TCRLA_Public/061211.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

          Monday, December 11, 2006, Vol. 7, Issue 245

                          Headlines

A R G E N T I N A

BANCO PATAGONIA: Places ARS39.0 Million Securitization
BELL MICRO: Commences Consent Solicitation on 3-3/4% Notes
BELL MICROPRODUCTS: Gets Default Notice from Well Fargo
BELL MICROPRODUCTS: Filing Delay Cues Nasdaq Delisting Notice
BULNES CLUB: Deadline for Claims Verification Is Until Feb.6

GETTY IMAGES: Form 10-Q Filing Delay Prompts Default Notice
GETTY IMAGES: Default Notice Prompts S&P's Negative CreditWatch
MOLISE SA: Last Day for Verification of Claims Is on December 18
PROLINE SA: Deadline for Verification of Claims Is on Dec. 12
TEXTIL KOVIC: Last Day for Claims Verification Is on March 5

TRANSPORTES SOL: Claim Verification Deadline Is Set for Feb. 3
VERIFONE: Earns US$13.9 Million in 2006 Quarter Ended October 31

B A H A M A S

WORLDSPAN: Merging With Travelport to Form Travel Solution Firm
WORLDSPAN: Refinancing Existing Sr. Credit Facility with US$1BB
WORLDSPAN LP: Moody's Affirms B2 Corporate Family Rating
WORLDSPAN: S&P Puts B Rating on Watch on Travelport Merger Pact

B A R B A D O S

BRITISH WEST: Direct Flight Termination Won't Affect Barbados

B E L I Z E

* BELIZE: Seeks National Assembly Approval for Exchange Offer
* BELIZE: S&P Holds 'CCC+/C' Loc. Currency Sovereign Debt Rating
* BELIZE: IDB Approves US$25 Million Loan for Economic Reforms

B E R M U D A

REFCO INC: RCM Trustee Wants Case Converted to Chapter 7
REFCO INC: Has Until January 12 to Solicit Plan Acceptances
REFCO INC: Wants Court to Allow 1,218 Claims as Related Claims
SEA CONTAINERS: Panel Wants Bingham McCutchen as FIMEM Counsel
SEA CONTAINERS: Wants to Employ Appleby Hunter as Special Atty.

SEA CONTAINERS: Wants to Sell 50% Stake in Aegean Speed Lines

B O L I V I A

INTERNATIONAL PAPER: Receives Tenders of US$3.64B of Bonds
PETROLEO BRASILEIRO: Finishes Natural Gas Pipeline Repair Works

B R A Z I L

BANCO FIBRA: S&P Puts B+ Rating on US$75MM Sr. Unsecured Notes
BANCO UBS PACTUAL: UBS Deal Cues Fitch to Hold B Currency Rating
COMPANHIA SIDERURGICA: Corus Due Diligence Process Going Well
DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
DURA AUTO: US Trustee Appoints Seven-Member Creditors Committee

FREESCALE: Leveraged Buyout Spurs S&P's BB- Corp. Credit Rating
FURNAS CENTRAIS: Moody's Holds Ba1 Global Local Currency Rating
GOL LINHAS: Reduces Ticket Sale Commissions of Travel Agents
PETROLEO BRASILEIRO: Discussing Refinery Project with Venezuela
PETROLEO BRASILEIRO: Renews Insurance Contract with SulAmerica

PETROLEOS DE VENEZUELA: Discussing Refinery Project with Brazil
RBS PARTICIPACOES: Good Performance Cues S&P's Ratings Upgrade
SENSATA TECH: To Raise US$95 Mil. Financing for FTAS Buyout Deal
SENSATA TECH: Pending FTAS Deal Cues Moody's to Hold B2 Ratings
VARIG S.A.: Judge Drain Denies Port Authority's Payment Request

ZIM CORP: Posts US$369,991 Net Loss in Quarter Ended Sept. 30

* BRAZIL: IDB Grants US$1MM Loan for Public-Private Partnerships

C A Y M A N   I S L A N D S

DODO LIMITED: Creditors Must File Proofs of Claim by Dec. 15
EXCHANGEABLE (AXP 2000-1): Claims Must be Filed by Dec. 15
GLOBE FINANCE: Deadline for Claims Filing Is Set for Dec. 15
GREAT POINT: Last Day to Submit Proofs of Claim Is on Dec. 15
IVY LIMITED: Deadline for Filing of Proofs of Claim Is Dec. 15

JPM-JC1 LIMITED: Last Day for Proofs of Claim Filing Is Dec. 15
MARYLEBONE ROAD: Last Day to File Proofs of Claim Is on Dec. 15
NORTHWOODS CAPITAL: Proofs of Claim Filing Deadline Is Dec. 15
NORTHWOODS CAPITAL II: Proofs of Claim Must be Filed by Dec. 15
NORTHWOODS CAPITAL III: Claims Filing Deadline Is on Dec. 15

SALVADOREAN FUNDING: Filing of Proofs of Claim Is Until Dec. 15
SEA FORT: Deadline for Proofs of Claim Filing Is Set for Dec. 15
SMART TEN: Creditors Must Submit Proofs of Claim by Dec. 15
SWITCH INVESTMENTS: Proofs of Claim Filing Is Until Dec. 15
VAN KAMPEN: Creditors Have Until Dec. 15 to File Proofs of Claim

C H I L E

EMPRESAS IANSA: Stronger Coverage Ratio Spurs S&P's BB+ Rating
QUEBECOR WORLD: QWUSA Offers to Buy QWCC's US$125MM Senior Notes
REVLON CONSUMER: Moody's Rates US$160MM Credit Facility at (P)B1

C O L O M B I A

AES CHIVOR: Debt Reduction Prompts S&P to Lift B+ Rating to BB-
ECOPETROL: Discloses Five-Phase Strategy for Oil Production
NOVELL INC: Posts US$32 Million Fiscal Year 2006 Net Profits

D O M I N I C A N  R E P U B L I C

BANCO INTERCONTINENTAL: Says Accounts Deletion Charges an Infamy

E C U A D O R

PHELPS DODGE: Names Nancy Mailhot as Senior VP - Human Resources

J A M A I C A

AIR JAMAICA: Finance Minister Says London Route Heavy Loss-Maker
AIR JAMAICA: Poor Maintenance Schedule Causes Cancellations
AIR JAMAICA: Looking for New Aircrafts
SUGAR COMPANY: Frome Factory Starting Production
SUGAR COMPANY: Sector Officials Blame Management for Output Drop

M E X I C O

ALASKA AIR: Promotes Brandon Pedersen as Vice Pres. of Finance
ALLIS-CHALMERS: Earnings Up 770.2% to US$11.3MM in 2006 3rd Qtr.
CABLEMAS SA: Awards Messaging & Server Contract to IP Unity
CONSOLIDATED CONTAINER: Earns US$15.8 Mil. in 2006 Third Quarter
DIRECTV: Software Theft Developer Agrees to US$1MM Settlement

FORD MOTOR: To Raise Borrowing Financing Capacity to US$23 Bil.
FORD MOTOR: Intends to Offer US$3 Bil. Senior Convertible Notes
FORD MOTOR: Fitch Rates US$3 Billion Senior Unsecured Notes at B
FORD MOTOR: Fitch Pares Senior Unsecured Ratings to B- from B
GENERAL MOTORS: GMAC Releases Composition of New Board

GLOBAL POWER: Closes US$85 Million DIP Financing Credit Facility
KANSAS CITY SOUTHERN: Launching 30 New Railway Units Next Year

* STATE OF CHIAPAS: Moody's Shifts Issuer Rating Outlook to Pos.

P E R U

PERU ENHANCED: Fitch Assigns BB+ Preliminary Rating
PERU ENHANCED: Moody's Rates US$470MM Sr. Class A-1 Notes at Ba3

P U E R T O   R I C O

ALBERTO-CULVER: Appoints Three New Directors to Board
FERRELLGAS PARTNERS: Declares First Quarter Cash Distribution
HOT PIZZA: Case Summary & 20 Largest Unsecured Creditors

U R U G U A Y

BANCO HIPOTECARIO: Congress May Approve Bill to Restructure Firm

V E N E Z U E L A

SUPERIOR ENERGY: Offering US$350MM Senior Exchangeable Notes
SUPERIOR ENERGY: Moody's Affirms Ba3 Corporate Family Rating
SUPERIOR ENERGY: S&P Rates US$400 Mil. Exchangeable Notes at BB-
TRAVELPORT: Merging With Worldspan to Create Travel Sol'n Firm
TRAVELPORT INC: Worldspan Deal Cues S&P's B+ Corp. Credit Rating

PETROLEOS DE VENEZUELA: Restarting Operations at Amuay Refinery

* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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


BANCO PATAGONIA: Places ARS39.0 Million Securitization
------------------------------------------------------
Banco Patagonia said in a press release that it has placed a new ARS39.0
million securitization.

Banco Patagonia told Business News Americas that investor demand for the
COLUMBIA TARJETAS VI securitization increased 1.54 times to ARS22.7 million.

The securities were placed at an internal rate of return of 11.5% and have
duration of 5.5 years.  Fitch assigned an AAA national scale rating on the
issue, BNamericas reports.

Following a merger with Banco Sudameris in 2003, Banco Patagonia became the
third largest private Argentine bank in terms of assets, liabilities and net
worth, with a network of 150 branches within Argentina.  It is based 1,000
kilometers south of Buenos Aires in the province of Rio Negro.

                        *    *    *

Moody's Rating Services assigned these ratings on Banco
Patagonia:

    -- long-term domestic bank deposits at Ba3,
    -- short-term domestic bank deposits at NP,
    -- long-term foreign bank deposits at Caa1,
    -- short-term foreign bank deposits at NP,
    -- bank financial strength at E+, and
    -- the outlook is positive.


BELL MICRO: Commences Consent Solicitation on 3-3/4% Notes
----------------------------------------------------------
Bell Microproducts Inc. has commenced a solicitation of consents from
holders of record as of Dec. 6, 2006, of its outstanding aggregate
US$110,000,000 principal amount of 3-3/4% Convertible Subordinated Notes due
2024, for the waiver of any default or event of default relating to certain
reporting requirements in the indentures for the Notes and the amendment of
the indentures to eliminate any provision that would trigger a Default or
Event of Default for the failure to file any reports required in the U.S.
Securities and Exchange Commission or the trustee, including as required by
Section 314 of the Trust Indenture Act of 1939, as amended.

The proposed waiver and amendment to the indentures requires the consent of
holders of a majority in aggregate principal amount of the Notes
outstanding.

Upon receipt of the consents, the waiver and amendment will be effective
upon all holders of the Notes and there will be no right to cause the
principal of, and accrued interest on, the Notes to be immediately due and
payable as a result of any failure to file or deliver any SEC reports.

Bell Microproducts will pay a fee, in the event that the proposed waiver and
amendment become effective, of US$5.00 in cash for each US$1,000 principal
amount of Notes for which consents are properly delivered and not revoked
prior to the expiration of the consent solicitation.  The consent
solicitation will expire at 5:00 p.m. New York City time on
Dec. 13, 2006, unless extended by the company.

If before Feb. 28, 2007, Bell Microproducts does not commence a tender offer
in which all Notes validly tendered are redeemed by the company at a price
of at least US$1,000 plus accrued and unpaid interest up to but not
including, the date the Notes are redeemed, for each US$1,000 principal
amount of Notes validly tendered, and hold the tender offer open for at
least 20 business days, the firm will pay holders of Notes for which
consents were properly executed and delivered and not revoked prior to the
Expiration Date, an additional fee of US$50.00 for each US$1,000 principal
amount of Notes.  Payment of either fee to the holders of the Notes is
conditioned upon receipt by the company of consents to the waiver and
amendment from holders of a majority in aggregate principal amount of the
Notes outstanding prior to the Expiration Date.

The waiver and amendment are related to Bell Microproducts' previously
disclosed delay in filing its Quarterly Report on Form 10-Q for the period
ended Sept. 30, 2006, with the SEC.  The company has also previously
announced it intends to file an amended report on Form 10-K for the year
ended Dec. 31, 2005, and amended quarterly reports on Forms 10-Q for the
quarters ended March 31, 2006, and June 30, 2006, due to a determination
that restatements of the financial statements and financial information were
required for the first, second, third and fourth quarters of 2005, the first
and second quarters of 2006 and the annual periods ended Dec. 31, 2004, and
2005 for a number of accounting errors.

Bell Microprodcuts is working diligently on completing the restated
financials.  As part of the restatement process, the company has engaged in
a thorough review of its financial reports, which is a time consuming
process, pursuant to which additional issues may arise.

In addition to the accounting issues Bell Microprodcuts has previously
disclosed, it has also undertaken an evaluation of the manner in which it
recorded foreign currency cash flows during prior reported periods from 2004
through the current quarter, as well as a review of its stock options to
assure proper accounting treatment.  The preliminary option review currently
being conducted, with the assistance of independent counsel, is limited in
scope and intended to provide the company's audit committee with additional
information in order for it to determine whether a full review is necessary.

Holders may tender their consents at any time prior to the Expiration Date.
The terms and conditions of the consent solicitation are described in a
Consent Solicitation Statement dated Dec. 7, 2006, which is being sent to
all holders of record of the Notes as of Dec. 6, 2006.

Requests for additional copies of the Consent Solicitation Statement, the
Letter of Consent or other related documents should be directed to:

          Global Bondholder Services Corporation
          Information Agent
          Tel: (866) 736-2200 (toll free)
               (212) 430-3774

Questions regarding the consent solicitation should be directed to:

          Credit Suisse Securities (USA) LLC
          Solicitation Agent
          Tel: (212) 538-3953

The solicitation presents certain risks for holders who consent, as set
forth more fully in the consent solicitation statement and related
documents.  These documents contain important information, and holders
should read them carefully before making any decision.  Additional
information is included in the Form 8-K filed by the company on Dec. 7.

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

                        *    *    *

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


BELL MICROPRODUCTS: Gets Default Notice from Well Fargo
-------------------------------------------------------
Bell Microproducts Inc. disclosed that on Nov. 14, 2006, it received Notices
of Default from Wells Fargo Bank, NA, with respect to its 3-3/4 Convertible
Subordinated Notes due 2024 and its 3-3/4 Convertible Subordinated Notes,
Series B due 2024.  Wells Fargo serves as the trustee for the holders of the
Notes.

Under the terms of the indentures governing the Notes, Bell Microproducts
has an obligation to file with the Securities and Exchange Commission all
reports it is required to file pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934.  The company's failure to timely file
its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2006,
constituted a default pursuant to the terms of the indentures.  The company
has 30 days from the date it received the notices, or until
Dec. 14, 2006, to cure the default by filing the Form 10-Q or the holders
may accelerate the payment of the outstanding balance due under the Notes,
which amount would become immediately due and payable in full.

As of Sept. 30, 2006, the combined outstanding balance due under the Notes
was US$110 million.  The holders of more than 50% of the outstanding
aggregate principal amount of the Notes may grant the Bell Microproducts a
waiver of the default.  The company intends to seek a waiver in the event it
is unable to file the Form 10-Q on or before Dec. 14, 2006.

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

Bell Microproducts is uniquely qualified with deep technical and application
expertise to service a broad range of information technology needs.  From
design to deployment, its products are available at any level of
integration, from components to subsystem assemblies and fully-integrated,
tested and certified system solutions.


BELL MICROPRODUCTS: Filing Delay Cues Nasdaq Delisting Notice
-------------------------------------------------------------
Bell Microproducts Inc. has received a Nasdaq Staff Determination notice
stating that the former is not in compliance with the filing requirements
for continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(14).

Bell Microproducts anticipated receipt of this notice because, as previously
disclosed, accounting errors resulting in the company being required to
restate its financials for certain prior periods have caused the company to
delay the filing of its Quarterly Report on Form 10-Q for the period ended
Sept. 30, 2006.  The notice is automatically generated by Nasdaq and
indicated that due to such non-compliance, the company's common stock is
subject to potential delisting. The company, in accordance with Nasdaq
procedures, has requested a hearing to review the determination notice
before a Nasdaq Listing Qualifications Panel.

The hearing request will automatically stay the suspension of trading of
Bell Microproducts' common stock on the Nasdaq Global Market, but there can
be no assurance that the Panel will grant the company's request for
continued listing.  The company intends to file its Quarterly Report on Form
10-Q as soon as practicable.

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

Bell Microproducts is uniquely qualified with deep technical and application
expertise to service a broad range of information technology needs.  From
design to deployment, its products are available at any level of
integration, from components to subsystem assemblies and fully-integrated,
tested and certified system solutions.


BULNES CLUB: Deadline for Claims Verification Is Until Feb.6
------------------------------------------------------------
Hector Palma, the court-appointed trustee for Bulnes Club SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 6, 2007.

Under the Argentine bankruptcy law, Mr. Palma is required to present the
validated claims in court as individual reports.  Court No. 25 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
Bulnes Club and its creditors.

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

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

Clerk No. 49 assists the court in the proceeding.

The debtor can be reached at:

          Bulnes Club SA
          Ciudad dela Paz 2317
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Palma
          Rodriguez Pena 694
          Buenos Aires, Argentina


GETTY IMAGES: Form 10-Q Filing Delay Prompts Default Notice
-----------------------------------------------------------
Getty Images Inc. has received two notices of a purported default from
certain holders of the company's US$265 million aggregate principal amount
of 0.50% Convertible Subordinated Debentures, Series B due 2023.

The default notices, purportedly representing an aggregate of approximately
29% of the issued and outstanding Debentures, asserted that because Getty
Images is delinquent in filing its Quarterly Report on Form 10-Q for the
third quarter of 2006 with the SEC, the company is in default under the
Indenture dated as of Dec. 16, 2004, between the company, as issuer, and The
Bank of New York, as Trustee, relating to the Debentures.

The notices of default demanded that Getty Images cure the purported default
within 60 days from their receipt, after which such default would develop
into an "Event of Default," as defined in the Indenture.  The company is
still in the process of determining the validity of the notices, including
the purported ownership interests represented by the notices.  The company
has received no other notices of default with regard to the Debentures.

Getty Images believes that it has fully performed its obligations under the
Indenture because the Indenture does not contain an express covenant
requiring the company to provide the Trustee or the bondholders with
periodic reports like the Quarterly Report on Form 10-Q for the third
quarter of 2006.  While section 314(a) of the Trust Indenture Act of 1940 is
incorporated into the Indenture by virtue of Section 17.01 thereof and
contemplates the company providing the Trustee with copies of its periodic
reports, the company believes that the TIA does not require such reports to
be provided within any prescribed period of time.  The company intends to
furnish to the Trustee copies of its Quarterly Report on Form 10-Q for the
third quarter of 2006 after it files the report with the SEC.  The company
believes that this action would cure any default of the Indenture provision
in question, if any default exists.

Consequently, in Getty Images' view, these notices of default are, and any
other similar notices of default that may be received in the future will be,
without merit.

While Getty Images has questioned the claimants' legal theory as to whether
it was in default under the terms of the Indenture, if an "Event of Default"
were to occur following the 60 day cure period, the Trustee or holders of at
least 25% in aggregate principal amount of the Debentures then outstanding
would have the contractual right to declare all unpaid principal and accrued
interest on the Debentures then outstanding to be immediately due and
payable.  The company believes that if an "Event of Default" were to occur
and the Debentures were accelerated, it has adequate financial resources to
pay any unpaid principal and any interest that would then be due on the
Debentures.

                   Internal Investigation

Getty Images had previously stated that its board of directors established a
special committee to conduct an internal investigation relating to the
company's stock option grant practices and related accounting for stock
option grants.  The review is being conducted with the assistance of outside
legal counsel retained by the special committee.

The Division of Enforcement of the Securities and Exchange Commission had
earlier notified Getty Images that it is conducting an informal inquiry into
the company's stock option grant practices, and has requested that the
company provide the SEC with certain information relating to the company's
stock option grant practices.  The company is cooperating fully with the SEC
in this informal inquiry.

                        Filing Delay

As of Nov. 9, 2006, the special committee has not completed its review of
Getty Images' stock option grant practices.  Until the special committee's
review is complete, the company says that it will be unable to file its
Quarterly Report on Form 10-Q for the period ended Sept. 30, 2006, which
will not occur within the prescribed time period for the filing of such Form
10-Q, including the extension under Rule 12b-25.  The company intends to
file its Form 10-Q as soon as practicable after the completion of the
special committee's review.

                     About Getty Images

Getty Images Inc. -- http://gettyimages.com/-- (NYSE: GYI) creates and
distributes visual content and the first place creative professionals turn
to discover, purchase and manage imagery.  The company's award-winning
photographers and imagery help customers create inspiring work which appears
every day in the world's most influential newspapers, magazines, advertising
campaigns, films, television programs, books and Web sites.  Headquartered
in Seattle, WA and serving customers in more than 100 countries, Getty
Images believes in the power of imagery to drive positive change, educate,
inform, and entertain.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


GETTY IMAGES: Default Notice Prompts S&P's Negative CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Seattle,
Washington-based visual imagery company Getty Images Inc., including
lowering the corporate credit rating to 'B+' from 'BB', and placed the
ratings on CreditWatch with developing
implications.

The rating and CreditWatch actions came after Getty Images reported that it
had received notices from bondholders that its delayed third-quarter SEC
Form 10-Q filing constituted an event of default.

CreditWatch with developing implications indicates that the rating could be
either raised or lowered.

As of Sept. 30, 2006, Getty Images had US$265 million of convertible notes
outstanding.

The bondholders in question claim to control 29% of the outstanding notes.
At least 25% of the bondholders would be required to accelerate the bonds.

"Although it is not clear whether the late filing would legally
constitute an event of default, the notices received present heightened risk
of an acceleration, and the contentious process around this issue elevates
credit risk," said Standard & Poor's credit analyst Tulip Lim.

As of Sept. 30, 2006, Getty Images had enough liquid resources to service
the obligation should it become payable.


MOLISE SA: Last Day for Verification of Claims Is on December 18
----------------------------------------------------------------
Eduardo Salomon Zalutzky, the court-appointed trustee for Molise SA's
reorganization proceeding, will verify creditors' proofs of claim until Dec.
18, 2006.

Under the Argentine bankruptcy law, Mr. Zalutzky 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
Molise and its creditors.

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

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

On Oct. 1, 2007, Molise's creditors will vote on a settlement plan that the
company will lay on the table.

Clerk No. 14 assists the court in the proceeding.

The debtor can be reached at:

          Molise SA
          La Pampa 5981
          Buenos Aires, Argentina

The trustee can be reached at:

          Eduardo Salomon ZAlutzky
          Lavalle 1523
          Buenos Aires, Argentina


PROLINE SA: Deadline for Verification of Claims Is on Dec. 12
-------------------------------------------------------------
Jorge Juan Gerhkovich, the court-appointed trustee for Proline SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 20,
2006.

Mr. Gerhkovich will present the validated claims in court as individual
reports on March 5, 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 Proline SA and its creditors.

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

A general report that contains an audit of Proline SA's accounting and
banking records will follow on April 16 2007.

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

The trustee can be reached at:

         Jorge Juan Gerhkovich
         Avenida Corrientes 1847
         Buenos Aires, Argentina


TEXTIL KOVIC: Last Day for Claims Verification Is on March 5
------------------------------------------------------------
Hector Pedro Bazzini, the court-appointed trustee for Textil Kovic SA's
reorganization proceeding, will verify creditors' proofs of claim until
March 5, 2007.

