---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 1, 2006, Vol. 7, Issue 239

                          Headlines

A R G E N T I N A

BANCO RIO: Aims to Increase Loan Book Threefold by 2009
CENTRAL PUERTO: Holding General Shareholders Assembly on Dec. 20
GRANJA SAN: Reorganization Proceeding Concluded
INDUSTRIAS FACHINSKY: Claims Verification Deadline Is on Feb. 15
IRSA: Holder Converts Notes Into Shares Reducing Firm's Debts

OSKY PLAYS: Deadline for Verification of Claims Is on Feb. 26
OYSE SRL: Names Pablo Cesar Aguzzi as Bankruptcy Trustee
PANGEA SA: Last Day for Verification of Claims Is on Feb. 16
SANCOR COOP: Moody's Puts D Ratings on US$94.8-Million Debts
TELECOM ARGENTINA: Judge Buchwald Affirms Bankr. Court's Ruling

TRANSENER SA: Fitch Arg. Puts D(arg) Rating on US$1.3MM Debt

* ARGENTINA: Calls for Halt of Roadblock Against Uruguay
* ARGENTINA: Foreign Affairs Ministry Summons Uruguay Ambassador
* ARGENTINA: Viajes Marsans Approves Stock Repurchase
* NEUQUEN: Launches Tender for Rio Barrancas Block Exploration

B A H A M A S

ULTRAPETROL (BAHAMAS): Moody's Ups Corporate Family Rating to B2

B E L I Z E

ROYAL CARIBBEAN: Planning US$20-Million Project with Stake Bank

* BELIZE: Two Terminal Projects May Get Environment Agency Okay

B E R M U D A

CYRUS REINSURANCE: Moody's Rates US$100MM Sec. Term Loan at Ba1
REFCO INC: District Court Dismisses Sphinx Investors' Appeal

B O L I V I A

INTERNATIONAL PAPER: To Sell 13 Lumber Mills to West Fraser

* BOLIVIA: Resuming Contract Talks with Petroleo Brasileiro

B R A Z I L

AGCO CORP: Approves Biodiesel Mixtures for SisuDiesel Engines
ALERIS INTERNATIONAL: Moody's Lowers Corp. Family Rating to B2
BANCO ITAU: Parent Firm to Buy Two Units from Bank of America
LUCENT TECHNOLOGIES: Amends Solicitation Statement with Alcatel
LUCENT TECHNOLOGIES: Completes Support Network for TV Cabo

NOVELIS INC: John Watson Resigns from Board of Directors
PETROLEO BRASILEIRO: Analyst Affirms "Outperform" Rating on Firm
PETROLEO BRASILEIRO: Resuming Contract Talks with Bolivia

* BRAZIL: Opens Barralcool First Integrated Biofuel Plant

C A Y M A N   I S L A N D S

3DLABS INTERNATIONAL: Final Shareholders Meeting Is on Dec. 10
ABACIST MASTER: Sets Final Shareholders Meeting on Dec. 11
ADVENTURE ENTERPRISES: Last Shareholders Meeting Is on Dec. 7
ALMA HOLDINGS: Liquidator Presents Wind Up Accounts on Dec. 4
BIOHEDGE LIMITED: Deadline for Proofs of Claim Filing Is Dec. 14

CAYMAN YACHT: Last Day for Proofs of Claim Filing Is on Dec. 6
GULFSTREAM ENTERPRISES: Proofs of Claim Must be Filed by Dec. 8
MERRILL LYNCH 1: Last Day to File Proofs of Claim Is on Dec. 5
MERRILL LYNCH 2: Deadline for Proofs of Claim Filing Is Dec. 5
OCH JOHNSON (MASTER): Claims Filing Deadline Is Set for Dec. 6

OCH JOHNSON: Proofs of Claim Filing Deadline Is Set for Dec. 6
SILVER CONVERTIBLE: Last Shareholders Meeting Is Set for Dec. 11
URBANITY CAPITAL: Final Shareholders Meeting Is Set for Dec. 15
VEGA GLOBAL: Creditors Must Submit Proofs of Claim by Dec. 11

C H I L E

BELL MICROPRODUCTS: Names P. Roussey Exec. VP of Corp. Marketing

C O L O M B I A

ECOPETROL: Posts US$2.85 Billion in Exports in First 10 Months
IMAX CORPORATION: Moody's Affirms B3 Corporate Family Rating

* COLOMBIA: FTA Meets Opposition from U.S. Democratic Lawmakers

C O S T A   R I C A

* COSTA RICA: Oscar Arias Lobbies for Free Trade Accord with US

C U B A

* CUBA: Creates Joint Railway Company with Venezuela
* CUBA: Venezuela Wants to Expand Cooperation with Nation

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Hotels Closing Down Due to Tax Reform
* DOMINICAN REPUBLIC: Industrial Sector Doesn't Need Tax Hike
* DOMINICAN REPUBLIC: Secures US$21-Million Loan from IDB

E C U A D O R

PETROECUADOR: Rafael Correa Reviewing Pacts with Foreign Firms

G U A T E M A L A

SBARRO INC: Inks International Development Pact with Wataniya

H O N D U R A S

* HONDURAS: Hondutel Providing Fiber Optics Network at Corts

J A M A I C A

COURTS (JAMAICA): First Leveraged Buyout in Jamaica
DIGICEL LTD: Launches "Top Up Any Voucher Anywhere" Service
DYOLL INSURANCE: Poor Strategic Management Caused Collapse

M E X I C O

FORD MOTOR: Hourly Buyout Acceptances Reach 38,000 in 2006
ODYSSEY RE: Declares Cash Dividends on Common & Preferred Stock
TV AZTECA: Azteca America Joins in Mexican Consulate's Program
VISTEON CORP: Fitch Rates Amended Senior Secured Debt at B/RR1

* MUNICIPALITY OF TAMPICO: Moody's Issues Joint Default Analysis
* MUNICIPALITY OF TECAMAC: Moody's Issues Joint Default Analysis
* MUNICIPALITY OF TEXCOCO: Moody's Issues Joint Default Analysis

N I C A R A G U A

XEROX CORP: Moody's Ups Senior Secured Rating to Baa3 from Ba1

P E R U

* PERU: IDB Approves US$50 Million Rural Transportation Loan

P U E R T O   R I C O

[Redacted]
PEP BOYS: Reaches Legal Settlement on Three Pending Actions

T R I N I D A D   &   T O B A G O

BRITISH WEST: Won't List Caribbean's Shares on Local Exchange
HILTON HOTELS: Completes Metropole Hotel Sales for GBP417 Mil.
SUPERIOR ENERGY: Unit Closes 6-7/8% Senior Notes Exchange Offer

U R U G U A Y

* URUGUAY: Ambassador Summoned to Foreign Affairs Ministry
* URUGUAY: State Firm Launches Power Supply Tender

V E N E Z U E L A

CITGO PETROLEUM: Merges with Citizens Energy Corp.
REVLON INC: Unit to Refinance Existing Credit Agreements
REVLON INC: Issuing US$100MM Rights Offering in December

* VENEZUELA: Creates Joint Railway Firm with Cuba
* VENEZUELA: Wants to Expand Bilateral Relations with Cuba


                          - - - - -


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


BANCO RIO: Aims to Increase Loan Book Threefold by 2009
-------------------------------------------------------
Luis Aragon, Banco Rio del Plata planning manager, told Business News
Americas that the bank is aiming to increase its loan book thrice and win up
to 400 basis points of market share by the end of 2009.

Banco Rio, taking advantage of the benefits of the local banking system's
recovery from the 2001 to 2002 financial and economic crisis, has increased
lending to the private sector by 71% to ARS7.47 billion in September 2006,
compared with September 2005, BNamericas says.

Banco Rio aims to be the top bank in private sector lending in 2007 by
increasing loans by 45% on the back of stronger small and medium enterprise
and consumer demand, BNamericas relates, citing Mr. Aragon.

"We will keep targeting these same segments to grow in 2007.  This year's
growth was better than we expected at the beginning of the year thanks to a
more aggressive commercial strategy and a vibrant market," Mr. Aragon told
BNamericas.

Mr. Aragon said that Banco Rio opened 10 branches in 2006 and will launch at
least 25 more next year to reach 242 nationwide, BNamericas notes.

According to BNamericas, Banco Rio "returned to the black" in the first
quarter of 2006 for the first time since the crisis due to a stronger
balance sheet.

According to Mr. Aragon, Banco Rio has attained its goal of decreasing
public sector exposure to 20% of total assets by the end of 2006, due to the
sale of government securities, BNamericas relates.  Its exposure in that
sector was 19.2% in September 2006.

Banco Rio would likely see its government-backed assets decrease up to 13%
of total assets, or ARS2.5 billion, by the end of next year, Mr. Aragon
said.

BNamericas underscores that Banco Rio's profit increased to ARS67.1 million
in the third quarter of 2006, compared with a ARS46 million loss in the
third quarter of 2005.

Mr. Aragon told BNamericas, "Technically, this year's profits will fully
allow us to recompose our legal reserves, so we could distribute part of our
2007 results in cash dividends in 2008."

Grupo Santander, Banco Rio's parent firm, injected fresh funds into the
latter after the crisis to strengthen the bank's balance sheet, BNamericas
relates.

Mr. Aragon told BNamericas that Banco Rio will likely issue bonds in 2007 to
meet its financing needs, as Santander is not planning any additional
capitalization.

BNamericas emphasizes that Banco Rio's priority will be to finance itself
through deposits.  It will also issue more securitizations of
mortgage-backed securities next year while planning another securitization
backed by unsecured loans in the next few days.

On Dec. 27 Banco Rio's board will ask shareholders to allow the bank to
change its name to Santander Rio, BNamericas states.

The move was part of Santander's decision, which was disclosed in April
2005, to have its nine Latin American units operating under the Santander
brand by 2010, Mr. Aragon told BNamericas.

Headquartered in Buenos Aires, Argentina, Banco Rio de la Plata is an
Argentinean private bank providing a range of financial services, including
retail, corporate, and merchant banking, insurance, credit cards and fund
management, to individuals, companies of all sizes, financial institutions
and the public sector (both provincial and national).  The company has a
network of approximately 280 branches and employs over 5,000 serving over 1
million customers.  It is part of the Latin American franchise of Banco
Santander Central Hispano, which holds over 80% of the bank's share capital.

                        *    *    *

On June 29, 2005, Moody's Investor Service assigned Caa1 ratings on Banco
Rio de la Plata's Issuer and Long-Term Bank Deposits Ratings.


CENTRAL PUERTO: Holding General Shareholders Assembly on Dec. 20
----------------------------------------------------------------
Central Puerto SA will hold a general assembly of shareholders on Dec. 20,
2006, at 11:00 a.m.  The meeting will be held at: Avenida Tomas A. Edison
2151, Ciudad Autonoma de Buenos Aires.

Central Puerto SA generates around 9% of Argentina's electricity
consumption.  It reported losses of ARS86,085,121 for the year
ended Dec. 31, 2005.  In 2004, the company registered losses of
ARS26.8 million.

In June 2006, Central Puerto reached an agreement with its creditors to
restructure its debts for US$412 million.  The total amount is comprised of
US$319.6 million in capital plus US$92.6 million in unpaid interests.


GRANJA SAN: Reorganization Proceeding Concluded
-----------------------------------------------
Granja San Patricio SA's reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process was
concluded after a court in Buenos Aires approved the debt agreement between
the company and its creditors.


INDUSTRIAS FACHINSKY: Claims Verification Deadline Is on Feb. 15
----------------------------------------------------------------
Leticia Andrea Matej, the court-appointed trustee for Industrias Fachinsky
SA's bankruptcy case, will verify creditors' proofs of claim until Feb. 15,
2007.

Ms. Matej will present the validated claims in court as individual reports
on Apr. 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 Industrias Fachinsky 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 Industrias Fachinsky's accounting
and banking records will follow on
July 4, 2007.

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

The trustee can be reached at:

          Leticia Andrea Matej
          Tucuman 1567
          Buenos Aires, Argentina


IRSA: Holder Converts Notes Into Shares Reducing Firm's Debts
-------------------------------------------------------------
IRSA aka Inversiones y Representaciones Sociedad Anonima's debt is reduced
by US$51,813 through the conversion of obligaciones negociables into shares.
Also, the company's capital is increased by 95,069 shares, with a nominal
vale of one peso.

The amount of shares that IRSA holds has been increased to 437,649,442 from
437,554,373.  The company's Obligaciones Negociables in circulation remain
at US$27,527,129.

Created in 1943, Inversiones y Representaciones S.A. aka IRSA is
engaged in real estate particularly in business offices,
commercial centers and hotels.  It is the only company in the
industry whose shares are listed on the Bolsa de Comercio de
Buenos Aires and The New York Stock Exchange.  Through its
subsidiaries, IRSA manages an expanding top portfolio of
shopping centers and office buildings, primarily in Buenos
Aires.  The company also develops residential subdivisions and
apartments (specializing in high-rises and loft-style
conversions) and owns three luxury hotels. ,Additionally, IRSA
owns a 11.8% stake in Banco Hipotecario, Argentina's largest
mortgage supplier in the country which shareholder's equity
amounted to ARS2,247.6 million.

                        *    *    *

Moody's assigned these ratings on IRSA on July 30, 2001:

   -- local currency issuer rating: B3; and
   -- foreign currency issuer rating: Caa1


OSKY PLAYS: Deadline for Verification of Claims Is on Feb. 26
-------------------------------------------------------------
Carlos Daniel Ayuso, the court-appointed trustee for Osky Plays SRL's
bankruptcy case, will verify creditors' proofs of claim until Feb. 26, 2007.

Mr. Ayuso will present the validated claims in court as individual reports
on Apr. 12, 2007.  A court in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Osky Plays 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 Osky Plays's accounting and
banking records will follow on May 28, 2007.

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

The trustee can be reached at:

          Carlos Daniel Ayuso
          Tucuman 1455
          Buenos Aires, Argentina


OYSE SRL: Names Pablo Cesar Aguzzi as Bankruptcy Trustee
--------------------------------------------------------
A court in Rosario, Santa Fe, appointed Pablo Cesar Aguzzi to supervise Oyse
SRL's bankruptcy proceeding.  Under bankruptcy protection, control of the
company's assets is transferred to Mr. Aguzzi.

As trustee, Mr. Aguzzi will:

   -- verify creditors' proofs of claim;

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

   -- administer Oyse's assets under court supervision
      and take part in their disposal to the extent established
      by law.

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

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

The trustee can be reached at:

          Pablo Cesar Aguzzi
          Montevideo 2040, Rosario
          Santa Fe, Argentina


PANGEA SA: Last Day for Verification of Claims Is on Feb. 16
------------------------------------------------------------
Alfredo Figliemeni, the court-appointed trustee for Pangea SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 16, 2007.

Under the Argentine bankruptcy law, Mr. Figliemeni 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
Pangea and its creditors.

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

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

Pangea was forced into bankruptcy at the behest of Susana Saenz Matienzo,
whom it owes US$2,942.33.

Clerk No. 41 assists the court in the proceeding.

The debtor can be reached at:

          Pangea SA
          Viamonte 1453
          Buenos Aires, Argentina

The trustee can be reached at:

          Alfredo Figliemeni
          Agrelo 4240
          Buenos Aires, Argentina


SANCOR COOP: Moody's Puts D Ratings on US$94.8-Million Debts
------------------------------------------------------------
Sancor Coop. Unidas Ltda.'s debts are rated D by Moody's Investor Service:

   -- Obligaciones Negociables Series 2 for US$19,000,000;
      included under the US$30 million program

      * last due: Jan. 27, 2004

   -- Series 3, for US$75,800,000, included under the program of
      Obligaciones Negociables for US$300 million

      * last due: Jan 27., 2004

The rating action was based on the company's balance sheet at Sept. 30,
2006.


