TCRLA_Public/061130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 30, 2006, Vol. 7, Issue 238

                          Headlines

A R G E N T I N A

BANCO MACRO: Offering US$150MM Subordinated Debt Securities
GOKART SA: Verification of Proofs of Claim Is Until March 7
INFIPOST SRL: Deadline for Verification of Claims Is on Feb. 2
PRO-ECO-NOR: Claims Verification Deadline Is Set for Dec. 21
QUISPO SA: Last Day for Verification of Claims Is Set for Feb. 8

WENDY'S INTERNATIONAL: Completes Sale of Baja Fresh for US$31MM
ZONDA COLOR: Seeks for Court Approval to Reorganize Business

B A H A M A S

COMPLETE RETREATS: Assuming Client Pacts with Administaff
COMPLETE RETREATS: Wants Automatic Stay on M. Shelton Extended
WINN-DIXIE: Certain Stock Transfer May be Subject to Restriction

B E R M U D A

ANNUITY & LIFE: Panel Denies TARe Motion for Interim Security
SCOTTISH RE: AM Best Changes Ratings' Outlook to Positive
SCOTTISH RE: S&P Changes Ratings' Outlook to Positive

B O L I V I A

* BOLIVIA: Launching Talks for State Control of Transredes
* BOLIVIA: Will Launch Tender to Install 100 Telecentros

B R A Z I L

AGCO CORP: Prices US$175MM 1.25% Convertible Sr. Notes Offering
BANCO BMC: Moody's Assigns D- Bank Financial Strength Rating
BANCO BRADESCO: Paying Interest on Own Capital on Jan. 2, 2007
BANCO BRADESCO: Posts BRL2.01B First Nine-Month 2006 Premiums
BANCO NACIONAL: Raising BRL2 Billion from First Debenture Issue

COMPANHIA SIDERURGICA: Meets Pension Fund Trustees for Corus
DURA AUTOMOTIVE: Court Approves US$300 Million DIP Financing
DURA AUTOMOTIVE: Gets Court's Final Nod to Use Cash Collateral
LUCENT TECHNOLOGIES: Supports Upgrade of TV Cabo's Network
NOVELL INC: Launches Desktop-to-Data Center Management Solutions

PETROLEO BRASILEIRO: Inks Bioenergy Studies Pact with Codevasf
PETROLEO BRASILEIRO: Inks Study Pact with Juiz de Fora
PETROLEO BRASILEIRO: Wins Contract for SM-982 Block
TAM SA: Orders US$160MM V2500-Powered A320 from Pratt & Whitney
TELE NORTE: Awaiting Court Decision Before Holding Meeting

* BRAZIL: Will Meet with Paraguay to Examine Bilateral Affairs

C A Y M A N   I S L A N D S

3DLABS INTERNATIONAL: Proofs of Claim Filing Is Until Dec. 3
ABACIST MASTER: Last Day to File Proofs of Claim Is on Dec. 4
AENEAS GLOBAL: Creditors Must File Proofs of Claim by Dec. 5
ALMA HOLDINGS: Proofs of Claim Filing Deadline Is Set for Dec. 4
AMERINDO INTERNET: Court Sets Winding Up Hearing for Dec. 8

ATHENA LIBERTY: Calls Shareholders for Final Meeting Tomorrow
CENTRAL SEMICONDUCTOR: Proofs of Claim Must be Filed by Dec. 4
CORINTHIAN ASSURANCE: Final Shareholders Meeting Is on Dec. 4
CTMP II (GCM): Final Shareholders Meeting Is Set for Tomorrow
EVERGREEN PRIVATE: Last Shareholders Meeting Is Set for Tomorrow

ID (CAYMAN): Shareholders to Convene for Final Meeting Tomorrow
J.N. INVESTMENT: Final Shareholders Meeting Is Set for Tomorrow
NCAF COMPANY: Last Day to File Proofs of Claim Is on Dec. 4
SAPIC 98 (14): Invites Shareholders for Final Meeting Tomorrow
SAPIC 98 (18): Shareholders to Convene for Last Meeting Tomorrow

SAPIC 98 (23): Last Shareholders Meeting Is Set for Tomorrow
SECURED FUNDING: Filing of Proofs of Claim Is Until Dec. 4
SIRIUS FUND: Shareholders to Gather Tomorrow for Final Meeting
SIRIUS MASTER: Liquidator Presents Wind Up Accounts Tomorrow
WARNER LAMBERT: Shareholders Convene For Final Meeting Today

C O L O M B I A

BRIGHTPOINT INC: Earns US$8.7MM in Third Quarter Ended Sept. 30
MILLICOM INTERNATIONAL: Renames Colombia Movil as Tigo

C O S T A   R I C A

GNC CORP: Redeeming Shares of 12% Series A Pref. Stock on Dec. 4

E C U A D O R

* ECUADOR: Launches Tender to Aid Wind-Diesel Hybrid Project

J A M A I C A

AIR JAMAICA: Michael Conway Says Firm's Pilots Are Irresponsible
AIR JAMAICA: Posts JUS$7.8 Billion 2005 Loss

M E X I C O

BENQ CORP: Works with Berlitz to Bolster Sales
BURGER KING: Earns US$40 Million in Quarter Ended September 30
CINRAM INTERNATIONAL: Retains Credit Suisse as Financial Advisor
JABIL CIRCUIT: To Acquire All Shares of Taiwan Green Point
MERIDIAN AUTOMOTIVE: Reschedules Confirmation Hearing to Dec. 6

MERIDIAN AUTOMOTIVE: Files Revised Plan Compendium Exhibits
MERIDIAN AUTOMOTIVE: Wants to Ink Exit Financing from Deutsche
METROFINANCIERA: Inks Warehousing Credit Line with IFC & Merrill
NORTEL: Orange Business Launches SIP Multimedia Services
SATELITES MEXICANOS: First Amended Chapter Plan is Now Effective

VITRO SA: To Build New Glass Containers Plant in Toluca

* MEXICALI: Moody's Issues Joint Default Analysis
* MUNICIPALITY OF REYNOSA: Moody's Issues Joint Default Analysis
* STATE OF MORELOS: Moody's Releases Joint Default Analysis
* STATE OF SINALOA: Moody's Releases Joint Default Analysis

P A N A M A

CHIQUITA BRANDS: Eyes Yearly Productivity Increase
GRUPO BANISTMO: HSBC Merger Completion Will Take Up to 9 Months

P A R A G U A Y

INTERPUBLIC GROUP: Declares Dividends on A & B Preferred Stock

* PARAGUAY: Will Meet with Brazil to Examine Bilateral Affairs

P U E R T O   R I C O

ADELPHIA COMMS: ACC Sr. Noteholders Own USUS$1.081 Bil. of Notes
ADELPHIA: Bracewell & Giuliani Represents Non-Agent Lenders
MUSICLAND: Panel's Claim Filing Period Extended to Jan. 31, 2007
PILGRIM'S PRIDE: Gold Kist Urges Holders Not to Tender Shares
SEARS HOLDINGS: Offer for Sears Canada Shares Expired on Nov. 27

T R I N I D A D   &   T O B A G O

BRITISH WEST: Government to Hold Majority Stake in New Airline

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Files Form 20-F with US SEC

* Fitch Issues Study on Structured Finance's Default Experience
* IDB Calls for Action to Increase Sustainable Energy Investment
* WB Ranks Eastern Caribbean States on Ease of Doing Business
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BANCO MACRO: Offering US$150MM Subordinated Debt Securities
-----------------------------------------------------------
Banco Macro SA, fka Banco Macro Bansud SA, said in a press statement that it
will offer up to US$150 million of 30-year non-cumulative junior
subordinated debt securities in the fourth quarter of 2006.

Banco Macro told Business News Americas that the debt securities will be
issued under the Argentine Tier 1 Rules as part of a new funding program.
Proceeds from the sale will be used to grant loans under the Argentine
central bank guidelines.

BNamericas relates that Allaria Ledesma, a local analyst at Guido Bizzozero,
believed that with the offering, the debt will be considered part of equity.

Mr. Ledesma told BNamericas, "The bank (Banco Macro) will use these fresh
funds to expand its loan capacity as the system's deposits are mostly
short-term."

Banco Macro has one of the lowest debt ratios in the system, BNamericas
says, citing Mr. Ledesma.

The subscription period for Banco Macro's debt securities will run from Nov.
28 to Dec. 11, BNamericas states.

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macrobansud.com.ar/-- fka Banco Macro Bansud SA, offers
traditional commercial banking products and services to small and
medium-sized companies, companies operating in regional economies, and to
low and middle-income individuals.  Banco Macro offers savings and checking
accounts, credit and debit cards, consumer finance loans, other
credit-related products and transactional services to its individual
customers, and small and medium-sized businesses through its branch network.
It also offers Plan Sueldo payroll services, lending, corporate credit
cards, mortgage finance, transaction processing and foreign exchange.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 25, 2006,
Fitch Ratings has assigned the following ratings to Banco Macro
SA:

   -- Foreign and local currency long-term Issuer Default
      Ratings: 'B+';

   -- Foreign and local currency short-term IDRs: 'B';

   -- Individual rating 'D'; and

   -- Support rating '5'.

Fitch said the rating outlook is stable.


GOKART SA: Verification of Proofs of Claim Is Until March 7
-----------------------------------------------------------
Ramon B. Fernandez, the court-appointed trustee for Gokart SA's bankruptcy
case, will verify creditors' proofs of claim until March 7, 2007.

Under the Argentine bankruptcy law, Mr. Fernandez is required to present the
validated claims in court as individual reports.  Court No. 21 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
Gokart and its creditors.

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

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

Gokart was forced into bankruptcy at the behest of Ramon Cabana, whom it
owes US$8,955.11.

Clerk No. 42 assists the court in the proceeding.

The debtor can be reached at:

          Gokart SA
          Florida 439
          Buenos Aires, Argentina

The trustee can be reached at:

          Ramon B. Fernandez
          Uriburu 1010
          Buenos Aires, Argentina


INFIPOST SRL: Deadline for Verification of Claims Is on Feb. 2
--------------------------------------------------------------
Jorge Hugo Basile, the court-appointed trustee for Infipost SRL's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 2, 2007.

Mr. Basile will present the validated claims in court as individual reports
on March 16, 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 Infipost 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 Infipost's accounting and banking
records will follow on Apr. 27, 2007.

Mr. Basile is also in charge of administering Infipost's assets under court
supervision and will take part in their disposal to the extent established
by law.

The trustee can be reached at:

          Jorge Hugo Basile
          Pt. J. E. Uriburu 782
          Buenos Aires, Argentina


PRO-ECO-NOR: Claims Verification Deadline Is Set for Dec. 21
------------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Pro-Eco-Nor SA's
reorganization proceeding, will verify creditors' proofs of claim until Dec.
21, 2006.

Ms. Grunblatt de Nobile will present the validated claims in court as
individual reports on March 7, 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 Pro-Eco-Nor 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 Pro-Eco-Nor's accounting and
banking records will follow on Apr. 18, 2007.

On Sept. 17, 2007, Pro-Eco-Nor's creditors will vote on a settlement plan
that the company will lay on the table.

The trustee can be reached at:

          Nelida Grunblatt de Nobile
          Felipe Vallese 1195
          Buenos Aires, Argentina


QUISPO SA: Last Day for Verification of Claims Is Set for Feb. 8
----------------------------------------------------------------
Rosa Gerscovich, the court-appointed trustee for Quispo SA's bankruptcy
case, will verify creditors' proofs of claim until Feb. 8, 2007.

Ms. Gerscovich will present the validated claims in court as individual
reports on March 22, 2007.  A court in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Quispo 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 Quispo's accounting and banking
records will follow on May 9, 2007.

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

The trustee can be reached at:

          Rosa Gerscovich
          Tucuman 540
          Buenos Aires, Argentina


WENDY'S INTERNATIONAL: Completes Sale of Baja Fresh for US$31MM
---------------------------------------------------------------
Wendy's International, Inc., completed its sale of Baja Fresh Mexican Grill
for approximately US$31 million.  Baja Fresh operates about 300 restaurants
in the United States.

The purchaser of Baja Fresh is a West Coast restaurant operating company
owned by a consortium of investment groups led by David Kim. Mr. Kim and his
team own or operate several restaurant concepts, including Sweet Factory,
Cinnabon and Denny's.

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.


ZONDA COLOR: Seeks for Court Approval to Reorganize Business
------------------------------------------------------------
Court No. 4 in Buenos Aires is studying the merits of Zonda Color SA's
petition to reorganize its business after it stopped paying its obligations.

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

Clerk No. 8 assists the court in the proceeding.

The debtor can be reached at:

          Zonda Color SA
          Moreno 794
          Buenos Aires, Argentina




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


COMPLETE RETREATS: Assuming Client Pacts with Administaff
---------------------------------------------------------
In a stipulation approved by the U.S. Bankruptcy Court for the
District of Connecticut, Complete Retreats LLC and its debtor-
affiliates agree to assume their client service agreements with
Administaff Companies II, L.P.

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Administaff Companies asked the Court to compel the Debtors to
assume or reject two client service agreements the Debtors entered into with
Administaff.

Administaff serves as a full-service human resources department
for small and medium-sized businesses throughout the United
States.  Administaff delivers personnel management services by
entering into a co-employment relationship with a client company
and its existing employees.

Before the Debtors' bankruptcy filing, Administaff entered into
two client service agreements with Debtors Preferred Retreats
Design Group, LLC, and Preferred Retreats, LLC.  The Client
Service Agreements were effective as of Jan. 24, 2004, and
Dec. 27, 2003.  The terms of the Agreements are continuous until
either Administaff or the Debtors terminate them in accordance
with their terms.

Pursuant to the Agreements, Administaff:

   -- acts as co-employer of the Debtors' employees;

   -- pays the salaries and wages of the Debtors' employees; and

   -- provides other personnel management services to the
      Debtors.

If the Debtors decided to assume the Service Agreements,
Administaff asks the Court to require the Debtors to provide
adequate assurance of future performance by prepaying all
salaries, wages, and charges in advance of the first pay day of
each payroll period.

In Administaff's behalf, Daniel E. Bruso, Esq., at Cantor Colburn LLP, in
Bloomfield, Connecticut, explained that Administaff pays the salaries and
wages of the Debtors' employees in arrears on a bi-weekly basis.  All
payroll checks are drawn on Administaff's account and Administaff collects
its fee to cover wages and other costs for each pay period by drafting on
the Debtors' account when the payroll is run.  As a result, Administaff
incurs financial obligations of approximately US$480,000 per pay period
before it is paid by the Debtors.

Mr. Bruso asserted that Administaff continues to incur liability
to the Debtors' employees but have no adequate assurance that the Debtors
will continue to pay their obligations to Administaff.

The Debtors, in November 2006, sought the Court's authority to
file a motion to assume, assume and assign or reject the Service
Agreements no later than Jan. 16, 2007.

The Debtors believe that Preferred Retreats LLC and Preferred
Retreats Design Group, L.L.C., are current on their obligations
under their client service agreements with Administaff Companies
II, L.P.

Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford, Connecticut, told the
Court that the Debtors are willing to prepare a motion either to assume or
to reject the Service Agreements within "a reasonable time", presumably
around mid January 2007.  The Debtors averred that this amount of time is
reasonable, especially in light of the fact that they are current on their
obligations under the Service Agreements.

                  About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 15; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Wants Automatic Stay on M. Shelton Extended
--------------------------------------------------------------
On Oct. 19, 2006, Robert Glanville, Lewis A. Halpert and Jonathan E. Walner,
members of Debtor Distinctive Retreats II, LLC, filed an action in the
Superior Court of the State of Connecticut, Judicial District of
Stamford/Norwalk, against:

   * Michael Shelton, an executive vice president of business
     development of Preferred Retreats Design Group, LLC, and an
     officer and member of the board of managers of each of
     Complete Retreats LLC and its debtor-affiliates' operating
     companies; and

   * Robert L. McGrath, the Debtors' founder and former chief
     executive officer.

In the State Court Action, the Plaintiffs seek to recover from
Mr. Shelton more than US$1,300,000, the purported amount of their membership
deposit claims against the Debtors, on the basis of alleged
misrepresentations made by Mr. Shelton as a
representative of the Debtors.

The claims alleged in the State Court Action are in essence the
same claims asserted by the Plaintiffs against the Debtors,
Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford, Connecticut, notes.
Consequently, a judgment against Mr. Shelton would detrimentally affect the
assets of the Debtors' estates.

Pursuant to Sections 105(a) and 362 of the Bankruptcy Court, the
Debtors ask the U.S. Bankruptcy Court for the District of
Connecticut to:

   (a) extend the Section 362(a) automatic stay protections to
       Mr. Shelton for the State Court Action; and

   (b) provide that if a party wishes to perform any actions
       contemplated by Section 362(a) with respect to or against
       Mr. Shelton, that party must seek the Court's permission
       for relief from the automatic stay.

Mr. Shelton is a key participant in the Debtors' reorganization
efforts, Mr. Daman relates.  Mr. Shelton is a member of the
management team most knowledgeable about the destination club
industry, competitive positioning, and pricing:

   -- who has assumed a lead role on the Debtors' senior
      management team in formulating the business plan upon
      which the Debtors' reorganization efforts are based; and

   -- who has been actively engaged in discussions and
      negotiations with potential investors in the Debtors and
      in working with those investors to formulate and enhance
      the Debtors' investment proposals.

Mr. Daman contends that the State Court Action's pendency
seriously threatens to distract Mr. Shelton from the performance
of his critical duties, which places the Debtors' current and
future prospects at great risk.

"Any party wishing to assert alleged claims against Mr. Shelton
would not be barred from doing so, but rather would be required
to satisfy the requirements of Section 362(a) before commencing
or continuing any action," Mr. Daman clarifies.

                     About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 15; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


WINN-DIXIE: Certain Stock Transfer May be Subject to Restriction
----------------------------------------------------------------
Winn Dixie Stores, Inc., disclosed that pursuant to its Amended and Restated
Articles of Incorporation, which became effective on Nov. 21, 2006, that the
number of the outstanding shares of its common stock (that shareholders
should take into account in determining their percentage stock ownership of
the company) is 54.5 million shares.

The company's Amended and Restated Articles of Incorporation provide that,
in certain circumstances, transfers of the company's common stock by certain
stockholders will be subject to advance notice requirements and possible
restriction or prohibition.  In this regard, the company notes that, to the
best of its knowledge, as of Nov. 21, 2006, there was no person who would
become a 5-percent shareholder of the company based on the distributions to
which such person was entitled as of
Nov. 21, 2006, pursuant to the company's plan of reorganization.

A description of these restrictions and a complete copy of the Amended and
Restated Articles of Incorporation are included in the company's Form 8-A/A,
which was filed with the U.S. Securities and Exchange Commission on Nov. 21,
2006, and may be obtained at http://www.sec.gov.

The company expects to again announce the number of the outstanding shares
of its common stock shortly following the beginning of calendar years 2007
and 2008.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.




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


ANNUITY & LIFE: Panel Denies TARe Motion for Interim Security
-------------------------------------------------------------
Annuity & Life Re (Holdings), Ltd., disclosed that the arbitration panel has
handed down its decision regarding Transamerica's motion for pre-hearing
security.