Mr. Bazzini will present the validated claims in court as individual reports
on Jan. 6, 2007.  A court in Buenos Aires will then determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Textil Kovic 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 Textil Kovic's accounting and
banking records will follow on April 18, 2007.

On Nov. 13, 2007, Textil Kovic's creditors will vote on a settlement plan
that the company will lay on the table.

The trustee can be reached at:

          Hector Pedro Bazzini
          Uruguay 662
          Buenos Aires, Argentina


TRANSPORTES SOL: Claim Verification Deadline Is Set for Feb. 3
--------------------------------------------------------------
Luis Humberto Chelala, the court-appointed trustee for Transportes EL Sol
SRL's bankruptcy proceeding, will verify creditors' proofs of claim until
Feb. 3, 2007.

Mr. Chelala will present the validated claims in court as individual reports
on April 16, 2007.   A court in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Transportes El Sol 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 Transportes El Sol's accounting
and banking records will follow on May 29, 2007.

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

The trustee can be reached at:

         Luis Humberto Chelala
         Avda Corrientes
         Buenos Aires, Argentina


VERIFONE: Earns US$13.9 Million in 2006 Quarter Ended October 31
----------------------------------------------------------------
VeriFone Holdings Inc. reported a US$13.9 million net income for the three
months ended Oct. 31, 2006, compared with
US$12.1 million for the comparable period of fiscal 2005.  GAAP net income
was impacted in the quarter by the US$4.1 million after-tax write off of
debt issuance costs, attributable to the refinancing of outstanding debt in
connection with the Lipman acquisition.  Net income, as adjusted, which
excludes non-cash amortization of purchased intangibles and debt issuance
costs, as well as non-cash stock-based compensation expense, for the three
months ended Oct. 31, 2006, was US$22.3 million, compared with US$14.9
million for the comparable period of fiscal 2005.

The company's net revenues increased 20% to US$156.6 million in the three
months ended Oct. 31, 2006, compared with the
US$130.5 million recorded in the same period in 2005.  The increase was due
to a 30% increase in net revenues from VeriFone's inter-national business as
well as a 14% increase in net revenues from VeriFone's North America
business.

Gross margins, under generally accepted accounting principles (GAAP), for
the three months ended Oct. 31, 2006, were 46.0%, compared with 42.7% for
the three months ended Oct. 31, 2005.  Gross margins, excluding non-cash
amortization of purchased intangibles and stock-based compensation expense,
expanded for the eighth consecutive quarter and reached 47.1% for the three
months ended Oct. 31, 2006, compared with 44.0% for the comparable period of
2005.

EBITDA, as adjusted, which excludes non-cash amortization of purchased
intangibles and debt issuance costs, as well as non-cash stock-based
compensation expense, expanded for the ninth consecutive quarter and reached
a record level of
US$38.0 million, a 44% increase over the US$26.5 million recorded in the
three months ended Oct. 31, 2005.  EBITDA, as adjusted, margins for the
three months ended Oct. 31, 2006, reached 24.2%, as compared with the 20.3%
recorded in the three months ended Oct. 31, 2005.

Net revenues for the fiscal year ended Oct. 31, 2006, were US$581.0 million,
an increase of 20% over the US$485.4 million recorded for fiscal 2005.

Net income for the fiscal year ended Oct. 31, 2006, was
US$59.5 million, compared with US$33.2 million for fiscal 2005.  Net income,
as adjusted, for the fiscal year ended Oct. 31, 2006, was US$76.4 million,
compared with US$49.7 million for fiscal 2005.

EBITDA, as adjusted, for the fiscal year ended Oct. 31, 2006, was US$130.4
million, an increase of 51% over the
US$86.4 million recorded for fiscal 2005.  EBITDA, as adjusted, margins for
the fiscal year ended Oct. 31, 2006, were 22.4%, compared with 17.8% for the
comparable period of 2005.

"VeriFone has completed another outstanding quarter and achieved record
revenue and earnings for fiscal year 2006. This year was highlighted by our
transformative acquisition of Lipman which combined the two strongest
financial performers in the industry to create the world leader in payment
technology," said Douglas G. Bergeron, chairperson and chief executive
officer of VeriFone Holdings.

Mr. Bergeron noted, "We enter our new financial year poised to capitalize on
our numerous competitive advantages and our very wide range of product
offerings.  The integration of Lipman into VeriFone has been completed ahead
of schedule and we have created a single-branded, unified company with
tremendous scale advantages.  Already, we are enjoying several supply chain
efficiencies and earnings accretion.  As a result, we have increased our
internal expectations for fiscal Q1 2007 (firsth quarter of 2007) net
earnings per share, as adjusted, to be in the range of US$0.33 to US$0.34.
We remain very confident of our prospects in fiscal 2007."

                    Fourth Quarter Highlights

   -- VeriFone continued to gain strong momentum in the multi-
      lane retail vertical with key multi-million dollar
      competitive wins at IKEA and Kroger.  A major factor in
      the success of our multi-lane retail business is the
      MX870, the only large screen solution currently in the
      market for customers seeking to meet upcoming PCI
      deadlines.

   -- VeriFone benefited in Mexico from strong FIMPE activity,
      as the company enjoys the vast majority of this ongoing
      business.  FIMPE is a non-profit private fund formed by
      financial institutions to promote and extend the benefits
      of access to the electronic payments network to small to
      medium size businesses and to foster the culture of
      electronic payments among merchants and consumers.

   -- VeriFone continued to make good progress in the UK market
      this quarter, as demonstrated by its competitive win of
      CardNet, a joint venture between Lloyds and First Data.
      CardNet chose VeriFone as its primary supplier for desktop
      and mobile payment systems, offering an end-to-end
      service.

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.




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


WORLDSPAN: Merging With Travelport to Form Travel Solution Firm
---------------------------------------------------------------
Travelport Ltd. and Worldspan LP entered into a definitive agreement to
merge Worldspan into a subsidiary of Travelport to create a leading global
travel solution provider.

Jeff Clarke, Chief Executive Officer of Travelport, said, "Increasing cost
pressures on travel suppliers and agencies combined with the strengthening
of alternative distribution channels, such as supplier direct channels,
continue to influence how travel is purchased.  This merger will create a
more effective and efficient travel distribution provider and will ensure
that we are better positioned to meet the evolving needs of our customers,
the travel suppliers, travel agencies and end consumers."

As the travel industry continues to grow at a substantial rate, travel
suppliers and agencies require the technology and networks capable of
handling the increased demand.  Competition in the travel distribution
industry has increased, driven in part by travel bookings via alternative
travel distribution channels.  According to Forrester Research, more than
half of US travel bookings are already processed through alternative non-GDS
(global distribution system) channels.  Globally, sales from supplier direct
websites are expected to continue to grow as airlines encourage direct
bookings through frequent flyer programs, exclusive fares and potentially
through removal of content from the GDSs.  The combination of Travelport and
Worldspan addresses the increasing demands of the travel distribution
industry and supports the need for cost-effective and efficient GDS
offerings.

Rakesh Gangwal -- chairperson, president and chief executive officer of
Worldspan -- commented, "This merger builds upon the complementary strengths
of our two companies, which will benefit existing and future customers,
allowing them to address an increasingly competitive marketplace.  The
combination of Travelport and Worldspan directly addresses industry trends
and will provide a new standard of technology, high quality content and
world-class customer service."

Over 750 travel suppliers, 63,000 travel agencies and millions of end
consumers globally benefit from the travel distribution services provided by
the two organizations.  The transaction brings together two companies with
global footprints and a proven track record of customer service and
technology leadership.  Worldspan will further augment Travelport's global
breadth and diversity and will enhance Travelport's technology platform, in
particular in the online distribution segment.

In addition to the numerous customer benefits, Travelport and Worldspan
expect the proposed transaction to deliver financial benefits capitalizing
on natural operational synergies.  The initial integration focus will be on
consolidating technology and administrative operations resulting in
near-term cost savings of approximately $50 million.  Management also sees
opportunity to cross-sell Worldspan's technology products to Travelport's
global customer base.

Jeff Clarke will lead the combined company as Chief Executive Officer.
Prior to the closing, Rakesh Gangwal will continue to lead Worldspan and
will be leaving the company following the completion of the merger.
Additionally, the companies have established an integration planning team.
The Travelport and Worldspan integration team will include:

   -- Terry Conley, Chief Administrative Officer of Travelport;

   -- Pat Bourke, Chief Re-Engineering Officer of Travelport;
      and

   -- Kevin Mooney, Chief Financial Officer of Worldspan.

The proposed transaction values Worldspan at US$1.4 billion.  Simultaneously
with the execution of the merger agreement, Worldspan completed a
recapitalization plan.  As part of this recapitalization plan, Travelport
loaned US$125 million to Worldspan in exchange for a payment in kind note
that Travelport funded through cash on hand.  In addition, one of
Travelport's parent companies also loaned Worldspan US$125 million in
exchange for a PIK note.  The transaction has been unanimously approved by
the boards and major shareholders of both companies but consummation of the
transaction remains subject to customary conditions to closing including
regulatory approval.

Credit Suisse, Lehman Brothers and UBS acted as financial advisors to
Travelport on the transaction.

                         About Travelport

Travelport is one of the world's largest travel conglomerates.  It operates
20 leading brands including Galileo, a global distribution system (GDS);
Orbitz, an online travel agent; and Gulliver's Travel Associates, a
wholesaler of travel content.  With 2005 revenues of US$2.4 billion, the
company has 8,000 employees and operates in 130 countries, including Brazil,
Mexico and Venezuela.  Travelport is a private company owned by The
Blackstone Group of New York and Technology Crossover Ventures of Palo Alto,
California.

                       About Worldspan, L.P.

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares and Pricing
technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE. The company's Latin American
operations are in Argentina, The Bahamas, Brazil, Jamaica, Mexico, Peru,
Puerto Rico, Uruguay and Venezuela.

                        *    *    *

Moody's Investors Service affirmed on Dec. 7, 2006, the B2 corporate family
rating of Worldspan LP and assigned ratings to new debt being raised as part
of a dividend recapitalization to its existing shareholders.  The current
recapitalization is intended to be phase one of an eventual sale of
Worldspan to one of its biggest competitors -- Travelport.

Standard & Poor's Ratings Services placed on Dec. 7, 2006, its ratings on
Worldspan L.P., including the 'B' corporate credit rating, on CreditWatch
with developing implications.


WORLDSPAN: Refinancing Existing Sr. Credit Facility with US$1BB
---------------------------------------------------------------
Worldspan LP is entering into a new first lien credit facility of US$750
million and a second lien credit facility of
US$250 million with a syndicate of banking institutions with Credit Suisse
as the Administrative Agent.  The proceeds from these borrowings will be
used to refinance Worldspan's existing senior credit facility and to redeem
all of its outstanding Senior Second Lien Secured Floating Rate Notes due
2011.  The US$300 million aggregate principal amount of outstanding notes
will be redeemed in full on or about Jan. 8, 2007, at a redemption price of
103.00% of the principal amount plus accrued and unpaid interest.

Headquartered in Atlanta, Georgia, Worldspan, LP --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares and Pricing
technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE. The company's Latin American
operations are in Argentina, The Bahamas, Brazil, Jamaica, Mexico, Peru,
Puerto Rico, Uruguay and Venezuela.

                        *    *    *

Moody's Investors Service affirmed on Dec. 7, 2006, the B2 corporate family
rating of Worldspan LP and assigned ratings to new debt being raised as part
of a dividend recapitalization to its existing shareholders.  The current
recapitalization is intended to be phase one of an eventual sale of
Worldspan to one of its biggest competitors -- Travelport.

Standard & Poor's Ratings Services placed on Dec. 7, 2006, its ratings on
Worldspan LP, including the 'B' corporate credit rating, on CreditWatch with
developing implications.


WORLDSPAN LP: Moody's Affirms B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family rating of
Worldspan LP and assigned ratings to new debt being raised as part of a
dividend recapitalization to its existing shareholders.  The current
recapitalization is intended to be phase one of an eventual sale of
Worldspan to one of its biggest competitors -- Travelport.

The B2 corporate family rating reflects:

   (i) the removal of some of the key uncertainties previously
       incorporated in Worldspan's rating including the signings
       of service agreements with all 6 major U.S. airlines
       which provides relative certainty for the next 5 to 7
       years, despite certain pricing concessions by Worldspan;

  (ii) continuing important role Worldspan plays in the airline
       reservations industry as one of the four largest global
       distribution systems providers in the world; and

(iii) the expectation that Worldspan will continue to generate
       free cash flow in the range of 5-7% of total debt, post
       the current leveraging event.

The B2 corporate family rating also reflects:

   (i) significant increase in leverage as part of the current
       buyout (phase I) by its competitor Travelport, with debt
       (inclusive of US$250 million subordinated debt at the
       holding company) to EBITDA reaching 5.9x and 6.2x before
       and after adjustment, respectively;

  (ii) the continued uncertainty surrounding some of the its key
       customers including Expedia, its largest customer, which
       has migrated traffic away from Worldspan, and its impact
       on future revenue and cash flow;

(iii) the continued secular trend of reservations away from
       traditional channels (i.e. agents) to on-line travel
       agencies, compounded by on-going issues between Worldspan
       and some of its largest on-line customers (e.g.
       aforementioned Expedia, Priceline, and Orbitz).

These ratings were affirmed:

   -- Corporate Family Rating: B2; and
   -- PDR: B2

These ratings will be withdrawn on closing of the proposed refinancing:

   -- US$40 million senior secured revolver, Ba3, LGD2, 24%;

   -- US$450 million guaranteed senior secured bank credit
      facility due 2010, Ba3, LGD2, 24%;

   -- US$300 million guaranteed second lien senior secured notes
      due 2011, B3, LGD5, 73%; and

   -- US$44 million senior subordinated notes (Holding Company
      Notes) due 2010, Caa1, LGD6, 96%.

These ratings are assigned to the proposed new credit facilities:

   -- US$50 million 1st lien revolver credit facility, Ba3,
      LGD2, 25%;

   -- US$700 million 1st lien term loan facility, Ba3, LGD2,
      25%; and

   -- US$250 million 2nd lien term loan facility, B3, LGD4, 67%;

What could change the ratings down:

   1. The failure of the planned sale to Travelport as
      envisioned and its impact on Worldspan's potential
      business and cash flow;

   2. Material decline in revenue and cash flow in part due to
      more than expected migration by some of its on-line
      customers away from Worldspan, and/or weaker results from
      executing recently signed contracts with airlines; and

   3. Further leveraging either due to weakened cash flow or
      further increase in debt.

What could change the ratings up:

   1. Significant de-leveraging, and

   2. Stabilization of its cash flow partly as a result of
      sustaining its market share vis-a-vis its major on-line
      customers and/or successful execution of the recently
      signed agreements with the major airlines.

Headquartered in Atlanta, Georgia, Worldspan, LP --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares and Pricing
technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE.  The company's Latin American
operations are in Argentina, The Bahamas, Brazil, Jamaica, Mexico, Peru,
Puerto Rico, Uruguay and Venezuela.


WORLDSPAN: S&P Puts B Rating on Watch on Travelport Merger Pact
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Worldspan LP,
including the 'B' corporate credit rating, on CreditWatch with developing
implications.

The CreditWatch placement is based on the announcement that the travel
distribution company has entered into a merger agreement with Travelport
Inc. (B+/Watch Neg/--).  Worldspan also announced its completion of a
recapitalization, in which Travelport has loaned Worldspan US$250 million.

Standard & Poor's credit analyst Betsy Snyder said, "The combination of
Travelport and Worldspan is expected to result in new revenue opportunities
as well as US$50 million of operating synergies for the combined entity,
which could result in Standard & Poor's raising its corporate credit rating
on Worldspan to 'B+', the same rating as Travelport.  If the
recapitalization results in a weaker financial profile without the benefits
of the merger, however, ratings could be lowered." Affirmation of ratings at
the current level is another possible outcome.  Completion of the merger
will depend on approval by government regulatory authorities.  Standard &
Poor's will assess synergies from the proposed merger as well as the effect
of the recapitalization on Worldspan's financial profile in resolving the
CreditWatch.

Atlanta-based Worldspan is the leading processor of GDS (global distribution
system) transactions for on-line travel agencies.  A GDS is a computerized
system used by suppliers of travel and travel-related products and services
(e.g., airlines, car rental companies, hotels, and cruise operators) to sell
their services through the suppliers themselves or through travel agencies.
GDS's are the primary distributor of airline travel. Fees are typically paid
by the travel suppliers for bookings made through the systems. This is a
highly concentrated industry, with only three major participants other than
Worldspan.  In the US, Worldspan is the second-largest transaction processor
for travel agencies, behind Sabre Holdings Corp.

Over the past several years, the Internet has become the main growth engine
for travel distribution, and now accounts for approximately 35% of US
airline transactions.  Worldspan is the largest participant in this segment,
with a market share of around 60%.  It is the only independent provider, and
has long-term contracts with Expedia, Priceline, and Orbitz, all major
on-line travel agencies.  However, in the third quarter of 2006, Worldspan's
revenues began to decline, a trend expected to continue over the near to
intermediate term.

Headquartered in Atlanta, Georgia, Worldspan, LP --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares and Pricing
technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE. The company's Latin American
operations are in Argentina, The Bahamas, Brazil, Jamaica, Mexico, Peru,
Puerto Rico, Uruguay and Venezuela.




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


BRITISH WEST: Direct Flight Termination Won't Affect Barbados
-------------------------------------------------------------
The decision of British West Indies Airlines aka BWIA to stop direct flights
between Barbados and major destinations is unlikely to have an unfavorable
effect on Barbados' tourism sector, Caribbean Broadcasting Corp. reports.

As reported in the Troubled Company Reporter-Latin America on Dec. 7, 2006,
Dionne Ligoure, director of corporate affairs at BWIA, said that there would
be a reduction in the Barbados schedule in the initial stages of Caribbean
Airlines, which will succeed BWIA on Jan. 1, 2007.  Caribbean Airlines would
be eliminating direct services between Grantley Adams International Airport
and Miami, New York and Toronto, at least in the initial stages of its
operations.

Noel Lynch, the Barbados tourism minister, told CBC that negotiations on new
flights to more than make up for the loss of BWIA are in progress.  There
will be increased airlift out of London, with new carriers joining Virgin
Atlantic, BMI and British Airways.

British Airways will be flying new services out of Gatwick, CBC notes,
citing Minister Lynch.

Minister Lynch told CBC that negotiations are underway with a Caribbean
Airline to fly the New York route.

BWIA has not done very well on the Canadian routes.  With Air Canada
increasing its services, things will be much better, CBC says, citing
Minister Lynch.

A merger between LIAT and CaribbeanStar should launch operations by the end
of January 2007.  It could beflying to the United States, Minister Lynch
told CBC.

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

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

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




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


* BELIZE: Seeks National Assembly Approval for Exchange Offer
-------------------------------------------------------------
The government of Belize will seek the approval of the Belizean National
Assembly for the financial terms of an offer to exchange most categories of
Belize's outstanding external commercial indebtedness for new U.S. Dollar
Bonds.  If approved by the National Assembly, the exchange offer will be
formally launched later this month.

The decision to seek the National Assembly's approval for these terms was
preceded by four months of intensive consultations by Belize and its
financial advisers with the affected creditors.  The financial terms for
which approval is being sought are based on economic data and forecasts that
have been published by the International Monetary Fund as part of Belize's
most recent Article IV Consultation, and take account of the views expressed
by creditors during the period of consultations.

"The creditor consultations were very helpful to us in defining the terms
for which parliamentary approval is now being sought," said Mark Espat,
Minister of National Development of Belize.  "A consensus seemed to form
around the maturity date of the New Bond (twenty-two years), as well as on
the desirability of preserving principal at the aggregate level.  The most
debated issue was the proper coupon structure of the New Bonds.  Some
creditors proposed a total debt service holiday in the early years, followed
by an immediate jump back to very high fixed coupons.  Others advised a more
gradual, step-up coupon structure, consistent with Belize's projected
capacity to pay."

Minister Espat noted, "We concluded that Belize can afford to make some
coupon payments, even in the early years and that it would be unfair to our
creditors to ask for a complete debt service holiday.  We will therefore be
following a step-up coupon approach.  The level of these coupons, however,
has been set well above Belize's indicative restructuring scenarios.  They
are, in effect, at the outer edge of what forecasts show as being affordable
for the country."

The government is seeking National Assembly approval for the issuance of New
Bonds that will mature in 2029, with principal payments commencing in 2019.
The New Bonds will bear interest in the first three years after issuance at
a fixed per annum rate of 4.25%.  In years four to five, the rate will
increase to 6.00%, and thereafter through the maturity of the New Bonds the
interest rate will level off at 8.50% per annum.  All coupons will be paid
in cash on their respective due dates.

The terms of the exchange offer are expected to provide that all
participating creditors will receive a cash payment at the closing of the
transaction equal to unpaid interest on their tendered claims accrued
through the closing date.  Consequently, interim debt service payments on
the existing debts eligible for this exchange offer will cease immediately.

This communication is not an offer of securities for sale in the United
States.  Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act of
1933, as amended.  Any public offering of securities to be made in the
United States will be made by means of a prospectus that may be obtained
from the issuer or selling security holder and that will contain detailed
information about the Government of Belize.
No public offering of securities in the United States is contemplated by the
Government of Belize at this time.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

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


* BELIZE: S&P Holds 'CCC+/C' Loc. Currency Sovereign Debt Rating
----------------------------------------------------------------Standard &
Poor's Ratings Services revised its long-term foreign currency sovereign
credit rating on Belize to 'SD' from 'CC/C'.

Standard & Poor's also said that it revised to 'D' its long-term foreign
currency ratings on the rated bonds that are included in a proposed
exchange.

In addition, Standard & Poor's affirmed its 'CCC+/C' local currency
sovereign credit rating on Belize.

"These rating actions follow Belize's announcement yesterday (Dec. 7) that
it would offer to exchange most categories of its outstanding external
commercial debt for new U.S. dollar bonds," explained Standard & Poor's
credit analyst \Helena Hessel.

When the debt restructuring is complete, Standard & Poor's will revise its
'SD' and 'D' ratings to a rating that incorporates a forward-looking
assessment of Belize's debt-servicing capacity, most likely in the 'B'
category.


* BELIZE: IDB Approves US$25 Million Loan for Economic Reforms
--------------------------------------------------------------
The Inter-American Development Bank approved a US$25 million fast-disbursing
loan to support Belize's agenda of reforms to restore macroeconomic and
financial stability, improve its business climate and bolster investor
confidence.

Belize has made progress in addressing serious macroeconomic imbalances by
following a homegrown strategy.  Its authorities have expressed a firm
commitment to maintaining stability through a comprehensive medium-term
economic program, where reaching a cooperative agreement with private
creditors on restructuring its external debt will be paramount.

The IDB loan will assist Belize's government, which has taken steps to
strengthen its fiscal position by raising revenues and cutting expenditures.
Through those measures it has reduced the fiscal deficit from 8.7 percent of
GDP in 2004 to 3.3% in 2005.

The loan will be disbursed in two tranches, the first one of US$10 million
and the second one of US$15 million, as Belize goes forward with its
reforms.  The Ministry of Finance will be responsible for the program's
execution.