TELECOM ARGENTINA: Judge Buchwald Affirms Bankr. Court's Ruling
---------------------------------------------------------------
District Judge Naomi R. Buchwald rejected the appeal filed by The Argo Fund
Ltd., affirming the decision of U.S. Bankruptcy Court for the Southern
District of New York Judge Burton R. Lifland approving the Acuerdo
Preventivo Extrajudicial of Telecom Argentina.  The decision would mean
that:

   (i) the order issued by the Argentine Bankruptcy Judge Adela
       N. Fernandez approving Telecom Argentina's APE will be
       given full force and effect in the United States, to the
       same degree as they are given effect in Argentina;

  (ii) the Approval Order and the APE are binding on U.S. Bank
       N.A. as Indenture Trustee, and all non-consenting holders
       of bonds restructured pursuant to the APE, as they are in
       Argentina; and

(iii) all the notes restructured pursuant to the APE have been
       extinguished as a matter of Argentine law and must be
       cancelled.

The Argo Fund, Ltd., has a 30-day term to appeal the judgment of the
District Court.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *    *    *

As reported in the Troubled Company Reporter on April 27, 2006,
Fitch Ratings made these changes on Telecom Argentina's ratings:

   Foreign Currency

    -- Previous Rating: 'B-'
    -- New RR: 'B', Rating Outlook Stable

   Local Currency

    -- Previous Rating: 'B-'
    -- New RR: 'B', Rating Outlook Stable

   US$1.5 billion, Senior Unsecured Notes due 2011 and 2014

    -- Previous Rating: 'B-'
    -- New IDR: 'B/RR4'

                        *    *    *

As reported in the Troubled Company Reporter on April 26, 2006,
Standard & Poor's Ratings Services raised its foreign and local
currency corporate credit ratings on several Argentine entities
and removed them from CreditWatch, where they were placed with
positive implications on March 23, 2006.  Telecom Argentina
S.A.'s rating was upgraded to B from B-.

The rating actions followed the upgrade on the global foreign
and local currency ratings on the Republic of Argentina to 'B'
from 'B-' and the ratings on Argentina's national scale to
'raAA-' from 'raA'.


TRANSENER SA: Fitch Arg. Puts D(arg) Rating on US$1.3MM Debt
------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo rated Transener SA's debts:

   -- Obligaciones Negociables Class 7 for US$245 million, BBB+
   -- Obligaciones Negociables Class 3 for US$1.3 million,
      D(arg).

The rating action was based on the company's balance sheet at Sept. 30,
2006.


* ARGENTINA: Calls for Halt of Roadblock Against Uruguay
--------------------------------------------------------
Argentina's President Nestor Kirchner has asked the Argentine citizens
blocking the road along a section of the border with Uruguay to stop the
demonstrations, Prensa Latina reports.

The demonstrations were aimed at stopping the construction of paper mills in
river Uruguay.  The bridge linking Gualeguaychu with Fray Bentos, Uruguay,
have been obstructed.

President Kirchner commented to Prensa Latina, "I do not agree with the
roadblocks, because we should avoid being provoked."

However, President Kirchner told Prensa Latina that his administration will
not suppress the protests.

"I want the roadblock to be lifted through persuasion, because it affects
our strategy over the bilateral dispute.  However, I will not punish another
Argentinean," the Argentine leader explained to Prensa Latina.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

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


* ARGENTINA: Foreign Affairs Ministry Summons Uruguay Ambassador
----------------------------------------------------------------
Francisco Bustillo, Uruguayan ambassador in Buenos Aires, was called to the
Foreign Affairs Ministry of Argentina, regarding the continuing pulp mill
conflict between Uruguay and Argentina, Merco Press reports.

Merco Press relates that Argentina gave Ambassador Bustillo a letter
accusing Uruguay of attempting to deviate attention by:

          -- leaving aside the environmental discussion over the
             pulp mills and insisting in focusing on the bridge
             blockades, and

          -- continuing to adopt unilateral decisions contrary
             to the 1975 River Uruguay joint management
             agreement.

According to Merco Press, protesters blocked access to a bridge connecting
Argentina to Uruguay when the granting of a loan for the construction of a
pulp mill by the World Bank was imminent.

Merco Press underscores that Uruguay sent a letter to Argentina's President
Nestor Kirchner, complaining that the International Court of The Hague and a
Mercosur tribunal stated that protests did not contribute to the conflict.
Uruguay recommended that the Argentine government halt the protest to allow
the free movement of goods and people between nations.

Roberto Garcia Moritan, Argentina's deputy foreign affairs minister, told
Merco Press, "In spite of the reiterated Argentine protests it is
disappointing evidence the repeated intention to deviate attention over the
main issue which originated the controversy."

Argentina told Merco Press that the unilateral decisions by Uruguay
regarding the Finnish Botnia-Orion mill project are contrary to the river
Uruguay statute and to The Hague Court ruling that called on both sides not
to intensify the conflict.

The Hague Court initially rejected Argentina's petition to halt the
construction of the pulp mills as the project has the potential to pollute
the river and the region.  The Hague Court called on Uruguay and Argentina
to avoid new measures that might worsen the dispute, Merco Press notes.

According to the report, Argentina was furious at Uruguay when the latter
allowed Botnia, one of the builders of the pulp mills, to use greater
volumes of water for its plant.  Argentina claimed that Buenos Aires was not
consulted on the matter.

Merco Press underscores that the Argentine congress ratified a formal
protest and rejection of the World Bank's decision to grant a US$170-million
loan for the Botnia-Orion project and a US$350-million insurance support.

The report says that President Kirchner described Uruguayan President Tabare
Vazquez as intransigent.  He expressed anger at the Argentine press for
saying that his administration was loosing the pulp mills battle against
Uruguay.

Montevideo authorities told Merco Press that they are considering to once
again take the matter before The Hague Court.  They have requested Brazil to
include the issue in the agenda of the Mercosur summit set for January 2007.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

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


* ARGENTINA: Viajes Marsans Approves Stock Repurchase
-----------------------------------------------------
Viajes Marsans, which controls 98.2% of Aerolineas Argentinas, approved last
week the repurchase of the Argentine government of about 5% up to 20% of the
airline's stake.  The airline was privatized in 1990.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

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


* NEUQUEN: Launches Tender for Rio Barrancas Block Exploration
--------------------------------------------------------------
The province of Neuquen said in a statement that it has launched the tender
for the joint exploration and production of the Rio Barrancas block with
Hidenesa, province-owned oil firm.

Business News Americas relates that Rio Barrancas is the first of 18 blocks
Neuquen plans to tender through the end of next year.  The area has not been
explored in the past and is on the border of the prolific Neuquen basin,
although neighboring areas have shown hydrocarbons reserves.

According to BNamericas, the winning bidder would conduct a three-year
exploration period.  Hidenesa would start to participate with a 10% stake
when a hydrocarbons discovery is made.

Neuquen will accept offers through Dec. 28, BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Oct. 5, 2006,
Standard & Poor's Ratings Services raised its preliminary rating assigned to
Argentina's Province of Neuquen's US$125 million secured amortizing notes
due 2014 to 'BB-' from 'B+'.  At the same time, Standard & Poor's affirmed
its preliminary 'raAAA' Argentine national scale rating assigned to the
Neuquen secured notes.




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


ULTRAPETROL (BAHAMAS): Moody's Ups Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service raised the Corporate Family and Senior Secured
ratings of Ultrapetrol (Bahamas) Limited to B2 from B3.  The rating outlook
is stable.

The upgrades reflect the benefits of diversification from the company's
growing Platform Supply Vessel or PSV and Passenger shipping segments and
expectations of lower leverage and higher coverage measures resulting from
the recent primary share offering.  A supportive PSV rate environment and
the River segment's market-leading position should balance the effects of
potential softness in the Ocean segment that could arise if a
contemporaneous decline in the demand for both petroleum and dry-bulk
products were to occur.  The ratings are constrained by Ultrapetrol's small
size, the high concentration of revenues with a few customers, and each
segment's exposure to cyclical markets.  The company's stated plans to grow
via vessel acquisitions, which Moody's believes will be significantly
debt-financed, and the lack of a revolving credit facility, which weakens
liquidity, further constrain the ratings.

"The stable outlook reflects Moody's belief that earnings from the
expanding, higher-margin PSV operations, as well as steady aggregate demand
in the River, Ocean and Passenger segments will support modest growth in
revenues and earnings through fiscal 2007, and should help offset the
effects of potentially higher debt resulting from selected debt-financed
vessel acquisitions" said Jonathan Root, Moody's Shipping Analyst.  There is
little upward pressure on the ratings over the intermediate term.

Moody's believes the age of the fleet and the stated growth strategy will
result in continuing meaningful cash outflows for drydockings and
debt-financed vessel acquisitions, which should offset benefits to leverage
and coverage realized from strong demand and the PSV fleet.  Over the long
term, Ultrapetrol's ability to maintain Debt/EBITDA below 3.5x and
EBIT/Interest above 2.5x could result in an upgrade.  The ratings could be
downgraded if Ultrapetrol were to sustain Debt/EBITDA above 5.5x or
EBIT/Interest below 1.1x.  While the outlook for the company's business
segments is supportive over the near term, the pace and scope of vessel
acquisitions will likely influence the timing of any potential future rating
action.

The B2 rating on the US$180 million of senior secured notes is the same as
the Corporate Family Rating as the notes comprise the majority of
Ultrapetrol's debt.  The Notes are issued at the parent company, secured by
certain assets and guaranteed by certain of the company's subsidiaries, but
are effectively subordinated to obligations of the non-guarantor
subsidiaries.  Asset coverage from those vessels securing the Notes is
modest.

However, Moody's believes that consolidated asset value, including the
estimated value of the equity of the non-guarantor subsidiaries after claims
at those entities, would cover consolidated debt obligations, providing
adequate coverage of the Note obligations.  Moody's does not apply its Loss
Given Default Methodology to Ultrapetrol as the company is domiciled outside
the U.S.

Moody's upgraded these ratings:

   -- Corporate Family Rating, Upgraded to B2 from B3; and
   -- Senior Secured Regular Bond/Debenture, Upgraded to B2
      from B3.

Moody's withdrew this rating:

   -- Issuer Rating, Withdrawn, previously rated Caa2

Ultrapetrol (Bahamas) Limited, a Bahamian corporation headquartered in
Nassau, Bahamas, is a diverse international marine transportation company.
The company operates in four segments: River, Ocean, Offshore Platform
Supply and Passenger.




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


ROYAL CARIBBEAN: Planning US$20-Million Project with Stake Bank
---------------------------------------------------------------
Royal Caribbean Cruise is planning a US$20-million project with Stake Bank
Enterprises to build two offshore terminals in Belize, Business News
Americas reports.

BNamericas relates that the terminals will have a capacity of 3,000 cruise
ship passengers daily.

Martin Alegria, Belize chief environmental officer, told BNamericas that
combining capacity at existing terminals with the proposed new ones, the
port's total cruise passenger capacity will be 8,000 people a day.

The environmental impact study on Stake Bank-Royal Caribbean project was
submitted in August and could be approved in December 2006, BNamericas says,
citing Mr. Alegria.

Royal Caribbean Cruises Ltd. -- http://www.royalcaribbean.com
-- is a global cruise vacation company that operates Royal Caribbean
International and Celebrity Cruises, with a combined total of 29 ships in
service and five under construction.  The company also offers unique
land-tour vacations in Alaska, Canada and Europe through its cruise-tour
division.

                        *    *    *

Moody's Investors Service has assigned on June 7, 2006, a Ba1 rating on
Royal Caribbean's US$700 million senior unsecured notes issuance and
affirmed all existing long-term ratings.


* BELIZE: Two Terminal Projects May Get Environment Agency Okay
---------------------------------------------------------------
Martin Alegria, Belize's chief environmental officer, told Business News
Americas that the Department of the Environment could approve the two
US$45-million terminal construction projects at the Port of Belize by
January.

BNamericas relates that the department has formed a committee to review the
environmental impact assessments for the two separate projects.

The first project is located the Belize Cruise Terminal and Free Zone.  It
will be carried out by Belize Cruise Terminal, a joint venture formed in
July 2005 between local port operator Belize Port Ltd. and Carnival Corp.,
BNamericas notes.

Mr. Alegria told BNamericas that the project will take 24 months to carry
out, costing US$25 million.  It includes the construction of two cruise
terminals to accommodate as may as 3,000 tourists per day from ships
arriving at the port.

The project would also involve a 338-acre Free Zone for commercial
merchandizing businesses and light manufacture and assembly, BNamericas
says, citing Tunich-Nah -- a consultant on the environmental impact
assessment on the project.

Belize Ports Free Zone said in its Web site that the Free Zone includes 160
one-acre industrial lots and 209 quarter-acre commercial lots, as well as a
10.25-acre plot for a hotel.

The environmental impact study indicated that works at the port also include
expansions to the Low Berth docking facilities for sea-bound domestic
freight, BNamericas notes.

BNamericas underscores that Royal Caribbean Cruise is planning a
US$20-million project with Stake Bank Enterprises to build two offshore
terminals with a capacity for 3,000 cruise ship passengers daily.

Mr. Alegria told BNamericas that combining capacity at existing terminals
with the proposed new ones, the port's total cruise passenger capacity will
be 8,000 people a day.

BNamericas says that the environmental impact studies for both projects have
been submitted to the Department of Environment and are being reviewed by an
appraisal committee.

Mr. Alegria told BNamericas that the environmental impact study on Stake
Bank-Royal Caribbean project was submitted in August and could be approved
in December 2006.  The study on the Belize Port-Carnival Corp. project was
presented in October and would be approved no earlier than January 2007.

The report says that Tunich-Nah's environmental impact assessment indicated
that the Belize Port-Carnival Corp. project will have minor impacts on the
local community relative to its social benefits.  However, entities Audubon
Society have argued the result.

Tanya Williams-Thompson, Audubon advocacy manager, told BNamericas that the
Belize Port and Stake Bank projects have engaged in illegal activities at
the port.

Audubon said in a statement that in the case of the Belize Port-Carnival
Corp., land reclamation activities have continued unabated in spite of a
stop order from the Department of Environment.

According to a statement, dredging and land reclamation have been conducted
on Stake Bank without the necessary permit from the Depart of Environment's
Geology and Petroleum Department.  Mangrove clearance was also conducted
without a permit from its Forestry Department.

Ms. Williams-Thompson told BNamericas that dredging has been conducted at
the Belize Port project for the last four years, while Royal Caribbean
started dredging at its Stake Bank cruise terminal in December 2005.
Members of the local Port Loyola community believe that this has caused
lower fish yields and possibly a higher risk that flooding will occur.

Mr. Alegria commented to BNamericas that the Department of Environment has
previously found that Carnival Corp. and Belize Port were involved in
illegal land reclamation.  The two firms were brought to court for the
violation.  However, Prime Minister Said Musa intervened before the trial
and issued a pardon to the companies in exchange for their consent to carry
out an environmental impact study before engaging in other activities.

According to BNamericas, the Department of Environment found that Royal
Caribbean and Stake Bank were engaging in dredging activities in March 2006
and offered them a pardon if they agreed to conduct the environmental impact
assessment.

Mr. Alegria told BNamericas that the two companies complied and have carried
out the study.

Ms. Williams-Thompson told BNamericas, "Since the [Audubon] release [early
November], both [companies] have submitted EIAs (environmental impact
assessment).  Within those projects they require further works in terms of
dredging and land reclamation, so the [government] agencies could look at
charging them fines before they obtain the permits for such activities."

