TCRLA_Public/061208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 8, 2006, Vol. 7, Issue 244

                          Headlines

A R G E N T I N A

BANCO DE LA PROVINCIA: Pays Off ARS89.8MM Debt to Central Bank
BANCO GALICIA: Pays Off ARS39.3 Million Debt to Central Bank
DIEMER INDUSTRIAL: Claims Verification Deadline Is Feb. 28, 2007
FIDEICOMISOS (HPDA): Moody's Puts CC Ratings on US$251MM Debts
HUMBOLT 550: Claims Verification Deadline Is on Feb. 28, 2007

SERVICIOS EMPRESARIOS: Trustee Verifies Claims Until Feb. 15
SERVICIOS FOSTER: Proofs of Claim Verification Is Until Mar. 6
TANANA CIA: Claims Verification Deadline Is Until Mar. 19, 2007
TOTAL PRINT: Claims Verification Is Until Feb. 12, 2007

B E R M U D A

BT SHIPPING: Proofs of Claim Filing Is Until Dec. 13
KORE FIXED: Creditors Must File Proofs of Claim by Dec. 12
MONTPELIER RE: Fitch Ups Senior Debt Rating to BBB- from BB+
OPAL ALTERNATIVE: Proofs of Claim Filing Deadline Is Dec. on 13
SCOTTISH RE: Completes Repurchase of US$115MM Sr. Conv. Notes

SCOTTISH RE: Posts US$30.5MM Net Loss for Quarter Ended Sept. 30
SCOTTISH RE: S&P Raises Counterparty Credit Rating to B from CCC
SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
SPITALFIELDS PIMA: Proofs of Claim Filing Is Until Dec. 12

B O L I V I A

PETROLEO BRASILEIRO: Contract Talks with Bolivia Ends on Dec. 10

* BOLIVIA: Faces Dec. 10 Deadline for Pact Talks with Petrobras

B R A Z I L

AMRO REAL: Unit Issues BRL255-Mil. Receivables Investment Fund
BANCO DO BRASIL: Could Launch Share Offering Ahead of Schedule
BANCO ITAU: Eyes 30% Retail Lending Boost Next Year
BANCO NACIONAL: Approves BRL2.95 Million Credit to Apis-Flora
BANCO NACIONAL: Grants BRL350MM LOan to M&G Polimeros Brasil

BANCO SUDAMERIS: Moody's Withdraws All Ratings
BRASIL TELECOM: Launches Cheaper Hybrid Phones
CHEMTURA CORP: Posts US$39.9 Mil. Net Loss in 2006 Third Quarter
COMPANHIA ENERGETICA: Moody's Ups Corp. Family Rating to Ba3
DURA AUTOMOTIVE: Court Okays Richards Layton as Local Counsel

GULFMARK OFFSHORE: Sells Stock to Jefferies at US$38.50 a Share
PETROLEO BRASILEIRO: Natural Gas Price Important for Ceara Plant
PETROLEO BRASILEIRO: Inks Deepwater Exploration Pact in Tanzania
PETROLEO BRASILEIRO: To Develop Tibu Field with Ecopetrol
TELE NORTE: Shareholders Have Until Dec. 15 to Vote on Plan

VARIG SA: Preliminary Injunction Continued Through Jan. 11, 2007

* BRAZIL: IDB Grants US$80MM Loan for Electricity Distribution

C A Y M A N   I S L A N D S

CJ CAYMAN: Shareholders to Gather for Final Meeting on Dec. 14
COATES EUROPEAN: Liquidator Presents Wind Up Accounts on Dec. 14
COATES EUROPEAN (MASTER): Final Shareholders Meeting Is Dec. 14
DAWOODIYAH - II: Calls Shareholders for Final Meeting on Dec. 14
HARBERT GLOBAL (MASTER): Last Shareholders Meeting Is on Dec. 14

HARBERT GLOBAL (OFFSHORE): Final Meeting Is Set for Dec. 14
HERMOSA INVESTMENTS: Last General Meeting Is Set for Dec. 14
HEXAGON TRUST: Invites Shareholders for Dec. 14 Final Meeting
INTERPOOL FINANCE: Proofs of Claim Filing Deadline Is Dec. 15
LAMBETH FUND: Deadline for Proofs of Claim Filing Is on Dec. 15

LAMBETH MASTER: Proofs of Claim Filing Deadline Is on Dec. 15
MUIR CAPITAL: Shareholders to Gather for Last Meeting on Dec. 14
PENTACLE CAPITAL: Last Shareholders Meeting Is Set for Dec. 14
SHEYENNE INCORPORATION: Last Shareholders Meeting Is on Dec. 14
TAHOMA MASTER: Shareholders to Convene for Dec. 14 Final Meeting

T-SMITH CAPITAL: Last Day to File Proofs of Claim Is on Dec. 15
WILDFLOWER INVESTMENTS: Final General Meeting Is Set for Dec. 14

C H I L E

REVLON CONSUMER: S&P Junks Rating on US$840MM Sr. Sec. Term Loan

C O L O M B I A

ECOPETROL: Expanding Tiba Field Output with Petroleo Brasileiro
ECOPETROL: May Bid for Remaining Blocks Tendered in Brazil
PETROLEO BRASILEIRO: Expanding Tiba Field Output with Ecopetrol

D O M I N I C A N   R E P U B L I C

PRC LLC: S&P Assigns B+ Corporate Credit Rating

E C U A D O R

PETROECUADOR: Moves Petroleum Bid Submission Deadline to Jan. 4

E L   S A L V A D O R

MILLICOM INTERNATIONAL: Won't Enter Any New Markets

G U A T E M A L A

* GUATEMALA: Moody's Says Ba2 Rating Shows Economic Stability

H A I T I

* HAITI: IDB Approves US$25MM Loan to Reform Financial Sector
* HAITI: IDB Grants US$18.1MM Loan for Electricity Services

H O N D U R A S

LEAR CORP: Discloses Early Results of Senior Notes Tender Offer

* HONDURAS: Gov't Compels Lafarge-Incehsa to Lower Cement Prices

J A M A I C A

MIRANT: NY Subsidiaries Settles Dispute with Haverstraw Town

M E X I C O

DAVE & BUSTER'S: Posts US$116.3MM Revenue for Third Quarter 2006
DIRECTV INC: Adds CentroAmerica TV Spanish-Language Programming
FOAMEX LP: Moody's Assigns B2 Corporate Family Rating
FOAMEX LP: S&P Puts B Rating on US$425MM Sr. Unsec. Term Loan B
FORD MOTOR: Prices US$4.5 Bil. of Sr. Convertible Notes Due 2036

FORD MOTOR: Fitch Lowers Senior Unsecured Rating to B- from B
GENERAL MOTORS: November U.S. Sales for New Cars & Trucks Up 6%
GEOKINETICS INC: Completes US$15.15MM Private Placement of Stock
GEOKINETICS INC: Moody's Rates US$100MM Floating Notes at B3
GEOKINETICS INC: S&P Junks Rating on US$100MM Floating Notes

GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
GRUPO TMM: Sells Stake in Kansas City Southern
GUESS?: S&P Ups Ratings to BB on Unit's Early Note Redemption
KANSAS CITY SOUTHERN: Grupo TMM Sells Stake in Firm
MERIDIAN AUTO: Judge Walrath Approves US$175MM Exit Facility

MERIDIAN AUTO: Bankruptcy Court Confirms Plan of Reorganization
MICROHELIX INC: Working Capital Deficit Tops US$1.2 Million
SATELITES MEXICANOS: Hires Morgan Stanley as Financial Advisor
TELTRONICS INC: Equity Deficit Narrows to US$2.3MM at Sept. 30

P E R U

BANCO CONTINENTAL: Gets US$120MM Loan for Mortgage Origination
BANCO CONTINENTAL: Fitch Assigns C/D Individual Rating
HERTZ CORP: Commences Exchange Offers for Senior Notes

P U E R T O   R I C O

DEVELOPERS DIVERSIFIED: Plans 2007 Quarterly Dividend Increase

T R I N I D A D   &   T O B A G O

JETBLUE AIRWAYS: Reports Traffic Statistics for November

V E N E Z U E L A

* Improved Power Supply Needs Drive LatAm UPS Markets


                         - - - - -


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


BANCO DE LA PROVINCIA: Pays Off ARS89.8MM Debt to Central Bank
--------------------------------------------------------------
Banco de la Provincia de Buenos Aires has paid off its ARS89.8 million debt
to the Argentine central bank, the latter said in a statement.

Business News Americas relates that the payment was the 34th installment in
the matching repayment plan that the central bank drafted in 2003.  The debt
arose from massive liquidity lines provided by the central bank to the
financial system during the economic and financial crisis in 2001 and 2002.

According to BNamericas, the matching mechanism lets banks pay off their
central bank debts with resources from maturing long-term government papers
obtained in compensation for pesofication and exchange rate-related losses.

The Argentine banking sector's debt with the central bank now amounts
ARS5.27 billion as banks paid 71.6% of their combined original debt,
BNamericas states.

                 About Banco de la Provincia

Banco de la Provincia de Buenos Aires is Argentina's oldest bank.  It is the
fifth largest in terms of assets and third in terms of deposits; by 2002
they were valued at US$3.51 billion and US$1.57 billion, respectively.  That
same year loans were US$1.79 billion and equity US$311 million.  Banco de la
Provincia's focus is mainly on the province's small- and mid-sized
enterprises and the retail segment.  The bank has some 350 branches
throughout Buenos Aires, which represents approximately 40% of Argentina's
gross domestic product.

                        *    *    *

On June 1, 2006, Moody's Investors Service upgraded the bank
financial strength ratings of several Argentinean banks to
reflect:

   -- the banks' improving financial fundamentals,
   -- the relative improvement in the operating environment, and
   -- the recovery of the banking system since the financial
      crisis of 2001-2002.

Moody's changed the outlooks on the E bank financial strength
rating of Banco de la Provincia de Buenos Aires to positive from
stable.  The rating agency also takes into consideration the
effort of the bank to improve its balance sheet quality and
earnings.  The low rating is however, an indication of the
challenges that the bank still faced to reduce its large
exposures to the public sector, as well as the disadvantages of
its poor private-sector asset quality, weak core earnings, and
solvency.


BANCO GALICIA: Pays Off ARS39.3 Million Debt to Central Bank
------------------------------------------------------------
Banco Galicia has paid off its ARS39.3 million debt to the Argentine central
bank, the latter said in a statement.

Business News Americas relates that the payment was the 34th installment in
the matching repayment plan that the central bank drafted in 2003.  The debt
arose from massive liquidity lines provided by the central bank to the
financial system during the economic and financial crisis in 2001 and 2002.

According to BNamericas, the matching mechanism lets banks pay off their
central bank debts with resources from maturing long-term government papers
obtained in compensation for pesofication and exchange rate-related losses.

The Argentine banking sector's debt with the central bank now amounts
ARS5.27 billion as banks paid 71.6% of their combined original debt,
BNamericas states.

                     About Banco Galicia

Headquartered in Buenos Aires, Argentina, Banco de Galicia y Buenos Aires
SA -- http://www.e-galicia.com/-- is an Argentinean private bank that is
engaged in commercial banking, providing general banking services to large
corporations, small and medium-sized companies, agricultural and cattle
farms and individuals.  The company controls an extensive and diverse
network of subsidiaries, which include Banco Galicia Uruguay SA, Galicia
Capital Markets SA, Galicia Factoring y Leasing SA, Agro Galicia SA, Galicia
Administrasora de Fondos SA, Galicia Valores SA, Galicia Warrants SA, Net
Investments SA, Sudamericana Holding SA and Tarjetas Regionales SA.  Through
its subsidiaries the company offers accounting, investment and insurance
services, as well as loans, checks and debit and credit cards.  It also
finances the development of real estate, acts as a fiduciary and leases
properties to interested parties.  It operates over 400 branches across the
country and provides e-banking services to customers via its Internet site.

                        *    *    *

As reported on Apr. 12, 2006, the Argentine arm of Standard &
Poor's assigned these ratings to Banco de Galicia y Buenos
Aires' debts:

   -- Obligaciones negociables, serie 6, emitted on July 19,
      2002 for US$73,000,000, emitted under the program for
      US$1000 million

      * Last due: Aug. 3, 2007
      * Rate: raA

   -- Obligaciones Negociables, clase 7 for US$43,000,000,
      included under the US$1000 million program

      * Last due: Aug. 3, 2007
      * Rate: raA

   -- Program of obligaciones negociables, media term, for
      US$2,000,000,000

      * Rate: raA

   -- Obligaciones Negociables simples 8-11-93, for
      US$21,400,000

      * Last due: Nov. 1, 2004
      * Rate: raD

   -- Obligaciones negociables simples for US$21,400,000

      * Last due: Nov. 1, 2004
      * Rate: raD

   -- Obligaciones Negociables emitted for US$9,000,000,
      included under the US$1000 million program.

      * Last due: Dec. 20, 2005
      * Rate: raD


DIEMER INDUSTRIAL: Claims Verification Deadline Is Feb. 28, 2007
----------------------------------------------------------------
Ruben Leonardo Kwasniewski, the court-appointed trustee for Diemer
Industrial SA's bankruptcy proceeding, will verify creditors' proofs of
claim until Feb. 28, 2007.

Mr. Kwasniewski will present the validated claims in court as individual
reports on Apr. 19, 2007.   A court in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Macon Service and its creditors.

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

A general report that contains an audit of Diemer Industrial's accounting
and banking records will follow on June 12, 2007.

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

The trustee can be reached at:

         Ruben Leonardro Kwasniewski
         Montevideo 536
         Buenos Aires, Argentina


FIDEICOMISOS (HPDA): Moody's Puts CC Ratings on US$251MM Debts
--------------------------------------------------------------
Fideicomisos Financieros HPDA's debts are rated CC by Moody's Latin America:

      HPDA Class I
       -- Titulos fiduciarios for US$94,365,000

      HPDA Class 2
       -- Titulos fiduciarios for US$94,365,000

      HPDA Class 3
       -- Titulos Fiduciarios for US$62,500,000


HUMBOLT 550: Claims Verification Deadline Is on Feb. 28, 2007
-------------------------------------------------------------
Adolfo Jorge Santos, the court-appointed trustee for Humbolt 550 SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Feb. 28,
2007.

Under the Argentine bankruptcy law, Mr. Santos is required to present the
validated claims in court as individual reports.  Court No. 4 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
Humbolt 550 and its creditors.

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

Mr. Santos will also submit a general report that contains an audit of
Humbolt 550's accounting and banking records.  The report submission dates
have not been disclosed.

Clerk No. 8 assists the court in the proceeding.

The debtor can be reached at:

          Humbolt 550 S.A.
          Avellana 3675
          Buenos Aires, Argentina

The trustee can be reached at:

          Adolfo Jorge Santos
          Junin 55
          Buenos Aires, Argentina


SERVICIOS EMPRESARIOS: Trustee Verifies Claims Until Feb. 15
------------------------------------------------------------
Maria del Carmen Amandule, the court-appointed trustee for Servicios
Empresarios Wallabies SRL's bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 15, 2007.

Under the Argentine bankruptcy law, Ms. del Carmen Amandule is required to
present the validated claims in court as individual reports.  Court No. 8 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 Servicios Empresarios and its creditors.

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

Ms. del Carmen Amandule will also submit a general report that contains an
audit of Servicios Empresarios's accounting and banking records.  The report
submission dates have not been disclosed.

Clerk No. 15 assists the court in the proceeding.

The debtor can be reached at:

          Servicios Empresarios Wallabies SRL
          Serrano 721
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria del Carmen Amandule
          Urquiza 1133
          Buenos Aires, Argentina


SERVICIOS FOSTER: Proofs of Claim Verification Is Until Mar. 6
--------------------------------------------------------------
Jorge Roberto Dolinko, the court-appointed trustee for Servicios Foster
SRL's bankruptcy proceeding, will verify creditors' proofs of claim until
March 6, 2006.

Under the Argentine bankruptcy law, Mr. Dolinko is required to present the
validated claims in court as individual reports.  Court No. 7 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
Servicios Foster and its creditors.

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

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

Clerk No. 14 assists the court in the proceeding.

The debtor can be reached at:

          Servicios Foster SRL
          Cabildo 2040
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Roberto Dolinko
          Tucuman 1657
          Buenos Aires, Argentina


TANANA CIA: Claims Verification Deadline Is Until Mar. 19, 2007
---------------------------------------------------------------
Nora Etulian, the court-appointed trustee for Tanana y Cia SRL's
reorganization proceeding, will verify creditors' proofs of claim until
March 19, 2007.

Under the Argentine bankruptcy law, Ms. Etulian is required to present the
validated claims in court as individual reports.  Court No. 13 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
Tanana Cia and its creditors.

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

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

On Nov. 27, 2007, Tanana Cia's creditors will vote on a settlement plan that
the company will lay on the table.

Clerk No. 25 assists the court in the proceeding.

The debtor can be reached at:

          Tanana y Cia SRL
          Santa fe 5235
          Buenos Aires, Argentina

The trustee can be reached at:

          Nora etulian
          Hipolito Yrigoyen 1349
          Buenos Aires, Argentina


TOTAL PRINT: Claims Verification Is Until Feb. 12, 2007
-------------------------------------------------------
Omar Vasquez, the court-appointed trustee for Total Print SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 12, 2007.

Under the Argentine bankruptcy law, Mr. Vasquez is required to present the
validated claims in court as individual reports.  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
Total Print and its creditors.

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

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

Clerk No. 23 assists the court in the proceeding.

The debtor can be reached at:

          Total Print S.A.
          Humbero Primo 3221
          Buenos Aires, Argentina

The trustee can be reached at:

          Omar Vasquez
          Avenida Sta. Fe 1127
          Buenos Aires, Argentina




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


BT SHIPPING: Proofs of Claim Filing Is Until Dec. 13
----------------------------------------------------
BT Shipping Ltd.'s creditors are given until Dec. 13, 2006, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 29, 2006, at 9:30 a.m., or as soon as
possible.

BT Shipping'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.

BT Shipping's shareholders agreed on Nov. 27, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


KORE FIXED: Creditors Must File Proofs of Claim by Dec. 12
----------------------------------------------------------
Kore Fixed Income Fund Ltd.'s creditors are given until
Dec. 12, 2006, to prove their claims to Roderick Forrest, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 28, 2006, at 10:00 a.m., or as soon as
possible.

Kore Fixed'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.

Kore Fixed's shareholders agreed on Nov. 14, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


MONTPELIER RE: Fitch Ups Senior Debt Rating to BBB- from BB+
------------------------------------------------------------
Fitch Ratings upgraded the senior debt rating of Montpelier Re Holdings Ltd.
to 'BBB-' from 'BB+'.  At the same time, Fitch upgraded Montepelier's
long-term issuer default rating (IDR) to 'BBB' from 'BBB-'.  Fitch also
upgraded the insurer financial strength rating of Montpelier Reinsurance
Ltd. to 'BBB+' from 'BBB'.  The Rating Outlook is Stable.

The rating actions follow a re-evaluation of Montpelier Re at the conclusion
of the 2006 hurricane season that ended Nov. 30. Fitch believes Montpelier
Re has successfully implemented its plan to revise its risk profile.  The
company has implemented new probable maximum loss and aggregate loss limits
by zone, and as a percent of capital.  Montpelier Re has also purchased
increased reinsurance protection from the traditional reinsurance markets
and through the use of a catastrophe bond sold to the capital markets in
late 2005.  As a result, Fitch believes Montpelier Re has significantly
reduced the volatility of its operating earnings.

The upgrades also consider Montpelier Re's replenishment of capital lost in
the 2005 hurricane season and its success in the June 1 to July 1, 2006,
renewal season.  The rating actions reflect Montpelier Re's strong
year-to-date earnings though Fitch does recognize that the property
reinsurance industry as a whole has reported strong earnings in 2006 due, in
part, to a relatively benign year for natural catastrophes.  Additionally,
Montpelier Re has been able to retain its customer base and benefit from
strong demand for property reinsurance.  Although year-to-date gross premium
has declined relative to 2005, this is partially the result of a shift in
the book of business from quota share to excess of loss business, tighter
risk-to-capital constraints and a curtailment of writings in offshore marine
property that have more than offset pricing increases.

Fitch further notes that Montpelier Re has raised an additional US$200
million of capital -- US$100 million in a trust preferred offering in
January and US$100 million in a private common stock sale in May -- which
Fitch considers to be positive.  Montpelier Re also secured an additional
US$180 million of soft capital in the form of a forward equity sales
agreement.  Additionally, Montpelier Re earned US$180.8 million of net
income through Sept. 30, 2006, and retained US$157 million of it after
dividends.