The decision stated in relevant part that, "The Panel denies, without
prejudice, the TARe Motion for Interim Security.  TARe may refile the Motion
for reconsideration at a later date, if it can provide a more substantive
record to support a 'good cause' basis to request Interim Security."

Annuity & Life and Transamerica entered into an agreement to novate the
company's reinsurance contracts with F&G and Scottish Re to Transamerica
effective Dec. 31, 2004.  The company is currently in a dispute with
Transamerica concerning both the F&G and Scottish Re aspects of the
novation.

With respect to F&G, Transamerica contends that there should be adjustments
to the policy benefit reserves transferred to Transamerica. On March 30,
2005, the company received a demand letter from Transamerica stating that
US$7,000,000 was owed to Transamerica as an adjustment to the F&G policy
benefit reserves.  On June 14, 2005, the company received an additional
letter from Transamerica revising its original demand to US$6,000,000. The
company and Transamerica were unable to resolve the issues through
negotiations and the matter is now in arbitration.

In addition, Transamerica asserted claims relating to the Scottish Re
contracts when it submitted its initial position statement to the
arbitration panel on July 20, 2006.  Specifically, Transamerica alleged that
it was entitled to damages of approximately US$45 million in connection with
the Scottish Re novation.  Transamerica also asserts that it is entitled to
rescind the novations of both the Scottish Re and F&G books.

Additionally, Transamerica requested that the arbitration panel award
interim relief in the form of a trust fund, to be established by Annuity and
Life Reassurance, Ltd., in the amount of US$51 million.  This amount is the
total damages claimed by Transamerica in connection with both the F&G and
Scottish Re books.  Transamerica contends that the amount should be held in
trust to secure payment of an ultimate award in the arbitration.
(Importantly, Annuity and Life Reassurance, Ltd., the company that is party
to the arbitration, had total assets of less than US$36 million at June 30,
2006.)

On July 27, 2006, the arbitration panel held its organizational meeting.  At
that meeting, the panel scheduled the arbitration hearing to take place
during the week of April 16, 2007.

Since the organizational meeting, the parties have proceeded both with
discovery, and with briefing on Transamerica's request for interim security.
In its latest brief, Transamerica stated that it is not seeking security in
an amount that would prevent the company from defending itself on the
merits, but suggested that it would be reasonable for the Arbitration Panel
to require security that would leave the company with only US$2 million in
unencumbered capital.  That would mean security of approximately US$30
million.  Briefing on the security issue was completed in early November,
and the Panel should soon render its decision on that issue.

The company believes Transamerica's position with respect to both the F&G
and Scottish Re books is without merit.  The company is working with counsel
in presenting its position to the arbitration panel.  The company cannot
predict the outcome of the arbitration proceedings or the impact the
arbitration may have on its financial position.

The company has been informed that Scottish Re's reinsurance settlements for
2004 and 2005 were incorrect and Scottish Re is making corrections.  These
corrections indicate that the company may have received overpayments of
premiums and may not have been billed for claims for which it may be
responsible.  In October 2006, Scottish Re provided a summary of those
corrections.  Approximately US$10 million would be owed by the company for
the period prior to the novation of the business to Transamerica. (It
appears that most of this amount is included in Transamerica's arbitration
claim against the company.)  The company has not been provided any data or
backup in order to validate the corrections and no additional liability has
been established at this time.  The company cannot predict the timing or
magnitude of any required adjustments related to the Scottish Re treaty, nor
the impact these adjustments may have on its financial position.

Annuity and Life Re (Holdings), Ltd. -- http://www.alre.bm/or
http://www.annuityandlifere.com/-- provides annuity and life reinsurance to
insurers through its wholly owned subsidiaries, Annuity and Life
Reassurance, Ltd., and Annuity and Life Reassurance America, Inc.

                    Going Concern Doubt

Chartered Accountants of Hamilton, Bermuda, raised substantial doubt about
Annuity and Life Re (Holdings), Ltd.'s ability to continue as a going
concern after it audited the company's annual report for 2004.  The auditor
pointed to the company's significant losses from operations and experience
of liquidity demands.


SCOTTISH RE: AM Best Changes Ratings' Outlook to Positive
---------------------------------------------------------
A.M. Best Co. has revised the under review implications to positive from
negative for the financial strength ratings of B and the issuer credit
ratings of "bb+" of the primary operating insurance subsidiaries of Scottish
Re Group Limited (Scottish Re) (Cayman Islands).  A.M. Best has also revised
the under review implications to positive from negative for the ICR of "b"
and all debt ratings of Scottish Re.

These rating actions reflect the recent announcement of an agreement with
Massachusetts Mutual Life Insurance Company and Cerberus Capital Management,
LP, whereby each would invest US$300 million into Scottish Re. Under the
proposed agreement, Scottish Re will issue convertible preferred shares,
which is the equivalent of a 68% ownership interest in the company.  The
capital investment would be permanent and if consummated, enable Scottish Re
to meet both its short-term and longer-term capital and cash flow needs.
Moreover, following a number of management actions, Scottish Re is now
reasonably positioned to upstream cash from the holding company to the
operating company, enabling it to make a bond repayment of US$115 million on
Dec. 6, 2006. The ratings will likely remain under review with positive
implications until the closing of the transaction, currently targeted for
mid-2007 and subject to regulatory and shareholder approvals.

Recently, A.M. Best downgraded Scottish Re's ratings based, in part, on its
third quarter Securities and Exchange Commission filing.  At that time,
Scottish Re's liquidity and collateral position was reported as very tight
over the near term and tenuous into 2007.  Although the immediate liquidity
concerns appear to have been alleviated, there is no certainty that the
transaction, which would provide the necessary capital and liquidity to
sustain longer-term operations, will close. Accordingly, the ratings will
remain under review as A.M. Best continues to closely monitor Scottish Re's
overall financial position and continues further discussions with management
regarding Scottish Re's future long-term business plans and strategy.

The FSRs of B and the ICRs of "bb+" remain under review, and the
implications have been revised to positive from negative for these
subsidiaries of Scottish Re Group Ltd.:

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

The ICR of "b" remains under review and the implication has been revised to
positive from negative for Scottish Re Group Ltd.

These debt ratings remain under review, and the implications have been
revised to positive from negative:

   Scottish Re Group Limited

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

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

   -- "ccc+" on US$125 million non-cumulative preferred shares

   Stingray Pass-thru Trust

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

These indicative ratings for debt securities under the shelf registration
remain under review, and the implications have been revised to positive from
negative:

   Scottish Re Group Limited

   -- "ccc+" on preferred stock;
   -- "b-" on subordinated debt; and
   -- "b" on senior unsecured debt.

   Scottish Holdings Statutory Trust II and III

   -- "b-"on preferred securities

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


SCOTTISH RE: S&P Changes Ratings' Outlook to Positive
-----------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch status of its
ratings on Scottish Re Group Ltd., Scottish Re's operating companies, and
dependent unwrapped securitized deals to positive from negative.  (The
ratings on securitizations that are wrapped or independent of the credit
quality of Scottish Re have been affirmed.) Scottish Re has a 'CCC'
counterparty credit rating, and Scottish Re's operating companies have 'B+'
counterparty credit and financial strength ratings.

These ratings were placed on CreditWatch negative on July 31, 2006, when
Scottish Re announced poor second-quarter results and that liquidity was
tight.  "The revision of the CreditWatch status to positive follows two
announcements made by Scottish Re today," explained Standard & Poor's credit
analyst Neil Strauss. "Scottish Re announced in a press release that it had
reached an agreement with Mass Mutual Capital Partners LLC and affiliates of
Cerberus Capital Management L.P. related to a planned equity infusion of
US$300 million by each in the second quarter of 2007."  This agreement
requires regulatory and shareholder approval.

Scottish Re also stated that it had brought down the outstanding letters of
credit under its bank credit facility to less than US$5 million and had
negotiated a backup facility for letters of credit for the remainder.  As a
result, an agreement is likely with the bank syndicate on its credit
facility within a week to allow funds to be upstreamed from the operating
companies, where liquidity is available, to the holding company, where
liquidity is tight.  The release of these funds will enable repayment of
US$115 million of convertible notes to the noteholders, who are likely to
exercise a put option on Dec. 6, 2006.  The payment of the noteholders from
holding-company funds had been at risk since the summer's announcements
regarding second-quarter results.  These results created an adverse event
for Scottish Re's credit facility, which precluded the upstreaming of funds
for the past several months.

Standard & Poor's views the progress related to near-elimination of the
dividend restriction related to the bank credit facility as an immediate
improvement to the liquidity profile at the holding company.  The planned
capital infusion has the potential for improving longer term liquidity and
business issues at both the holding and operating companies.

On Dec. 6, 2006, following repayment of the US$115 million to the
noteholders, Standard & Poor's anticipates it will raise the credit rating
on Scottish Re to 'B' and the counterparty credit and financial strength
ratings on Scottish Re's operating companies to 'BB'.  This upgrade would
reflect the solution of the immediate liquidity issue at the holding company
and the potential solution of its longer term issues should the transaction
be consummated.

At closing, Standard & Poor's would evaluate the ratings based on the terms
of the transaction and the expected prospective financial profile of
Scottish Re as well as Standard and Poor's view of the viability of the
franchise and business prospects following the events of the past several
months.

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




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


* BOLIVIA: Launching Talks for State Control of Transredes
----------------------------------------------------------
Bolivian President Evo Morales and Carlos Villegas, the hydrocarbons
minister, will be meeting with Shell to start negotiating for state control
of Transredes, the hydrocarbons transport firm, Agencia Boliviana de
Informacion reports.

Business News Americas relates that Shell holds a 25% participation in
Transredes through its 50% stake in TR Holdings consortium.

According to BNamericas, Yacimientos Petroliferos Fiscales Bolivianos, the
state oil firm of Bolivia, owns a 32% stake in Transredes.

BNamericas underscores that the talks with Shell is the first step toward
fulfilling the nationalization of hydrocarbons transport in Bolivia.

Minister Villegas told BNamericas that Bolivia wants to develop technical
cooperation to industrialize its natural gas sector further and restructure
the administration of its hydrocarbons ministry, Yacimientos Petroliferos
and Superhid -- the hydrocarbons regulator.

Bolivia had preliminary discussions with the government of Holland, which
showed interest in helping Bolivia with the restructuring efforts,
BNamericas says, citing Minister Villegas.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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


* BOLIVIA: Will Launch Tender to Install 100 Telecentros
--------------------------------------------------------
The government of Bolivia will launch a tender for the installation of at
least 100 telecentros or public Internet centers before the end of 2006,
Business News Americas reports.

The government said in a statement that it will install about 2,000 public
Internet centers over the next five years as part of a plan promoted by
President Evo Morales to narrow the digital divide in rural areas.

Government statistics indicated that 7 of 1,000 Bolivians in rural areas
have access to Internet, BNamericas notes.  The digital gap has increased in
the past few years.

Roy Mendez, the telecommunications undersecretary of Bolivia, told
BNamericas that the government has also considered in its national plan an
education program to teach how to use information technology tools.

Mr. Mendez asked the private sector to look for businesses in rural areas
and establish innovative services for rural and urban areas without access
to Information and Communications Technology services, BNamericas states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


AGCO CORP: Prices US$175MM 1.25% Convertible Sr. Notes Offering
---------------------------------------------------------------
AGCO Corp. has priced its public offering of US$175 million aggregate
principal amount of 1.25% convertible senior subordinated notes due in 2036.

AGCO also has granted the underwriters a 30-day option, solely to cover
over-allotments, to purchase up to an additional US$26.25 million aggregate
principal amount of the notes. The notes will pay interest semiannually at a
rate of 1.25% per year and will mature on Dec. 15, 2036.  The notes will be
convertible based on an initial conversion rate of 24.5525 shares of AGCO's
common stock per US$1,000 principal amount of notes (equivalent to an
initial conversion price of approximately US$40.73 per share of common
stock).

AGCO estimates net proceeds from the offering at approximately US$170.6
million (after deducting underwriting discounts and estimated expenses of
the offering).  The offering is expected to close on Dec. 4, 2006, subject
to customary closing conditions.  AGCO intends to use the net proceeds of
the offering to repay a portion of the term loans outstanding under its
existing bank credit facility.

Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. are acting as
joint book-running managers for the offering of the notes.  Rabo Securities
USA, Inc. and Lazard Capital Markets LLC are acting as co-managers for the
offering.

A copy of the prospectus supplement relating to the offering may be obtained
by contacting:

          Morgan Stanley & Co. Incorporated
          180 Varick Street 2/F
          New York, NY 10014
          Tel: 1-866-718-1649
          E-mail: prospectus@morganstanley.com

                  -- or --

          Goldman, Sachs & Co.
          Attn: Prospectus Dept., 85 Broad Street
          New York, NY 10004
          Fax: 212-902-9316
          E-mail: prospectus-ny@ny.email.gs.com

Headquartered in Duluth, Georgia, Agco Corp. -- http://www.agcocorp.com/--  
is a global manufacturer of agricultural equipment and related replacement
parts.  Agco offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which are
distributed through more than 3,600 independent dealers and distributors in
more than 140 countries worldwide, including Brazil.  AGCO products include
the following brands: AGCO(R), Challenger(R), Fendt(R), Gleaner(R),
Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.
AGCO provides retail financing through AGCO Finance.  The company had net
sales of US$5.4 billion in 2005.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America ion
Sept. 28, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Automotive and Equipment sector, the
rating agency confirmed its Ba2 Corporate Family
Rating for AGCO Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default

   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


BANCO BMC: Moody's Assigns D- Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength rating of D- to
Banco BMC S.A.  Moody's also assigned long- and short-term foreign- and
local-currency deposit ratings of Ba3 and Not Prime, and long- and
short-term Brazil national scale deposit ratings of A3.br and BR-2.  The
outlook on all these ratings is stable.

The D- bank financial strength rating for Banco BMC reflects its business
focus on low-risk lending segments with largely secured middle-market and
payroll-deductible loans, which results in satisfactory asset quality,
according to Moody's.  The rating also incorporates the ample liquidity of
BMC's loan book, which is bolstered by the marketability of consumer loans
and farily short-term commercial portfolio, enhancing its funding
flexibility.

The rating is also indicative of the profitability of the bank's main
businesses, its agile operating structure and recognized expertise in
payroll lending. The latter is supported by sound IT solutions and by a
sharp operational focus, ensuring strong controls and risk management of the
loan portfolio.

At the same time, Moody's said that BMC maintains a relatively concentrated
and expensive funding structure highly dependent on wholesale sources,
including credit sales agreements.  This, together with BMC's relatively
small capital base, exposes the bank to possible market volatility and
serves to constrain the ratings.  Moody's considers such limitations to have
the potential of frustrating the growth of BMC's franchise and its
profitability because they could limit the bank's ability to fund loan
growth with its own resources.

However, and in spite of the bank's historically high dividend payout,
frequent capitalizations by its controlling shareholder, Mr. Jaime Pinheiro,
have demonstrated his commitment and support to the bank's expansion
strategy.

Moreover, the rating agency stated that BMC's margins, particularly in
consumer credit, could be pressured by both competition and declining
domestic interest rates.  In that regard, improvements in core profitability
ratios would depend on management's ability to expand its loan operations
within the bank's defined niche markets.  BMC's success in diversifying and
strengthening its funding, thus protecting its profitability, would be a
positive factor for its ratings, Moody's said.

Moody's Ba3 global local-currency deposit rating reflects BMC's modest share
of deposits in the Brazilian market, and hence Moody's view that the bank
has a low probability of regulatory support for depositors. Established in
1939, BMC is headquartered in Sao Paulo, Brazil.

As of June 2006, the bank had total assets of approximately BRl2.2 billion
(US$1billion) and equity of BRL265 million (US$122 million).

These ratings were assigned to Banco BMC:

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

   -- Global Local-Currency Rating: Ba3 long-term local-currency
      deposit rating and Not Prime short-term local-currency
      deposit rating, with stable outlooks.

   -- Foreign Currency Deposit Rating: Ba3 long-term
      foreign-currency deposit rating and Not Prime short-term
      foreign-currency deposit rating, with stable outlooks.

   -- Brazilian National Scale Deposit Ratings: A3.br long-term
      deposit rating, and BR-2 short-term deposit rating; with
      stable outlooks.


BANCO BRADESCO: Paying Interest on Own Capital on Jan. 2, 2007
--------------------------------------------------------------
Banco Bradesco S.A. will pay on Jan. 2, 2007, interest on own capital
related to the month of December 2006, in the amount of BRL0.032775000 per
common stock and BRL0.036052500 per preferred stock to the stockholders
registered in the company's records on Dec. 1, 2006.

The payment, net of the withholding income tax of 15%, except for legal
entity stockholders exempted from the referred taxation, which will receive
for the stated amount, will be made through the net amount of BRL0.027858750
per common stock and BRL0.030644625 per preferred stock, as follows:

   -- credit in the current account informed by the stockholder;

   -- the stockholders who do not inform their banking data or
      do not hold a current account in a Financial Institution
      must go to a Bradesco Branch on their preference having
      their identification document and the "Notice For Receipt
      of Earnings from Book-Entry Stocks," sent by mail to those
      having their address updated in the company's records;

   -- to those with stocks held on custody with the CBLC --
      Companhia Brasileira de Liquidacao e Custodia or Brazilian
      Clearing and Depository Corporation), the payment of
      interest will be made to CBLC, which will transfer them
      to the respective stockholders through the Depository
      Agents.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  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.

                        *    *    *

Fitch Ratings upgraded Banco Bradesco S.A.'s short-term local
currency rating to 'F3' from 'B.'

Fitch has earlier taken these rating actions on Banco Bradesco:

   -- 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;

   -- 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)'.

Moody's Investors Service upgraded these ratings of Banco
Bradesco S.A.:

   -- long-term foreign currency deposits to Ba3 from B1; and

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

Moody's said the ratings outlook is stable.


BANCO BRADESCO: Posts BRL2.01B First Nine-Month 2006 Premiums
-------------------------------------------------------------
Banco Bradesco increased auto premiums by 10.8% to BRL2.01 billion in the
first nine months of 2006, compared with the same period of 2005, Business
News Americas reports, citing Sincor-SP -- the Sao Paulo insurance brokers'
union.

Sincor told BNamericas that Banco Bradesco's market share in the auto
segment decreased to 16.3% from 17.2%.

However, Bradesco Auto/RE -- Banco Bradesco's auto and reinsurance
division -- remained as the largest insurer of Brazil, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  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.

                        *    *    *

Fitch Ratings upgraded Banco Bradesco S.A.'s short-term local
currency rating to 'F3' from 'B.'

Fitch has earlier taken these rating actions on Banco Bradesco:

   -- 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;

   -- 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)'.

Moody's Investors Service upgraded these ratings of Banco
Bradesco SA:

   -- long-term foreign currency deposits to Ba3 from B1; and

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

Moody's said the ratings outlook is stable.


BANCO NACIONAL: Raising BRL2 Billion from First Debenture Issue
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico Social said in a statement that
it expects to raise BRL2 billion from its first debenture issue.