Mr. Alegria commented to BNamericas, "The companies are a little more
compliant now but the separate agencies like the Geology and Petroleum, and
the Fishing Department might want to discuss penalties for these companies'
violations in the past.  However, that's up to the separate agencies."

BNamericas underscores that Joyce Oliva, Carnival Corp.'s public relations
director, told BNamericas, "The Port of Belize initiative is still being
evaluated from a number of factors and a decision on whether the project
will continue or the extent of our involvement has not been determined at
this time."

Luke Espat, chairperson of Belize Port and Belize Cruise, told The Belize
Times Weekly, "The project will offer great opportunities to my fellow
Belizeans in areas of construction, operation and services, and will broaden
the opportunities of those involved in retail and tour operations, as well
as investment opportunities in the adjacent Free Zone development."

Mr. Alegria said that construction for the Cruise Terminal and Free Zone
project will employ at least 2,000-3,000 people and will retain some 500
transient and 250 administrative workers upon its completion, BNamericas
states.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

                        *    *    *

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




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


CYRUS REINSURANCE: Moody's Rates US$100MM Sec. Term Loan at Ba1
---------------------------------------------------------------
Moody's has assigned a Ba1 rating to Cyrus Reinsurance Ltd.'s US$100 million
secured term loan facility. In the same action, Moody's has affirmed its
Baa1 rating on the US$220 million senior notes at the holding company, Cyrus
Reinsurance Holdings SPC.

Cyrus Re is a reinsurance "sidecar" vehicle that was established to provide
collateralized quota share reinsurance protection exclusively to XL Re Ltd.
and XL Re Europe, both subsidiaries of XL Capital Ltd.

The term loan facility of Cyrus Re, which is being syndicated to financial
institutions and other institutional lenders, is scheduled to mature in
December 2010.  The term loan at Cyrus Re and the senior notes at Cyrus
Holdings will be secured by separate collection accounts and
cross-guarantees between Cyrus Holdings and Cyrus Re that would allow funds
to bypass the operating company en route to senior note holders, thus
ensuring that the term loan at the operating company will have a lower
priority of payment than the senior notes at the holding company.

According to Moody's, the term loan rating reflects an analysis of the
structural and contractual features of the Cyrus Re vehicle, including
probabilistic analysis to determine both the probability of loss and
expected severity of loss to lenders.

The rating on the term loan facility is supported by Cyrus Re's level of
capitalization relative to its catastrophe exposure, which has been enhanced
by retained earnings from a benign catastrophe season and favorable pricing
levels.  Lenders and note holders also benefit from certain structural
characteristics -- particularly as they relate to limitations on dividend
payouts and return of equity capital -- that serve to better align the
interests of equity and debt investors. Furthermore, subsequent reinsurance,
specific to the subject business, purchased by the XL Ceding Companies will
inure to the benefit of Cyrus Re (provided Cyrus Re shares in the
reinsurance cost), increasing the likelihood that the financial results of
Cyrus Re will mirror those of the XL Ceding Companies' relevant book of
business.

Moody's notes, however, that these positive considerations are offset by
several factors.  First, the relevant book of business for the XL Ceding
Companies can produce volatile results owing to high-layer coverage and
large line sizes on some contracts.  Second, up to half of the proceeds from
the loan offering would be immediately distributed to Cyrus Holdings'
shareholders, thereby reducing the equity cushion to the term loan.  Third,
the term loan provides significant support to -- and is subordinated to --
the senior notes which are over twice the term loan amount.  Interest
payments on the term loan are constrained by a "Coverage Test" that aims to
ensure that funds are earmarked to pay interest and principal on the senior
notes before payments can be made on the term loan.  Fourth, lenders and
senior note holders are exposed to uncertainty surrounding the exact amount
of liabilities that are owed to the XL Ceding Companies during the wind-up.

Furthermore, future proposals to extract shareholder dividends from the
vehicle would likely prompt Moody's to assess the impact on the ratings, if
any, based upon the size of the dividend, the vehicle's remaining risk
exposure, and the sidecar's risk-adjusted capitalization (as determined by
probabilistic modeling) at that point in time.

The ratings contemplate an underwriting period up to and including July 1,
2007, and assume no additional debt above that which has been noted.

Going forward, the ratings will reflect updated analysis of the cumulative
performance of the company, its future overall risk-adjusted capitalization
level, and updated probabilistic analysis of its reinsurance portfolio.  The
current ratings do not anticipate any potential amendments that may be made
to the agreements.  Any future amendments will be evaluated at that point in
time and Moody's will assess the impact on the ratings, if any.

On Nov. 21, 2006, Moody's affirmed the Baa1 rating on the senior notes of
Cyrus Holdings following the company's proposal to modify the terms of its
reinsurance sidecar arrangement and to amend the senior notes indenture, in
part to allow for the introduction of the secured term loan facility at
Cyrus Re.

This rating has been assigned with a stable outlook:

   -- US$100 million secured term loan facility due December
      2010 at Ba1.

These ratings have been affirmed with a stable outlook:

   Cyrus Reinsurance Holdings SPC

   -- US$220 million senior unsecured notes due September 2008
      at Baa1.

   Cyrus Reinsurance Limited

   -- insurance financial strength at A2.

Cyrus Reinsurance Holdings SPC is majority-owned by investment funds
affiliated with Highfields Capital Management LP. Cyrus Reinsurance Limited
is a Class 3 Bermuda reinsurer that has entered into a collateralized quota
share reinsurance treaty with its sole clients, XL Re Ltd. and XL Re Europe,
both subsidiaries of XL Capital Ltd.  Cyrus Re will assume up to 50% of
certain lines of property catastrophe reinsurance and retrocession business
underwritten by its clients for the 2006 and 2007 underwriting years
(commencing January 1, 2006 through and including July 1, 2007), subject to
adjustment under certain conditions.  The current quota share cession
percentage is 35%.


REFCO INC: District Court Dismisses Sphinx Investors' Appeal
------------------------------------------------------------
The United States District Court for the Southern District of New York has
dismissed the SPhinX Managed Futures Fund SPC investors' appeals from Judge
Drain's order approving a US$312,000,000 settlement agreement among Refco
Inc. and its debtor-affiliates, the Official Committee of Unsecured
Creditors, and SPhinX and its segregated portfolios.

The investors are:

   1.  Merrill Lynch International, SPhinX Access LLC, SPhinX
       Access Ltd., Raymond James & Associates, and Raymond
       James Financial Services;

   2.  Masonic Hall & Asylum Fund, also known as the Masonic
       Hall & Home and the Masonic Care Community, and the
       Masonic Medical Research Laboratory;

   3.  SPhinX Managed Futures Fund LP;

   4.  Caisse de depot et placement du Quebec;

   5.  Ofi Palmares;

   6.  Geoffrey E. Varga, in his capacity as official
       provisional liquidator of SPhinX Strategy Fund Ltd.; and

   7.  Friedberg Global Macro Hedge Fund, Ltd., Friedberg Global
       Macro Hedge Fund and Rozel Investments Ltd.

Judge Richard M. Berman affirms the Bankruptcy Court rulings, declaring
that:

   (a) the Investors do not have standing to appeal the
       Settlement;

   (b) the Bankruptcy Court properly determined that the
       Investors were not parties-in-interest in an adversary
       proceeding between the Creditors Committee and SPhinX,
       and properly declined to consider objections to the
       Settlement from the Investors who were neither the Debtor
       nor the Debtor's creditors;

   (c) the Investors' request to intervene in the Bankruptcy
       Court was properly rejected because they were aware of
       the Adversary Proceeding for about five months, but
       failed to request intervention until after the Settlement
       was announced;

   (d) the Bankruptcy Court did not abuse its discretion in
       denying the Investors discovery related to the
       Settlement;

   (e) the Bankruptcy Court properly concluded that the
       propriety of the Settlement as to SPhinX was irrelevant
       to its determination whether to approve it under Rule
       9019 of the Federal Rules of the Bankruptcy Procedure;

   (f) the Bankruptcy Court properly declined to consider the
       Investors' objections because its only obligations in
       evaluating the Settlement were to the Debtors' estate,
       creditors, and shareholders;

   (g) the Bankruptcy Court correctly found that the cases cited
       by the Investors do not support their argument that their
       additional third-party concerns should have been
       considered in the Settlement approval process; and

   (h) the Bankruptcy Court did not abuse its discretion in
       refusing to grant comity to the Grand Court of the Cayman
       Islands.

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

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

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

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

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

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

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

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




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


INTERNATIONAL PAPER: To Sell 13 Lumber Mills to West Fraser
-----------------------------------------------------------
International Paper has signed a definitive agreement to sell 13 lumber
mills to West Fraser Timber Co. Ltd. for approximately US$325 million in
cash, subject to certain adjustments.  The transaction is expected to close
in the first quarter of 2007, subject to various closing conditions
including receipt of regulatory approvals and other customary conditions.

The transaction includes lumber mills in:

   -- Citronelle, Maplesville and Opelika, Ala.;
   -- Leola, Ark.;
   -- McDavid and Whitehouse, Fla.;
   -- Augusta and Folkston, Ga.;
   -- Armour and Seaboard, N.C.;
   -- Newberry, S.C.; and
   -- New Boston and Henderson, Texas.

The mills employ approximately 2,200 people and have a combined production
capacity of approximately 1.8 billion board feet.

The transaction is part of IP's previously announced transformation plan to
focus on uncoated papers and industrial and consumer packaging globally, as
well as xpedx, its North American distribution segment.  Expected proceeds
from divestitures announced to date, including the sale of these 13 lumber
mills, total approximately US$10 billion.

"The agreement with West Fraser marks another positive step in focusing our
company," said John Faraci, IP chairman and chief executive officer.  "I'm
pleased with the progress we've made so far to reshape International Paper.
Our divestitures are moving forward faster than projected, and they've
generated more proceeds than we'd originally anticipated.  We've got more
work to do, but we will continue delivering on our commitments to
shareowners."

Hank Ketchum, chairman, president and CEO of West Fraser, said, "We are
delighted to be adding these mills to our existing operations in the U.S.
South, and we look forward to welcoming our new employees to the West Fraser
organization.  With our core focus on solid wood products, our track record
of operating efficient and profitable mills, and our commitment to the
communities we operate in, we expect to build on the strong relationships
established by International Paper and create a successful future for these
mills."

In connection with the transaction, International Paper, which had
negotiated long-term log supply agreements with the buyers of its Southern
forestlands, has agreed to assign a portion of those rights to West Fraser.
In turn, West Fraser has agreed to supply wood chips from the acquired
lumber mills to International Paper at market prices.

The sale agreement also includes the termination of outstanding long-term
pulp supply agreements entered into in connection with International Paper's
sale of its Weldwood operations in Canada to West Fraser in 2004.  The pulp
supply agreements pertained to IP's former industrial papers and U.S. coated
papers businesses, which were divested in June 2005 and August 2006,
respectively.

International Paper continues to explore strategic options, including
possible sales, for the remainder of its wood products business, which
includes four plywood & lumber complexes in:

   -- Chapman, Ala.;
   -- Gurdon, Ark.;
   -- Springhill, La.; and
   -- Camden, Texas;

four lumber mills in:

   -- Meldrim, Ga.;
   -- Johnston and Sampit, S.C.; and
   -- Franklin, Va.;

a plywood mill in Corrigan, Texas; an engineered wood products mill in
Thorsby, Ala.; and a utility pole plant in Wiggins, Miss.

            About West Fraser Timber Co. Ltd.

West Fraser is an integrated forest products company that produces lumber,
LVL, MDF, plywood, pulp, linerboard, kraft paper and newsprint. The company
has manufacturing operations in British Columbia, Alberta and the southern
United States.  West Fraser has approximately 6,900 employees and is
headquartered in Vancouver, British Columbia.

                About International Paper

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

                        *    *    *

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


* BOLIVIA: Resuming Contract Talks with Petroleo Brasileiro
----------------------------------------------------------
Officials of Yacimientos Petroliferos Fiscales Bolivianos, the state-run oil
company of Bolivia, has agreed with Petroleo Brasileiro SA, its Brazilian
counterpart, to continue negotiations on Dec. 4 and 5 concerning gas price
hikes, Prensa Latina reports, citing Juan Carlos Ortiz, the Bolivian firm's
president.

As reported in the Troubled Company Reporter-Latin America on Nov. 14, 2006,
Petroleo Brasileiro said it would extend the renegotiation of its gas export
contract with Yacimientos Petroliferos by 30 days from the Nov. 10 deadline.
Petroleo Brasileiro and Yacimientos Petroliferos had twice before delayed
negotiations.  At first, the two firms decided on a 60-day period, which was
then extended to 30 days.

The Bolivian government had complained that the export price to
Brazil of US$3.6/MBTU (million British thermal unit) is too low.
Meanwhile, Petroleo Brasileiro argued the Brazilian clients would not accept
a price raise.

The current contract, which is effective until 2019, establishes the
possibility that Petroleo Brasileiro and Yacimientos Petroliferos could go
to an international court if no agreement on the price of gas is reached,
Prensa Latina states.

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

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

                        *    *    *

Fitch Ratings assigned these ratings on 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: Approves Biodiesel Mixtures for SisuDiesel Engines
-------------------------------------------------------------
AGCO Corp., in an effort to improve emissions from farm machinery marketed
around the world, has approved a broad range of biodiesel mixtures for its
SisuDiesel engines.  Biodiesel fuels come from a variety of existing crops,
and producers worldwide may soon be looking at soybeans, sunflowers and
rapeseed as more than a commodity.  For some, these products have become a
source of energy, particularly for their AGCO, Massey Ferguson and
Challenger tractors, combines and windrowers.

SisuDiesel has approved the use of Biodiesel at rates up to 100 percent,
depending upon the model, without engine modification or any change in
warranty coverage for the specified warranty period.  Based in Finland,
SisuDiesel is an AGCO-owned company that supplies diesel engines for a
variety of AGCO brand products, as well as other OEM manufacturers.

"As the only approved alternative fuel for SisuDiesel engines, biodiesel
must adhere to the European norm EN 14214 or U.S. norm ASTM D6751," explains
Matti Ruotsala, vice president and managing director, Valtra explains.
"Typically, this type of fuel includes rapeseed methyl ester or any of the
other fatty acid methyl ester formulations, collectively known as FAME."

"Biodiesel refers to the pure fuel before blending with diesel fuel," Mr.
Ruotsala adds.  "Biodiesel blends, on the other hand, are referred to as B5,
B20, etc., with the number representing the percentage of biodiesel
contained in the blend."

As Mr. Ruotsala explains, all new Tier 3 compliant SisuDiesel engines with
common rail fuel injection systems may not be used with more than a maximum
20% dilution of biodiesel.  In other parts of the world outside the US and
Canada Tier 0 Valmet and Sisu diesel engines, and Tier 1 and Tier 2 Sisu
engines can use biodiesel up to B100, or 100 percent.  However, when any
blend greater than 5% (B5) is used, the crankcase oil drain, oil filter
change and fuel filter element change intervals should be reduced by 50
percent.  Up to 5% dilution of biodiesel can be used with normal service
intervals.

"We see biodiesel as a win-win product for farmers, the environment and AGCO
products," says Martin Richenhagen, chairman, president and CEO of AGCO
Corp.  "Even low blends of biodiesel have shown to reduce friction, lower
maintenance costs and lengthen equipment life while proving friendlier to
the environment and developing new markets for our customers' commodities."

SisuDiesel engines aren't the only engines used in AGCO products, or
approved for biodiesel, however.  Biodiesel blends of 5% (B5) have also been
approved for use in Perkins, MAN and Caterpillar engines used in a number of
Massey Ferguson, FENDT and Challenger products respectively.