The loan was granted for 20 years, with a five-year grace period and a
LIBOR-based interest rate.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

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




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


REFCO INC: RCM Trustee Wants Case Converted to Chapter 7
--------------------------------------------------------
Marc S. Kirschner, the Chapter 11 Trustee of Refco Capital Markets, Ltd.,
asks the U.S. Bankruptcy Court for the Southern District of New York to
convert the Debtor's Chapter 11 case to a case under Subchapter III of
Chapter 7 of the Bankruptcy Code.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York, relates
that in March 2006, the Court issued a preliminary ruling that RCM is a
stockbroker subject to Subchapter III of Chapter 7. The Court deferred entry
of a conversion order, finding that there were "unusual circumstances" that
might militate against conversion, at least at that time.

Instead, Mr. DeSieno continues, the Court appointed the RCM Trustee to
maximize RCM's asset values while the Trustee and the other
parties-in-interest sought to globally resolve Refco, Inc.'s Chapter 11
cases.  Within three months, the RCM Trustee struck a settlement with the
major RCM securities customers and general unsecured creditors of their
pending disputes.  Mr. DeSieno states that the core of the litigation over
the RCM estate has been subsequently resolved, the settlement has been
approved, and the RCM Trustee, the other debtors, and the official creditors
committees in the Refco cases have co-proposed a global plan of
reorganization.

           Plan Implementation Through RCM Conversion

The Plan incorporates, by reference, the terms and conditions of the RCM
Settlement Agreement.  Specifically, the Plan requires confirmation by Dec.
15, 2006, and an effective date to occur no later than Dec. 31, 2006.  In
addition, the Plan contemplates that RCM's case will be converted to
Subchapter III of Chapter 7, unless the Debtors and the RCM Trustee agree
that the RCM estate should be administered under Chapter 11.

Consistent with the Preliminary Conversion Ruling, the RCM Settlement
resolves disputed issues surrounding possible application of Chapter 7 to
RCM's estate.  The RCM Settlement also contemplates that it may be
effectuated through the conversion of RCM's Chapter 11 case.

Assuming that RCM's securities are valued as of March 6, 2006, and allowed
RCM Securities Customer Claims and RCM FX/Unsecured Claims total
approximately US$2,7000,000,000 and US$890,000,000, the RCM Settlement would
provide distributions from RCM's assets to Allowed RCM Securities Customer
Claim Holders exceeding 70% of their claims value, and distributions to
Allowed RCM FX/Unsecured Claim Holders exceeding 26% of their claims value.
Leuthold would also receive its metals or proceeds of sale and, for any of
its remaining claims, share in distributions as an RCM FX/Unsecured Claim
Holder.

Furthermore, RCM creditors will share recoveries on intercompany and
third-party claims, with settlement provisions that adjust the sharing
mechanism according to actual values of the securities portfolio at the time
of the initial distribution, and the actual amounts of allowed claims from
time to time.

Mr. DeSieno tells Judge Drain that the planned sequencing is that the
Conversion Motion would be heard and RCM's case would be converted after the
Plan confirmation, with conversion of RCM's case as part of the Plan's means
of implementation.  However, the RCM Trustee reserves the right to proceed
with the Motion, or to withdraw the Motion in whole or in part, regardless
of whether and when the Plan is confirmed.

Mr. DeSieno says the RCM Settlement was designed with the distributive rules
of Subchapter III of Chapter 7 and related preference recoveries in mind.
Subchapter III of Chapter 7 appears likely to be the most efficient path to
carry out that distribution and recovery scheme, Mr. DeSieno notes.

Mr. DeSieno relates that conditions precedent to full effectiveness of the
RCM Settlement include that either:

   (i) a plan that incorporates the RCM Settlement be confirmed
       and become effective; or

  (ii) in the absence of a confirmed and effective plan, RCM's
       Chapter 11 case be converted to a case under Subchapter
       III of Chapter 7, in each case, before Jan. 15, 2007.

The RCM Trustee asserts that the proposed conversion order effectively
"pre-packages" three important aspects of a Subchapter III case, in that the
order:

   (1) preserves and continues the RCM Chapter 7 trustee's
       ability to maximize the value of the RCM estate, dealing
       with sales of the RCM portfolio under the Court's
       previous orders in the Chapter 11 case, rather than
       arguably being required to "reduce the assets to money"
       as soon as practicable;

   (2) includes provisions that effectuate the inter-estate
       distributive rules contained in the Plan, if confirmed,
       as between the RCM estate and the estates of the other
       Debtors; and

   (3) includes procedural requirements and clarifications that
       maximize the efficiency of the conversion process and
       minimize the delay that the Chapter 7 conversion might
       otherwise have caused.

                Applicability of Plan Provisions

The RCM Trustee also asks the Court to extend the applicability of the Plan
provisions to the RCM Trustee or RCM Chapter 7 trustee, as applicable, by
granting to either trustee, as the case may be, authority to:

   -- resolve disputed claims on certain terms and conditions,
      consistent with the authority provided for the Plan
      Administrator in the Plan;

   -- address executory contracts to which RCM is a party on the
      terms and conditions; and

   -- seek expedited tax determinations under Section 505(b).

If the proposed face amount at which the Disputed Claim is to be allowed is
less than or equal to US$1,000,000, the Proposed Conversion Order empowers
the RCM Trustee and the RCM chapter 7 trustee to settle the Disputed Claim
and execute necessary documents, including a stipulation of settlement or
release, and the trustees will have no liability to any party for the
reasonableness of that settlement.

For Disputed Claims greater than US$1,000,000, the RCM Trustee and the RCM
chapter 7 trustee will be authorized to settle a Disputed Claim and execute
necessary documents, including a stipulation of settlement or release, only
upon receipt of Court approval of that settlement.

If the rejection of an executory contract or unexpired lease gives rise to a
Claim by the other party or parties to a contract or lease, the Claim will
be forever barred and will not be enforceable against RCM or its estate,
unless a proof of claim is filed and served on the RCM Estate within 30 days
after service of a notice of the Plan Effective Date or other date as is
prescribed by the Court.

The Court will consider the RCM Trustee's Chapter 7 Conversion Motion during
the Plan confirmation hearing scheduled for
Dec. 15, 2006.

                      About Refco Inc.

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

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

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

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

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

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

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

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


REFCO INC: Has Until January 12 to Solicit Plan Acceptances
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York extended
Refco Inc. and its debtor-affiliates' exclusive periods to solicit
acceptances of their First Amended Chapter 11 Plan through and including
Jan. 12, 2007, without prejudice to their right to seek further extensions.

                      About Refco Inc.

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

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

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

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

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

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

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

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

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


REFCO INC: Wants Court to Allow 1,218 Claims as Related Claims
--------------------------------------------------------------
Pursuant to Refco, Inc.'s First Amended Joint Chapter 11 Plan, a
creditor is generally entitled to recover on its claim from a
primary obligor, J. Gregory St. Clair, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in New York, relates.  Other claims
asserted by a creditor arising from the same facts, transactions
or occurrences giving rise to that creditor's claim against its
primary debtor obligor are deemed "Related Claims" and are
subordinated under the Plan.

Mr. St. Clair states that claimholders are not entitled to a
distribution on account of claims unless and until the time as
all allowed general unsecured claims against the applicable
Debtor or RCM, as the case may be, have been paid in full.

After reviewing their books and records, Refco and its affiliates and Refco
Capital Markets, Ltd., identified 1,218 of 14,100 proofs of claim that fall
within the Plan definition of Related Claims.

Accordingly, the Chapter 11 Debtors ask the U.S. Bankruptcy Court for the
Southern District of New York pursuant to Sections 105(a) and 1142(b) of the
Bankruptcy Code to consider the 1,218 claims as Related Claims to ensure
that ballots are properly tabulated and distributions are properly
calculated in accordance with the Plan.

A list of the Related Claims is available at no charge at:

             http://ResearchArchives.com/t/s?1646

Although the Related Claims fall within voting classes under the
Plan, those claims must be voted in connection with their
underlying claim asserted against a claimant's primary debtor
obligor, Mr. St. Clair asserts.

Specifically, the ballots for Class 5(a) Contributing Debtors
General Unsecured Claims, Class 5(a) FXA General Unsecured
Claims, Class 3 RCM FX/Unsecured 7 Claims and Class 4 Securities
Customer Claims provide that a vote for or against the Plan
applies to the claim in those classes -- and also to any
corresponding Related Claims.

Therefore, Mr. St. Clair notes, a creditor's Primary Claim and
corresponding Related Claims are all deemed to be voted in the
same way based on the ballot cast with respect to the Primary
Claim.  Any ballots cast on account of the Related Claims will be
disregarded for voting tabulation purposes, he maintains.

The Chapter 11 Debtors seek that any order entered by the Court
with respect to the Motion be deemed a separate order with
respect to each Related Claim as contemplated by Rule 9014 of the Federal
Rules of Bankruptcy Procedure.

The Chapter 11 Debtors reserve the right to designate additional
Related Claims and to file objections to those claims or any
other claims that may be asserted against them on any grounds.

                      About Refco Inc.

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

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

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

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

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

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

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

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

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


SEA CONTAINERS: Panel Wants Bingham McCutchen as FIMEM Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in Sea Containers
Ltd. and its debtor-affiliates' chapter 11 cases and its Financial Members
Sub-Committee ask the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to employ Bingham McCutchen LLP as the FIMEM
Sub-Committee's counsel effective Oct. 26, 2006.

The Creditors Committee has created two separate sub-committees to manage
potentially differing interests between two groups of creditors:

   (a) the Financial Members Sub-committee, consisting of The
       Bank of New York, Dune Capital Management LP, HSH
       Nordbank AG, Mariner Investment Group Inc., and Trilogy
       Capital LLC; and

   (b) the U.K. Pensions Sub-committee, consisting of the Sea
       Containers U.K. 1983 Pension Scheme, and the Sea
       Containers U.K. 1990 Pension Scheme.

Andrew B. Cohen, managing director of Dune Capital LLC, relates
that that the Creditors' Committee selected Bingham McCutchen
because of its extensive bankruptcy experience and knowledge.
Particularly, Bingham McCutchen served as counsel to the Chapter
11 creditors' committees of Allied Holdings, Inc., Loewen Group
International, NRG Energy, and Complete Retreats, LLC.

In addition, Bingham McCutchen represented an ad hoc committee of senior
notes issued by Sea Containers Ltd.:

     * 10-3/4% Senior Notes due 2006;
     * 7-7/8% Senior Notes due 2008;
     * 12-1/2% Senior Notes due 2009; and
     * 10-1/2% Senior Notes due 2012

Mr. Cohen tells Judge Carey that in the course of the firm's
representation, Bingham McCutchen has reviewed, analyzed the
Debtors' financial situation and operations.  Hence, the firm is
already very familiar with the Debtors' financial and operational
situations, material constituencies, and issues requiring resolution to
reorganize.

As the FIMEM Sub-Committee's counsel, Bingham McCutchen will:

   (a) provide legal advice with respect to the rights, powers,
       and duties of the FIMEM Sub-committee or the Creditors'
       Committee in the Debtors' bankruptcy cases;

   (b) represent the FIMEM Sub-committee or the Creditors'
       Committee at all hearings and other proceedings;

   (c) advise and assist the FIMEM Sub-committee or the
       Creditors' Committee in discussions with the Debtors and
       other parties-in-interest, as well as professionals
       retained by any party regarding the overall
       administration of the Debtors' cases;

   (d) assist the FIMEM Sub-committee or the Creditors'
       Committee in analyzing claims of the Debtors' creditors
       and in negotiating with the creditors;

   (e) assist the FIMEM Sub-committee or the Creditors'
       Committee's investigation of the assets, liabilities, and
       financial condition of the Debtors and of the operation
       of the Debtors' businesses;

   (f) assist the FIMEM Sub-committee or the Creditors'
       Committee in its analysis of, and negotiations with, the
       Debtors or any third party concerning matters related to,
       among other things, formulating the terms of a plan of
       reorganization for the Debtors;

   (g) assist and advise the FIMEM Sub-committee or the
       Creditors' Committee with respect to their communications
       with the general creditor body regarding matters in the
       Debtors' cases;

   (h) review and analyze on behalf of the FIMEM Sub-committee
       or the Creditors' Committee all pleadings, orders,
       statement of operations, schedules and other legal
       documents;

   (i) prepare on behalf of the FIMEM Sub-committee or the
       Creditors' Committee all pleadings, orders, reports and
       other legal documents as may be necessary in furtherance
       of the FIMEM Sub-committee or the Committee's interests
       and objective; and

   (j) perform other legal services for the FIMEM Sub-committee
       or the Creditors' Committee that may be necessary and
       proper to facilitate the discharge by the FIMEM Sub-
       committee or Committee of its duties in the Debtors'
       bankruptcy cases and any related proceedings.

Bingham McCutchen will be paid on an hourly basis, plus
reimbursement of actual and necessary expenses incurred.  The
principal attorneys and paralegal designated to represent the
Debtors and their current hourly rates are:

   Professional                Designation      Hourly Rate
   ------------                -----------      -----------
   Barry G. Russell, Esq.      Partner             GBP525
   Ronald L. Silverman, Esq.   Partner             US$675
   Tom Bannister, Esq.         Partner             GBP430
   Abigail Milburn, Esq.       Counsel             GBP255
   Scott K. Seamon, Esq.       Associate           US$395
   Stacy A. Lopex, Esq.        Associate           GBP210
   Flora Ahn, Esq.             Associate           US$255

Bingham McCutchen received an advanced payment retainer for
GBP75,000 on June 7, 2006, in respect of its representation of
the Ad Hoc Committee.  The firm proposes to apply the remaining
balance of GBP934 to fees and expenses of the FIMEM
Sub-Committee.

Ronald L. Silverman, Esq., a partner of Bingham McCutchen,
assures the Court that her firm is a "disinterested person" as
that term is defined under Section 101(14) of the Bankruptcy
Code.  Bingham McCutchen does not hold or represent any interest
adverse to the Debtors' estates with respect to the matters it is to be
engaged, Mr. Silverman says.

                    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)


SEA CONTAINERS: Wants to Employ Appleby Hunter as Special Atty.
---------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask the Honorable Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware for
authority to employ Appleby Hunter Bailhache as their special counsel for
Bermuda legal matters, nunc pro tunc to Oct. 15, 2006.

Edwin S. Hetherington, vice president, general counsel, and
secretary of Sea Containers Ltd., relates that Appleby has served as the
Debtors' outside Bermudian counsel on matters including corporate and
securities law and general litigation since 1974.

Mr. Hetherington tells Judge Carey that that the firm's
professionals have become very familiar with the Debtors and
their business affairs, and have gained extensive experience in
most aspects of the Debtors' general legal work and needs.

Specifically, Appleby will:

   -- continue to advise and represent SCL in accordance to its
      prior representation; and

   -- advise and represent the Debtors with respect to SCL's
      Bermuda insolvency proceeding and other matters that may
      arise in the Debtors' Chapter 11 cases or the Bermuda
      proceeding in the ordinary course of operations.

Appleby will be paid for its services based on the firm's
customary hourly rates:

         Professionals             Hourly Rate
         -------------             -----------
         Partners                  US$400 - US$625
         Associates                US$200 - US$590
         Paraprofessionals         US$125 - US$260

The firm will also be reimbursed for necessary out-of-pocket
expenses.

Mr. Hetherington relates that Appleby has received a replenishing
prepetition retainer with a remaining balance of US$183,856 for providing
the Debtors with representation on Bermuda legal matters prior to the
Petition Date.  In addition to the retainer, Appleby has also received
US$205,941 from the Debtors on account of services rendered regarding the
Bermuda legal matters.

Jennifer Yolande Fraser, Esq., a partner at Appleby, assures the
Court that her firm does not hold any interest adverse to Debtors or their
estates with respect to the matters on which it is to be employed.

Ms. Fraser can be contacted at:

      Jennifer Y. Fraser, Esq.
      Appleby Hunter Bailhache
      Canon's Court, 22 Victoria Street
      P.O. Box HM 1179
      Hamilton HM EX, Bermuda
      Tel: (441) 295-2244
      Fax: (441) 292-8666
      http://www.applebyglobal.com

                   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)


SEA CONTAINERS: Wants to Sell 50% Stake in Aegean Speed Lines
-------------------------------------------------------------
Sea Containers, Ltd. asks the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to approve its sale of its 50%
interest in the Aegean Speed Lines NE joint venture to Speed Shipping
Company Ltd., pursuant to a sale agreement dated November 2006 between the
Debtor, Speed Shipping, ASL, Niver Lines Shipping Co. SA, Hoverspeed GB
Ltd., and Sea Containers Cyprus Holdings Ltd.

                  Shareholders' Agreement

In February 2005, the Debtor and Speed Shipping, who each owns 50% interest
in ASL, had entered into a shareholders' agreement under which the parties
each subscribed for 2,500 shares in ASL, and agreed on the manner in which
the affairs of ASL were to be conducted.

ASL has no other operations aside from operating Speedrunner 1, a passenger
ferry.  HGB, an indirect, wholly owned subsidiary of the Debtor, owns
Speedrunner 1 and charters it to SC Cyprus.  SC Cyprus, in turn,
sub-charters the ferry to ASL.

Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in
Wilmington, Delaware, relates that ASL incurred a EUR1,600,000 loss in 2005,
and is forecasted to make a EUR1,400,000 loss in 2006.

Under the Shareholders' Agreement, the Debtor is obliged to make
subordinated loans to ASL in amounts necessary to meet its
portion of ASL's liability to third party creditors.  The Debtor
estimates a US$600,000 potential loan advance obligation for 2006.

HGB has agreed to sell the Vessel to Speed Shipping for
US$2,000,000.  The Vessel is not a property of the Debtor's
estates, Mr. Brady relates.

In conjunction with the sale, the Debtor has agreed to sell its 50% stake in
the ASL joint venture to Speed Shipping for the nominal fee of EUR1 and the
release of its obligations under the
Shareholders' Agreement.

The Shareholders' Agreement provides that before transferring its 50% joint
venture interest in ASL to a third-party, the Debtor must first offer its
2,500 shares to Speed Shipping.  The Debtor may only proceed to transfer to
a third-party those shares, which Speed Shipping declines to purchase, and
may only transfer the shares on terms no less favorable than those offered
to Speed Shipping.

Mr. Brady discloses that the Debtor has not formally marketed its Joint
Venture Interest for sale for these reasons:

   (1) the ASL business has generated losses and is expected to
       generate a loss for 2007;

   (2) ASL has no meaningful assets other than its interest in
       the Vessel's sub-charter and the goodwill generated by
       the business operations;

   (3) any buyer of the Debtor's Joint Venture Interest would be
       liable to pay, by way of subordinated loan, US$600,000 in
       respect of estimated losses incurred by ASL; and

   (4) to retain the Vessel's class status as a "High Speed
       Craft," ASL would be required to overhaul two of the
       Vessel's engines, which is estimated to cost
       US$1,900,000.

                    Debtor's Equity Sale

The Debtor believes that it can maximize the value of its Joint Venture
Interest and minimize its liability to ASL only through a combined sale
transaction of its Joint Venture Interest together with the Vessel.

The parties subsequently enter into a sale agreement, pursuant to which:

   (a) the Vessel will be transferred to Speed Shipping on the
       terms contained in a memorandum of agreement;

   (b) the head-charter and the sub-charter will be terminated
       with effect from the delivery of the Vessel to Speed
       Shipping;

   (c) SCL will transfer its shares in ASL to Speed Shipping for
       EUR1;

   (d) upon the delivery of the Vessel, the payment of the
       purchase price, and the share transfer, all obligations
       of each of the parties under the Shareholders' Agreement,
       the Head-Charter and the Sub Charter will be deemed
       satisfied, with every liability that any party may have
       considered settled or waived and with each party deemed
       to have fully complied with its obligations under the
       agreements; and

   (e) HGB may retain the proceeds of any insurance recovery
       arising out of a claim for engine damage sustained by the
       Vessel in July 2006.

Speed Shipping may opt to cancel the Memorandum of Agreement
should the Vessel's delivery not occur prior to Dec. 7, 2006.
Because the sale of the Vessel is contingent upon the sale of
SCL's interest in ASL, the Debtor also asks the Court to approve
the sale of the Joint Venture Interest on the terms agreed and
not require competitive bidding through a formal, court-
supervised auction process.

A full-text copy of the Sale Agreement and the Memorandum of
Agreement is available for free at:

              http://researcharchives.com/t/s?1629

Mr. Brady tells Judge Carey that the Sale should be approved
because, among other things:

    -- the proposed sale enables the Debtor to liquidate an
       asset that is unnecessary to their core business
       operations, and to exit a joint venture that has not been
       and is not projected to be profitable in 2007 without
       incurring further liability;

    -- the transaction represents the highest and best offer for
       the Joint Venture Interest; and

    -- the Sale Agreement and the MOA are the product of good
       faith, arm's-length negotiations between SCL and Speed
       Shipping.

Furthermore, Mr. Brady says there are no known liens or
encumbrances that exist in, to, or against the Joint Venture
Interest.  Mr. Brady however says that there are certain
restrictions contained in the public note indentures of SCL that
might be read to prohibit the sale of the Joint Venture Interest.

As required pursuant to the Sale Agreement, the Debtor further
seek the Court's authority to transfer the Joint Venture Interest free and
clear of any and all liens, claims and encumbrances, except those expressly
assumed by Speed Shipping under the Sale Agreement.

                    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)




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


INTERNATIONAL PAPER: Receives Tenders of US$3.64B of Bonds
----------------------------------------------------------
International Paper disclosed that, according to information provided by
Global Bondholder Services Corporation, the depositary and information agent
for the company's previously announced tender offer, an aggregate principal
amount of
US$3.64 billion of the bonds were validly tendered and not validly withdrawn
on or before 5:00 p.m., New York City time, on Dec. 6, 2006.

On Nov. 22, 2006, International Paper announced its offer to purchase a
portion of its debt securities, subject to a total purchase price of US$2.35
billion (excluding accrued interest, fees and expenses).  The full terms and
conditions of the tender offer are stated in the company's offer to purchase
and related letter of transmittal, each dated Nov. 22, 2006.

The amount of each series of bonds that are purchased in the tender offer
will be determined in accordance with the priorities identified in the
column "Acceptance Priority Level" in the table following this release.  The
tender offer will expire at 12:00 midnight, New York City time, on Dec. 20,
2006, unless extended by the company.

Because an amount in excess of US$2.35 billion in aggregate principal amount
of bonds were tendered as of the early tender date, International Paper will
not accept all of the notes tendered for purchase.  The company's

   -- 4.25% Notes due 2009 (CUSIP No. 460146BV4),
   -- 5.30% Notes due 2015 (CUSIP No. 460146BU6),
   -- 5.25% Notes due 2016 (CUSIP No. 460146BZ5),
   -- 4.00% Notes due 2010 (CUSIP No. 460146BY8) and
   -- 6.65% Notes due 2037 (CUSIP No. 158525AU9)

will not be accepted for purchase, and tendered notes of these series will
be promptly returned to the tendering parties.

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

Questions regarding the tender offer may be directed to:

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

                    -- or --

          Citigroup Global Markets Inc.
          Tel: (800) 558-3745 (toll- free)

                    -- or --

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

Questions regarding the tendering of notes or requests for copies of the
offer to purchase, letter of transmittal and related materials should be
directed to:

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

               Notes Subject To The Tender Offer

The table provides the estimated aggregate principal amount validly tendered
and not validly withdrawn for each series of notes subject to the tender
offer as of 5:00 p.m., New York City time, on Wednesday, Dec. 6, 2006.