Business News Americas relates that BNDESpar, Banco Nacional's equity
division, will first issue BRL500 million in six-year non-convertible
debentures.  BNDESpar will set on Dec. 15 the price for the debentures with
30% reserved for retail investors.  The reserve period runs until Dec. 12
and the issue closes on Dec. 20.

According BNamericas, retail investors can buy a minimum of BRL1,000 and a
maximum of BRL500,000.

Banco do Brasil and Banco Bradesco will be the lead banks for the issue,
BNamericas states.

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.


COMPANHIA SIDERURGICA: Meets Pension Fund Trustees for Corus
------------------------------------------------------------
Companhia Siderurgica Nacional has started discussions with the Trustees of
the Corus Pension Funds regarding the former's takeover offer of Corus, The
Economic Times reports, citing a Companhia Siderurgica official.

The trustees were reportedly in favor of Tata Steel.

The Economic Times underscores that Companhia Siderurgica's talks with the
trustees is important, given the reported doubts they have about the
financial strength of the company to finance pension commitments.  The
trustees' support is considered crucial for the takeover.

Officials of Companhia Siderurgica told The Economic Times that the firm
plans to match the terms recently agreed between Tata and the pension
trustees.

The Economic Times relates that bankers were expressing support for
Companhia Siderurigica's bid for Corus.

T Mukherjee, the deputy-managing director of Tata Steel, told reporters, "We
have made an offer for Corus on Oct. 20.  That remains valid."

According to The Economic Times, Tata Steel had committed to fund pension
schemes in the United Kingdom, which won the support of the trustees.  The
Indian steel giant had promised to pump in 126 million pounds to stop the
deficit in one of the pension schemes, but would require consent of holders
of 75% shares when the issue of the bid comes up before shareholders.

UBS -- the joint broker to Companhia Siderurgica -- and Dutch banking major
ING had expressed interest in joining the syndicate of banks for funding the
deal, The Economic Times notes, citing sources.

Barclays, Goldman Sachs and BNP Paribas were part of the original syndicate
to arrange loan for the proposed takeover, The Economic Times states.

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

                        *    *    *

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

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

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


DURA AUTOMOTIVE: Court Approves US$300 Million DIP Financing
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved,
on a final basis, the request of DURA Automotive Systems Inc. and its debtor
affiliates to obtain up to US$300,000,000 of debtor-in-possession financing
under Sections 363 and 364 of the Bankruptcy Code from Goldman Sachs Capital
Partners L.P., General Electric Capital Corp., and other lender parties.

The Court authorized the Debtors to repay in full in cash all
amounts owing and due under the Prepetition First Priority Credit Agreement
dated as of May 3, 2005, by and among Dura Automotive Systems Inc. and its
subsidiaries, as borrowers and guarantors; JPMorgan Chase Bank, N.A., as
administrative agent; Bank of America, N.A., as collateral agent; and
certain financial institutions and other entities, as lenders.  The Debtors
owed the Prepetition First Priority Lenders the principal of approximately
US$106,400,000, exclusive of accrued but unpaid interest, costs, fees and
expenses, plus approximately US$19,500,000 in issued and outstanding letters
of credit.

To the extent not resolved, the Court overruled all objections.

            Repayment of First Lien Indebtedness

Within one business day after the receipt by the Prepetition
First Priority Agents of notice of entry of the Final DIP Order,
or as soon as practicable, the Prepetition First Priority Agents
will deliver to the Debtors a payoff letter:

   (i) setting forth their calculation of all amounts then due
       and payable in respect of the Prepetition First Priority
       Indebtedness, including the unpaid principal balance of
       outstanding loans, the face amounts of outstanding
       letters of credit, accrued and unpaid interest, swap
       breakage costs and any other reasonable fees, costs or
       expenses due and payable pursuant to the terms of the
       Prepetition First Priority Financing Documents;

  (ii) agreeing to deliver to the Postpetition Agents all
       Collateral in their possession, together with any
       necessary endorsements immediately upon payment of the
       Asserted Payoff Amount; and

(iii) providing customary further assurance provisions with
       respect to termination or release of Liens.

The Debtors will use the proceeds of borrowings and letters of
credit available under the Postpetition Credit Agreements to
repay the Asserted Payoff Amount.  The Debtors reserve all rights to seek
disgorgement of any amounts paid in excess of the
outstanding principal amount of the Prepetition First Priority
Indebtedness, any accrued but unpaid interest, all swap breakage
costs and any other reasonable fees, costs or expenses due and
payable pursuant to the terms of the Prepetition First Priority
Financing Documents.

Subsequent to the Payment Date, the Debtors will promptly pay or
reimburse the applicable Prepetition First Priority Agents and
Prepetition First Priority Lenders for any and all reasonable
fees, costs, expenses, losses, and damages incurred to the extent the
Prepetition First Priority Credit Agreement expressly entitles them to the
payment, indemnity or reimbursement after termination of the Prepetition
First Priority Credit Agreement.

              Superpriority Claims and Liens

The Postpetition Agents and Lenders are granted liens and
superpriority claims in all of the Debtors' assets.

All Postpetition Obligations, subject only to the Carve-Out,
constitute under Section 364(c)(1) of the Bankruptcy Code allowed
superpriority administrative expense claims against each of the Debtors
having priority over all administrative expenses of the kind specified in
the Bankruptcy Code.

The Postpetition Revolving Collateral Agent and Postpetition Term Loan
Collateral Agent are each granted for the sole benefit of the Postpetition
Secured Parties valid, binding, enforceable,
first priority and perfected Liens in the Collateral, which Liens are
subject only to:

   (x) the Carve-Out,

   (y) non-avoidable, valid, enforceable, and perfected Liens
       that are capitalized leases, purchase money security
       interests or mechanics' liens in existence on the date
       of bankruptcy filing, and

   (z) non-avoidable, valid, enforceable Liens that are
       capitalized leases, purchase money security interests or
       mechanics' liens in existence on the date of bankruptcy
       filing that are perfected subsequent to the Petition Date
       as permitted by Section 546(b) of the Bankruptcy Code.

Subject to the Carve-Out, the Postpetition Liens will not be:

   (i) subject to any Lien that is avoided and preserved for the
       benefit of the Debtors' estates under Section 551 of the
       Bankruptcy Code or

  (ii) subordinated to or made pari passu with any other Lien
       under Section 364(d) of the Bankruptcy Code or otherwise.

                 Intercreditor Agreement

The ad hoc committee of lenders holding a majority in principal
amount owed by the Debtors under the Prepetition Second Priority
Credit Agreement, dated as of May 3, 2005, as amended, previously disclosed
that it would not consent to the proposed terms of the DIP Facility, unless
the InterCreditor Agreement dated May 3, 2005, was annulled.

The Official Committee of Unsecured Creditors, however, argued
that the ICA remains in effect notwithstanding the refinancing
pursuant to the DIP Facility.  The Creditors Committee also
refuted the Second Lien Committee's allegations that the Debtors
do not have any rights under the ICA.  To the contrary, the
Creditors Committee pointed out, the Debtors are full-fledged
parties to the agreement, and nothing in the agreement limits in
any way their ability to enforce its terms.

The Debtors also disagreed with the Second Lien Committee's
contentions that "one cannot 'refinance' US$124,400,000 with
US$300,000,000."  Section 8.1 of the ICA provides that a DIP
Facility may refinance existing First Priority Indebtness.
Section 5.2 does not provide for any cap on postpetition
financing.

The Final DIP Order provides that each of the parties reserve all of their
rights in respect of the enforceability, applicability, and interpretation
of the ICA, and nothing in the Order will be deemed to be a:

   (i) finding or adjudication thereof; including, without
       limitation, with respect to whether the:

        (x) transactions contemplated by the Postpetition
            Financing Documents are an extension, replacement,
            refinancing or refunding in whole or in part of the
            Prepetition First Priority Indebtedness;

        (y) occurrence of the Payment Date is also the
            occurrence of the First Priority Obligations Payment
            Date; or

        (z) transactions contemplated by the Postpetition
            Financing Documents are or will result in a breach
            of the Prepetition Intercreditor Agreement; or

  (ii) waiver or release by any party of any rights, remedies,
       benefits or privileges arising under or in connection
       with the ICA.

                     Challenge Period

The Debtors acknowledge that:

    -- their obligations under the Prepetition Credit Agreements
       constitute the legal, valid and binding obligation of the
       Debtors, enforceable in accordance with their terms;

    -- no objection, offset, defense or counterclaim of any kind
       or nature to the Prepetition Indebtedness exists; and

    -- the Prepetition Indebtness, and any amounts previously
       paid to any Prepetition Agents or Lenders are not subject
       to avoidance, reduction, disallowance, impairment or
       subordination pursuant to the Bankruptcy Code or
       applicable non-bankruptcy law.

The Debtors' acknowledgements and agreements are subject to:

   (i) the rights of any party-in-interest, other than any
       Debtor, to file a complaint pursuant to Rule 7001 of the
       Federal Rules of Bankruptcy Procedure or other proper
       pleading seeking to invalidate, subordinate or otherwise
       challenge the Prepetition Lenders' liens and claims; and

  (ii) the rights of any party-in-interest, including any
       Debtor, to file a complaint or other proper pleading
       pursuant to Bankruptcy Rule 7001 seeking to invalidate,
       subordinate or otherwise challenge the Prepetition Second
       Priority Liens.

The Interim DIP Order provided the Creditors Committee 60 days
from the date it was appointed to investigate and challenge the
Prepetition Lenders' liens and claims.  The Committee complained
that the 60-day period is insufficient under any circumstances
and requested 180 days from the date of the entry of the Final
Order to commence actions in respect of the Prepetition Lenders'
claims and liens.

Judge Carey, however, orders that any complaint or other proper
pleading relating to the Prepetition Lenders' liens and claims
must be filed in the Court within the later of:

    -- Feb. 5, 2007, or 90 days after appointment of the
       Creditors Committee, or

    -- any subsequent date that may be agreed to in writing by
       the corresponding Prepetition Administrative Agent.

          Adequate Protection to Prepetition Lenders

The Second Lien Committee conditioned its consent to the entry of the Final
DIP Order to, among others, the removal of a provision allowing the Debtors
to terminate interest payments after paying the sixth monthly installment to
the Second Lien Lenders.

Representing the Creditors Committee, M. Blake Cleary, Esq., at
Young Conaway Stargatt and Taylor, in Wilmington, Delaware,
argued that the Second Lien Lenders are not entitled to adequate
protection payments pursuant to the ICA.  He noted that the ICA
limits the Second Lien Lenders to these adequate protection
provisions:

   (i) replacement liens in any additional collateral provided
       to the Prepetition First Lien Lenders as adequate
       protection, and

  (ii) superpriority claims junior in all respects to any
       superpriority claims granted to the Prepetition First
       Lien Lenders.

The Creditors Committee also pointed out that, under the ICA, the Second
Lien Lenders further agreed not to obtain superpriority claims in the
absence of a stipulation that the claims can be paid in securities or other
property.

Notwithstanding the Creditors Committee's objections, the Court
authorizes the Debtors to grant the Prepetition Agents and the
Prepetition Lenders these forms of adequate protection:

   (a) Solely to the extent of any diminution in the value of
       their interests in the Prepetition Collateral from and
       after the Petition Date, the Prepetition Agents -- for
       their benefit and the benefit of the Prepetition Lenders
       -- will be entitled to replacement Liens, subject and
       junior only to the Postpetition Liens, Existing Liens
       and the Carve-Out, on all Collateral other than proceeds
       of any avoidance actions under Chapter 5 of the
       Bankruptcy Code.

   (b) The Prepetition Agents and the Prepetition Lenders will
       also be entitled to allowed administrative priority
       claims under Section 507(b) of the Bankruptcy Code solely
       for any diminution in value of their interests in the
       Prepetition Collateral from and after the filing for
       bankruptcy.  The Adequate Protection Claims will be
       payable from and have recourse to all prepetition and
       postpetition property of the Debtors and all proceeds
       other than proceeds of any avoidance actions under
       Chapter 5.

   (c) Except with respect to default rate interest and swap
       breakage costs, subject to Section 506(b), to the extent
       relevant, the Debtors will, on a calendar monthly basis
       until the Payment Date, promptly pay in cash:

         (i) all accrued but unpaid reasonable costs and
             expenses of the Prepetition First Priority Agents
             for which an invoice was delivered to the Debtors,

        (ii) reasonable fees and expenses, for which an invoice
             was delivered to the Debtors, of professionals
             engaged by any Prepetition First Priority Lender,
             up to a maximum aggregate amount of US$50,000 for
             all the fees and expenses of professionals engaged
             by all Prepetition First Priority Lenders, and

       (iii) all accrued but unpaid interest on the Prepetition
             First Priority Indebtedness at the non-default rate
             specified in the Prepetition First Priority Credit
             Agreement and all other reasonable fees, expenses,
             costs and charges provided under the Prepetition
             First Priority Credit Agreement or any other
             Prepetition First Priority Financing Document for
             which an invoice was delivered to the Debtors, in
             each case regardless of whether the amounts accrued
             prior to the bankruptcy filing and all without
             further motion, fee application or Court order.

   (d) Subject to Section 506(b), to the extent relevant, the
       Debtors will -- on Nov. 30, 2006 and on the last
       calendar date of each month thereafter -- make current
       cash payments to the Prepetition Second Priority
       Administrative Agent, for the benefit of the Prepetition
       Second Priority Lenders, of interest accruing pursuant to
       the Prepetition Second Priority Credit Agreement at the
       rate equal to:

          -- the Eurodollar Rate plus 4.75% per annum; plus

          -- the positive difference, if any, between (i) the
             weighted average flex in respect of the margins
             applicable to borrowings under the Postpetition
             Credit Agreements and (ii) 0.675%,

       but in no event greater than the Base Rate plus the
       Applicable Margin.

The Adequate Protection Liens and Claims of the Prepetition
Second Priority Agents on any Collateral will be subordinate in
priority to the Prepetition First Priority Agents' Liens.  The
Adequate Protection Claims in favor of any of the Prepetition
Agents or Prepetition Lenders will be subordinate and junior in
right of payment and otherwise to the payment in full in cash and
satisfaction in the manner provided in the Postpetition Financing Documents
of the Postpetition Obligations and the Carve-Out.

No Prepetition Second Priority Agent or Prepetition Second
Priority lender will be entitled to accrual or payment of any
additional interest that might otherwise accrue at the default
rate under the Prepetition Second Priority Credit Agreement
during any period for which the Debtors make the monthly cash
payments.  The Prepetition Second Priority Agents or Prepetition
Second Priority Lenders, however, reserve their rights to assert
that interest has continued to accrue under the Prepetition
Second Priority Credit Agreement from the Petition Date at the
Base Rate plus the Applicable Margin.

If the Payment Date has not occurred by Nov. 30, 2006, all
interest payments otherwise due on Nov. 30, 2006, will be paid
on Dec. 29, 2006.

After making the monthly interest payment due on April 30, 2007,
the Debtors may, on no less than 20 days' notice, seek entry of a Court
order permitting them to discontinue making any or all of the monthly
interest payments.

If the Debtors make each monthly interest payment through and
including the payment due on Oct. 31, 2007, no Prepetition
Second Priority Agent or Prepetition Second Priority Lender will
have the right to any prepayment fee that might otherwise be or
become due or arise under the Prepetition Second Priority Credit
Agreement.

Subject to Section 506(b), to the extent relevant, within 10 days of the
rendering of any invoice, the Debtors will reimburse the Second Lien
Committee and Prepetition Second Priority Agents, as applicable, for the
reasonable fees and expenses of:

    (i) lead counsel and reasonably necessary local counsel to
        the Second Lien Committee,

   (ii) the Prepetition Second Priority Administrative Agent,
        and

  (iii) the Prepetition Second Priority Collateral Agent.

Additionally, subject to Section 506(b), on a monthly basis and
within 10 days of the rendering of an invoice, the Debtors will
reimburse the Second Lien Committee for reasonable monthly fees
and expenses incurred in connection with the retention by the
Second Lien Committee of Lazard Freres & Co. LLC, as financial
advisor, up to a maximum amount of US$150,000 per month plus
reasonable expenses and standard form indemnity consistent with
the United States Trustee's guidelines and the customary practice in the
Court.

After making all payments for fees and expenses incurred through
April 2007, the Debtors may, on no less than 20 days' notice, seek entry of
an order by the Court permitting them to discontinue making any or all
payments.  The Debtors will not pay for the fees and disbursements and the
Prepetition Second Priority Agents and Prepetition Second Priority Lenders
will not accept, any payments prior to the Payment Date.

In the event that it is determined by a final, non-appealable
order that any of the Prepetition Agents and Prepetition Lenders
were not entitled to receive any adequate protection payments, or that any
payments received could not be applied to postpetition interest, fees and
expenses, any of the payments may, upon appropriate notice, hearing and
order, be recharacterized as payment of principal or subject to other relief
as the Court may order.

               Creditors Panel's Concerns

The Creditors Committee requested that, in addition to the
US$10,000,000 of professional fees, the Carve-Out should include
the reimbursement of expenses of Committee members.

The Creditors Committee also opposed to granting the DIP Lenders
a lien on any of the Debtors' avoidance actions.

The Final DIP Order provides that the Carve-Out includes unpaid
and allowed actual and necessary out of pocket expenses of
members of the Creditors Committee or any Committee incurred in
the performance of duties of the Committee, as applicable.

The Final DIP Order, however, provides that the Debtors' DIP
Obligations will be payable from and have recourse to all
prepetition and postpetition property and assets of the Debtors
and all proceeds, including, without limitation, the proceeds of
any avoidance actions under Chapter 5.

The Court directed the Debtors to deliver to the Committee or its counsel:

   -- invoices relating to the payment of any fees and expenses
      of the DIP Lenders the Prepetition Lenders or other
      persons; and

   -- copies of all budgets, financial information, notices,
      reports and other documents or information delivered to
      any of the DIP Lenders or the Prepetition Lenders.

The Court also directed the Debtors to send the Committee notices of any:

   (i) increase in the aggregate of the Postpetition Lenders'
       lending commitments,

  (ii) increase in the applicable interest rates, other than
       increases specified in the Debtors' DIP Financing
       request,

(iii) modification of the maturity of the obligations under the
       Postpetition Financing Documents, or

  (iv) modification of the financial covenants or financial
       events of default that are on terns materially more
       onerous or burdensome to the Debtors.

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


DURA AUTOMOTIVE: Gets Court's Final Nod to Use Cash Collateral
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted, on a final
basis, DURA Automotive Systems Inc. and its debtor-
affiliates' use of their prepetition lenders' cash collateral
until the occurrence of a termination event, which:

    (a) prior to the repayment in full in cash of the Debtors'
        obligations under the First Lien Revolver, will mean the
        earliest to occur of:

          (i) Dec. 20, 2006;

         (ii) acceleration of the Debtors' direct borrowings and
              reimbursement obligations under the US$300,000,000
              DIP Financing agreements with Goldman Sachs
              Capital Partners L.P., General Electric Capital
              Corp. and other lender parties;

        (iii) the Interim DIP Order or the Final DIP order
              ceases to be in full force and effect; or

         (iv) the Debtors receive authorization from the Court
              to borrow prior to entry of the Final DIP Order
              more than the principal amount of US$50,000,000
              under the DIP Financing Documents; and

    (b) subsequent to the repayment of the Debtors' obligations
        under the First Lien Revolver:

          (1) the acceleration of the Postpetition Obligations;

          (2) the Interim DIP Order or the Final DIP Order
              ceases to be in full force and effect; or

          (3) the Postpetition Lenders' commitments are
              increased in a manner that the aggregate amount of
              the commitments exceeds the US$300,000,000
              principal amount.