Fitch upgraded thses with a stable outlook:

Montpelier Re Holdings Ltd.

   -- Long-term issuer default rating upgraded to 'BBB'
      from 'BBB-';

   -- US$250,000,000 6.125% senior notes due Aug. 15, 2013,
      upgraded to 'BBB-' from 'BB+'.

Montpelier Reinsurance Ltd.

   -- Insurer financial strength rating upgraded to 'BBB+'
      from 'BBB'.


OPAL ALTERNATIVE: Proofs of Claim Filing Deadline Is Dec. on 13
---------------------------------------------------------------
Opal Alternative Growth Fund Ltd.'s creditors are given until Dec. 13, 2006,
to prove their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Jan. 5, 2007, at 9:30 a.m., or as soon as
possible.

Opal Alternative'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.

Opal Alternative's shareholders agreed on Nov. 22, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


SCOTTISH RE: Completes Repurchase of US$115MM Sr. Conv. Notes
-------------------------------------------------------------
Scottish Re Group Limited has repurchased nearly all of the US$115 million
4.5% Senior Convertible Notes issued by Scottish Re, which note holders had
the right to put to the company on Dec. 6.  Scottish Re has begun the
process of calling the remaining US$8,000 in Senior Convertible Notes that
were not put in order to retire the full issue.

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

                        *    *    *

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+' from 'BB+'.

Moody's Investor Service downgraded Scottish Re's senior unsecured debt
rating to Ba3 from Ba2 due to liquidity issues.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial strength rating
to B+ from B++ and the issuer credit ratings to "bbb-" from "bbb+" of the
primary operating insurance subsidiaries of Scottish Re Group Limited
(Scottish Re) (Cayman Islands).  A.M. Best has also downgraded the ICR of
Scottish Re to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.


SCOTTISH RE: Posts US$30.5MM Net Loss for Quarter Ended Sept. 30
----------------------------------------------------------------
Scottish Re Group Limited reported a net loss of US$30.5 million
for the three months ended Sept. 30, 2006, as compared with a net income of
US$31.9 million the prior year period.

At Sept. 30, 2006, the company's consolidated balance sheet showed US$13.83
billion in total assets, US$12.39 billion in total liabilities, US$9.3
million in minority interest, US$143.5 million in Mezzanine equity, and
US$1.28 billion in total shareholders' equity.
The net operating loss was US$24.0 million for the three months ended Sept.
30, 2006 as compared to net operating earnings of US$32.6 million for the
prior year period.

"The company has been in a very difficult period the past several months,
but has continued to maintain its focus on the core business.  Excluding the
expected one-off expenses related to our current situation and the unusually
high tax expense for the quarter, the third quarter results reflect an
underlying core profitability that is within our expectations.  It is
important to note that our mortality continues to be in line with
expectations," said Paul Goldean, Chief Executive Officer of Scottish Re
Group Limited.

Total revenues for the three months ended Sept. 30, 2006 increased to
US$611.3 million from US$563.7 million for the prior year period, an
increase of 8%, primarily due to the increase in net investment income in
the third quarter ended Sept. 30, 2006, to US$162.4 million compared to
US$92.1 million in the same period in 2005.  The increase in investment
income is primarily due to the income on higher total investments from the
new securitization structures including Ballantyne Re, Orkney II and HSBC
II, combined with higher interest rates. Excluding realized gains and losses
and the change in value of the embedded derivatives, total revenues for the
three months ended Sept. 30, 2006, increased to US$618.3 million from
US$565.0 million for the prior year period, an increase of 9%.

Total benefits and expenses increased to US$618.2 million for the three
months ended Sept. 30, 2006, from US$535.9 million for the prior year
period, an increase of 15%.  The increase was principally due to US$54.1
million higher collateral finance
facilities expenses and US$21.6 million higher claims and other policy
benefits due to adjustments arising from updated cedant  reporting and other
reserve increases.

For the three months ended Sept. 30, 2006, the company had a pre-tax loss of
US$6.8 million before minority interest as compared to a pre-tax profit of
US$27.8 million for the prior year period. Income tax expense in the third
quarter ended
Sept. 30, 2006 was US$20.8 million compared to an income tax benefit of
US$6.7 million in the same period in 2005.  The change in the effective tax
rate in the third quarter ended Sept. 30, 2006, compared to the same period
in 2005 is primarily related to a US$30.1 million valuation allowance
established on deferred tax assets.

                     About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a global life
reinsurance specialist. Scottish Re has operating businesses in Bermuda,
Grand Cayman, Guernsey, Ireland, Singapore, the United Kingdom and the
United States. Its flagship operating subsidiaries include Scottish Annuity
& Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc. Scottish
Re Capital Markets, Inc., a member of Scottish Re Group Limited, is a
registered broker dealer that specializes in securitization of life
insurance assets and liabilities.


SCOTTISH RE: S&P Raises Counterparty Credit Rating to B from CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty credit rating on
Scottish Re Group Ltd. to 'B' from 'CCC'.

Standard & Poor's also said that it raised its counterparty credit and
financial strength ratings on Scottish Re's operating companies as well as
its ratings on dependent unwrapped securitized deals related to Scottish Re
to 'BB' from 'B+'.

In addition, Standard & Poor's revised the CreditWatch status of all the
ratings to developing from positive, where the ratings were placed on Nov.
27, 2006.

"The upgrades reflect the resolution of the immediate liquidity issue at the
holding company," said Standard & Poor's credit analyst Neil Strauss.  "The
revision of the CreditWatch status to developing reflects the potential
outcomes, one favorable and one unfavorable, related to the proposed
transaction with Mass Mutual Capital Partners LLC and affiliates of Cerberus
Capital Management L.P."

On Dec. 1, 2006, Scottish Re reached an agreement with its banks to amend
its bank credit facilities and allow funds to be upstreamed from the
operating companies to the holding company.  This enabled Scottish Re to
repurchase nearly all of the US$115 million in convertible notes puttable on
Dec. 6, 2006, and retire the remainder.  In the summer of 2006, when
Scottish Re announced its second-quarter 2006 earnings loss, this had
highlighted the bank convenant, which precluded dividends to the holding
company.  Holders of the puttable notes indicated that such a put would
occur on Dec. 6, 2006, which made more critical the impaired liquidity at
the holding company.

In addition, on Nov. 27, 2006, Scottish Re had reached an agreement with
Mass Mutual Capital Partners LLC and affiliates of Cerberus Capital
Management L.P. regarding an equity infusion of US$600 million.  Mass Mutual
Capital and Cerberus Capital will also provide additional funds for short-
and long-term liquidity and capital needs.  The transaction among the
parties is expected to close in the second quarter of 2007, assuming
regulatory andshareholder approval.

If the deal closes, it is likely that Standard & Poor's would raise the
counterparty credit rating on Scottish Re Group Ltd. to the 'BB' category
and raise the counterparty credit and financial strength ratings on Scottish
Re's operating companies as well as the ratings on dependent unwrapped
securitized deals related to Scottish Re to within the 'BBB' category.

However, if the deal is not consummated, the current ratings would likely be
lowered substantially to the 'B' category or lower.  Without the deal, it
would be difficult for Scottish Re to proceed with an orderly run-off or
manage as an operating company.  At the closing of the proposed equity
infusion, Standard & Poor's will evaluate the ratings based on the terms of
the transaction and the expected prospective financial profile of Scottish
Re as well as Standard & Poor's view of the viability of the franchise and
business prospects following the events of the past several months.

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


SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
---------------------------------------------------------------
GE Capital Container SRL and GE Capital Container Two SRL, Sea Containers,
Ltd., and its debtor-affiliates' partners in a certain GE SeaCo Srl joint
venture, obtained authority from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to file a request for relief
from the automatic stay under seal and to serve redacted versions of that
request on all entitled parties.

In their request, the GE Parties ask the Court to:

     * grant relief from stay to proceed to mandatory
       arbitration against Sea Containers, Ltd., to determine
       that a change of control occurred; and

     * upon that finding, appoint a third-party arbiter to
       determine a buy out price.

In March 1998, SCL, GE Container One, and Genstar Container
had entered into an omnibus agreement pursuant to which a joint
venture, GE SeaCo Srl, was formed.  SCL and GE Container One
filed articles of organization creating the JV under Barbados
law.

On May 1, 1998, SCL and GE Container One executed a members'
agreement setting forth certain rights, obligations, and duties
related to their membership interests in the JV -- the Quotas.
Pursuant to certain amendments to the Members' Agreement, GE
Container Two and Quota Holdings, Ltd., were added as members.

Under the JV' Articles of Organization and the Members'
Agreement, the GE Parties have the right to purchase the Quotas owned by SCL
and QHL at their fair market value if a change of control occurs and if the
parties are unable to agree on a purchase price, a third party arbiter will
determine the price.  The Members' Agreement also requires that any dispute
concerning the buy-out right be decided by binding arbitration.

Howard A. Cohen, Esq., at Drinker Biddle & Reath LLP, in
Wilmington, Delaware, discloses that prior to the Debtors' filing for
bankruptcy, the GE Parties notified SCL and QHL that:

   (1) a change of control had occurred with the resignation
       from various key positions of James Sherwood, a former
       controlling principal of SCL;

   (2) GE was exercising its right to purchase the entire equity
       interest held by SCL and QHL in the JV; and

   (3) GE was prepared to enter into good faith negotiations
       regarding the fair market purchase price of SCL's and
       QHL's Quotas.

SCL and QHL dispute that a change of control occurred.

Mr. Cohen points out that cause exists to grant GE's request
because, among other things:

   (a) allowing the arbitration of the change of control dispute
       and the valuation will not prejudice SCL;

   (b) no alternative forum that would be quicker, more
       efficient, and more cost effective than arbitration
       exists; and

   (c) the hardship to the GE Parties of continuing the stay
       considerably outweighs the hardship to SCL of modifying
       the stay.

Mr. Cohen notes that, the Third Circuit in Mintze v. Am. Gen.
Fin. Servs., Inc. (In re Mintze), 434 F.3d 222 (3d Cir. 2006),
has held that there is no judicial discretion to deny arbitration even if
the arbitration involves core proceedings under Section 157(b) of the
Bankruptcy Code.

Accordingly, Mr. Cohen asserts, SCL cannot use Chapter 11 to
shield itself from arbitration.  "Because there is no alternative to
arbitration, the Court need not and, indeed, cannot analyze the costs and
benefits of arbitration versus the costs and benefits of an alternative
means of resolving the disputes, including the bankruptcy process."

Arbitrating now the Change of Control Dispute and the Valuation
will not burden the Debtors or their management, Mr. Cohen
maintains.  He says any delay in the arbitration will prejudice
the Debtors and their estates because resolution of the Change of Control
Dispute and the Valuation is indispensable to the
formulation of any plan of reorganization.

                    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)


SPITALFIELDS PIMA: Proofs of Claim Filing Is Until Dec. 12
----------------------------------------------------------
Spitalfields Pima Ltd.'s creditors are given until
Dec. 12, 2006, to prove their claims to Roderick Forrest, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 28, 2006, at 10:00 a.m., or as soon as
possible.

Spitalfields Pima'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.

Spitalfields Pima's shareholders agreed on Nov. 14, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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




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


PETROLEO BRASILEIRO: Contract Talks with Bolivia Ends on Dec. 10
----------------------------------------------------------------
The deadline for reaching a natural gas export agreement between Yacimientos
Petroliferos Fiscales Bolivianos, the state-run oil firm of Bolivia, and
Petroleo Brasileiro, its Brazilian counterpart, is on Dec. 10, Business News
Americas reports, citing an official of Petroleo Brasileiro.

The official told BNamericas that the two state firms could extend the
negotiations.

Yacimientos Petroliferos will continue negotiations with Petroleo Brasileiro
on new gas export conditions.  The two firms will be meeting this week at
Santa Cruz, Bolivia, BNamericas relates.

Petroleo Brasileiro and Yacimientos Petroliferos had agreed to commit to
increased gas volumes in the future, BNamericas notes.

Published reports say that Silas Rondeau, the mines and energy minister of
Brazil, indicated new investments in Bolivia are a possibility.  The
investments were put on hold after Bolivian President Evo Morales decided to
nationalize the hydrocarbons sector in May.

The Bolivian government's information service says that President Morales
will approve exploration and production contracts between Yacimientos
Petroliferos and 12 oil firms from Dec. 20 to 23.  The Bolivian congress has
approved the contracts.

Exploration and production accords could pave the way for new investments in
Bolivia, BNamericas states, citing top officials of Petroleo Brasileiro.

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.


* BOLIVIA: Faces Dec. 10 Deadline for Pact Talks with Petrobras
---------------------------------------------------------------
The deadline for reaching a natural gas export agreement between Yacimientos
Petroliferos Fiscales Bolivianos, the state-run oil firm of Bolivia, and
Petroleo Brasileiro, its Brazilian counterpart, is on Dec. 10, Business News
Americas reports, citing an official of Petroleo Brasileiro.

The official told BNamericas that the two state firms could extend the
negotiations.

Yacimientos Petroliferos will continue negotiations with Petroleo Brasileiro
on new gas export conditions.  The two firms will be meeting this week at
Santa Cruz, Bolivia, BNamericas relates.

Petroleo Brasileiro and Yacimientos Petroliferos had agreed to commit to
increased gas volumes in the future, BNamericas notes.

Published reports say that Silas Rondeau, the mines and energy minister of
Brazil, indicated new investments in Bolivia are a possibility.  The
investments were put on hold after Bolivian President Evo Morales decided to
nationalize the hydrocarbons sector in May.

The Bolivian government's information service says that President Morales
will approve exploration and production contracts between Yacimientos
Petroliferos and 12 oil firms from Dec. 20 to 23.  The Bolivian congress has
approved the contracts.

Exploration and production accords could pave the way for new investments in
Bolivia, BNamericas states, citing top officials of Petroleo Brasileiro.

                 About Petroleo Brasileiro

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.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


AMRO REAL: Unit Issues BRL255-Mil. Receivables Investment Fund
--------------------------------------------------------------
Comissao de Valores Mobiliarios, the Brazilian securities regulator, posted
on its Web site that Aymore, ABN Amro Real's consumer finance arm, has
issued a BRL255-million Fundo de Investimento em Direitos Creditorios or
credit receivables investment fund.

Standard & Poor's assigned a brAAAf national scale preliminary rating to the
issue due in part to the sound asset quality of the bank's loan book.

Aymore increased revenues by 34.8% in the first nine months of 2006,
compared with the same period in 2005, BNamericas relates.

ABN Amro Real specializes in commercial banking, capital markets, corporate
banking, asset management, and trade finance.  Its more than 22,000
employees assist over five million clients throughout five thousand
different points of sales.  In 1999, the bank merged with Brazil's Banco
Real.  The regional office for Latin America and the Caribbean is located in
Brazil.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept 4, 2006, Moody's Investors Service upgraded Banco ABN AMRO
Real S.A.'s long-term foreign currency deposits to Ba3, from B1.
Moody's said the rating outlook is stable.


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 float 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.


BANCO ITAU: Eyes 30% Retail Lending Boost Next Year
---------------------------------------------------
Roberto Setubal, chief executive officer of Banco Itau Holding Financeira
SA, said that the company expects to increase retail lending by 30% in 2007,
compared with 2006, due to increased demand for vehicle financing, Business
News Americas reports.

BNamericas relates that retail lending increased 27.3% to BRL36.2 billion in
September 2006, compared with September 2005.  Vehicle financing operations
totaled BRL15.8 billion in the third quarter of 2006, compared with BRL10.9
billion at the end of last year.

Mr. Setubal told BNamericas that Banco Itau expects to increase its market
share in the vehicle-financing segment to 24-25% in 2007, from 21.1%.  The
bank will also surpass its BRL1.60-billion goal for home loans this year and
expects to grant BRL2.00 billion in 2007.

Home loans represent 5.00% of consumer lending in Brazil, compared with an
average of 37.5% in Latin America, leaving plenty of room for Banco Itau to
increase mortgage lending 500% by 2010, BNamericas notes, citing Mr.
Setubal.

Mr. Setubal told BNamericas, "We see a mega opportunity in this area."

Mortgages in Chile and Mexico approach 70% of all consumer credit,
BNamericas says, citing Mr. Setubal.

According to BNamericas, Banco Itau will pursue non-account holders through
its credit card operations.  Credit card penetration among Banco Itai
account holders has remained flat at 45.0%, representing 3.96 million cards
out of a total of 4.00 million in circulation.

Mr. Setubal told BNamericas, "We can't limit ourselves to expanding among
account holders.  We have to grow more."

Taiti, Banco Itau's consumer finance unit, began operating in 2005 and has
issued 5.20 million cards, including private label credit cards through
retail partners Lojas Americanas and Pao de Acucar.  Banco Itau expects Taii
to break even either by the end of 2007 or the beginning of 2008, BNamericas
relates.

Meanwhile, commercial lending will likely increase 10% in 2007, compared
with 2006, with loans to small and medium enterprises increasing up to 25%,
BNamericas says, citing Mr. Setubal.

Mr. Setubal told BNamericas of small and medium enterprise lending within
the commercial portfolio, "This is the sector where we have greatest growth
potential.  Excluding [investment banking unit] Itau BBA, we're talking
about [commercial lending] growth of 20-25%, where the margin is much
higher."

BNamericas underscores that lending in Brazil is just above 30% of the gross
domestic product.

Mr. Setubal told BNamericas that it could easily reach up to 60% in the
future.

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

                        *    *    *

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

                        *    *    *

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

The affected ratings of Banco Itau were:

   Banco Itau Holding Financeira

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

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

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

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

      -- Individual rating affirmed at 'B/C'

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

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

      -- Support rating affirmed at '4'


BANCO NACIONAL: Approves BRL2.95 Million Credit to Apis-Flora
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
BRL2.95 million financing to Apis-Flora Industrial e Comercial Ltda. to
invest in the production capacity increase of phytotherapeutic drugs and in
the modernization of the Ribeirao Preto plant.  The project will allow the
company to expand the existing research laboratories and to complete the
development of 27 new phytotherapeutic products.

The funds will be granted under the Support Program for the Development of
the Pharmaceutical Productive Chain or PROFARMA, within the subprograms
PROFARMA Production and PROFARMA R, D & I.  The purpose is to encourage the
pharmaceutical enterprises to increase their production of drugs and related
inputs in addition to stimulating development and innovation researches in
the country.

Apis-Flora's growth is focused on markets directed to nutrition and health,
through products of natural origin, mainly bee derivate products, and the
company insertion in the pharmaceutical segment.  The company, which
currently has a staff of 53 employees, forecasts the generation of 31 direct
jobs.

The phytotherapeutic segment has been presenting high annual growth rates,
indicating a new trend for the Brazilian pharmaceutical market as a new
market niche.

Brazil ranks as the third global producer of propolis, only below Russia and
China, which is the leading global supplier of raw material.

There are no official statistics on how big the market of phytotherapeutic
products in Brazil, but it is estimated that annual sales have grown, within
the last five years, between 10% and 15% yearly and are close to BRL400
million.

Since its foundation in 1982, Apis-Flora is a leader in the propolis market.
It manufactures nutrition and health products.  It operates in the
pharmaceutical area with investments in research, development of
phytotherapeutic drugs and other innovations such as bee derivate products
and other natural active elements.

In the field of phytotherapeutic products, besides the eight drugs that it
already produces, Apis-Flora carries 17 additional drugs in testing phase,
and has been working in the development of four other innovative drugs in
the Brazilian market, based on a propolis standardized extract.  For 2008,
the company is preparing to launch a complete line of these products into
the market.

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

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nacional de Desenvolvimento Economico e
Social SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating
      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency counterparty credit rating
      * to BB+/Positive/-- from BB+/Stable/--


BANCO NACIONAL: Grants BRL350MM LOan to M&G Polimeros Brasil
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
financing of BRL350 million to M&G Polimeros Brasil SA.  The funds will be
used to construct a Polyethylene Terephthalate or PET plant, with production
capacity of 474,500 tons per year, at the industrial and port complex of
Suape, Municipality of Ipojuca, State of Pernambuco.

The new plant's production is projected to meet the domestic market demand,
by substituting the PET resin imports, which is currently around 250,000
tons/year and accounts for a negative trade balance over US$300 million
yearly.  The project will change the offer deficit into a surplus, since the
exceeding capacity will be exported until the domestic market may absorb the
full production of M&G's plant.

Investments will create over 700 direct jobs during construction of the
plant in Pernambuco (1,200 thousand at peak) and additional 828 direct and
indirect jobs when the plant begins operating.  The project has a budget of
BRL707.7 million.  BNDES' share will be 52% of total, of which BRL140
million is supported by financial agents.