CUSIP            Title of Security          Aggregate Principal
Number                                      Amount Outstanding

158525AQ8    7.75% Debentures due 2025        $123,642,000
158525AR6    7.35% Debentures due 2025        $174,995,000
460146BD4    6.875%  Debentures due 2029      $134,715,000
158525AT2    7.20% Debentures due 2026        $200,000,000
158525AV7    7.15% Debentures due 2027         $80,175,000
460146AP8    6.875% Debentures due 2023       $190,000,000
313693AD5    10.0% Debentures due 2011         $23,421,000
313693AF0    8.875% Debentures due 2012        $95,855,000
460146BS1    3.80% Notes due 2008             $288,085,000
905530AH4    9.25% Debentures due 2011        $124,800,000
460146BN2    6.75% Notes due 2011              768,634,000
460146BX0    5.50% Notes due 2014             $351,301,000
460146BQ5    5.85% Notes due 2012             $802,771,000
460146BV4    4.25% Notes due 2009             $407,115,000
460146BU6    5.30% Notes due 2015             $451,588,000
460146BZ5    5.25% Notes due 2016             $281,120,000
460146BY8    4.00% Notes due 2010             $414,350,000
158525AU9    6.65% Notes due 2037             $100,000,000


CUSIP     Acceptance   Reference U.S.       Aggregate Principal
Number     Priority    Treasury Security       Amount Validly
            Level                            Tendered and Not
                                                 Validly
                                                Withdrawn

158525AQ8     1       4.50% US Treasury Note        $92,213,000
                         due Feb. 15, 2036
158525AR6     2       4.50% US Treasury Note       $131,163,000
                         due Feb. 15, 2036
460146BD4     3       4.50% US Treasury Note        $97,475,000
                         due Feb. 15, 2036
158525AT2     4       4.50% US Treasury Note        $39,600,000
                         due Feb. 15, 2036
158525AV7     5       4.50% US Treasury Note        $52,621,000
                         due Feb. 15, 2036
460146AP8     6       4.50% US Treasury Note        $95,717,000
                         due Feb. 15, 2036
313693AD5     7       4.625% US Treasury Note       $22,294,000
                         due Oct. 31, 2011
313693AF0     8       4.625% US Treasury Note       $79,301,000
                         due Nov. 15, 2016
460146BS1     9       4.875% US Treasury Note      $196,363,000
                         due Oct. 31, 2008
905530AH4    10       4.625% US Treasury Note       $80,421,000
                         due Oct. 31, 2011
460146BN2    11       4.625% US Treasury Note      $561,934,000
                         due Oct. 31, 2011
460146BX0    12       4.625% US Treasury Note      $242,575,000
                         due Nov. 15, 2016
460146BQ5    13       4.625% US Treasury Note      $683,912,000
                         due Nov. 15, 2016
460146BV4    14       4.875% US Treasury Note      $339,621,000
                         due Oct. 31, 2008
460146BU6    15       4.625% US Treasury Note      $307,856,000
                         due Nov. 15, 2016
460146BZ5    16       4.625% U.S. Treasury Note    $224,228,000
                         due Nov. 15, 2016
460146BY8    17       4.625% U.S. Treasury Note    $360,367,000
                         due Nov. 15, 2009
158525AU9    18       4.50% U.S. Treasury Note      $36,150,000
                         due Feb. 15, 2036

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

                        *    *    *

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


PETROLEO BRASILEIRO: Finishes Natural Gas Pipeline Repair Works
---------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said in a
statement that it has concluded repair works on the binational natural gas
pipeline that starts in the Sabalo gas field in Bolivia.

The pipeline transports gas to the 3,000-kilometer B2B pipeline from the San
Alberto and San Antonio fields, in which Petroleo Brasileiro owns 35%, with
another 50% owned by Andina.  The remaining 15% is held by Total.

As reported in the Troubled Company Reporter-Latin America on Nov. 10, 2006,
Petroleo Brasileiro started repairing the Bolivia-Brazil pipeline on Nov.
11.  Repair works were made on the damages caused by a landslide resulting
from rains in Bolivia in April.  The first stage of repairs took six days.
The second phase, which started on Nov. 23, ran for 11 days.  The repair
works involved replacing nine sections of pipeline with a combined length of
over 1 kilometer.

Petroleo Brasileiro replaced 1.15 kilometer of pipeline, allowing gas
exports to Brazil to continue at full capacity, Business News Americas
relates.

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

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

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

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

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

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




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


BANCO FIBRA: S&P Puts B+ Rating on US$75MM Sr. Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' foreign-currency
long-term senior unsecured debt rating to Banco Fibra S.A.'s US$75 million
notes with payment date on Dec. 18, 2006 under the $500 million MTN program.
The issue matures on
Dec. 18, 2009.

The ratings on Banco Fibra (B+/Stable/B) incorporate these Factors:

   -- the bank's relatively low profitability when compared to
      its peers;

   -- the challenge to build a diversified funding base given
      the natural concentration and wholesale nature of its
      deposits;

   -- the fierce competition affecting most banks operating in
      the midsize companies segment; and

   -- potential higher delinquency ratios in the future given
      expected increase in the consumer finance loans.

Risk factors are tempered by:

   -- the bank's strong asset quality indicators;

   -- its good track record and expertise in the corporate and
      middle-market segments;

   -- adequate liquidity and provisioning metrics to face
      economic downturns and cover unexpected losses;  and

   -- the benefits of the implicit support of its shareholder.

Fibra is a commercial midsize bank with total assets of BRL10.3 billion as
of June 2006.  Despite its relatively small market share, Fibra is among the
top banks operating in the small corporates and middle-market companies
segment.  Fibra is the financial arm of a large traditional conglomerate in
Brazil, owned by the Steinbruch family, with important operations in the
textile, steel, and gas sectors.  Standard & Poor's considers the bank's
operations as strategic to the group, and the rating agency incorporates the
benefits of belonging to the group.

Fibra's credit operations are still fairly concentrated in its core business
of low corporate and middle-market, segments in which we believe Banco Fibra
has the necessary know-how, agility, and customer service to face the fierce
competition and sustain its position as a present player.  While fierce
competition from larger banks should pressure margins further, Standard &
Poor's believes the bank will be able to gradually replace low corporate
operations with middle market credits, strengthening its niche strategy and
sustaining
its margins.

Banco Fibra's operations in the retail market, previously incipient, have
been accelerated with the Steinbruch Group's acquisition of Portocred -- a
consumer finance business in the South of Brazil -- in February 2006.  We
expect Banco Fibra to significantly increase its retail operations,
diversifying its portfolio mix.  This movement should also improve Banco
Fibra's profitability given the higher spreads of this segment and the
expectations that although it is entering a riskier market, the bank will
keep delinquency ratios under control.

The stable outlook reflects our expectation that the bank will be able to
successfully implement its growth strategy into the middle-market and retail
segments and still sustain its good asset quality indicators at a rate of
less than 4% overall and maintain a BIS ratio of more than 15%.  We also
expect profitability to improve to an adjusted ROA of about 2% during 2006.

The outlook could be revised to negative or the ratings could be lowered if
there is a significant deterioration in Banco Fibra's asset quality ratios
if the bank's liquidity and funding are pressured; or if it fails to show
more robust profitability levels.

Conversely, the outlook could be revised to positive or there could be an
eventual elevation of the ratings in the longer term, depending on the
bank's capacity to deliver the expected results of its growth lending
strategy in a consistent manner during a longer period of time.  That
positive rating action would also depend on the bank sustaining its adequate
liquidity position and capitalization levels.


BANCO UBS PACTUAL: UBS Deal Cues Fitch to Hold B Currency Rating
----------------------------------------------------------------Fitch
Ratings upgraded the ratings of Banco UBS Pactual S.A. and its subsidiary,
Pactual Overseas Corporation, following the successful closing of the sale
of 100% of Banco Pactual to UBS AG.  The Rating Watch Positive on these
ratings is removed and Stable Outlooks are assigned to the Issuer Default
ratings.  At the same time, Fitch has affirmed UBS Pactual's Individual at
'C/D' and the Short-term foreign currency ratings for both institutions at
'B'.  The rating actions are:

UBS Pactual:

   -- Foreign currency IDR upgraded to 'BB+' from 'BB', Off RWP;

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

   -- Local currency IDR upgraded to 'BBB-' from 'BB', Off RWP;

   -- Short-term local currency upgraded to 'F3' from 'B';

   -- Individual rating affirmed at 'C/D';

   -- National Long-term rating upgraded to 'AA+(bra)' from
      'A+(bra)', Off RWP;

   -- National Short-term rating upgraded to 'F1+(bra)' from
      'F1(bra)', Off RWP; and

   -- Support rating upgraded to '3' from '5', Off RWP.

Pactual Overseas:

   -- Foreign currency IDR upgraded to 'BB+' from 'BB', Off RWP;

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

   -- Local currency IDR upgraded to 'BB+' from 'BB', Off RWP
      and withdrawn;

   -- Short-term local currency rating affirmed at 'B' and
      withdrawn; and

   -- Support rating upgraded to '3' from '4', Off RWP.

The rating actions reflect the support benefit that the new shareholder
should provide for both UBS Pactual and Pactual Overseas.  The integration
of UBS Pactual into UBS will enable the former to leverage its excellent
business generation capacity and take advantage of the superior
international distribution and goodwill associated with the UBS name. In
Fitch's opinion, the acquisition is consistent with UBS's worldwide strategy
to strengthen its presence in emerging markets. The agency views that this
acquisition will also enable UBS to assume leadership in providing financial
and investment bank services in Brazil, which had not been possible with the
previous acquisition of a small local bank and organic growth, despite UBS's
financial strength and the image of its international franchise.  The local
currency ratings for POC are withdrawn, in anticipation that any future
issuance would likely be denominated in USD or other "hard" currency.

One of the main challenges for the new bank will be to combine UBS's sound
image and global norms with UBS Pactual's nimbleness, efficiency and
opportunistic quality --characteristics that distinguish the bank in the
market.  In addition, the conditions agreed upon as payment should motivate
UBS Pactual's staff, who is expected to contribute to the success of the
operation.

Headquartered in Switzerland, UBS's foreign currency IDR is 'AA+', one of
the highest ratings assigned by Fitch to banks.  It is among the largest
banking conglomerates in the world, with an excellent franchise in its
activities of administering funds and managing third-party resources, with
diversified revenues, consistent profitability, prudent risk approach and
strong capitalization.  In June 2006, UBS recorded US$1,765 billion assets,
US$41 billion equity and net profit of US$5.6 billion. UBS entered the
Brazilian market in 1998, through the purchase of Banco Omega S.A., changing
the name at the time to Banco Warburg Dillon Read S.A.  Before the
acquisition, the group operated in the country under the name of Banco UBS
(Brasil) S.A.

UBS Pactual is the largest independent manager of third-party resources in
Brazil.  Founded as a stock brokerage firm in 1983, it operates as an
investment bank, ranking among the 10 largest in operations on the
Commodities and Futures Exchange and the Sao Paulo Stock Exchange.  Two of
its thirty shareholders, Andre Esteves and Gilberto Sayao, directly and
indirectly control the bank.


COMPANHIA SIDERURGICA: Corus Due Diligence Process Going Well
-------------------------------------------------------------
Companhia Siderurgica Nacional told Zee News that the due diligence process
for Corus was proceeding satisfactorily and will likely result to a formal
takeover offer.

Zee News relates that Companhia Siderurgica began the due diligence process
on Nov. 20.

Talks with Corus pensions trustees were proceeding well, Zee News says,
citing a spokesperson of Companhia Siderurgica.

"This also applies to financing," the spokesperson told Zee News.

Companhia Siderurgica launched a preliminary bid of 475 pence per share of
Corus, against Tata Steel's 455 pence a share offer.

A formal offer is expected shortly, Zee News states.

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

                        *    *    *

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

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

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


DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
---------------------------------------------------------------
The Honorable Justice Sidney N. Lederman of the Ontario Superior Court of
Justice (Commercial List) in Canada ruled that proceedings commenced by Dura
Automotive Systems, Inc., and certain of its affiliates before the U.S.
Bankruptcy Court for the District of Delaware under Chapter 11 of the U.S.
Bankruptcy Code are a "foreign proceeding" as defined in subsection 18.6(1)
of the Companies' Creditors Arrangement Act, R.S.C. 1985, c.
C-36, as amended.

Justice Lederman also held that until and including Dec. 15, 2006, creditors
and other parties-in-interest subject to the jurisdiction of the Canadian
court are enjoined and restrained from initiating or continuing actions in
any court or tribunal in Canada against the Debtors or that affect their
ability to carry on their business.  Any actions against the Debtors or
their former, current or future officers and directors are stayed.

Suppliers and other parties providing service to the Debtors
are barred from discontinuing, failing to honor, altering,
interfering with, repudiating or ceasing to perform any right,
renewal right, contract, agreement, license or permit held by the Debtors,
absent their written consent or leave of the CCAA Court.

The CCAA Court authorizes the Debtors to enter into a postpetition Senior
Secured Super-priority DIP Term Loan and Guaranty Agreement with Goldman
Sachs Credit Partners, L.P., as agent; and a Senior Secured Super-priority
DIP Revolving Credit and Guaranty Agreement with General Electric Capital
Corp., as agent.  Goldman Sachs and GECC are granted liens and security
interests on the Debtors' property to secure repayment of the DIP Loans.

The Debtors are also permitted to continue to utilize their
central cash management system currently in place.

                    D&O Indemnification

The CCAA Court authorizes the Debtors to indemnify their
directors and officers from all claims and causes of action with
respect to any liabilities or obligations related to their
capacities as directors and officers of the Debtors, except in
the event of the directors and officers' breach of their
fiduciary duties or grossly negligent or willful misconduct.

Justice Lederman also grants the directors and officers of Dura Automotive's
Canadian affiliates a charge on the Applicants' Property not exceeding
US$2,500,000 in the aggregate, as security for the Applicants'
indemnification obligations.

                    Information Officer

The CCAA Court appoints RSM Richter, Inc., as the Debtors'
information officer.  RSM will report to the Court at least once
every three months on the status of the U.S. bankruptcy proceedings and
other material information.

As information officer, RSM will not take possession of the
Debtors' property nor take part in the management or supervision of the
Debtors' business.

Nothing in the Initial CCAA Order, however, will prevent RSM from acting as
interim receiver, receiver, manager, monitor under the CCAA, or trustee in
bankruptcy of the Debtors, or their business or property.

RSM will be paid on a monthly basis for its services.  The Applicants are
authorized to pay a CDNUS$25,000 retainer to RSM as security for payment of
its fees and disbursements outstanding from time to time.

The CCAA Court also grants RSM an administration charge not
exceeding CDNUS$250,000 in the aggregate as security for its
professional fees and disbursements incurred.  The Administration Charge
will have priority over the DIP Lender's Charge and the Directors' Charge,
in that order.

The Administration Charge, DIP Lender's Charge and Directors'
Charge will rank in priority to all Encumbrances, other security
interests, trusts, liens and charges on the Debtors' property
in favor of other parties, excluding:

    1. existing purchase-money security interests and equipment
       financing leases registered in accordance with applicable
       personal property security legislation and recognized
       under the legislation as being entitled to priority over
       the security in place as of November 1, 2006;

    2. with respect to any real property, (a) existing by-laws
       and regulations as to the use of the Debtors' property;
       (b) notices of lease; (c) subdivision, site plan control,
       development, servicing and other similar agreements with
       municipal and other governmental authorities; (d)
       permits, rights of access or user licenses, easements,
       and rights of way;

    3. future purchase-money security interests registered in
       accordance with applicable personal property security
       legislation and recognized under the legislation as being
       entitled to priority; and

    4. Encumbrances arising by operation of law -- other than as
       a result of a default in payment or performance of an
       obligation by the Debtors -- without any grant of a
       security interest by the Debtors, and that are given
       priority over prior fixed charges by statute or law in
       the event of the Debtors' bankruptcy.

A full-text copy of the Initial Recognition Order is available at no charge
at http://ResearchArchives.com/t/s?15c3

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

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


DURA AUTO: US Trustee Appoints Seven-Member Creditors Committee
---------------------------------------------------------------
Relative to DURA Automotive Systems, Inc. and its debtor affiliates' Chapter
11 cases, Kelly Beaudin Stapleton, U.S. Trustee for Region 3 pursuant to
Section 1102(a)(1) of the Bankruptcy Code, appointed seven creditors to the
Official Committee of Unsecured Creditors.

The appointed creditors are:

     (1) Wilfrid Aubrey LLC
         Attn: Nicholas W. Walsh
         100 William Street
         Suite 1850
         New York, NY 10038
         Phone: 212-675-4906
         Fax: 212-675-3626

     (2) BNY Trust Company Midwest.
         Attn: Robert H. Major
         6525 W. Campus Oval
         New Albany, OH 43054
         Phone: 614-775-5278
         Fax:614-775-5636

     (3) US Bank National Association.
         Attn: James E. Murphy
         100 Wall Street
         Suite 1600
         New York, NY 10005
         Phone: 212-361-6174
         Fax: 212-514-6841

     (4) International Union, UAW
         Attn: Niraj Ganatra, Esq.
         8000 East Jefferson Avenue
         Detroit, MI 48214
         Phone: 313-926-5216
         Fax: 313-926-5240

     (5) Pension Benefit Guaranty Corporation
         Attn: William McCarron, Jr.
         1200 K Street N.W.
         Washington, D.C. 20005
         Phone: 202-326-4000, ex. 3471
         Fax: 202-326-4112

     (6) Johnson Electric N.A., Inc.
         Attn: Douglas G. Eberle
         47660 Halyard Drive
         Plymouth, MI 48170
         Phone: 734-392-5308
         Fax: 734-392-5388

     (7) Thompson I.G., LLC
         Attn: Christine Maria DeSonia
         3196 Thompson Rd.
         Fenton, MI 48430
         Phone: 810-629-9558
         Fax: 810-629-8342

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


FREESCALE: Leveraged Buyout Spurs S&P's BB- Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Freescale Semiconductor Inc. to 'BB-' from 'BB+' and removed the rating from
CreditWatch with negative implications, where it had been placed on Sept.
11, 2006, following the company's announcement that it was considering a
business transaction, later confirmed as a leveraged buyout.  The outlook is
negative.

At the same time, Standard & Poor's assigned its term loan and recovery
ratings to Freescale Semiconductor's US$4.25 billion senior secured bank
facility.  The facility consists of a
US$3.5 billion senior secured term loan and a US$750 million revolving
credit agreement.  The term loan and credit facility are rated 'BB', one
notch higher than the corporate credit rating, with a recovery rating of
'1', indicating an expectation of a full recovery of principal in the event
of a payment default.

"The rating actions reflect the company's LBO, which has materially
increased debt leverage while substantially reducing liquidity and free cash
flows," said Standard & Poor's credit analyst Bruce Hyman.

The ratings on Freescale reflect the company's near-investment grade
business profile, balancing a leverage profile that is high for the rating
level.  The business profile reflects the company's strong position in its
industry, offset by substantial customer concentration in a cyclical,
capital-intensive marketplace.  Debt leverage is high, about 5.6x trailing
four quarters' adjusted EBITDA, with an adequate initial cash balance of
about US$600 million.

Freescale is a major supplier to the networking, wireless, and automotive
semiconductor markets.  Most design wins are long-lived, while the large
software content in its products creates high switching costs for its
customers, and substantial barriers to entry. However, these markets have
experienced substantial volatility in the past, which could recur, and
market shares -- particularly in the wireless handset market -- could still
fluctuate materially.

Post-LBO leverage is high for the rating, and is likely to remain so over at
least the next one to two years. We anticipate that market conditions will
be good over the intermediate term and that sales and profitability growth
could lead to leverage more in line with the rating.  However, industry
cycles and market conditions are unpredictable, and if the expected
deleveraging does not take place, the ratings could be lowered in the
interim.  A stable outlook would require substantial reduction in leverage
levels, which is not anticipated within the next one to two years.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.


FURNAS CENTRAIS: Moody's Holds Ba1 Global Local Currency Rating
---------------------------------------------------------------
Moody's America Latina Ltda. assigned a BR-1 national scale of Furnas
proposed BRL350 million of 6-month commercial paper notes issuance.  The net
proceeds of the proposed commercial paper notes will be used for short-term
liquidity purposes.  Simultaneously, Moody's affirmed the Ba1 global local
currency and Aa1.br national scale senior unsecured issuer ratings of
Furnas.

Moody's has reviewed preliminary draft legal documentation for the proposed
commercial papers.  The assigned rating assumes that there will be no
material variation from the drafts reviewed and that all agreements are
legally valid, binding and enforceable.  The ratings outlook is stable.

The BR-1 rating assigned to Furnas' proposed commercial papers reflects
Moody's view of the company's superior ability to repay its short-term
obligations relative to its domestic peers based on strong and predictable
cash flows backed by long-term contracts, good access to the financial
market, as well as the historically strong support received from Centrais
Eletricas Brasileiras SA aka Eletrobras and the Brazilian Federal
Government.  However, it should be noted that Furnas, similar to most
Brazilian corporates, has no committed backup credit facilities in place to
insure that, at the maturity of these notes, there is adequate liquidity in
place, if needed.

The stable outlook reflects Moody's expectation that the company will
continue to benefit from the country's increasing demand for electricity,
while prudently managing its investments in order to maintain adequate debt
coverage metrics for the rating category, including a ratio of FFO to Debt
of at least 25%.

Headquartered in Rio de Janeiro, Brazil, Furnas Centrais Eletricas S.A. is
one of Brazil's largest electricity generation and transmission utilities,
99.5% owned by Centrais Eletricas Brasileiras SA aka Eletrobras, in turn
controlled by Brazil's Federal Government.  In the last twelve months
through Sept. 30, 2006 Furnas reported net earnings of BRL605 million on
BRL5,225 million revenues.


GOL LINHAS: Reduces Ticket Sale Commissions of Travel Agents
------------------------------------------------------------
GOL Linhas Aereas Inteligentes disclosed that beginning Jan. 1, 2007,
commissions paid to travel agents on GOL ticket sales will be reduced to 7%
for domestic flights and 6% for international flights.

The decision is part of the GOL's overall cost reduction plan that is
expected to reduce operating costs, as measured by CASK, by 7% in 2007.  The
Company also expects annual cost savings of BRL95-105 million in
travel agency commissions in 2007.

"Reducing our costs will allow the company to offer even lower airfares and
continue to popularize air transportation," says GOL's Vice-president of
Marketing and Services, Tarcisio Gargioni.

Headquartered in Sao Paulo, Brazil, Gol Linhas Areas
Inteligentes S.A. -- http://www.voegol.com.br-- through its
subsidiary, Gol Transportes Aereos S.A., provides airline
services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay.
The company's services include passenger, cargo, and charter
services.  As of March 20, 2006, Gol Linhas provided 440 daily
flights to 49 destinations and operated a fleet of 45 Boeing 737
aircraft.  The company was founded in 2001.

                        *    *    *

On March 21, 2006, Moody's Rating Services assigned a Ba2 rating
on Gol's Long-Term Corporate Family Rating.