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%


ALERIS INTERNATIONAL: Moody's Lowers Corp. Family Rating to B2
--------------------------------------------------------------
Moody's Investors Service downgraded Aleris International, Inc.'s corporate
family rating to B2 from B1.  At the same time, Moody's assigned these
ratings to Aurora Acquisition Merger Sub, Inc:

   -- proposed senior secured term loan: B2,
   -- proposed senior unsecured notes: B3 and
   -- proposed senior subordinated notes: Caa1

Moody's also assigned a B2 rating to Aleris Deutschland Holding GMBH's
proposed senior secured term loan.  The rating actions are prompted by the
merger of Aleris International with Texas Pacific Group in a leveraged
transaction under which Texas Pacific will acquire the outstanding stock of
Aleris for approximately US$1.7 billion plus the assumption of roughly
US$1.6 billion in debt.  The ratings for the proposed debt instruments
assume that the merger will close as contemplated.  The rating outlook is
stable

Moody's also confirmed the Ba3 ratings on Aleris and Aleris Deutschland's
existing term loans, which ratings will be withdrawn upon closing of the
merger.  This concludes the review for possible downgrade initiated on Aug.
8, 2006. In conjunction with the proposed merger of Aleris and Texas
Pacific, Aurora, the newly created acquisition vehicle, will issue US$2.2
billion in debt through the instruments rated above.  Upon consummation of
the merger, Aurora will merge with and into Aleris and Aleris will be the
continuing company, legally assuming all obligations of Aurora.

The downgrade of Aleris's corporate family rating reflects:

   1) the substantial increase in debt resulting from the
      leveraged acquisition of the company, with LTM
      Sept. 30, 2006, pro forma leverage of roughly 4.8x,

   2) its weakened debt protection metrics, and

   3) the execution risks for timely deleveraging, particularly
      for a company with relatively thin margins and high
      sensitivity to volume levels.

Aleris' propensity towards acquisitions, which Moody's believes will be a
continuing impetus for growth over the intermediate term, and the
integration risks associated with the recently closed Corus acquisition,
remain ongoing considerations in the rating.  Including approximately US$230
million in drawings under a US$750 million asset backed loan facility, total
debt will be around US$2.4 billion versus roughly US$1.5 billion currently
on the same asset and business-operating base.  In addition, the rating
considers the lack of comparative financials for any meaningful time frame
given the recent history of mergers and acquisitions, commencing with the
late 2004 merger between IMCO Recycling and Commonwealth Industries and
including the four acquisitions in late 2005 and the more recent acquisition
of certain downstream aluminum assets of Corus.

However, the corporate family rating reflects Aleris'

   1) broadened diversity and size following the acquisition of
      certain aluminum rolling assets from Corus, including a
      portfolio of higher value-added end use markets,

   2) its improving cost position, and

   3) favorable demand trends expected to continue in many of
      the company's end markets into 2007.

Embedded in the rating is Moody's expectation that Aleris will apply free
cash flow generated in the more positive aluminum market environment
currently existing to deleverage, although Moody's expects meaningful debt
reduction will take two to three years.

The stable outlook reflects Moody's expectation that the current favorable
business environment for aluminum products for aerospace, automotive,
commercial construction and industrial applications will continue into 2007,
allowing for good earnings and cash flow generation over the near term.
Moody's expects that operating margins will remain in the mid single-digit
range, that free cash flow to debt will be at least 5% on a sustainable
basis, and that financial leverage will remain under 5.5x.  Although Moody's
acknowledges that the company's pro forma credit metrics remain weakly
positioned in the B rating category, the ratings and outlook are predicated
on expectation that the company will generate positive free cash in 2006 and
2007, allowing for a reduction in debt to levels more reasonable for a
cyclical business.

Financing for the merger includes a US$750 million secured asset backed loan
(not rated by Moody's) secured by receivables and inventory with a second
priority interest in plant and equipment, a US$700 million secured term loan
at Aleris, secured by domestic plant and equipment and guaranteed by
domestic subsidiaries and an approximate US$400 million (euro equivalent)
secured term loan at Aleris Deutschland, GMBH secured by foreign plant and
equipment and guaranteed by Aleris International, its domestic subsidiaries
and the subsidiaries of Aleris Deutschland.  The term loans are
cross-collateralized and also have a second priority interest in the assets
securing the ABL.  While the term loans are not at parity in the overall
capital structure, in that the term loan to Aleris does not benefit from
guarantees from the foreign subsidiaries, Moody's has equalized the ratings
on the term loans reflective of the low leverage at the European level and
the overall level of combined collateral.

The B2 rating on the secured term loans under Moody's loss given default
methodology reflects their position in the capital structure and liability
waterfall, and the dilution in collateral coverage attributable to the
significant increase in the size of the term loans in this transaction
relative to plant and equipment values.

Under Moody's loss given default methodology, the B3 rating on the US$600
million unsecured notes and the Caa1 rating on the US$500 million
subordinated notes reflects their weak position in the capital structure,
the absence of available collateral from Moody's perspective given the level
of secured debt ahead of these instruments and therefore the lower recovery
prospects of these instruments.  Although the senior unsecured notes include
a PIK interest option at the company's discretion, this feature does not add
any lift to the rating.

This rating was downgraded:

   Aleris International

   -- corporate family rating to B2 from B1.

These ratings were confirmed:

   Aleris International

   -- US$400 million senior secured guaranteed term loan: Ba3

   Aleris Deutschland Holding GMBH

   -- EUR200 million senior secured guaranteed term loan: Ba3

These ratings were assigned:

   Aurora Acquisition Merger Sub, Inc.

   -- B2 Corporate Family Rating;
   -- B2 PDR, Probability of default rating;
   -- B2, LGD3 (46%) senior secured guaranteed term loan;
   -- B3, LGD4 (63%) senior unsecured notes;
   -- Caa1, LGD6 (93%) senior subordinated notes; and
   -- Probability of default: B2

   Aleris Deutschland Holding GMBH

   -- B2, LGD3 (46%) senior secured guaranteed term loan

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler of zinc and
a leading U.S. manufacturer of zinc metal and value-added zinc products that
include zinc oxide and zinc dust.

On Aug. 1, 2006, the company acquired the aluminum business of Corus Group
plc for a cash purchase price of approximately US$885.7 million.  The
acquisition included Corus Group plc's aluminum rolling and extrusions
business but did not include Corus's primary aluminum smelters.

Along with company's aluminum recycling operations in Germany, the United
Kingdom, Mexico and Brazil and magnesium recycling operations in Germany and
the Netherlands, with the Corus Aluminum acquisition, the company now has
rolled products and extrusions operations in Germany, Belgium, Canada and
China.  In addition, the company is in the process of constructing a zinc
recycling facility in China.


BANCO ITAU: Parent Firm to Buy Two Units from Bank of America
-------------------------------------------------------------
Investimentos Itau SA, the parent company of Banco Itau Holding Financeira
SA, will purchase two units from Bank of America Corp. to increase private
banking services outside Brazil, Bloomberg reports.

Investimentos Itau SA said in a statement that two of its European
subsidiaries will pay US$155 million for Miami-based BankBoston
International and Bahamas-based BankBoston Trust Company Ltd.

According to Bloomberg, BankBoston International and BankBoston Trust are
Bank of America's private banking units that are focused on Latin American
customers.

Lywal Salles, director of Banco Itau's private banking area, told Bloomberg,
"Itau will start having its first non-Brazilian clients with this move.  We
have all the qualifications needed to be a big competitor in this area and
that's what we want. We want to be the biggest in Latin America."

Bloomberg underscores that Banco Itau agreed in May to pay US$2.2 billion in
stock for Bank of America's operations in Brazil.  Banco Itau bought in
August Bank of America's Chilean and Uruguayan units for about US$650
million.

Banco Itau's profit decreased 95% in the third quarter of 2006, after it
took a charge for the purchases in Brazil, Bloomberg states.

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

                        *    *    *

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

                        *    *    *

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

The affected ratings of Banco Itau were:

   Banco Itau Holding Financeira

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

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

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

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

      -- Individual rating affirmed at 'B/C'

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

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

      -- Support rating affirmed at '4'


LUCENT TECHNOLOGIES: Amends Solicitation Statement with Alcatel
---------------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. amended their joint solicitation
statement/prospectus, dated Nov. 14, 2006.

Under the amended terms, Lucent will pay a one-time consent fee only to
holders of its 2.75% Series A Convertible Senior Debentures due 2023 and
2.75% Series B Convertible Senior Debentures due 2025 who consent to the
terms of the joint consent solicitation.

For each US$1,000 in principal amount of each series of debentures for which
consents are received, consenting holders will receive the product of
US$7.50 multiplied by a fraction, the numerator of which is the aggregate
principal amount of debentures of each series outstanding on the expiration
date, as defined below, and the denominator of which is the aggregate
principal amount of debentures of each series for which Alcatel and Lucent
received and accepted consents.

In addition, Alcatel and Lucent have extended the expiration date of the
revised joint consent solicitation until 5 p.m.  Eastern Standard Time
today.  All holders of the debentures who have previously delivered consents
do not need to redeliver such consents, although they must sign certain tax
forms to receive the consent fee without U.S. federal backup withholding.

Alcatel has filed a supplement to the joint solicitation
statement/prospectus, which reflects the aforementioned changes.  Alcatel
and Lucent advise all holders of the debentures to review the section
entitled "U.S. Federal Income Tax Considerations," which has been amended
and restated to reflect important considerations respecting the U.S. federal
income tax consequences of the consent solicitation as it is currently
structured.

All other terms of the joint consent solicitation statement/prospectus,
dated Nov. 14, remain applicable, including Alcatel's obligation to provide
its full and unconditional guaranty, which is unsecured and subordinated to
senior debt, regardless of whether a holder delivered a consent prior to the
expiration date.

Holders of the debentures can obtain copies of the supplement to the consent
solicitation statement/prospectus from:

         D.F. King & Co.
         Information Agent
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for the consent
solicitation and can be contacted at +1 (877) 696-BEAR (toll-free).

                       About Alcatel

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

                 About Lucent Technologies

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

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

                        *    *    *

As reported on Nov. 9, 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.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'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.


LUCENT TECHNOLOGIES: Completes Support Network for TV Cabo
----------------------------------------------------------
Lucent Technologies Inc. and TV Cabo, Portugal´s largest pay-tv operator,
disclosed of the successful completion of a network readiness assessment for
TV Cabo´s existing hybrid fiber/coaxial (HFC) 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.  TV Cabo's
television subscription service is available nationwide with distribution
over cable and digital satellite platforms.

                 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.

                        *    *    *

As reported on Nov. 9, 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.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


NOVELIS INC: John Watson Resigns from Board of Directors
--------------------------------------------------------
Novelis Inc. disclosed that its Board of Directors has accepted the
resignation of director John D. Watson, who informed the Board of his need
to step down as a director for personal reasons.

The company stated that it expects to announce the appointment of a
replacement director in the near future.

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

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

                        *    *    *

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


PETROLEO BRASILEIRO: Analyst Affirms "Outperform" Rating on Firm
----------------------------------------------------------------
E. Leite, an analyst at Credit Suisse, has affirmed his "outperform" rating
on Petroleo Brasileiro SA, the state oil company of Brazil, Newratings.com
reports.

However, Mr. Leite reduced his estimates for Petroleo Brasileiro.  The
target price has been raised to US$137 from US$134, Newratings.com notes.

Mr. Leite said in a research note that the WTI oil prices are estimated at
US$62.5 per bbl for 2007 to 2009, compared with the previous expectation of
US$65 per bbl.

WTI estimate for 2010 has been increased to US$$62.5 per bbl from US$50 per
bbl.  The domestic oil production estimates of Petroleo Brasileiro for 2007
and 2008 have been reduced from 1,975kbpd to 1,935kbpd and from 2,060kbpd to
2,020kbpd, respectively.  EPS estimates for 2007 and 2008 have been
decreased by 3.9% and 5.2%, respectively, Newratings.com states.

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: Resuming Contract Talks with Bolivia
---------------------------------------------------------
Officials of Petroleo Brasileiro SA, the state-owned oil firm of Brazil, has
agreed with Yacimientos Petroliferos Fiscales Bolivianos, its Bolivian
counterpart, to continue negotiations on Dec. 4 and 5 concerning Bolivia's
gas price hikes, Prensa Latina reports, citing Juan Carlos Ortiz, the
Bolivian firm's president.

As reported in the Troubled Company Reporter-Latin America on Nov. 14, 2006,
Petroleo Brasileiro said it would extend the renegotiation of its gas export
contract with Yacimientos Petroliferos by 30 days from the Nov. 10 deadline.
Petroleo Brasileiro and Yacimientos Petroliferos had twice before delayed
negotiations.  At first, the two firms decided on a 60-day period, which was
then extended to 30 days.

The Bolivian government had complained that the export price to
Brazil of US$3.6/MBTU (million British thermal unit) is too low.
Meanwhile, Petroleo Brasileiro argued the Brazilian clients would not accept
a price raise.

The current contract, which is effective until 2019, establishes the
possibility that Petroleo Brasileiro and Yacimientos Petroliferos could go
to an international court if no agreement on the price of gas is reached,
Prensa Latina states.

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

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

                        *    *    *

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

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

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

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


* BRAZIL: Opens Barralcool First Integrated Biofuel Plant
---------------------------------------------------------
Brazil opens its first ethanol-biodiesel plant, Barralcool, which will
produce cane-based ethanol and biodiesel from oilseeds, Reuters reports.

The nation has been in the forefront in the advanced biofuels market since
it launched the ProAlcool ethanol program in the 1970s in a bid to counter
the oil crisis during that time.

"There are just under 300 sugar-ethanol mills in operation in Brazil but
another 60 or more in construction," Paulo Gaiad, operations manager at
Dedini, a leading provider of sugar-ethanol, biodiesel and cogeneration
plants in Brazil, was quoted by Reuters as saying.

As consumers think of alternative fuels to overcome rising oil costs,
Brazil's sugar cane industry has flourished.  According to Reuters, it's
time for the nation to tap rising biofuels demand to counter the serious
decline of its soy and oilseed industries.

"The worst of the crisis is over," President Inacio Lula da Silva said in a
speech at the inauguration of the Barralcool plant, Reuters relates.

Reuters says that half of Brazil's cane crop has gone to ethanol production
with the rest being refined into sugar.  The rising oil prices in the world
market has turned an already thriving industry into a gold mine, the same
report notes.

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: Final Shareholders Meeting Is on Dec. 10
--------------------------------------------------------------
3DLabs International Ltd.'s final shareholders meeting will be at 10:00 a.m.
on Dec. 10, 2006, at:

          Close Brothers (Cayman) Limited
          4th Floor Harbour Place, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

         Linburgh Martin
         Attn: 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: Sets Final Shareholders Meeting on Dec. 11
----------------------------------------------------------
Abacist Master Fund II, Ltd.'s final shareholders meeting will be on Dec.
11, 2006, at:

          Grand Pavilion Commercial Centre
          Suite #7, 802 West Bay Road
          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:

         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


ADVENTURE ENTERPRISES: Last Shareholders Meeting Is on Dec. 7
-------------------------------------------------------------
Adventure Enterprises Ltd.'s final shareholders meeting will be on Dec. 7,
2006, at:

          125 Windsor Drive
           Suite 110, Oak Brook, IL

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:

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


ALMA HOLDINGS: Liquidator Presents Wind Up Accounts on Dec. 4
-------------------------------------------------------------
Alma Holdings' shareholders will convene for a final meeting on Dec. 4,
2006, at the company's registered office.