The Official Committee of Unsecured Creditors agrees that the cash
collateral of the Prepetition First Lien Lenders may not be used to object
to or contest their liens and claims.

However, according to the Committee, there is no reason to allow
the Second Lien Lenders to preclude the use of cash collateral to fund an
investigation into the serious questions concerning the validity of their
liens, especially since they have explicitly consented in the Intercreditor
Agreement dated
May 3, 2005, to the use of their cash collateral without any reservation
whatsoever.

The Court rules that no cash collateral of the Prepetition Second Lien
Lenders may be used directly or indirectly by any of the Debtors, the
Creditors Committee, any Committee or any other
person or entity to object to or contest in any manner the
Prepetition Second Lien Lenders' liens and claims, or to assert or prosecute
any actions, claims or causes of action against any of the Prepetition
Second Lien Agents or Lenders without their
consent.

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


LUCENT TECHNOLOGIES: Supports Upgrade of TV Cabo's Network
----------------------------------------------------------
Lucent Technologies and TV Cabo, completed a network readiness assessment
for TV Cabo's existing hybrid fiber/coaxial cable network.

"Migrating infrastructure to next-generation network technology is a
significant challenge for communications service providers," said Nuno
Almeida Carvalho, country manager for Lucent Technologies in Portugal.
"Lucent supports TV Cabo's network upgrade process with a range of solutions
and services, based on its experience with numerous cable operators around
the world.  A thorough network readiness assessment is a key factor in
introducing high-quality services such as VoIP over cable."

Lucent used a comprehensive methodology to provide a comprehensive view of
TV Cabo's network capabilities. This included a layer-by-layer analysis of
the network, which resulted in several technical recommendations in how to
improve performance.  In addition, a validation model for TV Cabo's HFC
cells was defined and then employed to assess the service readiness of a
specific subset of network cells.

The result was a set of recommendations and tools that allow TV Cabo to
refine its service deployment strategy of next-generation communications
services.

                       About TV Cabo

TV Cabo, a subsidiary of PT Multimedia, is the leader in the Portuguese
pay-tv market and one of the most important operators in Europe, with over
1.4 million customers and a market share above 80 percent.

                 About Lucent Technologies

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

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

                        *    *    *

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

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

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

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


NOVELL INC: Launches Desktop-to-Data Center Management Solutions
----------------------------------------------------------------
Novell Inc. disclosed the first offerings of its desktop-to-data center
management initiative, including the availability of a comprehensive set of
solutions which orchestrate the management of virtual machines,
high-performance computing and other IT resources.  Following the agreement
with Microsoft earlier this month, these offerings are the next steps in
Novell's plan to deliver on its vision of interoperable, cross-platform
management solutions.

Systems management solutions from Novell provide open standards-based
management that covers the entire enterprise IT environment, from Linux to
UNIX to Windows, and helps customers maximize the value of their technology
infrastructure.  These solutions are also well positioned to help
organizations more closely align IT to their business needs, control costs
and minimize their risks.

As organizations adopt new technologies, including Linux, open source and
virtualization, they gain performance and cost benefits but can face an
additional level of management complexity. Four new solutions from the
Novell ZENworks systems and resource management family provide a complete
set of integrated ITIL-based services that automate management across
diverse server and client platforms for both physical and virtual
environments.  These systems management solutions from Novell now manage and
schedule heterogeneous virtual machine deployments, including Xen
virtualization on Linux, and automate the load balancing of these machines.
To increase the strategic use of available resources, these new solutions
use policy-based orchestration to schedule jobs, reserve resources in
advance, dynamically re-prioritize resources to meet service demands, and
learn to proactively provision or deprovision resources.

"Companies today are looking to virtual machines as one way of consolidating
servers, saving power and space, and increasing the efficiency of their IT
investments," said Ronni Colville, research vice president at Gartner.
"However, while virtualization can reduce the physical requirements of the
data center, it can also compound the level of management complexity.  To
maximize their computing potential in the data center, customers need
cross-platform systems management solutions for both virtual machines and
physical machines."

With these new ZENworks solutions, customers can automate IT data center
operations using dynamic, policy-driven solutions that ensure security and
compliance, eliminate administrator effort and enable total control over
their IT environment from the desktop to the data center.

   -- Novell ZENworks Orchestrator serves as the "brain" that
      allows for policy-based automation.  Unlike other
      management products, ZENworks Orchestrator takes a
      heuristic approach to learn from previous events and
      resource demands.

   -- Novell ZENworks Virtual Machine Management gives
      organizations the ability to confidently employ
      virtualization in their data centers, whether running on
      Linux, UNIX or Windows machines.  From VMware to
      Microsoft to Xen virtualization environments, this
      policy-based solution automates the process of deploying
      and managing virtual data center assets, as well as
      dynamically provisioning workloads and ensuring business
      continuity.  This solution also manages virtualized
      environments in Novell Open Enterprise Server.

   -- Novell ZENworks HPC Management provides grid-based
      management of Java applications and enables workloads
      to be distributed for parallel execution.  This includes
      automated high-performance multicast data distribution
      which can move and copy large volumes of data to remote
      resources for processing.

   -- Novell ZENworks 7.5 Asset Management, the only product
      on the market that runs readiness reports for both
      Windows Vista and SUSE Linux Enterprise Desktop 10 from
      Novell, helps customers to control and manage their IT
      infrastructure with a clear and complete picture of their
      asset environment.

Joe Wagner, Novell general manager of systems and resource management, said,
"The latest Novell ZENworks management solutions are aimed squarely at
answering customer calls for interoperable solutions. Novell ZENworks
Orchestrator and Virtual Machine Management allow organizations to leverage
the power of virtualization and increase the performance of their IT
investments.  These two solutions, complemented by ZENworks HPC Management
and ZENworks 7.5 Asset Management, put customers in control of their
computing resources, while reducing the costs and simplifying the management
of their desktops and data centers."

                    Partner Perspectives

Industry partners are expressing their support and commitment to Novell's
vision of interoperable, cross-platform solutions that help the customer
manage and maximize their IT investment.

"Virtualization offers organizations many key IT benefits including simpler
deployment and more efficient use of computing resources," said Terri Hall,
vice president of Software Alliances and Solutions for AMD.  "Having worked
with the open source community to deliver virtualization to the enterprise
market, AMD is pleased to see Novell deliver new cross-platform management
solutions designed to accelerate the adoption of virtualization and maximize
system performance."

"We partner with Novell because they share our vision of driving standards,"
said Subo Guha, director of Dell software marketing. "Novell's systems and
resource management solutions leverage open standards to manage
heterogeneous virtual and physical machines which simplifies operations and
improves utilization.  Novell is helping to create scalable and
interoperable building blocks that allow customers to cost effectively
implement server virtualization across their enterprises."

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

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

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


PETROLEO BRASILEIRO: Inks Bioenergy Studies Pact with Codevasf
--------------------------------------------------------------
Petroleo Brasileiro, the state-owned oil firm of Brazil, said in a statement
that it has signed a bioenergy studies accord with Codevasf, the
government's Sao Francisco and Parnaiba river valley development company.

Business News Americas relates that Petroleo Brasileiro will draft with
Codevasf technical and economic feasibility studies to assess the
possibility of setting up bioenergy complexes in:

          -- Bahia,
          -- Pernambuco, and
          -- Piaui.

According to BNamericas, the nine-month studies will look into the potential
of:

          -- producing ethanol from sugarcane,
          -- generating electricity from burning bagasse, and
          -- producing biodiesel from oilseeds.

The production would be used locally and exported mainly to Asia and Europe,
reports say.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- ttp://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: Inks Study Pact with Juiz de Fora
------------------------------------------------------
Petroleo Brasileiro, the state oil company of Brazil, has signed an accord
with the municipality of Juiz de Fora to study the implementation of a fuel
distribution center, Business News Americas reports.

The studies would help Juiz de Fora develop potential on a regional fuel
distribution center, Petroleo Brasileiro said in a statement.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- ttp://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: Wins Contract for SM-982 Block
---------------------------------------------------
Petrobras won the SM-982 block for a BRL9.3 million bid in Brazil's yearly
oil and gas exploration and production block auction, Dow Jones Newswires
reports.

Agencia Nacional do Petroleo, Brazil's hydrocarbons regulator, told Business
News Americas that Petroleo Brasileiro, the state-owned oil firm of Brazil,
bids aggressively in the initial sessions of the 8th hydrocarbon licensing
round.

BNamericas relates that a federal court postponed the bidding after the
Nacional do Petroleo awarded 38 of the 58 blocks offered.

According to BNamericas, Petroleo Brasileiro won 21 of the 38 blocks
offered.  The company won exploration licenses alone or in consortiums in
the Santos (8 blocks) and in the Tucano (13 onshore blocks) basins.

"We have a good portfolio.  We won the best block on offer, the S-M-855,"
the exploration and production executive manager of Petroleo Brasileiro told
reporters.

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

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

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

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

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

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


TAM SA: Orders US$160MM V2500-Powered A320 from Pratt & Whitney
---------------------------------------------------------------
Pratt & Whitney has won business worth US$160 million as its share of an
order from TAM Airlines for International Aero Engines V2500 engines to
power the airline's fleet of 15 new Airbus A320 family aircraft.  The order,
made up of 11 A319s and four A321s, is backed by a long-term V2500Select
aftermarket agreement.

"We are extremely proud that TAM has once again chosen the dependable V2500
engine to power its fleet expansion," said Todd Kallman, president of Pratt
&Whitney Commercial Engines and IAE board member.  "TAM is Brazil's largest
airline and this fleet expansion is another demonstration of their success.
We are proud to be a part of TAM's growth and look forward to continuing our
partnership into the future."

TAM currently operates a fleet of 38 V2500-powered A320s, the first of which
entered service with the carrier in 1999.

"At TAM, we believe one of our competitive advantages is our innovative
approach to services and products, something we recognize in IAE, the V2500
and in V2500Select," said TAM President Marco Bologna. "Additionally, by
choosing the V2500 to power, in particular, our new Airbus A321s, we are
acknowledging the engine's superior reliability and low fuel burn even in
the most demanding of operational circumstances. We're delighted to continue
our relationship with the team at IAE."

The V2500-A5, with 22,000 to 33,000 pounds of thrust, is available in seven
different thrust settings to power the Airbus A319, A320 and A321 family of
aircraft as well as the A319 Corporate Jet.

IAE is a multinational aero engine consortium whose shareholders comprise
Pratt & Whitney, Rolls Royce, the Japanese Aero Engines Corp. and MTU Aero
Engines.  More than 1,300 V2500-powered aircraft have been delivered and the
worldwide fleet has accumulated more than 40 million flying hours.

Pratt & Whitney is a world leader in the design, manufacture and service of
aircraft engines, space propulsion systems and industrial gas turbines.
United Technologies provides high-technology products and services to the
aerospace and building industries.

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

                        *    *    *

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


TELE NORTE: Awaiting Court Decision Before Holding Meeting
----------------------------------------------------------
Luuiz Eduardo Falco, chief executive officer of Tele Norte Leste
Participacoes SA, told Agencia Estado that the company is waiting for a
court decision before planning another shareholders meeting to vote on its
restructuring plan.

As reported in the Troubled Company Reporter-Latin America on Nov. 29, 2006,
Tele Norte suspended for the third time a shareholders meeting set for Nov.
27, as Comissao de Valores Mobiliarios -- the securities regulator of
Brazil -- requested more details about the voting process.  Tele Norte was
unable to vote on its corporate restructuring plan for the second time as
the Nov. 24 shareholders meeting failed to reach quorum.  The restructuring
plan was not approved in the Nov. 13 shareholder meeting for the same
reason.  As previously reported, Anatel, the telecoms regulator in Brazil,
authorized Tele Norte's corporate restructuring plan.  Once the plan gets
the shareholders' approval at a shareholders meeting, Tele Norte will be
able to:

          -- simplify the structure of its three units:

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

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

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

Business News Americas relates that Judge Valeria Maron of Rio de Janeiro
civil court asked Comissao de Valores for more details on Tele Norte's
voting rules.  The regulator is given 15 days to respond.

A spokesperson of Tele Norte told BNamericas that the company has not set a
date for the next shareholders meeting.

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

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

                        *    *    *

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


* BRAZIL: Will Meet with Paraguay to Examine Bilateral Affairs
--------------------------------------------------------------
Celso Amorim, Brazil's foreign minister, will meet with Paraguay's President
Nicanor Duarte to examine bilateral affairs, particularly on commercial
exchange, infrastructure projects and the Paraguay-Parana waterway, Prensa
Latina reports.

Minister Amorim started an official visit to Asuncion, Paraguay, to examine
bilateral affairs.  Upon his arrival, Minister Amorim told Prensa Latina
that the visit will reinforce bilateral trade, with prospects to increase
the access of Paraguayan products to the Brazilian market.

Minister Amorim's presence in Asuncion has attracted attention, due to
frequent commercial disputes over the border crossing in Ciudad del Este,
Paraguay's main administrative center, Prensa Latina states.

As reported on Nov. 24, 2006, 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 affirmed 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.




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


3DLABS INTERNATIONAL: Proofs of Claim Filing Is Until Dec. 3
------------------------------------------------------------
3DLabs International Ltd.'s creditors are required to submit proofs of claim
by Dec. 3, 2006, to the company's liquidators:

          Linburgh Martin
          Jeff Arkley
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 3 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

3DLabs International's shareholders agreed on Oct. 19, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Neil Gray
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


ABACIST MASTER: Last Day to File Proofs of Claim Is on Dec. 4
-------------------------------------------------------------
Abacist Master Fund II, Ltd.'s creditors are required to submit proofs of
claim by Dec. 4, 2006, to the company's liquidator:

          A.R.C. Directors Ltd.
          P.O. Box 10250, Grand Pavilion
          Commercial Centre, Suite #7
          802 West Bay Road
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          A.R.C. Directors Ltd.
          Campbells, 4th Floor, Scotia Centre
          P.O. Box 884, George Town
          Grand Cayman, Cayman Islands
          Tel: 1 345 769 3400
          Fax: 1 345 769 3404


AENEAS GLOBAL: Creditors Must File Proofs of Claim by Dec. 5
------------------------------------------------------------
Aeneas Global Fund, Ltd.'s creditors are required to submit proofs of claim
by Dec. 5, 2006, to the company's liquidator:

          John Suglia
          P.O. Box 265GT, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Nick Robinson
          P.O. Box 265GT, George Town
          Grand Cayman, Cayman Islands
          Tel: 345 914 4216
          Fax: 345 814 8216


ALMA HOLDINGS: Proofs of Claim Filing Deadline Is Set for Dec. 4
----------------------------------------------------------------
Alma Holdings' creditors are required to submit proofs of claim by Dec. 4,
2006, to the company's liquidator:

          CDL Company Ltd.
          P.O. Box 31106SMB
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Alma Holdings' shareholders agreed on Oct. 20, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


AMERINDO INTERNET: Court Sets Winding Up Hearing for Dec. 8
-----------------------------------------------------------
The Grand Court of the Cayman Islands will hear on Dec. 8, 2006, at 10:00
a.m. the petition to wind-up Amerindo Internet Growth Fund Ltd.'s business
operation.

The petition was filed in court on Oct. 10, 2006.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to:

          Cayman Islands Monetary Authority
          Attn: Jodi Jones
          P.O. Box 10052
          80E Shedden Road, George Town
          Grand Cayman, Cayman Islands

The debtor can be reached at:

          Amerindo Internet Growth Fund Ltd.
          PwC Corporate Finance & Recovery (Cayman) Limited
          Strathvale House, South Church Street
          P.O. Box 258GT, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7000
          Fax: (345) 949-4590


ATHENA LIBERTY: Calls Shareholders for Final Meeting Tomorrow
-------------------------------------------------------------
Athena Liberty Ltd.'s shareholders will convene for a final meeting tomorrow
at:

           Citco Trustees (Cayman) Limited
           Regatta Office Park
           West Bay Road, Windward One
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           CDL Company Ltd.
           P.O. Box 31106 SMB
           Grand Cayman, Cayman Islands


CENTRAL SEMICONDUCTOR: Proofs of Claim Must be Filed by Dec. 4
--------------------------------------------------------------
Central Semiconductor Manufacturing Corp.'s creditors are required to submit
proofs of claim by Dec. 4, 2006, to the company's liquidators:

          Dr. Peter Chen
          Sai Chak Mak
          c/o Messrs. Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Central Semiconductor's shareholders agreed on Oct. 24, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


CORINTHIAN ASSURANCE: Final Shareholders Meeting Is on Dec. 4
-------------------------------------------------------------
ID (Cayman) Corp.'s final shareholders meeting will be at 10:00 a.m. on Dec.
4, 2006, at:

          5th Floor, Bermuda House
          Dr. Roy's Drive, Georgetown
          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 liquidators can be reached at:

          Terry W. Carson
          Ian R. Johnson
          Grant Thornton
          P.O. Box 1044, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-8588
          Fax: (345) 949-7325


CTMP II (GCM): Final Shareholders Meeting Is Set for Tomorrow
-------------------------------------------------------------
CTMP II Funding Corp (GCM)'s final shareholders meeting will be at 9:30
a.m., tomorrow at:

          Caledonian House, 69 Dr. Roy's Drive
          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:

          Bernard McGrath
          Caledonian House
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands
          Tel: 345-949-0050
          Fax: 345-949-8062


EVERGREEN PRIVATE: Last Shareholders Meeting Is Set for Tomorrow
----------------------------------------------------------------
Evergreen Private Investment Funds - Managed Strategies, Offshore, Ltd.'s
final shareholders meeting will be at 12:30 p.m., tomorrow at the company's
registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


ID (CAYMAN): Shareholders to Convene for Final Meeting Tomorrow
---------------------------------------------------------------
ID (Cayman) Corp.'s final shareholders meeting will be at 10:30 a.m.,
tomorrow at:

          HSBC Financial Services (Cayman) Limited
          Strathvale House, North Church Street
          P.O. Box 1109
          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 liquidators can be reached at:

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


J.N. INVESTMENT: Final Shareholders Meeting Is Set for Tomorrow
---------------------------------------------------------------
J.N. Investment Holding Ltd.'s final shareholders meeting will be at 12:00
p.m., tomorrow at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


NCAF COMPANY: Last Day to File Proofs of Claim Is on Dec. 4
-----------------------------------------------------------
NCAF Company's creditors are required to submit proofs of claim by Dec. 4,
2006, to the company's liquidators:

          David S. Walker
          Bernard McGrath
          Caledonian Bank & Trust Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

NCAF Company's shareholders agreed on Sept. 14, 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:

          Darina Fennell
          Caledonian Bank & Trust Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 4966
          Fax: (345) 814-4859


SAPIC 98 (14): Invites Shareholders for Final Meeting Tomorrow
--------------------------------------------------------------
Sapic 98 Reference Fund (14) Ltd.'s final shareholders meeting will be at
9:30 a.m., tomorrow, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


SAPIC 98 (18): Shareholders to Convene for Last Meeting Tomorrow
----------------------------------------------------------------
Sapic 98 Reference Fund (18) Ltd.'s final shareholders meeting will be at
10:00 a.m., tomorrow at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


SAPIC 98 (23): Last Shareholders Meeting Is Set for Tomorrow
------------------------------------------------------------
Sapic 98 Reference Fund (23) Ltd.'s final shareholders meeting will be at
10:30 a.m., tomorrow at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


SECURED FUNDING: Filing of Proofs of Claim Is Until Dec. 4
----------------------------------------------------------Secured Funding
2001-3 Ltd.'s creditors are required to submit proofs of claim by Dec. 4,
2006, to the company's liquidators:

          Jamal Young
          Janet Crawshaw
          P.O. Box 1109
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Marguerite Britton
          P.O. Box 1109
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7755
          Fax: (345) 949-7634


SIRIUS FUND: Shareholders to Gather Tomorrow for Final Meeting
--------------------------------------------------------------
Sirius Fund, SPC's shareholders will convene for a final meeting tomorrow
at:

           141 West Jackson Blvd.
           Suite 3520, Chicago IL 60604, USA

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

The liquidator can be reached at:

           Milan Kratka
           c/o P.O. Box 309, George Town
           Grand Cayman, Cayman Islands


SIRIUS MASTER: Liquidator Presents Wind Up Accounts Tomorrow
------------------------------------------------------------
Sirius Master Fund, SPC's shareholders will convene for a final meeting
tomorrow at:

           141 West Jackson Blvd.
           Suite 3520, Chicago IL 60604, USA

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

The liquidator can be reached at:

           Milan Kratka
           c/o P.O. Box 309, George Town
           Grand Cayman, Cayman Islands


WARNER LAMBERT: Shareholders Convene For Final Meeting Today
------------------------------------------------------------
Warner Lambert Manufacturing (Ireland) Ltd.'s shareholders will convene for
a final meeting today at:

           Pottery Road, Dun Laoghaire
           Co Dublin, Ireland

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

The liquidator can be reached at:

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




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


BRIGHTPOINT INC: Earns US$8.7MM in Third Quarter Ended Sept. 30
---------------------------------------------------------------
Brightpoint Inc. reported net income of US$8.7 million for the
third quarter ended Sept. 30, 2006, compared with a net loss of
US$6.1 million for the same period in 2005 due to a US$14.4 million total
loss from discontinued operations.