The PET plant will start production in February 2007, using an innovative
technology, which forecasts significant gains due to reductions in
investment and cost levels.  Suape was chosen as the work site due to the
port's good logistic infrastructure and the fiscal incentives granted by
government of the State of Pernambuco.

Within the last 10 years, PET's global demand grew from 3 million tons in
1995 to 11.3 million tons in 2005, resulting in an annual increase of 14.3%.
Forecasts for the sector indicate an increase in demand of PET to 18.6
million in 2014.

In Brazil, the expansion has been significant in recent years, based on the
market increase and in the substitution of other more traditional materials.
The demand increased from 93,000 tons in 1995 to 434 thousand tons in 2005
(annual growth of 16.7%) and is expected to reach 728,000 tons in 2014.  The
sector of soft drinks represented 74% of PET consumption in 2005, a share
much higher than 38% for the global market.

The Brazilian petrochemical industry has been producing PET for over 15
years in order to meet domestic and Mercosur demand, but has not followed
the consumption expansion.  The production deficit was about 142,000 tons in
Brazil and 377,000 tons in South America in 2005.  Pernambuco plant's
production will meet mainly the large PET consumption centers in Brazil,
chiefly the Southeast region (around 46% of the Brazilian market) and Manaus
Free Zone, with 30% of the Brazilian market.

The M&G group, founded in 1953 and owned by the Ghisolfi family, with head
office in Tortona, Italy, has operations in the United States, Mexico,
Brazil, India and China.  With a production of 1.3 million tons by the end
of 2005, it is one of the leading producers of PET resin worldwide.  In
Brazil, M&G began its activities in 2002, with the acquisition of 88.46% of
Rhodia-Ster, and has been standing out due to a strong increase in recent
years.  The principal company of the group in Brazil is M&G Fibras e Resinas
Ltda, successor of Rhodia-Ster Fibras e Resinas Ltda.  The group employs
about 3,000 people worldwide, of which 32% are in Brazil.

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

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nacional de Desenvolvimento Economico e
Social SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating
      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency counterparty credit rating
      * to BB+/Positive/-- from BB+/Stable/--


BANCO SUDAMERIS: Moody's Withdraws All Ratings
----------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for Banco
Sudameris Brasil S.A. for business reasons.

This action does not reflect a change in Banco Sudameris Brasil's
creditworthiness.

The bank has no rated foreign currency debt outstanding.

These ratings were withdrawn:

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

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

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


BRASIL TELECOM: Launches Cheaper Hybrid Phones
----------------------------------------------
Brasil Telecom Participacoes said in a statement that it has launched a
cheaper version of its hybrid phones that can be used as a mobile and fixed
line handset.

Business News Americas relates that Brasil Telecom launched in August a
personal handyphone system.

The new hybrid simplified Motorola V196 phone will cost BRL146 in a postpaid
kit, while the original Motorola V3 costs BRL399, BNamericas notes.

BNamericas underscores that the handset has the characteristics of a cell
phone but users are charged fixed line rates within 100 meters of an access
point.

According to BNamericas, the V196 hybrid phone will be on sale at Brasil
Telecom's retail stores or from resellers this month in the company's
operating region in the south, southeast and north of Brazil.

Flavio Lang, Brasil Telecom's manager for voice products and convergence,
told BNamericas, "We expect to double or triple our current client base to
between 20,000 or 30,000 clients by the end of the year."

Brasil Telecom has attracted 10,000 clients in the first months, BNamericas
says, citing Mr. Lang.

Mr. Lang told BNamericas, "This [hybrid phone] has a strategic importance
for BrT (Brasil Telecom) in order to attract new mobile phone clients as
well as create loyalty among its existing fixed line customers."

Brasil Telecom has some 95% of the fixed line market in its concession
region, BNamericas says, citing Mr. Lang.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA --
http://www.brasiltelecom.com.br-- is a holding company that conducts
substantially all of its operations through its wholly owned subsidiary,
Brasil Telecom SA.  The fixed-line telecommunications services offered to
the company's customers include local services, including all calls that
originate and terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public telephones and
supplemental local services; intraregional long-distance services, which
include intrastate and interstate calls; interregional and international
long-distance services; network services, including interconnection and
leasing; data transmission services; wireless services, and other services.

                        *    *    *

Brasil Telecom Participacoes' local currency long-term debt carries Fitch's
BB+ rating.


CHEMTURA CORP: Posts US$39.9 Mil. Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Chemtura Corp. reported a US$39.9 million net loss on US$917 million of
sales for the third quarter ended Sept. 30, 2006, compared with a US$118.9
million net loss on US$918.4 million of sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$4.62 billion in total assets, US$2.79 billion in total liabilities, and
US$1.83 billion in total stockholders' equity.

Third quarter 2006 net sales of US$917.0 million were less than 1% below
third quarter 2005 net sales of US$918.4 million.  The decrease is due to
lower sales of US$13.6 million related to the sale of the company's
Industrial Water Additives business in May 2006 and a US$21.7 million
decrease in sales volume, which were mostly offset by increased selling
prices of US$26.5 million and favorable foreign currency translation of
US$7.0 million.

"This year's third quarter results reflect a number of operating challenges
and several notable accomplishments," said Robert L. Wood, Chairman and CEO.

"Crop Protection results were negatively impacted by high bad debt reserves
and lower sales in Latin America and competitive pressures in the U.S. mite
market, and we continued to struggle in Rubber Additives and EPDM
Elastomers.  We've begun recapturing volume in our non-flame retardant
Plastic Additives business but it has not yet translated into the margin
recovery we anticipate.  Flame Retardants, Consumer Products, Lubricant
Additives and Urethanes all turned in solid performances.

Included in the operating loss for the three month period ended Sept. 30,
2006, is a pre-tax impairment charge of US$51.9 million, due primarily to
continued weak market share and the projected loss of revenue in the
Fluorine business resulting from the loss of a customer.  Additionally, the
company recorded an impairment charge related to certain assets used in the
Fluorine business of US$22.7 million.

The operating loss for the third quarter of 2006 was US$51.9 million as
compared to an operating loss of US$49.7 million for the third quarter of
2005

The loss from continuing operations for the third quarter of 2006 was
US$85.8 million compared to US$120.3 million for the third quarter of 2005.
The improvement is partly due to lower interest expense of US$6.8 million
and a higher tax benefit in 2006 compared to 2005 principally due to the
absence of non-recurring taxes in 2005 on dividends under the Foreign
Earnings Repatriation provisions of the 2004 American Jobs Creation Act and
the lack of any tax benefit in 2005 for the write-off of in-process research
and development.  These increases were partially offset by higher costs of
US$13.5 million for the loss on early extinguishment of debt principally
related to the early retirement of the company's 9.875% Notes in July 2006.

During the third quarter of 2006, the company recorded a gain on sale of
discontinued operations of US$45.9 million related to the sale of the
OrganoSilicones business to General Electric Company in July of 2003.  This
gain represents the recognition of the additional contingent earn-out
proceeds related to the combined performance of GE's existing Silicones
business and the OrganoSilicones business from the date of the sale through
Sept. 30, 2006.

Full-text copies of the company's consolidated financial statements for the
third quarter ended Sept. 30, 2006, are available for free at:
http://researcharchives.com/t/s?1630

                     About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/ -- is a global
supplier of plastic additives, including flame retardants.  The company also
manufactures and markets pool and spa products and  seed treatment and
miticides in the agricultural market.  Chemtura has more than 6,500
employees in research, manufacturing, sales and administrative facilities in
every major market of the world.  In Latin America, Chemtura has facilities
in Brazil and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 7, 2006, Moody's
Investors Service affirmed its Ba1 Corporate Family Rating for Chemtura
Corp., in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. chemicals and allied products sectors.  Additionally, Moody's held its
Ba1 probability-of-default rating on the company's US$500 Million 6.875%
Guaranteed Senior Notes due June 2016.


COMPANHIA ENERGETICA: Moody's Ups Corp. Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service upgraded Companhia Energetica de Sao Paulo aka
CESP's global local currency corporate family rating to Ba3 from B1 and its
US$975 million unsubordinated unsecured Medium-Term Notes Program foreign
currency rating and the issuances thereunder to Ba3 from B2.  The ratings
outlook is positive.  This rating action concludes the review initiated on
Aug. 1, 2006.

Moody's upgraded these ratings:

   -- Global Local Currency Corporate Family Rating: to Ba3 from
      B1;

   -- US$975 million Unsubordinated Unsecured Medium-Term Notes
      Program: to Ba3 from B2;

   -- US$300 million 10% Senior Unsecured Notes due 2011 issued
      under the MTN program: to Ba3 from B2; and

   -- US$220 million 9.25% Senior Unsecured Notes due 2013
      issued under the MTN program: to Ba3 from B2

The upgrade of CESP's global local currency corporate family rating reflects
the company's lowered refinancing risk following the recent actions taken by
management to strengthen its capital structure, while the 2-notch upgrade of
the MTN Program also incorporates the elimination of 1-notch differentiation
of the MTN Program and related issuances in relation to CESP's global local
currency corporate family rating due to effective subordination to existing
secured debt.

According to Moody's' practice in Brazil, a debt is regarded as secured if
collateralized by tangible assets with good liquidity, while obligations
collateralized by the pledge of future revenues are considered to be
unsecured in a hypothetical liquidation scenario.  At Sept. 30, 2006,
secured obligations represented just some 4% of CESP's Total Adjusted Debt,
no longer justifying the notching differentiation of the rated MTN Program
and outstanding rated notes. The Ba3 foreign currency ratings and positive
outlook of the MTN Program and related issuances are not constrained by
Brazil's current Ba1 sovereign ceiling.

The positive outlook reflects Moody's expectation that, following the
conclusion of its debt restructuring, CESP will focus on the continuous
deleveraging of its balance-sheet in the coming years, supported by its
strong cash flows that should benefit from legal restrictions to distribute
dividends due to significant accumulated losses, and low levels of capital
expenditures which should be limited to the ongoing maintenance of its
plants.

With over 95% of its voting shares directly and indirectly owned by the
Government of the State of Sao Paulo, CESP is considered a
government-related issuer in accordance with Moody's rating methodology
entitled "The Application of Joint Default Analysis to Government-Related
Issuers".

Moody's methodology for GRIs systematically incorporates into the rating the
company's stand-alone credit risk profile or Baseline Credit Assessment as
well as the likelihood that a government would provide extraordinary support
to that company's debt obligations.  The ratings of CESP result from the
application of a joint-default analysis of the company's BCA, the Ba2 rating
of the State of Sao Paulo, and Moody's view of medium dependence, and medium
support probability of extraordinary support from the controlling
shareholder.  The BCA of a GRI is expressed on a 1-21 scale or as a range
within the 1-21 scale, according to the issuer's preference, where 1
represents the equivalent risk of an Aaa, 2 a Aa1, 3 a Aa2 and so forth.
CESP's ratings incorporate a BCA that is currently in the 14-16 range.

Headquartered in Sao Paulo, Brazil, CESP -- Companhia Energetica de Sao
Paulo -- is the country's third largest power generator, majority owned by
the State of Sao Paulo.  CESP operates 6 hydroelectric plants with total
installed capacity of 7,456 MW and reported net revenues of BRL1,983 million
(approximately US$901 million) in the last twelve months through
Sept. 30, 2006.


DURA AUTOMOTIVE: Court Okays Richards Layton as Local Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized DURA
Automotive Systems Inc. and its debtor affiliates to employ Richards, Layton
& Finger P.A. as their local counsel, general co-counsel, and conflicts
counsel, nunc pro tunc to Oct. 30, 2006.

As reported in the Troubled Company Reporter on Nov. 10, 2006,
Richards, Layton & Finger will:

    * provide legal advice to the Debtors with respect to their
      rights, powers, and duties as debtors-in-possession in the
      continued operation of their business and management of
      their properties;

    * take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of di8sputes in which
      the Debtors are involved, and the preparation of
      objections to claims filed against the Debtors' estates;

    * prepare and pursue confirmation of the Debtors' plan,
      approval of that plan, and approval of the Debtors'
      disclosure statement;

    * prepare necessary applications, motions, answers, order,
      reports, and other legal papers on behalf of the Debtors;

    * appear in Court and protect the interests of the debtors
      before the Court; and

    * perform all other legal services for the Debtors that may
      be necessary and proper in the bankruptcy proceeding.

The principal attorneys and paralegals presently designated to represent the
Debtors will be paid:

          Professionals                   Hourly Rate
          -------------                   -----------
          Directors:                     US$390 - US$605

          Mark D. Collins, Esq.              US$520
          Daniel J. DeFranceschi, Esq.       US$465

          Associates:                    US$210 - US$350

          Jason M. Madron, Esq.              US$270
          Mark Kurtz, Esq.                   US$225

          Paralegals:                    US$125 - US$180

          Ann Jerominski                     US$165
          Rebecca V. Speaker                 US$165

Daniel J. DeFranceschi, Esq., a director of RL&F, assured the Court that his
firm is disinterested pursuant to Section 101(14) of the Bankruptcy Code.
RL&F does not hold or represent an interest adverse to the Debtors or their
estates, Mr. DeFranceschi said.

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).


GULFMARK OFFSHORE: Sells Stock to Jefferies at US$38.50 a Share
---------------------------------------------------------------
GulfMark Offshore, Inc., has agreed to issue and sell 2,000,000 shares of
its common stock to Jefferies & Company, Inc. at a price of US$38.50 per
share.  GulfMark has also granted Jefferies & Company an option to acquire
an additional 300,000 shares to cover over-allotments.  The shares are being
resold by Jefferies & Company to the public under a shelf registration
statement.

GulfMark estimates that it will receive net proceeds from this offering of
US$76.9 million (US$88.4 million if the underwriter exercises its
over-allotment option in full), after deducting estimated offering expenses
of US$150,000 payable by it.  GulfMark intends to use those net proceeds to
repay amounts borrowed under its existing credit facility and for general
corporate purposes, which may include funding of its new vessel construction
program and the acquisition of other vessels.

The offering is being made only by means of a prospectus and related
prospectus supplement, a copy of which may be obtained from:

          Jefferies & Company, Inc.
          Attn: Prospectus Department
          520 Madison Avenue
          New York, New York 10022

Headquartered in Houston, Texas, Gulfmark Offshore Inc. --
http://www.gulfmark.com/ -- together with its subsidiaries,
provides offshore marine services primarily to companies
involved in offshore exploration and production of oil and
natural gas.  The majority of the company's operations are in
the North Sea with the balance offshore Southeast Asia and
Brazil.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 15, 2006, In connection
with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors, the rating agency confirmed its Ba3 Corporate Family
Rating for GulfMark Offshore Inc. and its B1 rating on the
company's 7.75% Senior Unsecured Guaranteed Global Notes Due
2014.  Moody's assigned those debentures an LGD5 rating
suggesting noteholders will experience a 78% loss in case of default.

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Standard & Poor's Ratings Services lowered the corporate credit
rating on Gulfmark Offshore Inc. to 'B+' from 'BB- and the
company's senior unsecured rating to 'B' from 'B+'.  Outlook was
revised to stable from negative.


PETROLEO BRASILEIRO: Natural Gas Price Important for Ceara Plant
----------------------------------------------------------------
Jose Sergio Gabrielli -- the president of Petroleo Brasileiro, the state-run
oil firm of Brazil -- told O Estado de Sao Paulo that settling the price of
natural gas is a key factor in negotiations on fuel supply to the Ceara
steel plant.

Business News Americas relates that the plant is yet to be constructed by
three partners in Ceara, Brazil.

BNamericas underscores that Ciro Gomes, a former minister and congressman,
criticized the negotiations between Petroleo Brasileiro and the plant's
partners.

Petroleo Brasileiro was creating bureaucratic barriers that harm the public
by not guaranteeing gas supply to the new plant, Mr. Gabrielli said,
according to O Estado.

Mr. Gabrielli told BNamericas, "Petrobras (Petroleo Brasileiro) is a gas
distributor for the plant that has three partners.  The issue should be
discussed with them."

BNamericas underscores that CVRD will have a 9% stake in the project, while
Dongkuk Steel will control 34% and Danieli Steel will hold 17%.  BNDES holds
the remaining 40%.

The plant's nominal capacity will be 1.5 megatons per year of slabs.  It
will start operating in 2009, 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: Inks Deepwater Exploration Pact in Tanzania
----------------------------------------------------------------
Petoleo Brasileiro SA aka Petrobras signed the Shared Production Agreement
for Block 6 during a ceremony held at the Ministry of Energy and Minerals'
building, in Dar es Salaam, Tanzania, on Dec. 5.  The agreement was signed
by Tanzania's minister of Energy and Minerals, Nazir Karamagi, by the
general director of national oil company Tanzania Petroleum Development
Corporation -- TPDC, Yona Killagane, and by Petrobras' international
executive manager for the Americas, Africa and Eurasia, Joao Figueira.
Brazil's ambassador to Tanzania participated in the ceremony representing
the Brazilian government.

The term of the agreement for Block 6, which covers an area of 11,099 square
kilometers and is located in deep waters (500 to 3,500 meters) in the
Tanzanian sector of the Indian Ocean, will be for 11 years, which will be
divided into three periods.

In the first period of four years, Petrobras takes on the contractual
commitment to undertake studies and survey geological, geochemical, and
geophysical data, including 2,100 kilometers of 2D seismic data or 300
square kilometers of 3D data.

In the second of four years and third period of three years, the commitment
is to drill wells, which, if successful, will allow the production period to
be kicked off, the term of which is 25 years, renewable for an additional 20
years.

The rights for Block 6 were obtained through an international bidding
process TPDC held in 2005.  Petrobras' interest in the Block resulted from
its strategy of creating a wide-ranging exploratory investigation portfolio
in frontier areas.

The company's goal is to consolidate its position in a sedimentary basin
with the potential of becoming a new oil province and maintain a long-term
performance in this African country.  Petrobras also hopes to use
operational synergies, such as hiring geophysical data acquisition and
processing services, among others, as required for the future exploratory
drilling.

                    Petrobras in Tanzania

Block 6 is Petrobras' second agreement in Tanzania.  The company has been
operating in the country since 2004, when it signed the agreement for Block
5, also located in deep waters and where about 5,500 kilometers of new
seismic data have already been surveyed.  This study extends to Block 6 and
gives continuity to the technical evaluation studies aimed at guiding
exploratory drilling decision-making. Petrobras holds 100% of the rights for
both agreements.

The African continent is among the investment priorities set by Petrobras'
Strategic Plan.  The company already has oil exploration and production
activities in Angola, Nigeria, Equatorial Guinea, Tanzania, Mozambique, and
in Libya.

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: To Develop Tibu Field with Ecopetrol
---------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras signed an agreement with Ecopetrol, the
Colombian national oil company, for the development of the Tibu field, in
Colombia, 500 kilometers north of Bogota.  Petrobras will participate with
55% of the investments in the Development Plan, which covers the third phase
of the project, and will keep 40% of the field's total production.

As a result of the activities they will carry out in the Tibu field,
Petrobras and Ecopetrol estimate that there may be more than 100 million
barrels of additional reserves at the field, which would boost the current
production from 1,800 barrels of oil per day to more than 15,000 bpd.
Petrobras will be in charge of performing the project's activities aiming at
generating additional production, while Ecopetrol will continue as the
field's operator.

The first phase of the project for the Tibu's additional development is
scheduled for January 2007, and will consist of an initial two and a half
year stage.  During this period, Petrobras is expected to invest US$40
million in studies and work that will determine the field's actual
potential, in addition to adding technology and experience to the project,
reducing uncertainties and associated risks.

The Tibu field went into production in 1944 and reached its production peak
in 1955 at 26,000 barrels per day.  Its accumulated production totals 247
million barrels of oil.  It currently has 129 active wells, among oil
producers and water injectors.  The oil produced there is considered light,
varying from 32 to 50 degrees API (American Petroleum Institute).

Parallel to the activities carried out in Colombia, Petrobras and Ecopetrol
kicked off a partnership for the exploration of a block in the Brazilian
state of Bahia, in a 170 square kilometer area purchased in an auction held
by the National Petroleum Agency.

Petrobras will work in association with the Colombian company in the Tucano
156 exploratory block, located in the Tucano Sul Basin, 90 kilometers away
from the Bahia coast.  Petrobras holds 70% participation in the block and
Ecopetrol, with a 30% share, will be the project's operator.  This
partnership represents the beginning of Ecopetrol's internationalization
process.

It was in Colombia that Petrobras commenced its activities abroad, in 1972.
In 2000, the company made the biggest discovery of the past 15 years in that
country -- the Guando Field, with reserves of 120 million barrels of oil.
This field, located in the state of Tolima, 100 kilometers southeast of
Bogota, is one of the areas where Petrobras performs, in partnership with
Ecopetrol, development projects in Colombia.