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


BIOHEDGE LIMITED: Deadline for Proofs of Claim Filing Is Dec. 14
----------------------------------------------------------------
Biohedge Ltd.'s creditors are required to submit proofs of claim by Dec. 14,
2006, to the company's liquidator:

          John Arnold
          Centennial Towers
          3rd Floor, 2454 West Bay Road
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Biohedge Ltd.'s shareholders agreed on Sept. 29, 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:

          John Arnold
          c/o Colin Shaw & Co, Alamander Way
          Grand Pavilion, West Bay Road
          P.O. Box 10173APO, Grand Cayman
          Tel: (345) 946-8002
          Fax: (345) 946-8003


CAYMAN YACHT: Last Day for Proofs of Claim Filing Is on Dec. 6
--------------------------------------------------------------
Cayman Yacht Club Ltd.'s creditors are required to submit proofs of claim by
Dec. 6, 2006, to the company's liquidators:

          Christopher D. Johnson
          Russell Smith
          Chris Johnson Associates Ltd.
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Cayman Yacht's shareholders agreed on Oct. 31, 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:

          John Somerville
          P.O. Box 2499
          Grand Cayman, Cayman Islands
          Tel: (345) 946 0820
          Fax: (345) 946 0864


GULFSTREAM ENTERPRISES: Proofs of Claim Must be Filed by Dec. 8
---------------------------------------------------------------
Gulfstream Enterprises' creditors are required to submit proofs of claim by
Dec. 8, 2006, to the company's liquidator:

          Paolo Giacomelli
          MBT Trustees Ltd.
          P.O. Box 30622
          Grand Cayman, Cayman Islands
          Tel: (345) 945-8859
          Fax: (345) 949-9793/4

Creditors who are not able to comply with the Dec. 8 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Gulfstream Enterprises' shareholders agreed on Sept. 8, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


MERRILL LYNCH 1: Last Day to File Proofs of Claim Is on Dec. 5
--------------------------------------------------------------
Merrill Lynch Investment Managers Cayman 1 Ltd.'s creditors are required to
submit proofs of claim by Dec. 5, 2006, to the company's liquidators:

          Daniel Waltcher
          Armando Gochuico
          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.

Merrill Lynch's shareholders agreed on Oct. 27, 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


MERRILL LYNCH 2: Deadline for Proofs of Claim Filing Is Dec. 5
--------------------------------------------------------------
Merrill Lynch Investment Managers Cayman 2 Ltd.'s creditors are required to
submit proofs of claim by Dec. 5, 2006, to the company's liquidators:

          Daniel Waltcher
          Armando Gochuico
          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.

Merrill Lynch's shareholders agreed on Oct. 27, 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


OCH JOHNSON (MASTER): Claims Filing Deadline Is Set for Dec. 6
--------------------------------------------------------------
OCH Johnson Fixed Income Master Fund's creditors are required to submit
proofs of claim by Dec. 6, 2006, to the company's liquidators:

          Geoffrey Varga
          Kinetic Partners Cayman LLP
          Strathvale House, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 623 9900
          Fax: (345) 623 0007

Creditors who are not able to comply with the Dec. 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

OCH Johnson's shareholders agreed on Oct. 23, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


OCH JOHNSON: Proofs of Claim Filing Deadline Is Set for Dec. 6
--------------------------------------------------------------
OCH Johnson Fixed Income Fund's creditors are required to submit proofs of
claim by Dec. 6, 2006, to the company's liquidators:

          Geoffrey Varga
          Kinetic Partners Cayman LLP
          Strathvale House, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 623 9900
          Fax: (345) 623 0007

Creditors who are not able to comply with the Dec. 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

OCH Johnson's shareholders agreed on Oct. 23, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


SILVER CONVERTIBLE: Last Shareholders Meeting Is Set for Dec. 11
----------------------------------------------------------------
Silver Convertible Arbitrage Limited Duration Company's final shareholders
meeting will be at 11:00 a.m. on Dec. 11, 2006, at the company's registered
office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

         Stuart Brankin
         Desmond Campbell
         c/o Aston Corporate Managers, Ltd.
         P.O. Box 1981, George Town
         Grand Cayman, Cayman Islands


URBANITY CAPITAL: Final Shareholders Meeting Is Set for Dec. 15
---------------------------------------------------------------
Urbanity Capital Cayman, Inc.'s shareholders will convene for a final
meeting on Dec. 15, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

           Guy Major
           Joshua Grant
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


VEGA GLOBAL: Creditors Must Submit Proofs of Claim by Dec. 11
-------------------------------------------------------------
Vega Global's creditors are required to submit proofs of claim by Dec. 11,
2006, to the company's liquidators:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 11 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Vega Global's shareholders agreed on Oct. 31, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.




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


BELL MICROPRODUCTS: Names P. Roussey Exec. VP of Corp. Marketing
----------------------------------------------------------------
Bell Microproducts Inc. appointed Phil Roussey to the position of executive
vice president of corporate marketing.

Mr. Roussey, who previously held the position of executive vice president of
the enterprise solutions division for Bell Microproducts, will assume new
duties within the company, working directly for Don Bell, president and CEO
of Bell Microproducts.  As executive vice president of corporate marketing,
Mr. Roussey will lead several important initiatives, including worldwide
marketing, global supplier franchise strategies and corporate branding.

Mr. Bell commented that, "As a Bell Microproducts co-founder and industry
veteran, Phil is an invaluable component of the Bell Microproducts team, and
has contributed greatly to the company's growth and success over the years.
In his new capacity, Phil will work closely with me and the executive staff
to develop corporate positioning and strategies that will enhance Bell
Microproducts' global market share and profitability."

"After holding numerous positions in the operating divisions of Bell
Microproducts for the past 18 years, I am very enthusiastic about my new
role in helping to develop the company's future global positioning," Mr.
Roussey stated.  "Bell Microproducts is a dynamic company and I am looking
forward to planning and executing strategies that will exceed world wide
industry growth norms.  This new role will put my skills and experience to
good use and I am anxious to get started."

                About Bell Microproducts

Bell Microproducts -- http://www.bellmicro.com/-- is an international,
value-added distributor of a wide range of high-tech products, solutions and
services, including storage systems, servers, software, computer components
and peripherals, as well as maintenance and professional services.  An
industry-recognized specialist in storage products, this Fortune 1000
company is one of the world's largest storage-centric value-added
distributors. It has operations in Argentina, Brazil, Chile and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 22, 2006, Bell
Microproducts, Inc., has received a Nasdaq Staff Determination notice
stating that the company is not in compliance with the filing requirements
for continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(14).
The company has also received notices of default from Wells Fargo Bank,
N.A., with respect to its 3-3/4% Convertible Subordinated Notes due 2024 and
its 3-3/4% Convertible Subordinated Notes, Series B due 2024 because of the
delay in filing its Form 10-Q for the period ended Sept. 30, 2006.  Wells
Fargo serves as the trustee for the holders of the Notes.  Bell
Microproducts has 30 days from the date it received the notices, or until
Dec. 14, 2006, to cure the default by filing the Form 10-Q or the holders
may accelerate the payment of the outstanding balance due under the Notes.
The holders of more than 50% of the outstanding aggregate principal amount
of the Notes may grant the company a waiver of the default.  The company
intends to seek such a waiver in the event it is unable to file the Form
10-Q on or before
Dec. 14, 2006.




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


ECOPETROL: Posts US$2.85 Billion in Exports in First 10 Months
--------------------------------------------------------------
Ecopetrol, the state-run oil firm of Colombia, exported US$2.85 billion
crude and derivatives in the first 10 months of 2006, compared with the
US$2.82 billion recorded in 2005, Business News Americas reports.

Ecopetrol said in a statement that the export growth is due to a boost in
sales volumes and higher international oil prices.

According to a statement, Ecopetrol exported 175,068 barrels per day in
October, compared with 169,000 barrels per day in 2005.

Ecopetrol highlighted the export of 51,451 barrels per day of Castilla crude
from January to October that brought in close to US$800 million, BNamericas
relates.

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

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


IMAX CORPORATION: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating for IMAX
Corp., as well as the Caa1 rating on its senior notes.  The outlook remains
stable.

The B3 corporate family rating incorporates the lack of visibility regarding
its long term cash flow prospects and high financial risk, offset by
adequate liquidity from balance sheet cash and its revolving credit
facility, a highly enforceable backlog of signed contracts, and the value of
the IMAX brand.

Moody's affirmed these ratings:

   -- B3 Corporate Family Rating;
   -- B3 Probability of Default Rating; and
   -- Caa1 Senior Notes rating, LGD 4, 58%.

All ratings have a Stable Outlook.

The stable outlook assumes that IMAX will maintain liquidity of at least
US$30 million through the combination of balance sheet cash and availability
under its (unrated) US$40 million revolving credit facility.  The stable
outlook also anticipates a reversal of the deteriorating free cash flow
trend and an improvement in revenue and cash flow from the depressed levels
of the September 2006 quarter.

IMAX Corp. -- http://www.imax.com/-- founded in 1967 and
headquartered jointly in New York City and Toronto, Canada, is
an entertainment technology company, with particular emphasis on
film and digital imaging technologies including 3D, post-
production, and digital projection.  IMAX also designs and
manufactures cameras, projectors and consistently commits
significant funding to ongoing research and development.
The IMAX Theatre Network currently consists of more than 270
IMAX affiliated theatres in 38 countries including Argentina, Ecuador,
Guatemala, Mexico and Colombia.


* COLOMBIA: FTA Meets Opposition from U.S. Democratic Lawmakers
---------------------------------------------------------------
In a letter to U.S. President George W. Bush, American lawmakers belonging
to the Democratic Party expressed their opposition to trade deals the
country signed with Colombia and Peru, saying the deals lack tougher labor
standards, The Financial Times reports.

According to the FT, the American president's special trade promotion
authority means trade agreements cannot be amended once sent to Congress and
must be approved or rejected outright unless a suitable side deal can be
struck.

"It is very regrettable that the administration is forging ahead instead of
using this as an opportunity to build a bipartisan consensus," Sander Levin,
a leading Democratic voice on trade issues, was quoted by the FT as saying.

According to Thea Lee, policy director at the AFL-CIO union, Colombia is
regarded as the world's deadliest for union organizers.  More than 1,200
deaths of activists and rank-and-file members have been recorded in recent
years, the FT says.

Three members of Colombia's House and Senate were recently arrested for
connections with rightwing paramilitaries.  Mr. Levin cited the arrest as
one of the reasons why the bill needed to include stiffer protections on
grounds that ties between authorities and rightwing paramilitaries exist.

Contradicting the democrat's point, President Uribe's allies underscored
that the arrest of those senior figures is a sure sign that law is being
implemented in Colombia, the FT says.

                        *    *    *

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




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


* COSTA RICA: Oscar Arias Lobbies for Free Trade Accord with US
---------------------------------------------------------------
Published reports say that Costa Rica's President Oscar Arias will meet with
US counterpart George W. Bush on Dec. 6 to insist on a Free Trade Accord
between the two nations.

The Costa Rican leader told Prensa Latina, "I will tell President Bush there
is a will to approve it, and I expect there will be understanding on time
limits."

President Arias commented to Prensa Latina that he hopes that the Costa
Rican congress will approve the Free Trade in February 2007.

La Nacion relates that President Arias ignored threats of new trade union
protests.

President Arias told Prensa Latina that he would not remove the Free Trade
from his proposals to the Costa Rica bicameral parliament, despite massive
protests against it.

People would take the streets as scenery of struggle and disagreement on
Free Trade, since they think it is a mortal sword against Costa Rican
national sovereignty, Prensa Latina says, citing Albino Vargas, another
trade union leader.

However, President Arias recognized the size and strength of the last
mobilization that paralyzed Costa Rica in October, La Nacion notes.

President Arias told Prensa Latina, "I can't please them, because I am
convinced FTA (Free Trade Agreement) is something urgent, necessary and
indispensable for our nation."

Fabio Chavez, the Costa Rican Electricity Institute Workers Trade Union
representative, complained to Prensa Latina that it was clear that President
Arias does not understand national reality.

Costa Rica would be vulnerable to US big companies, Prensa Latina says,
citing experts and political sectors.

                        *    *    *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




=======
C U B A
=======


* CUBA: Creates Joint Railway Company with Venezuela
----------------------------------------------------
Jose Vicente Rodriguez, Railway Autonomous Institute of the State president,
told Prensa Latina that a joint firm integrated between Venezuela and Cuba
has been created.

Lauro Ramirez, Latin American Railway Association secretary general, told
Prensa Latina about the current Cuban project to revitalize railways.  Mr.
Ramirez said that the Latin American railway community supports and
contributes with the government effort of the West Indian isle.

Majority of Latin American nations favor trains as economical means of
transportation, as authorities realize its significance for nations
development, Prensa Latina says, citing Mr. Ramirez.

What Cuba is doing is very important, due to the fact that natural energy
resources are being used up.  The program will mean a saving, concerning
that aspect, besides representing a long period vision of the matter, Mr.
Ramirez commented to Prensa Latina.

                        *    *    *

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1


* CUBA: Venezuela Wants to Expand Cooperation with Nation
---------------------------------------------------------
Rafael Ramirez, the minister of energy and petroleum in Venezuela, told El
Universal that the country wants to boost its Integral Cooperation Agreement
with Cuba.

El Universal relates that the accord has been criticized due to large
amounts of money to be spent on it as well as the poor accountability it
involves.

Minister Ramirez told VTV, the official television channel, that the
government has a responsibility to make the accord extend across areas like:

          -- agriculture,
          -- science,
          -- housing,
          -- technological exchange,
          -- joint installation of industrial plants, and
          -- organization of joint ventures.

Minister Ramirez commented to El Universal, "We are talking about ALBA here
(the Bolivarian Alternative for the Americas, which is President Hugo
Chavez' response to US-backed Free Trade Area of the Americas, or FTAA).  We
have been moving forward with Cuba, but other countries have joined this
newfangled exchange system.  This is an extraordinary system, as it allows
us to set free from unfair trade mechanisms."

El Universal underscores Humberto Calderon and Jose Toro Hardy, former
directors of state-owned Petroleos de Venezuela, claimed that Cuba demanded
a US$339 million payment from Venezuela though Caracas has shipped almost
100 million barrels per day of crude to the island this year.

Minister Ramirez rejected the remarks, El Universal states.

                        *    *    *

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


* DOMINICAN REPUBLIC: Hotels Closing Down Due to Tax Reform
-----------------------------------------------------------
Luis Lopez, the president of the Association of Hoteliers and Restaurant
Owners or Asohanores, told Dominican Today that hotels will be shutting down
in the northern and eastern part of the Dominican Republic at the end of the
upcoming high tourism season, due to the tax reform the government is
planning to implement.

Hotels in the northern and eastern regions will be closing as they will be
unable to resist operations costs derived from the new tax policy, Dominican
Today says, citing Mr. Lopez.

Mr. Lopez explained to Dominican Today that it would be more convenient for
owners to close their hotels during low season, though the measure will
cause 25,000 workers in the tourism sector to lose their jobs.

Mr. Lopez commented to Dominican Today that it is unimaginable that while
the Dominican government incurs in new investments to strengthen the tourism
sector, officials disclose measures that jeopardize the activity.  Added to
this is the energy crisis, another element that will make the future
difficult, at a time when areas like Puerto Plata and Juan Dolio are
relaunching their business activities.

According to Dominican Today, Asonahores appealed to the government's
understanding of the issue, saying that the country is about to launch a
free trade accord with nations that have better competitive positions in all
areas.

Mr. Lopez told Dominican Today that with the tax policy, it is impossible to
compete with countries like Cuba, Jamaica and Mexico, and nations where
tourism gets adequate benefits and exemptions.

Recent development plans on the promotion of summer tourism in the
Mediterranean to the north of Europe, in the US and Canada will by decrease
the flow of foreigners to the Dominican Republic, Dominican Today states,
citing Mr. Lopez.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
May 9, 2006, that Fitch Ratings upgraded these debt and issuer
Default Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and
   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.