Total revenue increased 16% to US$633.7 million for the three months ended
Sept. 30, 2006, from US$544.9 million for the same period in the prior year.

At Sept. 30, 2006, the Company's balance sheet showed
US$686.178 million in total assets, US$509.359 million in total
liabilities, and US$176.819 million in total shareholders' equity.

           Financing Activities of Subsidiaries

The Company disclosed that, in April 2006, the credit facility
utilized by its primary operating subsidiary in the Philippines,
Brightpoint Philippines Inc., matured and was not renewed.  In
addition, the credit facility utilized by its primary operating
subsidiary in the Slovak Republic, Brightpoint Slovakia s.r.o.,
matured in May 2006 and was not renewed.

In August 2006, Brightpoint Slovakia s.r.o. entered into a credit facility
with Vseobecna uverova banka, a.s.  The facility, which matures in August
2007, provides borrowing availability of up to a maximum of US$21 million,
bears interest at the one- month Libor rate plus 0.60% and is supported by a
guarantee from the Company.  The Facility, at Sept. 30, 2006, had no amounts
outstanding.

The Company also disclosed that Brightpoint North America L.P.
entered into an agreement with GE Capital in 2001, which has been amended in
October 2006.  The amendment, among other things, allows the Company to
request an increase in aggregate commitments of up to US$40 million, and it
lowers the fixed charge coverage ratios to be maintained before causing a
change in the level of applicable margin to be added to the applicable
interest rate.

           Significant Purchase of Wireless Device

In September 2006, the Company further disclosed that, it made a
significant purchase of wireless device inventory as part of its
expanded global relationship with a major original equipment
manufacturer.  The wireless devices were procured under the terms of an
existing supply agreement in the Philippines.  However, the Company intends
to sell the products through all of its international operations including
outside the Asia-Pacific
region.  The purchase will be funded using cash generated from the sale the
product.

Full-text copies of Company's third quarter financials may be
viewed at no charge at http://ResearchArchives.com/t/s?15de

Headquartered in Plainfield, Indiana, Brightpoint, Inc.
-- http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
Company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.  The Company's
customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *    *    *

On April 12, 2006, Standard & Poor's placed the Company's long-
term local and foreign issuer credit ratings at BB- with a stable outlook.


MILLICOM INTERNATIONAL: Renames Colombia Movil as Tigo
------------------------------------------------------
Published reports say that Millicom International Cellular has renamed
Colombia Movil as Tigo.

As reported in the Troubled Company Reporter-Latin America on Oct. 9, 2006,
Millicom International has acquired Colombia Movil.  Colombia Movil's
directors approved a 21,600,001-share issue to Millicom International.
Millicom International acquired 50% and one share of Colombia Movil from
Empresa de Telefono de Bogota and Empresas Publicas de Medellin, the
municipally owned telcos, for US$125million, beating Digicel Ltd.

Millicom International said in reports it plans to invest US$200 million in
infrastructure next year.

According to BNamericas, Millicom International is seeking to increase its
market share against the local units of America Movil and Telefonica.

Millicom International initially planned to implement its Tigo model in the
first quarter of 2007.  However, the company moved the date ahead to benefit
from increased retail spending during the holiday season, BNamericas states,
citing a source close to the company.

Millicom International Cellular S.A. -- http://www.millicom.com/
-- is a global telecommunications investor with cellular
operations in Asia, Latin America and Africa.  It currently has
cellular operations and licenses in 16 countries.  The Group's
cellular operations have a combined population under license of
approximately 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *    *    *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

                        *    *    *

Standard & Poor's Ratings Services affirmed on July 4, 2006, its
'B+' long-term corporate credit and 'B-' senior unsecured debt
ratings on Millicom International Cellular S.A.  The ratings
were removed from CreditWatch with developing implications,
where they had been placed on Jan. 20, 2006, on the initiation
of a strategic review that could have led to a transaction such
as the sale of all or part of the company.  S&P said the outlook
is stable.




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


GNC CORP: Redeeming Shares of 12% Series A Pref. Stock on Dec. 4
----------------------------------------------------------------
GNC Corp. has issued its Final Notice of Redemption with respect to the
redemption of all its outstanding shares of 12% Series A Exchangeable
Preferred Stock.  The redemption date will be
Dec. 4, 2006.  GNC has deposited the aggregate redemption price in
irrevocable trust with LaSalle Bank National Association, as paying agent.

All of the shares of preferred stock are held of record by Cede & Co. as
nominee for The Depository Trust Company or DTC.  Accordingly, no beneficial
holder of shares will be required to physically surrender its shares to the
paying agent.  On or before the redemption date, DTC will notify the paying
agent to disburse the aggregate redemption price to DTC for distribution by
DTC to the beneficial holders of the shares based upon the number of shares
held and the per share redemption price.

Nov. 15, 2006, was a dividend record date with respect to the preferred
stock.  On Dec. 1, 2006, a dividend equal to US$41.47 per share will have
accumulated since the last dividend payment date and after giving effect to
this newly accumulated dividend, the aggregate accumulated dividends for
each share of preferred stock is US$423.92.  As of the Dec. 4, 2006,
redemption date, the aggregate accumulated dividends for each share of
preferred stock will be US$425.82.  Dividends on the preferred stock will
cease to accumulate on the redemption date.

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 20, 2006, Moody's
Investors Service downgraded the corporate family rating of GNC Parent
Corporation to B3 and the US$425 million holding company note issue to Caa2.




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


* ECUADOR: Launches Tender to Aid Wind-Diesel Hybrid Project
------------------------------------------------------------
The energy and mines ministry of Ecuador said in a statement that it has
launched with the United Nations Development Program or UNDP a tender to
assist development of a wind-diesel hybrid project in the Galapagos islands.

According to a statement, UNDP will accept proposals through
Jan. 5, 2007.  The project covers Galapagos' Santa Cruz and Baltra islands.

Business News Americas relates that the tender includes:

          -- review of the feasibility study that is underway
             and will be completed in December,

          -- technical assistance for the development of the
             terms of reference, and

          -- proposal evaluation during the bidding process.

BNamericas underscores that a study by Lahmeyer, a German engineering
consulting firm, recommended a 3.2-megawatt wind park made up of 14
turbines.

After conducting wind measurements launched in July 2005, Lahmeyer came up
with three attractive sites for the prospective wind park, BNamericas
states.

                        *    *    *

Fitch assigned these ratings on Ecuador:

                     Rating     Rating Date

   Country Ceiling     B-      Aug. 29, 2005
   Long Term IDR       B-      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005




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


AIR JAMAICA: Michael Conway Says Firm's Pilots Are Irresponsible
----------------------------------------------------------------
Michael Conway, Air Jamaica's president and chief executive officer, has
called the airline's pilots irresponsible, for raising concerns about the
carrier's plan to acquire Boeing 737-300 aircraft, the Jamaica Observer
reports.

The Observer relates that the pilots under the Jamaica Airline Pilots
Association or JALPA sent on Nov. 14 a letter to Mr. Conway, saying that
they had significant reservations about Air Jamaica's business plan and
re-fleeting.

As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2006,
Air Jamaica considered replacing its modern fleet of Airbus aircraft with
old Boeing 737-300s and 757s to reduce costs and stem its losses.  Air
Jamaica planned to replace A320/321s with the 22-year-old 737-300 and 757s.
The airline would retain two A340s, as no 767 replacements are available.
The replacement of aircrafts was part of a plan Air Jamaica presented to the
Cabinet's sub-committee.  The plan was aimed at reviving financially
troubled Air Jamaica.

The pilots told The Observer, "We are well aware that pilot preference does
not play any part in making a sound business plan for the airline, but we
feel compelled to express our grave concerns, especially in regard to the
Boeing 737-300s' range, age, safety record, and fuel efficiency.  In
addition, we are also concerned about the company's current leases with
Airbus and its ability to sub-lease to another party and the risk factors
involved."

However, Mr. Conway commented to The Observer that he was disappointed with
what he felt was an irresponsible statement by the pilots regarding the
737-300s.  He said that given the widespread circulation of the JALPA letter
to all 175 pilots working for Air Jamaica, the statement regarding safety
could easily be subject to misinterpretation that the airline was
considering operating unsafe aircraft.

Mr. Conway told The Observer, "I am not aware of any professional pilot
organization or regulatory body expressing concerns similar to what is being
implied by JALPA.  There are more than 1,800 of the 737-300, 400 and 500
series of aircraft in service today throughout the world.  These aircraft
carry approximately 150,000 passengers each day and more than 50 million on
an annual basis."

Surely, JALPA was not saying that anything less than maximum safety was
being condoned by regulatory authorities like the Federal Aviation Authority
and their counterparts around the world, The Observer says, citing Mr.
Conway.

Mr. Conway told The Observer, "Nor is this being condoned by the many large
and reputable airlines like BA, Continental and Southwest that operate these
aircraft or by their pilots who fly them.  Any decision by an airline
involving the introduction of an aircraft type is, of course, a serious
decision, which should not be taken lightly, and we have not done so at Air
Jamaica.  Observations from all parties are welcomed, be they matters
concerning an aircraft's performance (range, payload, fuel efficiency, etc),
and we are fully prepared to discuss these issues along with any other
relevant matters pertaining to cost, training of personnel and support from
the aircraft manufacturer.  However, to imply either loosely or directly
that the management of this company is advocating anything other than safe
passage of our passengers and crews, in my view, is irresponsible."

Meanwhile, critics told The Observer that the plan to acquire 737s and 757s
has attracted some criticisms saying that the per hour fuel burn on the 757s
is far greater than the Airbus A321s.  The 737s are also not suited for
long-haul flights.

Air Jamaica's senior executives told The Observer that the 737s and 757s are
more cost efficient.  They have firmly defended the aeroplanes' safety
records.

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

                        *    *    *

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


AIR JAMAICA: Posts JUS$7.8 Billion 2005 Loss
------------------------------------------
Air Jamaica said in its financial statements for the calendar year that its
loss is just under US$120 million or approximately JUS$7.8 billion.

However, it was reported in the Troubled Company Reporter-Latin America on
Feb. 10, 2006, Air Jamaica incurred losses of US$136 million in 2005.  The
airline's chairman OK Melhado had predicted losses of JUS$8 billion for the
year.

According to the statements, Air Jamaica lost US$119.9 million in 2005,
compared with US$99 million in 2004 and.  As of
Dec. 31, 2005, its current liabilities exceeded its current assets by
US$92.1 million.

The Jamaica Observer relates that the increased loss was primarily due to a
huge reduction of US$80 million in Air Jamaica's operating revenues, mainly
in terms of passengers and to a much lesser extent in terms of freight.

Accountants of Air Jamaica said in a statement that the airline's
continuation as a going concern will depend on:

          -- continued support from the Jamaican government, and
          -- in obtaining necessary funding and future
             profitability.

The Observer underscores that Air Jamaica's losses could have been a lot
more, as the figures showed dramatic reductions in operating expenses,
including:

          -- flying operations,
          -- maintenance,
          -- passenger service,
          -- aircraft and traffic servicing, and
          -- promotion and sales.

According to The Observer, foreign exchange earnings decreased by almost 50%
in 2005, compared with 2004.

The Observer notes that Air Jamaica incurred a loss before government grants
of US$138.9 million.  However, the airline gained government grants of US$21
million.

Mair Russell Grant Thornton, Air Jamaica's chartered accountants, emphasized
that the airline continued to sustain losses, The Observer states.

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

                        *    *    *

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




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


BENQ CORP: Works with Berlitz to Bolster Sales
----------------------------------------------
BenQ Corp., Inc., said in a statement that it has collaborated with the
Mexican subsidiary of Berlitz to boost sales during the holiday season.

Business News Americas relates that costumers who buy BenQ mobiles from Nov.
15 to Jan. 31 will get a free language course at the end of February 2007.

BenQ Mexico -- the Mexican unit of BenQ -- is seeking to market its mobiles
in the holiday retail season.  The mobiles include added features like:

          -- pocket PC,
          -- MP3 player, and
          -- camera.

BenQ has experienced difficulties after failing to revive the ailing mobile
unit of Germany's Siemens in October 2005.  BenQ was forced to cut staff
internationally and close operations in Chile, Argentina, Argentina,
Paraguay and Uruguay, BNamericas states.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing, developing
and selling of computer peripherals and telecommunication products.  It is
also a major provider of 3G handset, 3G handset, Camera phones, and other
products.  BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency in Germany
on Sept. 29, with Martin Prager serving as insolvency manager.  The collapse
came a year after Siemens sold the company to Taiwanese technology group
BenQ.  BenQ Mobile has lost market share against giant competitors.  In
Latin America, BenQ is active in Brazil and Mexico.

                        *    *    *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp. affirmed its
twBB+/twB corporate credit ratings and twBB+ unsecured corporate bond issue
rating on BenQ Corp.  The outlook on the long-term rating is negative.  At
the same time, Taiwan Ratings removed all ratings from Credit Watch with
negative implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


BURGER KING: Earns US$40 Million in Quarter Ended September 30
--------------------------------------------------------------
Burger King Corp. reported a US$40,000,000 net income on
US$546,000,000 of revenues for the three months ended
Sept. 30, 2006, versus a US$22,000,000 net income on US$508,000,000 of
revenues for the three months ended
Sept. 30, 2005.

The increase in net income is primarily the result of:

   * an increase in revenues of US$38 million;

   * an increase in operating costs and expenses of US$33
     million;

   * a US$5 million pre-tax gain from the sale of our investment
     in a joint venture;

   * a benefit of US$12 million due to a pre-tax loss on early
     extinguishment of debt of US$13 million recorded in the
     first quarter of the prior year; and

   * a US$4 million increase in income tax expense.

At Sept. 30, 2006, the Company's balance sheet showed
US$2,413,000,000 in total assets and US$1,814,000,000 in total
liabilities resulting in a stockholders' equity of 599,000,000.

On Oct. 6, 2006, the Company prepaid an additional US$35 million of term
debt, reducing the total outstanding debt balance to
US$912 million.  As a result of this payment, the next scheduled
principal payment on the amended facility is March 31, 2009.

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

              http://ResearchArchives.com/t/s?15ea

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific Group, Bain
Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250 million Senior
Secured Term Loan A Due 2011.  Moody's assigned those loan facilities an
LGD3 rating suggesting lenders will experience a 35% loss in the event of
default.


CINRAM INTERNATIONAL: Retains Credit Suisse as Financial Advisor
----------------------------------------------------------------
Cinram International Income Fund, has retained Credit Suisse Securities
(USA) LLC as its financial advisor in connection with the review of
strategic and financial alternatives.  This process will include a careful
review of Cinram's business plan, growth strategy and market valuation.

"We look forward to moving ahead with this process in an expeditious yet
methodical fashion," said Henri A. Aboutboul, Chairperson of the Trustees of
the Fund.

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 16, 2006, Standard &
Poor's Ratings Services said it revised its outlook on Cinram International
Inc., a wholly owned indirect subsidiary of Cinram International Income
Fund, to negative from stable.  At the same time, Standard & Poor's affirmed
its 'BB-' long-term corporate credit rating and its 'BB-' bank loan rating,
with a recovery rating of '4', on prerecorded multimedia manufacturer
Cinram.


JABIL CIRCUIT: To Acquire All Shares of Taiwan Green Point
----------------------------------------------------------
Jabil Circuit Inc. plans to acquire 100% of the outstanding shares of Taiwan
Green Point Enterprises Co. Ltd. for TWD109 per share in cash through a
wholly owned Jabil subsidiary.  The acquisition includes nine Asian plants,
including seven located in China and one in both Taiwan and Malaysia.

"We are thrilled to announce this deal with Green Point
Enterprises -- a market leader in advanced electro-mechanical
manufacturing and services for the mobile product and consumer
market," said Tim Main, President and CEO of Jabil.  "Green Point has
significant scale in the design and production of advanced plastics and
metals for the mobile products market.  When combined with Jabil's global
infrastructure, systems and electronic expertise, we will possess a market
leading end-to-end capability with outstanding long-term growth prospects."

Per the proposed agreement, approximately 30,000 Green Point
employees will join Jabil, including the current management team.  The Green
Point name will be retained and will operate as an independent business
within Jabil.  Jabil and Green Point
management will work together to jointly market the integrated
services.

"Acquiring Green Point is a natural extension of Jabil's business strategy
to provide sector-specific supply chain solutions to our diversified base of
customers," said Mr. Main.  "Our growth strategy contemplates
diversification of end-markets served and providing a best in class
end-to-end solution within each of those segments.  Electro-mechanical
integration in the consumer and mobile products market is consistent with
this strategy."

Mr. Main said Jabil would continue to utilize a well-developed set of
strategic component suppliers in our other segments.