On June 14, 2006, Fitch Ratings assigned a rating of 'BB' to GOL
Linhas' outstanding US$200 million 8.75% perpetual
bond.  In addition, Fitch assigned:

   -- National Scale Rating of 'AA-(bra)' with Stable Outlook,
      and

   -- Local Currency Issuer Default Rating of 'BB+'- with
      Stable Outlook.


PETROLEO BRASILEIRO: Discussing Refinery Project with Venezuela
---------------------------------------------------------------
Brazil's President Luiz Inacio Lula da Silva will be discussing with Hugo
Chavez, his Bolivian counterpart, a planned refinery project between
Petroleo Brasileiro and Petroleos de Venezuela's in Pernambuco, Brazil, El
Universal reports.

Celso Amorim, Brazil's minister of foreign affairs, told El Universal that
both presidents will discuss bilateral and hemispheric agenda focused on
energy integration.

Minister Amorim explained to El Universal, "Of course, the presidents are
free to speak about other issues, but energy is top in the agenda."

According to El Universal, Minister Amorim listed potential operations of
Petroleo Brasileiro in oil fields and gas reservoirs in Venezuela.

The two presidents will also talk about the south gas pipeline, stretching
from Venezuela to Argentina, El Universal states.

                 About Petroleos de Venezuela

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

                  About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Renews Insurance Contract with SulAmerica
--------------------------------------------------------------
Transpetro -- the transport unit of Petroleo Brasileiro SA, the state-run
oil company of Petroleo Brasileiro -- has renewed an insurance contract with
SulAmerica, the latter said in a statement.

Business News Americas relates that Transpetro paid a yearly premium of
US$4.50 million, compared with US$3.90 million in the previous contract,
when coverage included 52 ships.

According to a statement, SulAmerica will cover the 55-ship fleet of
Transpetro under the new contract.

Total coverage increased to US$1.40 billion in the new contract, compared
with US$1.09 billion in the previous contract, BNamericas notes.

The report says that SulAmerica assumed 65% of the risk.  IRB-Brasil Re took
on 35% of the risk.  Aon Corp. helped SulAmerica place 15% of the risk on
the international market.

The new contract expires in December 2007, BNamericas states.

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

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

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

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

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

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


PETROLEOS DE VENEZUELA: Discussing Refinery Project with Brazil
---------------------------------------------------------------
Venezuela's President Hugo Chavez will be discussing with Luiz Inacio Lula
da Silva, his Brazilian counterpart, a planned refinery project between
Petroleo Brasileiro and Petroleos de Venezuela's in Pernambuco, Brazil, El
Universal reports.

Celso Amorim, Brazil's minister of foreign affairs, told El Universal that
both presidents will discuss bilateral and hemispheric agenda focused on
energy integration.

Minister Amorim explained to El Universal, "Of course, the presidents are
free to speak about other issues, but energy is top in the agenda."

According to El Universal, Minister Amorim listed potential operations of
Petroleo Brasileiro in oil fields and gas reservoirs in Venezuela.

The two presidents will also talk about the south gas pipeline, stretching
from Venezuela to Argentina, El Universal states.

                 About Petroleo Brasileiro

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

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

               About Petroleos de Venezuela

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

                        *    *    *

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


RBS PARTICIPACOES: Good Performance Cues S&P's Ratings Upgrade
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term counterparty credit
rating on RBS Participacoes S.A. to 'B+' from 'B'.  The rating on RBS' US$59
million bonds due 2007 was also raised to 'B+'.  Total debt for the combined
RBS entities as of September 2006 was US$229.5 million.  The outlook is
stable.

"The upgrade reflects the overall improvement of RBS' financial profile,
highlighted by a stronger cash generation capacity, restored liquidity, and
a much better capital structure," said Standard & Poor's credit analyst
Beatriz Degani.

The company's cash accumulated from operations in the past couple of years,
combined with its decision to monetize its nonvoting shares in Net Servicos
de Comunicacao S.A. (Net; BB-/Positive/--) has provided RBS with sufficient
funds to meet its $59 million bond maturity coming due in April 2007.  In
addition, RBS has recently raised additional long-term funds in more
favorable terms to refinance virtually all of its short-term debt
outstanding.

The rating action also incorporates the consistent improvements in RBS' cash
flow metrics during the past several quarters. The company has been able to
sustain good operating margins, supported by a benign economic environment
in the country -- positively affecting the levels of media spending -- and
from the streamlining of the company's cost structure.

The ratings on RBS reflect the group's susceptibility to the volatile nature
of the media industry, the company's relevant exposure to short-term debt
maturities, though improving, and an expectation of higher capital
expenditures in the next couple of years.  These vulnerabilities are
partially offset by the group's dominant share of audience and advertising
in its service area; the benefits of the distribution of TV Globo's
high-quality content, and an improving financial profile.

Brazil-based RBS Participacoes S.A. is part of RBS Comunicacoes S.A., which
operates in television and radio broadcasting, newspaper publishing, and
other media businesses in the southern region of the country.  Standard &
Poor's analyzes RBS' business profile on a consolidated basis, as the
different businesses complement and bring synergies to each other, and the
group's chief operations guarantee RBS' notes.  The main companies of the
RBS Group (representing about
80% of revenues) are Zero Hora-Editora Jornalistica S.A., Televisao Gaucha
S.A., RBS TV de Florianopolis S.A., and Radio Gaucha S.A.

The stable outlook reflects our expectations that the company will sustain
its cash flow generation and its consistent operating margins even with
milder advertising growth and less robust discretionary cash-flow generation
with higher investments and dividend distributions expected.  The rating
could move upward upon further clarity in the advertising scenario for
2007-2008, if the company reduces its total debt levels (with FFO-to-total
debt at about 40%), and the continuity of its current financial policy.

Meanwhile, a deterioration of the local advertising market or the economic
prospects for Brazil that significantly affects RBS' operating performance,
along with adverse financial markets and lack of credit availability, could
hinder the company's financial flexibility and lead to a downward revision
of the rating.


SENSATA TECH: To Raise US$95 Mil. Financing for FTAS Buyout Deal
----------------------------------------------------------------
Sensata Technologies Inc. plans to raise US$95 million or the
Euro-equivalent in connection with the financing of its previously announced
acquisition of Honeywell's First Technology Automotive and Special Products
or FTAS business.  Sensata plans to raise the financing through an
incremental facility under its existing Credit Agreement dated April 27,
2006.

Further information about the financing and the related terms and conditions
will be provided upon closing.  While no assurances can be made that this
additional financing will be successfully completed, Sensata management
fully expects that the FTAS acquisition will close before year-end as
previously announced (whether or not the financing has been completed),
pending only regulatory approval.

FTAS designs, develops and manufactures high-value automotive sensor and
electromechanical control solutions. Its products are sold to automotive
OEMs, Tier I automotive suppliers, large vehicle and off-road OEMs, and
industrial manufacturers. For the year ended December 31, 2005, FTAS had
sales of approximately $69 million.

Formerly the Sensors & Controls business of Texas Instruments, Sensata
Technologies was acquired by Bain Capital, LLC, a leading global private
investment firm, in April, 2006. Sensata is a leading designer and
manufacturer of sensors and controls for global leaders in the automotive,
appliance, aircraft, industrial and HVAC markets. It has nine technology and
manufacturing centers in eight countries, and sales offices throughout the
world.  Revenues for the year ending 2005 for this business were
approximately $1.1 billion.

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

                        *    *    *

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


SENSATA TECH: Pending FTAS Deal Cues Moody's to Hold B2 Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed Sensata Technologies B.V.'s B2
corporate family and probability of default ratings.  Moody's rating
affirmation pertains to Sensata's pending acquisition of First Technology
Automotive and Special Products from Honeywell and its subsequent financing
via a US$95 million add-on to Sensata's existing senior secured Term Loan B.
Moody's also affirmed all other ratings for Sensata.  The rating outlook
remains stable.

The ratings reflect Sensata's high leverage (debt-to-EBITDA and
debt-to-revenue), low interest coverage, relatively low free cash flow
relative to debt levels and limited tangible asset protection. Additionally,
Moody's notes that Sensata's highly levered capital structure and short
operating history as a stand-alone company creates additional concerns.  The
primary factors supporting Sensata's ratings are:

   -- its track record of stable cash flow generation and margin
      expansion;

   -- long standing customer relationships; significant barriers
      to entry in Sensata's core markets;

   -- above-average revenue visibility and

   -- significant enterprise value support.

Moody's believes that the US$90 million FTAS transaction is relatively small
and the US$95 million (includes US$5 million of fees and expenses) of
increased debt does not materially affect credit risk. Synergies appear to
be a major driver for the acquisition. Additionally, Moody's believes that
FTAS's higher growth steering angle sensors (used in the rapidly growing
vehicle electronic stability control systems) and fuel level sensor product
platforms compliment Sensata existing product portfolio.

While the transaction will be financed entirely with debt, Moody's does not
believe that it will result in a material change to the company's leverage
(as measured by debt-to-EBITDA).  If presumed synergies materialize towards
the latter end of the rating horizon, the transaction would result in
increased cash flow and could facilitate slightly faster debt reduction than
originally contemplated when Moody's first rated the company in April 2006.

Sensata designs and manufactures sensors and electrical and electronic
controls and has business and technology development centers in Attleboro,
Massachusetts, Holland and Japan and manufacturing operations in Brazil,
China, Korea, Malaysia, and Mexico, as well as sales offices around the
world.  Revenues for the trailing twelve months ended June 30, 2006, were
approximately US$1.1 billion.


VARIG S.A.: Judge Drain Denies Port Authority's Payment Request
---------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York denied The Port Authority of New York and New Jersey's
request to compel VARIG, S.A., and its two foreign  debtor-affiliates to pay
postpetition flight fees and other fees totaling US$207,500 as an
administrative expense pursuant to Sections 105, 503 and 507 of the
Bankruptcy Code.

For reasons stated on the record of hearing, Judge Drain holds
that the Court lacks the jurisdiction to grant the relief
requested by the Port Authority of New York and New Jersey.

As reported in the Troubled Company Reporter on Nov. 3, 2006, Eduardo
Zerwes, the Foreign Representative of VARIG S.A. and its debtor-affiliates,
objected to the Port Authority of New York and New Jersey's request.

Mr. Zerwes asserted that Sections 503 and 507 of the Bankruptcy Code do not
apply in the ancillary case and allowance or disallowance of the claims must
be determined in the Foreign Proceeding in Brazil.

Representing Mr. Zerwes, Rick B. Antonoff, Esq., at Pillsbury
Winthrop Shaw Pittman LLP, in New York, argued that:

   * the Port Authority's request improperly applies the
     Bankruptcy Code and lacks the necessary basis to support an
     order granting the relief it seeks; and

   * any order from the U.S. Court compelling payment of any
     claim is premature because claims should first be
     administered in accordance with VARIG's approved In-Court
     Reorganization Plan.

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)


ZIM CORP: Posts US$369,991 Net Loss in Quarter Ended Sept. 30
-------------------------------------------------------------
ZIM Corp. filed its second fiscal quarter financial statements ended Sept.
30, 2006, with the U.S. Securities and Exchange Commission on Nov. 13, 2006.

Revenue for the three months ended Sept. 30, 2006, was US$580,913, compared
with revenue of US$817,389 for the three months ended Sept. 30, 2005.  The
decrease of US$236,476 is attributable to a decrease in short message
service or text messaging and aggregation.

Net loss for the three months ended Sept. 30, 2006, was US$369,991 as
compared with US$368,720 for the three months ended Sept. 30, 2005.

At Sept. 30, 2006, the company's balance sheet showed US$2,121,914 in total
assets, US$1,078,804 in total liabilities, and US$1,043,110 in total
stockholders' equity.

ZIM had cash of US$578,883 at Sept. 30, 2006, as compared with cash, net of
bank indebtedness of US$207,068 at March 31, 2006.  The increase in cash is
due to the receipt of investment tax credits from the Canadian government
relating to the 2005 fiscal year and to the closing of a private placement
of the company's common shares on June 30, 2006, that raised cash of
US$280,422.

The private placement also resulted in its Chief Executive Officer
converting US$454,194 on a line of credit into units in the private
placement.  The units were priced at US$0.04 per unit, the closing market
price on the OTCBB on June 29, 2006, with each unit consisting of one common
share and one warrant to purchase common shares for US$0.04 per share.

Full-text copies of the company's second fiscal quarter financials are
available for free at http://ResearchArchives.com/t/s?162a

                     Going Concern Doubt

As reported in the Troubled Company Reporter on July 5, 2006,
Raymond Chabot Grant Thornton LLP expressed substantial doubt
about ZIM Corporation's ability to continue as a going concern
after auditing the Company's financial statements for the fiscal
years ended March 31, 2006, and 2005.  The auditing firm pointed
to the Company's net loss of US$3,388,493 for the year and negative cash
flows from operations during each of the last five years.

                       About ZIM Corp.

Ottawa, Canada-based ZIM Corporation (OTCBB: ZIMCF) --
http://www.zim.biz/-- is a mobile service provider, aggregator,
and application developer for the global SMS market.  ZIM's
products include mobile e-mail and office tools, such as ZIM SMS
Chat, and its message delivery services include Bulk SMS, Premium SMS, and
Location Based Services.  ZIM also provides enterprise-class software and
tools for designing, developing and manipulating database systems and
applications.  Through its two-way SMS expertise and mobile-enabling
technologies, ZIM bridges the gap between data and mobility.


* BRAZIL: IDB Grants US$1MM Loan for Public-Private Partnerships
----------------------------------------------------------------
The Inter-American Development Bank approved a US$1 million contribution
toward creation of an infrastructure project preparation fund for Brazil,
the Brazilian PPP Development Facility.

The purpose of the Facility is to promote the development of public-private
partnerships or PPP, concessions, operation and maintenance contracts and
other long-term contractual mechanisms between private sponsors and
government entities to foster infrastructure investment in Brazil.  It will
do so by financing pre-feasibility, technical, economic, environmental and
legal studies and consulting services needed to develop these projects and
render them financeable.  Project preparation costs would be paid back to
the Facility when final PPP or concession contracts are executed.

The Brazilian PPP Development Facility is a joint initiative of Brazil's
National Development Bank aka BNDES, the World Bank's International
Financial Corporation or IFC and the IDB, and will be supervised by a Board
of Donors composed of representatives of the three organizations.

Total initial committed funding for the Facility will be US$3.9 million,
with BNDES providing US$1.9 million and IDB and IFC contributing US$1
million each.  BNDES, IDB and IFC expect to continue to support the Facility
in the future.  Additionally, the Facility will be open to contributions
from other donors.

This is the first operation approved by the IDB's recently created
Infrastructure Fund (InfraFund).  The InfraFund was launched by the IDB in
September 2006 to assist private, public and mixed-capital organizations in
the identification, development and preparation of sustainable
infrastructure projects in Latin America and the Caribbean.

The InfraFund is particularly interested in supporting projects that
mobilize private financing and promote public-private partnerships, target
sectors with significant developmental externalities like water & sanitation
and transportation, are executed at the sub-national level and in poorer
countries, and have a high probability of reaching financial closing.

This IDB operation is consistent with the Bank's 2004-2007 country strategy
for Brazil, which seeks to promote sustainable and more equitable growth
through increased productivity and promotion of infrastructure investment,
especially through public private partnership models.

                        *    *    *

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


DODO LIMITED: Creditors Must File Proofs of Claim by Dec. 15
------------------------------------------------------------
Dodo Limited's creditors are required to submit proofs of claim by Dec. 15,
2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Dodo Limted's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


EXCHANGEABLE (AXP 2000-1): Claims Must be Filed by Dec. 15
----------------------------------------------------------
Exchangeable Certificates Corp. Series AXP 2000-1's creditors are required
to submit proofs of claim by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Exchangeable Certificates' shareholders agreed on Oct. 30, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


GLOBE FINANCE: Deadline for Claims Filing Is Set for Dec. 15
------------------------------------------------------------
Globe Finance Ltd.'s creditors are required to submit proofs of claim by
Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Globe Finance's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


GREAT POINT: Last Day to Submit Proofs of Claim Is on Dec. 15
-------------------------------------------------------------
Great Point Clo 1999-1 Ltd.'s creditors are required to submit proofs of
claim by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Great Point's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


IVY LIMITED: Deadline for Filing of Proofs of Claim Is Dec. 15
--------------------------------------------------------------
Ivy Limited's creditors are required to submit proofs of claim by Dec. 15,
2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Ivy Limited's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


JPM-JC1 LIMITED: Last Day for Proofs of Claim Filing Is Dec. 15
---------------------------------------------------------------
JPM-JC1 Limited's creditors are required to submit proofs of claim by Dec.
15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

JPM-JC1 Limited's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


MARYLEBONE ROAD: Last Day to File Proofs of Claim Is on Dec. 15
---------------------------------------------------------------
Marylebone Road CBO 2 Ltd.'s creditors are required to submit proofs of
claim by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Marylebone Road's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


NORTHWOODS CAPITAL: Proofs of Claim Filing Deadline Is Dec. 15
--------------------------------------------------------------
Northwoods Capital Ltd.'s creditors are required to submit proofs of claim
by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Northwoods Capital's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


NORTHWOODS CAPITAL II: Proofs of Claim Must be Filed by Dec. 15
---------------------------------------------------------------
Northwoods Capital II Ltd.'s creditors are required to submit proofs of
claim by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Northwoods Capital's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


NORTHWOODS CAPITAL III: Claims Filing Deadline Is on Dec. 15
------------------------------------------------------------
Northwoods Capital III Ltd.'s creditors are required to submit proofs of
claim by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Northwoods Capital's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


SALVADOREAN FUNDING: Filing of Proofs of Claim Is Until Dec. 15
---------------------------------------------------------------
Salvadorean Funding Corp.'s creditors are required to submit proofs of claim
by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Salvadorean Funding's shareholders agreed on Oct. 30, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


SEA FORT: Deadline for Proofs of Claim Filing Is Set for Dec. 15
----------------------------------------------------------------
Sea Fort Ltd.'s creditors are required to submit proofs of claim by Dec. 15,
2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Sea Fort's shareholders agreed on Oct. 30, 2006, for the company's voluntary
liquidation under Section 135 of the Companies Law (2004 Revision) of the
Cayman Islands.


SMART TEN: Creditors Must Submit Proofs of Claim by Dec. 15
-----------------------------------------------------------
Smart Ten Limited's creditors are required to submit proofs of claim by Dec.
15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Smart Ten's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


SWITCH INVESTMENTS: Proofs of Claim Filing Is Until Dec. 15
-----------------------------------------------------------
Switch Investments Ltd.'s creditors are required to submit proofs of claim
by Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Switch Investments' shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


VAN KAMPEN: Creditors Have Until Dec. 15 to File Proofs of Claim
----------------------------------------------------------------
Van Kampen CLO I Ltd.'s creditors are required to submit proofs of claim by
Dec. 15, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, 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.

Van Kampen's shareholders agreed on Oct. 30, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.




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


EMPRESAS IANSA: Stronger Coverage Ratio Spurs S&P's BB+ Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the Chilean sugar
producer, Empresas Iansa S.A. (IANSA) to 'BB+' from 'BB'.  The outlook is
positive.  At the same time, the rating agency raised its senior unsecured
debt ratings on Iansa Overseas Ltd.'s US$100 million 144-A notes, reflecting
the corporate credit rating of the guarantor, IANSA.  Iansa Overseas Ltd. is
a wholly owned indirect subsidiary of IANSA.

"The upgrade is based on IANSA's improved financial profile and stronger
coverage ratios derived from a more moderate use of debt and the increase in
the company's cash generation," said Standard & Poor's credit analyst
Federico Rey-Marino.  IANSA's cash generation improved considerably
following the implementation of Chile's new price band protection in
December 2003, which provided the company with more predictable
profitability.  More recently, IANSA has benefited from structural changes
affecting the world sugar market -- including the World Trade Organization's
ruling against European subsidies -- that have resulted in higher
international and domestic sugar prices.

In addition, the rating on IANSA reflects the inherent risks affecting a
commodity business, including price volatility and climatic risk.
International sugar prices have historically presented high volatility as a
consequence of deep market distortions, especially related to production
subsidies and price supports.  This risk is counterbalanced by the
protection provided by the new sugar band system.  The ratings are also
underpinned by the company's strong competitive position as the only sugar
producer in Chile, and IANSA's being one of the top 10 low-cost sugar
producers worldwide and the lowest-cost producer of sugar from beets.

Standard & Poor's expects IANSA to have a structural debt level of about
US$100 million.  Seasonal working capital requirements -- an amount not
higher than US$50 million per season -- are expected to be covered with
short-term bank lines.  IANSA's current cash generation should allow the
company to face a relatively moderate investment program of about US$10
million per year and cash dividends of about 50% of year-end results. In the
context of higher international prices and a more moderate use of debt, we
expect IANSA to maintain the funds from operations-to-total debt ratio at
about 35% and the total debt-to-capitalization ratio at about 25%.

The positive outlook reflects Standard & Poor's expectation that the current
rating could be raised within the next 12 to 18 months, should the company
consolidate its moderate financial profile, with the funds from
operations-to-total debt ratio above 35% and the total
debt-to-capitalization ratio at 25%.  Nevertheless, the outlook could go to
stable or the ratings could come under pressure if the company adopts a more
aggressive financial policy in terms of diversification strategy, capital
expenditures, or cash dividends.


QUEBECOR WORLD: QWUSA Offers to Buy QWCC's US$125MM Senior Notes
----------------------------------------------------------------
Quebecor World (USA) Inc., a wholly owned subsidiary of Quebecor World Inc.,
commenced cash tender offers to purchase:

   (i) any and all of Quebecor World Capital Corporation's
       outstanding US$91 million in aggregate principal amount
       of 8.54% Senior Notes, Series C, due Sept. 15, 2015 and
       Quebecor World Capital's US$30 million in aggregate
       principal amount of 8.69% Senior Notes, Series D, due
       Sept. 15, 2020, and

  (ii) an aggregate principal amount of Quebecor World Capital's
       outstanding 8.42% Senior Notes, Series A, due
       July 15, 2010 (the Series A Notes) and 8.52% Senior
       Notes, Series B, due July 15, 2012 equal to the balance
       of US$125,000,000 less the total aggregate principal
       amount of Series C Notes and Series D Notes accepted for
       purchase.

The Series C Notes, the Series D Notes, the Series A Notes and the Series B
Notes are referred to collectively as the "Notes."

Quebecor World (USA) will accept for purchase Series A Notes and Series B
Notes under the tender offer on a pro rata basis after having first accepted
for payment all Series C Notes and Series D Notes validly tendered pursuant
to the tender offer.

The tender offers are being made upon and are subject to the terms and
conditions set forth in the Offer to Purchase dated Nov. 30, 2006, and the
related Letter of Transmittal.  The total consideration to be paid for each
validly tendered and accepted Series C Note and Series D Note will be a
fixed price of US$1,000 per US$1,000 principal amount.  The total
consideration to be paid for each validly tendered and accepted Series A
Note and Series B Note will be a fixed price of US$1,000 per US$1,000
principal amount.

In addition, holders of the Notes will receive accrued and unpaid interest
up to, but not including, the settlement date, in respect of Notes accepted
for purchase.

The total consideration, which will be paid for Notes validly tendered prior
to or at 5:00 p.m., New York City time, on
Dec. 13, 2006, includes an early tender premium in the amount of US$20 per
US$1,000 principal amount of Notes.  Notes validly tendered after 5:00 p.m.,
New York City time, on Dec. 13, 2006, and prior to 11:59 p.m., New York City
time, on Dec. 28, 2006, will not be eligible to receive the early tender
premium.

Tendered Notes may be withdrawn until 5:00 p.m., New York City time, on Dec.
13, 2006, but not thereafter, except in the limited circumstances set forth
in the Offer to Purchase.

The tender offers will expire at 11:59 p.m., New York City time, on Dec. 28,
2006, unless extended or earlier terminated as described in the Offer to
Purchase. The settlement date is expected to be the business day immediately
following the expiration date of the offers, which, assuming that the offers
are not extended, will be Dec. 29, 2006 or as soon as possible thereafter.

The tender offer documents are being distributed to holders.  The Dealer
Manager for the offers is Citigroup Global Markets Inc.  Questions regarding
the tender offers may be directed to Citigroup Global Markets at (800)
558-3745 (toll free) or at (212) 723-6106 (collect).  Global Bondholder
Services Corporation is the Information Agent and the Depositary for the
tender offers.  Requests for documents and questions regarding procedures
for tendering Notes should be directed to Global Bondholder Services
Corporation at (866) 470-4300 (toll free) or at (212) 430-3774 (collect).

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru,
Spain, Sweden, Switzerland and the United Kingdom.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006,
Moody's Investors Service downgraded the Corporate Family Rating
of Quebecor World (USA) Inc. to B1 from Ba3, and moved this
benchmark rating to the parent company, Quebecor World Inc.
Related ratings were impacted.  The outlook for all ratings is
negative.


REVLON CONSUMER: Moody's Rates US$160MM Credit Facility at (P)B1
----------------------------------------------------------------
Moody's Investors Service assigned a (P)B1 rating to Revlon Consumer
Products Corporation's US$160 million senior secured asset based revolving
credit facility and a (P)B3 rating to the company's new US$840 million
senior secured term loan.  At the same time, Moody's affirmed the company's
long-term ratings, including the corporate family rating of Caa1.  Moody's
also affirmed the company's speculative grade liquidity rating of SGL-4.
Final ratings are subject to review of documentation.  Ratings on the
existing bank facilities will be withdrawn upon completion of the new term
loan facility.  The outlook remains negative.

While Moody's recognizes the benefits provided by the new financings in
relation to additional liquidity, term extension (bank facilities both
mature in January 2012), interest savings and greater financial and covenant
flexibility afforded by proposed amendment and refinancing, Revlon's
long-term ratings continue to reflect the ongoing risk of additional debt
restructurings that may be unfavorable to current bondholders, as well as
the significant liquidity and financial challenges that Revlon will face in
the next 6 to 12 months.

These ratings were assigned:

   -- US$160 million senior secured asset based revolving credit
      facility due 2012 at (P)B1 (LGD2, 11%), and

   -- US$840 million senior secured term loan facility due 2012
      at (P)B3 (LGD 3, 36%).

These ratings were affirmed:

   -- Corporate family rating of Caa1;

   -- Probability of default rating of Caa1;

   -- US$160 million senior secured asset based revolving credit
      facility  of B1; due 2009, of B1 (LGD 2, 11%);

   -- US$800 million senior secured term loan facility due 2010,
      of B3 (LGD 3, 35%);

   -- US$387 million 9.5% senior notes; due 2011, of Caa2 (LGD
      4, 61%);

   -- US$217 million 8.625% senior subordinated notes due 2008,
      of Caa3 (LGD 6, 93%); and

   -- Speculative grade liquidity rating of SGL-4.

Outlook is negative.

"The company's Caa1 corporate family rating and negative outlook reflect the
materially negative free cash flow, high leverage and weak liquidity profile
of Revlon", says Moody's Vice President Janice Hofferber.

Closing of the US$840 million term loan facility and amendment to the US$160
million revolving credit is expected by the end of December 2006.  In
addition, Revlon also announced that it intends to increase the size of its
previously planned US$75 million rights offering to US$100 million and is
expected to complete the offering by the end of January 2007.  MacAndrews
and Forbes has agreed to purchase its pro rata share while maintaining its
commitment to backstop the offering up to US$75 million.  Upon completion of
the rights offering, the US$87 million committed line from MacAndrews &
Forbes will be amended to provide for the continuation of a US$50 million
line through January 2008.

The ratings also reflect Revlon's requirement to refinance a portion or all
of its 8-5/8% senior subordinated notes no later than February 2008.  While
Moody's views the increased equity offering and commitment by MacAndrews and
Forbes as an important mitigant to risks associated with the high leverage
levels, Revlon's sources of available liquidity will remain dependent upon
the ability of the company to successfully complete critical financings
beyond those currently proposed.  The success of these financings is not
assured.  While the company has a number of refinancing options, the risk of
a refinancing that is unfavorable to current bondholders remains high given
Revlon's continued weak operating performance and uncertainty surrounding
management's ability to regain market share and restore financial stability
following the unsuccessful launch of Vital Radiance and the costs involved
in exiting this brand.

Moody's notes that Revlon's persistently negative cash flow generation --
EBITDA to interest coverage ratios of approximately 0.9x and high leverage
levels of approximately 11x for the LTM period ending September 2006  --
significantly constrain the rating.  More importantly, the company's
leveraged profile remains a rating concern as it participates in an industry
segment that requires material upfront brand support, as well as fixture,
and product development expenditures with uncertain consumer receptivity.
Further negative rating actions could be taken if Revlon is not able to
complete its proposed refinancing and rights offering, restore momentum in
its core Revlon brands or if the company's liquidity deteriorates
significantly from current levels.  To stabilize the rating outlook, the
company needs to improve its liquidity profile, including a successful
refinancing of its senior subordinated notes in a manner that is at least
neutral to current bondholders.

Revlon's speculative grade liquidity rating of SGL-4 reflects credit
metrics, including cash flow from operations that continue to be negative
and are not likely to turn positive in the near-term.  In addition, Moody's
notes that the company has sought four amendments from its bank group during
2006 and remains at risk of covenant violations should financial goals not
be achieved.  While the extension of the MacAndrews & Forbes committed line
of credit through 2007 has a positive impact on liquidity, Revlon's cash
flow from operations is not sufficient to meet the cash requirements needed
to fund its operations and the payment of the 8 5/8% senior subordinated
notes in February 2008.

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


AES CHIVOR: Debt Reduction Prompts S&P to Lift B+ Rating to BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on Colombian
hydropower generator AES Chivor & Cia SCA ESP to 'BB-' from 'B+' and removed
them from CreditWatch with positive implications, where they had been placed
on Nov. 29, 2006.

The CreditWatch action was in response to a Colombian Energy and Gas
Regulation Commission announcement regarding the assignment of "firm energy"
to Colombian power generators, which would trigger a significant increase in
Chivor's capacity revenues.

The upgrade is based on the improvement of Chivor's financial risk profile
deriving from projected higher cash flow generation, continuing debt
reduction, and manageable debt maturities in the next five years.  The
outlook is positive.

"The 'BB-' ratings on Chivor reflect the challenges of operating in the
highly competitive and largely hydro-based Colombian electricity system and
the company's still-volatile cash flow generation," said Standard & Poor's
credit analyst Sergio Fuentes.   "These weaknesses are partly offset by the
company's low variable generation cost, relatively large dam and favorable
hydrology in its region, and its sizable portfolio of short- and medium-term
power sales contracts, most of which are with local electric distribution
companies at a price that is fixed in Colombian pesos and indexed by local
inflation," Mr. Fuentes continued.

The positive outlook reflects Standard & Poor's expectations that Chivor's
debt service coverage ratios and financial flexibility will continue to
improve as a result of the company's ongoing deleveraging process and higher
cash flow generation, the latter of which is partly due to higher capacity
revenues.  An upgrade would require a significant increase in the company's
DSCRs and a further improvement of its financial flexibility, which would
require a reduction of the company's high refinancing risk in 2014.

However, a significant deterioration of its financial risk profile, deriving
from very low electricity prices in the spot market or a strong decrease in
capacity revenues, could result in a negative rating action.


ECOPETROL: Discloses Five-Phase Strategy for Oil Production
-----------------------------------------------------------
Mauricio Salgar -- president of Ecopetrol, the state-run oil firm of
Colombia -- said that the company has a five-phase strategy to reach its
production goal of 500,000 barrels of oil equivalent a day by 2011, Business
News Americas reports.

Ecopetrol produces some 300,000 barrels of oil equivalent per day.

BNamericas relates that the strategy includes:

          -- acceleration of exploration activities,
          -- expansion in international markets,
          -- application of technologies to extract hydrocarbons
             from its portfolio of mature fields,

          -- enhancement of heavy-crude extraction capacity, and

          -- focus on gas extraction.


Colombia's decision to create Agencia Nacional de Hidrocarburos, the
nation's hydrocarbons agency, in 2003 terminated Ecopetrol's monopoly over
hydrocarbons activities, forcing the firm to become increasingly
competitive, BNamericas notes, citing Mr. Salgar.

"It's now our responsibility to seek out our own future.  Ecopetrol no
longer depends on the exploration success of [companies operating in
Colombia], it depends on our success and ambition as a company," Mr. Salgar
told BNamericas.

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

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


NOVELL INC: Posts US$32 Million Fiscal Year 2006 Net Profits
------------------------------------------------------------
Novell Inc. said in a statement that its net profits were
US$32 million for the fiscal year 2006, ending Oct. 31.

Business News Americas relates that the profits for the fiscal year 2006
decreased almost 91% from US$376 million in the fiscal year 2005.

According to a statement, Novell also reported total revenues of US$967
million.

BNamericas underscores that the revenues dropped 7% this year, compared with
US$1.04 billion last year.

In the fourth fiscal quarter of 2006, Novell's profits amounted to US$22.3
million, which is an important recovery from a net loss of US$4.95 million
in the same period last year.  Meanwhile, revenues in the financial fourth
quarter decreased 15% to US$244 million, compared with US$287 million.

BNamericas emphasizes that Novell's revenues from Linux platform products
increased 32% to US$13 million in the fiscal fourth quarter of 2006,
compared with the same period in 2005.  Sales from identity and access
management rose 3% to US$24 million.

The report says that combined revenue from Open Enterprise Server and
NetWare-related products fell 25% this year, compared with that of last
year.

Novell expects net revenues for the full fiscal year 2007 to be up to US$975
million, BNamericas states.


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

Novell has sales offices in Argentina, Brazil and Colombia.

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

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




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


BANCO INTERCONTINENTAL: Says Accounts Deletion Charges an Infamy
----------------------------------------------------------------
Juan Antonio Delgado -- legal representative of Marcos Baez Cocco, Banco
Intercontinental vice president, called the prosecution's charges of
accounts deletion an infamy, Dominican Today reports.

Dominican Today relates that the prosecution alleged that dozens of accounts
in billions of pesos were deleted in Banco Intercontinental from January to
March 2003 through confidential memos signed by Mr. Cocco.

Mr. Delgado said before the National District 1st Collegiate Court that the
memos were part of the merger process with Banco del Progreso, Dominican
Today notes.

Contrary to the Justice Ministry's and the monetary authorities' accusation,
what occurred was the consolidation of debts of affiliated firms, summarized
in global accounts and as part of negotiations, Dominican Today says, citing
Mr. Delgado.

Mr. Delgado told Dominican Today, "All the alleged accounts erased in that
period appear consolidated in the sole annex of the contract of merger with
the Banco del Progreso.  That contract of merger with its annex, with the
real size of the assets and liabilities of Baninter (Banco
Intercontinental), was sent voluntarily by Ramon Baez Figueroa (the bank's
former president) and Marcos Baez Cocco to the monetary authorities together
with the executives of the Banco del Progreso, and those authorities
approved these agreements without objection.  From where, then, does the
deceit and ignominy come from, that there was a spectacular discovery of
allegedly hidden and erased accounts?"

"Each and every one of the memos and the transferences of accounts remained
in the files of Baninter without Marcos Baez and other executives of that
bank having the slightest interest in making them disappear or hide them,"
Dominican Today states, citing Mr. Delgado.

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




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


PHELPS DODGE: Names Nancy Mailhot as Senior VP - Human Resources
----------------------------------------------------------------
Phelps Dodge Corp. elected Nancy F. Mailhot to the position of senior vice
president-human resources.  Ms. Mailhot is responsible for leading the
company's human resource programs worldwide and is a member of the company's
Senior Management Team.  She will continue to report to J. Steven Whisler,
chairman and chief executive officer.

Ms. Mailhot was named vice president-human resources in October 2005. Since
then, she has led the company's efforts to develop world-class human
resource programs.

Ms. Mailhot joined Phelps Dodge in 2001 as vice president-global supply
chain management.  She holds a bachelor of science degree in engineering and
management from Clarkson University.

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper & Gold Inc.
(NYSE: FCX) -- http://www.fcx.com/-- explores for, develops, mines, and
processes ore containing copper, gold, and silver in Indonesia, and smelts
and refines copper concentrates in Spain and Indonesia.

                     About Phelps Dodge

Phelps Dodge Corp. (NYSE: PD) http://www.phelpsdodge.com/-- is one of the
world's leading producers of copper and molybdenum and is the largest
producer of molybdenum-based chemicals and continuous-cast copper rod.  The
company employs 15,000 people worldwide.  Phelps Dodge has mining operations
in Chile, Peru, Colombia, Venezuela and Ecuador, among others.

                        *    *    *

In September 2006, Moody's Investors Service confirmed Phelps Dodge's
Preferred Stock 2 Shelf at (P)Ba1.




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


AIR JAMAICA: Finance Minister Says London Route Heavy Loss-Maker
----------------------------------------------------------------
Dr. Omar Davies, Jamaica's finance minister, told the Jamaica Gleaner that
the London route is a heavy loss-maker for Air Jamaica.

The Gleaner relates that Britain's aviation regulator has proposed
increasing airline charges at London's Heathrow and Gatwick airports.

Dr. Davies indicated to RJR that London, as a J$25-million loss-maker, was
one of the issues being considered in Air Jamaica's news business plan.

Air Jamaica lost J$119.9 million in 2005, pushing its deficit at Dec. 31 to
J$63 billion, The Gleaner states.

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

                        *    *    *

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


AIR JAMAICA: Poor Maintenance Schedule Causes Cancellations
-----------------------------------------------------------
Michael Conway, Air Jamaica chief executive officer, blamed the airline's
poor maintenance schedule for the cancellation of flights, Radio Jamaica
reports.

Mr. Conway told Radio Jamaica, "When you send an airplane out what you do
know is the date you're sending the airplane to do a major check and some
time we send them to Germany.  What we don't know is the day it's coming
back.  When you send an airplane out, you have already sold tickets based on
when you think it is going to return.  If that plane does not come back,
then you're short an airplane and that is what triggers the cancellations.
We have one or two of those situations occurring you're not operating with a
spare airplane then you're one airplane down."

Radio Jamaica relates that Mr. Conway promised better service for the
holiday season, as several spare planes will be in the system for the
period.

Air Jamaica is counting on improved reliability and fleet support to attract
the clients the airline lost due to cancellations as well as delayed
flights, Radio Jamaica notes, citing Mr. Conway.

Mr. Conway told Radio Jamaica that the nation is missing out significant
revenue due to lack of an easily accessible maintenance facility for its
airplanes.

Radio Jamaica underscores that Mike Henry, one of the members of the
parliamentary committee, had asked about Air Jamaica's plans for the
airstrip based on a recent feasibility study.

Air Jamaica could save millions by developing the Vernamfield airstrip as a
possible overhaul facility, Radio Jamaica states, citing Mr. Conway.

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

                        *    *    *

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


AIR JAMAICA: Looking for New Aircrafts
--------------------------------------
O.K. Melhado, Air Jamaica chairperson, told Radio Jamaica that the airline
is searching for new aircrafts.

As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2006,
Air Jamaica considered replacing its modern fleet of Airbus aircraft with
old Boeing 737-300s and 757s to reduce costs and stem its losses.  The
replacement of aircrafts was part of a plan Air Jamaica presented to the
Cabinet's sub-committee.  The plan was aimed at reviving financially
troubled Air Jamaica.

Mr. Melhado assured Radio Jamaica that an upgraded maintenance system and a
refreshed fleet will save Air Jamaica up to US$70 million.

Meanwhile, the Parliamentary Committee will hold its second meeting, Radio
Jamaica notes.

As previously reported, members of Air Jamaica's new board said they were
confident in the airline's future.  They said that among challenges facing
the board include:

          -- a US$100-million deficit,
          -- deflating public confidence, and
          -- a reported weak maintenance program by the former
             management of Air Jamaica.

Mr. Melhado was still unable to say when the Air Jamaica board's business
plan will be presented to the Cabinet, Radio Jamaica states.

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

                        *    *    *

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


SUGAR COMPANY: Frome Factory Starting Production
------------------------------------------------
Frome will be the first of the five factories owned by the Sugar Company of
Jamaica to start production, Radio Jamaica reports.

According to Radio Jamaica, the other entities are expected to be
operational by the second week of January 2007.

All is in place for a smooth start to this year's crop, Allan Rickards,
chairperson of All-Island Jamaica Cane Farmers Association, told RJR News.

The 2006/2007 Sugar Crop started on Dec. 6, Radio Jamaica states.

The Jamaica Observer relates that Frome set a target of 46,669 tons of sugar
from the milling of 570,000 tons of cane.  The target is a marginal increase
on last season's 46,524 tons.  Many in the sugar sector were dismayed with
the target.

Lucius Jackson, a large cane farmer who has been supplying canes to the
Frome Sugar factory for more than 30 years, told The Observer, "I have my
doubts about the crop being good because sufficient repairs have not been
done at the factory."

Frome needs new rollers and other equipment for the efficient operation of
the factory, The Observer says, citing Mr. Jackson.

Dr. Richard Harrison, president and chief executive officer of the Sugar
Company, told The Observer that the 2006/2007 sugar crop at Frome, which is
the largest factory in Jamaica, will be very crucial for the nation in light
of the 5% price reduction from the European Union, which purchases the bulk
of Jamaica's sugar.

According to The Observer, the European Union will reduce by 39%the price it
pays for sugar from Jamaica and other sugar-producing nations in the
African, Caribbean and Pacific blocs, changing a 40-year-old system that
grants preferential treatment to these nations.

The report says that the 5% reduction will be followed by another price cut
next year.  The big cut will come in 2008 with a reduction of 20% followed
by the final cut in 2009.

Mr. Harrison told The Observer that players in the sector will have to boost
productivity to recover from the expected loss in income from the decrease
in sugar prices.

The industry set itself a target of 160,000 tons of sugar, a marginal
increase in production over 2005, according to the report.  In the last
harvest, seven sugar processing plants manufactured 146,882 tons of the
sweetener.

Mr. Harrison told The Observer that of this amount 110,000 tons -- a 10%
boost of the 2005/2006 crop -- are expected to come from the Sugar Company's
factories.  During the crop, emphasis will be placed on achieving
efficiencies in some areas in the estate's operations.

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


SUGAR COMPANY: Sector Officials Blame Management for Output Drop
----------------------------------------------------------------
Many officials in the sugar sector have been blaming the management of the
Sugar Company of Jamaica for the steady decrease in Jamaica's sugar
production, the Jamaica Observer reports.

The Observer relates that the officials are also blaming the output decline
on the lack of funds for the re-tooling of factories as well as the reports
planting of cane fields.

Jamaica's ailing sugar sector will survive only if there are marked
improvements in management and massive injection of funds, The Observer
says, citing Pearnel Charles, the vice president of the Bustamante
Industrial Trade Union.

Mr. Charles told The Observer, "The industry cannot and will not survive
unless there is proper management and much better investment."

The sugar sector would decline if it continues to be manage as a second
class industry, The Observer states, citing Mr. Charles.

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




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


ALASKA AIR: Promotes Brandon Pedersen as Vice Pres. of Finance
--------------------------------------------------------------
Alaska Air Group's board of directors has elected Brandon Pedersen vice
president of finance and controller.  The company also named Andrew Harrison
managing director of financial planning and analysis.

Mr. Pedersen had been staff vice president of finance and controller, while
Mr. Harrison was managing director of internal audit.

Mr. Pedersen is responsible for Alaska Air Group's accounting, payroll, tax
and financial reporting functions.  "Brandon has done an outstanding job as
our controller in a very difficult environment and has a firm grasp of the
challenges and opportunities before us," said Brad Tilden, Alaska's
executive vice president of finance and chief financial officer.  "This
promotion recognizes the importance our board places on financial
performance and the contributions Brandon has made during the last three
years."

Before joining Alaska Airlines in 2003, Mr. Pedersen was a partner with a
major accounting firm, specializing in financial statement audit services
for clients ranging from small businesses to multinational corporations.

Mr. Pedersen graduated from the University of Washington, where he earned
bachelor's degrees in business administration and economics. He is a
certified public accountant and a member of the Accounting Advisory Board of
the University of Washington. He also serves on the board of the American
Red Cross of King and Kitsap Counties.

Mr. Harrison came to Alaska Airlines in 2003 from KPMG International, where
he was a senior audit manager.  During his 16 years with the public
accounting firm, he worked with a wide range of companies in Australia,
Eastern Europe and the United States.

"Andrew has done an excellent job leading our internal audit group for the
past three years," said Mr. Tilden.  "We look forward to him bringing his
energy and financial expertise to our financial planning and analysis
function."

A graduate of the University of Melbourne with a bachelor's degree in
commerce, Mr. Harrison is an Australian chartered accountant and a U.S.
certified public accountant.

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

                        *    *    *

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


ALLIS-CHALMERS: Earnings Up 770.2% to US$11.3MM in 2006 3rd Qtr.
----------------------------------------------------------------
Allis-Chalmers Energy Inc. reported a US$11.3 million net income for the
third quarter of 2006, an increase of 770.2%, compared with net income of
US$1.3 million for the same quarter of 2005.

The increase in net income was due to a rise in revenues in all of the
company's business segments and the addition of the international drilling
segment.

For three months ended Sept. 30, 2006, revenues were
US$85.7 million, an increase of 196.6% compared with
US$28.9 million for the same quarter in 2005.

Revenues increased due to the acquisition of DLS Drilling, Logistics &
Services Corporation, which expanded its operations to a sixth operating
segment, international drilling.  Revenues also increased at its rental
tools, casing and tubing services, compressed air drilling and directional
drilling services segments.

Gross profit for the quarter ended Sept. 30, 2006, increased 249.6% to
US$28.8 million, or 33.6% of revenues, compared with
US$8.2 million, or 28.5%, of revenues for the period in 2005.  The increase
in gross profit as a percentage of revenues is primarily due to the
acquisition of Specialty Rental Tools Inc.

Income from operations for the three months ended Sept. 30, 2006, totaled
US$19.1 million, a 440.7% increase over income from operations of US$3.5
million for the prior year period.

              Liquidity and Capital Resources

The company's primary sources of liquidity are proceeds from the issuance of
debt and equity securities and cash flows from operations.  Cash and cash
equivalents were US$50.3 million at
Sept. 30, 2006 compared to US$1.9 million at Dec. 31, 2005.

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

                        *    *    *

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


CABLEMAS SA: Awards Messaging & Server Contract to IP Unity
-----------------------------------------------------------
IP Unity said in a statement that it has won a contract to provide Cablemas,
SA de CV, with voice messaging and Mereon server application.

Business News Americas relates that the solution, which is for Cablemas'
voice over cable clients, will be deployed in Cuernavaca this month and then
extended to 13 other cities in the short term.

IP Unity said in a statement that the interoperability of the Mereon
platform with Cablemas' softswitch was key in the operator's decision to use
IP Unit solution.

Cecilia Pedraza, chief technical officer of Cablemas, said in a statement,
"We selected IP Unity because of the flexibility and scalability of its
Mereon platform and because of the solid interoperability the system has
with our Cedar Point softswitch."

Cablemas SA de CV -- http://www.cablemas.com-- is the
second-largest cable television operator in Mexico based on the
number of subscribers and homes passed.  As of June 30, 2005,
the company's network served over 546,000 cable subscribers and
in excess of 87,000 high-speed Internet subscribers, with more
than 1,647,000 homes passed.  It is the concessionaire with the
broadest coverage in Mexico, operating in 46 cities throughout
the country's oil, maquiladora and tourist regions.

                        *    *    *

As reported by the Troubled Company Reporter on Dec. 30, 2005,
Moody's Investors Service assigned a B1 corporate family rating
to Cablemas.  The outlook is stable.  This rating action is in
accordance with the B1 ratings Moody's assigned to Cablemas'
US$175 million of senior unsecured notes, with a stable outlook,
on Nov. 4, 2005.  The proceeds of the issue were used to
refinance debt and for capital expenditures.

On April 24, 2006, Fitch assigned these ratings to Cablemas:

   -- long-term issuer default rating:  BB-; and
   -- local currency long-term issuer default rating: BB-


CONSOLIDATED CONTAINER: Earns US$15.8 Mil. in 2006 Third Quarter
----------------------------------------------------------------
Consolidated Container Co. LLC reported a US$15.8 million net income on
US$215.5 million of net sales for the third quarter ended Sept. 30, 2006,
compared with a US$2.7 million net loss on US$207.1 million of net sales for
the comparable period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$686.9 million in total assets and US$777.8 million in total liabilities,
resulting in a US$90.8 million total member's deficit.

The increase in net sales for the third quarter of compared to the same
period of 2005 results from the impact of higher average resin costs during
2006.

The increase in net income is primarily due to the increase in gross profit
for the third quarter of 2006 of US$23.3 million, primarily attributable to
a gain of US$16.1 million dollars on settlement of a contract dispute with
Dean Foods Company and business interruption insurance proceeds totaling
US$3.6 million received during the third quarter of 2006 related to
hurricanes Rita and Katrina in 2005.

Under the terms of the settlement agreement, the company agreed to pay
US$10.0 million, US$9.1 million discounted, to Dean Foods Company which was
less than the cumulative adjustments resulting from the restatement of sales
and cost of sales of US$25.2 million in the company's consolidated financial
statements.  The recording of the settlement in the quarter ended Sept. 30,
2006 resulted in a one-time gain on settlement of approximately US$16.1
million.

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?1635

Headquartered in Atlanta, Georgia, Consolidated Container Company LLC --
http://www.cccllc.com/-- develops, manufactures and markets rigid plastic
containers for many of the largest branded consumer products and beverage
companies in the world.  The company has a network of 55 strategically
located manufacturing facilities and a research, development and engineering
center located in Atlanta, Georgia.  In addition, the company has three
international manufacturing facilities in Canada and Mexico.  The company
sells containers to the dairy, water, juice & other beverage, household
chemicals & personal care, agricultural & industrial, food and automotive
sectors.  The company's container product line ranges in size from two-ounce
to six-gallon containers and consists of single and multi-layer containers
made from a variety of plastic resins, including high density polyethylene,
polycarbonate, polypropylene, and polyethylene terephthalate.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 6, 2006,
Standard & Poor's Ratings Services affirmed its ratings on
Consolidated Container and removed all ratings from CreditWatch
with negative implications, where they were placed on
Aug. 23, 2006.  The corporate credit rating on Consolidated Container is
'B-'.


DIRECTV: Software Theft Developer Agrees to US$1MM Settlement
-------------------------------------------------------------
A Chicago man, who was accused of developing and distributing software
designed to steal DIRECTV programming, has agreed to a US$1 million
settlement of a lawsuit filed against him in federal court by DIRECTV, Inc.,
and NDS Americas, Inc., the creator of security features used to protect
DIRECTV's broadcasts from unauthorized interception.

Robert K. Lazzara consented to the entry of a judgment against him in the
U.S. District Court for the Northern District of Illinois and agreed to a
permanent injunction barring him from further satellite piracy.

The lawsuit claimed that Mr. Lazzara, using the alias "rob13572468,"
developed software designed and intended to facilitate the unauthorized
reception of DIRECTV's satellite television programming, and distributed the
software through multiple Internet sites dedicated to satellite television
piracy.

Mr. Lazzara's software "scripts" were alleged to have enabled users to
illegally "hack" DIRECTV's older generation access cards (known as Period 3
access cards) and obtain DIRECTV's programming without payment.  Since the
development of the new Period 4 access card technology nearly five years
ago, DIRECTV's signal security system has not been compromised.

"The Lazzara settlement underscores the serious consequences of engaging in
satellite piracy," said Dan Fawcett, DIRECTV's executive vice president for
Business and Legal Affairs.  "Though our access cards have been secure for
the past several years, we will continue to aggressively pursue -- both
through civil and criminal courts -- any individual who has been involved in
satellite piracy or fraud against DIRECTV."

The lawsuit alleged that Mr. Lazzara's conduct violated certain provisions
of the Digital Millennium Copyright Act, the Federal Communications Act, and
state law, which make it illegal to circumvent technological security
measures, and to intercept or assist others in intercepting DIRECTV's
encrypted satellite signals without authorization or payment to DIRECTV.

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.


FORD MOTOR: To Raise Borrowing Financing Capacity to US$23 Bil.
---------------------------------------------------------------
Ford Motor Company plans to increase its new borrowing capacity to as much
as US$23 billion, up from US$18 billion disclosed earlier, reports Business
Writer Tom Krisher of Associated Press.

On Nov. 27, 2006, Ford stated plans to obtain financing totaling
approximately US$18 billion in order to address near- and medium-term
negative operating-related cash flow, to fund its restructuring, and to
provide added liquidity to protect against a recession or other
unanticipated events.

The financing transactions consist of:

   * new five-year senior secured revolving credit facility of
     approximately US$8 billion that is intended to replace
     Ford's existing unsecured credit facilities of
     US$6.3 billion;

   * senior secured term loan of approximately US$7 billion; and

   * unsecured capital market transactions of approximately
     US$3 billion, which may include unsecured notes convertible
     into Ford common stock.

"Our target is still US$18 billion, but these contingencies assure us that
we have access to additional funding options," Ford spokesman Oscar Suris
said.

Ford said in a Securities and Exchange Commission filing that part of the
raise was due to overwhelming support from lenders.

              Senior Convertible Notes Offering

According to Mr. Krisher, Ford also raised its offering of convertible notes
to US$4.5 billion, from US$3 billion as previously declared.

On Dec. 4, 2006, Ford intended to offer, subject to market and other
conditions, approximately US$3 billion principal amount of Senior
Convertible Notes due 2036, which will be unsecured.  Ford also expected to
grant the underwriters an over-allotment option to purchase up to US$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.

The interest rate, conversion price, offering price and other terms will be
determined by negotiations between Ford and the underwriters of the notes.
Ford expects to use the net proceeds from the offering for general corporate
purposes.

Offers and sales of the notes will be made only by the related prospectus
and prospectus supplement.  A copy of the prospectus and prospectus
supplement can be obtained from:

   1) Citigroup Corporate and Investment Banking
      Brooklyn Army Terminal
      140 58th Street, 8th Floor
      Brooklyn, NY 11220
      Telephone (718) 765-6732
      Fax (718) 765-6734

   2) Goldman, Sachs & Co.
      Attn: Prospectus Dept.
      85 Broad St.
      New York, NY 10004
      Fax (212) 902-9316

   3) J.P. Morgan Securities Inc.
      National Statements Processing
      4 Chase Metrotech Center, CS Level
      Brooklyn, NY 11245
      Telephone (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.  With more than 324,000
employees worldwide, the company's core and affiliated automotive brands
include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and
Volvo.  Its automotive-related services include Ford Motor Credit Company
and The Hertz Corp.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes due 2036.


FORD MOTOR: Intends to Offer US$3 Bil. Senior Convertible Notes
---------------------------------------------------------------
Ford Motor Company intends to offer, subject to market and other conditions,
approximately US$3 billion principal amount of Senior Convertible Notes due
2036, which will be unsecured.  Ford also expects to grant the underwriters
an over-allotment option to purchase up to US$450 million principal amount
of additional notes.  This offering of notes will be registered under the
U.S. Securities Act of 1933, as amended.

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.

The interest rate, conversion price, offering price and other terms will be
determined by negotiations between Ford and the underwriters of the notes.
Ford expects to use the net proceeds from the offering for general corporate
purposes.

Offers and sales of the notes will be made only by the related prospectus
and prospectus supplement.  A copy of the prospectus and prospectus
supplement can be obtained from:

   1) Citigroup Corporate and Investment Banking
      Brooklyn Army Terminal
      140 58th Street, 8th Floor
      Brooklyn, NY 11220
      Telephone (718) 765-6732
      Fax (718) 765-6734

   2) Goldman, Sachs & Co.
      Attn: Prospectus Dept.
      85 Broad St.
      New York, NY 10004
      Fax (212) 902-9316

   3) J.P. Morgan Securities Inc.
      National Statements Processing
      4 Chase Metrotech Center, CS Level
      Brooklyn, NY 11245
      Telephone (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.  With more than 324,000
employees worldwide, the company's core and affiliated automotive brands
include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and
Volvo.  Its automotive-related services include Ford Motor Credit Company
and The Hertz Corp.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes due 2036.


FORD MOTOR: Fitch Rates US$3 Billion Senior Unsecured Notes at B
----------------------------------------------------------------
Fitch has assigned a rating of 'B/RR4' to the US$3 billion in senior
unsecured convertible notes being offered by Ford Motor Company.

The securities rank pari-pasu with other existing senior unsecured debt.
The notes are part of an US$18 billion financing plan underway by Ford to
shore up liquidity as it faces several years of very heavy negative cash
flows.

Under Fitch's Recovery Rating analysis, it is estimated that unsecured
holders would recover between 30%-35% of principal value in the event of a
bankruptcy.

Fitch could review the rating of the unsecured debt for further downgrade if
the final amount of the financings being arranged is meaningfully larger
than currently anticipated, further impairing the recovery of unsecured
holders, or if changes to Fitch's assumptions are warranted.

Recovery estimates assume a significant restructuring of North American
operations, values associated with various international holdings, and 100%
ownership of Ford Motor Credit Company.

The Rating Outlook remains Negative.

Ford has estimated that cash outflows over the next several years will
approximate US$17 billion as a result of operating losses, restructuring
costs and working capital outflows.  Ford is expected to have cash of
approximately US$20 billion at year-end 2006, plus an additional US$3
billion in long-term VEBA that is expected to be spent over the next several
years.

Of the US$18 billion in new financing being arranged, approximately US$15
billion is in the form of secured bank lines, thereby subordinating existing
unsecured debt of approximately US$18 billion and the planned offering of
US$3 billion in convertible notes.

Approximately US$7 billion of expected cash outflows are associated with
restructuring costs. Ford also faces a renegotiation of its UAW contract in
September 2007, and a stressed supply base, both of which represent event
risk through potential production disruptions.

Fitch's Recovery Ratings, introduced in 2005, are a relative indicator of
creditor recovery on a given obligation in the event of a default.


FORD MOTOR: Fitch Pares Senior Unsecured Ratings to B- from B
-------------------------------------------------------------
Fitch Ratings downgraded Ford Motor Company'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
debtholders 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 disclosed its intent to increase the size of its secured revolving
credit facility to US$10.5 - 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 impairi
ng 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 downgrades 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'.


GENERAL MOTORS: GMAC Releases Composition of New Board
------------------------------------------------------
GMAC Financial Services became an independent global financial services
company after 87 years as a wholly owned subsidiary of General Motors Corp.

GM recently completed the sale of a majority equity stake in GMAC to an
investment consortium led by Cerberus FIM Investors LLC and including wholly
owned subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The PNC
Financial Services Group Inc.

As a result of the transaction, GMAC expects to benefit from access to a
lower cost of funds as it assumes a separate and independent credit profile
and independent governance by a new board.

In addition, GM and GMAC have entered into 10-year agreements under which
GMAC will remain the exclusive provider of
GM-sponsored auto finance programs and will continue to provide
GM dealers and their customers with the same broad range of financial
products and services as it does today.

GMAC's existing management team will remain in place and is led by chief
executive officer Eric Feldstein, president William Muir, and chief
financial officer Sanjiv Khattri.

"GMAC has had tremendous success -- more than US$9.4 billion of net income
since the beginning of 2003 -- during a time when our credit ratings were
under pressure and our access to capital was constrained," said Feldstein.
"This accomplishment reflects the consistently strong operating results of
our core business units despite the funding challenges we encountered."

GMAC has established itself as the leading global auto finance company, the
largest provider of automotive extended warranty and dealer vehicle
inventory insurance, and a Top 10 participant in real estate finance with
nine consecutive years of market share growth.  The company has a superior
asset origination capability -- more than US$60 billion per year just in the
auto segment -- and a world-class servicing capability in both auto and
mortgage.

"The prospects for GMAC look quite promising as we now combine our existing
business strengths with improved credit ratings, a more competitive cost of
funds, and a strengthened capital base to support profitable growth,"
Feldstein said.

             New GMAC Board of Directors Named

The company's new 13-member board has been named.  The board includes
independent members as well as representatives from the Cerberus-led
consortium and GM.  Ezra Merkin, a managing partner with Gabriel Capital
Group, has been named non-executive chairman of the GMAC Board.

Other members of the board are:

   * Walter Borst, General Motors Treasurer;

   * Frank Bruno, Cerberus Global Investments LLC President and
     Managing Director;

   * T.K. Duggan, Durham Asset Management Co-Founder;

   * Fritz Henderson, General Motors Vice Chairman and
     Chief Financial Officer;

   * Douglas Hirsch, Seneca Capital Founder and Managing
     Partner;

   * Michael Klein, Citigroup Chief Executive Officer,
     Global Banking;

   * Mark LaNeve, General Motors Vice President North America
     Vehicle Sales, Service and Marketing;

   * Mark Neporent, Cerberus Capital Management L.P.
     Chief Operating Officer and Senior Managing Director;

   * Seth Plattus, Cerberus Capital Management L.P.
     Chief Administrative Officer and Senior Managing Director;

   * Bob Scully, Morgan Stanley Co-President;

   * Lenard Tessler, Cerberus Capital Management L.P.
     Managing Director;

   * Rick Wagoner, General Motors Chairman and Chief Executive
     Officer;

The consortium, which will hold a 51% interest in GMAC, is committed to a
long-term investment horizon through a five-year minimum hold period.
Cerberus has also committed to reinvest all of its after-tax distributions
into GMAC preferred stock in years 3-5 after closing.

"Cerberus Capital and the investor consortium are committed to a long-term
partnership that will bring sustained growth, diversity of product offerings
and lasting benefits to GMAC," Cerberus' chief operating officer and senior
managing director Mark Neporent said.

"We're committed to helping GMAC compete even more effectively and
continuing its tradition of strong growth and success.  Cerberus has great
confidence and respect for the people of GMAC and we look forward to the
continued success of GMAC as an independent company."

GMAC's capital base has been bolstered by US$1.9 billion through its
issuance of preferred equity to GM (US$1.4 billion) and Cerberus (US$500
million).  The company's previously announced US$10 billion asset-backed
facility, arranged through Citibank, will offer an additional source of
liquidity.  Strengthened by the company's new ownership and independent
governance structure, GMAC expects improved credit ratings will lead to
lower-cost funding.

"[Yester]day marks an exciting new era for GMAC.  Our improved capital
position and credit profile enable us to play offense again," Mr. Feldstein
said.

"With a global franchise spanning nearly 40 countries, and world-class asset
origination and servicing capabilities, GMAC is well positioned to generate
increasing revenue at higher returns across all of our businesses
long-term."

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 318,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo,
Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.

                        *    *    *

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

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

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


GLOBAL POWER: Closes US$85 Million DIP Financing Credit Facility
----------------------------------------------------------------
Global Power Equipment Group Inc. closed on its US$85 million in
debtor-in-possession credit facility from Morgan Stanley Senior Funding,
Inc., which had provided the company with a preliminary commitment on Nov.
21, 2006.

Effective immediately, Global Power will apply the proceeds of the new DIP
credit facility to refinance Global Power's existing senior secured
revolving debt and term loan, as well as its previously announced interim
DIP credit facility of
US$10 million arranged by Bank of America.  In addition, the company will
use the new DIP credit facility as additional liquidity in support of
ordinary course business operations.

John Matheson, President and Chief Executive Officer of Global Power, said,
"Our receipt of this new credit facility constitutes a significant milestone
that Global Power has achieved as we focus on moving forward as
expeditiously as possible in our reorganization process.  Going forward, we
will continue to concentrate on serving our customers and positioning the
company across our key markets."

Michael Hanson, Chief Financial Officer of Global Power, said, "We are
pleased with our new DIP credit facility, which will help provide us with
adequate levels of financing to stabilize our operations and meet customer
needs.  At the same time, by refinancing our interim DIP and previous
revolving debt and term loans, this new credit facility has also streamlined
and brought a greater level of clarity to our debt structure."

The company expects to file an 8-K outlining the final terms and conditions
of the DIP credit facility with the U.S. Securities and Exchange Commission
shortly.

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

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


KANSAS CITY SOUTHERN: Launching 30 New Railway Units Next Year
--------------------------------------------------------------
Patrick Ottensmeyer -- vice president and chief financial officer of Kansas
City Southern, parent firm of Kansas City Southern de Mexico, SA de CV --
said in a presentation that the firm expects to launch 30 new railway units
in Mexico by the end of the first quarter of 2007, Business News Americas
reports.

Kansas City Southern also expects to 30 railway units in the United States
to be operational by year-end, BNamericas says, citing Mr. Ottensmeyer.

Mr. Ottensmeyer told BNamericas, "We expect to continue to see locomotive
acquisitions as we gear up for growth, but also to replace existing older
units, which has a powerful impact on profitability."

New locomotives have lower fuel and maintenance costs, BNamericas notes,
citing Mr. Ottensmeyer.

BNamericas underscores that Kansas City Southern's nine-month revenues
increased 26.3% to US$1.22 billion in September 2006, compared with
September 2005.

Mr. Ottensmeyer told BNamericas that he expects the strong growth to
continue into 2007, pointing to a number of factors.

According to BNamericas, Kansas City Southern hopes to benefit from port
expansions in southern Mexico's Lazaro-Cardenas port, one of three port
cities that the company serves.

BNamericas relates that Hutchison Port Holdings, a multinational port
operator, is expanding its specialized container terminal at the Mexican
port.  The first US$200-million phase will be launched by July 2007.

Mr. Ottensmeyer told BNamericas that Kansas City Southern will also develop
a primary intermodal terminal at the port.  Hutchison Port's expansions to
the terminal should reach capacity of 1.25 million twenty-foot equivalent
units in three or four years.

The rail line running from the port serves some 60 million people over a
150-300 mile span, BNamericas relates, citing Mr. Ottensmeyer.  It can be
expanded to serve markets in the south, southeastern, and eastern US.

According to the report, Mr. Ottensmeyer also emphasized the importance of
operations at the Loreto station on the US-Mexico border.

BNamericas reports that the total value of goods crossing through that area
totaled US$93 billion for the year, of which 10% is estimated as going
towards transport costs.

Mr. Ottensmeyer told BNamericas that some 10% of US$9.3 billion transport
sum went to rail lines, with the rest going to truck transport.  It is
Kansas City Southern's goal to try converting the truck traffic to
intermodal service.

BNamericas states that Kansas City Southern's net income decreased 72.2% to
US$31.3 million in the quarter ended on Sept. 30, 2006, compared with the
same period in 2005.  The third quarter totals included a US$132-million
Value Added Tax or Put settlement gain.  Operating income for the July to
September 2006 period increased to US$77.3 million, from a US$1.9-million
operating loss for the same period in 2005.  Revenues rose 8.1% to US$416
million in the third quarter of this year, compared with the same period
last year.  Operating expenses declined 12.4% to US$338 million.

The cost reductions are due to Kansas City Southern's efforts to combine its
US and Mexican units.  The integration is almost complete, leading to
significant cost savings, BNamericas states, citing Mr. Ottensmeyer.

Headquartered in Kansas City, Mo., KCS is a transportation holding company
that has railroad investments in the US, Mexico and Panama.  Its primary US
holdings include The Kansas City Southern Railway Co., serving the central
and south central US.  Its international holdings include Kansas City
Southern de Mexico, SA de CV, serving northeastern and central Mexico and
the port cities of Lazaro Cardenas, Tampico and Veracruz, and a 50% interest
in Panama Canal Railway Company, providing ocean-to-ocean freight and
passenger service along the Panama Canal.  KCS' North American rail holdings
and strategic alliances are primary components of a NAFTA Railway system,
linking the commercial and industrial centers of the US, Mexico and Canada.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 15, 2006, Standard &
Poor's Ratings Services assigned its 'B-' rating to the US$150 million
senior unsecured notes being issued by Kansas City Southern de Mexico SA de
CV (B/Negative/--), the Mexican subsidiary of Kansas City Southern
(B/Negative/--).

Fitch Ratings assigned a 'B+' foreign currency rating and an 'RR4' recovery
rating to the US$175 million 7.625% senior notes due 2013 to be issued by
Kansas City Southern de Mexico, SA de CV.

Fitch also maintains 'B+' foreign currency ratings and 'RR4' recovery
ratings on KCSM's US$178 million 12.50% senior notes due 2012 and the US$460
million 9.375% senior notes due 2012.


* STATE OF CHIAPAS: Moody's Shifts Issuer Rating Outlook to Pos.
----------------------------------------------------------------
Moody's has changed the outlook to positive, from stable, on the Ba2 and
A2.mx issuer ratings assigned to the State of Chiapas.  The outlook change
reflects Moody's expectation that the state's sustained satisfactory
financial performance will contribute to continued modest debt levels with
stable and low debt service requirements, while the federal government will
continue to offer the state strong support through a high level of fiscal
transfers and direct infrastructure investment.  Moody's also expects that
the new state administration taking office this month will likely continue
the conciliatory policies of its predecessor, aimed at easing political and
social tensions.

The state's exercise of fiscal control has enabled it to achieve balanced
operations over an extended period, progressively reduce debt and, in late
2006, pay off all of the state's direct debt. The state's liquidity position
has been consistently positive in the last five years, with year-end net
cash (i.e., cash, net of current liabilities) ranging from 7.1% to 9.6% of
annual revenue.

State finances benefit from a high level of federal aid and attention, as
reflected in above-average federal transfers per capita (which offset the
weakness posed by modest generation of own-source revenues). The state
economy is also helped by substantial direct federal spending on
infrastructure.

The success of state policies aimed at dampening political and social
tensions has been reflected in timely budget adoption for several years, a
sharp contrast with an extended budget controversy in 2001. Another
indication that more normal times have returned is the ability of the
governor elected in 2000 to complete his 6-year term (as distinct from
circumstances in 1986-2000, when six different governors ruled).