* DOMINICAN REPUBLIC: Industrial Sector Doesn't Need Tax Hike
-------------------------------------------------------------
The industrial sector of the Dominican Republic will be talking with Erik
Offerdahl, a representative from the International Monetary Fund, to try to
convince the latter that the government doesn't need to increase taxes to
fulfill its commitment to the organization, DR1 Newsletter reports.

DR1 relates that the industrial sector comprises 36 commercial and
industrial associations.

Meanwhile, experts still do not have the list of new taxes ready for study,
Listin Diario notes.

According to Listin Diario, in just the alcoholic beverages sector, seven
scenarios have been prepared.

Some believe that the minimum salary subject to the tax will be lowered to
DOP18,000 per month, DR1 states.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
May 9, 2006, that Fitch Ratings upgraded these debt and issuer
Default Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and
   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.


* DOMINICAN REPUBLIC: Secures US$21-Million Loan from IDB
---------------------------------------------------------
The Inter-American Development Bank approved a US$21 million loan to the
Dominican Republic for a program to modernize the management of public
sector resources.

The modernization program, which will be carried out by the Dominican
Finance Ministry or SEF, will increase efficiency and transparency in the
use of public resources and the effectiveness of public sector management.

The program will strengthen the SEF's capacity to perform new functions
under legal reforms proposed by the Dominican executive branch to improve
governance, bolster fiscal discipline and ensure financial stability.

"The program will make for a more efficient use of public sector resources,
generating savings that could be used in priority areas for government
action, such as social and poverty reduction programs," said IDB project
team leader Roberto Camblor.

The government's integrated financial management system or SIGEF, which
comprises the budget, public debt, treasury and accounting systems, will be
linked to the public investments and public sector human resources
information systems and placed on the Internet.  The SIGEF's coverage will
expand to include decentralized agencies and social security institutions.

In coordination with the World Bank, the IDB also developed a component of
the program focused on increasing the efficiency and transparency in state
procurement.

The Office of the Comptroller General, the agency in charge of verifying
public sector resources are used efficiently and transparently, will also be
strengthened by training its staff and implementing internal oversight and
audit systems.

The loan is for 25 years, with a five-year grace period and a variable
interest rate.  The Dominican government will invest US$2.4 million in the
modernization program.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
May 9, 2006, that Fitch Ratings upgraded these debt and issuer
Default Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and
   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.




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


PETROECUADOR: Rafael Correa Reviewing Pacts with Foreign Firms
--------------------------------------------------------------
Rafael Correa, the president-elect of Ecuador, told Xinhua News Agency that
he will review Petroecuador's contracts with foreign oil firms to increase
state participation and decrease private-sector profits.

Mr. Correa told Xinhua News, "We will review the participation, by volume,
of the state in those contracts."

Under the contracts signed between Ecuador and foreign private companies,
PetroEcuador received up to 30.89% of the production from them, which worked
in the Amazon basin, Xinhua News notes.

Mr. Correa admitted to Xinhua News that he found the scheme unfair, saying
that Ecuador must boost production to increase its tax revenue.

Mr. Correa told El Mercurio that he hoped the Ecuadorian crude oil will be
refined in Chile.

"You have the refining capacity, but have no crude oil.  This means you
could be refiner for our crude oil if we can reach long-term agreements
which benefit both of us in terms of energy," Xinhua News says, citing Mr.
Correa.

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




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


SBARRO INC: Inks International Development Pact with Wataniya
-------------------------------------------------------------
Sbarro Inc. has entered into an international development agreement with
Wataniya Restaurants to open more than 50 new Sbarro restaurants during the
next 10 years.  The franchises will be located in Middle Eastern countries
that are experiencing rapid growth and development -- Qatar, the United Arab
Emirates, Bahrain and Kuwait.  Most of the restaurants will be opened in new
shopping malls and airports within large cities, with plans to open
additional restaurants in smaller cities during the later stages of
expansion.

During the past year, Sbarro has announced plans to open nearly 200
restaurants throughout the world including India, Mexico, Egypt, Central
America, The Bahamas and Romania.  Currently, Sbarro has close to 1,000
restaurants in 34 countries, including the United Kingdom, Canada, Russia,
Puerto Rico and Israel.

"Over the past year, we've taken great strides in extending Sbarro's global
reach and our international franchise team has secured development
agreements with some of the world's leading restaurateurs. We're proud to
work alongside Wataniya, an expertly managed company with a tremendous
vision and strategy for growing the Sbarro brand in the Middle East," said
Peter Beaudrault, president and CEO of Sbarro. "Through a strategy that
focuses on menu flexibility and cultural competency, we've built strong
brand acceptance for Sbarro and look forward to continuing our expansion
both in the Middle East and across the globe."

As part of the agreement with Wataniya Restaurants, Sbarro will open 10
franchises by the end of 2009 with 40 more anticipated openings over the
remaining eight years.  While Sbarro menus in the Middle East will mirror
the company's 200-item menu in the United States, adjustments will be made
to suit the cultural and religious needs and preferences of a primarily
Muslim consumer base.

                 About Wataniya Restaurants

Wataniya Restaurants Q.S.C. is a newly established company in Qatar
chartered to obtain franchise rights and operate renowned, high quality
branded restaurants in Qatar, along with obtaining master distribution and
licensing rights for the broader Middle East. The company's vision is to be
the highest quality food service and hospitality provider in the region.

                      About Sbarro Inc.

Melville, New York-based Sbarro Inc. -- http://www.sbarro.com/
-- is a quick service restaurant chain that serves Italian specialty foods.
The Company has approximately 1,000 locations across 34 countries and 11,000
employees under brand names such as "Sbarro,", "Umberto's," and "Carmela's
Pizzeria."  The company announced on June 19, 2006, its international
expansion by opening more than 25 restaurants in Guatemala, El Salvador,
Honduras, The Bahamas and Romania.  To date the company has close to to
1,000 restaurants in 34 countries, including the United Kingdom, Canada,
Russia, Puerto Rico and Israel.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 9, 2006,
Moody's Investors Service held Sbarro Inc.'s Caa1 Corporate
Family Rating and Caa1 rating on the company's US$255 million Guaranteed 11%
Senior Unsecured Notes due on September 2009 in connection of the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.




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


* HONDURAS: Hondutel Providing Fiber Optics Network at Corts
------------------------------------------------------------
Hondutel, the state telecom operator of Honduras, has signed a contract with
the country's national port authority to install a 7-kilometer fiber optics
network at Corts port, El Tiempo reports.

Under the contract, Hondutel will install, maintain and provide telephony
and Internet services over the new fiber network, which will use ground and
aerial cables, Business News Americas relates.

The installation may cost US$26,150, BNamericas states.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


COURTS (JAMAICA): First Leveraged Buyout in Jamaica
---------------------------------------------------
"This is the first leveraged buyout in Jamaica's history," the Jamaica The
Observer reports, citing Gary Peart, Mayberry chief operating officer, who
was referring to the US$156-million Courts (Jamaica) Ltd. acquisition by
Cobalt Holdings Co. Ltd.

Mayberry was the lead broker of the deal, The Observer says.

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

The Observer relates that Cobalt Holdings intended to acquire the Courts
(Jamaica) shares for J$4.25 each.  Cobalt Holdings already had 80.1% of
Courts (Jamaica) shares in a lock-up agreement.

Mr. Peart told The Observer that the acquisition was financed using assets
owned by Courts (Jamaica)

Cobalt Holdings said in a statement, "Cobalt's plan for Courts includes the
issue by Courts of a guarantee (supported by a debenture over all its fixed
and floating assets and a mortgage over all its real property) to secure
loans which will assist Cobalt to purchase the shares to be acquired in the
course of this offer."

Lance Hylton -- Myers Fletcher and Gordon counsel in the Courts/Cobalt
transaction -- told The Observer, "A leveraged buyout is a transaction
whereby a purchaser uses the assets of a company to help to pay for itself,
usually (as in this case) by the company providing security for the loan
being used to fund its acquisition."

According to The Observer, the deal structure was facilitated by changes in
the 2005 Company's Act.

Mr. Hylton told The Observer, "This type of transaction was not possible in
Jamaica until last year when the new Companies Act was passed. Before then,
a company was strictly prohibited from assisting in the purchase of its own
shares.  Fortunately, the new Companies Act, 2004, which came into effect in
February of 2005, now provides that a company has all the powers of an
individual and can therefore do anything which is permitted by law."

Regal Forest Holding Co. -- Cobalt Holding's parent firm -- facilitated the
leveraged buyout, The Observer relates.

Mr. Hylton explained to The Observer, "This type of strategy has been used
for some time in North America and Europe and is often the only route
through which huge, or very expensive companies can be acquired, as it
reduces the need for a purchaser to fund the acquisition with its own equity
or security.  The risk of the purchaser is still quite high as some amount
of equity is usually needed as well as transaction expenses and working
capital."

In the leveraged buyout scenario, the long-term risk is placed on Courts
(Jamaica) and the challenge is for Cobalt Holdings to convince the financier
that the company can pay for itself, The Observer says, citing Mr. Hylton.

The Observer underscores that RBTT Merchant Bank, Bank of Nova Scotia and
Citibank NA are the financiers in the Courts (Jamaica) buyout.

With 80.1% of Courts (Jamaica) shares under its control, Cobalt Holdings can
proceed with the de-listing whether or not other Courts (Jamaica)
shareholders accept the offer.

Greg McClure, spokesperson of Cobalt Holdings, told The Observer, "Those who
accept before Dec. 6 will get paid by Dec. 20 in either Jamaican or US
dollars."

Cobalt Holdings said in a statement that it does not intend for Courts
(Jamaica) to maintain its dividend policy.

Steven Gooden, vice president and general manger of Pan Caribbean Asset
Management, told The Observer, "The last thing you want to be, as a passive
investor, is a minority shareholder in a non-listed company.  In that
situation, you will have to pay a transfer tax on the sale of shares, you
have to pay income taxes on dividend payments and you have no ready access
to the company's financial information."

The Observer reports that the offer price, based on the leverage option used
by Cobalt Holdings, is regarded by financial analysts to be a fair price.

Mr. Hylton told The Observer, "The board of directors of Courts engaged
Deloitte Touche Tohmatsu, management consultants, to estimate the fair
market value of the company's stock units for the purpose of assessing the
reasonableness of the offer.  It was Deloitte's opinion that the fair market
value per stock unit of Courts as of Oct. 1, 2006, was between J$3.91 and
J$4.27 per stock unit.  Thus, the offer of J$4.25 was at the high end of the
valuation and in fact a much lower offer would have been reasonable.
Leading analyst John Jackson has himself endorsed the price by agreeing to
sell his own shares even before the offer opened and the independent
valuation done."

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

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


DIGICEL LTD: Launches "Top Up Any Voucher Anywhere" Service
-----------------------------------------------------------
Digicel Ltd. launched its latest customer service offering, Top Up Any
Voucher Anywhere. The new offering enables Digicel's pre-paid customers in
the Eastern Caribbean to conveniently add credit to their mobile handsets by
purchasing Top Up cards or electronic vouchers when traveling in the Eastern
Caribbean region.

Digicel Top Up cards or vouchers can be purchased from any Digicel retail
store or Digicel street vendor within the Eastern Caribbean, islands of
Anguilla, Antigua & Barbuda, Barbados, Dominica, Grenada, St. Kitts & Nevis,
St. Lucia and St. Vincent & the Grenadines.

"Many of our EC customers travel extensively through the region, and the
convenience of Digicel's Top Up Any Voucher Anywhere service helps make
traveling easier," said Digicel Group Marketing Director, Ben Atherton.  "No
longer do you have to carry extra Top Up cards when you travel.  For
example, customers from Barbados can now add credit to their handsets while
traveling in St. Vincent."

Digicel has more than 10 additional topping up methods available to its
customers across the region and is continuously increasing its portfolio to
offer more choice and convenience.  Top Up Any Voucher Anywhere follows the
recent launch of the Credit Me/Credit U service.

Credit Me/Credit U is a convenient handset based method that allows prepaid
and postpaid customers to automatically transfer credit to another Digicel
prepaid mobile phone for a minimal charge.  The service also enables
customers to make a free "credit me" request to another Digicel customer
within the Eastern Caribbean.

According to Ben Atherton, "We have had a fantastic response from customers
to our Credit Me/Credit U service and we expect that Top Up Any Voucher
Anywhere will prove equally popular. At Digicel our number one priority is
our customers so we are continually introducing new innovations that deliver
more freedom, value and choice to their mobile experience."

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

                        *    *    *

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

                        *    *    *

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


DYOLL INSURANCE: Poor Strategic Management Caused Collapse
----------------------------------------------------------
Wayne Wray, the president of First Global Bank, blamed Dyoll Insurance Co.'s
collapse on poor strategic management, the Jamaica Observer reports.

The Observer relates that Mr. Wray said in a seminar at the Jamaica Pegasus
Hotel, "I want to... emphasize that the knowledge of leadership and
strategic management and their implementation have increasingly become
essential in today's world, and can make a remarkable difference to the
competitiveness and long-term growth of an organization."

A whole new attitude is required within the banking sector regarding the
anticipation and mitigation of risks, The Observer says, citing Mr. Wray.

"A new paradigm shift is required in understanding risk management... as we
seek to manage and provide leadership of the various risks in our operations
that we grapple with, including new laws and regulations, actions of
competitors, significant technological developments, global economic
changes, shifts in customer demographics or expectations, changes in
relationships with suppliers or third party service providers," Mr. Wray
told The Observer.

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




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


FORD MOTOR: Hourly Buyout Acceptances Reach 38,000 in 2006
----------------------------------------------------------
As part of a key objective of its North American turnaround plan, Ford Motor
Company confirmed that so far this year about 38,000 of its UAW-represented
hourly workers have accepted package offerings for voluntary separations
from the company.

This figure includes approximately 30,000 buyout offers preliminarily
accepted during the recent system-wide open enrollment period that concluded
this week for Ford hourly workers, including those at the company's
Automotive Components Holdings or ACH division.  In addition, the figure
includes about 8,000 acceptances received earlier in 2006 during targeted
plant-by-plant buyout offerings to Ford and ACH employees.  Of the 38,000
total acceptances, approximately 6,000 were by hourly employees at ACH.
Ford began the year with about 83,000 UAW-represented employees.

The open enrollment period that began in October offered eight different
voluntary buyout packages to all of Ford's UAW-represented employees.  The
offers included traditional packages for retirement-eligible employees, as
well as non-traditional packages for employees with at least one year of
service.  Just over half of the buyouts accepted during the recent open
enrollment period were by employees who accepted one of the non-traditional
packages, which provided options such as lump sum payments, tuition
reimbursements or scholarship funds for family members.

The acceptances are preliminary, as all buyout offers are voluntary and
include an employee's opportunity to rescind acceptance up until the time of
their separation from the company.  The employee reductions will contribute
toward major objectives of the accelerated Way Forward plan for turning
around the company's North American operations. On Sept. 15, Ford announced
its intention to reduce its North American hourly workforce by 25,000 to
30,000 employees by the end of 2008, including attrition and excluding
employment reductions at ACH.

"One of Ford's priorities, and a large cost component of our Way
Forward plan for North America, is our ability to adjust manufacturing
capacity with demand, while continuing to reduce operating costs and
becoming more efficient," said Alan Mulally, Ford president and CEO. "While
I know that in many cases decisions to leave the company were difficult for
our employees, the acceptances received through this voluntary effort will
help Ford to become more competitive.

"We'd also like to thank the UAW for working closely with us in developing
packages that will help employees to move productively into a new phase of
their lives.  It is clear that we were successful in providing appropriate
options; this, in turn, is helping the company to meet its cost objectives."