The acquisition provides Jabil with new capabilities in advanced
decoration and coating technologies and will augment existing
and new customer relationships.  Mr. Main said that Jabil must
continually evolve its service offerings to the changing global
market conditions.

The transaction is structured as a tender offer for all of the
outstanding shares of Green Point followed by a merger.  It is
currently anticipated that the tender offer will be launched on
Thursday, Nov. 23, 2006, in Taiwan and remain open for 50 days.
The tender offer may be extended or withdrawn for certain reasons.  The
closing of the tender offer is subject to customary closing conditions,
including competition clearance under the laws of Taiwan and China and
acquisition of a majority of the outstanding Green Point shares in the
tender offer.

Shareholders owning approximately 42.7% of the outstanding shares of Green
Point common stock have entered into agreements under which they have agreed
to tender their shares to Jabil.  Assuming that the Tender is successfully
closed, it is then anticipated that the two companies will merge pursuant to
a merger agreement between them that provides any remaining shareholders
TWD109 cash per share.

Completion of the merger, which would be subject to approval by
Green Point's shareholders after the tender closes, would be
expected to take place in Jabil's fiscal third quarter.  The
purchase price, depending upon final shares outstanding and the
exchange rate at the time of the closing is anticipated to be
between US$875 and US$900 million.

                     About Jabil Circuit

Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is
an electronic product solutions company providing comprehensive
electronics design, manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more than 50,000
employees and facilities in 20 countries, including Brazil, Mexico, Europe
and Asia.

                        *    *    *

Standard & Poor's Ratings Services placed a BB+ preliminary rating on Jabil
Circuit's US$1.5 billion senior and subordinated debts on  Aug. 19, 2005.


MERIDIAN AUTOMOTIVE: Reschedules Confirmation Hearing to Dec. 6
---------------------------------------------------------------
Meridian Automotive Systems Inc. rescheduled the confirmation
hearing regarding its Plan of Reorganization from Nov. 29, 2006 to Dec. 6,
2006.  Meridian requested the short adjournment to allow its creditor
constituencies time to finalize certain agreements related to the Plan.
Meridian still expects that its Plan will become effective in December 2006.

Meriden also filed a motion seeking approval of the commitment
from Deutsche Bank to provide the US$175 million exit financing to implement
the Plan.  The hearing to approve the financing
commitment is scheduled for today, Nov. 29, 2006.

"We remain on track to emerge from Chapter 11 by the end of the
year," Richard E. Newsted, Meridian's President and CEO, said.
"The many necessary elements for our Plan to become effective are falling
into place thanks to the focus and hard work of the
Meridian team, our professional advisors, Deutsche Bank and the
strong support of our major secured creditor classes and the
Official Committee of Unsecured Creditors."

Based in Dearborn, Michigan, Meridian Automotive Systems, Inc.
-- http://www.meridianautosystems.com/-- supplies technologically advanced
front and rear end modules, lighting, exterior composites, console modules,
instrument panels and other interior systems to automobile and truck
manufacturers.  Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major Tier One parts
suppliers.  The Company and its debtor-affiliates filed for chapter 11
protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through
05-11176).  James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso,
Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert
S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S.
Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts.  Eric E. Sagerman, Esq., at Winston
& Strawn LLP represents the Official Committee of Unsecured Creditors.  The
Committee also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding against
Meridian's First Lien Lenders and Second Lien Lenders to invalidate their
liens.  When the Debtors filed for protection from their creditors, they
listed US$530 million in total assets and approximately US$815 million in
total liabilities.


MERIDIAN AUTOMOTIVE: Files Revised Plan Compendium Exhibits
-----------------------------------------------------------
Meridian Automotive Systems Inc. and its debtor-affiliates
delivered on Nov. 22, 2006, to the U.S. Bankruptcy Court for the
District of Delaware further revised Plan Compendium exhibits to
the Fourth Amended Joint Plan of Reorganization:

1. Senior Secured Exit Financing Commitment Letter

   The Debtors filed with the Court a commitment letter from
   Deutsche Bank Trust Company Americas and a syndicate of
   lenders for the provision of a proposed senior secured
   financing.

   Deutsche Bank Americas commits to provide Reorganized
   Meridian, among other things:

      * an asset-based revolving credit facility in an aggregate
        principal amount of US$70,000,000; and

      * an uncommitted Incremental ABL Facility aggregating
        US$30,000,000.

   Deutsche Bank Securities Inc. will act as sole lead arranger
   and sole bookrunner for each of the Credit Facilities.

   The Debtors filed a separate pleading, seeking the Court's
   authority to enter into the ABL Commitment Letter.

2. Certificate of Incorporation

   The Board of Directors of the Reorganized Debtors will
   initially consist of five directors.  The number of directors
   may be amended from time to time, provided that it will not
   be less than five nor more than seven.  The term of any
   incumbent director may not be modified.

   A full-text copy of the Debtors' Certificate of Incorporation
   is available for free at http://ResearchArchives.com/t/s?15f6

3. By-Laws

   The officers of Meridian Automotive Systems, Inc., will be
   chosen by the Board of Directors and need not be stockholders
   or directors of MASI.

   A full-text copy of Meridian's By-Laws is available for free
   at http://ResearchArchives.com/t/s?15f8

4. Agreement and Plan of Merger, a full-text copy of which is
   available for free at http://ResearchArchives.com/t/s?15f9

5. Michigan Merger Certificate, a full-text copy of which is
   available for free at http://ResearchArchives.com/t/s?15fa

6. Delaware Merger Certificate, a full-text copy of which is
   available for free at http://ResearchArchives.com/t/s?15fb

7. Litigation Trust Agreement

   On the Effective Date, Meridian Automotive Systems, Inc.,
   will deliver to the Litigation Trust US$2,000,000 cash
   pursuant to the Secured Credit Agreement.  The Initial
   Funding Loan will be secured by a first priority lien against
   all proceeds derived from the Actions, the General Trust
   Accounts, and any and all cash held in the General Trust
   Accounts, in accordance with the terms of the Secured Credit
   Agreement until the loan under the Secured Credit Agreement
   is repaid in full.

   From the Effective Date forward, the Litigation Trustee may
   seek from MASI additional funding as directed or approved by
   the Oversight Committee.  MASI may provide additional funding
   subject to mutually acceptable documentation and the approval
   of its Board of Directors.  If MASI is unable or not
   permitted to provide additional funding, the Litigation
   Trustee may obtain the additional funding from other sources
   as directed or approved by the Oversight Committee.  The
   additional funding will be in accordance with the terms of
   the Secured Credit Agreement until the loan under the Secured
   Credit Agreement is repaid in full.

   Ocean Ridge Capital Advisors, LLC, will serve as Litigation
   Trustee.

   The members of the Oversight Committee and the Litigation
   Trustee share a joint interest in the successful prosecution
   of the Actions.  The parties' entry into an arrangement to
   share information based upon their joint interest will be
   deemed sufficient to preserve and protect privilege.

   A full-text copy of the Litigation Trust Agreement is
   available for free at http://ResearchArchives.com/t/s?15fc

8. Warrant, a full-text copy of the Warrant is available for
   free at http://ResearchArchives.com/t/s?15fd

9. New Notes Term Sheet, a full-text copy of which is available
   for free at http://ResearchArchives.com/t/s?15fe

10. Shareholders Agreement, a full-text copy of which is
    available for free at http://ResearchArchives.com/t/s?15ff

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  (Meridian Bankruptcy
News, Issue No. 44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MERIDIAN AUTOMOTIVE: Wants to Ink Exit Financing from Deutsche
--------------------------------------------------------------
Meridian Automotive Systems Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Western District of
Delaware to enter into, and perform all obligations under, a Commitment
Letter and Fee Letter from Deutsche Bank Trust Company Americas, Deutsche
Bank Securities Inc., and a group of lenders.

As a condition precedent to the effectiveness of the Fourth
Amended Joint Plan of Reorganization, the Debtors are required to secure
exit financing.  To that end, the Debtors have kept in
continuous contact with potential exit lenders working towards
the goal of obtaining exit financing on the best terms available.

Accordingly, the result of the Debtors' concerted efforts is the
commitment from Deutsche Bank Trust Company Americas, Deutsche
Bank Securities, Inc., and a group of lenders, to provide exit
financing on, and subject to, the terms set forth in a Commitment Letter and
a Fee Letter, Edward J. Kosmowski, Esq., at Young Conaway Stargatt & Taylor,
LLP, in Wilmington, Delaware, informs the Court.

The Deutsche Bank Exit Facility, aggregating no less than
US$175,000,000, consists of four components:

   (1) A US$70,000,000 first-lien asset-based revolving credit
       facility;

   (2) An US$80,000,000 first-lien term loan facility;

   (3) A US$25,000,000 first-lien pre-funded letter of credit
       facility; and

   (4) An uncommitted incremental asset-based revolving credit
       facility up to an aggregate principal amount of
       US$30,000,000.

Reorganized Meridian will be the sole borrower under the Exit
Facility, and each Reorganized Debtor will guarantee Meridian's
obligations.  The Exit Facility will be secured by substantially
all of the Reorganized Debtors' assets and will be subject to the terms set
forth in a First-Lien Intercreditor Agreement and a Junior Lien
Intercreditor Agreement, Mr. Kosmowski relates.

The ABL Facility and Incremental ABL Facility will mature five
years from the closing date of the Exit Facility.  The First-Lien Term
Credit Facilities will mature six years from the closing date of the Exit
Facility.

The Commitment Letter provides that the Debtors will reimburse
Deutsche Bank for all reasonable and documented out-of-pocket
fees and expenses it incurs in connection with the Commitment
Letter and the Exit Facility.

In addition, the Debtors are required to indemnify and hold
harmless Deutsche Bank and the Exit Lenders from and against any
and all actions, claims, or liabilities that do not result from
Deutsche Bank's and the Exit Lenders' gross negligence or willful
misconduct.

The fees and expenses with regard to the preparation of the
Commitment Letter will constitute allowed administrative expenses pursuant
to Sections 507(a)(1 and 503(b) of the Bankruptcy Code, regardless of
whether or not the Exit Facility closes and funds or definitive credit
documents are executed, Mr. Kosmowski clarifies.  All amounts relating to
indemnification provisions in the Commitment Letter will not be limited by
the Deutsche Bank Work Fee as the term is defined in the Work Fee Letter.

A full-text copy of the Deutsche Bank Commitment Letter is
available for free at:

    http://bankrupt.com/misc/Meridian_DB_CommitmentLetter.pdf

The Debtors subsequently notified the Court that they desire to
adjourn the Plan Confirmation Hearing from Nov. 29, 2006, to
Dec. 6, 2006.

As a result, the Debtors and Deutsche Bank agree to amend the
Commitment Letter to extend one of the commitment expiration
dates from Dec. 15, 2006, to Dec. 20, 2006.

                         Fee Letter

As part of the Exit Facility, the Debtors are obligated to pay to Deutsche
Bank certain non-refundable fees, which consist of
facility fees equal to a percentage of the total commitments
under the ABL Facility and First-Lien Term Credit Facilities, as
well as certain flat fees for the arrangement and the
administration of the Exit Facility.

Pursuant to the terms of a Fee Letter, the Debtors will pay
Deutsche Bank:

   * approximately one-half of the Exit Facility Fees on the
     first business day after the Court approves the Debtors'
     request; and

   * a non-refundable fee equal to 1 % of the total commitments
     under the Exit Facility in the event the Debtors
     consummate, at any time within one year of the Closing
     Date, an alternative exit financing transaction other than
     with Deutsche Bank.

The Debtors anticipate that the fees payable in connection with
the Exit Facility will not exceed US$4,850,000.

Pursuant to the Fee Letter, Deutsche Bank has the ability, after
consultation with the Reorganized Debtors, to change the terms
and conditions, financial covenants, pricing, fees, and structure of the
Exit Facility if it determines that the changes are necessary to ensure the
successful syndication of the Facility.

The Debtors did not disclose the terms and fees associated with
the Exit Facility Fees.  Mr. Kosmowski explains that the specific terms are
commercially sensitive and their public disclosure would materially:

   -- impact Deutsche Bank's ability to syndicate the Exit
      Facility on economic terms advantageous to the Debtors;
      and

   -- impair Deutsche Bank's ability to compete for future exit
      financing opportunities.

Mr. Kosmowski assures the Court that the fees and terms are
consistent with fees charged in connection with financings of
similar type and nature.

The Debtors have sufficient liquidity to pay the fees under the
Commitment Letter and Fee Letter due on the Approval Date,
totaling approximately US$2,350,000, without having to close on the Exit
Facility, Mr. Kosmowski avers.

The exit financing is necessary to allow the Debtors to make
distributions under the Plan, and to fund their ongoing
operations upon their emergence from Chapter 11, Mr. Kosmowski
asserts.

Mr. Kosmowski notes that Deutsche Bank's willingness and
commitments with respect to the Committed Credit Facilities will
terminate on the first to occur of:

   (i) Nov. 29, 2006, unless on or prior to that date the
       Court has approved the Debtors' entry into the Commitment
       Letter and the Fee Letter;

  (ii) Dec. 15, 2006, unless on or prior to that date the
       Court has entered a Confirmation Order in a form and
       substance satisfactory to Deutsche Bank, and the Court
       has authorized the Debtors' performance of their
       obligations under it; or

(iii) Jan. 31, 2007, unless on or prior to that date the
       Transaction has been consummated, the Effective Date of
       the Plan has occurred and a definitive credit agreement
       and all related documentation evidencing each of the
       First-Lien Term Loan Facility, the ABL Facility, the
       Incremental ABL Facility and the First-Lien Pre-Funded
       L/C Facility, in each case in form and substance
       satisfactory to Deutsche Bank, will have been entered
       into and the initial borrowings will have occurred.

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  (Meridian Bankruptcy
News, Issue No. 44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


METROFINANCIERA: Inks Warehousing Credit Line with IFC & Merrill
----------------------------------------------------------------
The International Finance Corp., the private sector arm of the World Bank
Group, and Merrill Lynch Mortgage Capital, Inc., have signed with
Metrofinanciera, S.A. de C.V. the Mexican peso equivalent of a USUS$100
million revolving line of credit.  The financing will help fund mortgage
loans for low- to middle-income home buyers, diversify Metrofinanciera's
funding sources, and maintain its securitization programs in the capital
markets.  IFC and Merrill Lynch will each provide the peso equivalent of
USUS$50 million.

Metrofinanciera is a Sofol, or a special-purpose financial company, and is
Mexico's fifth largest specialized mortgage lending institution by loans
market share.  Its main activity is to provide mortgages to low-income
individuals and construction loans to housing developers.

Atul Mehta, IFC's Director for Latin America and the Caribbean said, "IFC's
investment underlines our strategy to develop the housing sector in Mexico
by providing funding to key players, as well as to contribute to the
development of the country's capital markets.  In addition, with this
investment IFC is playing an important catalytic role in Mexico,
particularly given the collaboration with another leading investment bank
such as Merrill Lynch."

Armando Guzman, CEO of Metrofinanciera said, "This warehousing line of
credit provided by IFC and Merrill Lynch is another success for
Metrofinanciera in its long term strategy of diversification of funding
sources.  The capacity and experience in financial markets of IFC and
Merrill Lynch brings substantial strategic strength to Metrofinanciera.
Within the Sofoles in the Mexican housing finance sector, Metrofinanciera is
the largest issuer of debt instruments, mortgage backed securities, and
construction loan backed securities in the capital markets."

Mr. Jim Cason, Managing Director of Merrill Lynch, added, "We are excited
about our relationship with both Metrofinanciera and IFC.  We believe there
is great potential in the Mexican mortgage market and are pleased that with
this transaction we are able to further our involvement in this growth
sector."

                    About Metrofinanciera

The privately held Metrofinanciera is Mexico's fourth largest specialized
housing lending company, with a portfolio of MXN13.3 billion (USUS$1.25
billion) under administration at the end of 2005.  Founded in 1996 by local
businessmen, the Monterrey-based lender has developed a network of six
regional offices and 50 branches that operates nationwide.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on April 11,
2006, Fitch Ratings assigned the following ratings to
Metrofinanciera, a Mexican mortgage lender:

   -- Foreign Currency Long-term Issuer Default Ratings 'BB-';
   -- Foreign Currency Short-term IDR 'B';
   -- Local Currency Long-term IDR 'BB-';
   -- Local Currency Short-term IDR 'B';
   -- Individual Rating 'D';
   -- Support Rating '5'.

Fitch said the rating outlook is stable.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on April 3, 2006,
Standard & Poor's Ratings Services assigned a 'BB-' long-term counter party
credit rating to Metrofinanciera S.A. de C.V. Sociedad de Objeto Limitado.
S&P said the outlook is stable.


NORTEL: Orange Business Launches SIP Multimedia Services
--------------------------------------------------------
Orange Business Services, which provides enterprise business solutions and
services by the France Telecom Group as of
June 1, 2006, has launched a new suite of SIP multimedia services based on
Nortel technology.  The new service "Business Together" will first be
available for corporate French customers in November 2006.  As a result of a
strategic partnership, France Telecom and Nortel have jointly developed
these new services to help businesses communicate and collaborate with
greater flexibility and efficiency.

"Business Together" from Orange Business Services unifies onto a single
interface all the necessary tools for a company to optimize their
team-working environment.  It does this through telephony, collaboration,
instant messaging and multimedia communications; all safely accessibly from
a computer, an IP Phone or a mobile smartphone. 'Business Together' enables
workers to communicate wherever they are, at the office or on the road.

"'Business Together' is a significant breakthrough for how workers can work
together instantly whether they are in the office or on the road," said
Barbara Dalibard, executive vice president, Orange Business Services.  "Our
offering is unique to the marketplace and we plan to expand to other
countries in 2007.  We will continue to work closely with Nortel to help
realize its full potential."

The strategic partnership signed in 2004 between France Telecom and Nortel
has a common objective to jointly develop and deploy IP multimedia services
as the basis for a new generation of seamless services in the business
market, and particularly in person-to-person communication and collaborative
work.  A strong focus has been made on co-development, co-marketing and
co-selling of these services.

"Our partnership with France Telecom is powerful proof of Nortel's drive to
equip service providers with technology designed to cost-effectively evolve
their networks to deliver new and innovative user experiences," said Michel
Clement, president of Southern Europe, Nortel.  "France Telecom and Nortel
have a long history of delivering next-generation solutions and services.
Today's announcement further builds upon the strength of that relationship."

Orange's "Business Together" services include Nortel's SIP Multimedia
Communication Server 5200 (MCS 5200) which seamlessly integrates voice with
video, collaboration, presence and reachability services. This solution
leverages SIP to enable service providers to deliver secured network based
technologies and enriched communications experiences.

Nortel has been a key supplier to France Telecom Group network for nearly
two decades providing solutions in wireless, wireline data and optical DWDM
as well as Enterprise Networks.

              About Orange Business Services

Orange Business Services represents the business communications solutions
and services provided by the France Telecom Group as of June 1, 2006.  They
were previously sold under the France Telecom, Orange, Equant, Etrali,
Almerys, EGT, Expertel Consulting, France Telecom Intelmatique, SETIB and
Solicia brands.