Petrobras is the third biggest private operator in Colombia, operating a
total production of 46,000 barrels of oil equivalent per day and with proven
reserves of 36.6 million barrels of oil equivalent.  In 2005, the company
had gross billing in the order of US$310.5 million in the country.

                      About Ecopetrol

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.

                  About Petroleo Brasileiro

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.


TELE NORTE: Shareholders Have Until Dec. 15 to Vote on Plan
-----------------------------------------------------------
Tele Norte Leste Participacoes SA said in a statement that the final date
for shareholders to vote on the firm's restructuring plan is Dec. 15.

As reported in the Troubled Company Reporter-Latin America on Nov. 29, 2006,
Tele Norte previously suspended a shareholders meeting set for Nov. 27 as
Comissao de Valores Mobiliarios, the securities regulator of Brazil,
requested more details about the voting process, as ordered by a Rio de
Janeiro civil court.  It was the third time that Tele Norte postponed the
shareholders meeting that would involve a votation on the firm's
restructuring plan.  Tele Norte had been unable to vote on its corporate
restructuring plan on Nov. 13 and Nov. 24 as the shareholders meeting failed
to reach quorum.  Once the plan gets the shareholders' approval at a
shareholders meeting, Tele Norte will be able to:

          -- simplify the structure of its three units:

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

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

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

Comissao de Valores reiterated to Business News Americas that all of Tele
Norte's preferred shareholders should be entitled to vote.

Carlos Constantini, an analyst at Deutsche Bank Equity Research, told
BNamericas, "This means that all preferential shareholders, including those
who also own ordinary shares and/or participate in the control group, should
be allowed to vote."

Felipe Cunha, an analyst at Brascan Equity Research, told BNamericas that
the news guarantees that BNDES and Previ, which jointly account for 6.25% of
the total preferential capital, can vote.

As previously reported, voting has been hampered by a legal battle between
Tele Norte's ordinary and preferential shareholders.  The ordinary
shareholders of Tele Norte obtained court orders preventing certain
preferential shareholders from participating in the shareholders meetings,
as they will be in favor of the restructuring.  The ordinary shareholders
fear that Previ and BNDES, which hold around 6% of the preferential shares,
could considerably raise their stakes as ordinary shareholders.

BNamericas underscores that the management of Tele Norte needs at least 25%
of total preferential votes in favor for the restructuring to go ahead.  The
result of the Dec. 15 meeting, however, will still need the approval of
another legal tribunal.

Mr. Constantini told BNamericas, "We continue to think it is likely the deal
will be approved, but do not disregard the possibility of additional court
action.  In practical terms, we believe it would be far more difficult to
revert whatever is approved or rejected during the shareholders meeting."

The pending legal decision also leads to uncertainty in the markets,
BNamericas says, citing Mr. Cunha.

"We reiterate the possibility of strong price volatility in Telemar's (Tele
Norte) shares due to pending judicial decisions during this period," Mr.
Cunha told BNamericas.

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

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

                        *    *    *

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


VARIG SA: Preliminary Injunction Continued Through Jan. 11, 2007
----------------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District
of New York continues the preliminary injunction imposed in VARIG S.A. and
its debtor-affiliates' Section 304 cases through and including Jan. 11,
2007.

The Court will hold a hearing on Jan. 10, 2007, at 10:00 a.m., to consider
whether to extend the Preliminary Injunction or, if appropriate, convert it
into a Permanent Injunction.

Previously filed objections to the extension of the Preliminary
Injunction or entry of a Permanent Injunction will be carried
over to the January 10 hearing.

Any other objection must be filed with the Court by
Jan. 3, 2007.

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin America.  VARIG's
principal business is the transportation of passengers and cargo by air on
domestic routes within Brazil and on international routes between Brazil and
North and South America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456 full-time
employees, of which approximately 133 are employed in the United States.

The Company, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a competitive
landscape, high fuel costs, cash flow deficit, and high operating leverage.
The Debtors may be the first case under the new law, which took effect on
June 9, 2005.  Similar to a chapter 11 debtor-in-possession under the U.S.
Bankruptcy Code, the Debtors remain in possession and control of their
estate pending the Judicial Reorganization.  Sergio Bermudes, Esq., at
Escritorio de Advocacia Sergio Bermudes, represents the carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


* BRAZIL: IDB Grants US$80MM Loan for Electricity Distribution
--------------------------------------------------------------
The Inter-American Development Bank approved a US$80 million loan to
Companhia de Energia Eletrica do Estado do Tocantins aka Celtins -- the
privately-held power distribution concessionaire for the State of
Tocantins -- for an investment and refinancing program to improve and expand
electricity distribution in central Brazil.

This project will help increase electricity coverage in Brazil.  During the
period 2006-2010, Celtins plans to improve and expand its electricity
distribution system to provide electricity to new customers in rural and
urban areas, achieve productivity gains and reduce costs, and improve the
quality and reliability of its distribution network system.  The project
will reduce electricity shortages and interruptions in Celtins distribution
system and thus improve the living standards of the population.

The IDB financing includes an "A-loan" of up to US$60 million from the
Bank's ordinary capital and a syndicated loan, the "B-loan," of up to US$20
million, consisting of resources from financial institutions that subscribe
participation agreements with the IDB.

The shareholders of the borrower are Rede S.A. (70%) and the State of
Tocantins (30%).

The amortization period is up to 9 years for the "A-loan" and up to 6 years
for the "B-loan" with a three-year grace period, at an interest rate based
on LIBOR.  Total project cost is US$246 million.

The IDB requires the highest environmental, social and safety standards and
procedures for the project.

IDB participation in the project helps mobilize access to long-term
financing from commercial banks and has an important demonstration effect on
the viability of Brazil's electricity distribution companies under the new
electricity sector model.

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services revised its
outlook on its long-term ratings on the Federative Republic of Brazil to
positive from stable.  Standard & Poor's also affirmed these ratings on the
Republic of Brazil:

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




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


CJ CAYMAN: Shareholders to Gather for Final Meeting on Dec. 14
--------------------------------------------------------------
CJ Cayman Finance Ltd.'s shareholders will convene for a final meeting on
Dec. 14, 2006, at:

           Maples Finance Limited
           P.O. Box 1093 GT, Queensgate House
           South Church Street, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

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


COATES EUROPEAN: Liquidator Presents Wind Up Accounts on Dec. 14
----------------------------------------------------------------
Coates European Fund Ltd.'s shareholders will convene for a final meeting on
Dec. 14, 2006, at:

           Maples Finance Limited
           P.O. Box 1093 GT, Queensgate House
           South Church Street, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

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


COATES EUROPEAN (MASTER): Final Shareholders Meeting Is Dec. 14
---------------------------------------------------------------
Coates European Master Fund Ltd.'s shareholders will convene for a final
meeting on Dec. 14, 2006, at:

           Maples Finance Limited
           P.O. Box 1093 GT, Queensgate House
           South Church Street, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

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


DAWOODIYAH - II: Calls Shareholders for Final Meeting on Dec. 14
----------------------------------------------------------------
Dawoodiyah - II Ltd.'s shareholders will convene for a final meeting on Dec.
14, 2006, at:

           Cititrust (Cayman) Limited
           CIBC Financial Centre, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

           Buchanan Limited
           P.O. Box 1170
           Grand Cayman, Cayman Islands


HARBERT GLOBAL (MASTER): Last Shareholders Meeting Is on Dec. 14
----------------------------------------------------------------
Harbert Global Macro Master Fund, Ltd.'s final shareholders meeting will be
at 11:00 a.m. on Dec. 14, 2006, at:

          Ogier
          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:

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


HARBERT GLOBAL (OFFSHORE): Final Meeting Is Set for Dec. 14
-----------------------------------------------------------
Harbert Global Macro Offshore Fund, Ltd.'s final shareholders meeting will
be at 11:00 a.m. on Dec. 14, 2006, at:

          Ogier
          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:

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


HERMOSA INVESTMENTS: Last General Meeting Is Set for Dec. 14
------------------------------------------------------------
Hermosa Investments Ltd.'s shareholders will convene for a final meeting on
Dec. 14, 2006, at:

           Cititrust (Cayman) Limited
           CIBC Financial Centre, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

           Buchanan Limited
           P.O. Box 1170
           Grand Cayman, Cayman Islands


HEXAGON TRUST: Invites Shareholders for Dec. 14 Final Meeting
-------------------------------------------------------------
Hexagon Trust Company (CI) Ltd.'s final shareholders meeting will be at
11:00 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 liquidators can be reached at:

         S.L.C. Whicker
         K.D. Blake;
         Attn: Dorra Mohammed
         P.O. Box 493
         Grand Cayman, Cayman Islands
         Tel: 345-949-4800
              345-914-4475
         Fax: 345-949-7164


INTERPOOL FINANCE: Proofs of Claim Filing Deadline Is Dec. 15
-------------------------------------------------------------
Interpool Finance Corp.'s creditors are required to submit proofs of claim
by Dec. 15, 2006, to the company's liquidator:

          James F. Walsh
          c/o Campbells
          4th Floor, Scotia Centre
          P.O. Box 884, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Interpool Finance's shareholders agreed on Oct. 26, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


LAMBETH FUND: Deadline for Proofs of Claim Filing Is on Dec. 15
---------------------------------------------------------------
Lambeth Fund, Ltd.'s creditors are required to submit proofs of claim by
Dec. 15, 2006, to the company's liquidator:

          dms Corporate Services, Ltd.
          20 Genesis Close, Second Floor
          Ansbacher House
          P.O. Box 31910SMB, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Angela Nightingale
          Ansbacher House
          P.O. Box 31910SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 946 7665
          Fax: (345) 946 7666


LAMBETH MASTER: Proofs of Claim Filing Deadline Is on Dec. 15
-------------------------------------------------------------
Lambeth Master Fund, Ltd.'s creditors are required to submit proofs of claim
by Dec. 15, 2006, to the company's liquidator:

          dms Corporate Services, Ltd.
          20 Genesis Close, Second Floor
          Ansbacher House
          P.O. Box 31910SMB, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Angela Nightingale
          Ansbacher House
          P.O. Box 31910SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 946 7665
          Fax: (345) 946 7666


MUIR CAPITAL: Shareholders to Gather for Last Meeting on Dec. 14
----------------------------------------------------------------
Muir Capital, Ltd.'s final shareholders meeting will be at 10:00 a.m. on
Dec. 14, 2006, at:

          Ogier
          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:

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


PENTACLE CAPITAL: Last Shareholders Meeting Is Set for Dec. 14
--------------------------------------------------------------
Pentacle Capital Cayman, Inc.'s shareholders will convene for a final
meeting on Dec. 14, 2006, at:

           Maples Finance Limited
           P.O. Box 1093 GT, Queensgate House
           South Church Street, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

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


SHEYENNE INCORPORATION: Last Shareholders Meeting Is on Dec. 14
---------------------------------------------------------------
Sheyenne Incorporation Ltd.'s shareholders will convene for a final meeting
on Dec. 14, 2006, at:

           Cititrust (Cayman) Limited
           CIBC Financial Centre, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

           Buchanan Limited
           P.O. Box 1170
           Grand Cayman, Cayman Islands


TAHOMA MASTER: Shareholders to Convene for Dec. 14 Final Meeting
----------------------------------------------------------------
Tahoma Master Fund, Ltd.'s final shareholders meeting will be at 10:00 a.m.
on Dec. 14, 2006, at:

          Ogier
          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:

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


T-SMITH CAPITAL: Last Day to File Proofs of Claim Is on Dec. 15
---------------------------------------------------------------
T-Smith Capital Inc.'s creditors are required to submit proofs of claim by
Dec. 15, 2006, to the company's liquidators:

          Cereita Lawrence
          Janet Crawshaw
          P.O. Box 1109
          Grand Cayman, Cayman Islands
          Tel: 345-914-7510
          Fax: 345-949-7634

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

T-Smith Capital's shareholders agreed on Oct. 24, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


WILDFLOWER INVESTMENTS: Final General Meeting Is Set for Dec. 14
----------------------------------------------------------------
Wildflower Investments Ltd.'s shareholders will convene for a final meeting
on Dec. 14, 2006, at:

           Cititrust (Cayman) Limited
           CIBC Financial Centre, George Town
           Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

           Buchanan Limited
           P.O. Box 1170
           Grand Cayman, Cayman Islands




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


REVLON CONSUMER: S&P Junks Rating on US$840MM Sr. Sec. Term Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and recovery ratings to
New York, N.Y.-based Revlon Consumer Products Corp.'s new US$840 million
senior secured term loan due 2012.  The loan rating is 'CCC+, with a
recovery rating of '2', indicating the expectation for substantial recovery
of principal in the event of a payment default.

At the same time, Standard & Poor's affirmed its existing ratings on Revlon,
including the 'CCC+' corporate credit rating.
The rating outlook is negative.

In addition to the proposed term loan facility, Revlon also announced that
it intends to increase the size of its previously planned US$5 million
rights offering to $100 million.  McAndrews & Forbes (M&F) is committed to
purchasing its 60% pro rata share of the equity covered by the offering.
M&F will also backstop up to US$75 million of the offering, and will
continue to provide an additional US$50 million line of credit through Janua
ry 2008.  The bank refinancing is expected to close in December 2006, and
the rights offering is expected to be completed in January 2007.  Proceeds
from the new term loan facility will be used to refinance Revlon's existing
US$800 million term loan facility, and the balance will be available for
general corporate purposes after the repayment of transaction related fees
and expenses.  Proceeds from the rights offering will be used to repay US$50
million of its 8.625% subordinated notes due in 2008, with the remainder
used to pay down its existing revolver balance after fees and expenses.  At
Sept. 30, 2006, the company had about US$1.465 billion in total debt
outstanding and, on a pro forma basis, it is expected to have about US$1.404
billion of total debt outstanding
at the closing of the bank refinancing and rights offering.

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

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is
majority-owned by MacAndrews and Forbes, which is wholly-owned by Ronald O.
Perelman.

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




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


ECOPETROL: Expanding Tiba Field Output with Petroleo Brasileiro
---------------------------------------------------------------
Executives of Ecopetrol, the state-owned oil company of Colombia, told
reporters that the firm has signed an accord with Petroleo Brasileiro, its
Brazilian counterpart, to increase production at Tibu field.

The Tibu field is located in Colmbia's Norte de Santander department.  It
started operations in 1944.

Mauricio Salgar said at a press conference that the project is aimed at
boosting Tiba's reserves to over 100 million barrels of oil, increasing
production to 15,000 barrels per day from 1,800 barrels per day.

Mr. Salgar told BNamericas, "It's a high-risk project.  The field was
discovered more than 4-5 decades ago and the technology was different from
what we use today."

Business News Americas relates that the project's first phase will begin in
January 2007 and, if promising, will be followed by a development stage.
Project investments could reach US$40 million in the first 2.5 years,
including studies to determine the area's potential.

Ecopetrol will invest 45% in the development stage.  The company will
control 60% of field production, net of royalties, BNamericas states.

                  About Petroleo Brasileiro

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.

                      About Ecopetrol

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: May Bid for Remaining Blocks Tendered in Brazil
----------------------------------------------------------
Mauricio Salgar -- the acting president of Ecopetrol, the state-owned oil
firm of Colombia -- told reporters that the company was interested in
bidding for the remaining blocks auctioned in Brazil's 8th exploration
licensing round.

Business News Americas relates that Agencia Nacional do Petroleo, Brazilian
hydrocarbons regulator, could not offer the blocks after a court stopped the
auction.

As reported in the Troubled Company Reporter-Latin America on Dec. 4, 2006,
a federal judge issued an injunction suspending Brazil's yearly auction of
oil and gas exploration and production blocks after half a day of auctioning
had passed, because a congresswoman had challenged a rule limiting the
number of offers each entity was allowed to make.

Mr. Salgar told BNamericas, "As you know, bidding was cut off in midstream
and there were a lot more blocks in which Ecopetrol was interested."

BNamericas underscores that Ecopetrol won the license during the 8th round
for the Tucano 156 block in the Tucano Sul basin.  The company was in
partnership with Petroleo Brasileiro, its Brazilian counterpart.

The property is an important start in Ecopetrol's plan to expand
internationally, BNamericas states, citing Mr. Salgar.

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.


PETROLEO BRASILEIRO: Expanding Tiba Field Output with Ecopetrol
---------------------------------------------------------------
Petroleo Brasileiro, the state-run oil firm of Brazil, has signed an
agreement with Ecopetrol, its Colombian counterpart, to increase production
at Tibu field, Ecopetrol executives told reporters.

The Tibu field is located in Colmbia's Norte de Santander department.  It
started operations in 1944.

Mauricio Salgar said at a press conference that the project is aimed at
boosting Tiba's reserves to over 100 million barrels of oil, increasing
production to 15,000 barrels per day from 1,800 barrels per day.

Mr. Salgar told BNamericas, "It's a high-risk project.  The field was
discovered more than 4-5 decades ago and the technology was different from
what we use today."

Business News Americas relates that the project's first phase will begin in
January 2007 and, if promising, will be followed by a development stage.
Project investments could reach US$40 million in the first 2.5 years,
including studies to determine the area's potential.

Ecopetrol will invest 45% in the development stage.  The company will
control 60% of field production, net of royalties, BNamericas states.

                       About Ecopetrol

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.

                  About Petroleo Brasileiro

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.




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


PRC LLC: S&P Assigns B+ Corporate Credit Rating
-----------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating
and stable outlook to business process outsourcer PRC LLC.

At the same time, Standard & Poor's assigned a bank loan rating of 'BB-',
one notch above the corporate credit rating, and recovery rating of '1' to
PRC's proposed US$150 million first-lien credit facilities, indicating a
high expectation of full recovery of principal in the event of a payment
default.  The first-lien credit facilities consist of a US$20 million
revolving credit facility due 2012, a US$25 million delayed-draw credit
facility due 2013, and a US$105 million term loan B due 2013.  Standard &
Poor's also assigned a 'B-' bank loan rating, two notches lower than the
corporate credit rating, and recovery rating of '4' to the company's US$55
million second-lien term loan due 2014, indicating an expectation of
marginal (25-50%) recovery of principal in the event of a payment default.

Proceeds from the transaction will be used to fund Diamond Castle Holdings
LLC's acquisition of PRC from IAC/InterActiveCorp.  Pro forma for the
proposed transaction, total debt outstanding was US$182 million, including
US$22 million in holding company 14% pay-in-kind notes due 2015, as of Sept.
30, 2006.

Plantation, Fla.-based PRC is a business process outsourcing or BPO provider
with operations in the U.S., the Philippines, India, the Dominican Republic,
and Ireland.  The company provides dedicated-agent communication services
focusing on business-to-consumer and business-to-business transactions.

"The ratings reflect PRC's significant revenue concentration among its top
customers, high debt leverage following the buyout, and the competitive BPO
market," said Standard & Poor's credit analyst Andy Liu.  "Also, we are
concerned about uncertain long-term opportunities for cost reduction, and
the presence of several larger and better capitalized competitors."

These factors are only partially offset by good revenue visibility from
multiyear contracts and good BPO industry growth prospects.




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


PETROECUADOR: Moves Petroleum Bid Submission Deadline to Jan. 4
---------------------------------------------------------------
Petroecuador, the state-run oil firm of Ecuador, has postponed to Jan. 4 the
submission of offers for a US$97-million liquefied petroleum gas storage and
transport project, Business News Americas reports.

According to BNamericas, the initial deadline for the offers was Dec. 4.

El Comercio relates that firms that bought bidding rules include:

          -- Conduto Ecuatoriano,
          -- Norberto Odebrecht,
          -- Consultoria Colombiana,
          -- Dygoil,
          -- Gasmar,
          -- Glencore,
          -- Puma Energy, and
          -- Techint.

The contract winner will conduct the project in Monteverde, Guayas.  The
project includes:

          -- a marine terminal for gas tankers with a storage
             capacity of 40,000 tons,

          -- 11 storage spheres with 49,500-ton capacity, and

          -- a 127-kilometer gas pipeline from Monteverde to
             Pascuales.

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.




=====================
E L   S A L V A D O R
=====================


MILLICOM INTERNATIONAL: Won't Enter Any New Markets
---------------------------------------------------
Marc Beuls, chief executive of Millicom International Cellular SA, said at
an investor conference that the firm won't enter any new markets in the near
term.

Mr. Beuls explained in a webcast, "We're focusing on the markets where we
are."

Millicom International has operations in 17 emerging market countries in
Latin America, Africa and Asia.