Hourly employees who accepted buyout packages during the recent enrollment
period will begin to leave the company in January 2007 and through the
course of the year until all separations are completed by Sept. 1, 2007.

"Ford and the UAW have addressed several important issues throughout the
year, which have allowed the company to reduce costs and achieve
efficiencies," Mulally said. "Though there is more work to be done, recent
history demonstrates that together we can significantly improve Ford's
business."

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

                        *    *    *


As reported in the Troubled Company Reporter on Nov. 29, 2006, Standard &
Poor's Ratings Services lowered its senior unsecured debt issue ratings on
Ford Motor Co. to 'CCC+' from 'B' and removed the ratings from CreditWatch
with negative implications, where they were placed on Oct. 23.  At the same
time, we affirmed the 'B' corporate credit rating and all other ratings on
Ford, Ford Motor Credit Co., and related entities.

Fitch Ratings has also downgraded Ford Motor Company's senior unsecured debt
to 'B/RR4' from 'B+/RR3' following the announcement that Ford intends to
raise US$18 billion in new financing.


ODYSSEY RE: Declares Cash Dividends on Common & Preferred Stock
---------------------------------------------------------------
Odyssey Re Holdings Corp.'s Board of Directors declared a quarterly cash
dividend of US$0.03125 per common share, payable on Dec. 29, 2006, to
shareholders of record at the close of business on Dec. 15, 2006.

In addition, the Board of Directors declared a cash dividend of US$0.5078125
per share on Odyssey Re's 8.125% non-cumulative Series A preferred shares
and US$0.5389844 per share on Odyssey Re's floating rate non-cumulative
Series B preferred shares.  The dividends will be payable on Jan. 22, 2007,
to Series A and Series B preferred shareholders of record at the close of
business on Dec. 31, 2006.

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

                        *    *    *

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


TV AZTECA: Azteca America Joins in Mexican Consulate's Program
--------------------------------------------------------------
Azteca America, TV Azteca's subsidiary, has participated with the Mexican
Consulate in its "Consulado Sobre Ruedas" mobile consular services program.

By bringing consular services, especially consular IDs, to 10 cities within
the greater Los Angeles area, the Mexican Consulate was able to increase the
number of "consular matricular" IDs to 30% more Mexican citizens, thanks to
the April-December program.

"I would like to thank the media that has supported us in informing the
community," said Reuben Beltran, Mexican Consulate in Los Angeles during a
press event.  "We would especially like to recognize Azteca
America."

Unofficial estimates place the number of Mexican citizens in the Los Angeles
area at about 1.5 to 1.7 million residents.  To date, the Mexican consulate
has issued about half a million consular IDs.  This year, the number is
expected to exceed 130,000.

"Consular ID's have been a crucial part of a program to guarantee humane
treatment of all residents in Los Angeles, regardless of nationality or
legal status," said Luis J. Echarte, Chairman of Azteca America.  "We look
forward to increased cooperation with the Los Angeles Consulate and
Ambassador Beltran in future programs."

Azteca America is a company of Grupo Salinas, a Mexican conglomerate with
almost US$5billion in annual sales and 50,000 employees in Mexico, the
United States and Central and South America.  This year, the group
celebrates 100 year of service excellence, with current operations in the
broadcasting, retail, banking and financial services, telecommunications and
Internet industries.

                   About Azteca America

Azteca America is the newest Spanish-language television network in the
United States.  The network is a wholly owned subsidiary of TV Azteca SA de
CV, one of the two largest producers of Spanish-language television content
in the world.  Azteca America currently has presence in 52 Hispanic markets.

                      About TV Azteca

TV Azteca is one of the two largest producers of Spanish-language television
programming in the world, operating two national television networks in
Mexico -- Azteca 13 and Azteca 7 -- through more than 300 owned and operated
stations across the country.  TV Azteca affiliates include Azteca America
Network, a new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                        *    *    *

Moody's Investor Services rated TV Azteca's senior unsecured debt at B1.


VISTEON CORP: Fitch Rates Amended Senior Secured Debt at B/RR1
--------------------------------------------------------------
Fitch rates the amended senior secured bank debt announced by Visteon Corp
'B/RR1'.  The Issuer Default Rating remains at 'CCC', and the senior
unsecured rating remains at 'CCC-/RR5'.  The Rating Outlook is Negative. The
amended secured bank debt provides an additional US$200 million in secured
term loans, expanding to US$1 billion the seven-year secured term loan that
expires in June 2013.

The additional funding provides incremental liquidity as Visteon proceeds on
its three-year restructuring program.  With Ford's recent announcements
regarding fourth quarter production cuts, Visteon acknowledged that it would
be cash flow negative for the full year 2006.

Fitch expects that Visteon will be challenged to produce positive free cash
flow through 2008, potentially leading to further balance sheet
deterioration. Further access to external capital is likely to be limited,
although continued access to restructuring funds contributed by Ford will
continue to help finance restructuring costs.  Issues affecting cash flow
include declining Ford market share and production, declining content per
vehicle on Ford products, relatively weak market positions in non-core
product lines, high commodity costs and the extent and timeframe of its
restructuring program.  Even though Visteon has shown flexibility by
reducing salaried headcount by an additional 900, given the state of the
automotive industry, it is Fitch's view that incremental restructuring may
be required and as such, Visteon's cost structure may need substantial
improvement.  As a result, there remains a significant element of
uncertainty regarding future profitability.

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


* MUNICIPALITY OF TAMPICO: 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 Tampico'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 Tumaulipas,
   -- 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.


* MUNICIPALITY OF TECAMAC: 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 Tecamac's issuer ratings at Ba3 and Baa1.mx,
with a stable outlook.

The rating is based on:

   -- a BCA of 13,
   -- Ba3 rating on the State of Mexico,
   -- 20% probability of support and,
   -- 70% default dependence.

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

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

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

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

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

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

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


* MUNICIPALITY OF TEXCOCO: 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 Texcoco's issuer ratings at Ba3 and Baa1.mx,
with a stable outlook.

The rating is based on:

   -- a BCA of 13,
   -- Ba3 rating on the State of Mexico,
   -- 20% probability of support and,
   -- 90% default dependence.

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

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

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

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

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

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

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




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


XEROX CORP: Moody's Ups Senior Secured Rating to Baa3 from Ba1
--------------------------------------------------------------
Moody's Investors Service raised the ratings of Xerox Corporation and
supported subsidiaries, upgrading Xerox's senior unsecured to Baa3 from Ba1.
The upgrade reflects the company's solid business execution, stable
profitability, and solid free cash flow generation.  The steady reduction of
secured debt, which Moody's expects to continue, also supports the upgrade,
as does Xerox's disciplined financial philosophy with respect to maintaining
strong balance sheet liquidity and modest financial leverage.  The outlook
is positive based on the company's good prospects to continue growing its
installed base of equipment that drives its post sales annuity revenue
streams.

The senior unsecured rating of Baa3 with a positive outlook reflects Xerox's
solid competitive position in the mature and competitive office equipment
sector, as well as its fairly predictable operating performance that stems
from its annuity based business model where 72% of revenues are recurring.

Over the next year, Moody's expects modest, low single digit revenue driven
by the post sale revenue that follows the good unit installations Xerox has
achieved with customers over the last several quarters.  Since Moody's
changed the ratings outlook to positive in September 2005, Xerox has
continued to demonstrate good installation growth throughout its product
offering and remains well positioned with a good product lineup.

"While Moody's anticipates consistent operational execution and stable
operating margins, product pricing remains very competitive, especially with
the faster growing color multifunction devices, where Xerox is well
positioned," says Moody's Richard Lane.  "This will require continued focus
on operational efficiencies and cost management."

Moody's views Xerox as well positioned to maintain or grow its installed
base over the intermediate term.  At the same time, overall product mix has
shifted slightly downward, which has contributed to slight pressure on gross
margins, although they remain over 40%. Consistent and well-managed
operating expenses have contributed to operating margins remaining in the 8%
to 9% range

Importantly, the company continues to consistently reduce the level of
secured debt in its capital structure.  Since June 2005, secured debt has
been nearly cut in half to US$2.3 billion and Moody's says this trend should
continue.

Liquidity and financial flexibility remain solid, with cash balances of
US$1.6 billion at September 2006 plus access to a US$1.25 billion unsecured
revolving credit facility, for which covenant room is expected to remain
ample.  Combined with Moody's expectations of stable to improving annual
free cash flow (US$1.4 billion for the latest twelve months ended September
2006), Xerox is well positioned to meet

   (1) aggregate public debt maturities of approximately US$282
       million through 2008, as well as

   (2) potential calls on liquidity related to outstanding
       shareholder litigation.

Moody's raised these ratings:

   Xerox Corp.

   -- Senior unsecured to Baa3 from Ba1;

   -- Senior unsecured shelf registration to (P) Baa3 from
      (P) Ba1;

   -- Trust preferred to Ba1 from Ba2;

   -- Subordinated shelf registration to (P) Ba1 from (P) Ba2;
      and

   -- Preferred shelf registration to (P) Ba1 from (P) Ba2.

   Xerox Credit Corp.

   -- Senior unsecured to Baa3 from Ba1 (support agreement from
      Xerox Corporation).

Concurrently, Moody's has withdrawn these ratings for Xerox, which are
applicable to non investment grade issuers:

   -- Corporate Family Rating,
   -- All LGD assessments, and
   -- SGL rating

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company has operations in Japan, Italy and
Nicaragua.




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


* PERU: IDB Approves US$50 Million Rural Transportation Loan
------------------------------------------------------------
The Inter-American Development Bank approved a US$50 million loan for the
Decentralized Rural Transportation Program or PTRD in Peru.

The objective of the program is to increase rural population accessibility
of public, economic, and social services by improving local road systems.

To accomplish this aim, the program will primarily improve the decentralized
public infrastructure supply and maintenance of rural roads and promote the
development of productive infrastructure-related initiatives.

When the loan operation was presented to the IDB Board of Directors,
President Luis Alberto Moreno highlighted its importance for Peru and the
Bank's future operations given that "it will have a great impact on people's
living conditions and will generate opportunities for the majority of the
population."

The World Bank will provide US$50 million in co-financing for the program,
and local counterpart resources will total US$50 million.

The process of identifying and selecting the high number of simple, low-cost
works will be performed by local communities and local authorities, using
the Participatory Provincial Road Plans.  This mechanism will facilitate
program execution by promoting a sense of ownership among the authorities
and the communities.

This 20-year loan will be executed by Peru's Ministry of Transportation and
Communication through Provías Descentralizado.

This program will also have the support of the Japan Special Fund Poverty
Reduction Program by means of a technical cooperation, to implement the
Local Development Window by identifying productive undertakings and
facilitating access to markets in order to exploit existing potential and
develop entrepreneurship in rural communities so as to help alleviate rural
poverty.

The proposed technical cooperation will help the Peruvian government and
local population capitalize on the opportunities and benefits directed to
the large majority of those in the service area of the network of roads
rehabilitated and maintained by prior Rural Road Programs and their
successor, the PTRD.

This program will also have the support of the Gender Mainstreaming Trust
Fund through a technical cooperation to enhance a gender perspective in
rural roads programs.

Since 1995, IDB provided US$140 million in financing to support the
rehabilitation and maintenance of rural roads, through two lending
operations.  The projects resulted in successful demonstrations of the
effectiveness of citizens' participation in the planning and execution of
projects and the deployment of microenterprises for road construction and
maintenance.

The current loan will consolidate the process started in 1995 and will
expand it nationwide.  The possibility of addressing other types of rural
transport infrastructure, such as airfields and piers, as well as
incorporating certain aspects of regulation governing services that use this
infrastructure, will also be examined.

                        *    *    *

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




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


[Redacted]


PEP BOYS: Reaches Legal Settlement on Three Pending Actions
-----------------------------------------------------------
The Pep Boys - Manny, Moe & Jack had reached a settlement, subject to court
approval, of three pending actions (the earliest of which was filed in 2002)
involving various wage and hour claims for an aggregate amount of
US$4,550,000.

The charge will be recorded in the Company's third quarter, which ended Oct.
28, 2006, and will revise the recently announced third quarter results by
US$2,992,000 (US$0.06 per share - basic and diluted) to a Net Loss from
Continuing Operations Before Cumulative Effect of Change in Accounting
Principle of US$10,713,000 (US$0.20 per share - basic and diluted).  The
charge will also change the previously announced Operating Profit to an
Operating Loss of US$1,349,000 and EBITDA to US$20,594,000.

The company made changes in its financial reports that reflect EBITDA
Reconciliation included in the third quarter fiscal 2006.  The revisions
will be reflected in the Company's third quarter Form 10-Q to be filed by
Dec. 7, 2006.

                    Pep Boys Financial Highlights


Thirteen Weeks Ended:      October 28, 2006     October 29, 2005

Total Revenues       US$550,849,000    US$545,904,000

Net Loss From
Continuing Operations
Before Cumulative
Effect of Change
in Accounting Principle     US$(10,713,000)   US$(11,376,000)

Average Shares -
Basic and Diluted     54,313,000           54,774,000

Basic and Diluted
Loss Per Share from
Continuing Operations
Before Cumulative
Effect of Change in
Accounting Principle             US$ (0.20)      US$(0.21)


Thirty-nine Weeks Ended:    October 28, 2006    October 29, 2005

Total Revenues       US$1,686,015,000   US$1,687,548,000

Net Loss From
Continuing Operations
Before Cumulative
Effect of Change in
Accounting Principle        US$(10,110,000)  US$(12,930,000)

Average Shares --
Basic and Diluted     54,264,000           55,288,000

Basic and Diluted
Loss Per Share from
Continuing Operations
Before Cumulative
Effect of Change in
Accounting Principle           US$ (0.19)      US$(0.23)


Thirteen Weeks Ended:      October 28, 2006     October 29, 2005

Net Loss                    US$(10,914,000)   US$(11,195,000)

Interest Expense      15,581,000       9,205,000

Income Tax Benefit    (5,200,000)     (5,856,000)

Depreciation and
Amortization                    21,127,000         20,628,000

EBITDA                       US$20,594,000      US$12,782,000


Thirty-nine Weeks Ended:    October 28, 2006    October 29, 2005

Net Loss                   US$(10,265,000)      US$(12,927,000)

Interest Expense     37,886,000           27,354,000

Income Tax Benefit             (4,600,000)          (7,212,000)

Depreciation and
Amortization                   62,546,000           59,283,000

EBITDA                      US$85,567,000        US$66,498,000

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

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Pep Boys-Manny, Moe & Jack's term loan after the company
announced plans to increase the size of the facility by US$120
million to US$320 million.  Proceeds from the additional US$120
million term loan will be used to refinance its convertible
notes which mature in June 2007.  At the same time, the rating
on the US$357.5 million asset-based revolver was raised to 'B+'
from 'B' to properly realign its ratings with the term loan and
to reflect Standard & Poor's increased comfort with the
collateral and terms securing this facility.  The 'B-' corporate
credit and other ratings were affirmed; the outlook is negative.




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


BRITISH WEST: Won't List Caribbean's Shares on Local Exchange
-------------------------------------------------------------
Arthur Lok, British West Indies Airlines' chairman, told the Trinidad
Guardian, that the new airline Caribbean Airlines won't be listed in the
local stock market but with a future option to list in the stock exchange.

The new airline will be launched in Jan. 1, 2007.

British West was 97% owned by the Trinidad and Tobago government, which
provided the airline about US$350 million in additional capital.

Chief Executive Peter Davies told the Guardian that the new company would
invest in marketing about US$4 million to "make sure Caribbean Airlines is
in a position where we can put the country 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.


