TCRLA_Public/061207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, December 7, 2006, Vol. 7, Issue 243

                          Headlines

A R G E N T I N A

COMPANIA DE ALIMENTOS: Evaluadora Puts D Rating on US$120M Notes
GRAN DORA: Reorganization Proceeding Concluded
HOGAR ISRAELITA: Claims Verification Deadline Is Feb. 23, 2007
HOLD SA: Deadline for Verification of Proofs of Claims Is Mar. 7
INSTITUTO ENSENANZA: Asks for Court OK to Reorganize Business

INTERNATIONAL COURRIER: Claims Verification Is Until March 1
SECUPYME XXII: Moody's Assigns B1 Rating on Debt Securities
TELECOM PERSONAL: Inks Supply Accord with Compania Argentina
TELEFONICA DE ARGENTINA: Providing Broadband Services to Schools

B A H A M A S

KNOLL INC: Increases Quarterly Cash Dividend to US$0.11 a Share

B A R B A D O S

BRITISH WEST: Caribbean Air Cutting Barbados Flight Schedules

B E R M U D A

1127 CAPITAL: Olympia Capital Named as Liquidator
1127 CAPITAL OFFSHORE: Olympia Capital Named as Liquidator
ATLAS SERVICES: Proofs of Claim Filing Deadline Is on Dec. 18
BELLA CASA: Supreme Court Sets Winding-Up Hearing on Dec. 15
ENDURANCE SPECIALTY: S&P Ups Pref. Stock Rating to BBB- from BB+

GLOBAL RESOURCE: Last Day to File Proofs of Claim Is on Dec. 18
HOG ISLAND: Final General Meeting Is Set for Jan. 5, 2007
HQI CHINA: Last Day for Proofs of Claim Filing Is on Dec. 18
LMB LTD: Deadline for Proofs of Claim Filing Is Until Dec. 11
REFCO INC: Various Parties Raise Issues Against Joint Plan

SCOTTISH RE: Fitch Puts Ratings on Rating Watch Evolving
SEA CONTAINERS: NYSE ARCA to Remove Securities on December 12
SHIP FINANCE: S&P Ups Corporate Credit Rating to BB from BB-
TRASACOM LTD: Deadline for Filing of Proofs of Claim Is Dec. 18

B R A Z I L

LUCENT TECH: Alcatel Merger Cues S&P to Raise Rating to BB-
BANCO DO BRASIL: Could Launch Share Offering Ahead of Schedule
COSAN SA: S&P Affirms BB Corporate Credit Rating
DURA AUTOMOTIVE: Court OKs Kirkland & Ellis as Bankr. Counsel
DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants

NBS TECHNOLOGIES: UbiQ Ex-Shareholders' Claims Are Without Merit
NET SERVICOS: Completes Acquisition of Vivax Minority Interest
PETROLEO BRASILEIRO: Expects Campos Basin Production in 2007
PETROLEO BRASILEIRO: Investing BRL350 Mil. on Wastewater Reuse
PETROLEO BRASILEIRO: Reaffirms Natural Gas Price Raise Policy

SENSATA TECH: Revenues Rise 11% to US$298 Million in 2nd Quarter
USINAS SIDERURGICAS: Corretora Lifts Recommendation to Buy

C A Y M A N   I S L A N D S

ADASTRA DIVERSIFIED: Proofs of Claim Filing Is Until Dec. 14
ANTIRO FIXED: Shareholders to Gather for Last Meeting on Dec. 14
ANTIRO FIXED (MASTER): Final Shareholders Meeting Is on Dec. 14
BRASKEM OVERSEAS: Sets Final Shareholders Meeting on Dec. 14
CT FIXED: Invites Shareholders for Final Meeting on Dec. 14

GM CAPITAL: Final Shareholders Meeting Is Scheduled for Dec. 14
GROWUNIQUE LTD: Final Shareholders Meeting Is Set for Dec. 14
JULIUS BAER: Shareholders to Gather for Final Meeting on Dec. 14
MILTON ARBITRAGE: Calls Shareholders for Dec. 14 Final Meeting
MILTON LEVERAGED: Invites Shareholders for Dec. 14 Final Meeting

NAUTILUS EUROPE: Liquidator Presents Wind Up Accounts on Dec. 14
OCH JOHNSON: Shareholders to Convene for Last Meeting on Dec. 14
OCH JOHNSON (MASTER): Final Shareholders Meeting Is on Dec. 14
PHINITY OFFSHORE: Last Shareholders Meeting Is on Dec. 14
YANKEE BRAVO: Calls Shareholders for Final Meeting on Dec. 14

C H I L E

AES GENER: Launches 125-Megawatt Los Vientos Thermo Plant
JLG INDUSTRIES: Wants to Delist from NYSE After Oshkosh Merger

C O L O M B I A

BANCOLOMBIA: Sells Mortgage Loan to Titularizadora Colombiana
BBVA COLOMBIA: Calls for Bids on Insurance Policies Management
ECOPETROL: Investing US$12.5B for Oil Production in Five Years
ECOPETROL: Names Javier Gutierrez Pemberthy as New President

* COLOMBIA: Secures US$300-Million Loan from World Bank

C O S T A   R I C A

BANCO DE COSTA: Fitch Assigns Low B Issuer Default Ratings

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Acquisitions & Payments Questioned

E C U A D O R

PETROECUADOR: Won't Create State Firm to Run Occidental Fields

H O N D U R A S

LEAR CORP: 2006 Third Quarter Net Loss Down to US$74 Million
LEAR CORP: Moody's Changes Ratings Outlook to Stable

* HONDURAS: Conoco Phillips Wins Petrol & Diesel Supply Auction

J A M A I C A

AIR JAMAICA: Mercado Says Media Important to Airline's Success

M E X I C O

ALASKA AIR: Reports Passenger Traffic for November
ALLIS-CHALMERS: Extends Note Swap Offer Expiration to Dec. 29
AMC ENT: Posts US$10.7 Mil. Net Loss for Period Ended Sept. 28
CINEMARK: S&P Changes Outlook to Pos. on Likely Debt Reduction
CONTINENTAL AIRLINES: Orders More New Boeing 737-900ER Aircraft

DELTA AIR: Reaches Settlement on Pilot Pension Plan with PBGC
DELTA AIR: Comair Pilots Staged Protest at Atlanta Headquarters
DELTA AIR: Reports Traffic Results for November
GENERAL MOTORS: Kerkorian Sells Remaining 5% Stake to BofA
GUESS? INC: Unit Redeems Outstanding 6.75% Sec. Notes Due 2012

GRUPO IUSACELL: Postpones Merger with Unefon for Six Months
FORD MOTOR: Moody's Rates US$3B Convertible Senior Notes at Caa1
FORD MOTOR: S&P Junks Rating on Proposed US$3-Bil. Senior Debt
MERIDIAN AUTOMOTIVE: Three Parties Object to Fourth Amended Plan
SATELITES MEXICANOS: Retains Morgan Stanley as Financial Advisor

TIMKEN CO: Gets US$92.6 Million Subsidy from U.S. Customs
XIGNUX SA: S&P Upgrades Sr. Unsecured Rating on Notes to BB-

P A N A M A

BANCO INTERNACIONAL: Fitch Assigns BB Issuer Default Rating

P A R A G U A Y

* PARAGUAY: IMF Says Economic Growth Has Improved

P E R U

DOE RUN: Commences Purchase Offer for 11.75% Senior Notes

P U E R T O   R I C O

ANGIOTECH PHARMA: Moody's Rates US$325 Mil. Senior Notes at Ba3
ANGIOTECH PHARMA: S&P Rates US$325 Million Senior Notes at B+
NEWCOMM WIRELESS: Discloses Restructuring Plan
DRESSER INC: Unit Acquires Assets of Blackhawk Industries
PILGRIM'S PRIDE: Inks US$1.1 Bln Merger Agreement with Gold Kist

T R I N I D A D   &   T O B A G O

BRITISH WEST: Union Questioning Amount Injected for Closure
JETBLUE AIRWAYS: Adjusts Fleet Delivery Plan Through 2016

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Production Cut Taking Effect on Stocks


                          - - - - -


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A R G E N T I N A
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COMPANIA DE ALIMENTOS: Evaluadora Puts D Rating on US$120M Notes
----------------------------------------------------------------
Compania de Alimentos Fargo S.A.'s obligaciones negociables simples for
US$120,000,000 is rated D by Evaluadora Latinoamericana.  The rating action
was based on the company's balance sheet at Sept. 30, 2006.


GRAN DORA: Reorganization Proceeding Concluded
----------------------------------------------
Gran Dora SA's reorganization proceeding has ended.  Data published by
Infobae on its Web site indicated that the process was concluded after Court
No. 9 in Buenos Aires with assistance from Clerk No. 17, approved the debt
agreement signed between the company and its creditors.

The trustee can be reached at:

          Miguel Angel Troisi
          Cerrito 146
          Buenos Aires, Argentina


HOGAR ISRAELITA: Claims Verification Deadline Is Feb. 23, 2007
--------------------------------------------------------------
Martha Magdalina Comba, the court-appointed trustee for Hogar Israelita para
Ancianos Asociacion Civil's reorganization proceeding, will verify
creditors' proofs of claim until
Feb. 23, 2007.

Under the Argentine bankruptcy law, Ms. Comba is required to present the
validated claims in court as individual reports.  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 Hogar
Israelita and its creditors.

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

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

On Nov. 12, 2007, Hogar Israelita's creditors will vote on a settlement plan
that the company will lay on the table.

The debtor can be reached at:

          Hogar Israelita para Ancianos Asociacion
          Jean Juares 620
          Buenos Aires, Argentina

The trustee can be reached at:

          Martha Magdalena Comba
          H. Yrigoyen 1349
          Buenos Aires, Argentina


HOLD SA: Deadline for Verification of Proofs of Claims Is Mar. 7
----------------------------------------------------------------
Estudio Plastina, Torralba y Asociados, the court-appointed trustee for Hold
S.A.'s reorganization proceeding, will verify creditors' proofs of claim
until March 7, 2007.

Estudio Plastina will present the validated claims in court as individual
reports on April 18, 2007.  Court No. 12 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 Hold SA and its
creditors.

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

Estudio Plastina will also submit a general report that contains an audit of
Hold SA's accounting and banking records.   The report submission dates have
not been disclosed.

On Dec. 10, 2007, Hold SA's creditors will vote on a settlement plan that
the company will lay on the table.

Clerk No. 23 assists the court in the case.

The debtor can be reached at:

          Hold SA
          Avenida Cordoba 1364
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Plastina, Torralba y Asociados
          Bartolome Mitre 1131
          Buenos Aires, Argentina


INSTITUTO ENSENANZA: Asks for Court OK to Reorganize Business
-------------------------------------------------------------
Court No. 4 in Buenos Aires is studying the merits of Instituto de
Ensenanza's petition to reorganize its business after it stopped paying its
obligations.

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

Clerk No. 8 assists the court in the proceeding.

The debtor can be reached at:

         Instituto Ensenanza Privada Pedro Goyena S.A
         Viamonte 2043
         Buenos Aires, Argentina


INTERNATIONAL COURRIER: Claims Verification Is Until March 1
------------------------------------------------------------
Miguel Loustau, the court-appointed trustee for International Courrier's
bankruptcy proceeding, will verify creditors' proofs of claim until March 1,
2007.

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

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

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

Clerk No. 47 assists the court in the proceeding.

The debtor can be reached at:

          The International Courrier SRL
          Viamonte 1636
          Buenos Aires, Argentina

The trustee can be reached at:

          Miguel Loustau
          Viamonte 993
          Buenos Aires, Argentina


SECUPYME XXII: Moody's Assigns B1 Rating on Debt Securities
-----------------------------------------------------------
Moody's Latin Americahas assigned a rating of Aa3.ar and of B1 to the debt
securities of Fideicomiso Financiero SECUPYME XXII issued by Banco de
Valores S.A. -- acting solely in its capacity as Issuer and Trustee.

The rated securities are backed by a pool of bills of exchange signed by
agricultural producers in Argentina.  The bills of exchange are guaranteed
by Garantizar S.G.R., which is a financial guarantor in Argentina.
Garantizar has a rating of Aa3.ar (Argentine National Scale) and of B1
(Global Scale, Local Currency).

The rating assigned to this transaction is primarily based on the rating of
Garantizar.  Therefore, any future change in the rating of the guarantor may
lead to a change in the rating assigned to this transaction.  The rating
addresses the payment of interest and principal on or before the legal final
maturity date of the securities.

                         Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of debt
securities denominated in US dollars.  The rated securities will bear a 6.5%
annual interest rate.

The rated securities will be repaid from cash flow arising from the assets
of the Trust, constituted by a pool of fixed rate bills of exchange
denominated in US dollars signed by agricultural producers and guaranteed by
Garantizar S.G.R. The bills of exchange will bear the same interest rate as
the rated securities.

Although the rated securities (and the bills of exchange) are denominated in
US dollars, they are payable in Argentine pesos at the exchange rate
published by Banco de la Nación Argentina as of the day prior to the date
that the funds are initially deposited into the Trust account.  As a result,
the dollar is used as a currency of reference and not as a mean of payment.
For that reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on deposit in the
trust account are not sufficient to make payments to investors, the Trustee
is obligated to request Garantizar to make payment under the bills of
exchange. Garantizar, in turn, will have five days to make this payment into
the trust account.  Under the terms of the transaction documents, the
trustee has up to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the date on which
the funds are initially deposited by either Garantizar, the exporter, or the
individual producers into the Trust account.


TELECOM PERSONAL: Inks Supply Accord with Compania Argentina
------------------------------------------------------------
Telecom Personal, a mobile unit of Telecom Argentina, has signed an
agreement with Compania Argentina de Granos, an Argentine grain cooperative,
to provide BlackBerry devises to almost 4,000 grain farmers, Infobae
reports.

Business News Americas relates that the devices will be distributed among
rural producers in:

          -- Cordoba,
          -- Buenos Aires,
          -- La Pampa,
          -- San Luis,
          -- Santa Fe, and
          -- Tucuman.

Telecom Personal told Infobae that this is the largest single deployment of
BlackBerry devices in Latin America.

BNamericas underscores that BlackBerry, which is owned by Research in
Motion, allow access to email, instant messaging, wireless Internet
connections and corporate networks.  The device will include a special
appliance especially developed by Telecom Personal for the agribusiness
segment, allowing producers to:

          -- check grain prices,
          -- monitor machinery movements on their land, and
          -- receive sanitary alerts, among other services.

Telecom Personal will train producers to facilitate the use of the
BlackBerry devise, BNamericas states.

                   About Compania Argentina

Compania Argentina de Granos has 70 distribution centers across Argentina.
It is integrated by 300 families working in 40 plants.

                   About Telecom Personal

Telecom Personal is the wireless provider of Telecom Argentina SA, providing
services in Argentina and Paraguay over a GSM network.  The company has 7.7
million users, with an estimated 30% market share in Argentina and a
customer mix of 66% prepaid and 34% postpaid as of June 30, 2006.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.
Approximately US$200 million in debt is affected by the rating
action. Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a Stable Rating
Outlook.


TELEFONICA DE ARGENTINA: Providing Broadband Services to Schools
----------------------------------------------------------------
Telefonica de Argentina said in a statement that it will provide free
broadband services to 10 schools in Pergamino.

Business News Americas relates that the broadband will be provided free of
charge for three years through Telefonica Negocios, parent firm Telefonica's
corporate and government services unit.

Telefonica has 2,036 broadband connections, 19,589 fixed lines and 727
public telephones in Pergamino.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina S.A. -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *    *    *

Moody's Investors Service upgraded on May 27, 2006, the ratings
on Telefonica de Argentina, S.A.'s Corporate Family Rating
(foreign currency) to B2 from B3 with stable outlook; Foreign
currency issuer rating to B2 from B3 with stable outlook; and
Senior Unsecured Rating (foreign currency) to B2 from B3 with
stable outlook.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 10, 2006,
its 'B' long-term foreign currency corporate credit rating on
the Argentine telecom incumbent Telefonica de Argentina S.A.,
following the company's announcement of a proposal from its
Board of Directors of a capital reduction of ARS1,048 million
(equivalent to approximately US$340 million) to optimize its
capital structure.  This transaction is subject to the approval
of the Argentine Stock Exchange and the Securities Exchange
Commission (Comision Nacional de Valores).  S&P said the outlook
is stable.




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


KNOLL INC: Increases Quarterly Cash Dividend to US$0.11 a Share
---------------------------------------------------------------
Knoll, Inc.'s board of directors declared a quarterly cash dividend of
US$0.11 per share payable Dec. 29, 2006, to stockholders of record on Dec.
15, 2006.  This represents a 10% increase over the prior quarterly cash
dividend of US$0.10 per share.

The Board of Directors currently intends to declare and pay quarterly
dividends of US$0.11 per share on our common stock.  The declaration and
payment of dividends is subject to the discretion of the Board of Directors
and depends on various factors, including our net income, restrictions in
our credit facility, financial position, cash requirements and other factors
deemed relevant by our Board of Directors.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.,
(NYSE:KNL) -- http://www.knoll.com-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.




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


BRITISH WEST: Caribbean Air Cutting Barbados Flight Schedules
-------------------------------------------------------------
Dionne Ligoure, director of corporate affairs at British West Indies
Airlines aka BWIA, told The Nation Newspaper that there will be a reduction
in the Barbados schedule in the initial stages of Caribbean Airlines, which
will succeed BWIA on
Jan. 1, 2007.

The Nation Newspaper relates that there will be dramatic changes in travel
options in Barbados when BWIA shuts down.

Caribbean Airlines will be eliminating direct services between Grantley
Adams International Airport and Miami, New York and Toronto, at least in the
initial stages of its operations, the Daily Nation states.

According to The Nation, a simple flight from Barbados to Miami, which takes
just over three hours, could include an overnight stop in Trinidad after
departing Barbados at 7 p.m. and a midday arrival in North America the next
day.

The Nation underscores that while passengers traveling to London will book
with Caribbean Airlines, they will in fact travel on British Airways under a
code-sharing accord between the two companies.

A BWIA official told The Nation that correspondence had been sent to the
Barbados Tourism Authority informing them of the code-sharing agreement.

The board had discussed BWIA's discontinuing the service between Barbados
and some international gateways this week.  It would soon issue a statement
on what it is doing to minimize the loss of the routes, The Nation says,
citing Peter Odle, chairperson of the Barbados Tourism Authority.

Without saying whether the reduction of flights would be temporary or
permanent, Ms. Ligoure told The Nation that arrangements were being made for
seamless connection between Bridgetown and Port-of-Spain.

Other airlines serving Barbados were actively considering adding capacity to
compensate for the BWIA cutbacks, The Nation says, citing sources.

Wellesley Joseph, country manager for American Airlines, told tHe Nation
that the airline was always observing the schedules of other carriers,
seeking for new business opportunities.

Mr. Joseph commented to The Nation, "When there is an opportunity for
potential growth, we will investigate and respond."

American Airlines was aware of the changes taking place at BWIA and would
respond appropriately.  However, the changes by BWIA carrier could be
temporary, The Nation says, citing Mr. Joseph.

Air Jamaica was allegedly looking at new routes in and out of Barbados that
Caribbean Airlines is offering, The Nation notes.

A source told The Nation that while Air Jamaica flies direct to New York
from Barbados, and to Miami via Kingston, it was looking at introducing more
frequent and direct flights to North America.

The source commented to The Nation, "That will be another option when BeeWee
(BWIA) closes."

According to The Nation, Delta Air was also reportedly discussing a direct
flight from Barbados to Atlanta five times weekly.   Delta Air's Atlanta hub
is extensive and offers direct connection to most major American cities.

Sources told The Nation that if passengers who use Grantley Adams shift from
BWIA to other carriers, it could mean significant business for the other
airlines since BWIA moves almost 200,000 passengers through Barbados yearly.

Dick Stoute, president of the Barbados Chamber of Commerce and Industry,
commented to the Daily Nation that he is positive that if Barbadian business
travelers with limited time were forced to travel to Port-of-Spain, they
would seek alternative carriers.

The Daily Nation underscores that it tried to book a flight to Miami on the
Caribbean Airlines Web site for Feb. 4, 2007, the sole option was to leave
Barbados at 7:05 p.m., arrive in Trinidad at 8 p.m., leave Trinidad the next
day at 9:05 a.m., with a noon arrival in Miami.

The Nation emphasizes that there was also a similar attempt to book travel
to New York and Toronto.

There were no flights found from or to the requested cities, The Nation
states.

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

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

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




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B E R M U D A
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1127 CAPITAL: Olympia Capital Named as Liquidator
-------------------------------------------------
1127 Capital, Ltd.'s liquidation took effect on Nov. 17, 2006.  In
connection with its commencement, Olympia Capital International Inc. has
been appointed as liquidator.

The liquidator can be reached at:

         Olympia Capital International Inc.
         Williams House, 20 Reid Street
         Hamilton, Bermuda


1127 CAPITAL OFFSHORE: Olympia Capital Named as Liquidator
----------------------------------------------------------
1127 Capital Offshore Fund, Ltd.'s liquidation took effect on Nov. 17, 2006.
In connection with its commencement, Olympia Capital International Inc. has
been appointed as liquidator.

The liquidator can be reached at:

         Olympia Capital International Inc.
         Williams House, 20 Reid Street
         Hamilton, Bermuda


ATLAS SERVICES: Proofs of Claim Filing Deadline Is on Dec. 18
-------------------------------------------------------------
Atlas Services Ltd.'s creditors are given until Dec. 18, 2006, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Jan. 8, 2007, at 10:30 a.m., or as soon as
possible.

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

Atlas Services' shareholders agreed on Nov. 28, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


BELLA CASA: Supreme Court Sets Winding-Up Hearing on Dec. 15
------------------------------------------------------------
The Supreme Court of Bermuda will hear on Dec. 15, 2006, at 9:30 a.m., the
petition to wind-up Bella Casa Furniture Ltd. 's business operation.

The winding-up petition was presented to the Supreme Court on Nov. 15, 2006.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to the petitioner's counsel at:

            Conyers Dill & Pearman
            Clarendon House, 2 Church Street
            Hamilton, Bermuda

Those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on Dec. 14, 2006.


ENDURANCE SPECIALTY: S&P Ups Pref. Stock Rating to BBB- from BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty credit and
financial strength ratings on Endurance Specialty Holdings Ltd.'s operating
companies (collectively referred to as Endurance) to 'A' from 'A-'.

At the same time, Standard & Poor's raised its counterparty credit and
senior debt ratings on Endurance Specialty Holdings Ltd. to 'BBB+' from
'BBB' and raised its preferred stock rating to 'BBB-' from 'BB+.'  The
outlook on all these ratings is stable.

The upgrade on Endurance reflects its strong competitive position based on
its global market presence, scale, and diversified insurance (30% of
projected gross premiums in 2006) and reinsurance (70%) platforms, in
particular the increased scale within its U.S. excess and surplus platform.
In addition, Endurance maintains very strong capital adequacy measuring a
capital adequacy ratio of 152% as of third-quarter 2006 (including insurance
and reinsurance C-5 catastrophe charges), above expectations for the rating.

Endurance is expected to measure strong operating performance prospectively,
and year-to date third-quarter 2006 Endurance has measured a combined ratio
of 87% and net income of US$299 million versus a loss of US$220 million in
2005 on a combined ratio of 124%, so all of 2005's losses have been
replenished. Also, Endurance's strong financial flexibility was highlighted
with its ability to raise $600 million in debt, perpetual preferred, and
common equity (within 10 days) in 2005.

In contrast, Endurance is expected not to perform as well as concentrated
property companies in years when there are low catastrophes, as Endurance
had 46% in casualty writings in 2005. Furthermore, management underestimated
the volatility and correlations inherent within its large national
commercial per risk accounts (flood exposure) and property and offshore
marine exposure correlations in 2005, but the company has moved to non-renew
or cancel these exposures. Based on Endurance's strong enterprise risk
management, we expect prospective volatility to be reduced.  However, while
fully reflected in the new rating, Endurance does still write severity risks
that could create earnings and capital volatility, and this limits future
prospects for additional favorable rating actions.

The outlook is based on Standard & Poor's expectation that Endurance will
maintain strong earnings in 2007, potentially net income near US$400 million
before significant catastrophe losses on a combined ratio of about 90%.  To
the extent that Endurance does not maintain capital adequacy and combined
ratio thresholds of more than 140% (including insurance and reinsurance C-5
catastrophe charges) and about 95% (on a long-term basis and consistent with
peers), respectively, the outlook may be revised to negative.  From a
qualitative standpoint, Endurance has built-out its competitive position in
the insurance and reinsurance markets and the company's growth in niche
products is expected to continue.  Expectations are that debt leverage and
debt plus preferred leverage will be maintained within rating expectations
of 20% and 35%, respectively, in support of nonstandard holding company
notching.  Considering the upgrade, a positive outlook in 2007 is unlikely.

Based in Pembroke, Bermuda, Endurance Specialty Holdings Ltd.
(NYSE: ENH) -- http://www.endurance.bm/-- is a provider of
property and casualty insurance and reinsurance.  Through its
operating subsidiaries, Endurance currently writes property per
risk treaty reinsurance, property catastrophe reinsurance,
casualty treaty reinsurance, property individual risks, casualty
individual risks, and other specialty lines.


GLOBAL RESOURCE: Last Day to File Proofs of Claim Is on Dec. 18
---------------------------------------------------------------
Global Resource Private Trust Co. Ltd.'s creditors are given until Dec. 18,
2006, to prove their claims to Jennifer Y. Fraser, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Jan. 8, 2007, at 9:30 a.m., or as soon as
possible.

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

Global Resource's shareholders agreed on Nov. 29, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


HOG ISLAND: Final General Meeting Is Set for Jan. 5, 2007
---------------------------------------------------------
Hog Island Holdings Ltd.'s shareholders will convene for a final general
meeting at the liquidator's place of business on
Jan. 5, 2007, at 9:00 a.m., or as soon as possible.

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

Hog Island's shareholders has agreed to place the company into voluntary
liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


HQI CHINA: Last Day for Proofs of Claim Filing Is on Dec. 18
------------------------------------------------------------
HQI China Ltd.'s creditors are given until Dec. 18, 2006, to prove their
claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Jan. 8, 2007, at 10:00 a.m., or as soon as
possible.

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

HQI China's shareholders agreed on Nov. 28, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


LMB LTD: Deadline for Proofs of Claim Filing Is Until Dec. 11
-------------------------------------------------------------
LMB Ltd.'s creditors are given until Dec. 11, 2006, to prove their claims to
Jennifer Y. Fraser, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 28, 2006, at 9:00 a.m., or as soon as
possible.

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

LMB Ltd.'s shareholders agreed on Nov. 21, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


REFCO INC: Various Parties Raise Issues Against Joint Plan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York approved
procedures governing discovery with respect to the
confirmation of the Chapter 11 Plan filed by Refco Inc. and its
debtor-affiliates; Marc S. Kirschner, the Chapter 11 Trustee for
Refco Capital Markets, Ltd.; and the Joint Sub-Committee of the
Official and Additional Committees of Unsecured Creditors, the Troubled
Company Reporter reported on Nov. 17, 2006.

Pursuant to the Court's order governing discovery with respect to
confirmation of the First Amended Joint Chapter 11 Plan, the Ad Hoc
Committee of Equity Security Holders of Refco, Inc.; Forex Capital Markets,
LLC; and certain customers and creditors of the Chapter 11 Debtors,
including Refco FX Associates, LLC, and Refco Capital Markets, Ltd.,
separately filed with the Court their statements of issues to be raised
against the confirmation of the Joint Chapter 11 Plan for the Refco Debtors.

The Court will convene a Plan confirmation hearing on
Dec. 15, 2006.

(1) Ad Hoc Equity Committee

The Ad Hoc Equity Committee contends that the Plan violates
Section 1129(a)(7) of the Bankruptcy Code because, among others:

   (a) the Plan fails to provide Refco, as the equity security
       holder of New Refco Group Ltd., LLC, and holders of
       Class 8 Old Equity Interests as much as they would
       receive in Refco's hypothetical Chapter 7 liquidation;

   (b) the vast majority of proofs of claim filed against Refco
       and New Refco lack merit and would be disallowed in a
       Chapter 7 liquidation of the parties;

   (c) the scheduled intercompany debt of Refco and New Refco
       lacks basis and would not result in an allowed
       intercompany claim against them;

   (d) Refco and New Refco possess valuable causes of action
       against third parties, the proceeds of which, in a
       Chapter 7 Liquidation, would provide a distribution to
       Class 8 Old Equity Interests greater than what is
       provided to them under the Plan;

   (e) there are likely many additional claims and defendants
       known to the Plan Proponents -- information that are not
       available to the Ad Hoc Equity Committee;

   (f) Refco and New Refco suffered damages in the form of loss
       of value in their subsidiaries, which is cognizable under
       applicable law;

   (g) Refco suffered damages in the form of the loss of its IPO
       proceeds;

   (h) any fraudulent transfer claims or other non-preference
       avoidance claim brought by Refco and New Refco would not
       result in a replacement claim against them under Section
       502(h);

   (i) the Plan improperly releases subsidiary estates for
       liabilities that are effectively reallocated to the
       parent estates; and

   (j) in addition to improperly providing proceeds of Refco and
       New Refco causes of action to subsidiary creditors ahead
       of equity, the Plan does protect equity's chance to
       receive any residual value under this waterfall.

The Ad Hoc Equity Committee asserts that the compromises embodied in the
Plan are improper and should not be approved because the settlements:

   (i) were not negotiated at arm's-length since the fiduciaries
       representing Refco and New Refco were conflicted;

  (ii) were negotiated with no consideration given to Refco and
       New Refco's downstream claims for loss, damages and
       contribution;

(iii) cannot be approved because they materially prejudice
       Class 8 Old Equity Interests; and

  (iv) do not satisfy the standards applicable under Rule 9019
       of the Federal Rules of Bankruptcy Procedure and Section
       1123(b)(3)(A).

In addition, the Ad Hoc Equity Committee complains that the Plan
violates Sections 1129(a)(1) to (3) because it does not comply
with the applicable provisions of the Bankruptcy Code.

Paul N. Silverstein, Esq., at Andrews Kurth LLP, in New York,
tells Judge Drain that it is likely that Section 1129(a)(10) will not be
satisfied as to Refco and New Refco, because:

   -- given that the Plan does not provide for substantive
      consolidation, at least one impaired accepting class of
      Refco and New Refco must vote to accept the Plan, not
      counting the vote of insiders; and

   -- there are three potential impaired accepting subclasses
      for Refco and New Refco corresponding to Class 5(a),
      Class 5(b), and Class 6.

Mr. Silverstein further argues that the Plan fails to satisfy the Section
1129(b) cram-down requirements on the basis that it
discriminates unfairly against, and is not fair and equitable to, holders of
Class 8 Old Equity Interest because it deprives them of the proceeds of
causes of action to which they would be
entitled.

To the extent that the Plan Proponents seek substantive
consolidation, or the Plan is deemed to constitute a substantive
consolidation, of Refco and New Refco with any of the other Refco entities,
the consolidation is manifestly inappropriate, Mr. Silverstein maintains.

The Ad Hoc Equity Committee reserves the right to take discovery
on any issue that has been addressed to date, to the extent those issues
have any bearing on the Plan confirmation.

(2) FXA Customers

The FXA Customers assert that the customer funds held by FXA that are to be
subject to a variety of equitable remedies do not
constitute property of the estate under Section 541(a) of the
Bankruptcy Code.

Therefore, the Plan as it relates to FXA cannot dispose of funds, the FXA
Customers contend.

Todd E. Duffy, Esq., at Duffy & Amedeo LLP, in New York, states
that the Plan cannot be confirmed before final adjudication of
the FXA Customers' property rights in the customer funds on
deposit with FXA.

Mr. Duffy adds that the Plan violates the Section 1122
requirements in respect of the classification of customer claims
with non-customer claims.

Mr. Duffy argues that Plan is not feasible under Section
1129(a)(11) and does not otherwise satisfy the confirmation
requirements as it proposes to use customer funds -- subject of a variety of
equitable remedies, including constructive trust
claims -- to pay claims of other non-customer creditors.

The FXA Customers contend that the global settlement proposed in
the Plan violates the requisite elements of Rule 9019 and
applicable decisional law.  Specifically, FXA is not receiving
any comparable or reasonable benefit under that settlement in
exchange for waiving its rights to collect on the US$84,000,000
intercompany receivable owed to FXA.

Mr. Duffy states that the value attributable to the agreement by
the senior secured lenders and the senior subordinated
noteholders to waive or release their claims against FXA is not
reasonable in relation to the value attributable to the
distribution that FXA could obtain from RCM on account of the
intercompany receivable.

The FXA Customers also assert that the creation of Refco FX
Convenience Claims in Class 6 violates Section 1122.

Furthermore, the FXA Customers complain that the Plan violates
Section 1129(a)(7) requirements, as to whether claimholders in
dissenting and impaired classes will receive or retain under the
Plan on account of claim property of a value that is not less
than the amount that a holder would receive or retain if the
debtor were liquidated under Chapter 7.

Mr. Duffy notes that FXA Customers will receive a larger recovery on their
claims either:

   (i) based on the variety of equitable remedies asserted in
       the constructive trust litigation presently pending;

  (ii) through a Chapter 7 of FXA; and

(iii) as a result of the denial of the Global Settlement,
       enabling FXA to seek to avoid the claims and liens of the
       senior secured lenders and the senior subordinated
       noteholders, while at the same time, recover a dividend
       on the intercompany receivable owed from RCM.

The FXA Customers reserve the right to assert additional
objections to the Plan Confirmation.

(3) FXCM

Forex Capital Markets, LLC, may object to the Plan to the extent
that its provision prejudices the right of FXCM or any of its
holder of interest or affiliate to seek rescission of Refco Group Ltd.,
LLC's purchases of interest in FXCM Entities.

FXCM and certain holders of interests in FXCM Entities have filed proofs of
claim against RGL and other related Debtors, asserting the right to seek
rescission of purchases of interests in FXCM Entities.

In addition, FXCM may object to the Plan to the extent that it
does not provide an opportunity for any holder of an interest in
any FXCM Entity to exercise any right of first refusal contained
in a Limited Liability Operating Agreement or other similar
document for any FXCM Entity.

Accordingly, FXCM and its affiliates reserve the right to assert
additional Plan confirmation objections, and to contend that the
Discovery Order:

   (i) violates the Federal Rules of Bankruptcy Procedure,
       including Bankruptcy Rule 2002;

  (ii) was not entered after "notice and a hearing" within the
       meaning of Section 102(1) of the Bankruptcy Code; and

(iii) denies them due process of law as required by the Fifth
       Amendment to the Constitution of the United States of
       America.

                      About Refco Inc.

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

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

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

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

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

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

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

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

(Refco Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SCOTTISH RE: Fitch Puts Ratings on Rating Watch Evolving
--------------------------------------------------------
Fitch revised the Rating Watch on Scottish Re Group Ltd.'s ratings to
Evolving from Negative, after the notification that SCT has successfully
amended the bank agreement which allows the transfer of funds from affiliate
Scottish Annuity & Life Insurance Ltd. to SCT.

On Monday funds are expected to be transferred to the trustee to repay
US$115 million of senior convertible notes that are expected to be put to
the company on Dec. 6, 2006.  This notification satisfies Fitch's most
immediate near-term concern.

The ratings being placed on Rating Watch Evolving reflects the pending
agreement with MassMutual Capital Partners LLC and Cerberus Capital
Management, L.P., which is expected to result in a new equity investment
into the company for US$600 million.  Fitch expects to review SCT's
financial profile as well as business prospects and franchise upon the
successful close of the agreement.

While Fitch views the agreement and the potential US$600 million investment
positively, SCT continues to face business and operating challenges and
uncertainties, including the outcome of the shareholder vote.  As such, the
Rating Watch could be revised positively or negatively or the ratings could
be affirmed with a Stable Outlook as the process develops.

These ratings were placed on Rating Watch Evolving from Rating Watch
Negative:

   * Scottish Annuity & Life Insurance Company (Cayman) Limited

      --IFS at 'BBB'.

   * Scottish Re (U.S.) Inc.

      --IFS at 'BBB'.

   * Scottish Re Limited

      --IFS at 'BBB'.

   * Scottish Re Group Limited

      -- Issuer Default Rating at 'BB';

      -- 4.5% US$115 million senior convertible notes at 'BB-';

      -- 5.875% US$142 million hybrid capital units at 'B+';

      -- 7.25% US$125 million non-cumulative perpetual preferred
         stock at 'B+'.


SEA CONTAINERS: NYSE ARCA to Remove Securities on December 12
-------------------------------------------------------------
The New York Stock Exchange Arca, Inc., notified the U.S.
Securities and Exchange Commission that it intends to remove the
entire Class A and Class B common shares of Sea Containers, Ltd., from
listing and registration on the NYSE Arca at the opening of business on Dec.
12, 2006.

The NYSE Arca believes that the securities are no longer suitable for
continued listing and trading after a review by the NYSE Regulation
indicated that SCL delayed the filing of its Form 10-K for Dec. 31, 2005,
and certain 2006 Form 10-Q filings
with the SEC.  SCL was unable to give any assurance as to when
the delayed reports may be available for filing because of, among others,
SCL's focus on developing a restructuring plan.

The NYSE had previously determined that the Securities should be
suspended from trading and filed with the SEC an application to
remove the Securities from listing and registration on the NYSE
Arca.  SCL was notified of the decision on September 29 and had a right to
appeal the determination to de-list its Securities to a Committee of the
Board of Directors, provided that it file a
written request for a review with the Secretary of the NYSE Arca.

SCL did not do so within the specified time period and the
Securities were suspended from trading on Oct. 3, 2006.

The NYSE Arca also intends to remove these four classes of senior notes from
their listing:

   (1) 10-3/4% Series B Senior Notes due October 15, 2006,
   (2) 7-7/8% Series B Senior Notes due February 15, 2008,
   (3) 12-1/2% Senior Notes due December 1, 2009, and
   (4) 10-1/2% Senior Notes due May 15, 2012.

                   About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SHIP FINANCE: S&P Ups Corporate Credit Rating to BB from BB-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate credit
rating on Bermuda-based Ship Finance International Ltd., a ship-owning
company tied to Frontline Ltd., to 'BB' from 'BB-'.  The outlook is stable.

At the same time, Standard & Poor's raised its senior unsecured debt rating
on Ship Finance's $580 million bonds to 'B+' from 'B'.

"The rating action reflects Ship Finance's better-than-expected operating
and financial performance over the past three years, the recent change to a
Frontline-independent management team, and expectations of continued stable
and predictable cash flows through the company's largely long-term
contract-based revenue structure," said Standard & Poor's credit analyst Per
Karlsson.

Total debt was US$1.74 billion at Sept. 30, 2006.

Ship Finance benefits from relatively predictable cash flows, which are
secured through long-term contracts.  The stable outlook also reflects the
continual favorable near-term outlook for the oil tanker segment.  In
addition, the US$274 million charter service reserve provides significant
protection against downside risk.   The potential for a 20% share in
Frontline's profits above certain rate thresholds could strengthen financial
measures in good tanker market years.  Standard & Poor's nevertheless
believes that Ship Finance will maintain its high leverage, as excess cash
flows are likely to be paid out as dividends or invested in additional
vessels.

Standard & Poor's expects that future vessel additions will be funded
largely by debt and that vessels acquired will be backed by medium- to
long-term charter agreements with creditworthy shipping operators, which is
key to the ratings. As the company expands its vessel fleet, an adequate
liquidity buffer is expected to be generated and held on the balance sheet
to protect against weak market conditions and the counterparty credit risk
assumed.

"Further rating upside potential is limited, while downside pressure could
come from lower fleet contract coverage than expected, higher leverage, or
prolonged weak market conditions," Mr. Karlsson added.


TRASACOM LTD: Deadline for Filing of Proofs of Claim Is Dec. 18
---------------------------------------------------------------
Trasacom Ltd.'s creditors are given until Dec. 18, 2006, to prove their
claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Jan. 8, 2007, at 9:00 a.m., or as soon as
possible.

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

Trasacom's shareholders agreed on Nov. 29, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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




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


LUCENT TECH: Alcatel Merger Cues S&P to Raise Rating to BB-
-----------------------------------------------------------
Standard & Poor's said that following the news that the merger between
French telecoms equipment supplier Alcatel and U.S. peer Lucent Technologies
Inc. has received final approval from the U.S. Committee on Foreign
Investments, it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel, now known as Alcatel-Lucent, to 'BB-'
from 'BB', in line with its preliminary indication in its Nov. 7, 2006,
research update.  The 'B' short-term corporate credit rating on Alcatel
Lucent was affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term corporate credit
rating on Lucent with that of Alcatel Lucent, raising it to 'BB-' from 'B',
and affirmed its 'B-1' short-term corporate credit rating on the U.S.
company.  The outlook is positive. Standard & Poor's also raised its
long-term ratings on Lucent's senior unsecured debt to 'B+' from 'B', on its
subordinated debt to 'B' from 'CCC+', and on its preferred stock to 'B-'
from 'CCC'.

All of the long-term ratings on Alcatel Lucent and on Lucent were removed
from CreditWatch--except Lucent's senior unsecured debt ratings, which
remain on CreditWatch with positive implications--where they had been placed
with negative and positive implications, respectively, on March 24, 2006, on
news of the merger plans.

The completion of the proposed consent solicitation for Lucent's 2.75%
Series A and B convertible senior debentures due respectively in 2023 and
2025, in return for a full and unconditional subordinated guarantee from
Alcatel, will be a first step toward resolving the CreditWatch status on
Lucent's senior unsecured debt.  Resolution will also depend on our analysis
of the ranking and support mechanisms for the various debt classes within
the merged group, in particular Lucent's senior debt.

"The downgrade reflects the challenges that Alcatel Lucent will face
combining two large organizations, integrating different technology
platforms while preserving key customer relationships, implementing a large
restructuring program, and continuing to support significant levels of debt
and unfunded health care obligations," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "Nevertheless, we believe the merger has a clear
logic, given continuing carrier consolidation and the convergence of fixed-
and mobile-network technologies."

The combined group will have a larger scale, greater product depth, wider
geographic reach, and stronger R&D capability.

Alcatel Lucent will be headquartered in Paris, France.  Pro forma for the
Thales S.A. transaction and the acquisition of Nortel's third-generation
activities, we estimate that Alcatel Lucent achieved EUR19 billion in sales
in 2005 and had about EUR7.4 billion in debt securities and bank debt
outstanding at
Sept. 30, 2006.

The ratings on Alcatel Lucent are supported by our assessment of the
industry's moderate revenue growth prospects, as well as by the group's
broad portfolio of wireline and wireless systems, large-scale and
geographically diversified operations, strong customer relations, R&D
capabilities that are among the largest in the industry, and robust
liquidity.  These positive factors are constrained by:

   -- the very competitive telecoms equipment industry, notably
      in the context of continuing carrier consolidation;

   -- ongoing major changes in the industry's technology
      direction, resulting in potential rapid adverse changes in
      demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation, reflecting moderate
      sales growth, health care payments, restructuring costs,
      and working-capital changes.

"An upgrade is possible over the next 18 months if the group shows clear
progress in integrating the two former entities and in achieving its
targeted synergies, reaching high-single-digit operating margins and
meaningful sustained free cash flow generation, as well as maintaining solid
liquidity in stable market conditions," said Mr. de Torres.

Conversely, the outlook would be revised to stable if the integration of the
two companies and the extraction of synergies did not proceed apace and had
harmful effects on profitability and free cash flow generation.

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.


BANCO DO BRASIL: Could Launch Share Offering Ahead of Schedule
--------------------------------------------------------------
Banco do Brasil could launch the planned share offering on Bovespa ahead of
schedule, Business News Americas reports, citing Rossano Maranhao, the
bank's chief executive officer.

BNamericas relates that Banco do Brasil gained a listing on the Novo Mercado
index of Bovespa earlier this year after it raised its free floating rate to
14.8% from 6.90% through two share offerings.

According to BNamericas, Banco do Brasil became the first federally
controlled firm to list on Novo Mercado and the second bank after Nossa
Caixa.

Bovespa gave Banco do Brasil three years to meet Novo Mercado requirements
of a free float of at least 25%, BNamericas states.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                        *    *    *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services
raised its foreign currency counter party credit ratings on
Banco do Brasil SA to 'BB' from 'BB-'.  The foreign and local
currency ratings of this bank are now equalized at 'BB'.  S&P
said the outlook is stable.


COSAN SA: S&P Affirms BB Corporate Credit Rating
-------------------------------------------------
Standard & Poor's affirmed its 'BB' corporate credit rating on Brazil-based
sugar-cane mill Cosan S.A. Industria e Comercio. The outlook is stable.

The ratings on Cosan reflect inherent risks in its commodity business
including the highly volatile prices for sugar and ethanol as well as the
seasonality of its operations and results and consequent substantial working
capital needs during the crop season.  The ratings also reflect the still
highly protected nature of the sugar industry with high trade barriers in
major markets such as the U.S. and EU, which limits Cosan's access to most
important international markets.

"These negative factors are partly mitigated by Cosan's low cost production,
which derives from the favorable climate in the country but also from
efficient operations and logistics as well as scale gains from its position
as the largest sugar cane processor in Brazil," explained Standard & Poor's
credit analyst Vivian Zietemann.  "The company's strong liquidity is also
seen as a mitigating factor for business volatility."

Cosan is the largest producer of sugar and ethanol in Brazil with total
crushing capacity of 40 million tons of sugar cane, and the largest global
exporter of sugar and ethanol.  Cosan operates 17 mills in the state of Sao
Paulo, the most efficient producing region in the world, as well as its own
export terminals, which provide it with competitive logistic and cost
advantages.  Operating under deregulated market conditions in Brazil, Cosan
retains the leading position in the sugar and ethanol industry with about
10% of the industry's total revenues, which indicates the significant
fragmentation of this market.

Market fundamentals for sugar and especially for ethanol producers will
remain very strong for the next few years.  In the sugar industry, gradual
reduction of protection measures in Europe in the mid- to long term, with
the phasing out of sugar beet production, should help to bring prices to
higher than historical levels.  Increasingenvironmental concerns and
concrete prospects for increased use of ethanol mixed in gasoline in
countries such as the U.S. and Japan could significantly enhance demand for
the product, and consequently price levels both internationally and
domestically.

The stable outlook reflects our expectations that Cosan will maintain its
leading market position in Brazil and strong export orientation, benefiting
from its competitive advantages such as low-production costs and operational
efficiency.  These strengths are expected to minimize the risks associated
with its operations, including the exposure to commodity-products price
swings and the still heavily protected international sugar industry.

The ratings could be lowered or the outlook revised to negative if the
company loosens its financial policies, which would be indicated by higher
leveraging of its balance sheet as S&P understands that the current rating
level gives the company limited headroom for further debt increases than
already anticipated.  Moreover, an aggressive acquisition plan, especially
one financed with additional debt and/or stronger bidding prices, would also
be a negative rating factor.

An upgrade or revision of the outlook to positive would depend on consistent
reduction in debt leverage reflected by Cosan's delivering stronger credit
metrics such as FFO to total debt higher than 35%.  The continuous
improvement of the global environment for sugar and ethanol producers,
resulting in less protected international markets, would also result in
significant benefits to Cosan's business and financial profiles.


DURA AUTOMOTIVE: Court OKs Kirkland & Ellis as Bankr. Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized DURA
Automotive Systems Inc. and its debtor affiliates to employ Kirkland & Ellis
as their bankruptcy counsel, under a general retainer, nunc pro tunc to
Oct. 30, 2006.

As reported in the Troubled Company Reporter on Nov. 10, 2006,
Kirkland will:

    (a) advise the Debtors with respect to their powers and
        duties as debtors-in-possession in the continued
        management and operation of their business and
        properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties in interest;

    (c) take all necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors, and representing the Debtors' interests in
        negotiations concerning all litigation in which the
        Debtors are involved;

    (d) prepare all motions, applications, answers, orders,
        reports, and papers necessary to the administration of
        the Debtors' estates;

    (e) take any necessary action on behalf of the Debtors to
        obtain approval of a disclosure statement and
        confirmation of the Debtors' plan of reorganization;

    (f) represent the Debtors in connection with obtaining
        financing after its filing for Chapter 11 protection;

    (g) advise the Debtors in connection with any potential sale
        of assets;

    (h) appear before the Court, any appellate courts, and the
        U.S. Trustee, and protect the interests of the Debtors'
        estates before the courts and the U.S. Trustee; and

    (i) perform all other necessary legal services to the
        Debtors in connection with the Reorganization Cases,
        including:

        * analyze the Debtors' leases and executory contracts
          and their assumption or assignment;

        * analyze the validity of liens against the Debtors; and

        * advise on corporate, litigation, environmental, and
          other legal matters.

Kirkland will be paid based on the firm's standard hourly rates:

          Professional               Hourly Rate
          ------------               -----------
          Partners                   US$425 - US$950
          Counsel                    US$325 - US$740
          Associates                 US$245 - US$540
          Paraprofessionals           US$90 - US$280

Nineteen professionals are expected to have primary responsibility for
providing services to the Debtors:

          Partners:

          Lyndon E. Norley, Esq.                    US$975
          Richard M. Cieri, Esq.                    US$825
          Todd F. Maynes, P.C., Esq.                US$795
          Partha Kar, Esq.                          US$775
          Marc Kieselstein, P.C., Esq.              US$745
          Dennis M. Myers, P.C., Esq.               US$745
          Maureen Sweeney, Esq.                     US$575
          Dr. Bernd Meyer-Loewy, Esq.               US$575
          Roger James Higgins, Esq.                 US$545
          David A. Agay, Esq.                       US$545
          Leo Plank, Esq.                           US$525

          Associates:

          Natasha Watson, Esq.                      US$610
          Ryan Blaine Bennett, Esq.                 US$510
          Michelle Mulkern, Esq.                    US$430
          Uday Gorrepati, Esq.                      US$355
          Joy Lyu Monahan, Esq.                     US$350
          Kathryn Louise Koenig, Esq.               US$350
          Thad W. Davis, Esq.                       US$325
          Lauren Hawkins, Esq.                      US$295

As of Oct. 30, 2006, the Debtors do not owe Kirkland any amounts for legal
services rendered prior to the bankruptcy filing.

Mr. Kieselstein assured the Court that his firm is disinterested pursuant to
Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b).
Kirkland does not hold or represent an interest adverse to the Debtors or
their estates, Mr. Kieselstein added.

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

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker & McKenzie acts
as the Debtors' special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors' investment
banker.  Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and balloting for
the Debtors and Brunswick Group LLC acts as their Corporate Communications
Consultants for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura Automotive
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ Brunswick
Group LLC as corporate communications consultants, nunc pro tunc to Oct. 30,
2006.

Keith Marchiando, the company's chief financial officer, notes that
Brunswick has extensive experience in corporate and crisis communications.

The company says that since its founding in 1987, Brunswick has provided
public relations services to companies experiencing financial and operating
difficulties.  It has recently provided services in a number of large and
mid-sized bankruptcy restructurings.

As communications consultants, Brunswick will:

    (a) prepare materials to be distributed to the Debtors'
        employees explaining the impact of the Reorganization
        Cases,

    (b) draft correspondence to creditors, vendors, employees
        and other interested parties regarding the
        Reorganization Cases,

    (c) prepare written guidelines for head office and location
        managers to assist them in addressing employee and
        customer concerns,

    (d) prepare news releases for dissemination to the media for
        distribution,

    (e) interface and coordinate media reports to contain the
        correct facts and the Debtors' perspective as an ongoing
        business,

    (f) assist the Debtors in maintaining their public image as
        a viable business and going concern during the Chapter
        11 reorganization process,

    (g) assist the Debtors, and develop internal systems, in
        handling inquiries,

    (h) coordinate public relations services with a third party
        making an investment in the Debtors,

    (i) perform other strategic communications consulting
        services as may be required by the Debtors in the
        Reorganization Cases, and

    (j) provide additional public relations services appropriate
        and necessary to the benefit of the Debtors' estates.

The Debtors will pay Brunswick based on the firm's hourly rates:

             Professional    Hourly Rate
             ------------    -----------
             Partner             US$700
             Director            US$550
             Associate           US$450
             AD                  US$325
             Exec                US$225

The Debtors will also reimburse Brunswick for its actual and
necessary out-of-pocket expenses.  Production-related
expenditures -- e.g., photography, printing, etc. -- will be
charged to the Debtors at cost.

The Debtors have made prepetition payments totaling US$227,917 to Brunswick
in the year preceding the bankruptcy filing date.

The payments have been applied to outstanding invoices and on
account of fees and expenses incurred in providing services to
the Debtors in connection with the restructuring activities.

The payments received include:

    (a) US$91,495 for fees and expenses incurred for periods
        before Oct. 13, 2006, and

    (b) US$136,422 on Oct. 24, 2006.

The Debtors do not owe Brunswick any amount for services
performed or expenses incurred prior to its bankruptcy filing and thus
Brunswick is not a prepetition creditor of the Debtors.

Robert Mead, a partner at Brunswick, assures the Court that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, and it does not hold nor
represent any interest adverse to the Debtors or their estates.

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

The Debtors filed for chapter 11 petition on October 30, 2006 (Bankr.
District of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy
proceedings.  Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the
Debtors' co-counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire
& Co., LLC is the Debtors' investment banker.  Glass & Associates Inc.,
gives financial advice to the Debtor.  Kurtzman Carson Consultants LLC
handles the notice, claims and balloting for the Debtors and Brunswick Group
LLC acts as their Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and
US$1,730,758,000 in total liabilities.  (Dura Automotive Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


NBS TECHNOLOGIES: UbiQ Ex-Shareholders' Claims Are Without Merit
----------------------------------------------------------------
NBS Technologies Inc. reported that a statement of claim has been filed with
the offices of the American Arbitration Association against it and certain
of its subsidiaries by and on behalf of former shareholders of UbiQ
Incorporated.  UbiQ is a software development firm dedicated to the smart
card industry that was acquired by NBS in August 2004 for US$3,060,000 in
cash and 1,330,435 common shares of NBS.

The statement of claim seeks to rescind the agreement pursuant to which NBS
acquired UbiQ and is also claiming damages and injunctive relief against NBS
for alleged fraudulent misrepresentation.  NBS believes the Claims are
without merit and intends to aggressively defend itself.

As reported in the Troubled Company Reporter on Nov. 20, 2006, NBS disclosed
a going private transaction proposed by its controlling shareholder
Brookfield Asset Management.  The going private transaction provides for the
shareholders of NBS, other than Brookfield and its affiliates, to receive,
in addition to cash consideration, a non-transferable contingent entitlement
to share in the net proceeds received by NBS from any final adjudication or
final settlement of all matters related to the claims and counterclaims of
the Card Technology v. DataCard litigation involving NBS and the related
proceedings in the United States Department of Justice.  As the subject
matter of the Litigation relates to assets acquired on the acquisition of
UbiQ, shareholders would no longer be entitled to receive any payments in
respect of the Contingent Consideration should the UbiQ Agreement be
rescinded.

                   About NBS Technologies

Based in Toronto, Ontario, NBS Technologies Inc. (TSX: NBS) --
http://www.nbstech.com/-- provides smart card manufacturing and
personalization equipment, secure identity solutions and point
of sale transaction services for financial institutions,
governments and corporations worldwide.  NBS Technologies is a
global company with locations in Brazil, China, Canada, France, the U.S. and
the United Kingdom, along with a worldwide dealer network.

At June 30, 2006, NBS Technologies' balance sheet showed a
stockholders' deficit of CDNUS$13,743,000, compared to a deficit
of CDNUS$4,646,000 at Sept. 30, 2005.


NET SERVICOS: Completes Acquisition of Vivax Minority Interest
--------------------------------------------------------------
Net Servicos de Comunicacao SA has completed the Acquisition of the Minority
Interest in the capital of Vivax in accordance with the Material Fact dated
Oct. 12, 2006.

Net acquired all the shares held by Horizon Telecom International LLC,
becoming the holder of 36.7% of Vivax capital, 14.6% directly and 22.1%
indirectly, through a minority interest in Brasil TV a Cabo Participacoes
SA.

The Acquisition of said Minority Interest took place via the issue of
1,355,713 common and 23,010,140 preferred shares.  Globo Comunicacao e
Participacoes SA, Embratel Participacoes SA and the respective subsidiaries
retaining shares in Net ceded their pre-emptive rights to the preferred
shares in favor of Horizon Telecom.

Net's common shareholders subscribed and paid in, in cash, all the common
shares issued through the exercise of their pre-emptive rights and
leftovers.  Net's preferred shareholders subscribed and paid in, in cash,
2,988,032 of the preferred shares issued, corresponding to 12.98% of the
total issued.  Horizon Telecom subscribed and paid in the remaining
preferred shares with Vivax and Brasil TV shares, as part of the agreement
for the Acquisition of the Minority Interest.

As a result, Horizon Telecom will receive 20,022,108 preferred shares and
BRL65,856,255.28 in exchange for its interest in Vivax and Brasil TV.  The
cash amount received by Horizon Telecom refers exclusively to the proceeds
from the subscription of the preferred shares by Net shareholders exercising
their preemptive rights.

As stated in the Material Fact dated Oct. 12, 2006, the implementation of
the Acquisition of Control of Vivax by Net, is subject to the approval of
the Brazilian National Telecommunications Agency -- ANATEL. Net will keep
its shareholders, the market and other interested parties informed about the
implementation of the main steps in the Acquisition of Control of Vivax.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--
is the largest subscriber TV multi-operator in Brazil, as it
operates the NET brand in major cities, including operations in
the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte
and Porto Alegre.

NET also offers Broadband InterNet services through its NET
VIRTUA brand name.

                        *    *    *

Moody's America Latina assigned on May 22, 2006, a Baa2.br
Brazilian National Scale Rating and a B1 Global Local Currency
Rating to Net Servicos de Comunicacao S.A.'s BRL650 million
debentures due in 2011 issued in September 2005.  Concurrently,
Moody's Investors Service affirmed Net's B1 global local
currency scale corporate family rating.  Moody's said the ratings outlook is
stable.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 8, 2006,
Standard & Poor's Rating Services assigned its 'BB-' senior
unsecured debt rating to the proposed perpetual bonds (up to
US$150 million) to be issued by Brazil's largest cable pay-TV
operator, Net Servicos de Comunicacao S.A.  The proceeds will be
used primarily to fund additional investments in the company's
network and digital services.  NET's total debt amounted to
BRL650 million (approximately US$300 million) in September 2006.


PETROLEO BRASILEIRO: Expects Campos Basin Production in 2007
------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said in a
statement that it expects its 100,000-barrel per day floating production,
storage and offloading vessel or FPSO to start producing oil at the Campos
basin in January 2007.

Business News Americas relates that the Cidade de Rio de Janeiro FPSO was
delivered to Petroleo Brasileiro on Dec. 4.  It was leased from Modec, a
Japanese oil services firm, through Modec International, its subsidiary in
the United States.

According to BNamericas, the FPSO will be situated in the deepwater
Espadarte oilfield at depths of 1,350 meters.  It will be connected to nine
wells.  It will have the capacity to produce 2.5 million cubic meters of
natural gas daily.

Espadarte was forecasted to reach 40,000 barrels per day output peak this
year through another production unit, which has operated since 2000.  The
new FPSO will boost output in the field, which was discovered in 1994,
BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka
Petrobras -- http://www2.petrobras.com.br/-- 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: Investing BRL350 Mil. on Wastewater Reuse
--------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, will invest
BRL350 million through 2009 to install a system to reuse industrial
wastewater in its plants, Valor Economico reports.

Business News Americas relates that Petroleo Brasileiro aims to reuse up to
1,800 cubic meters per hour, or 15 million cubic meters per year, of
wastewater to reduce water consumption and wastewater emissions into the
environment.  That amount of water is equal to the domestic consumption of a
city with 300,000 residents.

Estimates of Geoplan, a water reuse firm, indicate that the amount of
wastewater to be reused at Petroleo Brasileiro is about 1.44% of Brazil's
market potential, BNamericas notes.

Paulo Ceschin, president of Geoplan, told BNamericas, "Petrobras (Petroleo
Brasileiro) is the benchmark -- when it moves in a certain direction, the
trend is for the other large companies to do the same."

Reaching the market's full potential of 1.08 billion cubic meters yearly
would mean the investment of BRL4.32 billion, BNamericas says, citing Mr.
Ceschin.

Vania Junqueira Santiago, Petroleo Brasileiro's project coordinator, told
BNamericas that the company is in the bidding process to conduct the first
stage of the project at the Vale do Paraiba refinery in Sao Paulo.  The
plant is expected to use up to 300 cubic meters per hour.

BNamericas underscores that other processes are expected to be carried out
at Petroleo Brasileiro's refineries in:

          -- Parana,
          -- Paulinia,
          -- Betim, and
          -- Duque de Caxias.

The research department of Petroleo Brasileiro modified the wastewater reuse
technology from different systems used in the United States, Canada and
Japan, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/-- 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: Reaffirms Natural Gas Price Raise Policy
-------------------------------------------------------------
Jose Gabrielli -- chief executive officer of Petroleo Brasileiro SA, the
state-owned oil firm of Brazil -- has reaffirmed to O Estado de S Paulo the
company's policy to increase natural gas prices to control demand.

Mr. Gabrielli told O Estado, "There is no other way.  If demand rises,
either prices are readjusted or there will be rationing.  There won't be
[natural gas rationing]."

Business News Americas relates that demand has been increasing at
double-digit rates and is expected to continue rising in the coming years.
Supply, however, cannot keep up since the nationalization of Bolivian
hydrocarbons forced Petroleo Brasileiro to abandon plans to raise Bolivian
gas imports.

Brazil consumes 45 million cubic meters per day, of which 26 million cubic
meters per day come from Bolivia, BNamericas notes.  Demand is expected go
beyond 100 million cubic meters per day, including from gas-fired power
plants, in 2010.

BNamericas underscores that Petroleo Brasileiro plans to boost domestic
production and import the fuel.  Most of the projects, however, won't be
ready until after 2009.

Petroleo Brasileiro restarted in 2005 quarterly readjustments of gas prices
frozen since 2003.  The readjustments are based on fluctuations in
international prices, the report says.

Mr. Gabrielli told BNamericas that Petroleo Brasileiro has to buy time to
set up a program to boost domestic output, which should reach 71 million
cubic meters per day by 2011.  Most of the projects are already being
developed, so the cancellation of the 8th hydrocarbons licensing round
should not affect Petroleo Brasileiro's plan in the mid-term.

Brazil's yearly auction of oil and gas exploration and production blocks,
which was cancelled by a court order, could affect long-term plans for gas
production, Mr. Gabrielli admitted to BNamericas.  However, he said he
expected this to be overcome since round 9 should be scheduled for coming
months.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/-- 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.


SENSATA TECH: Revenues Rise 11% to US$298 Million in 2nd Quarter
----------------------------------------------------------------
Sensata Technologies B.V. reported the results of its operations for the
quarter ended June 30, 2006.  Revenue for the quarter was US$298 million,
increasing 11% from the quarter ended
June 30, 2005.  Adjusted EBITDA was US$81 million, US$3 million greater than
the first quarter, but US$2 million less than the quarter ended June 30,
2005.

"Our results for the Second Quarter were in line with our expectations for
the period.  Revenue in the Sensors business was strong as we began to
realize the benefits of our investment in the Occupant Weight Sensor
technology.  Additionally, as planned for the year, we saw some decrease in
margin levels relative to 2005 due to additional manufacturing costs of
transitioning new products into production and an increase in corporate
costs associated with the move to a stand-alone company.  We continue to
track in line with our plans for 2006," said Tom Wroe, Chairman, President
and Chief Executive Officer.

             Highlights of the Second Quarter 2006

Revenues for the quarter ended June 30, 2006 were a record US$298 million,
an increase of one% over the quarter ended
March 31, 2006, and 11% over the quarter ended June 30, 2005 due to strength
in the Sensors business, primarily driven by increased sales of new products
including Occupant Weight sensors and Mass Air Flow sensors.

Adjusted EBITDA increased US$3 million from the first quarter related to
increased contributions from new products and the positive impact from cost
reduction programs.  Compared to the Second Quarter of 2005, EBITDA was down
US$2 million due to higher corporate level expenses.

Cash at June 30, 2006, was US$52 million and the Company's line of credit
remained undrawn.  Additionally, capital expenditures were US$12 million for
the second quarter of 2006, compared with US$10 million for the first
quarter, and US$9 million in the second quarter 2005 as the Company
continued to invest in new equipment to support growth.

            Highlights of the First Six Months of 2006

Revenues increased 10% over the same period in the prior year to
a record US$592 million.  The increase in revenue was driven by growth in
our Sensors products including new products and strong sales of our core
pressure sensors.

Adjusted EBITDA was US$159 million which was US$2 million less than the same
period last year due to higher corporate level expenses.

                       Business Outlook

"The business outlook remains strong.  Despite the challenges facing the Big
3 US auto makers, our global footprint and continuous investment in new
technologies has positioned us well for delivering on our plans," Mr. Wroe
added.

Headquartered in Attleboro, Massachusetts, Sensata Technologies B.V. --
http://www.sensata.com/-- designs and manufactures sensors and controls
across a range of markets and applications.  Sensata has business and
technology development centers in Attleboro, Massachusetts, Holland and
Japan and manufacturing operations in Brazil, China, Korea, Malaysia, and
Mexico, as well as sales offices around the world.  Sensata Technologies
employs approximately 5,400 people world-wide.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 30, 2006, Moody's
Investors Service, in connection with its implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, confirmed the B2 Corporate Family Rating for
Sensata Technologies B.V., as well as the Caa1 rating on the company's
US$301.6 million of Senior Subordinate Notes Due 2016.  Those debentures
were assigned an LGD6 rating suggesting noteholders will experience a 93%
loss in the event of default.


USINAS SIDERURGICAS: Corretora Lifts Recommendation to Buy
----------------------------------------------------------
Planner Corretora, a Brazilian brokerage, told Business News Americas that
it has raised its recommendation on Usinas Siderurgicas de Minas Gerais SA
to buy from neutral.

According to BNamericas, Planner Corretora also lifted its target share
price for Usinas Siderurgicas to BRL87.00 from BRL74.50.

Planner Corretora said in a report that increase in economic activity in
Brazil expected for next year that should boost demand and prices for steel
products, as well as predicted stabilization in international steel prices,
are good factors.

Planner Corretora told BNamericas that Usinas Siderurgicas could maintain
part of the market share it gained in 2006 due to Companhia Siderurgica
Nacional's January blast furnace accident, and should benefit from CVRD's
entry into Usinas Siderurgica's controlling group.

BNamericas underscores that these factors could negatively affect Usinas
Siderurgicas:

          -- continued appreciation of the real over the US
             dollar, and

          -- possible increase in iron ore prices.

Usinas Siderurgicas told BNamericas that it expects total sales volume to
increase 10% to 8 megatons this year, compared with that of last year.

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

                        *    *    *

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




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


ADASTRA DIVERSIFIED: Proofs of Claim Filing Is Until Dec. 14
------------------------------------------------------------
Adastra Diversified Fund's creditors are required to submit proofs of claim
by Dec. 14, 2006, to the company's liquidator:

          Geoffrey Varga
          Kinetic Partners Cayman LLP
          Strathvale House
          P.O. Box 10387
          Grand Cayman, Cayman Islands
          Tel: (345) 623 9901
          Fax: (345) 623 0007

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.

Adastra Diversified's shareholders agreed on Oct. 29, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


ANTIRO FIXED: Shareholders to Gather for Last Meeting on Dec. 14
----------------------------------------------------------------
Antiro Fixed Income Opportunities Master Fund Ltd.'s final shareholders
meeting will be at 9:00 a.m. on Dec. 14, 2006, at:

          Kinetic Partners Cayman LLP
          Strathvale House, 90 North Church Street
          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:

          Geoffrey Varga
          Attn: Karen Price
          Kinetic Partners Cayman LLP
          P.O. Box 10387
          Grand Cayman, Cayman Islands
          Tel: (345) 623 9900
          Fax: (345) 623 0007


ANTIRO FIXED (MASTER): Final Shareholders Meeting Is on Dec. 14
---------------------------------------------------------------
Antiro Fixed Income Opportunities Master Fund Ltd.'s final shareholders
meeting will be at 9:30 a.m. on Dec. 14, 2006, at:

          Kinetic Partners Cayman LLP
          Strathvale House, 90 North Church Street
          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:

          Geoffrey Varga
          Attn: Karen Price
          Kinetic Partners Cayman LLP
          P.O. Box 10387
          Grand Cayman, Cayman Islands
          Tel: (345) 623 9900
          Fax: (345) 623 0007


BRASKEM OVERSEAS: Sets Final Shareholders Meeting on Dec. 14
------------------------------------------------------------
Braskem Overseas Inc.'s final shareholders meeting will be at 2:00 p.m. on
Dec. 14, 2006, at:

          Avenida das Nacoes Unidas
          Sao Paulo, Brazil

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:

          Joel Benedicto, Jr.
          Avenida das Nacoes Unidas
          Sao Paulo, Brazil


CT FIXED: Invites Shareholders for Final Meeting on Dec. 14
-----------------------------------------------------------
CT Fixed Income, Ltd.'s final shareholders meeting will be at 2:00 p.m. on
Dec. 14, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


GM CAPITAL: Final Shareholders Meeting Is Scheduled for Dec. 14
---------------------------------------------------------------
GM Capital Partners Offshore, Ltd.'s final shareholders meeting will be at
12:00 p.m. on Dec. 14, 2006, at:

          Ogier, Attorneys
          Queensgate House, South Church Street
          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:

          Ogier
          Attn: Julie O'Hara
          P.O. Box 1234, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


GROWUNIQUE LTD: Final Shareholders Meeting Is Set for Dec. 14
-------------------------------------------------------------
Growunique Ltd.'s final shareholders meeting will be at 10:00 a.m. on Dec.
14, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


JULIUS BAER: Shareholders to Gather for Final Meeting on Dec. 14
----------------------------------------------------------------
Julius Baer Global Currency Opportunity Fund Ltd.'s final shareholders
meeting will be at 10:30 a.m. on Dec. 14, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


MILTON ARBITRAGE: Calls Shareholders for Dec. 14 Final Meeting
--------------------------------------------------------------
Milton Arbitrage Fund, Ltd.'s final shareholders meeting will be at 10:00
a.m. on Dec. 14, 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 liquidator can be reached at:

          Truman Bodden & Company
          Milton Arbitrage Partners, LLC
          115 East Putnam Avenue
          Greenwich, CT 06830, U.S.A.


MILTON LEVERAGED: Invites Shareholders for Dec. 14 Final Meeting
----------------------------------------------------------------
Milton Leveraged Arbitrage Fund, Ltd.'s final shareholders meeting will be
at 10:00 a.m. on Dec. 14, 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 liquidator can be reached at:

          Truman Bodden & Company
          Milton Arbitrage Partners, LLC
          115 East Putnam Avenue
          Greenwich, CT 06830, U.S.A.


NAUTILUS EUROPE: Liquidator Presents Wind Up Accounts on Dec. 14
----------------------------------------------------------------
Nautilus Europe Fund Ltd.'s final shareholders meeting will be at 11:00 a.m.
on Dec. 14, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


OCH JOHNSON: Shareholders to Convene for Last Meeting on Dec. 14
----------------------------------------------------------------
Och Johnson Fixed Income Fund's final shareholders meeting will be at 10:30
a.m. on Dec. 14, 2006, at:

          Kinetic Partners Cayman LLP
          Strathvale House, 90 North Church Street
          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:

          Geoffrey Varga
          Attn: Karen Price
          Kinetic Partners Cayman LLP
          P.O. Box 10387
          Grand Cayman, Cayman Islands
          Tel: (345) 623 9900
          Fax: (345) 623 0007


OCH JOHNSON (MASTER): Final Shareholders Meeting Is on Dec. 14
--------------------------------------------------------------
Och Johnson Fixed Income Master Fund's final shareholders meeting will be at
10:00 a.m. on Dec. 14, 2006, at:

          Kinetic Partners Cayman LLP
          Strathvale House, 90 North Church Street
          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:

          Geoffrey Varga
          Attn: Karen Price
          Kinetic Partners Cayman LLP
          P.O. Box 10387
          Grand Cayman, Cayman Islands
          Tel: (345) 623 9900
          Fax: (345) 623 0007


PHINITY OFFSHORE: Last Shareholders Meeting Is on Dec. 14
---------------------------------------------------------
Phinity Offshore Fund, Ltd.'s final shareholders meeting will be at 11:30
a.m. on Dec. 14, 2006, at:

          Ogier, Attorneys
          Queensgate House, South Church Street
          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:

          Ogier
          Attn: Julie O'Hara
          P.O. Box 1234, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


YANKEE BRAVO: Calls Shareholders for Final Meeting on Dec. 14
-------------------------------------------------------------
Nautilus Europe Fund Ltd.'s final shareholders meeting will be at 10:00 a.m.
on Dec. 14, 2006, at:

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

          Terry W. Carson
          Roy Welsby
          P.O. Box 1044 GT, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-8588
          Fax: (345) 949-7325




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


AES GENER: Launches 125-Megawatt Los Vientos Thermo Plant
---------------------------------------------------------
AES Gener SA, the Chilean unit of AES Corp., has launched its 125-megawatt
Los Vientos thermo plant, which will supply Chile's central SIC grid,
Business News Americas reports.

Felipe Ceron, AES Gener's general manager, told reporters that the plant
will provide security during periods of low rainfall and natural gas
restrictions.

BNamericas relates that though the plant will mainly use diesel, it could
also operate on natural gas in the future.

Hydro and thermo plants will constitute the bulk of AES Gener's projects,
although studies have been conducted for the firm's alternative and
renewable energy plants like geothermal and wind power, BNamericas says,
citing Mr. Ceron.

Mr. Ceron explained to BNamericas that alternative and renewable energies
are not competitive enough.

Installed capacity of AES Gener is at 2,553 megawatts and will increase in
coming years with the start of operations of the 250-megawatt Nueva Ventanas
and 20-megawatt Guacolda III thermo projects, BNamericas states.

AES Gener is the second-largest electricity generation group in Chile in
terms of generating capacity (20% market share) with an installed capacity
of 2,428 megawatts.  Gener serves both the Central Interconnected System or
SIC and the Northern Interconnected System or SING through various
subsidiaries and related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of 642.8
megawatts, which while located in Argentina serves Chile's SING via
InterAndes transmission line.  Gener also participates in electricity
generation in Colombia through Chivor hydroelectric plant of 1,000
megawatts, and a 25% participation in Itabo's facilities in the Dominican
Republic (432.5 megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *    *    *

On June 16, 2006, Fitch Ratings upgraded the local and foreign currency
Issuer Default Ratings of AES Gener SA to 'BB+' from 'BB'.  Fitch also
upgraded Gener's senior unsecured debt rating, which consists of US$400
million senior notes due 2014, to 'BB+'.  Moreover, Fitch revised Gener's
Rating Outlook to Positive from Stable.

On May 24, 2006, Moody's Investors Service upgraded the senior unsecured
debt of AES Gener to Ba1 from Ba3, concluding a review for possible upgrade.
Moody's said the rating outlook is stable.


JLG INDUSTRIES: Wants to Delist from NYSE After Oshkosh Merger
--------------------------------------------------------------
JLG Industries Inc. has submitted a request to the New York Stock Exchange
for withdrawal of the listing of its common stock effective Dec. 8, 2006.

JLG's proposed delisting is contingent, among other conditions, upon
shareholder approval and closing of the Agreement and Plan of Merger among
JLG, Oshkosh Truck Corp., and a newly formed subsidiary of Oshkosh, Steel
Acquisition Corp.

To effect the delisting, JLG filed a Form 25 with the Securities and
Exchange Commission and the New York Stock Exchange.  By operation of law,
the delisting application will be effective on Dec. 8, 2006, unless
withdrawn by JLG in advance of such date.

JLG Industries, Inc. -- http://www.jlg.com/-- produces access
equipment (aerial work platforms and telehandlers) and highway-
speed telescopic hydraulic excavators.  JLG's manufacturing
facilities are located in the United States, Belgium, and France, with sales
and service operations on six continents.  The company has distribution
facilities Latin American countries like Trinidad and Tobago, Chile and
Guatemala, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Nov 16, 2006,
Moody's Investors Service assigned a Ba3 first time rating to
Oshkosh Truck Corp.'s US$3.5 billion first lien senior secured
credit facility, US$500 million revolving credit facility,
US$400 million Term Loan A, and US$2.6 billion Term Loan B,
and a Ba3 corporate family rating.




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


BANCOLOMBIA: Sells Mortgage Loan to Titularizadora Colombiana
-------------------------------------------------------------
Bancolombia SA has sold mortgage loans to Titularizadora Colombiana SA
amounting to approximately COP325,000 million.  Titularizadora will secure
these mortgage loans through the issuance of mortgage-backed securities
called TIPS E-2.  The purpose of this transaction is to continue with the
securitization of part of Bancolombia's mortgage loans portfolio.

The balance of Bancolombia's mortgage loans portfolio as of
Oct. 31, 2006, was COP1,493,370 million.

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

                        *    *    *

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

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


BBVA COLOMBIA: Calls for Bids on Insurance Policies Management
--------------------------------------------------------------
BBVA Colombia said in a filing with Superfinanciera -- the Colombian
financial regulator -- that it has called for local insurers to submit bids
to manage its debtors' insurance policies next year.

BBVA Colombia told Business News Americas that it will tender its debtors'
group life, car and fire and earthquake policies.

Rules for bidding have been made available since Dec 4.  Interested insurers
must pay COP250 million to buy bidding rules and submit their offers before
Dec. 7, BNamericas states, citing BBVA Colombia.

Headquartered in Bogota, Colombia, BBVA Colombia --
http://www.bbva.com.co/-- is engaged in the holding and accomplishment of
all operations, acts and contracts of banking establishments.  It is 95.16%
owned by Banco Bilbao Vizcaya Argentaria.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on March 13,
2006, Moody's Investors Service assigned a 'Ba3' long-term foreign currency
deposit rating on BBVA Colombia.  Moody's changed the outlook to stable from
negative.


ECOPETROL: Investing US$12.5B for Oil Production in Five Years
--------------------------------------------------------------
Ecopetrol, the state-owned oil firm of Colombia, will invest US$12.5 billion
in the next five years to produce 500,000 barrels per day of oil by 2011,
Business News Americas reports, citing Hernan Martinez, the mining and
energy minister.

Minister Martinez told BNamericas that the investment would be used in
reaching Ecopetrol's strategic goals of raising its production to 500,000
barrels per day in 2011 from 300,000 barrels per day.

Meanwhile, Agencia Nacional de Hidrocarburos, the hydrocarbons agency, will
launch the bidding round for the 27 hydrocarbons blocks off the Caribbean
coast of Colombia.  The offshore blocks average 138,000 hectares each,
BNamericas says, citing Minister Martinez.

"It's a good prospective area for gas and oil that has attracted the
interest of various international companies," Minister Martinez told
BNamericas.

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

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


ECOPETROL: Names Javier Gutierrez Pemberthy as New President
------------------------------------------------------------
Ecopetrol, the state-run oil company of Colombia, told Business News
Americas that Javier Gutierrez Pemberthy will be its new president,
effective Jan. 17, 2007.

Mr. Gutierrez was appointed as Ecopetrol's president on Nov. 30.  He was the
general manager of Interconexion Electrica SA, the state-run electric firm
of Colombia, BNamericas says, citing Ecopetrol.

BNamericas underscores that Mr. Gutierrez worked at Interconexion Electrica
during an unprecedented period of domestic and international expansion for
the utility during which it entered Brazil and Peru.

The main challenge for Mr. Gutierrez will be the decreasing crude output,
which has decreased to 500,000 barrels per day this year, from 600,000
barrels per day in the 1990s, BNamericas notes.

Meanwhile, Ecopetrol has been initially cleared by Colombian lawmakers to
sell 20% of its shares on the open market, BNamericas states.

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
followed the revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


* COLOMBIA: Secures US$300-Million Loan from World Bank
-------------------------------------------------------
The World Bank's Board of Directors approved a US$300 million loan for
Colombia to promote business productivity and investment.

"This loan supports the implementation of the government's
competitiveness-enhancing policies to strengthen Colombia's economic growth
and poverty alleviation through a more dynamic private sector," said Isabel
Guerrero, World Bank Country Director for Colombia and Mexico.  "Fostering
productivity, investment and growth in the private sector will enable the
country to maximize the benefits of increased international integration."

The Second Programmatic Business Productivity and Efficiency Development
Policy Loan will support policy and institutional reforms to enhance foreign
trade competitiveness, strengthen the financial system and capital markets,
and improve the quality standards and technological innovation framework.

The loan will support sustainable growth and poverty alleviation by:

   -- Facilitating the operation of businesses and promoting
      investment, to boost productivity and employment levels;
      and

   -- Consolidating the financial sector and capital markets as
      pillars of economic growth to address the needs of
      individuals and the productive sector.

"This program seeks to promote a business environment with fewer impediments
as a way to achieve the private sector's potential and accelerate economic
growth," said Juan Carlos Mendoza, World Bank task manager for the
operation.  "A favorable business environment and a stronger, more
efficient, and diversified financial system and capital market could also
provide private enterprises access to a larger amount of financial
resources," added Jose Guilherme Reis, World Bank co-task manager for the
operation.

The World Bank is supporting this process through a programmatic development
policy operation in three phases, which would be executed over a period of
three years.  The first operation, approved by the Bank's Board of Directors
in October 2005, supported reforms to enhance the business environment,
promote international trade competitiveness, and strengthen the financial
system and the capital markets.  All reforms supported by that operation
remain in place and continue to be implemented successfully by the Colombian
government.

The new US$300 million, fixed-spread loan is repayable in 17 years,
including a six-year grace period.

                        *    *    *

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


BANCO DE COSTA: Fitch Assigns Low B Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has assigned these ratings to Banco de Costa Rica, with a
Stable Rating Outlook:

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

Baqnco de Costa's support rating and IDRs are underpinned by Costa Rica's
sovereign ratings, given that Banco de Costa is wholly owned by the
government and the latter provides an explicit guarantee to the former.  In
turn, Banco de Costa's individual rating reflects its strong franchise and
overall sound and improving financial condition, but also considers its
credit exposure stemming from balance sheet dollarization, as well as
limited revenue diversification and relatively low operating efficiency.

The bank's management has enhanced in recent years steady improvements in
its financial profile and risk management. As a result, capital adequacy and
asset quality ratios have improved notably and the bank's financial
condition is adequate to face the volatility that appears in Central
American from time to time. The equity-to-assets ratio reached 11.7% at
end-September 2006 and capital was mostly unencumbered.  Moreover, dramatic
improvements in asset quality since end-2004 (past due loans at 0.82% and
reserve coverage at 249% as of September 2006) also improve the bank's
ability to absorb credit losses, despite strong loan growth in the past
12-18 months.  Though declining, roughly 52% of Costa Rican loans are
USD-denominated and over 60% of these are granted to non-USD generating
clients, a condition that exposes Banco de Costa to higher credit risk in
the event of a significant devaluation of the local currency. The Costa
Rican Central bank has recently adopted a foreign currency system of moving
bands, replacing the crawling peg regime that was in place for many years.

While profitability has also increased, the positive trend is constrained by
the lack of revenue diversification and limited operating efficiency, which
are among the bank's major challenges given the increasingly competitive
environment and expected declines in inflation and interest rates over time.
Since Banco de Costa's operating efficiency is relatively weak by
international standards, the bank plans to gradually expand the non-interest
revenue base (fees and commissions, as well as gains from spot sales of
foreign currency).

Banco de Costa's IDRs are presently at the sovereign level, but the
confluence of continued improvements in profitability, declining financial
dollarization and sustained sound indicators of asset quality and
capitalization could positively influence BCR's individual rating over time.
This, in turn, would likely benefit BCR's foreign currency IDR.
Deterioration in the operating environment or a downgrade in Costa Rica's
sovereign rating, which are unlikely at present, could impact Banco de
Costa's ratings.

Banco de Costa, established in 1877, is Costa Rica's second largest bank
with a local deposit market share of 20% as of June 2006.  Banco de Costa
has three local wholly owned subsidiaries in non-credit activities
(securities brokerage, mutual fund and pension fund management).  It also
has a 51% stake (increased from 20% in 2005) in Banco Internacional de Costa
Rica aka BICSA, a Panama-based trade finance and corporate bank established
in 1976 (24% of BCR's consolidated loans at end-September 2006).  The larger
local peer Banco Nacional de Costa Rica (also state-owned) holds the
remainder 49% stake in BICSA. BCR offers a wide array of universal banking
services to 1.2 million clients through its network of 178 branches and 267
ATMs.  Around 77% of loans are to the corporate and commercial sectors,
while the retail segment provides the remainder 23% (35% contribution in
BCR's domestic operations).




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


BANCO INTERCONTINENTAL: Acquisitions & Payments Questioned
----------------------------------------------------------
The Justice Ministry of the Dominican Republic have included in the
complaint against Banco Intercontinental the latter's acquisition of two
television stations, as well as the payments it made to four entities,
Dominican Today reports.

The complainants questioned before the National District 1st Collegiate
Court Banco Intercontinental's acquisition of Telecentro and RNN, and the
payments it made to:

          -- Isla Vision,
          -- a national broadcasting system,
          -- Radio Azul, SA, and
          -- Intercontinental Real Estate Group.

Jose A. Columna -- one of the defense lawyers of Ramon Baez Figueroa, the
former president of Banco Intercontinental -- argued the allegations made by
the Justice Ministry as well as the charges contained in the civil suit by
the Central Bank and the Banks Superintendence, Dominican Today notes.

Mr. Columna told Dominican Today that the Justice Ministry's accusations
don't figure in the original indictment.

Mr. Figueroa's counsel can be reached at:

          Jose A. Columna
          Dr. Jose Antonio Columna & Associates
          Calle C No. 9, Reparto Esteva Oeste, Ensache Piantini
          Phone: (809) 562-1947
          Fax: (809) 562-2694
          E-mail: oficolumna@verizon.net.do

Banco Intercontinental collapsed in 2003 as a result of a massive fraud that
drained it of about US$657 million in funds.  As a consequence, all of its
branches were closed.  The bank's current and savings accounts holders were
transferred to the bank's new owner -- Scotiabank.  The bankruptcy of
Baninter was considered the largest in world history, in relation to the
Dominican Republic's Gross Domestic Product.  It cost Dominican taxpayers
DOP55 billion and resulted to the country's worst economic crisis.




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


PETROECUADOR: Won't Create State Firm to Run Occidental Fields
--------------------------------------------------------------
Galo Chiriboga -- the head of Petroecuador, the state-owned oil company of
Ecuador -- told Reuters that the firm's political board, which is led by the
energy minister, has rejected the option of create a state company to
operate the oil fields stripped from US firm Occidental Petroleum.

As reported in the Troubled Company Reporter-Latin America on Oct. 4, 2006,
Mr. Chiriboga said that the government would create a new company, which
would be called Rio Napo Operations, to run the oilfields.

Mr. Chiriboga told Reuters, "For this (administrator) option we would need
to call a bid, but this is a long process and it will likely be up to the
next government."

The government of Ecuador is considering hiring a private administrator to
operate the oil fields stripped from US firm Occidental Petroleum, Reuters
relates, citing Mr. Chiriboga.

According to Reuters, a temporary unit of Petroecuador operates the fields.

Mr. Chiriboga told reporters, "A possibility is to create a trust fund
administrator, which means hiring an administrator that would be chosen in a
bid."

The next government would create an independent state firm to operate the
fields that are key to the oil-producing nation, a source told Reuters.

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.




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


LEAR CORP: 2006 Third Quarter Net Loss Down to US$74 Million
------------------------------------------------------------
Lear Corp. has filed its third quarter financial statements ended Sept. 30,
2006, with the U.S. Securities and Exchange Commission.

For the three months ended Sept. 30, 2006, the company reported a US$74
million net loss compared with a US$750.1 million net loss in the comparable
quarter of 2005.

For the third quarter of 2006, Lear posted net sales of
US$4.1 billion and a pretax loss of US$65.9 million, including
US$46.1 million related to restructuring costs and a loss on the divestiture
of the Company's European Interior business.

These results compare with year-earlier net sales of US$4 billion and a
pretax loss of US$787.8 million, including US$777.7 million related to
impairments and restructuring costs.  Net loss for the third quarter of 2006
was US$74 million.  This compares with a net loss of US$750.1 million for
the third quarter of 2005.

"In response to very challenging industry conditions, we are continuing to
aggressively implement cost reduction and restructuring actions to improve
future profitability.  Margins in our Seating business are showing solid
improvement, and the actions we are taking to improve our manufacturing
footprint will benefit our Electronic and Electrical margins in the future.
We are also moving forward with our strategy to put in place a new, more
sustainable business model for our Interior segment," Lear chairman and
chief executive officer Bob Rossiter said.

Net sales were up from the prior year, primarily reflecting the addition of
new business globally, offset in large part by lower production in North
America and Europe.  Operating performance was slightly below the
year-earlier results, reflecting the adverse impact of lower production and
higher raw material costs, largely offset by the benefit of new business and
cost reductions in our core businesses.

Free cash flow was negative US$48.2 million for the third quarter of 2006.
(Net cash provided by operating activities was negative US$8.1 million.)

Lear continued to make progress on important strategic initiatives,
including the completion of a transaction to contribute substantially all of
its European Interior business to International Automotive Components Group
LLC in return for a 1/3 equity interest.

With respect to the Company's North American Interior business, it has
reached a definitive agreement with WL Ross & Co. LLC and Franklin Mutual
Advisers LLC to transfer substantially all of its assets.

Lear is also aggressively expanding its business in Asia and with Asian
automakers globally, and was awarded several new Asian programs during the
third quarter.

The Company's recent agreement to issue US$200 million of common stock
provides additional operating and financial flexibility, allowing the
Company to invest in and further strengthen its core businesses.

Additionally, the company continued to develop new products and
technologies, including the industry's first solid-state Smart Junction Box.

                  Full-Year 2006 Guidance

On Oct. 16, 2006, the Company completed the contribution of substantially
all of its European Interior business to International Automotive Components
Group, LLC. Accordingly, Lear's full-year financial results will reflect
Lear's minority interest in the joint venture on an equity basis for the
fourth quarter.

For the full year of 2006, Lear expects worldwide net sales of about US$17.7
billion, reflecting recently announced production cuts in North America and
the divestiture of the Company's European Interior business.

Lear anticipates full-year income before interest, other expense, income
taxes, impairments, restructuring costs and other special items (core
operating earnings) to be in the range of US$345 million to US$375 million.
Restructuring costs for the full year are estimated to be in the range of
US$105 million to US$115 million.

Full-year interest expense is estimated to be in the range of
US$210 million to US$215 million.  Pretax income before impairments,
restructuring costs and other special items is estimated to be in the range
of US$65 to US$95 million.  Income tax expense is estimated to be
approximately US$40 million in the fourth quarter, subject to the actual mix
of financial results by country.

Full-year capital spending is estimated to be in the range of
US$380 million to US$390 million.  Free cash flow for the full year is
expected to be about breakeven.

Fourth quarter industry production assumptions underlying Lear's financial
outlook include 3.7 million units in North America, down 5% from a year ago,
and 4.7 million units in Europe, down 1% from a year ago.  Lear's major
platforms in North America are expected to be down significantly more than
the industry average.

                  Preliminary 2007 Outlook

With respect to its core Seating, Electronic and Electrical businesses, the
company estimates that it will add new business of about US$800 million.
Seating margins are expected to continue to improve to the mid-5% level.  In
the Electronic and Electrical segment, the company is continuing to
implement aggressive restructuring actions, and it expects margins to
improve during the course of the year to the 5.5% to 6% range.  These
margins assume an industry production environment roughly in line with 2006
and reflect underlying operating margins, excluding restructuring costs and
other special items.  Capital spending for 2007 in its core businesses is
expected to be in the range of US$250 million to US$280 million.  Free cash
flow is expected to return to a solid positive level.

At Sept. 30, 2006, the company's balance sheet showed US$8.451 billion in
total assets, US$7.328 billion in total liabilities, and US$1.123 billion in
total stockholders' equity.

Full-text copies of the company's third quarter financials are available for
free at http://ResearchArchives.com/t/s?163a

Southfield, Mich.-based Lear Corp. (NYSE: LEA) -- http://www.lear.com/-- is
a global supplier of automotive interior systems and components.  Lear
provides complete seat systems, electronic products, electrical distribution
systems, and other interior products.  The company has 111,000 employees at
286 locations in 34 countries.  The company's Latin American operations are
located in Argentina, Brazil, Honduras, Mexico and Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 23, 2006, Fitch Ratings
assigned a rating of 'B/RR4' to Lear's US$900 million senior unsecured
notes.

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Standard & Poor's Ratings Services assigned its 'B-' ratings to
Lear Corp.'s US$300 million senior notes due 2013 and its US$400
million senior notes due 2016.  S&P affirmed Lear's 'B+' corporate credit
and other ratings and said Lear's outlook is negative.

At the same time, Moody's Investors Service assigned a B3, LGD4, 61% rating
to Lear Corporation's offering of US$700 million of unsecured notes.
Moody's affirmed Lear's Corporate Family Rating of B2, Speculative Grade
Liquidity rating of SGL-2, and negative outlook.  Moody's said all other
long term ratings are unchanged.


LEAR CORP: Moody's Changes Ratings Outlook to Stable
----------------------------------------------------
Moody's Investors Service has raised Lear Corp.'s rating outlook to stable
from negative and affirmed all other Lear ratings.  The action follows
Lear's announcement that it has entered into an agreement to contribute the
assets of its North American Interior unit to International Automotive
Components Group North America, LLC.

While Lear will not receive any proceeds from the sale, indeed it will
initially have to contribute US$25 million of cash into IAC North America,
the disposition will remove a business that has had negative EBITDA.  The
transaction will effectively increase Lear's cash flow by curtailing those
losses and amount to a de-leveraging of the company. While automotive
industry pressures in North America and Western Europe will continue to
affect its remaining seating and electronics business units, Lear will be
both better positioned within the B2 Corporate Family Rating and be less
vulnerable to those pressures through the improved complexion of its cash
flows.

Lear's North American interior business has had operating losses for the
last two years.  Combined with the earlier sale of its European interior
unit, the segment would account for roughly US$3.3 billion in annual
revenue, combined operating losses of approximately US$0.2 billion, and
EBITDA of roughly (US$0.1 billion).  Prior to working capital requirements
and at recent run-rates of the business, Moody's would estimate the
transaction could save Lear some US$0.2 billion in cash flow.  While Lear
will have to invest an initial US$25 million into IAC North America, and may
have to add a further US$40 million if defined EBITDA targets for 2007 in
IAC North America are not met, Lear has recently received US$200 million
from an equity investment from funds managed by Mr. Carl Icahn to
effectively these requirements.  Lear will receive a 25% interest in IAC
North America in addition to its 33% interest in International Automotive
Components Group LLC (into which it contributed assets of its European
interior business). Lear expects to report a loss on the sale of the North
American assets of approximately US$675 million.  Combined with the US$29
million loss on the sale of the European business, US$1,013 million of
goodwill impairment charges take in 2005 and a further fixed asset
impairment in that year of US$82 million, Lear will have incurred a
cumulative reduction in the value of its investment in the interior segment
of some US$1.8 billion over the last 15 months (prior to operating losses or
other restructuring charges).

Adjusting 3rd quarter results pro forma for the transactions, Moody's would
estimate Lear's debt/EBITDA would improve to 3.9 times compared to 4.3
times; EBIT/Interest would have been 1.9 times compared to 1.4 times; and
positive free cash flow of around US$0.1 billion would have been generated
compared to the (US$0.1) billion experienced. The transaction will also
lower Lear's book net worth and raise its debt to book capitalization ratio.

The stable outlook considers the improved prospects for Lear's free cash
flow which will make it less vulnerable to potential industry pressure in
2007 and beyond, While the company continues with ongoing exposure to build
rates at General Motors, Ford and DaimlerChrysler, and the current mix of
vehicles it supports may be adversely affected by recent trends in consumer
vehicle preferences, its credit metrics are better positioned within the B2
Corporate Family rating and more likely to remain in an acceptable range for
the rating category. The stable outlook also incorporates Lear's favorable
liquidity profile, recently lengthened debt maturities, and the benefits of
its new business awards which will, over time, facilitate improved customer
diversification.

All other ratings have been affirmed.  The last rating action was on Nov.
20, 2006, when ratings were assigned to Lear's US$900 million offering of
unsecured notes.

Headquartered in Southfield, Mich., Lear Corp. (NYSE: LEA)
-- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.  The company's Latin American operations are
located in Argentina, Brazil, Honduras, Mexico and Venezuela.


* HONDURAS: Conoco Phillips Wins Petrol & Diesel Supply Auction
---------------------------------------------------------------
The Honduran government has awarded U.S. oil company Conoco Phillips the
contract to supply petrol and diesel to the country by 2007, Antara News
reports.

According to the same report, Conoco Phillips won the international public
auction that the government called for to lessen the domestic energy prices,
which Honduran President Manuel Zelaya promised to campaign for.  The
president believed that the company presented the best bid among the
participants. Through the auction, the government's intention to import
about 17 million barrels of energy products may materialize.

Meanwhile, Mexican company Tomza won the auction for the supply of liquefied
petroleum gas or LPG.  The group operates in Central America through Gas del
Caribe, its subsidiary, Antara News relates.

Antara News quoted presidential adviser Enrique Flores Lanza as saying that
the country looks forward to saving about US$51 million in oil next year and
added that by the end of this year, Honduras will have consumed about US$1
billion in energy products.

There were other 11 companies that participated in the auction although
Texaco, Essex and Shell were not among them, alleging a guaranteed presence
in Honduras, which the government denied.

                        *    *    *

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


AIR JAMAICA: Mercado Says Media Important to Airline's Success
--------------------------------------------------------------
Regional and international media are critical to Air Jamaica's success,
Caribbean Net News reports, citing George de Mercado, vice president of
sales at the airline.

Mr. de Mercado told Caribbean Net, "Without them we are not going to be
successful.  You can always talk about stuff as much as you want, but if you
are not getting it disseminated and people are not being able to read about
it -- it's like winking at a girl in the dark, nothing will happen."

Air Jamaica's mission includes promoting corporate social responsibility,
Caribbean Net notes, citing Mr. de Mercado at the 5th anniversary of
Counterpart International's Caribbean Media Exchange on Sustainable Tourism
or CMEx in St Lucia in October.

Caribbean Net underscores that Air Jamaica is among the founding sponsors of
CMEx.

Mr. de Mercado told Caribbean Net, "We strive to be a good corporate citizen
and in doing that we need to be participants in all of the activities that
are going on in the areas that we serve.  That's why we support the Jazz and
Blues Festival in Jamaica, the Food and Rum Festival in St Lucia, the
Caribbean Media Exchange on Sustainable Tourism, the World Championship of
Dominoes in Jamaica -- we are constantly striving to find local, indigenous
projects that we can support because we feel that's part of our mantra."

"Air Jamaica is without question more than an airline.  This Caribbean
carrier, in spite of the vagaries of the international aviation climate,
recognizes its value as a development tool.  It promotes the continuing
education of Caribbean journalists who in turn have communicated to the
public the wide positive impact of sustainable tourism development," Lelei
LeLaulu -- the head of Counterpart International, the organizers of CMEx,
commented to Caribbean Net.

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

                        *    *    *

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




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


ALASKA AIR: Reports Passenger Traffic for November
--------------------------------------------------
Alaska Air Group, Inc., reported November passenger traffic for its
subsidiaries, Alaska Airlines and Horizon Air.

                      Alaska Airlines

Alaska's November traffic increased 2.5% to 1.400 billion revenue passenger
miles (RPMs) from 1.366 billion flown a year earlier.  Capacity during
November was 1.879 billion available seat miles (ASMs), 3.5% higher than the
1.816 billion in November 2005.

The passenger load factor (the%age of available seats occupied by
fare-paying passengers) for the month was 74.5%, compared with 75.2% in
November 2005.  The airline carried 1,360,800 passengers, compared with
1,345,000 in November 2005.

RPMs for the 11-month period totaled 16.353 billion, a 5.7% increase from
the 15.475 billion recorded a year earlier.  Capacity for the 11 months
ended November 2006 increased 4.5% to 21.321 billion ASMs, compared with
20.394 billion in 2005.