Particular focus and energy will be put into turning around newly acquired
Tigo in Colombia and the refocusing of its business in the Democratic
Republic of Congo, Dow Jones Newswires reports, citing Mr. Beuls.

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

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

                        *    *    *

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

                        *    *    *

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




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


* GUATEMALA: Moody's Says Ba2 Rating Shows Economic Stability
-------------------------------------------------------------
In its annual report on Guatemala, Moody's Investors Service said that the
country's foreign currency government bond rating of Ba2 reflected the
authorities' commitment to macroeconomic stability under an economic policy
framework anchored by prudent fiscal and monetary policies.

Guatemala's Ba1 foreign currency country ceiling for bonds is based on its
foreign currency government bond rating of Ba2 and Moody's assessment of a
very low risk of payments moratorium should the government default.

"Credit vulnerabilities are contained by the presence of moderate financing
needs, and by government and external debt ratios which have been typically
lower than those observed in its Ba peer group," said Moody's Vice President
Mauro Leos, author of the report.

Mr. Leos said the country's resilience has been tested in recent years.  In
spite of repeated adverse external shocks like high oil prices, tropical
storms and heightened competition from China after the removal of textile
quotas, Guatemala's credit indicators have continued to improve.  The
government's fiscal discipline is reflected in budget deficits that have
been held to within 2% of the GDP, despite the presence of a weak tax
revenue base.

In addition, Guatemala's participation in the U.S.-led Central American Free
Trade Agreement or CAFTA, which went into effect on July 1, represents a
positive development as it will serve to consolidate existing trade
preferences.  It should also bring about additional benefits, including
increased foreign direct investment to bolster Guatemala's medium-term
growth and export prospects.

"CAFTA should be particularly significant for non-traditional exports," says
Leos.  "Non-traditional exports, including maquiladora exports, have
steadily increased to 76% of total exports-10 years ago, their share was
47%."




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


* HAITI: IDB Approves US$25MM Loan to Reform Financial Sector
-------------------------------------------------------------
A US$25 million fast-disbursing soft loan from the inter-American
Development Bank will support Haiti's reforms to strengthen and raise the
efficiency of its financial sector.

The resources will be disbursed in two tranches, the first one of US$10
million and the second one of US$15 million, as the Haitian government goes
forward with the reforms, which include measures to recapitalize the Haitian
central bank -- Banque de la Republique d'Haiti -- and strengthen its
accounting and internal audit systems.

The loan will support the modernization of the banking legal framework, in
keeping with international best practices to protect private savings.  It
will also support measures to strengthen banking supervision, including
onsite inspections by international experts to improve risk-based
supervision and analysis, as well as to establish a training program for
Haitian bank inspectors.

The reforms will strengthen the supervision of credit unions, which have
mushroomed since the 2002-2003 crisis that hit these institutions. New
regulatory standards will be introduced, inspections will be enhanced and
efforts will be made to promote strategic alliances and mergers of
cooperatives.

The Haitian central bank will establish a credit information office to
monitor the overall levels of indebtedness and the concentration of credit
risks in businesses and individual borrowers, providing accurate, reliable
and timely information for the whole financial sector.

As of the reforms, the Haitian government will promote legislation on
secured financial transactions that will enable more borrowers to pledge
assets other than real estate as collateral to obtain loans.

The loan is for 40 years, with a 10-year grace period.  Annual interest
rates will be 1% during the first decade and 2 percent thereafter.

                        *    *    *

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


* HAITI: IDB Grants US$18.1MM Loan for Electricity Services
-----------------------------------------------------------
The Inter-American Development Bank approved an US$18,090,000 soft loan to
Haiti for a project supported by the international community to reverse the
deterioration of electricity services in Port-au-Prince and strengthen the
state-owned utility Electricite d'Haiti or EDH.

Haiti has the lowest coverage of electricity in the Western Hemisphere.
Only about 10% of its 8.5 million people have access to limited services.
The project, which is line with similar efforts backed by donor countries
and multilateral agencies, will help EDH begin on its financial and
managerial recovery and prepare for larger projects to sustain its services
and extend coverage.

The IDB's soft loan complements a US$6 million grant from the World Bank for
this project, which seeks to replicate in the Haitian capital city EDH's
successful experience in the southern town of Jacmel, where a project
supported by the Canadian International Development Agency or CIDA improved
service quality, reduced losses and boosted bill collection.

Through minor repairs and a new approach towards management and customer
service, the CIDA-financed project allowed EDH to stage a remarkable
recovery in Jacmel, where electricity is available 24 hours a day, 75% of
the electricity distributed is billed and 98 percent of the invoices are
collected.

In contrast, in Port-au-Prince power is on only five or six hours a day,
about 57% of the energy generated is lost and only 38% of the electricity
billed is collected.

The IDB resources will finance the rehabilitation of electricity
distribution grids to reduce technical losses and improve EDH management of
client services in order to persuade more customers to pay for the
electricity they consume.

The rehabilitation of electricity services is a top priority for the Haitian
government and is supported both by the management of EDH and its labor
union, which expressed interest in working with donors.

This project is expected to reduce the financial burden a collapsing EDH
represents for the Haitian government and prepare the utility for larger
investments in the medium term.

The loan is for 40 years, with a 10-year grace period.  The annual interest
rate will be 1 percent during the first decade and 2% thereafter.

                        *    *    *

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




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


LEAR CORP: Discloses Early Results of Senior Notes Tender Offer
---------------------------------------------------------------
Lear Corp. disclosed results to date of its tender offer commenced Nov. 21,
2006, for up to US$850 million aggregate principal amount of its 8.125%
senior notes due 2008, of which approximately EUR237 million are
outstanding, and its 8.11% senior notes due 2009, of which approximately
US$593 million are outstanding.

The early tender date with respect to the notes has expired.  As of 5:00
p.m., New York City time, on Dec. 5, 2006, holders of approximately EUR170.3
million in aggregate principal amount of 2008 notes and approximately
US$543.2 million in aggregate principal amount of 2009 notes had tendered
their notes pursuant to the offer.  This represents approximately 72% and
92% of the outstanding principal amount of 2008 notes and 2009 notes,
respectively.  Rights to withdraw tendered notes terminated at 5:00 p.m.,
New York City time, on Dec. 5, 2006.

Holders of the 2008 notes who delivered valid tenders by the early tender
date and whose notes are accepted for payment will receive the total
consideration of EUR1,045 per EUR1,000 principal amount at maturity plus
accrued interest.  The payment date for the 2008 notes tendered as of the
early tender date will occur promptly following the acceptance of such
tenders, which is currently expected to occur on Dec. 6, 2006.

Lear also disclosed that all holders whose 2009 notes are validly tendered
on or prior to the expiration date will be eligible to receive the total
consideration offered pursuant to the tender offer.  Accordingly, all
holders whose 2009 notes are validly tendered on or prior to the expiration
date, including notes validly tendered after the early tender date of
Dec. 5, 2006, will be eligible to receive a purchase price of US$1,055 per
US$1,000 principal amount at maturity for the 2009 notes.

The tender offer will expire at midnight, New York City time, on
Dec. 19, 2006, unless extended.  The purchase price for any 2008 notes
validly tendered after Dec. 5, 2006, and prior to the expiration of the
tender offer is EUR1,025 per EUR1,000 principal amount at maturity plus
accrued interest.  The tender offer for the 2009 notes will be in an
aggregate amount such that the aggregate principal amount of 2008 notes and
2009 notes purchased in the tender offer will not exceed an aggregate
maximum tender offer amount of US$850 million.

All notes purchased in the tender offer will be retired upon consummation of
the tender offer.  The consummation of the tender offer is conditioned upon
certain customary closing conditions.  If any of the conditions are not
satisfied, Lear is not obligated to accept for payment, purchase or pay for,
or may delay the acceptance for payment of, any tendered notes, and may
terminate the tender offer.  Subject to applicable law, Lear may waive any
condition applicable to the tender offer and extend or otherwise amend the
tender offer.

Citigroup Corporate and Investment Banking is the dealer manager for the
tender offer.

Questions regarding the tender offer may be directed to Citigroup Corporate
and Investment Banking at 800-558-3745 (toll free) or at 212-723-6106
(collect).

Global Bondholder Services Corporation is acting as information agent and
the depositary.

Copies of the Offer to Purchase, Letter of Transmittal and related documents
may be obtained at no charge from:

          Global Bondholder Services Corporation
          Tel: 866-873-5600 (toll-free)
               212-430-3774 (collect).

The company has also retained Dexia Banque Internationale a Luxembourg to
act as depositary for the 2008 notes.

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.


* HONDURAS: Gov't Compels Lafarge-Incehsa to Lower Cement Prices
----------------------------------------------------------------
Lafarge-Incehsa removed the hike on cement prices after a strong compulsion
from the Honduran government, Honduras This Week reports.

Honduras This Week continues that Lafarge-Incehsa increased on Nov. 1 the
price per bag of cement to HNL104 from HNL97, which according to the company
was prompted by higher production costs due to raised prices for fuel that
runs cement works.  The hike was implemented without any discussion between
the company and the government, which is a tradition in the country.

The Honduran government saw it proper to call for a "fiscal intervention,"
which assures that the company's number declaration was correct.  A
consultation between Lafarge-Incehsa and the Honduran Private Council or
COHEP commenced on Nov. 14, from which both parties agreed to lower back the
price to HNL97 per bag, which will be official until Dec. 31, 2006, Honduras
This Week says.

According to the same report, both parties also agreed on a commission made
up of representatives from COHEP, the Chamber of Construction,
Lafarge-Incehsa, the Honduran government and its housing program to decide
whether an increase in cement prices in January must be called for.  The
commission was given until 8 working days to hand in their decision.  The
company consented to let the Honduran Revenue Service audit its activities
during 2004, 2005 and 2006.

                        *    *    *

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


MIRANT: NY Subsidiaries Settles Dispute with Haverstraw Town
------------------------------------------------------------
Mirant Corp.'s New York subsidiaries, Haverstraw-Stony Point Central School
District, Town of Haverstraw, Town of Stony Point, and County of Rockland
resolved the long-running tax disputes concerning two of Mirant's power
generating plants and reached an agreement in principle.

The disputes date back to 1995 and have worked their way through both state
and federal courts.  The problems intensified after the company and its New
York subsidiaries filed for Chapter 11 protection in 2003.

The parties began meeting in person with Elizabeth Warren, the mediator, at
the Harvard Law School in Cambridge, Massachusetts, where they negotiated
and struck a deal.

Ms. Warren, a professor of Law at Harvard Law School, said, "The problems
were complex, and the negotiations were difficult.  But all parties worked
extremely hard to find the best possible solution."  Ms. Warren added, "The
representatives of Haverstraw, Stony Point and Rockland County were
aggressive as they worked to protect the homeowners and school children who
depend on tax revenues from the Mirant plants.  They were tough negotiators,
but they also recognized the enormous gains that would come from settling
this very expensive and long- running litigation.  I was deeply impressed by
their skills and professionalism, and by their dedication to the welfare of
their communities."

At the mediator's direction, details of the agreement will remain
confidential until the final papers are signed.  The mediator has also
insisted that the discussions during the negotiations remain confidential.

"What matters is the very good outcome," Ms. Warren said.  "Both sides can
stop hemorrhaging money for legal fees and can work with stable financial
projections.  The agreement resolving the existing tax disputes will allow
the New York subsidiaries of Mirant to exit bankruptcy, and it will provide
the taxing authorities with a much more stable revenue base.  This is a win
for everyone."

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant owns or leases more than 18,000 megawatts of electric
generating capacity globally.  Mirant Corporation filed for chapter 11
protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under
the terms of a confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in their
successful restructuring.  When the Debtors filed for protection from their
creditors, they listed US$20,574,000,000 in assets and US$11,401,000,000 in
debts.  The Debtors emerged from bankruptcy on Jan. 3, 2006.

                        *    *    *

Moody's Investors Service assigned its B2 corporate family rating, effective
July 13, 2006, on Mirant Corp.




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


DAVE & BUSTER'S: Posts US$116.3MM Revenue for Third Quarter 2006
----------------------------------------------------------------
Dave & Buster's, Inc., reported results for the third quarter ended Oct. 29,
2006.

Total revenue for the third quarter increased 10.1%, or US$10.6 million, to
US$116.3 million from US$105.6 million in the prior year's comparable
quarter.  Food and beverage revenue increased 11.2%, and amusement and other
revenue increased 8.7%. In addition, the company reported a 4.3% increase in
same store sales for the third quarter, and a 12.0% increase in same store
sales for its previously acquired Jillian's stores.  EBITDA increased by
US$4.2 million to US$10.5 million for the third fiscal quarter.

Total revenues for the 39-week period increased 10.3% to US$366.3 million
from US$332.2 million for the comparable period last year.  Food and
beverage revenue increased 11.8%, and amusement and other revenue increased
8.5%.  Year to date, same store sales for the Dave and Buster's concept
increased by 5.3%, while same store sales for the previously acquired
Jillian's stores increased by 5.5%.  Year to date EBITDA was flat versus
2005 at US$37.1 million.  Year to date results were impacted by US$7.6
million in startup and merger-related costs versus US$5.1 million in startup
and non-recurring Jillian's costs in the prior year.

"We have made significant progress in our margin improvement versus prior
year while maintaining the very strong sales momentum we established in the
first half of the year," stated Steve King, the company's Chief Executive
Officer.  "Excluding the one time costs associated with the merger and
change in control contracts, we are on target to meet our projections for
the year."

Dave & Busters Inc. operates a chain of about 50 food and
entertainment complexes in the US, Canada, and Mexico.  The
company's locations offer casual dining, full bar service, and a
cavernous game room.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency
confirmed its B2 Corporate Family Rating for Dave & Busters Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100M Sr. Sec.
   Term d. 2/2013         B1       Ba2     LGD2       12%

   US$60M Sr. Sec.
   Revolver d. 2/2011     B1       Ba2     LGD2       12%

   US$175M 11.25% Sr.
   Unsec. Notes
   d. 2/2014              B3       B3      LGD4       68%


DIRECTV INC: Adds CentroAmerica TV Spanish-Language Programming
---------------------------------------------------------------
DIRECTV is providing Central Americans in the U.S. an open window to their
cultures and traditions via Centroamerica TV or CATV, a 24-hour
Spanish-language network that is now available exclusively to DIRECTV's
Spanish-language programming customers.

Featuring the programming directly from El Salvador, Honduras, Guatemala,
Costa Rica, Nicaragua and Panama, CATV is available on DIRECTV viewer
channel 428 at no extra charge to customers who subscribe to the SELECCION
EXTRA and above programming packages.

"This much-anticipated addition to our Spanish-language programming lineup
will provide quality programming to the more than five million Central
Americans living in the U.S. -- an important segment of the Latino
population that has been underserved," said Aaron McNally, vice president,
International, DIRECTV, Inc.  "Central Americans will recognize the TV shows
on Centroamérica TV as the same programming they enjoyed in their home
country and will no longer miss out on important news and popular weekend
sports programming like national team soccer from Honduras, Guatemala and El
Salvador."

Featuring news, sports and entertainment programming, CATV offers programs
in the region and popular local content from providers like:

   -- Canal 12 (El Salvador),
   -- Canal 11 (Honduras),
   -- Guatevision (Guatemala) and
   -- Teletica (Costa Rica).

"This is the answer for a big audience in need of select programming from
Central America," said Roger Huguet, president of Media World, the company
producing Centroamerica TV.  "This programming is the result of extensive
market research throughout the United States and years of experience working
the Central American Television and sports rights in this country."

The channel was created to provide Central Americans living in the U.S. with
a strong link to their home countries through informative and entertaining
programming like morning shows such as:

   -- "Hola El Salvador,"
   -- "Viva La Manana" (Guatemala), and
   -- "Hable como Habla" (Honduras)

These are shows that are well known throughout Central American communities
in the U.S.

In the daytime block, the channel will feature soap operas in Central
America, including:

   -- "El Barrio,"
   -- "La Pension" and
   -- "Sexto Sentido"

It will also feature travel and traditions magazines that include:

   -- "Este es El Salvador,"
   -- "Cultura Guatemalteca" and
   -- "Paseo Hondureno."

Primetime shows feature live news programming including:

   -- "Hechos" (El Salvador);
   -- "30 Minutos" (Honduras);
   -- "Noticiero Guatevision" (Guatemala); and
   -- "Telenoticias" (Costa Rica).

Weekend programming is designed for Central American sports fans with live
soccer matches from Central America.

DIRECTV offers an array of Spanish- and English-language programming.  The
service provides access to more than 55 Spanish-language channels including
sports, movies, music, news and educational networks and 250
English-language channels of DIRECTV programming, featuring a selection of
pay-per-view choices and sports programming available.  The SELECCION EXTRA
package offers more than 65 channels, including more than 35 in Spanish and
25 in English.

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

                        *    *    *

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


FOAMEX LP: Moody's Assigns B2 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family and probability
of default ratings on Foamex L.P.  Concurrently, Moody's has assigned a B1
rating to the company's US$425 million first lien senior secured Term Loan B
and a Caa1 rating to its US$190 million second lien senior secured term loan
(expected to be downsized to US$175 million).  The ratings outlook is
stable.

Moody's assigned these ratings:

   -- Senior Secured Bank Credit Facility, Assigned a range of
      37 - LGD3 to B1; and

   -- Senior Secured Bank Credit Facility, Assigned a range of
      84 - LGD5 to Caa1;

The outlook is changed to stable from rating withdrawn.

A somewhat levered capital structure (adjusted for the capitalization of
operating leases and under funded pension obligations), raw materials cost
volatility, and industry cyclicality among many of the company's end
customers characterize Foamex's B2 corporate family rating.  The rating also
reflects the company's strong position in its industry, increased end market
diversification, and a business strategy less focused on driving market
share growth and more on improving profitability.

The B2 corporate family rating recognizes Foamex's recent operational
improvements, a new management team focused on profitable growth, and recent
price rationalization.  While Moody's believes that the company's favorable
forward-looking credit metrics (interest coverage, cash flow-to-debt
metrics) could support a higher corporate family rating, Moody's remains
concerned that Foamex still faces many of the same dynamics that drove it to
file for Chapter 11 protection in 2005. Moody's believes that Foamex remains
highly exposed to raw material (polyol, toluene diisocyanate) price
fluctuations and the highly volatile domestic auto industry.  In particular,
polyol prices have increased over 100% since January 2004.  While worldwide
production capacity for polyol exceeds consumption, it is the limited supply
for one of polyol's key components, propylene oxide, which has driven polyol
prices to record levels.  Additionally, Moody's notes that two of Foamex's
indirect end customers, Ford and General Motors, are under financial stress,
are losing market share to foreign manufacturers, and have B3 corporate
family ratings with negative ratings outlooks.

The company expects to emerge from bankruptcy in Q1'07 and as soon as
February 2007.  As part of its emergence plan, Foamex is pursuing a
recapitalization of its balance sheet that will include an infusion of new
equity.  Foamex intends to finance the repayment at emergence of:

   -- debtor-in-possession revolver outstanding (US$45 million),

   -- DIP term loan (US$85 million) and one series of senior
      secured second lien notes and two series of senior
      subordinated notes (US$592 million in aggregate),

   -- principal and accrued interest, with a first and second
      lien term loan, asset-based revolver, and

   -- US$150 million in new equity raised via a rights offering.

The stable ratings outlook reflects Foamex's relatively conservative capital
structure at the B2 rating level and its strong market position in most
niches in which it competes.  Additionally the stable outlook reflects an
improved cost structure and price leadership, both of which have lead to
margin improvement and increased free cash flow.

Moody's believes that Foamex will need to deliver on our cash flow and
capital structure expectations before the B2 corporate family rating would
be under positive rating pressure.  More specifically, Moody's could
consider a rating upgrade if total debt-to-EBITDA was to drop below 3.5
times and free cash flow-to-debt was to exceed 7% for a sustained period.
Moody's could downgrade the corporate family rating due to deteriorating
liquidity (i.e. significantly constrained revolver access) or if free cash
flow becomes negative thus forestalling Foamex's maintenance of an
increasingly conservative capital structure.

Headquartered in Linwood, Pennsylvania, Foamex International Inc. is engaged
primarily in the manufacturing and distribution of flexible polyurethane and
advanced polymer foam products.  As of Jan. 1, 2006, the company's
operations were conducted through its wholly owned subsidiary, Foamex L.P.,
and through Foamex Canada Inc., Foamex Latin America, Inc. and Foamex Asia,
Inc., which are wholly owned subsidiaries of Foamex L.P.  The company has
five business segments: Foam Products, Carpet Cushion Products, Automotive
Products, Technical Products and Other Products.  On Sept. 19, 2005, (the
Petition Date), the company and certain of its domestic subsidiaries,
including Foamex L.P., the company's primary operating subsidiary
(collectively referred to as the Debtors), filed voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code (Bankruptcy
Code) in the United States Bankruptcy Court for the District of Delaware
(the Bankruptcy Court).  The Latin American subsidiary is in Mexico.