The offers include converged voice, data and mobile services as well as IT
expertise and managed services, all designed to transform business processes
and improve productivity. Orange Business Services is present in 166
countries and territories and serves customers in 220.

                   About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corp. (NYSE/TSX: NT) --
http://www.nortel.com/-- delivers technology solutions encompassing
end-to-end broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's greatest
challenges.  Nortel does business in more than 150 countries including
Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family Rating for Nortel
Networks Corp. to B2.

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corp., Nortel Networks Corp., and Nortel Networks
Limited at B (low) along with the preferred share ratings of Nortel Networks
Limited at Pfd-5 (low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5 (low) Stb
Class A, Non-Cumulative Redeemable Preferred Shares.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2' short-term
corporate credit ratings on the company, and assigned its 'B-' senior
unsecured debt rating to the company's proposed USUS$2 billion notes.  S&P
said the outlook is stable.


SATELITES MEXICANOS: First Amended Chapter Plan is Now Effective
----------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V.'s First Amended Chapter 11 Plan of
Reorganization has become effective.

The Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York confirmed SATMEX's Amended Plan on Oct. 26.

                  Creation of Equity Trust

As reported in the Troubled Company Reporter on Sept. 14, 2006,
the Debtor will form an Equity Trust, instead of special purpose
entities, to settle the Debtor's obligations under the Amended
Plan.

The New Common Stock representing 90% of the equity voting rights and 96% of
the equity financial rights in the Reorganized Debtor will be held by an
Equity Trust Trustee for the benefit of the holders of Allowed Existing Bond
Claims, Allowed Existing
Preferred Stock Interests, and Allowed Existing Common Stock
Interests, other than the Mexican Government on the Effective
Date.

The Equity Trust Trustee will deposit global trust certificates
representing beneficial ownership of New Common Stock
corresponding to 43% of the voting rights and 78% of the
financial rights in the Reorganized Debtor with the Depository
Trust Company, Euroclear Bank S.A./N.V., or Clearstream Banking
societe anonyme.  Interests in the Global Trust Certificate will
be received by the holders of Existing Bond Claims on a pro rata
basis in exchange for a portion of the Existing Bond Claims.

         Recovery for Servicios & Mexican Government

Servicios Corporativos Satelitales, S.A. de C.V., will receive
beneficial interests in the Equity Trust corresponding to New
Series A Common Stock representing 45% of the equity voting
rights and 16% of the equity financial rights in the Reorganized
Debtor, on a fully diluted basis.

The Mexican Government will receive New Series A Common Stock
and New Series N Common Stock representing 10% of the equity
voting rights and 4% of the equity financial rights in the
Reorganized Debtor subject to the same terms and conditions as
the New Common Stock held by the Equity Trust Trustee, on a
fully diluted basis.

Servicios is restructuring its debt obligations.  The Debtor
relates that the Mexican Government, as creditor of Servicios,
will ultimately receive the economic benefits of the beneficial
interests in the Debtor distributed to Servicios under the Plan
in full satisfaction of Servicios' obligation to the Mexican
Government arising from a promissory note referred to as the
Menoscabo.

Servicios owed the Mexican Government approximately US$125.1 million plus
interest in connection with Servicios' purchase of a stake in the Debtor.

Servicios holds 70.71% equity stake and 100% voting interest in
the Debtor as of the date of filing for chapter 11 protection.
The Mexican Government holds 23.57% equity stake and limited
voting rights for extraordinary matters.

              Recovery of Claims in Classes 2 & 6

For purposes of voting to accept or reject the Amended Plan, the
Class 2 Senior Secured Note Claims are allowed for
US$203,388,000, in the aggregate.  For purposes of distribution,
the Class 2 Senior Secured Note Claims are allowed for
US$203,388,000 plus unpaid accrued interest through the
Effective Date, with interest calculated so that, assuming an
Effective Date of Sept. 30, 2006, the Allowed amount will be
US$234,400,000.

With respect to Classes 6A and 6B Existing Preferred Stock
Interests, the Plan provides that:

   (i) Principia S.A. de C.V., will receive beneficial interests
       in the Equity Trust corresponding to New Series B Common
       Stock and New Series N Common Stock, which will represent
       0.67% of the total equity financial rights and 0.67% of
       the total equity voting rights of the Reorganized Debtor
       on a fully diluted basis; and

  (ii) Loral Skynet Corp. and Loral SatMex, Ltd., will
       receive beneficial interests in the Equity Trust
       corresponding to New Series B Common Stock and New
       Series N Common Stock, which will represent 1.33% of the
       total equity financial rights and 1.33% of the total
       equity voting rights of the Reorganized Debtor on a fully
       diluted basis.

                 Issuance of Secured Notes

On the Plan Effective Date, the Reorganized Debtor will issue
US$203,388,000 in First Priority Senior Secured Notes.  The
First Priority Notes will mature five years after the Effective
Date and incur interest at one-month or three-month LIBOR plus
875 basis points per annum (LIBOR+8.75%), payable in arrears in
Cash on the last day of the applicable one-month or three-month
period.

The Reorganized Debtor will issue US$140,000,000 in Second
Priority Senior Secured Notes, which will mature seven years
after the Effective Date.  The Second Priority Notes will incur
interest payable quarterly in arrears at 10.125% per annum.
Interest will be payable in Cash, provided that until the
earlier of (a) the fifth anniversary of the Effective Date, and
(b) the date the First Priority Notes are paid in full, the
interest will be payable in kind.

          Satmex to Pay Other Parties' Legal Fees

The Amended Plan provides that the Debtor will be entitled to
and will pay the reasonable fees and expenses of professionals
retained by:

   * the Ad Hoc Senior Secured Noteholders' Committee;

   * the Ad Hoc Existing Bondholders' Committee;

   * Thomas Heather, the conciliador in the Concurso Proceeding
     in Mexico;

   * Loral; and

   * Servicios.

           Appointment of Common Representative

Pursuant to the Amended Plan, a common representative will be
irrevocably appointed under Mexican law to act for the benefit
of the holders of the Second Priority Notes solely for the
purposes of:

   (i) voting in favor of or accepting a plan of reorganization
       in any future concurso mercantil proceeding;

  (ii) exercising all veto rights in connection with the
       approval of a concurso plan in Mexico, but only in the
       event that the plan is accepted by holders of a majority
       of the aggregate outstanding principal amount of the
       Second Priority Notes; and

(iii) releasing certain liens.

                     Other Disclosures

The Debtor disclosed that it has recently been granted an
extension of the Orbital Concessions to Oct. 22, 2037, without
the payment of any additional consideration to the Mexican
Government.  As previously reported, the Mexican Government has
granted the Debtor three Orbital Concessions that allow it to
operate satellites in Mexico's orbital slots.  The Orbital
Concessions may be further extended subject to certain
conditions.

The Debtor also reported that the order approving its convenio
concursal terminated the Concurso proceeding in Mexico, and
became final, binding and non-appealable on Aug. 1, 2006.

In addition, the Bankruptcy Court closed the Debtor's Section
304 Proceeding on Aug. 11, 2006.  The Bankruptcy Court also
authorized the Debtor to assume its settlement agreements with
certain Loral entities.

           Plan Has Support of Major Constituents

The Debtor relates that its Chapter 11 Plan has the support of:

   -- Servicios, Loral and Principia;

   -- the beneficial holders of more than 67% of the
      10-1/8% Unsecured Senior Notes due Nov. 1, 2004; and

   -- the beneficial holders of more than 67% of the Senior
      Secured Floating Rate Notes due June 30, 2004.

A blacklined copy of the Debtor's First Amended Plan is
available at no charge at http://ResearchArchives.com/t/s?1178

                        About SATMEX

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via its satellites
to customers for distribution of network and cable television programming,
direct-to-home television service, on-site transmission of live news
reports, sporting events and other video feeds.  Satmex also provides
satellite transmission capacity to telecommunications service providers for
public telephone networks in Mexico and elsewhere and to corporate customers
for their private business networks with data, voice and video applications.
Satmex also provides the government of the United Mexican States with
approximately 7% of its satellite capacity for national security and public
purposes without charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on August 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice in the
Debtor's Mexican Bankrutpcy proceedings.  UBS Securities LLC and Valor
Consultores, S.A. de C.V., give financial advice to the Debtor.  Steven
Scheinman, Esq., Michael S. Stamer, Esq., and Shuba Satyaprasad, Esq., at
Akin Gump Strauss Hauer & Feld LLP give legal advice to the Ad Hoc Existing
Bondholders' Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal advice to Ad
Hoc Senior Secured Noteholders' Committee.  As of July 24, 2006, the Debtor
has US$905,953,928 in total assets and US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a Mexican
reorganization, known as a Concurso Mercantil, which was assigned to the
Second Federal District Court for Civil Matters for the Federal District in
Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section 304 of the
Bankruptcy Code that commenced a case ancillary to the Concurso Proceeding
and a motion for injunctive relief that sought among other things, to enjoin
actions against Satmex or its assets (Bankr. S.D.N.Y. Case No. 05-16103).


VITRO SA: To Build New Glass Containers Plant in Toluca
-------------------------------------------------------
Vitro, S.A. de C.V. will build a new state-of-the-art glass containers
facility in the industrial valley of Toluca in Mexico in order to meet
increasing products and services demand of the cosmetic, fragrances,
toiletries, and pharmaceuticals industries both domestically and abroad.

It is expected that the relocation of the Vimex plant, currently located in
Mexico City will start in late 2006 and take 2 years to complete.  The
relocation and the new modern plant will be funded by Vimex's cash flow from
operations.

The new plant will not only allow Vimex to raise output and productivity
while increasing quality and customer service, but will also benefit from
significant synergies derived from the existing Vidriera Toluca glass
containers plant close to the new Vimex location.

Headquartered in Nuevo Leon, Mexico, Vitro, S.A. de C.V. --
http://www.vitro.com/-- (NYSE: VTO; BMV: VITROA), through its subsidiary
companies, is one of the world's leading glass producers.  Vitro is a major
participant in three principal businesses: flat glass, glass containers and
glassware.  Its subsidiaries serve multiple product markets, including
construction and automotive glass; food and beverage, wine, liquor,
cosmetics and pharmaceutical glass containers; glassware for commercial,
industrial and retail uses.  Vitro also produces raw materials and equipment
and capital goods for industrial use, which are vertically integrated in the
Glass Containers business unit.

Founded in 1909, Monterrey, Mexico-based Vitro has joint ventures with major
world-class partners and industry leaders that provide its subsidiaries with
access to international markets, distribution channels and state-of-the-art
technology.  Vitro's subsidiaries have facilities and distribution centers
in eight countries, located in North, Central and South America, and Europe,
and export to more than 70 countries worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Mar. 27, 2006,
Standard & Poor's Ratings Services lowered its long-term local and foreign
currency corporate credit ratings assigned to glass manufacturer Vitro SA de
CV and its glass containers subsidiary Vitro Envases Norteamerica SA de CV
(Vena) to 'B-' from 'B'.

Standard & Poor's also lowered the long-term national scale corporate credit
rating assigned to Vitro to 'mxBB+' from 'mxBBB-' with negative outlook.

Standard & Poor's also lowered the rating assigned to Vitro's notes due 2013
and Servicios y Operaciones Financieras Vitro SA de CV notes due 2007 (which
are guaranteed by Vitro) to 'CCC' from 'CCC+'.  Standard & Poor's also
lowered the rating assigned to Vena's notes due 2011 to 'B-' from 'B'.


* MEXICALI: Moody's Issues Joint Default Analysis
-------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Municipality of Mexicali's issuer ratings at Ba3 and Baa1.mx,
with a stable outlook.

The rating is based on:

   -- a BCA of 13,
   -- Baa3 rating on the state of Baja California,
   -- 20% probability of support and,
   -- 90% default dependence.

Moody's also affirmed the senior secured ratings at Baa2/Aa2.mx.

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

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

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

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

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

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

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


* MUNICIPALITY OF REYNOSA: Moody's Issues Joint Default Analysis
----------------------------------------------------------------In
connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Municipality of Reynosa's issuer ratings at Ba2 and A2.mx, with
a stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Baa2 rating on the State of Tamaulipas,
   -- 20% probability of support and,
   -- 90% default dependence.

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

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

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

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

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

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

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


* STATE OF MORELOS: Moody's Releases Joint Default Analysis
-----------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed issuer ratings at Ba2 and A2.mx, with a stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Baa1 rating on the Government of Mexico,
   -- 5% probability of support and,
   -- 90% default dependence.

Moody's also affirmed debt ratings on two senior secured obligations --
EDOMO1 and BANCOMER loan -- at Baa2/Aa1.mx, and senior secured Santander
Serfin bank loan at Baa1/Aaa.mx.

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

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

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

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

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

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

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


* STATE OF SINALOA: Moody's Releases Joint Default Analysis
-----------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the State of Sinaloa's issuer ratings at Ba2 and A2.mx, with a
stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Baa1 rating on the Government of Mexico,
   -- 5% probability of support and,
   -- 90% default dependence.

Moody's also affirmed debt ratings on senior secured bonds (EDOSINO4U)
atBaa3/Aa2.mx and the senior secured ratings are at Baa3/Aa3.mx.

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

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

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

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

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

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

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




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


CHIQUITA BRANDS: Eyes Yearly Productivity Increase
--------------------------------------------------
Cameron Forsythe, a representative of Chiquita Brands International Inc. in
Panama, told Fresh Plaza that the company expects that the productivity
would rise to 2,300 boxes yearly.

Fresh Plaza relates Coosemupar received USUS$10 million from the recovery
fund for its:

          -- banana plantations in Baru, Chiriqui;
          -- reparations of irrigation systems; and
          --overdue maintenance to machinery.

Oscar Carrera, vice president of the Coosemupar management board, told Fresh
Plaza that the Panamanian government has acted responsibly by making the
funds available.  Every month the payment of wages is an issue.  Every
season, the payment of holidays and social security contributions has been a
problem for the employer.

The solution may not have been the optimal one, but it certainly was a
solution that was imperative for rescuing the production, Fresh Plaza notes,
citing Mr. Carrera.

Other than the payment of the first part of the recovery fund, the
USUS$300,000 in salaries for the second half of November are paid.  This
money comes from the banana sales in Europe, Hirisnel Sucre -- interim
manager of Coosemupar -- told Fresh Plaza.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including Panama.

                        *    *    *

As reported in the TCR-Europe on Nov. 8, Moody's Investors
Service downgraded the ratings for Chiquita Brands L.L.C., as
well as for its parent Chiquita Brands International, Inc.
Moody's said the outlook on all ratings is stable.

This rating action follows the company's announcement that had
incurred a USUS$96 million net loss for its 2006 third quarter.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.

S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


GRUPO BANISTMO: HSBC Merger Completion Will Take Up to 9 Months
---------------------------------------------------------------
Sandy Flockhart, head of HSBC's Latin American operations, told reporters
that the firm expects to conclude its merger with Grupo Banistmo in six to
nine months.

Mr. Flockhart explained to Business News Americas, "We have a pending task
of integrating our systems and treasury operations as well as the customer
network."

According to BNamericas, HSBC acquired 99.98% of Grupo Banistmo for
USUS$1.77 billion in an all-cash tender offer that concluded on Nov. 22.
The acquisition increased HSBC's presence in Panama and allowed it to enter
markets in Costa Rica, Honduras, Colombia, Nicaragua and El Salvador.

Stephen Green, chairperson of HSBC, told BNamericas that the bank may pursue
other acquisitions in Colombia due to the relatively high income of its
inhabitants and better economic conditions.

HSBC is counting on an expansion in emerging markets like Asia and Latin
America to counterbalance a slowdown in developed nations like the United
Kingdom and the United States, BNamericas reports.

Panamanian bank Primer Banco del Istmo (Banistmo) started
operations in September 1984 under the name Banco del Istmo.
Banistmo is the country's largest bank and also one of the
biggest financial institutions in Central America.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Moody's Investors Service placed the Ba1/Not
Prime long- and short-term deposit ratings of Primer Banco del
Istmo, SA aka Banistmo on review for possible upgrade.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Standard & Poor's Ratings Services placed its
'BB+/B' counterparty credit rating on Primer Banco del Istmo SA
aka Banistmo on CreditWatch with positive implications.  S&P has
also placed its 'BB/B' counterparty credit rating on Banco
Salvadoreno SA on CreditWatch with positive implications and
affirmed its ratings on HSBC Holdings PLC (HSBC) and related
entities, including the 'AA-/A-1+' counterparty credit rating on
HSBC, with a stable outlook.




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


INTERPUBLIC GROUP: Declares Dividends on A & B Preferred Stock
--------------------------------------------------------------
The Board of Directors of The Interpublic Group of Companies, Inc. has
declared a dividend of USUS$0.671875 per share on its
5-3/8% Series A Mandatory Convertible Preferred Stock and a dividend of
USUS$13.125 per share on its 5-1/4% Series B Cumulative Convertible
Perpetual Preferred Stock.

The dividend on the Series A Preferred Stock is payable in cash on Dec. 15,
2006, to holders of record at the close of business on Dec. 1, 2006.  There
will be a maximum of 7,475,000 shares of the Series A Preferred Stock
outstanding on December 1, 2006, resulting in a maximum possible aggregate
dividend of USUS$5,022,266.  The dividend on the Series B Preferred Stock is
payable in cash on Jan. 16, 2007, to holders of record at the close of
business on Jan. 2, 2007.  There will be a maximum of 525,000 shares of the
Series B Preferred Stock outstanding on Jan. 2, 2007, resulting in a maximum
possible aggregate dividend of USUS$6,890,625.

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. 24, 2006, 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.


* PARAGUAY: Will Meet with Brazil to Examine Bilateral Affairs
--------------------------------------------------------------
Paraguay's President Nicanor Duarte will meet with Celso Amorim, Brazil's
foreign minister, to examine bilateral affairs, particularly on commercial
exchange, infrastructure projects and the Paraguay-Parana waterway, Prensa
Latina reports.

Minister Amorim started an official visit to Asuncion, Paraguay, to examine
bilateral affairs.  Upon his arrival, Minister Amorim told Prensa Latina
that the visit will reinforce bilateral trade, with prospects to increase
the access of Paraguayan products to the Brazilian market.

Minister Amorim's presence in Asuncion has attracted attention, due to
frequent commercial disputes over the border crossing in Ciudad del Este,
Paraguay's main administrative center, Prensa Latina states.

                        *    *    *

Moody's assigned these ratings on Paraguay:

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

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

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




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


ADELPHIA COMMS: ACC Sr. Noteholders Own USUS$1.081 Bil. of Notes
--------------------------------------------------------------
Martin J. Bienenstock, Esq., at Weil, Gotshal & Manges LLP, in New York,
said that, as of Sept. 18, 2006, the ACC Senior Noteholders are the
beneficial owners of approximately USUS$1,081,000,000 face amount of
Adelphia Communications Corp.'s Senior Notes.

Weil Gotshal currently represents these ACC Senior Noteholders:

    (1) Aurelius Capital Management, LP
        53 Forest Avenue, Second Floor
        Old Greenwich, CT 06870

    (2) Banc of America Securities LLC
        9 West 57th Street
        New York, NY 10019

    (3) Catalyst Investment Management Co., LLC
        767 Third Avenue, 21st Floor
        New York, NY 10017

    (4) Drawbridge Global Macro Advisors LLC
        1345 Avenue of the Americas
        New York, NY 10105

    (5) Drawbridge Special Opportunity Advisors LLC
        1345 Avenue of the Americas
        New York, NY 10105

    (6) Elliott Associates, LP
        712 Fifth Avenue
        New York, NY 10019

    (7) Farallon Capital Management, L.L.C.
        One Maritime Plaza, Suite 1325
        San Francisco, CA 94111

    (8) Noonday Asset Management, L.P.
        c/o Farallon Capital Management LLC
        One Maritime Plaza, Suite 1325
        San Francisco, CA 94111

    (9) Perry Capital LLC
        767 Fifth Avenue
        New York, NY 10153

   (10) Viking Global Investors LP
        66 Railroad Avenue
        Greenwich, CT 06830

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie Farr &
Gallagher represents the ACOM Debtors.  PricewaterhouseCoopers serves as the
Debtors' financial advisor.  Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the Rigas
family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11 protection on March
31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642).  Their cases
are jointly administered under Adelphia Communications and its
debtor-affiliates chapter 11 cases.  (Adelphia Bankruptcy News, Issue No.
150; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


ADELPHIA: Bracewell & Giuliani Represents Non-Agent Lenders
-----------------------------------------------------------
David Albalah, Esq., at Bracewell & Giuliani LLP, in New York,
disclosed that his firm represents the Ad Hoc Committee of Certain Non-Agent
Lenders of Adelphia Communications Corp., which currently comprises:

    1. Citadel Investment Group, LLC
       625 Madison Avenue, 15th Floor
       New York, NY 10022
       Attn: John Baylis

    2. Latigo Partners, L.P.
       590 Madison Avenue, 9th Floor
       New York, NY 1002
       Attn: Paul D. Malek

    3. One East Capital Advisors, L.P.
       900 Third Avenue, 11th Floor
       New York, NY 10022
       Attn: Sina Toussi

Based in Coudersport, Pa., Adelphia Communications Corporation
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie Farr &
Gallagher represents the ACOM Debtors.  PricewaterhouseCoopers serves as the
Debtors' financial advisor.  Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the Rigas
family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11 protection on March
31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642).  Their cases
are jointly administered under Adelphia Communications and its
debtor-affiliates chapter 11 cases.  (Adelphia Bankruptcy News, Issue No.
150; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


MUSICLAND: Panel's Claim Filing Period Extended to Jan. 31, 2007
----------------------------------------------------------------
In a stipulation approved by the U.S. Bankruptcy Court for the
Southern District of New York, Musicland Holding Corp., its
debtor-affiliates, Informal Committee of Secured Trade Vendors,
and the Official Committee of Unsecured Creditors agree to extend the
Creditors Committee's time to file the DIP Secured Trade Creditors' Claims
against the current members of the Informal Committee to and including the
earlier of:

   (i) the effective date under the Plan; or

  (ii) Jan. 31, 2007.

The Creditors Committee reserves its right to seek an order
permitting the examination of the Secured Trade Creditors,
provided that the rights of the Informal Committee to object to
any examination of its members are reserved.

The Creditors Committee previously sought an order, pursuant to
Rules 2004 and 9016 of the Federal Rules of Bankruptcy Procedure,
authorizing examinations of and production of documents from various
entities.

In February 2006, the Court approved the DIP Motion, which
provided the Committee with 60 days from the date of appointment
of the Committee's counsel to file any claim against the Secured
Trade Creditors.

On March 8, 2006, the Court approved the Creditors Committee's
Rule 2004 Application provided that the Secured Trade Creditors
had until March 10, 2006, to object to the 2004 Application, and
that any examination of the Secured Trade Creditors would not
commence until further Court order.

On March 9, 2006, the Trade Vendors Committee objected to the 2004
Application.

The Informal Committee represents that its current members are:

   * Bond Street Capital, LLC,
   * Buena Vista Home Entertainment, Inc.,
   * Cargill Financial Services International, Inc.,
   * Credit Suisse International,
   * Hain Capital Group, LLC,
   * Metro-Goldwyn-Mayer Home Entertainment, LLC,
   * Varde Investment Partners, L.P., and
   * Warner Home Video Inc.

Headquartered in New York, New York, Musicland Holding Corp., is a specialty
retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PILGRIM'S PRIDE: Gold Kist Urges Holders Not to Tender Shares
-------------------------------------------------------------
Gold Kist Inc. strongly recommended that stockholders not tender into
Pilgrim's Pride Corp.'s unsolicited tender offer and issued this statement:

"We firmly believe that Pilgrim's USUS$20-a-share offer does not reflect the
full strategic value of Gold Kist and is not in the best interest of our
stockholders.  As we have said consistently, our Board of Directors is
committed to maximizing stockholder value, and we are willing to pursue a
transaction with Pilgrim's or any other strategic alternative that is in the
best interest of our stockholders.  We are grateful for the continued
support of our stockholders and we remain committed to maximizing the
company's value on their behalf."

Merrill Lynch & Co. and Gleacher Partners LLC are serving as financial
advisors to Gold Kist.  Alston & Bird LLP and Richards, Layton & Finger P.A.
are serving as outside legal counsel to Gold Kist.

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

                        *    *    *

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


SEARS HOLDINGS: Offer for Sears Canada Shares Expired on Nov. 27
----------------------------------------------------------------
Sears Holdings Corp. disclosed that its offer for shares of Sears Canada
expired at midnight (Vancouver time) on
Nov. 27, 2006.  SHLD Acquisition Corp., a wholly owned indirect subsidiary
of Sears Holdings Corp., has acquired an aggregate of 17,839,873 common
shares of Sears Canada pursuant to the offer.  Sears Holdings Corporation
now owns, directly or indirectly, 75,572,290 common shares of Sears Canada
or 70.2% of Sears Canada's issued and outstanding common shares.

Hoffman Estates, Illinois-based Sears Holdings Corp.
(NASDAQ: SHLD) -- http://www.searsholdings.com/-- is the
nation's third largest broadline retailer, with approximately
USUS$55 billion in annual revenues, and with approximately 3,800
full-line and specialty retail stores in the United States,
Canada and Puerto Rico.  Sears Holdings is a home appliance
retailer as well as a retailer of tools, lawn and garden, home
electronics, and automotive repair and maintenance.  Key
proprietary brands include Kenmore, Craftsman and DieHard, and a
broad apparel offering, including well-known labels as Lands'
End, Jaclyn Smith, and Joe Boxer, as well as the Apostrophe and
Covington brands.

                        *    *    *

As reported in the Troubled Company Reporter on June 23, 2006,
Standard & Poor's Ratings Services revised its outlook on Sears
Holdings Corp. to stable from negative.  All ratings, including
the 'BB+' corporate credit rating, and the 'B-1' short-term
rating for Sears Roebuck Acceptance Corp., are affirmed.

As reported in the Troubled Company Reporter on Jun 22, 2006,
Fitch affirms its ratings of Sears Holdings Corp. including its
Issuer Default Rating (IDR) at 'BB'; Senior notes at 'BB'; and
Secured bank facility at 'BBB-'.




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


BRITISH WEST: Government to Hold Majority Stake in New Airline
--------------------------------------------------------------
Howard Chin Lee, the tourism minister of Trinidad and Tobago, told Radio
Jamaica that the government will have majority shareholding in Caribbean
Airlines, which will take the place of British West Indies Airlines aka BWIA
next year.

Caribbean Airline's structure is still being worked out, Radio Jamaica says,
citing Peter Davies -- the chief executive officer of the airline.

Mr. Davies did not tell Radio Jamaica the number of former BWIA workers
employed in Caribbean Airlines.  Almost 20,000 job applications were still
being processed.  Mr. Davies refused to reveal the amount of money Caribbean
Airlines is spending to market itself abroad.

The campaign was taking place in all of BWIA's destinations, Mr. Davies told
Radio Jamaica.  The campaign is aimed at placing Caribbean Airlines further
on the airline market.

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

The airline was losing USUS$1 million a week due to poor operational
management.

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




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


PETROLEOS DE VENEZUELA: Files Form 20-F with US SEC
---------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of Venezuela, has filed
Form 20-F with the United States Securities and Exchange Commission,
disclosing a thorough analysis of the company's operational and financial
performance in 2004, El Universal reports.

El Universal relates that Petroleos de Venezuela previously published its
financial statements and results in Venezuelan newspapers.

According to El Universal, Form 20-F is the last report Petroleos de
Venezuela has to file with SEC.  On May 25 it filed Form 15-15D of
suspension of duty to report.

Petroleos de Venezuela said in the filing with SEC that the firm's costs and
expenses increased steadily to USUS$54.56 billion in 2006, from USUS$40.70
billion in 2000.  Revenues were unsteady due to a nationwide strike in 2002
and 2003.

Purchases of crude oil and by-products increased by USUS$21 billion to
USUS$25.44 billion, compared with 2003 when Petroleos de Venezuela was
forced to purchase gasoline due to general strike.

Petroleos de Venezuela's operational costs increased to USUS$24.58 billion
in 2004, from USUS$17.26 billion in 2000, including taxes at USUS$9.24
billion.

El Universal underscores that while the performance could be attributable to
the burden the operational accords represented for Petroleos de Venezuela
accounts until 2005, production cost per oil barrel excluding those
businesses increased by 48% to USUS$3.29 in 2004, from USUS$2.22 in 2000.

Petroleos de Venezuela's profits increased to USUS$4.40 billion in 2004,
compared with those of 2001, 2002 and 2003.  However, the 2004 profits was
lesser, compared with the USUS$7.2 billion recorded in 2000, and almost
USUS$1 billion below the results the holding published earlier, El Universal
notes.

According to El Universal, Petroleos de Venezuela's cash flow in 2004 was
negative at USUS$1.19 billion, compared with a positive balance of USUS$2.17
billion in 2000 and USUS$1.23 billion in 2003.

El Universal emphasizes that Petroleos de Venezuela's circulating assets
decreased even though total assets increased, compared with previous years,
and that circulating liabilities significantly rose to USUS$12.13 billion in
2004, from USUS$8.21 billion in 2000.

Petroleos de Venezuela told El Universal that oil output in 2004 was 2.73
million barrels per day, including its stake in operational accords and
partnerships at the Orinoco oil belt.  Total capacity was 3.7 million
barrels per day.  Gas extraction was 6.56 billion cubic feet per day.

Petroleos de Venezuela's exploratory wells decreased to 5 in 2004 from 14 in
2000.  Its development wells dropped to 313 from 474, El Universal states.

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.


* Fitch Issues Study on Structured Finance's Default Experience
---------------------------------------------------------------
Fitch Ratings has released a new study examining the default experience of
Fitch-rated global structured finance securities over the period 1991-2005.

The study finds a strong relationship between Fitch's structured ratings and
default risk, with investment grade rated issues exhibiting significantly
lower default rates over one and multiple year periods than speculative
grade rated bonds.

Over the 15-year period ending in 2005, the average annual default rate
across Fitch's investment grade structured bonds was 0.13%, while the
speculative grade average annual default rate was 3.4%.  Within the broad
investment grade rating categories ('AAA' to 'BBB'), the 'BBB' pool
experienced the highest average annual default rate of 0.41%.  The highest
average annual speculative grade default rate was the 'CCC' rate of 24.9%.

"Fitch's global structured finance ratings have historically demonstrated a
strong ability to predict default," said Stephanie Mah, Senior Director of
Credit Market Research.

Another view of the predictive capacity of Fitch's structured finance
ratings using Gini coefficients confirmed that the majority of Fitch-rated
global structured finance defaults over one and multiple year horizons came
from low rated issues.  Over a one-year period for example, speculative
grade ratings, while representing just 16% of Fitch-rated structured finance
issues, accounted for nearly 85% of total defaults.  Fitch's one-year Gini
coefficient was 0.88.

"The study also revealed that Fitch's structured finance default rates are
generally comparable to Fitch's corporate finance default rates," said
Mariarosa Verde, Managing Director of Credit Market Research.

There were 1,027 Fitch-rated global structured finance defaults recorded
over the period 1991-2005 with the vast majority occurring since 2001, not
surprisingly coinciding with the last economic downturn.  Defaults peaked in
2003 at 287 and declined to 103 in 2005.

The ABS sector accounted for the majority of defaults over the 15-year
period, or 55% of total defaults.  ABS defaults were concentrated in the
Manufactured Housing, Home Equity Loan and Franchise Loan sectors.


* IDB Calls for Action to Increase Sustainable Energy Investment
----------------------------------------------------------------
Inter-American Development Bank President Luis Alberto Moreno called a
meeting of government officials and experts to discuss challenges and
opportunities to increase investments on sustainable energy in Latin America
and the Caribbean.  At the event, held at the Bank's headquarters in
Washington, D.C., November 28-29, the IDB launched an initiative to support
regional renewable energy investments.

Growing concerns in the region regarding the environmental impact of fossil
fuels, including air quality and climate change, as well as the balance of
payments impact of imported fuels, have led the IDB to promote a broad
dialogue of experts.

Pres. Moreno underscored the need to focus on renewable energy driven by two
fundamental factors:

   -- the broad consensus on the "sense of urgency" posed by
      the threat of global warming, and

   -- the narrowing of the cost gap between conventional and
      renewable sources of energy due to the technological
      revolution.

At the same time, Pres. Moreno pointed out, forecasts indicate that energy
demand in the region will grow 75% by 2030.  "Latin America will be
hard-pressed to meet its energy needs without a vast expansion of renewable
energy sources," he concluded.

"Governments and private companies throughout Latin America are rising to
the challenge of expanding renewable energy," said Pres. Moreno in his
inaugural speech.  The IDB is already financing a number of efforts, but "we
can do much more as catalysts and strategic partners for the region," he
added.

The new initiative will focus on areas such as investments in energy
efficiency, development of new biofuels, expansion of carbon finance and
comprehensive mitigation and adaptation to the risks of climate change.  A
recent IDB study calculated that a quarter of Bank-financed projects could
be at risk from climate change.

During the two-day conference, finance, energy and environmental officials,
renewable and clean energy business leaders, financial institutions
representatives, non-governmental organizations and donor agencies will
debate strategies for energy efficiency and carbon finance issues.

The future needs of the region at the local and national levels will be
addressed by analyzing ways to support the development of biofuels and
carbon finance markets, while looking at current experiences in the private
and public sectors, in areas such as housing, transportation and rural
electrification.

A technology fair held simultaneously at the IDB's Atrium showcases
innovative clean energy programs.


* WB Ranks Eastern Caribbean States on Ease of Doing Business
-------------------------------------------------------------
The Organization of Eastern Caribbean States or OECS vary significantly in
the ease of doing business, according to Doing Business 2007: Organization
of Eastern Caribbean States, a new report launched in St. Lucia by the World
Bank Group.  The report finds that St. Lucia ranks first among OECS member
countries on the overall ease of doing business, followed by, in order,
Antigua and Barbuda, St. Vincent and the Grenadines, Dominica, Grenada, and
St. Kitts and Nevis.

Where is it easy to do business in the OECS - and where not?

Economy                       OECS ranking      Global ranking

St. Lucia                          1                  27
Antigua & Barbuda                  2                  33
St. Vincent & the Grenadines       3                  44
Dominica                           4                  72
Grenada                            5                  73
St. Kitts and Nevis                6                  85

Rankings on the ease of doing business are the average of the country
rankings on the 10 topics covered by Doing Business.  The rankings for all
economies are benchmarked to April 2006.

Prepared by the World Bank and the International Finance Corporation with
support from the United States Agency for International Development, the
report tracks the time, cost, and problems a business faces to comply with
legal and administrative requirements in startup, operation, trade,
taxation, and closure.  (It does not track such variables as macroeconomic
policy, quality of infrastructure, currency volatility, investor
perceptions, or crime rates.)  The OECS countries perform well on the ease
of starting a business, dealing with licenses, and the strength of investor
protections.  But they fall behind on the ease of getting credit, enforcing
contracts, and closing a business. Results vary for trading across borders,
registering property, and paying taxes.

The report finds that OECS countries are moving towards greater integration
among themselves and in the context of the Caribbean single market economy.
OECS countries have already harmonized several areas of business
regulations, including business startup, legal rights of borrowers and
lenders, bankruptcy procedures, and contract enforcement. Yet differences
arise in how this harmonized legislation is implemented in each
jurisdiction. Starting a business in St. Vincent and the Grenadines takes 12
days, compared to 57 days in St. Kitts and Nevis for example.  All OECS
countries rank in the top half of the 175 economies covered in the global
Doing Business 2007: How to Reform report that the World Bank Group released
in September.  But where they rank varies significantly -- St. Lucia ranks
27th while St. Kitts and Nevis is 85th.

The variation in performance is even greater where regulation has not been
harmonized.  For example, St. Vincent and the Grenadines is the world's top
performer on the construction license indicator-it takes 74 days to obtain a
warehouse construction license and costs 10.6% of income per capita.
Compare that to 195 days in Dominica or 34.9% of income per capita in St.
Lucia.  OECS countries can learn from each other as well as from other
Caribbean countries and small states.

The greatest remaining obstacles for OECS countries are lack of credit
information and inefficient courts.  For example, no OECS country has a
functioning and comprehensive credit bureau, and this limits entrepreneurs'
access to credit.  Also, it takes 681 days to enforce a simple contract
through the courts in Dominica, compared to 109 days in New Zealand the
global leader.

"Some reforms are underway, but more are needed if the OECS countries want
to keep up with the rest of the world," said Simeon Djankov, head of the
Doing Business project, a joint unit of the World Bank and IFC. "Whatever
reformers do, they should always ask, 'Who will benefit the most?' If
reforms are seen to benefit only foreign investors, large investors, or
bureaucrats-turned-investors, they reduce the legitimacy of the government.
Reforms should ease the burden on all businesses: small and large, domestic
and foreign, rural and urban.  This way there is no need to guess where the
next boom in jobs will come from.  Any business will have the opportunity to
thrive."

Globally, 213 regulatory reforms were introduced in 112 economies in the
period January 2005 and April 2006. Of these, 18 took place in small states.
The reforms led to simpler business regulations, stronger property rights,
lighter tax burdens and easier tax administration, improved access to
credit, and lower costs of cross-border trade for entrepreneurs worldwide.
Only two of these reforms were in OECS countries, both in Antigua and
Barbuda -- these improved regulations for registering a new business and
reduced tax rates.  Other reforms are ongoing in OECS countries, including
the introduction of electronic systems at customs.

Doing Business allows policy makers to compare regulatory performance with
other countries, learn from best practices globally, and prioritize reforms.
The annual Doing Business global reports have already had an impact.  The
analysis has inspired and informed at least 48 reforms around the world.  A
key lesson is that what gets measured gets done. And as the news about
reforms spreads, there will be increasing interest in replicating success
stories across the OECS.

The full report Doing Business 2007: OECS and press kit can be found at:
http://www.doingbusiness.org/OECS


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

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

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
         Discovery and Records Management for Bankruptcy
            Practitioners and Litigators
              Contact: http://www.beardaudioconferences.com
              240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                         ***********


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

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

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

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

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

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


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