The passenger load factor for the first 11 months of 2006 was 76.7%,
compared with 75.9% in 2005.  The airline carried 15,752,100 passengers,
compared with 15,360,100 in 2005.

                        Horizon Air

Horizon's November traffic increased 4.4% to 215.4 million RPMs from 206.3
million flown a year earlier. Capacity during November was 291.9 million
ASMs, 4.5% higher than the 279.2 million in November 2005.

The passenger load factor for the month was 73.8%, compared with
73.9% in November 2005. The airline carried 548,500 passengers, compared
with 523,500 in November 2005.

RPMs for the 11-month period totaled 2.476 billion, a 9.7% increase from the
2.258 billion recorded a year earlier.  Capacity for the 11 months ended
November 2006 increased 7.2% to 3.334 billion ASMs, compared with 3.110
billion in 2005.

The passenger load factor for the first 11 months of 2006 was 74.3%,
compared with 72.6% in 2005. The airline carried 6,306,400 passengers,
compared with 5,945,900 in 2005.

Horizon's RPMs, passenger load factor and passengers are reported using
actual November operating data for flights operated as Horizon Air combined
with estimated operating data for Horizon's regional jet service operated as
Frontier JetExpress.

Seattle, Wash.-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger trip length
of 1,009 miles.  Alaska principally serves destinations in the state of
Alaska and North/South service between cities in the Western United States,
Canada, and Mexico.  Horizon operates jet and turboprop aircraft with
average passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 6, 2006, Moody's
Investors Service affirmed the corporate family rating of Alaska Air Group,
Inc. and the Equipment Trust Certificate rating of Alaska Airlines, Inc. at
B1, and changed the outlook to stable from negative.


ALLIS-CHALMERS: Extends Note Swap Offer Expiration to Dec. 29
--------------------------------------------------------------
Allis-Chalmers Energy Inc. has extended the expiration of the exchange offer
relating to its 9.0% Senior Notes due 2014 to 5:00 p.m. (New York City time)
on Dec. 29, 2006, pending dissemination of financial information relating to
its recently completed acquisition of Petro-Rentals, Incorporated, and its
pending acquisition of substantially all of the assets of Oil & Gas Rental
Services, Inc.

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

By registered or certified mail:

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

By regular mail, hand or overnight delivery:

         Wells Fargo Bank, N.A.
         Attn: Corporate Trust Operations
         Sixth and Marquette
         MAC N9303-121
         Minneapolis, MN 55479

For Assistance (for eligible institutions):

         Tel.: (800) 344-5128
         Fax: (612) 667-4927

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

                        *    *    *

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

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


AMC ENT: Posts US$10.7 Mil. Net Loss for Period Ended Sept. 28
--------------------------------------------------------------
AMC Entertainment Inc. reported a US$10.711 million net loss on US$631.55
million of revenues for the thirteen weeks ended
Sept. 28, 2006, compared with a US$10.717 million net loss on US$398.94
million of revenues for the same period in 2005.

At Sept. 28, 2006, the company's consolidated balance sheet showed US$4.28
billion in total assets, US$3.06 billion in total liabilities, and US$1.22
billion in total stockholders' equity.

At Sept. 28, 2006, the company's consolidated balance sheet also showed
US$401.18 million in total current assets available to pay US$381.75 million
in total current liabilities.

While revenues increased 58.3%, or US$232.62 million, during in the thirteen
weeks ended Sept. 28, 2006 compared to the same period in 2005, total costs
and expenses also increased by US$207.03 million during the thirteen weeks
ended Sept. 28, 2006 compared to the thirteen weeks ended Sept. 29, 2005.
Other expense also increased by US$22.05 million, primarily due to the
increase in interest expense of US$25.36 million, or 97.2%, primarily due to
increased borrowings.

Full-text copies of the company's consolidated financial statements for the
thirteen weeks ended Sept. 28, 2006, are available for free at:
http://researcharchives.com/t/s?161e

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is one of the world's leading theatrical
exhibition companies with interests in approximately 411 theatres with 5,635
screens. About 82 percent of the company's theatres are located in the U.S.
and Canada, and 18 percent in Mexico, Argentina, Brazil, Chile, Uruguay,
China (Hong Kong), France, Spain and the United Kingdom.

                        *    *    *

AMC Entertainment Inc.'s Senior Secured Revolving Credit Facility carries
Moody's Investors Service's Ba1 Probability-of-Default rating.


CINEMARK: S&P Changes Outlook to Pos. on Likely Debt Reduction
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cinemark Inc. and
subsidiary Cinemark USA Inc., which are analyzed on a consolidated basis, to
positive from stable.  At the same time, Standard & Poor's affirmed its
existing ratings on Cinemark, including the 'B' corporate credit ratings.
The Plano, Texas-based movie exhibitor had about US$3.1 billion in total
debt, including capitalized operating leases and pro forma for its new
senior secured credit facility, which closed on
Oct. 5, 2006.

"The outlook revision is based on the potential for the company to reduce
leverage from the proceeds of an IPO of National Cinemedia Inc.," said
Standard & Poor's credit analyst Tulip Lim.

As of Sept. 30, 2006, Cinemark has a 21% interest in National CineMedia
Inc., a distributor of cinema on-screen advertising, but should have about a
25% interest in the company pro forma for the acquisition of Century
Theatres Inc.  If National CineMedia completes an IPO and recapitalizes,
Cinemark would receive some of the proceeds.  A further key ingredient in
Cinemark's upgrade potential is how well the business performs over the
near-to-intermediate term.

The ratings reflect the company's high lease-adjusted leverage and financial
risk, its participation in the mature and highly competitive U.S. motion
picture exhibition industry, its exposure to the fluctuating popularity of
Hollywood films, the shortening windows between theatrical and
DVD/video-on-demand release, and competition from other exhibitors and
alternative entertainment sources.  These concerns outweigh the benefits of
the company's quality theater circuits, above-average profit margins,
experienced management team, and asset flexibility provided by its
profitable non-U.S. operations.

Cinemark Inc. -- http://www.cinemark.com/-- operates 202
theatres and 2,469 screens in 34 states in the United States and
operates 112 theatres and 932 screens internationally in 13
countries, mainly Mexico, South and Central America.  Cinemark
was founded in 1987 by its Chief Executive Officer and Chairman
of the Board, Lee Roy Mitchell.  In 2004 a controlling interest
in Cinemark was sold to Madison Dearborn Capital Partners.
Cinemark was among the first theatre exhibitors to offer
advanced real-time Internet ticketing at its own website.


CONTINENTAL AIRLINES: Orders More New Boeing 737-900ER Aircraft
---------------------------------------------------------------
Continental Airlines has converted an additional 12 of its existing Boeing
orders into the new Boeing 737-900ER. These are conversions from the
airline's previously announced Boeing Next-Generation 737 orders.  With this
latest conversion, Continental's total commitment to the 737-900ER is now 24
firm aircraft.

The 737-900ER is the latest addition to Boeing's highly successful 737NG
family that has delivered over 2,000 737NGs worldwide.  Continental was the
first U.S. carrier to order this new extended-range aircraft that flies
approximately 500 nautical miles farther than the existing 737-900.  The
737- 900ER shares the same performance attributes of other Next-Generation
737s currently in Continental's fleet, giving the carrier greater
efficiencies in pilot training, crew flexibility, simplified maintenance and
savings on spare part inventory costs.

"The new 737-900ER will have among the lowest operating costs in the
industry and will allow us to build upon our efficient 737 fleet," said
Larry Kellner, chairman and chief executive officer. "In addition, the
737-900ER will be configured with 20 first class seats, providing excellent
opportunities for complimentary OnePass frequent flyer upgrades."

The company's announcement for the new Boeing 737-900ER aircraft does not
change the quantity of new Boeing 737 aircraft Continental has on order.
The carrier still has total firm commitments for 60 Boeing 737s and has the
ability to convert more of its existing Boeing 737 orders to the 737-900ER.

Since announcing its fleet modernization program a decade ago,
Continental has reduced the number of airplane types in its mainline fleet
from nine to three and reached its goal of operating one of the youngest and
most efficient fleets among U.S. airlines.  Its modern, fuel-efficient
aircraft provide a natural fuel hedge and give the airline an advantage over
its competitors.  Since 1998, the company has improved fuel efficiency by
nearly 25 percent per available seat mile as a result of several factors
including fleet modernization, implementation of fuel-saving technology such
as winglets, and improved operating procedures.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/-- is the
world's fifth largest airline.  Continental, together with Continental
Express and Continental Connection, has more than 3,200 daily departures
throughout the Americas, Europe and Asia.  It serves 15 European cities, 7
South American cities, Tel Aviv, Hong Kong and Tokyo.  International
operations are carried out throughout Europe, Canada, Mexico, Central and
South America, Caribbean and also Tel Aviv, Hong Kong and Tokyo.  More than
400 additional points are served via SkyTeam alliance airlines.  With more
than 43,000 employees, Continental has hubs serving New York, Houston,
Cleveland and Guam, and together with Continental Express, carries
approximately 61 million passengers per year.  Continental consistently
earns awards and critical acclaim for both its operation and its corporate
culture.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 23, 2006, Standard &
Poor's Ratings Services affirmed its ratings, including the 'B' long-term
and 'B-3' short-term corporate credit ratings, on Continental Airlines Inc.
The outlook is revised to stable from negative.  Continental has about US$17
billion of debt and leases.

As reported in the Troubled Company Reporter on Oct. 23, 2006, Fitch Ratings
has upgraded Continental Airlines Inc.'s Issuer Default Rating (IDR) to 'B-'
from 'CCC' and Senior Unsecured Debt to 'CCC/RR6' from 'CC/RR6'.  Rating
outlook was stable.

As reported in the Troubled Company Reporter on Nov. 10, 2006, Moody's
Investors Service assigned ratings of Caa1, LDG5-75% to the US$200 million
of senior unsecured notes issued by Continental Airlines, Inc.'s.  Moody's
affirmed the B3 corporate family rating.  Moody's said the outlook is
stable.


DELTA AIR: Reaches Settlement on Pilot Pension Plan with PBGC
-------------------------------------------------------------
Delta Air Lines has reached a comprehensive settlement agreement that will
resolve all issues in connection with the termination of the Delta Pilots
Retirement Plan he Pension Benefit Guaranty Corporation or PBGC, the federal
agency charged with insuring the nation's pension plans under ERISA.

Delta's Official Committee of Unsecured Creditors also fully supports and
has signed the agreement, which has been submitted to the U.S. Bankruptcy
Court for approval.

"We are pleased we were able to work with the PBGC and our Creditors'
Committee constructively to reach this very important and complex agreement.
It represents another important milestone in Delta's restructuring," said
Edward H. Bastian, Delta's chief financial officer.

Under the settlement agreement, the PBGC will make a final decision whether
to accept the PBGC staff's recommendation that the Pilot Plan meets the
statutory criteria for distress termination.  If the agency agrees that the
Pilot Plan meets all legal criteria for distress termination, the PBGC will
become the Plan's trustee, establishing a Sept. 2, 2006 termination date for
the Plan.  In settlement of its claims against Delta and its affiliates, the
PBGC will be allowed a pre-petition unsecured claim against Delta of US$2.2
billion, and the debtors' proposed plan of reorganization will provide for
the distribution to the PBGC of US$225 million in senior unsecured notes.

The Bankruptcy Court previously determined that Delta could not reorganize
or emerge from Chapter 11 unless the Pilot Plan was terminated.

Retired Delta pilots will receive in excess of US$800 million in allowed
claims in respect of their lost non-qualified pension benefits. Delta's
current pilots are now covered by a defined contribution pension plan
previously negotiated with the Air Line Pilots Association, the union
representing Delta's more than 6,000 current pilots.

Delta again reconfirmed in the agreement that it will preserve the Delta
Retirement Plan, which covers ground employees and flight attendants.  The
ability to preserve this plan was made possible by the alternative funding
provisions included in the pension reform legislation passed by Congress
last August.

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in terms of
passengers carried and the leading US carrier across the Atlantic, offering
daily flights to 502 destinations in 88 countries on Delta, Song, Delta
Shuttle, the Delta Connection carriers and its worldwide partners.  The
company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner, Esq., at
Davis Polk & Wardwell, represents the Debtors in their restructuring
efforts.  Timothy R. Coleman at The Blackstone Group L.P. provides the
Debtors with financial advice.  Daniel H. Golden, Esq., and Lisa G.
Beckerman, Esq., at Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at Mesirow
Financial Consulting, LLC, serve as the Committee's financial advisors.  As
of June 30, 2005, the Company's balance sheet showed US$21.5 billion in
assets and US$28.5 billion in liabilities.


DELTA AIR: Comair Pilots Staged Protest at Atlanta Headquarters
---------------------------------------------------------------
The pilots of Comair, represented by the Air Line Pilots Association,
International or ALPA, will conducted informational picketing at the Atlanta
headquarters of Delta Air Lines.  Comair operates under the "Delta
Connection" livery and is a wholly owned subsidiary of Delta Air Lines, Inc.

The pilots picketed to demonstrate their frustration with Comair and Delta
management's efforts to sidestep the negotiating process by filing an
1113(c) motion with the bankruptcy court. If approved, this motion could
repudiate and breach the pilots' labor contract and allow Comair management
to unilaterally impose terms of employment.

In 2005, the Comair pilots agreed to concessions to help their airline
better manage its finances.  Later that year, Comair and parent company
Delta filed for Chapter 11 bankruptcy.  In more recent contract talks,
Comair management has taken an unreasonable position concerning the level of
additional concessions the pilots must provide.

The pilots want Comair to demonstrate that the concessions sought are
necessary for the company's recovery, and not simply a means of applying
pressure to other Delta Connection pilot groups to lower their compensation
and work rules.  The Comair pilots have been flexible throughout these
talks, submitting numerous proposals that offer substantial contract relief.

The Comair pilots would also like something in exchange for any contract
relief, such as job security and wage snap-back provisions in later years,
especially since Comair has returned to profitability. During recent
bankruptcy proceedings, Delta management and company documents revealed that
Comair is projected to earn at least $50 million in profits for 2006.
Unfortunately, Comair management appears to prefer to litigate in bankruptcy
court rather than seriously negotiate with its pilots.

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in terms of
passengers carried and the leading US carrier across the Atlantic, offering
daily flights to 502 destinations in 88 countries on Delta, Song, Delta
Shuttle, the Delta Connection carriers and its worldwide partners.  The
company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner, Esq., at
Davis Polk & Wardwell, represents the Debtors in their restructuring
efforts.  Timothy R. Coleman at The Blackstone Group L.P. provides the
Debtors with financial advice.  Daniel H. Golden, Esq., and Lisa G.
Beckerman, Esq., at Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at Mesirow
Financial Consulting, LLC, serve as the Committee's financial advisors.  As
of June 30, 2005, the Company's balance sheet showed US$21.5 billion in
assets and US$28.5 billion in liabilities.


DELTA AIR: Reports Traffic Results for November
-----------------------------------------------
Delta Air Lines reported traffic results for November 2006.  Delta's system
load factor was 77.5% in November 2006, up 3.7 points from the same period
last year.  System traffic for November 2006 decreased 1.8% from November
2005 with a capacity decrease of 6.5%.

Delta achieved its highest November load factors on record for:

   -- consolidated system (77.5% with previous high of 73.8% in
      November 2005),

   -- mainline system (78.8% with a previous high of 74.0% in
      November 2005),

   -- mainline domestic (78.1% with a previous high of 73.5% in
      November 2005) and

   -- Delta Connection (75.6% with a previous high of 74.9%).

International traffic in November 2006 increased 21.2% year over year on a
19.7% increase in capacity.  International load factor was 75.9%, up 1.0
point compared to November 2005.  Domestic traffic in November 2006
decreased 8.4% year over year, and capacity decreased 13.8%. Domestic load
factor in November 2006 was 78.1%, up 4.6 points from the same period a year
ago.

During November 2006, Delta operated its schedule at a 98.9% completion rate
compared to 99.2% in November 2005.  Delta boarded 8.6 million passengers
during the month of November 2006, a decrease of 5.6% from November 2005.

"For the more than one million passengers who chose our airline for
Thanksgiving holiday travel, Delta people served up a stellar on-time
performance of 86.4% and a completion factor of 99.8%, despite load factors
near 80% for the six-day period (Nov. 22 to Nov. 27)," said Joe Kolshak,
Delta's executive vice president for operations.

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in terms of
passengers carried and the leading US carrier across the Atlantic, offering
daily flights to 502 destinations in 88 countries on Delta, Song, Delta
Shuttle, the Delta Connection carriers and its worldwide partners.  The
company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner, Esq., at
Davis Polk & Wardwell, represents the Debtors in their restructuring
efforts.  Timothy R. Coleman at The Blackstone Group L.P. provides the
Debtors with financial advice.  Daniel H. Golden, Esq., and Lisa G.
Beckerman, Esq., at Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at Mesirow
Financial Consulting, LLC, serve as the Committee's financial advisors.  As
of June 30, 2005, the Company's balance sheet showed US$21.5 billion in
assets and US$28.5 billion in liabilities.


GENERAL MOTORS: Kerkorian Sells Remaining 5% Stake to BofA
----------------------------------------------------------
Bank of America has bought billionaire investor Kirk Kerkorian's remaining
5% stake in General Motors Corp., according to published reports.

Mr. Kerkorian sold the rest of his shares in GM this week for US$28.75 to
US$29.25 per share.  East Bay Business Times says  the 5% stake was worth
more than US$800 million.

As reported in the Troubled Company Reporter on Dec. 1, 2006, Mr.
Kerkorian's Tracinda Corp. sold 14 million shares of GM's stock in a private
transaction for US$28.75 per share.  This transaction came on the heels of
the sale of another 14 million of Tracinda-held GM stock for US$33 per
share.  Tom Krisher at the Associated Press writes that this week's sale was
the last block of the nearly 10% percent stake Mr. Kerkorian once held in
GM.

Mr. Kerkorian abandoned his shares in GM after failing to implement
strategic changes at the automaker.  Mr. Kerkorian and his adviser, Jerome
York, had pressured the company to take drastic action in response to its
US$10.6-billion loss last year, the Charlotte Business Journal notes.

Mr. Kerkorian and Mr. York, who was a member of GM's board, lobbied for a
global alliance between GM and Renault-Nissan.  Mr. Kerkorian believed that
the proposed alliance would allow GM to realize substantial synergies and
cost savings.  Alliance talks between the automakers collapsed in October
after GM's board concluded that the alliance framework required by
Renault-Nissan would substantially disadvantage GM's shareholders.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 327,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo,
Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.

                        *    *    *

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

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


GUESS? INC: Unit Redeems Outstanding 6.75% Sec. Notes Due 2012
--------------------------------------------------------------
Guess?, Inc., disclosed that its wholly-owned subsidiary, Guess? Royalty
Finance LLC, has elected to redeem all of its outstanding 6.75% secured
notes due 2012.  The total redemption payment of approximately US$33.0
million, including principal, accrued and unpaid interest and a redemption
premium, will be paid in cash on Dec. 20, 2006.

Commenting on the announcement, Carlos Alberini, President and Chief
Operating Officer, stated, "We are pleased to announce our decision to
redeem the remaining 6.75% secured notes prior to their maturity. Our
operational cash flow continues to be strong and has enabled us to pay down
our debt and accumulate cash, further strengthening our balance sheet and
giving us greater financial flexibility. After this redemption, our North
American business will be debt-free."

Guess?, Inc., -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world.

                        *    *    *

As reported in the Troubled Company reporter on March 13, 2006,
Standard & Poor's Ratings Services revised its rating outlook on
Guess? Inc. to positive from stable.  At the same time,
Standard & Poor's affirmed the company's ratings, including its
'BB-' corporate credit rating.


GRUPO IUSACELL: Postpones Merger with Unefon for Six Months
-----------------------------------------------------------
Gustavo Guevara, Grupo Iusacell SA de CV's director of third generation
applications, told Milenio that it won't finalize its planned merger with
Unefon for at least six months.

Business News Americas relates that Grupo Iusacell and Unefon said in July
they would merge.  They are the only two Mexican mobile operators that use
Code division multiple access technology.  The two firms have been sharing
each other's networks.

"I hope we will be working together within the next six months to a year,"
Mr. Guevara commented to BNamericas.

Meanwhile, Grupo Iusacell signed an accord with Sprint Nextel to offer
broadband roaming in the United States for its Mexican client base,
BNamericas notes.

According to BNamericas, the roaming services will use CDMA2000 1xEV-DO
technology to provide Internet and email access.  They will also be
available for Grupo Iusacell customers with wireless broadband cards for
computers.

Grupo Mexico and Sprint Nextel will gain from the Calling Party Pays long
distance calling system that was launched on Nov. 4 and in which
interconnection fees for long distance calls made from fixed line phones to
mobiles are shared between the sending and receiving parties, BNamericas
states.

Headquartered in Mexico City, Mexico, Grupo Iusacell, SA de CV
(BMV: CEL) -- http://www.iusacell.com-- is a wireless cellular
and PCS service provider in Mexico with a national footprint.
Independent of the negotiations towards the restructuring of its
debt, Grupo Iusacell reinforces its commitment with customers,
employees and suppliers and guarantees the highest quality
standards in its daily operations offering more and better voice
communication and data services through state-of-the-art
technology, including its new 3G network, throughout all of the
regions in which it operate.

As of Dec. 31, 2005, Grupo Iusacell's stockholders' deficit
widened to MXN2,076,000,000 from a deficit of MXN1,187,000,000
at Dec. 31, 2004.

Grupo Iusacell filed for bankruptcy protection on June 18 under
Mexican Law to prevent creditors from disrupting its debt
restructuring talks.  On July 14, 2006, Gramercy Emerging
Markets Fund, Pallmall LLC and Kapali LLC, owed an aggregate
amount of US$55,878,000 filed an Involuntary Chapter 11 Case
against Grupo Iusacell's operating subsidiary, Grupo Iusacell
Celular, SA de CV (Bankr. S.D.N.Y. Case No. 06-11599).  Alan M.
Field, Esq., at Manatt, Phelps & Phillips, LLP, represents the
petitioners.  Iusacell Celular then filed for bankruptcy
protection under Mexican Law on July 18.


FORD MOTOR: Moody's Rates US$3B Convertible Senior Notes at Caa1
----------------------------------------------------------------
Moody's Investors Service assigned a Caa1(LGD4, 62%) rating to Ford Motor
Co.'s US$3 billion of senior convertible notes due 2036.  The rating
reflects Moody's expectation that proceeds will be used to enhance Ford's
liquidity position, and also reflects Moody's Loss Given Default
Methodology.

Bruce Clark, senior vice president with Moody's, said, "This convertible
issue is an expected component of Ford's liquidity-building funding program
that also includes an announced US$8 billion secured revolving credit
facility and a US$7 billion secured term loan."  Ford has indicated that due
to the level of market interest, the ultimate size of the revolver and the
convertible notes could be larger than the originally indicated amounts of
US$8 billion and US$3 billion respectively.  Should such increases occur,
Moody's anticipates that the company's current rating levels would be
maintained.

The current ratings are:

   -- corporate family: B3/negative outlook;
   -- secured debt: Ba3(LGD2,19%);
   -- senior unsecured debt: Caa1(LGD4, 62%); and
   -- trust preferred: Caa2(LGD6, 93%).

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


FORD MOTOR: S&P Junks Rating on Proposed US$3-Bil. Senior Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to Ford Motor
Co.'s proposed US$3 billion senior unsecured convertible debt issue.

The company is in the process of raising several billion dollars of
financing, including the proposed convertible offering.  Much of the pending
financing is secured, resulting in Ford's unsecured debt being rated two
notches below the credit corporate rating.

Ford intends to use the proceeds from the various borrowings under the
senior secured credit facilities and from the offering of the unsecured
notes to fund prospective cash operating losses and restructuring plans
while preserving cash and short-term VEBA trust balances near current levels
of about US$20 billion.

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


MERIDIAN AUTOMOTIVE: Three Parties Object to Fourth Amended Plan
----------------------------------------------------------------
JSP Mold LLC, The Dow Chemical Company, and Visteon Corp. filed objections
with the U.S. Bankruptcy Court for the District of Delaware to Meridian
Automotive Systems Inc. and its debtor-affiliates' fourth amended joint plan
of reorganization.

                        JSP Mold LLC

The Debtors are in possession of certain tooling manufactured by
JSP Mold, LLC, Thomas G. Whalen, Jr., Esq., at Stevens & Lee,
P.C., in Wilmington, Delaware, relates.  JSP Mold has taken all
steps necessary under applicable Michigan law to obtain and
perfect a moldbuilders lien on the Tooling.

The Debtors' Fourth Amended Joint Plan of Reorganization provides that on
the Effective Date, all liens on property of the estate will be divested,
Mr. Whalen notes.

JSP Mold thus asks the Court to clarify in the Plan Confirmation
Order that any properly perfected moldbuilders lien it holds on
the Tooling will not be divested on the Effective Date.

The Tooling is not property of the Debtors' estate, Mr. Whalen
contends.  Moreover, the Debtors have never acknowledged that the Tooling is
or is not property of the bankrupt estate, Mr. Whalen adds.

                  The Dow Chemical Company

The Dow Chemical Company asserts that the Debtors' Fourth Amended Joint Plan
of Reorganization contains extremely broad discharge, release, and
injunction provisions.

Dow Chemical is a defendant in a lawsuit filed by Club Car Inc.
in the Superior Court Division, in Mecklenberg County, North
Carolina.  Anne Marie P. Kelley, Esq., at Dilworth Paxson LLP, in Cherry
Hill, New Jersey, relates that Club Car has accused Dow Chemical of
misrepresentations involving formulations that Dow Chemical provided to the
Debtors, which the Debtors used to
manufacture component parts for Club Car.

Dow Chemical objects to the Plan to the extent that the Plan or
the Plan Confirmation Order will prohibit it from:

   (1) pursuing any claims it may have against the Debtors in
       the Club Car Litigation if and when any potentially
       applicable insurance coverage is identified;

   (2) asserting any claims against the Debtors in defense, or
       to reduce the amount, of any claims asserted by the
       Debtors and Club Car against it; or

   (3) seeking discovery from the Debtors in the Club Car
       Litigation.

As previously reported, Dow Chemical sought the Court's
permission to conduct an examination pursuant to Rule 2004 of the Federal
Rules of Bankruptcy Procedure on the Debtors to determine if the Debtors
have insurance coverage that could mitigate any damages it may incur in the
Club Car Litigation.

Dow Chemical maintains that it has a right to collect insurance
proceeds from the Debtors because those proceeds are not property of the
Debtors' estate.

                        Visteon Corp.

The Fourth Amended Joint Plan of Reorganization provides that the Debtors
will assume all executory contracts and unexpired leases not previously
assumed or rejected.

Visteon Corp. complains that the Fourth Amended Plan does
not adequately identify which of the Contracts will be assumed or rejected.
It is therefore impossible to know whether the Plan releases the Debtors
from any obligations they owe to Visteon, David J. Baldwin, Esq., at Potter
Anderson & Corroon LLP, in Wilmington, Delaware, argues.

In addition, the Plan does not comply with Section 365(b) of the
Bankruptcy Code because it does not provide cure amounts for the
executory contracts and unexpired leases the Debtors intend to
assume, Mr. Baldwin contends.

Accordingly, Visteon asks the Court to deny confirmation of the
Plan unless the Debtors adequately identify the Contracts to be
assumed and the cure amounts to be paid.

Visteon has a prepetition claim against the Debtors totaling
US$3,500,000.

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


SATELITES MEXICANOS: Retains Morgan Stanley as Financial Advisor
----------------------------------------------------------------
Satelites Mexicanos, SA de CV aka Satmex has retained Morgan Stanley as its
exclusive financial advisor to assist in exploring various strategic
alternatives for the company.

Luis Rebollar Corona, newly appointed Chairman of Satmex, stated, "We
believe that working with an investment bank such as Morgan Stanley, with
its premier satellite banking team, to help the company's management and
Board of Directors explore various alternatives is in the best interest of
our stakeholders and will help us maximize value." Mr. Rebollar further
stated, "We are taking this action to help us ensure that Satmex can
continue to offer premier satellite services to our customer base going
forward."

The company expects to complete its review of various alternatives and take
any actions arising from this review during the next several months.
However, there can be no assurance that this process will result in a
transaction.  The company expects that it will make no further announcement
in connection with this process until such time that it or its Board of
Directors believes is appropriate.

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

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

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

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

Satmex emerged from bankruptcy protection on Nov. 30, 2006.


TIMKEN CO: Gets US$92.6 Million Subsidy from U.S. Customs
---------------------------------------------------------
The Timken Company received approximately US$92.6 million from the U.S.
Customs under the U.S. Continued Dumping and Subsidy Offset Act for 2006.
The company will apply the entire amount toward funding its U.S. pensions.

CDSOA provides the authority for U.S. Customs to distribute antidumping
duties to U.S. producers harmed by unfair trade that have continued to
invest in their technology, equipment, and people.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered bearings and
alloy steels.  It also provides related components and services such as
bearing refurbishment for the aerospace, medical, industrial, and railroad
industries.  The company has operations in Argentina, Australia, Belgium,
Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary,
India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia,
Singapore, South America, Spain, Taiwan, Turkey, United States, and
Venezuela and employs 27,000 employees.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 30, 2006, Moody's
Investors Service confirmed The Timken Company's Ba1 Corporate Family Rating
and the Ba1 rating on the company's
US$300 Million Unsecured Medium Term Notes Series A due 2028 in connection
with the rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology.


XIGNUX SA: S&P Upgrades Sr. Unsecured Rating on Notes to BB-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
Xignux S.A. de C.V. to 'BB' from 'BB-'.  The senior unsecured rating
assigned to the issuer's notes due 2009 was revised to 'BB-' from 'B+'.  The
outlook is stable.

"The rating action reflects the issuer's strong financial performance during
2006 and our expectation that in the long term, Xignux's EBITDA interest
coverage, total debt-to-EBITDA, and FFO-to-total debt ratios will be about
4.5x, 2.5x, and 25%, respectively," said Standard &Poor's credit analyst
Jose Coballasi.

Standard and Poor's ratings on Xignux are constrained by the cyclical nature
of most of its end markets, particularly the construction and automotive
industries, commodity price volatility, and single-digit operating margin.
The ratings also consider Xignux's significant market share positions,
product diversity, and vertical integration.  Its emphasis on high quality
has attracted world-recognized joint-venture partners, providing Xignux, a
diversified holding company, with low-cost access to state-of-the-art
technology and enhancement of its export possibilities.

The 'BB-' rating on Xignux's notes due 2009 reflects the structural
subordination of the issue relative to the company's priority liabilities.
Despite the debt at the holding company being guaranteed by some of the
subholding and operating subsidiaries, the proportion of priority
liabilities relative to consolidated total assets is significant, leading to
a possible low residual claim for Xignux's holding company creditors.

Xignux is a diversified holding company, the subsidiaries of which
manufacture a variety of products, mostly for industrial markets.  The
company sells electrical wire and cable, auto parts, electrical power and
distribution transformers, food products, and foundry.  Standard & Poor's
expects Xignux to continue to focus its efforts on increasing value-added
products and services to increase its market share in the electrical cable
and wire and power transformers business.  The group is expected to continue
its tight control on costs and expenses in the automotive business and its
efforts to improve productivity. Of particular importance in this business
segment are the operations that have been established in Central America to
contain the continued pricing pressure from original equipment
manufacturers.

In the food division, Standard and Poor's expect the group to continue its
efforts to increase its market share, particularly in the mom-and-pop
distribution channel, and improve its productivity.  Notwithstanding the
aforementioned, Standard & Poor's believes that the nature of Xignux's
business portfolio leaves the company exposed to the inherent risks
associated with the cyclicality of the construction and automotive
industries.  The aforementioned are evidenced by the lower volumes and weak
results in the automotive division during the third quarter.




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


BANCO INTERNACIONAL: Fitch Assigns BB Issuer Default Rating
-----------------------------------------------------------
Fitch has assigned these ratings to Panama-based Banco Internacional de
Costa Rica aka BICSA with a Stable outlook:

   -- Long-term foreign currency Issuer Default Rating 'BB';
   -- Short-term foreign currency rating 'B';
   -- Individual 'C/D';
   -- Support '3';
   -- National-scale long-term rating 'A+(pan)'; and
   -- National-scale short-term rating 'F1(pan)'.

BICSA's individual rating and IDRs are underpinned by recent improvements in
profitability, capitalization, and asset quality, following a corporate
reorganization that resulted in a dramatic reduction in the bank's cost
base.  These ratings also consider increasing competitive pressures and
higher than average risk concentrations, given the bank's relatively small
size and its focus on trade finance and corporate banking.  In turn, the
Support rating at '3' reflects Fitch's belief that support to BICSA, if
required, could be provided by its main shareholder, Banco de Costa Rica or
BCR.  However, BCR's ability to provide full and timely support could be
limited by legal or political issues.  The explicit sovereign guarantee that
Costa Rican state-owned banks have is not available to BICSA.  In November
2005, Costa Rica's state-owned BCR acquired from its larger peer Banco
Nacional de Costa Rica a 31% stake in BICSA, which increased its ownership
to 51% from 20%.

In Fitch's view, BICSA's further integration with BCR will continue to
benefit its overall financial condition and risk management.  The bank's low
and well-contained cost base is is a major strength to further improve
profitability, despite ample competitive pressures in BICSA's main markets.
The recent enhancement of BICSA's risk management is also weighted on its
ratings, as some problem loans affected asset quality in the past.  Given
the concentrated loan portfolio inherent to its business mix, hefty
provisions and charge-offs to absorb these losses affected BICSA's financial
performance in previous years.  Fitch considers BICSA's liquidity as
somewhat modest, as the bank's reliance on wholesale funding sources and
creditor concentrations is relatively high.  Moreover, the proportion of
liquid assets has gradually declined in line with loan growth, though it
still accounts for an adequate 22% of total assets.  BICSA's capital
position is sound, but further improvements in the bank's internal capital
generation are important to sustain loan growth in the medium term.

BICSA was established in 1976 to serve as a financing vehicle for global
trade of Central American corporations, in view of the increasing economic
integration of the region.  BICSA gained a robust position in this segment
in the 1980s, but the return of major global banks to Central America in the
1990s gradually pressured the bank's competitive position, and loans
declined for a number of years until this trend was reversed in 2004.  BICSA
has an office with an international banking license in Miami that accounts
for 30% of total loans and half of the correspondent banking business.  It
also has representative offices in Guatemala, Nicaragua and El Salvador,
which will likely be converted into operating subsidiaries in the medium
term, aiming at expanding local funding more balanced with asset growth.

The customer service office in Costa Rica remains a major business
generator, while BICSA has only one subsidiary, the wholly owned local
small-sized leasing company 'Arrendadora Internacional.'  BICSA's core
businesses are corporate banking (77% of total loans at end-June 2006) and
correspondent services (19%), while major markets are Costa Rica, Panama and
Guatemala.




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


* PARAGUAY: IMF Says Economic Growth Has Improved
-------------------------------------------------
Annop Singh, Director of the Western Hemisphere Department of the
International Monetary Fund, concluded his visit in Paraguay and said that
the visit provided a valuable opportunity for him to see, first hand, the
many improvements in Paraguay's economic and social situation in recent
years.

Under President Duarte-Frutos' successive economic programs, economic growth
has risen to the 31/2-4 percent range, and other key macroeconomic and
financial indicators have also improved.  As a result, Paraguay's economy
has been much better placed to take advantage of the favorable global
environment.  The government's economic policies can take credit for these
achievements, especially the strengthening public finances and the central
bank's anti-inflationary program, both of which have benefited from
institutional improvements.  Together with other structural reforms, these
policies have brought the public debt down closer to the 30 percent of GDP
range.

"Looking ahead, the government is appropriately planning to intensify these
efforts, so as to entrench financial stability in Paraguay, and to further
integrate its macroeconomic policies with a rising emphasis on poverty and
reducing inequities. Toward these ends, the government has prepared an
ambitious agenda of fiscal, financial sector, and other institutional
reforms, and is extending the recently introduced conditional cash transfer
program as part of increased social sector support. I believe there is wide
popular consensus for these policies that should increase investment,
productivity, and growth in Paraguay's economy over the medium term while
putting poverty and inequality indicators on a clear declining trend," Mr.
Singh said.

"The IMF has been pleased to support Paraguay's economic program through a
Stand-By Arrangement that is precautionary in nature. I have assured the
President of our continuing commitment to work with his government to help
achieve his vision for the future of Paraguay's economy," Mr. Singh
concluded.

                        *    *    *

Moody's assigned these ratings on Paraguay:

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

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

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




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P E R U
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DOE RUN: Commences Purchase Offer for 11.75% Senior Notes
---------------------------------------------------------
The Doe Run Resources Corp. commenced an offer to purchase and consent
solicitation with regard to any and all of its outstanding 11.75% senior
notes due 2008.  The current aggregate outstanding principal amount of the
notes is US$218,967,352.

The offer to purchase will expire at 5:00 p.m., New York City time, on Jan.
4, 2007, unless extended.  The consent solicitation will expire at 5:00
p.m., New York City time, on Dec. 19, 2006, unless extended.

The total consideration to be paid to holders who tender their notes and
deliver their consents prior to 5:00 p.m., New York City time, on Dec. 19,
2006, will be US$1,002.50 for each US$1,000 principal amount of notes
validly tendered, which includes a consent payment of US$2.50 per US$1,000
principal amount of notes.  Holders who validly tender their notes after
5:00 p.m., New York City time on December 19, 2006 but prior to the
expiration of the tender offer will receive US$1,000 for each US$1,000
principal amount of notes validly tendered and not revoked on or prior to
the expiration date.  Holders who validly tender notes will also be paid
accrued and unpaid interest up to but not including the date of payment for
the notes.

Holders tendering their notes will be deemed to have delivered their consent
to certain proposed amendments to the indenture governing the notes, which
will eliminate substantially all of the restrictive covenants and certain
provisions relating to events of default and amend certain other related
provisions.

The terms of the offer to purchase and consent solicitation, including the
conditions to the company's obligations to accept the notes tendered and
consents delivered and pay the purchase price and consent payments, are set
forth in the company's offer to purchase and consent solicitation statement,
dated
Dec. 5, 2006.  The offer to purchase and consent solicitation is subject to
certain conditions, including the receipt of the requisite number of
consents required to amend the indenture, the execution of the supplemental
indenture and the company having raised funds from a private offering of new
notes in an aggregate principal amount of approximately US$200,000,000. The
company may amend, extend or terminate the offer to purchase and consent
solicitation at any time in its sole discretion without making any payments
with respect thereto.

The dealer manager and solicitation agent for the offer to purchase and the
consent solicitation is Wachovia Securities.

Questions regarding the terms of the tender offer or consent solicitation
may be directed to:

         Wachovia Securities
         Tel: (866) 309-6316 (toll-free)
              (704) 715-8341 (collect).

The depositary is U.S. Bank National Association and the information agent
for the offer is D.F. King & Co., Inc. Requests for documentation may be
directed to:

         D.F. King & Co.
         Tel: (800) 758-5378 (toll-free)
              (212) 269-5550 (collect).

The Doe Run Resources Corp. is one of the world's providers of premium lead
and associated metals and services.  The company is the largest integrated
lead producer in North America and the largest primary lead producer in the
western world.

Doe Run operates an integrated primary lead operation and a recycling
operation located in Missouri, referred to as Buick Resource Recycling.

Fabricated Products, Inc., a wholly owned subsidiary of Doe Run, operates a
lead fabrication operation located in Arizona and a lead oxide business
located in Washington.

Doe Run Peru SRL, an indirect Peruvian subsidiary, operates a smelter in La
Oroya, Peru, one of the largest polymetallic processing facilities in the
world, producing an extensive product mix of non-ferrous and precious
metals, including silver, copper, zinc, lead and gold.  Doe Run Peru also
has a copper mining and milling operation in Cobriza, Peru in the region of
Huancavelica, which is approximately 200 miles southeast of La Oroya in
Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.




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


ANGIOTECH PHARMA: Moody's Rates US$325 Mil. Senior Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of
Angiotech Pharmaceuticals, Inc to B1 from Ba3 and changed the ratings
outlook to negative from stable, reflecting weaker than anticipated
projected revenue and cash flow.

Moody's also lowered the speculative grade liquidity rating to SGL-3 from
SGL-2, due to the lack of external liquidity and lower operating cash flow.