HILTON HOTELS: Completes Metropole Hotel Sales for GBP417 Mil.
--------------------------------------------------------------
Hilton Hotels Corp. has completed the sale of two major UK hotels -- the
1,054-room Hilton London Metropole and the 794-room Hilton Birmingham
Metropole -- to Arthur Matyas' and Dr. Edward Wojakovski's Tonstate, for
GBP417 million.  Hilton will retain 30-year management contracts on both
hotels.

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

                        *    *    *

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

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

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

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


SUPERIOR ENERGY: Unit Closes 6-7/8% Senior Notes Exchange Offer
---------------------------------------------------------------
Superior Energy Services, Inc., disclosed that as of 5:00 p.m., New York
City time, on Nov. 29, 2006, its offer to exchange US$300.0 million
principal amount of registered 6-7/8% Senior Notes due 2014 of SESI, L.L.C.,
its wholly-owned subsidiary, for any and all outstanding unregistered 6-7/8%
Senior Notes due 2014 of the company expired and that all of the
unregistered notes were tendered in the exchange offer and have been
accepted.

Superior Energy Services, Inc. is a leading provider of specialized oilfield
services and equipment focused on serving the production-related needs of
oil and gas companies primarily in the Gulf of Mexico and the
drilling-related needs of oil and gas companies in the Gulf of Mexico and
select international market areas.  The company uses its production-related
assets to enhance, maintain and extend production and, at the end of an
offshore property's economic life, plug and decommission wells.  Superior
also owns and operates mature oil and gas properties in the Gulf of Mexico.

Superior Energy Services, Inc. -- http://www.superiorenergy.com/
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The Company uses its production
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in the United States, Trinidad and Tobago,
Australia, the United Kingdom, and Venezuela, among others.

As reported in the Troubled Company Reporter on Nov. 3, 2006, Standard &
Poor's Ratings Services affirmed its 'BB' corporate credit rating and its
'BB-' senior unsecured rating on Superior Energy Services Inc., and also
assigned its 'BB+' senior secured rating and '1' recovery rating to the
company's US$200 million term loan B.  S&P said the outlook is stable.




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


* URUGUAY: Ambassador Summoned to Foreign Affairs Ministry
----------------------------------------------------------
Francisco Bustillo, Uruguayan ambassador in Buenos Aires, was called to the
Foreign Affairs Ministry of Argentina, regarding the continuing pulp mill
conflict between Uruguay and Argentina, Merco Press reports.

Merco Press relates that Argentina gave Ambassador Bustillo a letter
accusing Uruguay of attempting to deviate attention by:

          -- leaving aside the environmental discussion over the
             pulp mills and insisting in focusing on the bridge
             blockades, and

          -- continuing to adopt unilateral decisions contrary
             to the 1975 River Uruguay joint management
             agreement.

According to Merco Press, protesters blocked access to a bridge connecting
Argentina to Uruguay when the granting of a loan for the construction of a
pulp mill by the World Bank was imminent.

Merco Press underscores that Uruguay sent a letter to Argentina's President
Nestor Kirchner, complaining that the International Court of The Hague and a
Mercosur tribunal stated that protests did not contribute to the conflict.
Uruguay recommended that the Argentine government halt the protest to allow
the free movement of goods and people between nations.

Roberto Garcia Moritan, Argentina's deputy foreign affairs minister, told
Merco Press, "In spite of the reiterated Argentine protests it is
disappointing evidence the repeated intention to deviate attention over the
main issue which originated the controversy."

Argentina told Merco Press that the unilateral decisions by Uruguay
regarding the Finnish Botnia-Orion mill project are contrary to the river
Uruguay statute and to The Hague Court ruling that called on both sides not
to intensify the conflict.

The Hague Court initially rejected Argentina's petition to halt the
construction of the pulp mills as the project has the potential to pollute
the river and the region.  The Hague Court called on Uruguay and Argentina
to avoid new measures that might worsen the dispute, Merco Press notes.

According to the report, Argentina was furious at Uruguay when the latter
allowed Botnia, one of the builders of the pulp mills, to use greater
volumes of water for its plant.  Argentina claimed that Buenos Aires was not
consulted on the matter.

Merco Press underscores that the Argentine congress ratified a formal
protest and rejection of the World Bank's decision to grant a US$170-million
loan for the Botnia-Orion project and a US$350-million insurance support.

The report says that President Kirchner described Uruguayan President Tabare
Vazquez as intransigent.  He expressed anger at the Argentine press for
saying that his administration was loosing the pulp mills battle against
Uruguay.

Montevideo authorities told Merco Press that they are considering to once
again take the matter before The Hague Court.  They have requested Brazil to
include the issue in the agenda of the Mercosur summit set for January 2007.

                        *    *    *

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


* URUGUAY: State Firm Launches Power Supply Tender
--------------------------------------------------
UTE, the state power company of Uruguay, said in a statement that it has
launched a tender for a 12-month supply of 72 megawatts of power through its
Rivera-Livramento interconnection with Brazil.

Business News Americas relates that the tender is open to private and public
Brazilian power firms.

Bids must be presented to UTE by Dec. 8, BNamericas notes.

According to BNamericas, UTE will consult with Aneel -- the Brazilian power
regulator -- before awarding the power supply contract.  This is to confirm
that the winning bidder can accomplish supply requirements.  UTE will award
the tender within five days of an affirmative response from Aneel.

The chosen bidder must start supplying power to Uruguay by
Jan. 1, 2007, BNamericas states.

                        *    *    *

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




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


CITGO PETROLEUM: Merges with Citizens Energy Corp.
--------------------------------------------------
Citgo Petroleum Corp. has merged with Citizens Energy Corp., the Evening
Bulletin reports.

Evening Bulletin relates that due to the merger, over 25,000 families in
Philadelphia are being promised a 40% discount in heating prices.

According to Evening Bulletin, Citgo Petroleum and Citizens Energy plan to
bring over 5 million gallons of fuel to low-income families in Greater
Philadelphia.  They have made deliveries in:

           -- Massachusetts,
           -- New York,
           -- Maine,
           -- Rhode Island,
           -- Vermont,
           -- Delaware,
           -- Pennsylvania, and
           -- Connecticut.

Evening Bulletin underscores that the program is aiming to deliver over 100
million gallons of fuel to 400,000 homes.

Congressman Chaka Fattah told Evening Bulletin, "Twenty-five thousands
families fit the federal low-income criteria."

The federal government cut the home heating budget by one-third in 2005.
However, the amount Citgo Petroleum is distributing more than doubles the 40
million gallons that were earmarked last year, Eve Bulletin says, citing
Joseph P. Kennedy II -- Citizens Energy chairperson and president.

Mr. Kennedy said that other than the 100 million gallons of oil being given
to 400,000 low-income families across the United States, Citgo Petroleum and
Citizens Energy are also giving 5% to homeless shelters, Evening Bulletin
notes.

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

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

                        *    *    *

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

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


REVLON INC: Unit to Refinance Existing Credit Agreements
--------------------------------------------------------
Revlon, Inc., disclosed that its wholly owned operating subsidiary, Revlon
Consumer Products Corp., plans to refinance its existing credit agreement as
part of the company's overall plans to improve cash flow and strengthen its
balance sheet and capital structure.

As part of the refinancing, Revlon Consumer expects to refinance and replace
its existing US$800 million term loan with a new 5-year US$840 million term
loan facility and amend its existing US$160 million multi-currency revolving
credit facility and extend its maturity through the same 5-year period.  It
is expected that the 2006 Term Loan Facility would be secured by
substantially the same collateral package and guarantees that secure Revlon
Consumer's existing term loan facility and the 2006 Revolving Credit
Facility will continue to be secured by its existing collateral package and
guarantees.

While there can be no assurances that the 2006 Credit Facilities will be
finalized and closed, if Revlon Consumer completes this refinancing, the
company believes that it will result in annual interest savings due to
expected lower interest margins, provide the company with greater financial
and other covenant flexibility and extend the maturity dates of Revlon
Consumer's existing bank credit agreement.

Revlon Consumer expects to use the proceeds of the 2006 Credit Facilities to
repay in full the approximately US$800 million of outstanding indebtedness
(plus accrued interest and a prepayment fee) under its existing term loan
facility.  The balance of such proceeds is expected to be available for
general corporate purposes, after paying fees and expenses incurred in
connection with consummating the 2006 Credit Facilities.

Revlon Consumer expects to close and fund the 2006 Credit Facilities in late
December 2006.  Consummation of the 2006 Credit Facilities transactions is
subject to a number of customary conditions, including, among other things,
the execution of definitive documentation, perfection of security interests
in collateral and that Revlon launch a rights offering for at least US$100
million in equity securities (although the 2006 Credit Facilities are not
conditioned upon the consummation of such rights offering).

Citicorp Global Markets Inc. has agreed to act as Sole Lead Arranger and
Sole Bookrunner, with Citicorp USA, Inc. acting as Administrative Agent on
the 2006 Term Loan Facility and 2006 Revolving Credit Facility.  JPMorgan
Chase Bank, N.A. has agreed to act as Syndication Agent on the 2006 Term
Loan Facility.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company's Latin American operations are
located in Argentina, Brazil, Chile, Mexico and Venezuela.

At March 31, 2006, the company's balance sheet showed
US$1,085,400,000 in total assets and US$2,127,500,000 in total
liabilities, resulting in a stockholders' deficiency of
US$1,042,100,000.


REVLON INC: Issuing US$100MM Rights Offering in December
--------------------------------------------------------
Revlon, Inc., intends to launch, in December 2006, a US$100 million rights
offering that would allow stockholders to purchase additional shares of
Revlon Class A common stock.  Revlon plans to use the proceeds of such
equity issuance to reduce debt.

Pursuant to the rights offering, Revlon would distribute at no charge to
each stockholder of record of its Class A and Class B common stock, as of
the close of business on Dec. 11, 2006, the record date set by Revlon's
Board of Directors, transferable subscription rights that would enable such
stockholders to purchase shares of Class A common stock at a subscription
price to be determined by a committee of Revlon's Board of Directors
composed solely of independent directors within the meaning of Section
303A.02 of the NYSE Listed Company Manual and the Board's Guidelines for
Assessing Director Independence, and based on market conditions at the time
of the rights offering.

Pursuant to an over-subscription privilege in the rights offering, each
rights holder that exercises its basic subscription privilege in full may
also subscribe for additional shares at the same subscription price per
share, to the extent that other stockholders do not exercise their
subscription rights in full.  If an insufficient number of shares is
available to fully satisfy the over-subscription privilege requests, the
available shares will be sold pro-rata among subscription rights holders who
exercised their over-subscription privilege, based on the number of shares
each subscription rights holder subscribed for under the basic subscription
privilege.

MacAndrews & Forbes, Revlon's parent company, which is wholly-owned by
Ronald O. Perelman, has agreed to purchase its pro rata share of the US$100
million of Class A common stock covered by the rights offering, which share
M&F would otherwise have been entitled to subscribe for in the rights
offering pursuant to its basic subscription right.  Additionally, pursuant
to its existing backstop obligation, if any shares remain following the
exercise of the basic subscription privilege and the over-subscription
privilege by other rights holders, MacAndrews & Forbes will backstop $75
million of the rights offering by purchasing such number of remaining shares
of Class A common stock offered but not purchased by other stockholders as
would be sufficient for the aggregate gross proceeds of the rights offering
to total US$75 million.

Although MacAndrews & Forbes would otherwise be entitled to an
over-subscription right, it has agreed not to exercise its over-subscription
right, which will maximize the shares available for purchase by other
stockholders pursuant to their over-subscription rights.

The rights offering of approximately US$100 million would be conducted via
an existing effective shelf registration statement.  Approximately US$50
million of the proceeds from the rights offering are expected to be used to
redeem approximately US$50 million principal amount of the 8 5/8% Senior
Subordinated Notes due 2008 of Revlon Consumer Products Corporation,
Revlon's wholly-owned operating subsidiary, with the remainder of such
proceeds to be used to repay indebtedness outstanding under Revlon
Consumer's US$160 million multi-currency revolving credit facility, without
any permanent reduction in that commitment, after paying fees and expenses
incurred in connection with the proposed rights offering.

The rights offering will be made only by means of a prospectus and a related
prospectus supplement.  When available, copies of the prospectus and
prospectus supplement may be obtained from:

          Revlon, Inc.
          Attn: Deputy General Counsel
          237 Park Avenue
          New York, N.Y. 10017,
          Tel: (212) 527-4000,

The shares to be sold to MacAndrews & Forbes will be sold in reliance on
Rule 506 under the Securities Act of 1933, as amended.  The proposed
issuance of shares to MacAndrews & Forbes will not be registered under the
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements.

The rights offering is expected to be consummated in January 2007, subject
to market and other customary conditions, at which time Revlon Consumer's
existing US$87.0 million line of credit from MacAndrews & Forbes will be
amended to provide for the continuation of US$50.0 million of the line of
credit through Jan. 31, 2008, on substantially the same terms.  There can be
no assurance that the transactions described will be consummated.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company's Latin American operations are
located in Argentina, Brazil, Chile, Mexico and Venezuela.

At March 31, 2006, the company's balance sheet showed
US$1,085,400,000 in total assets and US$2,127,500,000 in total
liabilities, resulting in a stockholders' deficiency of
US$1,042,100,000.


* VENEZUELA: Creates Joint Railway Firm with Cuba
-------------------------------------------------
Jose Vicente Rodriguez, Railway Autonomous Institute of the State president,
told Prensa Latina that a joint firm integrated between Venezuela and Cuba
has been created.

Lauro Ramirez, Latin American Railway Association secretary general, told
Prensa Latina about the current Cuban project to revitalize railways.  Mr.
Ramirez said that the Latin American railway community supports and
contributes with the government effort of the West Indian isle.

Majority of Latin American nations favor trains as economical means of
transportation, as authorities realize its significance for nations
development, Prensa Latina says, citing Mr. Ramirez.

What Cuba is doing is very important, due to the fact that natural energy
resources are being used up.  The program will mean a saving, concerning
that aspect, besides representing a long period vision of the matter, Mr.
Ramirez commented to Prensa Latina.

                        *    *    *

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


* VENEZUELA: Wants to Expand Bilateral Relations with Cuba
----------------------------------------------------------
Rafael Ramirez, the minister of energy and petroleum in Venezuela, told El
Universal that the country wants to boost its Integral Cooperation Agreement
with Cuba.

El Universal relates that the accord has been criticized due to large
amounts of money to be spent on it as well as the poor accountability it
involves.

Minister Ramirez told VTV, the official television channel, that the
government has a responsibility to make the accord extend across areas like:

          -- agriculture,
          -- science,
          -- housing,
          -- technological exchange,
          -- joint installation of industrial plants, and
          -- organization of joint ventures.

Minister Ramirez commented to El Universal, "We are talking about ALBA here
(the Bolivarian Alternative for the Americas, which is President Hugo
Chavez' response to US-backed Free Trade Area of the Americas, or FTAA).  We
have been moving forward with Cuba, but other countries have joined this
newfangled exchange system. This is an extraordinary system, as it allows us
to set free from unfair trade mechanisms."

El Universal underscores Humberto Calderon and Jose Toro Hardy, former
directors of state-owned Petroleos de Venezuela, claimed that Cuba demanded
a US$339 million payment from Venezuela though Caracas has shipped almost
100 million barrels per day of crude to the island this year.

Minister Ramirez rejected the remarks, El Universal states.

                        *    *    *

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


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA,
and Beard Group, Inc., Frederick, Maryland USA.  Marjorie C. Sabijon, Sheryl
Joy P. Olano, Stella Mae Hechanova, and Christian Toledo, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of the
publishers.

Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$575 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are US$25 each.
For subscription information, contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *