.03 per diluted
share for changes in the effective income tax rate.

During the first nine months of 2006, net earnings were US$97.4 million and
diluted earnings per share were US$1.45.  This compares with net earnings of
US$72.0 million and diluted earnings per share of US$1.06 in the first nine
months of 2005, a 37% increase in diluted earnings per share year-to-date.

Third quarter and year-to-date results include expenses relating to the
company's adoption of SFAS 123(R), "Share Based Payment," effective at the
beginning of fiscal 2006. The incremental impact of SFAS 123(R) on net
earnings for the third quarter 2006 was approximately US$2 million pre-tax,
or (US$0.02) per diluted share.  For the first nine months of fiscal 2006,
the incremental impact of SFAS 123(R) was approximately US$6 million
pre-tax, or (US$0.06) per diluted share.  The company currently estimates
that the incremental impact of SFAS 123(R) on full year results for fiscal
2006 will be approximately US$8 million pre-tax, or (US$0.08) per diluted
share.

Net earnings from continuing operations were US$30.6 million in the third
quarter 2006, compared with net earnings from continuing operations of
US$22.4 million in the third quarter 2005.  Diluted earnings per share from
continuing operations increased during the third quarter 2006 to US$0.46
from US$0.33 in the third quarter 2005.

During the first nine months of 2006, net earnings from continuing
operations were US$100.4 million, compared with net earnings from continuing
operations of US$77.1 million in the first nine months of fiscal 2005.
Diluted earnings per share from continuing operations increased to US$1.49
in the first nine months of fiscal 2006, compared with US$1.14 per diluted
share in the first nine months of fiscal 2005.

                  Discontinued Operations

Discontinued operations include the performance of Japan retail operations
as well as disposal costs relating to the exit of retail operations in the
country.  The company incurred a loss from discontinued operations of US$1.7
million, net of income taxes and minority interest, or (US$0.03) per diluted
share in the third quarter fiscal 2006 compared with a loss of US$0.5
million or (US$0.01) per diluted share in the third quarter fiscal 2005.
Losses from discontinued operations were US$3.0 million, net of income taxes
and minority interest, or (US$0.04) per diluted share in the first nine
months of fiscal 2006, compared with a loss of US$5.1 million or (US$0.08)
per diluted share in the first nine months of fiscal 2005.

"We are pleased with our results in the third quarter," said Matthew E.
Rubel, Chief Executive Officer and President of Payless ShoeSource, Inc.
"We saw gains in sales and earnings, driven both by an increase in average
retail and an increase in footwear units sold. Our new product, store format
and service initiatives are clearly resonating across all customer types and
store sizes."

             Results from Continuing Operations

Sales during the third quarter 2006 totaled US$703.4 million, a 5.5%
increase from US$666.5 million during the third quarter 2005.  Same-store
sales increased 5.2% during the third quarter 2006.  Average unit retail for
footwear increased by 5.9 percent, and footwear unit sales increased by 1.1%
relative to the same period last year.

Sales during the first nine months of 2006 totaled US$2.10 billion, a 2.4%
increase over the first nine months of 2005.  During the first nine months
of 2006, same-store sales increased 2.6%.

Gross margin was 34.3% of sales in the third quarter 2006 versus
32.8% in the third quarter 2005. The increase was driven primarily by higher
initial mark-on relative to last year. During the first nine months of 2006,
gross margin was 35.2% of sales versus 34.0 percent in the first nine months
of 2005.

Selling, general and administrative expenses were 28.0% of sales in the
third quarter 2006 versus 27.5% in the third quarter 2005.  The increase was
driven primarily by increased costs for employee incentive programs.  During
the first nine months of 2006, selling, general and administrative expenses
were 28.0% of sales versus 28.2% in the first nine months of 2005.

The company's effective income tax rate was 29.6% during the third quarter
2006, which included an adjustment to reflect the reduced projected
effective tax rate for the year. For the full fiscal year 2006, the
effective income tax rate is expected to be approximately 33 percent,
excluding discrete events.

                        Balance Sheet

The company ended the third quarter 2006 with cash, cash equivalents and
short-term investments of US$472 million, an increase of US$35 million over
the cash, cash equivalents and short-term investment balance as of the end
of fiscal 2005.

Total inventories at the end of the third quarter 2006 were US$349 million,
compared with US$342 million at the end of third quarter 2005.  Inventory
per store at the end of the third quarter increased by 3.0% compared with
the same period last year. The increase was primarily driven by an increase
in raw materials due to a higher percentage of product sourced directly by
the company.  The company believes its inventory is well positioned, with a
low level of aged merchandise.

                   Capital Expenditures

Cash used for capital expenditures was US$36.8 million during the third
quarter 2006.  During fiscal year 2006, Payless expects capital expenditures
to be approximately US$127 million.  This represents a US$7.0 million
increase over the previously estimated capital expenditures for fiscal 2006,
primarily due to initial costs associated with the West Coast distribution
center.

                        Store Count

In the third quarter 2006, the company opened 9 new stores and closed 19,
for a net decrease of 10 stores. The company also relocated 21 stores.  The
store count as of the end of the third quarter 2006 was 4,574.  During
fiscal year 2006, the company intends to open approximately 65 new stores
and close approximately 75, for a net decrease of 10 stores.  The company
also intends to relocate approximately 110 stores.

                      Share Repurchase

The company's capital allocation strategy is designed to fund both the
necessary investments to improve the business and use available cash flow to
return more immediate value to shareowners.

During the third quarter of 2006, the company repurchased US$35 million, or
approximately 1.5 million shares of common stock under its stock repurchase
program.  Under the indenture governing the company's 8.25% Senior
Subordinated Notes, the company may repurchase approximately an additional
US$19 million of common stock. This limit will continue to adjust quarterly
based on the company's net earnings.

                    Fiscal 2006 Outlook

Payless ShoeSource remains committed to its long-standing goal to achieve
low single-digit positive same-store sales on a consistent basis, through
successful execution of its merchandising strategies. The company does not
provide guidance for sales, earnings or margins. However, the company's
business model and strategy are designed to leverage sales performance, and
the goal is to achieve earnings per share growth in the mid-teens over time.

Additional financial metrics for fiscal 2006 are expected to include:

   -- Depreciation and amortization of approximately
      US$90-US$95 million;

   -- Cash used for capital expenditures is expected to be
      approximately US$127 million; and,

   -- Working capital should be approximately neutral, subject
      to normal seasonal fluctuations.

Headquartered in Topeka, Kansas, Payless ShoeSource, Inc.,
-- http://www.payless.com/-- is a family footwear specialty retailer with
4,605 retail stores, as of fiscal yearend
Jan. 28, 2006 (fiscal 2005), including 22 stores not open for operations.
The Company's Payless ShoeSource retail stores in the United States, Canada,
the Caribbean, Central America, South America and Japan sold 182 million
pairs of footwear, in fiscal 2005.  The Company operates its business in two
segments -- Payless Domestic and Payless International.  The Payless
Domestic segment includes retail operations in the United States, Guam and
Saipan.  The Payless International segment includes retail operations in
Canada; Puerto Rico; the United States Virgin Islands; Japan; the South
American Region, which includes Ecuador, and the Central American Region,
which includes Costa Rica, Guatemala, El Salvador, the Dominican Republic,
Honduras, Nicaragua, Panama and Trinidad and Tobago.

                        *    *    *

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the US
and Canadian Retail sector, the rating agency confirmed its Ba3 Corporate
Family Rating for Payless ShoeSource, Inc., and upgraded its B2 rating on
the company's US$200 million 8.25% senior subordinated notes to B1.

Moody's also assigned an LGD4 rating to notes, suggesting noteholders will
experience a 64% loss in the event of a default.




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


INTERPUBLIC GROUP: Begins Exchange Offer of US$250 Mil. Notes
-------------------------------------------------------------
The Interpublic Group of Companies, Inc., has launched an offer to exchange
up to US$250 million principal amount of its new Floating Rate Notes due
2010 for the same principal amount of its old Floating Rate Notes due 2008.
This exchange offer is being conducted only with qualified institutional
buyers that currently hold the old notes and is exempt from registration
under Section 4(2) of the Securities Act of 1933, as amended.  The offer
will expire, unless extended by Interpublic, at 12:00 midnight, New York
City time, on Dec. 21, 2006.

Interpublic is offering eligible holders US$1,000 principal amount of its
new notes for each US$1,000 principal amount of its outstanding old notes,
plus an early participation payment of US$41.25 in cash per US$1,000
principal amount of old notes exchanged.

To be eligible to receive the early participation payment and for early
settlement of their old notes, holders of old notes must validly tender and
not subsequently validly withdraw their old notes prior to 5:00 p.m., New
York City time, on
Dec. 7, 2006, the early participation date.

Holders that validly tender their old notes after the early participation
date will not receive the early participation payment. Exchanging holders
will also receive a cash payment in the amount of accrued but unpaid
interest on their old notes up to, but not including, the initial settlement
date.  The initial settlement date, on which Interpublic will accept for
settlement old notes that have been validly tendered and not subsequently
validly withdrawn, will occur upon the satisfaction or waiver of certain
conditions to the initial acceptance of the old notes and will be on or
after the early participation date.

Interest on the new notes will be payable quarterly in arrears beginning
Feb. 15, 2007.  The new notes will differ from the old notes in that the new
notes will

   (i) mature in November 2010 (instead of July 2008),

  (ii) bear interest at a per annum rate equal to three-month
       LIBOR plus 200 basis points (instead of three-month LIBOR
       plus 325 basis points) and

(iii) benefit from the terms of a registration rights agreement
       between Interpublic and the dealer manager for the
       exchange offer.  The terms of the new notes are otherwise
       substantially identical to those of the old notes.

The holder of approximately 45% of the aggregate principal amount of old
notes outstanding has agreed to tender its old notes pursuant to the
exchange offer and not to withdraw those old notes so long as the exchange
offer is not amended in an adverse manner.

The new notes have not been and, at the time of the closing of the
transaction, will not be registered under the Securities Act or any state
securities laws.  They may not be offered or sold in the United States
absent registration under, or an applicable exemption from, the registration
requirements of the Securities Act and applicable state securities laws.

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 16, 2006, Standard &
Poor's Ratings Services assigned a 'B' rating to the proposed US$400 million
4.25% convertible senior notes due 2023 of Interpublic Group of Cos. Inc.
(B/Watch Neg/B-3), which are being issued on a private basis in exchange for
the same principal amount of its old, 4.5% convertible senior notes due
2023.  At the same time, the rating on these notes was placed on CreditWatch
with negative implications.  The new notes differ from the old notes
principally in the lower interest rate, an extension of the date upon which
they will be callable, and an extension of the dates upon which they will be
subject to repurchase at the investor's option.


INTERPUBLIC GROUP: S&P Rates US$250MM Floating-Rate Notes at B
--------------------------------------------------------------
Standard & Poor's Ratings Services says that it assigned a 'B' rating to
floating-rate notes due 2010 proposed by Interpublic Group of Cos. Inc.
(B/Watch Neg/B-3), to be issued in exchange for the same principal amount of
its old floating-rate notes due 2008.  At the same time, Standard & Poor's
placed the rating on these notes on CreditWatch with negative implications.
The new notes differ from the old notes principally in the lower interest
rate and an extension of the maturity date.

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

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

                        Ratings List

Ratings Remaining On CreditWatch

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

New Rating; CreditWatch/Outlook Action

Interpublic Group of Cos. Inc.
US$250 Million Floating-Rate Notes           B/Watch Neg

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




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


HARVEST NATURAL: Pays VEB36.6 Billion to Seniat
-----------------------------------------------
Harvest Vinccler, Harvest Natural Resources' Venezuelan unit, pays Seniat,
the tax authority of Venezuela, VEB36.6 billion.

As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2006,
the Venezuelan government had implemented a retroactive increase on taxes
for oil companies.  Tax rates were raised to 50% from 34%.  As a result,
Seniat ordered Harvest Vinccler in July 2005 to pay over VEB202 billion.
Harvest Vinccler paid VEB157 billion.

Business News Americas relates that the VEB36.6 billion covers back taxes
and interest for 2001-04.

Harvest Vinccler still owes Seniat VEB8.4 billion for the period, BNamericas
reports.

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--  
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging. Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, C.A., which operates the South Monagas Unit in
Venezuela.

                        *    *    *

Harvest Natural Resources carries these ratings from Moody's
Investor Service since Sept. 17, 2004:

     -- Issuer Rating, Caa1
     -- Long-Term Corp. Family Rating, B3
     -- Senior Unsecured Debt, B3


PETROLEOS DE VENEZUELA: Disputes Int'l Agency's Oil Estimates
-------------------------------------------------------------
The directors of Petroleos de Venezuela, the state-run oil company of
Venezuela, has accused the International Energy Agency of wrongly estimating
the Venezuelan oil production, El Universal reports.

Petroleos de Venezuela had warned the public in a press release against the
International Energy's estimates.

According to El Universal, the Venezuelan government claimed an oil
production of 3.3 million barrels per day, while independent companies like
the International Energy, the Organization of Exporting Petroleum Countries
and the US Energy Information Administration said that the domestic oil
output is almost 2.5 million barrels per day.

Lawrence Eagles, the International Energy's director for short- and
medium-term analysis of the oil market, told El Universal, "There has been a
difference between the Venezuelan official data and the data that are used
by a large proportion of the analytical community specialized in oil
matters."

Petroleos de Venezuela claimed that it invited the International Energy
technicians and directors to Venezuela to match their own statistics with
the official numbers.  The International Energy did not respond, El
Universal notes.

"This shows their unwillingness to delve into the issue," Petroleos de
Venezuela said in a statement.

However, Mr. Eagles told El Universal that he was unaware of any official
invitation to examine the data on the Venezuelan oil production.  Some
months ago, the International Energy's representatives visited Venezuela to
participate in a workshop on energy statistics aimed at improving the
quality of data from South America.

The only way to solve the difference is by means of more transparent data,
El Universal says, citing Mr. Eagles.

"We are interested in seeing the integral data, which show exactly where the
difference comes from," Mr. Eagles told El Universal.

Petroleos de Venezuela SA -- http://www.pdv.com/-- 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.  The company has a commercial office in China.

                        *    *    *

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


PETROLEOS DE VENEZUELA: Selling Component at Amuay Refinery
-----------------------------------------------------------
Operators told El Universal that Petroleos de Venezuela, the state-owned oil
company of Venezuela, is selling one of the components used in its Amuay
plant.

Reuters relates that the component is a highly sulfurous fuel oil that
usually undergoes fluid catalytic cracking to get a cleaner gasoline.

Amuay is in western Venezuela and is one of the world's biggest refinery.
Its catalytic cracking unit was shut down on Sept. 16 for a six-week
maintenance, El Universal reports.

Petroleos de Venezuela SA -- http://www.pdv.com/-- 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.  The company has a commercial office in China.

                        *    *    *

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.


                         ***********


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

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