Moody's also assigned a rating of Ba3 to the company's proposed US$325
million senior unsecured notes and affirmed the B2 rating on the existing
senior subordinated notes.  Moody's expects that proceeds from the senior
unsecured notes will be used to repay the outstanding principal amount under
its senior secured term loan facility and the company will terminate its
current revolving credit facility.

The downgrade of Angiotech's Corporate Family Rating to B1 reflects the
following factors:

   -- weaker than anticipated results than anticipated when
      Moody's initially rated the company in March 2006;

   -- a decline in EBITDA related to lower royalties from the
      Taxus drug-eluting stent, a high margin product that
      accounts for almost 50% of the company's revenues;

   -- higher than anticipated sales and marketing expenses;
   -- a slowdown in orders from original equipment
      manufacturers; and

   -- a more pessimistic view of the drug-eluting stent market.

Moody's notes that Angiotech recently lowered guidance for 2006 revenues and
earnings, based on lower than expected stent sales by its partner, Boston
Scientific, higher operating expenses and lower sales of medical devices to
original equipment manufacturer.  Due to weaker operating trends, Moody's
lowered its cash flow estimates for fiscal 2006 through fiscal 2008.

As a result of these new cash flow projections, Moody's believes that cash
flow coverage of debt and other financial metrics are no longer indicative
of a Ba3 rating but are more indicative of a weakly positioned B1 rated
company.

The negative outlook reflects the potential for additional downward
revisions to Moody's current projections given weak operating trends.
Moody's pessimistic view of the drug-eluting stent market, the threat of
additional competitors in the stent market and potential disruptions to AMI
business may all serve as future catalysts to lower existing projections for
revenues, operating margins, and cash flow, causing negative pressure on the
ratings.

The downgrade in the speculative grade liquidity rating to SGL-3 from SGL-2
reflects the absence of access to external liquidity, lower cash flow
guidance and deteriorating operating trends.  The company has almost US$100
million of cash on hand which serves as adequate cushion against unforeseen
events.  However, if the cash balance were to decline to below US$50
million, the company's financial flexibility and liquidity would be
materially reduced, thus pressuring the rating.

New ratings assigned to Angiotech Pharmaceuticals, Inc.:

   -- US$325 million guaranteed senior unsecured notes, due
      2013, Ba3, LGD3, 46%

   -- Corporate Family Rating, downgraded to B1 from Ba3

   -- PDR Rating, affirmed Ba3

   -- US$250 million senior subordinated notes, due 2014,
      affirmed B2 rating LGD assessment changed to LGD-6, 91%
      from LGD-5, 82%

   -- Speculative Grade Liquidity Rating, downgraded to SGL-3
      from SGL-2

   -- Family LGD assessment now LGD-4, 65% versus LGD-4, 50%

The rating outlook is negative.

These ratings will be withdrawn:

   -- Senior Secured Revolver, due 2011, Ba1, LGD2, 27%
   -- Senior Secured Term Loan B, due 2013, Ba1, LGD2, 27%

Angiotech Pharmaceuticals, Inc., founded in 1992, based in Vancouver,
Canada, is a specialty pharmaceutical company that focuses on drug-device
combinations and drug-loaded surgical biomaterial implants.  The company
reported US$222 million in total revenue for the nine months ended Sept. 30,
2006.


ANGIOTECH PHARMA: S&P Rates US$325 Million Senior Notes at B+
-------------------------------------------------------------
Standard & Poor's lowered the corporate credit rating on Angiotech
Pharmaceuticals Inc. to 'B+' from 'BB-', and the subordinated debt rating to
'B-' from 'B'.

Standard & Poor's also assigned a 'B+' senior unsecured debt rating to
Angiotech's proposed seven-year US$325 million senior unsecured notes,
proceeds from which, along with cash balances, will be used to repay the
company's existing US$320 million secured Term Loan B.  Angiotech will also
retire the US$75 million revolving credit facilities of its subsidiary,
Angiotech Pharmaceuticals Inc.  As a result, the 'BB-' secured bank loan
rating with a '2' recovery rating will be withdrawn.

The outlook is stable.

"The downgrade reflects Angiotech's weaker-than-anticipated financial
profile as evidenced by credit metrics that have deteriorated since the
American Medical Instruments Inc.  acquisition, and a capital structure with
high debt that will amortize more slowly than under the previous financial
structure implemented for the AMI acquisition," said Standard & Poor's
credit analyst Don Povilaitis.

Weaker-than-expected cash flow in fiscal 2006 is primarily due to lower
Taxus drug-eluting related royalties and, to a lesser extent, from lower
equipment manufacturer orders.

Vancouver, British Columbia-based Angiotech is a Canadian specialty
pharmaceutical company whose core strength is adding pharmaceutical
compounds to medical devices and targeting interventions with high failure
rates that can result in costly corrective surgeries.  Angiotech receives
royalty payments under a licensing agreement with marketing partner Boston
Scientific Corp. for the drugs applied to coat the Taxus DES. This is
Angiotech's most important source of revenue.

These royalty payments, which accounted for about half of 2006 revenues, are
the company's most important source of revenue. Thus, product concentration
remains a concern.

The success of Angiotech's Taxus DES has permitted for strong free cash flow
generation since 2004.  Still, Standard & Poor's had expected Angiotech's
2006 pro forma lease-adjusted EBITDA to reach about US$150 million, but
several material issues have surfaced thus far in 2006 that will preclude
the company from reaching this level.

Profitability metrics have also been affected as a result of the
lower-than-expected Taxus royalties, as well as the lower demand for
Angiotech's wound closure products.  While the company's margins were
expected to decline slightly in 2006 due to clinical trials and increased
its R&D expenses, the erosion in cash flow is greater than anticipated.

Without meaningful improvement in Taxus revenues or from the company's
pipeline, operating margins are likely to be relatively flat in the next few
years.

The stable outlook reflects Standard & Poor's expectation that credit
metrics will gradually strengthen in the medium term. Should, however,
Taxus-related revenues become adversely affected by competitive, legal, or
safety factors, thereby depressing cash flow, the outlook could be revised
to negative.  If BSX is able to successfully deal with the onset of stent
competition in the U.S., expected by 2008, and Angiotech is able
concurrently to strengthen its capital structure, then the outlook could be
revised to positive.


NEWCOMM WIRELESS: Discloses Restructuring Plan
----------------------------------------------
Published reports say that NewComm Wireless Services Inc. has disclosed a
major restructuring plan involving a US$110-million share transfer, as the
firm applies for chapter 11 protection.

NewComm Wireless told Business News Americas that it will sell the shares to
an investment group led by Columbia Capital and MC Venture Partners.  The
sale amounts to 35% of NewComm Wireless.

El Vocero underscores that NewComm Wireless has secured funding for a
US$38-million infrastructure modernization of its CDMAone mobile network to
Evolution-Data Optimized technology.  The network upgrades should be ready
in April 2007.

The restructuring is long overdue as Movistar, NewComm Wireless' parent
firm, is losing market share in a highly competitive sector of six mobile
operators.  NewComm Wireless needs to modernize its network if it is to
compete better, BNamericas says, citing Jose Otero, the head of Signals
Consulting.

Mr. Otero told BNamericas, "Movistar has mostly a CDMAone network, which
needs to be upgraded, and competes mostly on low rate plans."

Headquartered in Puerto Rico, NewComm Wireless Services is a PCS company
that provides wireless service to the Puerto Rico market.  The company is a
joint venture between ClearComm, L.P. and Telefonica Larga Distancia.  On
May 16, 2006, Atento De Puerto Rico, Inc., filed an involuntary chapter 11
petition
against the Debtor (Bankr. D. P.R. Case No. 06-00971).  On
Nov. 28, 2006, Newcomm filed a voluntary chapter 11 protection (Bankr. D.
P.R. Case No. 06-04755).  Carmen D. Conde Torres, Esq., at C. Conde & Assoc.
and Peter D. Wolfston, Esq., at Sonnenschein Nath & Rosenthal LLP represent
the debtor in its restructuring efforts.  When the company filed for
protection, it listed more than US$100 million in total assets and
liabilities.


DRESSER INC: Unit Acquires Assets of Blackhawk Industries
---------------------------------------------------------
Dresser Piping Specialties, headquartered in Bradford, Pennsylvania and part
of Dresser, Inc.'s Natural Gas Solutions group, has acquired substantially
all of the assets of Blackhawk Industries, Inc., of Tulsa, Okla.  Blackhawk
manufactures hot tapping and plugging fittings for the natural gas, oil and
chemical industries.  These products enable pipeline operators to repair
sections of pipe or replace a faulty valve without interrupting service.

"The Blackhawk products will enhance Dresser Piping Specialties' offerings
in the gas transmission markets in the United States and strengthen our
product portfolio available to international markets," said Daniel E.
Jezerinac, president of Dresser Natural Gas Solutions.  "Blackhawk's solid
reputation for quality and reliability is especially significant as the
industry worldwide places additional focus on pipeline integrity."

John Clabo, who founded Blackhawk in 1992, was named Dresser's general
manager for Blackhawk products.  Dresser expects to continue to manufacture
products in Tulsa, and Ben Shelton, Blackhawk's business team manager, will
oversee the Tulsa-based operations.

Dresser did not disclose details of the transaction.

Based in Addison, Texas, Dresser, Inc. -- http://www.dresser.com/--  
designs, manufactures and markets equipment and services sold primarily to
customers in the flow control, measurement systems, and compression and
power systems segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a sales
presence in over 100 countries worldwide including Brazil, Mexico and Puerto
Rico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006, Moody's
Investors Service assigned a B1, LGD 3 (37%) rating to Dresser, Inc.'s
proposed US$935 million of senior secured bank credit facilities.  At the
same time, Moody's affirmed Dresser's B1 Corporate Family Rating and changed
the company's Probability of Default Rating to B2 from B1.  The outlook
remains negative pending the filing of its restated financial statements.
Proceeds from the new bank credit facility are being used to refinance
Dresser's existing senior secured credit facility, senior unsecured term
loan, and senor subordinated notes.  Moody's will withdraw the ratings on
the existing secured credit facility, senior unsecured term loan, and
subordinated notes upon their redemption.

Standard & Poor's Ratings Services assigned on its 'B' senior secured rating
and its '3' recovery rating to energy and oilfield equipment manufacturer
Dresser Inc.'s US$935 million credit facilities, which are composed of:

   -- a new US$785 million term loan B,
   -- a US$50 million synthetic LOC facility, and
   -- a US$100 million revolving credit facility.


PILGRIM'S PRIDE: Inks US$1.1 Bln Merger Agreement with Gold Kist
----------------------------------------------------------------
Pilgrim's Pride Corp. and Gold Kist Inc. entered into a definitive merger
agreement under which Pilgrim's Pride will acquire all of the outstanding
shares of Gold Kist common stock for US$21 per share in cash.  The
transaction, which was unanimously approved by the boards of directors of
both Pilgrim's Pride and Gold Kist, has a total equity value of
approximately US$1.1 billion, plus the assumption of approximately US$144
million of Gold Kist's debt.

Together, Pilgrim's Pride and Gold Kist will create the world's leading
chicken company in terms of production and the third-largest U.S. meat
protein company by revenues.  The combined company will have a broad
geographic reach and customer base, while maintaining a balanced portfolio
of fresh chicken and value-added products.  In particular, the enhanced
geographic diversification will enable the new Pilgrim's Pride to compete
more efficiently both in the U.S. and internationally.

"This is a momentous day for both companies and for the chicken industry,"
said Lonnie "Bo" Pilgrim, chairman of Pilgrim's Pride.  "We believe the
combination of these two great companies will result in substantial value
creation for our respective stockholders, employees, business partners and
other constituencies."

"We are excited about the opportunity to begin realizing the substantial
benefits that will result from the combination between Pilgrim's Pride and
Gold Kist," added O.B. Goolsby, Jr., Pilgrim's Pride president and chief
executive officer.  "The combined company will be well-positioned to provide
even better service to its customers.  We look forward to welcoming Gold
Kist's employees and contract growers to the Pilgrim's Pride family so they
can participate in the long-term growth opportunities of the combined
company."

Pilgrim's Pride expects to achieve approximately US$50 million of annualized
synergies, primarily from the optimization of production and distribution
facilities and cost savings in purchasing, production, logistics and SG&A.
Pilgrim's Pride expects the acquisition will be accretive to the company's
diluted earnings per share after the first full year of operations.
Pilgrim's Pride believes that the combined company will have a strong
financial position and substantial cash flow, enabling it to consistently
reduce debt and return to historical debt levels.

"After careful consideration, the special committee of independent
directors, as well as our entire board, determined that the Pilgrim's Pride
enhanced offer is in the best interests of our shareholders, employees,
growers and customers," said A.D. Frazier, chairman of Gold Kist.  "Since
becoming a public company more than two years ago, Gold Kist has made
significant progress in achieving its business goals.  We look forward to
working with the Pilgrim's Pride board and management on a smooth
integration, and we recommend that all stockholders embrace this transaction
by tendering their shares into the premium offer."

"This transaction will position the combined company for long-term growth
and leadership in our industry," said John Bekkers, president and chief
executive officer of Gold Kist.  "The collective talents and expertise of
our employees and growers, along with our combined customer relationships,
will represent a new standard in the chicken business and make Pilgrim's
Pride the preeminent industry player."

The Pilgrim's Pride offer represents an approximately 62% premium over Gold
Kist's closing stock price on Aug. 18, 2006, the last day of trading before
Pilgrim's Pride notified Gold Kist's board of directors in a public letter
that it was offering to purchase the company.

Under the terms of the merger agreement, Pilgrim's Pride will amend its
tender offer to increase its offer price to US$21 per share and Gold Kist
will amend its Schedule 14D-9 to include the Gold Kist board's
recommendation that Gold Kist stockholders tender their shares to Pilgrim's
Pride pursuant to the amended tender offer.  A revised offer to purchase
will be distributed to Gold Kist stockholders and the scheduled expiration
date for the amended tender offer is 5:00 p.m., New York City Time,
Dec. 27, 2006, unless extended.  The offer and related transactions
contemplated by the merger agreement are subject to the satisfaction of
customary closing conditions.

As reported in the Troubled Company Reporter on Oct. 20, 2006, the
transaction has received early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Baker & McKenzie LLP and Morris, Nichols, Arsht & Tunnell, LLP are acting as
legal counsel and Credit Suisse, Legacy Partners Group LLC and Lehman
Brothers Inc. are acting as financial advisors to Pilgrim's Pride.
Innisfree M&A Incorporated is acting as information agent for Pilgrim's
Pride's offer.  Lehman Brothers Inc. and Credit Suisse have provided
financing commitments.

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

                       About Gold Kist

Based in Atlanta, Georgia, Gold Kist Incorporated (NASDAQ: GKIS)
-- http://www.goldkist.com/-- operates a fully integrated chicken
production, processing and marketing business.  Gold Kist's production
operations include nine divisions located in Alabama, Florida, Georgia,
North Carolina and South Carolina.

                   About Pilgrim's Pride

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

                        *    *    *

Moody's Investors Service's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology for the U.S. Consumer Products
sector, the rating agency held its Ba2 Corporate Family Rating for Pilgrim's
Pride Corp.  In addition, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on the company's note
issues, including an LGD6 rating on its US$100 million 9.25% Sr. Sub. Global
Notes Due Nov. 15, 2013, suggesting noteholders will experience a 95% loss
in the event of a default.




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


BRITISH WEST: Union Questioning Amount Injected for Closure
-----------------------------------------------------------
The Aviation Communication and Allied Workers Union or ACAWU is questioning
the amount that the Finance Ministry said British West Indies Airlines aka
BWIA needs for its closure and for the launching of Caribbean Airlines, as
well as the retrenchment of 1,000 airline employees, Newsday reports.

As reported in the Troubled Company Reporter-Latin America on Dec. 5, 2006,
Conrad Enill, the finance minister, said that the Trinidad and Tobago
government injected TT$2 billion to close BWIA.  Of that amount, some TT$300
million would be used for Caribbean Airlines' startup next year.  He said
that the TT$2 billion would be taken from the Consolidated Fund.  The
minister also said that some 1,000 workers would lose their jobs.

Curtis John, the president of ACAWU told Newsday that the union was
concerned about Minister Enill's statement and has asked for clarification.

"Give us the real cost," Newsday says, citing Mr. John, who was referring to
Minister Enill.

Mr. John told Newsday that it was impossible to launch a new airline with
only US$50 million.  He said that from 2004 to
Dec. 4, 2006, when Caribbean Airlines inducted the first jet in its fleet at
Piarco International Airport, the figure of US$250 million was given as the
quantum of money required for the launching of the new carrier.

As previously reported, Arthur Lok Jack -- the Caribbean Airlines
chairperson -- said the new airline would begin, fully capitalized with a
clean balance sheet.

Mr. John told Newsday that on the staff reduction at BWIA, the figures that
Minister Enill mentioned also seemed to be off because ACAWU's information
is that all the airline's 1,800 workers would receive Voluntary Separation.

While Peter Davies, the Caribbean Airlines chief executive officer, said
that the airline would have a workforce of up to 700 workers, the union has
no idea how many of these people would be former BWIA workers, Newsday says,
citing Mr. John.

BWIA is still not giving the union any information about how many of the
20,000 job applications to Caribbean Airlines were those of former BWIA
workers and how many of those successful applicants were former BWIA
employees, Mr. John told Newsday.

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

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

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


JETBLUE AIRWAYS: Adjusts Fleet Delivery Plan Through 2016
---------------------------------------------------------
JetBlue Airways revised fleet delivery plan designed to manage capacity
growth while retaining maximum flexibility in order to respond to market
conditions.

On Dec. 4, 2006, JetBlue entered into Amendment No. 3 to our EMBRAER 190
Purchase Agreement to modify the timing of its EMBRAER 190 aircraft
purchases. See chart below for details.  JetBlue forecasts a 2007 available
seat mile or ASM capacity growth of 14-17 percent, which assumes additional
aircraft sales, leases and/or assignments, a reduction from the 18-20
percent ASM capacity growth JetBlue previously expected.

"JetBlue has grown phenomenally since we first started operating in February
2000," said JetBlue Founder and CEO David Neeleman.  "We are now entering a
new chapter in the JetBlue story -- still a story of strategic growth, but
more a targeted growth that builds on our market dominance on the East
Coast, and in particular, our home base of operations at New York's John F.
Kennedy International Airport."

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 23, 2006, Moody's
Investors Service assigned ratings of Caa1 (LGD5, 88%) to the approximately
US$40 million of Special Facility Revenue Bonds, Series 2006 (JetBlue
Airways Corporation Project or the JFK Facility Bonds) to be issued by the
New York City Industrial Development Agency.  Moody's affirmed the B2
corporate family rating for JetBlue Airways Corp.  The outlook remains
negative.

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




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


PETROLEOS DE VENEZUELA: Production Cut Taking Effect on Stocks
--------------------------------------------------------------
Rafael Ramirez, Venezuela's energy and oil minister and state-run Petroleos
de Venezuela SA's president, said in a statement that the latest production
cut of 1.2 million barrels per day that OPEC implemented is having an effect
on stocks.

Minister Ramirez told Business News Americas that Venezuela's oil export
basket price gained US$2.16 per barrels in the week of Nov. 27 to Dec. 1,
compared with the week before, closing at US$51.39 per barrel.

The necessary measures will be implemented to defend the price of crude at
the next OPEC meeting slated for Dec. 14 in Abuja, Nigeria, BNamericas says,
citing Minister Ramirez.

Minister Ramirez told BNamericas that the goal was to take 1.5 million
barrels per day from the world market so reduction of 300,000 barrels per
day was necessary.

BNamericas relates that despite last week's boost, the oil basket price has
decreased over US$15.00 per barrel since August 7 to 11, when it hit
US$65.81 per barrel.  The average is off US$0.12 per barrel at US$56.76 a
barrel.

Minister Ramirez told BNamericas that the price of oil on international
markets is gaining stability.

Petroleos de Venezuela's entire key operational areas were working normally
during the presidential elections on Dec. 3, when incumbent president Hugo
Chavez won a six-year mandate for the 2007-13, BNamericas states, citing
Minister Ramirez.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

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


                        ***********


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

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 Francois S. Albarracin, Editors.

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

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

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

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


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