FOAMEX LP: S&P Puts B Rating on US$425MM Sr. Unsec. Term Loan B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to Foamex L.P.'s
(D/--/--) proposed US$425 million senior secured term loan B, based on
preliminary terms and conditions.  At the same time, the rating agency
assigned a '2' recovery rating, indicating  the likelihood of a substantial
(80%-100%) recovery of principal in the event of a payment default.

Standard & Poor's also assigned a 'CCC+' rating to the proposed US$175
million senior secured second-lien credit facility (expected to be downsized
from the previously proposed US$190 million), based on preliminary terms and
conditions.  The rating agency assigned a '5'recovery rating to the senior
secured second-lien credit facility, indicating the likelihood of a
negligible (0%-25%) recovery of principal in the event of a payment default.
The bank loan ratings assume that other conditions precedent to the bank
facility becoming effective are satisfied; the ratings are subject to review
once final documentation is received.

"We expect to assign a 'B' corporate credit rating to the company if Foamex
and its subsidiaries emerge from Chapter 11 bankruptcy proceedings in
February 2007 as currently planned," said Standard & Poor's credit analyst
Robyn Shapiro.  "Also, we expect the outlook to be stable."

Proceeds of about US$640 million from debt financing and US$150 million from
a rights offering will be used toward paying pre-bankruptcy liabilities.
Pro forma total adjusted debt at emergence is expected to be about US$720
million.  Standard & Poor's adjust debt to include capitalized operating
leases and tax-effected underfunded pension and other postretirement
obligations.

Foamex entered voluntary bankruptcy protection on
Sept. 19, 2005, prompted by the company's high leverage combined with a
material decline in operating performance.  Operating performance had
deteriorated because of a significant price increase in the company's raw
materials combined with a bond maturity, lack of liquidity, and a downturn
in one of the company's primary end markets, the automotive industry.
However, increased operating efficiencies resulting from restructuring
initiatives and price increases implemented by management after entering
Chapter 11 bankruptcy protection, have led to a meaningful improvement in
operating results over the last 12 months.  Sustained improvement in
operating performance despite potential softening end markets, including
housing and automotive, along with strengthening credit ratios would provide
upside potential for the prospective rating over the intermediate term.

The ratings are based on the exit financing, capital structure, and other
terms and conditions proposed under the company's second amended joint plan
of reorganization for Foamex and its affiliated debtors and
debtors-in-possession filed with the bankruptcy court on Nov. 27, 2006.  Any
material changes in the final plan of reorganization or significant delays
in the emergence process could result in different ratings.

The anticipated 'B' corporate credit rating on Foamex reflects the company's
exposure to volatility in raw material prices and economic cycles, customer
concentration, pricing and volumes vulnerable to weak automotive
fundamentals in North America, and a highly leveraged capital structure.
The rating also reflects the company's leading market share and manageable
debt maturity schedule.

Headquartered in Linwood, Pennsylvania, Foamex International Inc. is engaged
primarily in the manufacturing and distribution of flexible polyurethane and
advanced polymer foam products.  As of Jan. 1, 2006, the company's
operations were conducted through its wholly owned subsidiary, Foamex L.P.,
and through Foamex Canada Inc., Foamex Latin America, Inc. and Foamex Asia,
Inc., which are wholly owned subsidiaries of Foamex L.P.  The company has
five business segments: Foam Products, Carpet Cushion Products, Automotive
Products, Technical Products and Other Products.  On Sept. 19, 2005, (the
Petition Date), the company and certain of its domestic subsidiaries,
including Foamex L.P., the company's primary operating subsidiary
(collectively referred to as the Debtors), filed voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code (Bankruptcy
Code) in the United States Bankruptcy Court for the District of Delaware
(the Bankruptcy Court).  The Latin American subsidiary is in Mexico.


FORD MOTOR: Prices US$4.5 Bil. of Sr. Convertible Notes Due 2036
----------------------------------------------------------------
Ford Motor Co. priced US$4.5 billion principal amount of unsecured Senior
Convertible Notes due 2036 (increased from US$3 billion).  Ford expects to
close the sale of the notes on
Dec. 15, 2006, subject to the satisfaction of customary closing conditions.

The notes will pay interest semiannually at a rate of 4.25% per annum.  The
notes will be convertible into shares of Ford's common stock, based on a
conversion rate (subject to adjustment) of 108.6957 shares per US$1,000
principal amount of notes (which is equal to a conversion price of US$9.20
per share, representing a 25% conversion premium based on the closing price
of US$7.36 per share on Dec. 6, 2006).

Ford expects to use the net proceeds from the offering for general corporate
purposes.  In addition, Ford has granted the underwriters an over-allotment
option to purchase up to $450 million principal amount of additional notes.

The joint-book running managers for this offering are:

   -- Citigroup Corporate and Investment Banking,
   -- Goldman, Sachs & Co.,
   -- J.P. Morgan Securities Inc.,
   -- Deutsche Bank Securities Inc.,
   -- Lehman Brothers Inc.,
   -- Merrill Lynch,
   -- Pierce, Fenner & Smith Incorporated and
   -- Morgan Stanley & Co. Incorporated.

The joint- lead manager for this offering is BNP Paribas
Securities Corp.

A copy of the prospectus and prospectus supplement can be obtained from:

          Citigroup Corporate and Investment Banking
          Brooklyn Army Terminal, 140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: 718-765-6732 or Fax: 718-765-6734

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

          J.P. Morgan Securities Inc.
          National Statements Processing
          4 Chase Metrotech Center, CS Level
          Brooklyn, NY  11245
          Tel: 718-242-8002
          Fax: 718-242-1350

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: Fitch Lowers Senior Unsecured Rating to B- from B
-------------------------------------------------------------
Fitch Ratings has downgraded Ford Motor Co.'s senior unsecured ratings to
'B-/RR5' from 'B/RR4' due to the increase in size of both the secured
facilities and the senior unsecured convertible notes being offered.  The
upsizing of these facilities reduces expected recoveries for unsecured debt
holders to between 25-30% under Fitch's recovery analysis corresponding to
an 'RR5' rating Ford's 'B' Issuer Default Rating is unaffected, and the
Rating Outlook remains Negative.

Ford has announced its intent to increase the size of its secured revolving
credit facility to US$10.5 to US$11.5 billion, up from US$8 billion
previously.  Ford will also increase the size of its senior unsecured
convertible note offering from US$3 billion to US$4.5 billion.  The total
amount of the financing package now being raised could total US$23 billion,
up from a previous expectation of US$18 billion.  As much as US$18.5 billion
of this amount is expected to be on a secured basis, further impairing the
position of unsecured holders.  Unsecured debt outstanding that would share
in recoveries in the event of a bankruptcy will expand to US$22.5 billion
from approximately US$18 billion at Sept. 30, 2006.

The increased liquidity will provide Ford with additional time and resources
as it progresses in its restructuring plan, and is expected to allay any
concerns regarding liquidity during 2007.

Fitch downgraded these ratings with a Negative Rating Outlook:

   Ford Motor Co.

   -- Senior unsecured debt to 'B-/RR5' from 'B/RR4'.

   Ford Holdings, Inc.

   -- Senior unsecured debt to 'B-/RR5' from 'B/RR4'.

   Ford Motor Co. of Australia

   -- Senior unsecured debt to 'B-/RR5' from 'B/RR4'.

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.


GENERAL MOTORS: November U.S. Sales for New Cars & Trucks Up 6%
---------------------------------------------------------------
General Motors dealers in the United States sold 297,556 new cars and trucks
in November, a 6% increase compared with last year.

Beginning with the 2007 model year in September, retail sales are up 13%
while retail sales for November were up 11% compared with a year ago.

Retail truck sales were up 17%, led by a 29% increase in large pickup retail
sales such as Chevy Silverado and GMC Sierra and a 36% increase in luxury
utility retail sales, including triple-digit retail increases for the entire
Cadillac Escalade lineup. Retail car sales were up 1%, led by Chevrolet
Impala, Buick Lucerne, Pontiac G5, Saturn Aura, and Cadillac CTS.

"We continue to experience strong customer demand for our lineup of fuel
efficient vehicles and new launch products.  In a challenging market, we are
pleased to be gaining momentum with our truck lineup, which we attribute to
offering the best fuel economy and the best warranty in the segment,"
General Motors North America vice president for vehicle sales, service, and
marketing Mark LaNeve said.

"Importantly, sales were solid throughout the month with dealers driving
traffic with our annual year-end Red Tag Event."  The Red Tag Event runs
through Jan. 2, 2007.

GMC, Cadillac, Chevrolet, Buick, Saab, and Saturn all had retail sales
increases in November.  GMC was up 23% retail, compared with a year ago,
with double-digit sales increases for the Sierra, Yukon and Yukon XL.

Cadillac retail sales were up 26%, with a 15% increase in CTS and
triple-digit increases for the entire Escalade lineup.  Chevrolet retail
sales were up 9%, with retail increases by Silverado, up 23%; Tahoe, up 50%;
and Suburban, up 36%.

Buick retail sales were up 38%, led by Lucerne, which saw a sales increase
of more than 6,000 vehicles compared with last November. Saab retail sales
were up 25%, driven by an 87% hike for 9-5, a 64% rise for 9-7X and an 11%
retail increase for 9-3.  Lastly, Saturn retail sales were up 14% as the
all-new 2007 Aura and Sky continue to bring new customers into the Saturn
family.

"Our Manufacturing team worked extremely hard on a high-quality launch and
has already produced more than 50,000 new 2007 Chevy Silverados and GMC
Sierras," Mr. LaNeve added.

"This accelerated launch means we are in the marketplace 13 weeks ahead of
schedule -- and most importantly -- ahead of the competition with the best
quality, fuel economy, and value in the important full-size pickup segment."

GM continues to reduce its reliance on daily rental sales.  Sales to daily
rental companies were down 13% compared with year-ago levels, while
non-daily rental fleet business was up 5%.  Overall fleet sales of 80,452
vehicles were down 7% compared with last November.

                   Certified Used Vehicles

November sales for GM Certified Used Vehicles, Cadillac Certified Pre-Owned
Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER Certified Pre-Owned
Vehicles, were 42,006 down 1% comparable with last November's sales.
Certified sales from Saturn Certified Pre-Owned Vehicles were not available
at the time of this release. Total year-to-date certified GM sales,
excluding November sales of Saturn Certified Pre-Owned Vehicles, are 478,389
units, down 1% compared with the same period last year.

GM Certified Used Vehicles, the industry's top selling certified pre-owned
brand, posted 36,485 sales in November, down 1.7% from November 2005.
Year-to-date sales for GM Certified Used Vehicles are 413,688 units,
comparable to last year's results for the same period.

Cadillac Certified Pre-Owned Vehicles posted 3,545 sales in November, up 16%
from last November.  Saturn certified pre-owned sold 1,351 units down 25%.
Saab Certified Pre-Owned Vehicles sold 514 units, up nearly 5%.  In its
eleventh month of operation, HUMMER Certified Pre-Owned sold 112 units.

"Cadillac Certified Pre-Owned Vehicles continues to roll along with another
strong monthly sales performance.  For the month, they were up 16% over
November 2005, with year-to-date sales up 8% from the same period last
year," Mr. LaNeve said.  "Through November, GM Certified Used Vehicles, the
industry's top-selling certified brand, sold 413,688 units, comparable to
its category record annual sales in 2005."

         GM North America Reports November 2006 Production

In November, GM North America produced 360,000 vehicles (148,000 cars and
212,000 trucks).  This is down 71,000 units or 16% compared with November
2005 when the region produced 431,000 vehicles (169,000 cars and 262,000
trucks).  (Production totals include joint venture production of 20,000
vehicles in November 2006 and 30,000 vehicles in November 2005.)

The region's 2006 fourth quarter production forecast is unchanged at 1.110
million vehicles (449,000 cars and 661,000 trucks).  In the fourth quarter
of 2005 the region produced 1.281 million vehicles (483,000 cars and 798,000
trucks).

Additionally, the region's initial 2007 first quarter production forecast is
set at 1.140 million vehicles (457,000 cars and 683,000 trucks), down 9%
from actual first quarter of 2006 results.  The majority of the production
decrease in the first quarter is attributed to GM's ongoing efforts to
reduce low-margin daily rental fleet sales.  The remainder of the cuts is
attributed to shifting production to the company's new full-size pickups and
the ongoing management of inventories.

          Initial 2007 First Quarter Production Forecasts
                   For Its International Regions

GM Europe

GM Europe's 2006 fourth quarter production forecast is unchanged at 445,000
units.  In the fourth quarter of 2005 the region built 443,000 vehicles.
The region's initial 2007 first quarter production forecast is set at
508,000 vehicles.

GM Asia Pacific

The region's 2006 fourth quarter production forecast is unchanged at 504,000
units.  In the fourth quarter of 2005 the region built 420,000 vehicles.  GM
Asia Pacific's initial 2007 first quarter production forecast is set at
539,000 vehicles.

GM Latin America, Africa, and the Middle East

The region's 2006 fourth quarter production forecast is unchanged at 215,000
units.  In the fourth quarter of 2005 the region built 188,000 vehicles.
The region's 2007 first quarter production forecast is set as 214,000
vehicles.

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,
including Brazil and Mexico in Latin America, 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 US$1.5 billion senior term loan facility,
expiring 2013, with a recovery rating of '1'.

At the same time, Standard & Poor's Ratings Services assigned its 'B+' bank
loan rating to General Motors Corp.'s US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corporation.


GEOKINETICS INC: Completes US$15.15MM Private Placement of Stock
----------------------------------------------------------------
Geokinetics Inc. has completed a private placement of
20,120,000 shares of Common Stock at a purchase price of US$1.25 per share
with a limited number of investors.  In addition, the company granted the
investors five-year warrants to purchase up to an additional 2,012,000
shares at a price of US$2.00 per share.  The company used substantially all
of the net proceeds from the private placement to fund the previously
announced acquisition of 100% of the common shares of Trace Energy Services
Ltd. (headquartered in Calgary, Alberta, Canada), which closed
simultaneously with the private placement, and to pay off certain equipment
debt.

Neither the shares of common stock sold to the investors, the investors'
warrants, nor the additional shares of Common Stock covered by the
investors' warrants, have been registered under the Securities Act of 1933.
Accordingly, these securities may not be offered or sold in the United
States, except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Securities
Act.  Geokinetics Inc. has agreed to file a registration statement covering
resale of these securities by the investors.

Geokinetics Inc., based in Houston, Texas, is a leading global leader of
seismic acquisition and high-end seismic data processing and interpretation
services to the oil and gas industry.  Geokinetics provides seismic data
acquisition services in North America, South America, Africa, Asia,
Australia and the Middle East.  Geokinetics operates in some of the most
challenging locations in the world from the Arctic to mountainous jungles to
the transition zone environments.

                        *    *    *

Moody's Investors Service assigned on Dec. 6, 2006, a B3 corporate family
rating (CFR) and probability of default rating to Geokinetics Inc., and a
SGL-3 speculative liquidity rating.  Moody's also assigned a B3, LGD 4 (53%)
rating to Geokinetics' proposed offering of US$100 million second priority
senior secured floating rate notes due 2012. The outlook is stable.
Proceeds from the notes will be used to retire an existing US$100 million
senior loan.

Standard & Poor's Ratings Services also assigned its 'B-' corporate credit
rating to Houston, Texas, based seismic company Geokinetics Inc. At the same
time, Standard & Poor's assigned its 'CCC+' rating and '3' recovery rating
to Geokinetics' US$100 million in second lien floating rate notes.


GEOKINETICS INC: Moody's Rates US$100MM Floating Notes at B3
------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating (CFR) and
probability of default rating to Geokinetics Inc. and a SGL-3 speculative
liquidity rating.  Moody's also assigned a B3, LGD 4 (53%) rating to
Geokinetics' proposed offering of US$100 million second priority senior
secured floating rate notes due 2012.  The outlook is stable.  Proceeds from
the notes will be used to retire an existing US$100 million senior loan.

Simultaneously with the closing of the notes offering, Geokinetics will
retire a US$55 million subordinated loan with the proceeds of the sale of
convertible preferred stock.  Furthermore, the company plans to enter into a
new US$30 million senior secured first lien bank credit facility to replace
its existing US$12 million senior secured revolver.  The bank facility will
consist of a US$20 million revolver and a US$10 million capital expenditure
facility.  The assigned ratings assume these transactions occur as expected
and are subject to a review of the final documents and terms.  The SGL-3
liquidity rating indicates adequate liquidity over the next four quarters
from a combination of up-cycle cash flow, available bank borrowing capacity
under the proposed facility, and good covenant coverage; offset by the
volatile nature of the seismic sector where EBITDA can rapidly decline in
market downturns.

Pete Speer, Moody's Vice-President/Senior Analyst commented, "The B3 rating
primarily reflects Geokinetics high leverage and small scale combined with
operating in the seismic sector, arguably the most cyclical and competitive
sector in oilfield services."

Geokinetics has total assets of US$269 million at
Sept. 30, 2006, compared with much larger and better-capitalized seismic
competitors like:

   -- Western GECO (subsidiary of A1 rated Schlumberger),

   -- CGG/Veritas (CGG rated Ba2, under review for downgrade)
      and

   -- PGS (rated Ba3);

high leverage even with the preferred stock which will be subordinate to the
notes but mandatorily redeemable in 2014, and therefore Moody's treats the
preferred as being 75% debt and 25% equity (pro forma debt/capitalization of
74% at 9/30/06 and upcycle LTM debt/EBITDA of 3.5x); the inherent challenges
and risks of integrating the Trace Energy and Grant Geophysical acquisitions
that have more than tripled its size in less than a year; and the extreme
cyclicality of the seismic business, which historically has been the last to
benefit when market conditions strengthen and the first to decline when the
market weakens.  Both legacy Geokinetics and Grant have undergone debt
restructurings in 2003, highlighting the challenges faced in this sector of
oilfield services.

The ratings are supported by Geokinetics' substantial market position in
land and transition zone focused seismic data acquisition services, where
the company believes it is currently the third largest player worldwide (it
will be 4th following the CGG acquisition of Veritas DGC).  The September
2006 acquisition of Grant strengthened Geokinetics' business profile by
diversifying the company into international markets (approximately 50% of
pro forma EBITDA is international), balancing its portfolio with more
exposure to oil E&P activity and providing increased size (now 20 crews with
72,000 channels compared to 11 crews with 35,000 channels).  Grant's
international operations bring relationships with national oil company's,
who tend to plan longer term and are less commodity price sensitive in their
E&P activities, enhancing stability albeit with increased political risks.

The ratings and stable outlook are also supported by a US$324 million
committed backlog that provides strong visibility through 2007 and Moody's
expectation that market conditions will remain supportive, although they may
soften in the latter half of 2007 depending on commodity prices
(particularly North American natural gas).  Moody's notes that customers can
cancel seismic contracts with only minor penalties, so the backlog supports
but does not lock in future cash flows and profitability.

Geokinetics has full leverage for the B3 rating, and Moody's believes that
the company's capital structure does not provide much room to weather the
cyclical nature of the business.  Therefore there is limited near term
upside in the rating.  Management is contemplating issuing equity in 2007,
which would provide additional funding for planned growth capital
expenditures and/or a possible redemption of a portion of the notes.  If the
equity offering exceeds US$75 million and US$35.00 per share, the company
can force conversion of the preferred stock into common, further improving
its financial leverage.  The issuance of equity with a meaningful reduction
in debt would strengthen the company within the present rating and provide
more flexibility in the event of weaker market conditions.

Ratings could be pressured if Geokinetics were to increase its leverage
through debt funded acquisitions and/or aggressive growth capital
expenditures.  Although the bank credit facility, notes and preferred stock
mature in five years or more, a significant deterioration in market
conditions could dramatically decrease EBITDA and cash flows.  Under that
scenario, Geokinetics could possibly violate credit facility debt covenants
and face other difficulties that could result in a negative outlook or
rating downgrade.

Geokinetics Inc., based in Houston, Texas, is a leading global leader of
seismic acquisition and high-end seismic data processing and interpretation
services to the oil and gas industry.  Geokinetics provides seismic data
acquisition services in North America, South America, Africa, Asia,
Australia and the Middle East.  Geokinetics operates in some of the most
challenging locations in the world from the Arctic to mountainous jungles to
the transition zone environments.


GEOKINETICS INC: S&P Junks Rating on US$100MM Floating Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate credit rating
to Houston, Texas, based seismic company Geokinetics Inc.  At the same time,
Standard & Poor's assigned its 'CCC+' rating and '3' recovery rating to
Geokinetics' US$100 million in second lien floating rate notes.

Proceeds from the note offering will be used to refinance existing debt
raised fund the company's recent acquisition of seismic provider Grant
Geophysical Inc. in September 2006.

Pro forma for the transaction, Geokinetics will have US$163 million in
adjusted debt (including capital lease obligations and US$55 million in
preferred equity that Standard & Poor's treats as debt like).

"The ratings on Geokinetics reflect participation in the historically
cyclical land seismic acquisition business, an acquisitive growth strategy,
and a highly leveraged financial risk profile," said Standard & Poor's
credit analyst Jeffrey B. Morrison.

"More specifically, the ratings incorporate our concerns regarding cash flow
durability through the oil and gas spending cycle despite a favorable
near-term industry outlook," said Mr. Morrison.

Geokinetics Inc., based in Houston, Texas, is a leading global leader of
seismic acquisition and high-end seismic data processing and interpretation
services to the oil and gas industry. Geokinetics provides seismic data
acquisition services in North America, South America, Africa, Asia,
Australia and the Middle East. Geokinetics operates in some of the most
challenging locations in the world from the Arctic to mountainous jungles to
the transition zone environments


GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
-----------------------------------------------------
Fitch Ratings upgraded GMAC LLC's Issuer Default Rating to 'BB+' from 'BB'
and Residential Capital LLC's IDR to 'BBB' from 'BBB-' after the closing of
the sale of a controlling interest in GMAC to a consortium led by Cerberus
FIM Investors, LLC.

The ratings for GMAC and ResCap have also been removed from Rating Watch
Positive, where they were originally placed on
Apr. 3, 2006.

The Rating Outlook for GMAC, ResCap and related subsidiaries is Positive.

The ratings of GMAC Bank have been withdrawn as this entity has been
effectively merged into GMAC Automotive Bank.

With the closing of the transaction, the ratings of GMAC will no longer be
directly linked to those of General Motors Corp., in the sense that a rating
action on GM will not automatically translate into a similar action at GMAC.
Rather, Fitch will view GMAC's relationship with GM as one of a significant
customer concentration.

As such Fitch would consider how issues at GM, such as labor disruption or
weakening market share could impact GMAC's business.  If such events would
be material, Fitch would factor that into the rating.  Nonetheless, Fitch's
ratings can withstand a fair degree of weakening at GM.

Fitch's upgrade of GMAC reflects a number of factors.

First, it recognizes the good record of operating performance the company
has demonstrated, despite significant challenges over the past five years.
The company's most recent quarter notwithstanding, Fitch expects GMAC will
continue to maintain good operating performance, with solid earnings while
maintaining credit and capital discipline.

Fitch's upgrade also considers the company's capitalization on a
risk-adjusted basis.  Under Fitch's own standards, GMAC has over the past
few years reported solid risk-adjusted capital levels, commensurate with a
higher rating.  Fitch continues to believe that the good capital discipline
witnessed at the company will remain.

Fitch also recognizes the good liquidity management the company has
demonstrated over a very stressful period.  GMAC has been successful
obtaining alternative financing sources such as whole loan sales and greater
use of securitization to fund its balance sheet as access to capital became
more difficult.

In addition, the company has carried significant committed liquidity support
to protect itself.  Fitch notes that the company's dealer floorplan
securitization program, SWIFT, has covenants related to a GM bankruptcy.
Under such a scenario, a filing by GM would accelerate maturities of the
notes issued out of the trust, creating a significant call on liquidity.

At Nov. 30, 2006, there was approximately US$18 billion of SWIFT notes
outstanding.  Although a concern, Fitch expects GMAC to have in place
contingent liquidity to address such a scenario. Moreover, Fitch expects
that future floorplan transactions would not contain such a GM bankruptcy
trigger.

Fitch is maintaining its two notch differential between GMAC and ResCap,
however, given certain changes in the operating agreement between GMAC and
ResCap, necessitated by the GMAC Bank restructuring, Fitch may narrow the
notching between GMAC and ResCap over time particularly as ResCap approaches
its stand-alone rating of mid to high 'BBB'.

The Positive Rating Outlook reflects Fitch's view that should GMAC be
successful in prudently growing non-GM related financing and insurance
businesses, improving operational efficiencies, and maintaining disciplined
underwriting, ratings could be raised from the current levels.

Fitch has upgraded and removed these ratings from Rating Watch Positive:

   * GMAC LLC

   * GMAC International Finance B.V.

   * GMAC Bank GmbH

   * General Motors Acceptance Corp., Australia

   * General Motors Acceptance Corp. of Canada Ltd.

      -- Issuer Default Rating to 'BB+' from 'BB';
      -- Senior unsecured debt to 'BB+' from 'BB'.

   * Residential Capital LLC

      -- Issuer Default Rating to 'BBB' from 'BBB-';
      -- Senior debt to 'BBB' from 'BBB-';
      -- Subordinated debt to 'BBB-' from 'BB+';
      -- Short-term Issuer to 'F2' from 'F3'.
      -- The Rating Outlook is Positive

Ratings affirmed by Fitch:

   * GMAC LLC

   * GMAC International Finance B.V.

   * GMAC Bank GmbH

   * GMAC Australia Finance

   * General Motors Acceptance Corp. (U.K.) Plc.

   * General Motors Acceptance Corp. Australia

   * General Motors Acceptance Corp. of Canada Ltd.

   * General Motors Acceptance Corp. (N.Z.) Ltd.

      -- Short-term Issuer 'B';
      -- Short-term debt 'B'.

These ratings are removed from Rating Watch Evolving, affirmed and
subsequently withdrawn:

   * GMAC Bank

      -- Issuer Default Rating 'BBB-';
      -- Long-term deposits 'BBB';
      -- Short-term deposits 'F3';
      -- Short-term Issuer 'F3';
      -- Individual 'B/C'; and
      -- Support '3'.


GRUPO TMM: Sells Stake in Kansas City Southern
----------------------------------------------
Grupo TMM, SA, has sold its remaining interest in Kansas City Southern to
investors for US$26.65 per share, Kansascity.com reports, citing Bill
Galligan, spokesperson of Kansas City Southern.

As reported in the Troubled Company Reporter-Latin America on Dec. 6, 2006,
Grupo TMM priced a public offering of 1,494,469 shares of Kansas City
Southern's common stock at US$26.65 per share.  All shares were sold by
Grupo TMM.  Morgan Stanley & Co. Inc. was the sole book-running manager for
the offering.

Mr. Galligan told Kansascity.com that Grupo TMM received the stock in 2005
after agreeing to sell its interest in Kansas City Southern de Mexico,
Mexico's biggest railroad.   Grupo TMM no longer owns any Kansas City
Southern common stock.

                  About Kansas City Southern

Kansas City Southern is a Delaware holding company with principal operations
in rail transportation.  The company owns and operates domestic and rail
operations in North America that are strategically focused on the growing
north/south freight corridor connecting key commercial and industrial
markets in the central US with major industrial cities in Mexico.

The company's rail network extends from the Midwest and Southeastern
portions of the US south into Mexico and connects with all other Class I
railroads providing shippers with an effective alternative to other railroad
routes and giving direct access to Mexico and the southeastern and
southwestern US through less congested interchange hubs.

The company also owns 50% of the stock of the Panama Canal Railway Co.,
which holds the concession to operate a 47-mile coast-to-coast railroad
located adjacent to the Panama Canal.  The railroad handles containers in
freight service across the isthmus.  Panarail Tourism Company, Panama Canal
Railway's wholly owned subsidiary, operates commuter and tourist railway
services over the lines of the Panama Canal Railway.

                       About Grupo TMM

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin American multimodal
transportation and logistics company.  Through its branch offices and
network of subsidiary companies, TMM provides a dynamic combination of ocean
and land transportation services.

                        *    *    *

Standard & Poor's Ratings Services raised its corporate credit rating on
Grupo TMM SA to 'B-' from 'CCC.'  The rating was removed from Creditwatch,
where it was placed on Dec. 15, 2004.
S&P said the outlook is positive.


GUESS?: S&P Ups Ratings to BB on Unit's Early Note Redemption
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Los Angeles-based
specialty apparel retailer Guess? Inc. to 'BB' from 'BB-'.  The outlook is
positive.

The upgrade followed the announcement that Guess? Royalty Finance LLC, an
indirect wholly owned subsidiary of Guess?, will redeem all of the
outstanding 6.75% secured notes due 2012, plus accrued and unpaid interest
and a redemption premium, for cash on Dec. 20, 2006.

"The upgrade also reflects Guess?' improved operating performance in the
past three years and increased geographic diversity," said Standard & Poor's
credit analyst Diane Shand.

The ratings on Guess? reflect the inherent volatility of the apparel
industry, the company's highly competitive market segment, and the fashion
sensitivity of its core market. Offsetting these risks are:

   -- the company's well recognized brand name,
   -- improving operating results,
   -- strengthening credit protection measures, and
   -- geographic diversity.

Guess? designs, markets, and distributes a collection of casual apparel
under the Guess? umbrella brand name.  The brand originated in the early
1980s and has remained a good competitor in the apparel industry despite an
increasingly crowded market. In its core 15-25 age group, Guess? competes
with these other brands:

   -- The Gap;
   -- Abercrombie & Fitch;
   -- DKNY;
   -- Calvin Klein;
   -- Polo Jeans (Polo Ralph Lauren Corp.); and
   -- Tommy Hilfiger U.S.A. Inc., among others.

This age group tends to be more unpredictable than older shoppers in its use
of discretionary spending on apparel, especially in the more fashionable
segments in which Guess? competes.  Because of the continual challenge of
being on target with the right fashions each season, the company has
experienced high earnings volatility.

Consumer response to Guess?' product repositioning has been good.
Same-store sales have been strong since the second quarter of 2003, and the
wholesale business sales comparisons turned positive year-over-year in the
fourth quarter of 2003.  The company has also done well with its newer
concepts, MARCIANO and Guess Accessories.  Guess?' operating results have
followed an upward trend for almost past three years.  The operating margin
increased to 24.3% in the 12 months ended Sept. 30, 2006, from 20.4% a year
earlier, due to sales leverage, a shift in mix toward higher-margin European
revenues, more full-price selling, and good cost controls.  Currently,
Europe is the largest contributor to the company's results, generating
nearly a third of revenues and more than half of operating profit in the
2006 third quarter, with North America and worldwide licensing accounting
for the remainder.

Cash flow protection measures have strengthened as a result of better
operating performance and debt reduction and are strong for the rating
category.  EBITDA interest coverage increased to 6.7x for the 12 months
ended Sept. 30, 2006, from 4.7x in the year-ago period, while funds from
operations to total debt increased to 41% from 30%.

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.


KANSAS CITY SOUTHERN: Grupo TMM Sells Stake in Firm
---------------------------------------------------
Grupo TMM, SA, has sold its remaining interest in Kansas City Southern to
investors for US$26.65 per share, Kansascity.com reports, citing Bill
Galligan, spokesperson of Kansas City Southern.

As reported in the Troubled Company Reporter-Latin America on Dec. 6, 2006,
Grupo TMM priced a public offering of 1,494,469 shares of Kansas City
Southern's common stock at US$26.65 per share.  All shares were sold by
Grupo TMM.  Morgan Stanley & Co. Inc. was the sole book-running manager for
the offering.

Mr. Galligan told Kansascity.com that Grupo TMM received the stock in 2005
after agreeing to sell its interest in Kansas City Southern de Mexico,
Mexico's biggest railroad.   Grupo TMM no longer owns any Kansas City
Southern common stock.

                      About Grupo TMM

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin American multimodal
transportation and logistics company.  Through its branch offices and
network of subsidiary companies, TMM provides a dynamic combination of ocean
and land transportation services.

                 About Kansas City Southern

Kansas City Southern is a Delaware holding company with principal operations
in rail transportation.  The company owns and operates domestic and rail
operations in North America that are strategically focused on the growing
north/south freight corridor connecting key commercial and industrial
markets in the central US with major industrial cities in Mexico.

The company's rail network extends from the Midwest and Southeastern
portions of the US south into Mexico and connects with all other Class I
railroads providing shippers with an effective alternative to other railroad
routes and giving direct access to Mexico and the southeastern and
southwestern US through less congested interchange hubs.

The company also owns 50% of the stock of the Panama Canal Railway Co.,
which holds the concession to operate a 47-mile coast-to-coast railroad
located adjacent to the Panama Canal.  The railroad handles containers in
freight service across the isthmus.  Panarail Tourism Company, Panama Canal
Railway's wholly owned subsidiary, operates commuter and tourist railway
services over the lines of the Panama Canal Railway.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 6, 2006, Standard &
Poor's Ratings Services affirmed its ratings, including the 'B' corporate
credit rating on Kansas City Southern and removed the rating from
CreditWatch.  S&P said the outlook is negative.


MERIDIAN AUTO: Judge Walrath Approves US$175MM Exit Facility
------------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware authorizes Meridian Automotive Systems Inc. and its
debtor-affiliates to enter into the Commitment Letter and Fee Letter with
Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., and a
group of lenders.

Judge Walrath authorizes and directs the Debtors to perform all of their
obligations under the Commitment Letter and Fee Letter,
including, but not limited to, paying all fees to Deutsche Bank,
reimbursing Deutsche Bank's reasonable out-of-pocket expenses
incurred in connection with the Exit Facility, and indemnifying
Deutsche Bank and the Exit Lenders.

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

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

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

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

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

Judge Walrath also permits the Debtors to file the unredacted Fee Letter
under seal.

              Debtors File Redacted Fee Letter

In connection with their request to enter into the Commitment
Letter with Deutsche Bank, the Debtors delivered to the Court a
redacted version of the Fee Letter.

Pursuant to the Fee Letter, the Debtors will pay, among other
things, these non-refundable fees to Deutsche Bank:

   (1) A facility fee equal to 1.5% of the total commitments
       with respect to the ABL Facility;

   (2) A facility fee equal to 3% of the total commitments with
       respect to the First-Lien Term Credit Facilities; and

   (3) A fee equal to 1% of the total commitments with respect
       to the Credit Facilities if the Debtors consummate the
       Transaction within one year but do not borrow under the
       Senior Secured Financing.

A full-text copy of the Redacted Fee Letter is available for free at
http://ResearchArchives.com/t/s?1634

                 U.S. Trustee's Objection

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
was concerned with two issues with regards to the Debtors' request to enter
into the Fee Letter without disclosing its material terms:

   * It was unclear whether it's reasonable to expect that the
     Court and other parties-in-interest should be obligated to
     evaluate the commercial reasonableness of the fees
     referenced in the Fee Letter based on the total amount of
     those fees.

   * Approval of the Debtors' request is tantamount to sealing
     the Fee Letter from public view.

Joseph J. McMahon, Jr., Esq., in Wilmington, Delaware, contended
that the exit financing fees contained in the Fee Letter are not
"commercial information" worthy of protection under Section
107(b) of the Bankruptcy Code.  In fact, the record in the
Chapter 11 cases undercuts the Debtors' argument that the
specific terms of the Fee Letter constitute commercial
information, which warrant protection under Section 107(b).

Mr. McMahon pointed out that when the Debtors sought approval of
their US$375,000,000 DIP financing arrangement from JPMorgan Chase Bank,
N.A., they specifically described the calculation of the DIP facility's
arrangement and underwriting fees, and certain parameters of the flex
provision.  The Debtors were then
unconcerned of the impact that the publication of that
information would have on the JP Morgan's ability to syndicate
the financing, Mr. McMahon noted.

The U.S. Trustee asked the Court to direct the Debtors to disclose more
contents of the Fee Letter.

In particular, the Debtors should disclose the anticipated amount of the
fees and expenses of the professionals of Deutsche Bank Trust Company
Americas and Deutsche Bank Securities Inc. given that the Debtors will be
obligated to pay those fees and expenses provided that they are reasonable,
Mr. McMahon maintains.

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


MERIDIAN AUTO: Bankruptcy Court Confirms Plan of Reorganization
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware has
confirmed Meridian Automotive's Plan of Reorganization.

The company's confirmed Plan will become effective after certain conditions
are satisfied including closing and funding of a proposed US$175 million
exit financing facility.  Meridian has already received a fully underwritten
commitment letter from Deutsche Bank and Deutsche Bank is currently in the
process of finalizing the syndication of the exit financing facility.
Meridian expects that its confirmed Plan will become effective by the end of
December 2006.

Richard E. Newsted, Meridian's President and CEO, said, "The Bankruptcy
Court's confirmation of our Plan of Reorganization is a significant
accomplishment for our company.  We are pleased to have court approval of a
Plan that deals fairly and equitably with all of our creditors. I would like
to personally thank all of the Meridian associates for their hard work and
our valued customers, suppliers and creditors for their unwavering support
during our reorganization.  We will emerge as a stronger company with
significantly less debt and increased liquidity, two very positive factors
which will contribute to our long-term success in the automotive industry."

                      About the Plan

Under the Debtor's Revised Fourth Amended Plan, New Notes in an aggregate
face amount of approximately US$98,000,000 will be issued on the Effective
Date.  The Fourth Amended Plan also revises the treatment of Classes 3 and 4
Claims, discusses the determination of the claims that the Prepetition First
Lien Lenders and the Prepetition Second Lien Lenders intend to file under
Section 507(b) of the Bankruptcy Code, and reflects changes on the Exit Term
Loan Credit Facility.

In addition, the Plan addresses the issues raised by the Official Committee
of Unsecured Creditors in their Disclosure Statement Objection.

                   Treatment of Class 3
               Prepetition First Lien Claims

Each Holder of an Allowed Prepetition First Lien Claim will, on
the Effective Date, receive in full and complete settlement,
release and discharge of the Claim:

   (i) the Lien Avoidance Release;

  (ii) its Pro Rata share of the New Notes;

(iii) 95.5% of the shares of New Common Stock, or 100% of the
       New Common Stock if Class 4 does not accept the Plan; and

  (iv) its Pro Rata Share of the Prepetition First Lien Claim
       Trust Interests, which will entitle the Holder to a share
       of the net recoveries realized by the Litigation Trust.

On the Effective Date, each Prepetition Letter of Credit will be
returned to the issuer undrawn and marked canceled and the unpaid reasonable
fees and expenses of counsel and the financial advisor to the Prepetition
First Lien Agent incurred prior to the Effective Date will be paid be paid
within 10 days after the
Effective Date subject to the Debtors' prior receipt of invoices
and reasonable supporting documentation.

The Plan defines "Lien Avoidance Release" as the dismissal, with
prejudice, of the Lien Avoidance Action.

                   Treatment of Class 4
           Prepetition Second Lien Secured Claims

The treatment to be provided to Holders of Allowed Prepetition
Second Lien Claims will depend on whether the Class accepts or
rejects the Plan.

If Class 4 accepts the Plan, then each Holder of an Allowed
Prepetition Second Lien Claim will receive in full and complete
settlement, release and discharge of the Claim:

   (i) the Lien Avoidance Release;

  (ii) its Pro Rata share of 4.5% of the shares of New Common
       Stock;

(iii) its Pro Rata share of the New Warrants; and

  (iv) its Pro Rata Share of the Prepetition Second Lien Claim
       Trust Interests, which will entitle the Holder to a share
       of the net recoveries realized by the Litigation Trust.

Any Administrative Expense Claims that may be asserted by Holders of
Prepetition Second Lien Claims for adequate protection under the terms of
the DIP Order will be reduced, in an amount equal to the value of the New
Common Stock and New Warrants distributed to the Holders, if and as
determined by the Court in accordance with applicable law.

If Class 4 rejects the Plan, then each Holder of an Allowed
Prepetition Second Lien Claim will receive its Pro Rata Share of
the Prepetition Second Lien Claim Trust Interests.

Furthermore, the reasonable unpaid fees and expenses of counsel
and the financial advisor to the Prepetition Second Lien Agent
incurred prior to the Effective Date will be paid within 10 days
after the Effective Date subject to the Debtors' prior receipt of invoices
and reasonable supporting documentation.

            Determination of Section 507(b) Claims

According to Richard E. Newsted, Meridian's president and chief
executive officer, the Prepetition First Lien Lenders and the
Prepetition Second Lien Lenders intend to assert "superpriority"
claims under Section 507(b) of the Bankruptcy Code to the extent
of any diminution in the value of their valid, perfected and
unavoidable liens.  Mr. Newsted relates that the purpose of the
Section 507(b) Claims is to compensate the Prepetition Lenders
for the diminution in the value of their prepetition collateral,
which occurred as a result of insufficient adequate protection
provided by the Debtors.

To the extent that the Prepetition First Lien Lenders and the
Prepetition Second Lien Lenders can demonstrate that their
interests in prepetition Collateral have suffered a diminution in value from
and after the Petition Date, they may be able to
establish Section 507(b) Claims in the amount of the diminution.

The Court will determine whether the Section 507(b) Claims should be reduced
by the total amount, or a portion, of the adequate protection payments that
the Prepetition First Lien Lenders and the Prepetition Second Lien Lenders
have received under the DIP Order since the Petition Date.  In the case of
Prepetition Second Lien Lenders, the Court will also determine whether
Allowed Section 507(b) Claims should be reduced by the value of the New
Common Stock and New Warrants the Second Lien Lenders will receive if Class
4 accepts the Plan.

              Effect of Section 507(b) Claims

The amount of any Section 507(b) Claims in favor of the
Prepetition Lenders may be significant in determining how any
recoveries obtained by the Litigation Trust will be distributed,
Mr. Newsted acknowledges.

The Plan provides that after the payment of expenses incurred by
the Litigation Trust in prosecuting the Avoidance Actions and the Reserved
Actions, the remaining recoveries by the Litigation
Trust will be distributed as:

   (a) If Class 4 accepts the Plan:

       -- 30% of the proceeds will be used to pay the Section
          507(b) Claims held by the Prepetition First Lien
          Lenders;

       -- 70% of the proceeds will be used to pay the Section
          507(b) Claims held by the Prepetition Second Lien
          Lenders; and

       -- any remaining amounts will be distributed pro rata to
          the Holders of Prepetition First Lien Deficiency
          Claims, Prepetition Second Lien Claims, and General
          Unsecured Claims;

   (b) if Class 4 rejects the Plan, the net recoveries by the
       Litigation Trust will be distributed pro rata on account
       of the Section 507(b) Claims in favor of the Prepetition
       First Lien Lenders and the Prepetition Second Lien
       Lenders and thereafter will be distributed pro rata among
       the Holders of Prepetition First Lien Deficiency Claims,
       Prepetition Second Deficiency Claims, and General
       Unsecured Claims, after giving effect to the rights of
       the Prepetition Agents and the Prepetition Lenders under
       the Intercreditor Agreements.

The Plan defines "Prepetition Second Lien Deficiency Claim" as
that portion of the Prepetition Second Lien Claim that
constitutes an Unsecured Claim.

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).


MICROHELIX INC: Working Capital Deficit Tops US$1.2 Million
-----------------------------------------------------------
microHelix Inc. earned US$34,086 of net income on US$3.9 million of net
revenues for the three months ended Sept. 30, 2006, compared with US$9,730
of net income on US$2.8 million of net revenues for the same period in 2005.

At Sept. 30, 2006, microHelix's balance sheet showed US$6.6 million in total
assets and US$6.1 million in total liabilities.

microHelix's Sept. 30 balance sheet also showed strained liquidity with
US$3.6 million in total current assets available to pay US$4.8 million in
total current liabilities.

As of Sept. 30, 2006, microHelix had a US$2,000,000 line of credit for
working capital, secured by accounts receivable and inventory.  As of Sept.
30, 2006, there was US$1,390,874 outstanding on the line of credit and the
availability on the line of credit was US$609,126.  The line of credit
expires on April 7, 2007.

A full-text copy of microHelix's quarterly report is available for free at
http://researcharchives.com/t/s?167e

                     Going Concern Doubt

Stonefield Josephson Inc. in Los Angeles, California, raised substantial
doubt about microHelix Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the year ended
Dec. 31, 2005.  The auditor pointed to the company's operating losses since
inception, and accumulated and working capital deficiencies.

                      About microHelix

microHelix Inc. (OTCBB: MHLX) -- http://www.microhelix.com/-- designs and
manufactures cable assemblies for original equipment manufacturers.  The
company's products are used in medical
ultrasound probes, patient monitoring devices, aerospace components and
video surveillance assemblies.

microHelix has approximately 4,500 square feet of office and warehouse space
in Tucson, Arizona.  It has 15,000 square feet of manufacturing, warehouse &
office space in Nogales, Mexico.  The company also has a small corporate
office in Portland, Oregon, housing finance, regulatory, probe sales and
executive functions.


SATELITES MEXICANOS: Hires Morgan Stanley as Financial Advisor
--------------------------------------------------------------
Satelites Mexicanos, SA de CV, aka Satmex told Reuters that it hired Morgan
Stanley as financial advisor to explore strategic opportunities, which may
include a possible sale.

Luis Rebollar Corona, the newly appointed chairperson of Satmex,
Told Reuters that the firm is reviewing strategic options to help increase
value.

There is no assurance the process will lead to a transaction, Reuters
relates, citing Satmex.

A merger would be best and companies like Echostar, Eutelsat, Loral Skynet
and Telesat could be candidates to merge with Satmex, BCP Securities -- a US
investment company -- said in a report, citing Tomas Heather, Satmex's
bankruptcy advisor.

Telmex might also be interested, Mr. Heather told Business News Americas.

Satelites Mexicanos, SA de CV, 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 Aug. 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, SA de CV, 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 concluded its reorganization efforts on Nov. 30, 2006, and emerged
from its U.S. bankruptcy case.  The company consummated its U.S. chapter 11
plan of reorganization, which was confirmed by the United States Bankruptcy
Court for the Southern District of New York by order dated Oct. 26, 2006,
and implemented the restructuring approved in Satmex's Mexican Concurso
Mercantil proceeding by the Concurso Plan Order issued on July 14, 2006.


TELTRONICS INC: Equity Deficit Narrows to US$2.3MM at Sept. 30
--------------------------------------------------------------
Teltronics, Inc.'s balance sheet at Sept. 30, 2006, showed total assets of
US$17.5 million and total liabilities of US$19.8 million resulting in a
total shareholders' deficit of US$2.3 million.  The company's Shareholders'
deficiency at
Dec. 31, 2005, stood at US$2.5 million.

For the third quarter ended Sept. 30, 2006, Teltronics reported net income
of US$495,000, compare with net income of US$3.4 million for the same
quarter in 2005.

The decline in net income was brought about by a US$3.9 million decrease in
other income.  Other income for the same quarter in 2005 included a gain on
extinguishment of debt.

Net sales for the quarter ended Sept. 30, 2006, was US$12.2 million, versus
net sales of US$10.7 million for the comparable quarter in 2005.

As of Sept. 30, 2006, Teltronics has cash and cash equivalents of US$1.1
million as compared to US$1.2 million as of
Dec. 31, 2005.

               Defaults on Senior Securities

As of Sept. 30, 2006, Teltronics is in arrears on dividend payments on its
Series B Preferred Stock in the amounts of US$192,000, which includes
interest.

Teltronics also disclosed that it is subject to certain financial covenants
under its revolving credit, term loan and security agreement, which
stipulates that the company maintain a debt coverage ratio of 2.5 to 1.  The
company's debt coverage ratio at the end of July 2006 was slightly above the
required ratio but was below the required ratio in August and September
2006.

A full text-copy of the company's quarterly report on form 10-Q may be
viewed at no charge at http://ResearchArchives.com/t/s?1681

Headquartered in Sarasota, Florida, Teltronics, Inc. (OTCBB: TELT) --
http://www.teltronics.com/-- provides communications solutions and services
for businesses.  The company manufactures telephone switching systems and
software for small-to-large size businesses and government facilities.
Teltronics offers a full suite of Contact Center solutions -- software,
services and support -- to help their clients satisfy customer interactions.
Teltronics also provides remote maintenance hardware and software solutions
to help large organizations and regional telephone companies effectively
monitor and maintain their voice and data networks.   The company serves as
an electronic contract manufacturing partner to customers in the US and
overseas.

Teltronics, Inc., designs, installs, develops, manufactures and markets
electronic hardware and application software products and also engages in
electronic manufacturing services in the telecommunication industry.  The
company's products are classified into intelligent systems management,
digital switching systems, voice over Internet protocol (VoIP), customer
contact management systems and emergency response systems.  Overall
operations are classified into three reportable segments: Teltronics, Inc.,
Teltronics Limited (UK) and Mexico.  Its Mexico office is located at
Naucalpan de Juarez.




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


BANCO CONTINENTAL: Gets US$120MM Loan for Mortgage Origination
--------------------------------------------------------------
The Inter-American Development Bank approved a US$120 million long-term
financing facility to BBVA Banco Continental, SA in Peru, in the form of
senior and subordinated debt that will provide comprehensive support for
mortgage origination.

The financing facility will support Continental's mortgage origination by
providing long-term financing to better match the maturity of its mortgage
portfolio.

The subordinated component of the financing facility will contribute to
strengthen the bank's balance sheet, diversify its sources of funding,
maintain its strong liquidity position, and support Continental's efforts to
enhance its capital structure.

The project also envisions disbursing part of the long-term financing in
local currency, which will support Continental's and the Peruvian
Government's efforts to develop Soles denominated mortgage portfolios in
Peru.

Continental is the second largest commercial bank in Peru.  As of June 2006,
Continental had total assets of US$5.4 billion and total deposits of US$4.2
billion.  It has built an extensive network throughout the country with 215
branches, 332 ATMs and 2,774 employees.

                        *    *    *

Fitch Ratings assigned on Dec. 6, 2006, these ratings to BBVA Banco
Continental:

   -- Individual rating of 'C/D';
   -- Support rating of '2';
   -- Long-term local currency Issuer Default Rating of 'BBB';
   -- Long-term foreign currency IDR of 'BBB-'; and
   -- Short-term foreign and local currency ratings of 'F3'.


BANCO CONTINENTAL: Fitch Assigns C/D Individual Rating
------------------------------------------------------
Fitch Ratings assigned ratings to BBVA - Banco Continental as follows:

   -- Individual rating of 'C/D';

   -- Support rating of '2';

   -- Long-term local currency Issuer Default Rating of
      'BBB';

   -- Long-term foreign currency IDR of 'BBB-'; and

   -- Short-term foreign and local currency ratings of 'F3'.

Continental's foreign currency IDR is at Peru's Country Ceiling, and its
local currency IDR is a notch above Peru's Sovereign Rating; Continental's
Individual rating reflects its important local franchise consolidated
through its impressive growth, its improved asset quality and adequate
liquidity, but is restrained by its relatively concentrated deposits and its
relatively high leverage compared to regional peers.  The IDRs reflect the
support of Spain's Banco Bilbao Vizcaya Argentaria.

Continental is Peru's second largest bank, with a market share of over 26%
of loans as of Septembr 2006.  Holding Continental controls 92.08% of the
bank, the rest being held mainly by institutional investors.  While BBVA
holds 46% of Continental, the bank is fully integrated within BBVA's
network, policies and management, and is strategically important to BBVA's
regional strategy in Latin America, in turn an important part of its global
franchise.  BBVA appoints Continental's CEO, CFO and Risk Manager.

A prospering local economy has boosted loan demand across business lines,
and volume growth, higher local interest rates, reduced credit costs, and
improved, recurring and diversified non-interest income have combined to
boost results to levels that compare well at home and across the region.
With Peru boasting the region's strongest and most consistent growth, recent
results look set to continue into 2007.  The bank's strong risk management
function and conservative credit culture as well as its efficient collection
process have contributed to balanced and sound portfolio growth, thus
increasing interest revenue and boosting recoveries to support
profitability.  Asset quality continued its steady improvement as strong
collection efforts, the robust local economy, and the effects of sustained
loan growth combined to reduce past-due and refinanced loans in absolute and
relative terms. Reserve coverage improved while loan volume growth and a
shift toward retail loans, together with the seasoning of the loan
portfolio, may contribute to limit further loan quality improvement,
although revenue growth should be sufficient to absorb increased provisions
without undue effect on results.  The bank's deposit base shows improvement
as concentration has decreased and the product mix changes to reduce
high-cost deposits.  Liquidity is deemed adequate reflecting a conservative
yet efficient approach.

Continental's balance sheet is highly dollarized, as is the case across the
Peruvian economy, and is a concern reflected in its Individual rating.
However, a clear improvement has been observed during 2006, as the bank has
clearly identified the implicit credit risk and taken action to reduce it by
introducing local currency products, incentives for local currency loans and
creating additional provisions.  Rapid growth and little use of Tier II
capital have put pressure on capitalization ratios; future capital growth
will look to a combination of higher retained earnings and subordinated
debt.


HERTZ CORP: Commences Exchange Offers for Senior Notes
------------------------------------------------------
The Hertz Corp. commenced exchange offers pursuant to which it is offering
to exchange:

   -- US$1,800,000,000 in aggregate principal amount of its
      8.875% Senior Notes due 2014,

   -- US$600,000,000 in aggregate principal amount of its 10.5%
      Senior Subordinated Notes due 2016 and

   -- EUR225,000,000 in aggregate principal amount of its 7.875%
      Senior Notes due 2014,

which have been registered under the Securities Act of 1933, as amended, for
equal principal amounts of its outstanding:

   -- 8.875% Senior Notes due 2014,
   -- 10.5% Senior Subordinated Notes due 2016 and
   -- 7.875% Senior Notes due 2014,

which were issued on Dec. 21, 2005, in a transaction exempt from
registration under the Securities Act.

As of Dec. 6, 2006, there were US$1,800,000,000, US$600,000,000 and
EUR225,000,000 aggregate principal amount of old senior dollar notes, old
senior subordinated notes and old senior euro notes, respectively,
outstanding.  The terms of the new notes will be substantially identical to
those of the old notes, except that the transfer restrictions and
registration rights relating to the old notes will not apply to the new
notes.  The terms and conditions of the exchange offers are set forth in The
Hertz Corporation's prospectus dated Dec. 6, 2006, and with respect to the
old senior dollar notes and the old senior subordinated notes, the related
letter of transmittal.

The Hertz Corporation will accept for exchange any and all old notes validly
tendered and not validly withdrawn on or before 5:00 p.m., New York City
time, on Jan. 5, 2007, which is the expiration date of the exchange offers,
unless the exchange offers are extended by the company.

Copies of the prospectus and other documents relating to the exchange offers
may be obtained from the Exchange Agents:

By Telephone for old senior notes and old senior subordinated notes:

          Wells Fargo Bank, National Association
          Attn: Bondholder Communications
          Tel: (800) 344-5128
               (612) 667-9764

For old senior euro notes:

          Deutsche Bank AG, London Branch
          Winchester House
          1 Great Winchester Street
          London EC2N 2DB, United Kingdom
          Tel: + 44 (0) 207 547 5000
          E-mail: xchange.offer@db.com

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

                        *    *    *

Standard & Poor's Ratings Services affirmed on Nov. 16, 2006, its ratings on
Hertz Corp., including the 'BB-' corporate credit rating, and removed them
from CreditWatch, where they were placed with negative implications June 26,
2006.  The outlook is negative.




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


DEVELOPERS DIVERSIFIED: Plans 2007 Quarterly Dividend Increase
--------------------------------------------------------------
Developers Diversified intends to increase its quarterly 2007 common share
dividend to US$0.66 per share, which is 11.9% higher than the quarterly
common share dividend of US$0.59 per share paid by Developers Diversified in
2006.  This increase is scheduled to commence in April 2007.  On an
annualized basis, the dividend would increase to US$2.64 per share in 2007
from US$2.36 per share in 2006.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive
Officer, commented, "This dividend increase is achieved through our
continued outstanding financial performance and signals the Board's
confidence in the growth, earnings and cash generating potential of our
business.  Our dividend policy reflects our commitment to shareholders'
interests by balancing dividend growth with dividend safety."

Based in Beachwood, Ohio, Developers Diversified Realty
Corporation -- http://www.ddr.com/-- currently owns and manages
over 500 retail operating and development properties in 44 states, plus
Puerto Rico and Brazil, totaling 118 million square feet.  The Company is a
self-administered and self-managed real estate investment trust operating as
a fully integrated real estate company which acquires, develops and leases
shopping centers.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 31, 2006,
Fitch Ratings affirmed Developers Diversified Realty Corp.'s ratings
following the company's announcement of the pending
acquisition of Inland Retail Real Estate Trust Inc.  Ratings
affirmed include the Company's BBB Issuer Default Rating, BBB
Senior unsecured debt and BB+ preferred stock rating.




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


JETBLUE AIRWAYS: Reports Traffic Statistics for November
--------------------------------------------------------
JetBlue Airways Corp. reported that its traffic in November increased 11.7%
from November 2005, on a capacity increase of 13.2%.

Load factor for November 2006 was 80.8%, a decrease of 1.1 points from
November 2005.  JetBlue's preliminary completion factor was 99.7% and its
on-time performance was 70.2%.

"Our progress this quarter continued in November, with passenger revenue per
available seat mile, or PRASM, up approximately 23% over last year," said
David Neeleman, CEO of JetBlue.

                   JetBlue Airways Traffic Results

                       November 2006  November 2005    % Change
Revenue passenger
  miles (000)             1,907,688      1,708,154       11.7
Available seat
  miles (000)             2,359,862      2,084,661       13.2
Load factor                 80.8%          81.9%      (1.1) pts.
Revenue passengers       1,637,220      1,296,612       26.3
Departures                  14,634         10,305       42.0
Average stage length         1,078          1,302      (17.2)


                          Y-T-D 2006     Y-T-D 2005    % Change
Revenue passenger
  miles (000)             21,288,228     18,350,214      16.0
Available seat
  miles (000)             26,035,911     21,470,777      21.3
Load factor                  81.8%          85.5%     (3.7) pts.
Revenue passengers        16,821,989     13,307,273      26.4
Departures                   143,295        100,685      42.3
Average stage length           1,197          1,367     (12.4)

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


* Improved Power Supply Needs Drive LatAm UPS Markets
-----------------------------------------------------
A spurt in demand for uninterruptible power supply or UPS from small office,
home office and small and medium businesses expects to buoy the fortunes of
the Latin American UPS markets.  Poor power quality in countries such as
Brazil, expansion of telecom and financial sectors and improvements in IT
equipment necessitating upgrades of existing UPS systems are likely to
catalyze the expected revenue surge.

New analysis from Frost & Sullivan -- http://www.latinamerica.frost.com--  
Latin American UPS Markets, reveals that the market earned revenues of
US$266 million in 2005 and estimates this to reach US$418.4 million in 2011.

Continued economic progress, increased consumer awareness about the need for
high-quality power and vertical markets' expansion will enhance the
prospects of UPS markets.  However, current market participants will have to
guard against excessive competition, which can cause price wars and restrict
revenue growth.

The arrival of small low-cost manufacturers from Asia is likely to escalate
price wars in an intensely competitive market. Domestic manufacturers will
need to be aware of existing international UPS manufacturers' strategies to
enter new end-user segments to enlarge their presence in Latin America.

"As the technology continues to mature and price margins deteriorate,
vendors will find it increasingly difficult to survive solely on UPS
offerings," say Frost & Sullivan Energy Program Manager Milena Matone, who
also adds, "An increasing number of Latin American UPS vendors are
positioning themselves as total solution providers."

Competitors must acclimatize themselves to the changes in the market to
sustain or increase their revenue and market shares. They can achieve this
by offering complementary products and positioning themselves as power
specialists.

Technological innovations can greatly help retain customers.  For instance,
there is a huge requirement for battery-free solutions such as rotary and
flywheel-based UPS systems in the market.  These solutions eliminate the
need for battery management, cutting down unnecessary costs and hassles for
end users.

"Partly due to the introduction of inventive solutions and partly due to the
increasing affordability of systems, the UPS market is observing a shift
from low-end UPS systems to high-end online UPS topology," observes Research
Analyst Lorena Medina.

High-end markets will require UPS systems for several critical applications
including facility management, data processing facilities, server farms,
data warehouse and network management centers. Consumers from the premium
segment are likely to be more knowledgeable about the necessity of power
quality.

"Overall, with a more stable economy, resulting in a rise in energy
consumption, the Latin American UPS market will be in a position to offer
numerous growth opportunities," notes Malone.

The Latin American UPS Markets is part of the Energy & Power Systems Growth
Partnership Service, which includes research in these markets:

   -- Latin American gen-set markets,
   -- western European UPS markets,
   -- World emerging battery markets, and
   -- World UPS markets.

                   About Frost & Sullivan

Frost & Sullivan -- http://www.frost.com-- a global growth consulting
company, has been partnering with clients to support the development of
innovative strategies for more than 40 years.  The company's industry
expertise integrates growth consulting, growth partnership services and
corporate management training to identify and develop opportunities.  Frost
& Sullivan serves an extensive clientele that includes Global 1000
companies, emerging companies and the investment community by providing
comprehensive industry coverage that reflects a unique global perspective
and combines ongoing analysis of markets, technologies, econometrics and
demographics.

                        ***********


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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