The recently elected governor (due to take office December 8) reportedly
intends to maintain a dialogue with dissidents in the state and develop
agreements with President Felipe Calderon, an indication that the state's
conciliatory policies and close working relationship with the federal
government is likely to continue.

Chiapas' continued success at maintaining fiscal balance, keeping debt
manageable and reconciling divergent interests will be of key importance to
its future rating.




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


PERU ENHANCED: Fitch Assigns BB+ Preliminary Rating
---------------------------------------------------
Fitch assigned a preliminary rating of 'BB+' to Peru Enhanced Pass-Through
Finance Limited, a Peruvian securitization of government payment obligations
in connection with parts of the IIRSA Sur toll road concession.  The
approximate US$620 million in transaction proceeds will be indirectly used
to cover the costs of expansion and improvements on two sections of IIRSA
Sur, a 2,500-kilometer network of existing toll roads crossing southern
Peru.

Similar to other Peruvian toll road concessions, upon completion, the road
is not expected to generate sufficient revenues to cover its construction
costs.  In lieu of strong toll revenue, the government of Peru (GOP)
compensates the concessionaire for construction progress with annual
payments in U.S. dollars (Certificados de Reconocimiento de Pago Annual de
Obras or CRPAOs) prorated to the advance of works.  This transaction will be
a securitization of the CRPAOs.  CRPAOs delivered from the Government of
Peru to the concessionaire will be sold to the issuer.

Cash flow to maintain timely debt service on the transaction will depend on
the Governement of Peru's continued payment on all issued CRPAOs.  CRPAOs
are backed by the full faith and credit of the Governemnt of Peru.  While
legally different from public debt, Fitch viewed the difference in
probability of the Government of Peru honoring one obligation over the other
as immaterial.  The rationale behind the rating of the notes is similar to a
government pass-through.

CRPAOs are generated on an ongoing basis in parallel with the advance of
construction.  While waiting for CRPAOs to be generated, transaction
proceeds will be invested in an InterAmerican Development Bank and a Merrill
Lynch cash management agreement.  Cashflows from the IDB note will be
available to purchase CRPAOs.  Once generated, existing CRPAOs are not
subject to any condition or performance obligation relating to the
concession agreement.

While noteholders are not exposed to continuing construction risk, material
construction delays beyond six months would eventually cause a termination
in the CRPAO purchase agreement.  Under this scenario, noteholders' expected
return will be altered.  Any outstanding transaction proceeds that have not
been used to purchase CRPAOs would be partially redeemed at a rate of LIBOR
plus 25 basis points.  This swapped rate is guaranteed through a cash
management agreement underwritten by Merrill Lynch.  Risks associated with
these cash flows are commensurate with the credit profiles of the IDB and
Merrill Lynch and are not correlated to CRPAOs.


PERU ENHANCED: Moody's Rates US$470MM Sr. Class A-1 Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to US$620 mil. gross
proceeds senior secured discount Notes issued by Peru Enhanced Pass-Through
Finance Limited consisting of approxi-mately US$470 million of senior
secured Class A-1 Notes due
May 31, 2018 and approximately US$150 million of senior secured Class A-2
Notes due June 2, 2025.  The Notes are being issued under Rule 144A and
Regulation S under the Securities Act and will be sold in the US and in
Peru.  The outlook on the Notes is positive.

The rating and outlook on the Notes reflect the importance of the underlying
toll road projects that are the impetus for the 25 year Concession
Agreements between the Government of Peru and Concesionaria Interoceanica
Sur - Tramo 2 SA and Concesionaria Interoceanica Sur - Tramo 3 SA.  The
Section 2 Project and the Section 3 Project are integral portions of the
Corredor Vial Interoceanica Sur Toll Road that extends in its entirety from
the west coast of Peru from the Port of San Juan de Marcona to Inapari on
the border with Brazil.  Section 2 and Section 3 together extend for over
700 kilometers.

The Government of Peru and the concession companies entered into parallel
concession agreements that terminate in 2031 to construct, operate and
maintain the 700 kilometer highway.  Each segment is divided into three
construction phases with completion of each phase scheduled for 2007, 2009
and 2010. The projects are not greenfield but consist essentially of
upgrades to existing alignments.  The works will be executed in accordance
with turnkey engineering, procurement and construction agreements with
Conirsa SA the partners of which are generally the same entities that are
shareholders of the concession companies.

The Concession Agreements provide for the construction, operation and
maintenance of the toll road.  However, the senior secured Notes are
structured to rely on annual payments from the Government of Peru for the
full and timely payment of debt service.  Under the transaction structure,
Note repayment is not dependent on the concession company's performance with
respect to traffic and toll revenues.

The key credit factors underpinning the rating are the Certificados de
Reconocimiento de Derechos de Pago Annual Por Obras or CRPAO to be issued by
the Government of Peru. As construction reaches certain milestones, the
Supervising Body for the Investment in Transportation Infrastructure for
Public Use -- OSITRAN or the Regulator -- will issue Works Progress
Certificates -- Certificados de Avance de Obras or CAO.  When CAOs are
issued, the Ministry of Transportation and Communications will issue a Pago
Annual Por Obras or PAO certificate.  Upon issuance of PAOs the GOP will
deliver to the concession companies a series of CRPAOs which acknowledge the
concession companys' right to collect the PAOs.  Each CRPAO unconditionally
and irrevocably entitles the holder to payment of fixed, US
dollar-denominated amounts.  The rights of the CRPAO holder to collect
Governemnt pf Peru payment is not subject to the concession company's
performance or by any other circumstances including destruction of the
facilities, change of control of the companies, or breach or termination of
the Concession Agreements.  The Government of Peru may not voluntarily
prepay any CRPAOs.  CRPAOs are to be governed by the laws of the State of
New York, except that the authorization and issuance of each CRPAO will be
governed by Peruvian law.  Proceeds of the Notes will be used to purchase
CRPAOs from the companies as they are issued by the GOP.

CRPAOs represent annual payment obligations of the MTC under the Sistema
Nacional de Presupuestos in accordance with Law no. 28411.  Law no. 28880
enacted September 2006, amends the National Budgetary System Law and
provides expressly that the CRPAOs cannot be cancelled once they are
allocated in the Ministry budget.  However, CRPAOs are expressly stated not
to be sovereign indebtedness.  The mechanics and timing of the annual GOP
budget process provides some advance warning of potential payment problems.
Budgets are finalized in the previous year and are submitted to the Congress
for approval by each November for the next budget year that begins in
January.  Debt service payments are scheduled for each October and April.
Accordingly there is at least 5 months between the approval of CRPAO
payments and the next debt service payment.

In addition to the timing of debt service payments relative to the annual
GOP budgeting process, the Notes provide some minimum investor protections.
The Notes benefit from a debt service reserve account equal to 6 months of
debt service payments, likely in the form of an insurance policy.  Payments
of the Notes are designed to mirror the expected future payment of CRPAOs
with semi-annual principal and interest payments and a final maturity in
2018 with respect to the Class A-1 Notes and 2025, with respect to the A-2
Notes, which is six year before the termination of the Concession.  There
are no restricted payments to the company for the life of the debt.  Under
the financing structure all portions of the initial debt will be covered
either by the necessary amount of CRPAOs issued or by Note proceeds invested
in Inter-American Development Bank Notes.  Proceeds from the IADB Notes will
be used for the purchase of CRPAOs from the concession companies as CRPAOs
are issued by the GOP.  At the end of the construction period, Notes
proceeds are expected to be entirely covered by CRPAO payment obligations.

While Noteholders do not have direct rights of enforcement against the
Government of Peru, in Moody's view it is likely that the GOP will support
the projects and issue CRPAOs in a timely fashion in order to enhance the
availability of future infrastructure financing through the CRPAO program.
The Sponsor Support Agreements provide some indirect limited support in the
event of sponsor-related delays or performance issues. Each sponsor will
contribute, on a several but not joint basis, construction performance bonds
totaling US$18 million, to be released when the government accepts all works
and concession agreement performance bonds sized at varying levels during
the life of the concessions.


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


ALBERTO-CULVER: Appoints Three New Directors to Board
-----------------------------------------------------
The Alberto-Culver Company appointed three new directors following its
separation from Sally Beauty Holdings and the establishment of each as a
separate, publicly traded company.  The new directors are:

   -- Katherine S. Napier,
   -- Thomas A. Dattilo and
   -- George L. Fotiades.

As previously announced, V. James Marino, the new President & Chief
Executive Officer of Alberto-Culver, has also been appointed to the board.
The announcement was made by Carol Lavin Bernick, Executive Chairman of the
Alberto-Culver company.

The new directors replace:

   -- A.G. Atwater,
   -- William W. Wirtz and
   -- Howard B. Bernick,

all of whom retired from the board following the completion of the
separation transaction, and John A. Miller who has joined the new board of
Sally Beauty Holdings.

In making the announcements, Mrs. Bernick commented, "We are delighted to
have been able to add this strong new talent to our board all of whom have
exceptional operating backgrounds, and bring to us insights and learnings in
those areas most critical to our consumer products success."

Mrs. Bernick added that no additional appointments were anticipated.

The backgrounds of the new directors are:

   -- Kay Napier is a versatile and talented marketer who brings
      the company a strong mix of both U.S. and international
      marketing experience.  In her 27-year marketing career,
      Kay has held senior marketing positions for McDonald's in
      both Europe and the U.S. and headed the North American
      Pharmaceuticals and Women's Health Group for Procter &
      Gamble.  Ms. Napier serves on the board of Third Wave
      Technologies, is a board of trustee member for Catholic
      Health Care Partners and Xavier University in Cincinnati
      and serves on the Board of Visitors for Wake Forest
      University.  She holds an MBA in marketing and finance
      from Xavier University and a BA in Economics and Studio
      Fine Arts from Georgetown University.

   -- Tom Dattilo most recently served as Chairman, President &
      CEO of Cooper Tire & Rubber.  He joined Cooper in 1999
      after having spent 22 years with the Dana Corporation in a
      wide variety of acquisition, organizational development
      and management roles.  Mr. Dattilo is a member of the
      board of Harris Corporation.  He holds a Juris Doctor
      degree from the University of Toledo and a Bachelor of
      Arts from Ohio State University.

   -- George Fotiades brings to us a broad background in health
      care and consumer products.  He has most recently served
      as President & Chief Operating Officer for Cardinal
      Health, a Fortune 20 company.  His previous consumer
      products background, covering a 20-year span, includes
      senior executive positions with Warner-Lambert, Bristol-
      Myers Squibb, American Home Products and Procter & Gamble.
      He is currently a member of the board of ProLogis.
      Mr. Fotiades holds a Master of Management, Marketing and
      Finance degree from Northwestern University's Kellogg
      School of Management and a bachelor's degree in economics
      from Amherst College.


Alberto-Culver Company manufactures, distributes and markets leading
personal care products including Alberto VO5, St. Ives, TRESemme and Nexxus
in the United States and internationally.  Several of its household/grocery
products such as Mrs. Dash and Static Guard are niche category leaders in
the U.S. Its Pro-Line International unit is the second largest producer in
the world of products for the ethnic hair care market with leading brands
including Motions and Soft & Beautiful. Its Cederroth International unit is
a major consumer goods marketer in the Nordic countries.

New Sally Holdings, Inc., headquartered in Denton, Texas, will be a leading
national retailer and distributor of beauty supplies with operations under
its Sally Beauty Supply and Beauty Systems Group businesses.  For the fiscal
year ended Sept. 30, 2005, New Sally's revenues exceeded US$2.2 billion. The
company has stores in Canada, Mexico, Puerto Rico, the U.K., Ireland,
Germany and Japan.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 26, 2006, Moody's
Investors Service assigned first time ratings, including a corporate family
rating of B2 and a speculative grade liquidity rating of SGL-2, to Sally
Holdings, LLC.

The rating outlook is stable.  The ratings are conditional upon review of
final documentation.

These are the rating actions:

     -- Corporate family rating at B2

     -- Probability-of-default rating at B2

     -- US$400 million senior secured guaranteed bank revolving
        credit facility at Ba2 (LGD 1, 7% LGD rate)

     -- US$1.07 billion senior secured guaranteed term loans at
        B2 (LGD 4, 50% LGD rate)

     -- US$430 million senior unsecured guaranteed notes at B2
        (LGD 4, 55% LGD rate)

     -- US$280 million unsecured senior subordinated guaranteed
        notes at Caa1 (LGD 6, 93% LGD rate)

     -- Speculative Grade Liquidity Rating of SGL-2


FERRELLGAS PARTNERS: Declares First Quarter Cash Distribution
-------------------------------------------------------------
Ferrellgas Partners, L.P., has declared a first quarter cash distribution of
US$0.50 per partnership common unit.  The distribution is payable Dec. 15,
2006, to common unitholders of record as of Dec. 8, 2006.

The distribution covers the period from Aug. 1, 2006 to
Oct. 31, 2006, the end of the partnership's first quarter of fiscal 2007.
Ferrellgas' annualized distribution is currently
US$2 per common unit.

Headquartered in Overland Park, Kansas, Ferrellgas Partners, LP --
http://www.ferrellgas.com/-- through its operating partnership, Ferrellgas,
LP, is a propane marketer in the United States.  Ferrellgas serves more than
1 million customers in all 50 states, the District of Columbia, Puerto Rico,
and Canada, and has annual sales volumes approaching 1 billion retail
gallons.  Ferrellgas employees indirectly own more than 20 million common
units of the partnership through an employee stock ownership plan.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the broad energy midstream sector, encompassing
companies that engage in the extraction, treating, transmission,
distribution, and logistics for crude oil, natural gas, and other
hydrocarbon products, the rating agency affirmed its Ba3 corporate family
rating on Ferrellgas Partners L.P.


HOT PIZZA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: The Hot Pizza Company Inc.
        aka The Southern Pizza Company Inc.
        aka Tpgn Caguas Sur Inc.
        PMB 75
        P.O. BOX 70158
        San Juan, PR 00936

Bankruptcy Case No.: 06-04850

Type of Business: The Debtor operates a restaurant.

Chapter 11 Petition Date: November 30, 2006

Court: District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                  Winston Vidal Law Office
                  P.O. BOX 193673
                  San Juan, PR 00919-3673
                  Tel: (787) 751-2864
                  Fax: (787) 763-6114

Estimated Assets: US$100,000 to US$1 Million

Estimated Debts:  US$1 Million to US$100 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Thomas L. Bigby               Trade debt              US$423,314
Phyllis Bigby
PMB 75 GPO Box 70158
San Juan, PR 00936

Glenn A. Tryon                Trade debt              US$393,086
Ana P. Tryon
PMB 75 GPO Box 70158
San Juan, PR 00936

Banco Popular De PR           Bank loan               US$106,804
P.O. Box 362708
San Juan, PR 00936

Internal Revenue Services     Trade debt              US$105,727
Mercantil Plaza Bldg. R-2
Ave. Ponce De Leon
San Juan, PR 00918-1693

Labrada Distributors, Inc.    Trade debt               US$64,134

Little Caesar's Enterprises,  Trade debt               US$62,230
Inc.

Banco Popular De PR           Bank loan                US$42,236

Scotiabank of Puerto Rico     Bank loan                US$28,450

Departamento Del Trabajo Y    Taxes                    US$23,982
Recursos Humanos

Antonio Roig Sucesores, Inc.  Trade debt               US$21,663

Department of Treasury of PR  Taxes                    US$18,598

Municipio de Carolina         Taxes                    US$12,862

Corporacion Fondo Seguro      Trade debt               US$12,404
Estado

Matosantos Commercial Corp.   Trade debt                US$8,592

Pepsi Americas                Trade debt                US$8,074

Autoridad Energia Electrica   Trade debt                US$4,775

CRIM                          Trade debt                US$4,754

Air-Con, Inc.                 Trade debt                US$4,688

Municipio de Carolina         Taxes                     US$3,739

Primus                        Trade debt                US$3,229




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


BANCO HIPOTECARIO: Congress May Approve Bill to Restructure Firm
----------------------------------------------------------------
Danilo Astori, the economy minister of Uruguay, told reporters that the
government believes that the congress will ratify the bill that restructures
Banco Hipotecario del Uruguay early next year.

Business News Americas relates that the restructuring plan, which the
government disclosed in March, includes capitalizing Banco Hipotecario with
up to US$250 million and creating a new unit to manage the bank's past-due
loans.  The plan would allow the bank to return to lending in the second
quarter of 2007 and transfer 40% of its loan book to the new agency to
decrease its level of past-due loans to 20%.

The congress started reviewing the bill on Dec. 5.  The bill would let Banco
Hipotecario operate under different criteria, changing its management focus
and offloading its construction duties, BNamericas notes, citing Minister
Astori.

Minister Astori told BNamericas, "Housing construction will be in the hands
of the private sector.  We've decided BHU (Banco Hipotecario) should be a
purely financial intermediary."

Minister Astori said that Banco Hipotecario won't be privatized nor will
there be a foreign partner to boost its performance, BNamericas states.

                        *    *    *

Moody's Investors Services placed these ratings on Banco
Hipotecario del Uruguay:

          -- Baa2 long-term local currency bank deposits;
          -- Caa1 long-term foreign currency bank deposits;
          -- Aaa.uy NSR long-term local currency bank deposits;
          -- E bank financial strength;
          -- NP on short-term bank deposits; and
          -- Ba2.uy NSR long-term foreign currency bank
             deposits.

Moody's said the outlook is stable.




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


SUPERIOR ENERGY: Offering US$350MM Senior Exchangeable Notes
------------------------------------------------------------
Superior Energy Services, Inc., disclosed that its wholly owned subsidiary,
SESI, L.L.C. intends to offer, subject to market and other conditions,
approximately US$350.0 million aggregate principal amount of senior
exchangeable notes due 2026 through an offering within the United States to
qualified institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended.

The notes will be guaranteed by Superior Energy Services and the same
subsidiaries of SESI that currently guarantee its existing 6 7/8% senior
notes.  In certain circumstances, the notes will be exchangeable for cash up
to the principal amount of notes and shares of Superior Energy Services'
common stock for any exchange value above the principal amount of notes or,
upon SESI's election in certain circumstances prior to Dec. 15, 2011, solely
into shares of Superior Energy Services' common stock.  The interest rate,
exchange price and other terms of the notes will be determined by
negotiations between Superior Energy Services and the initial purchasers of
the notes. Superior Energy Services also expects that SESI will grant the
initial purchasers of the notes a 30-day option to purchase up to US$50.0
million in principal amount of additional notes.

Superior Energy Services intends to use approximately US$233 million of the
net proceeds of the offering to fund the approximate US$175 million cash
purchase price of its previously announced acquisition of Warrior Energy
Services Corporation, to refinance Warrior's existing indebtedness and to
pay expenses related to the Warrior acquisition.

SESI intends to use a portion of the net proceeds from the offering to pay
the cost of the exchangeable note hedge transactions that SESI expects to
enter into with affiliates of certain of the initial purchasers.  Each of
the exchangeable note hedge transactions is expected to have a call exercise
price equal to the exchange price of the notes, and is intended to limit
exposure to dilution to Superior Energy Services' stockholders upon the
potential future exchange of the notes.  In connection with such
transactions, Superior Energy Services expects to enter into separate
warrant transactions with the same counterparties that enter into the
exchangeable note hedge transactions, with proceeds of the warrant
transactions partially offsetting the cost of the exchangeable note hedge
transactions.

Upon any exercise of the initial purchasers' option to purchase additional
notes, the exchangeable note hedge and warrant transactions will be
proportionately increased.  In connection with establishing their initial
exchangeable note hedge and warrant transactions, the counterparties expect
to purchase shares of Superior Energy Services' common stock in privately
negotiated transactions concurrently with or shortly after pricing of the
notes.  In addition, these financial institutions or their affiliates may
modify their hedge positions by entering into or unwinding various
derivative transactions and/or purchasing or selling shares of Superior
Energy Services' common stock in secondary market transactions prior to
expiration of the exchangeable note hedge and warrant transactions.

Superior Energy Services intends to use the remaining net proceeds of the
offering, along with a portion of available cash, to repurchase up to US$160
million of Superior Energy Services' common stock concurrently with and
after the offering in open market or privately negotiated transactions.

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

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

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


SUPERIOR ENERGY: Moody's Affirms Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investor's Service affirmed with a negative rating outlook SESI,
L.L.C.'s Ba3 Corporate Family Rating, Ba3 Probability of Default Rating, and
B1 rated senior unsecured notes guaranteed by Superior Energy Services,
Inc., with the LGD assessment changed to LGD 4 (60%) from LGD 5 (71%).  At
the same time, Moody's withdrew the Ba3 rating on SESI's US$200 million
secured term loan facility, as the facility has been terminated. The rating
action follows Superior's announcement that it intends to issue US$350
million in unsecured convertible notes due 2026, with a US$50 million
green-shoe option.  Proceeds from the convertible notes will effectively be
used to finance 100% of the cost of Superior's acquisition of Warrior Energy
Services Corporation.  The Warrior transaction is expected to close by
year-end 2006.

The negative rating outlook reflects Superior's increasingly aggressive
growth strategy and financial policies.  Moody's considers the use of
convertible debt to finance 100% of the Warrior transaction, as opposed to
the terms presented to Moody's at the time of our last press release in
which approximately 55% of the transaction was to be debt financed, to be
financially aggressive.  In addition, the Warrior transaction represents the
company's second material transaction, following its investment in Coldren
Resources, that the company has undertaken in a relatively short amount of
time at purchase prices that Moody's considers to be high.  The company's
pro-forma capital structure, both direct and implicit with Coldren's debt,
may be incompatible with the Ba3 Corporate Family Rating in the event of a
significant sector slowdown.  There remains little flexibility in the rating
at the current level for a slippage in operating performance, further
increases in financial leverage, or additional debt financed acquisitions or
share repurchases.

Implicit in the rating affirmation is that Superior will take actions to
reduce its direct and implicit debt burden prior to a material erosion in
cash flow.  The ratings affirmation also reflects Superior's improving
profitability and returns, the company's scale and product diversification,
with strong market positions in the niche businesses in which it
participates, its considerable production-related focus, and the company's
ability to provide a broad array of services in an integrated fashion, which
place the company's overall profile in line with its Ba3 rated peers.

The 100% debt financing of the Warrior acquisition is expected to increase
Superior's leverage to 2.1x Debt/EBITDA (as adjusted for Moody's standard
adjustments and assuming exercise of the green-shoe option) from 1.2x based
on the last twelve months EBITDA ending September 30, 2006.  In addition,
Moody's estimates that debt/capitalization will increase to 57% form 37% at
Sept. 30, 2006.

As Moody's has previously noted, the Warrior acquisition represents a
purchase price of approximately 9.4x last twelve months ending June 30,
2006, EBITDA and about a 84% premium to Warrior's closing price on September
22, 2006, which Moody's considers high.  Superior projects considerable
increases in both Warrior's and its consolidated EBITDA in 2007.  However,
Moody's notes that it is late in a very prolonged up cycle and that the
company could be faced with a potential softening in demand for oilfield
services during the course of 2007 and into 2008 as a result of lower
commodity prices and new capacity additions. Furthermore, Superior plans to
ramp up its capital spending levels in 2007, and Moody's believes there is a
risk that the company could rely on debt to finance cash shortfalls,
particularly in the event of a weakening in sector demand.

The convertible notes will provide an immediate degree of value transfer
from the bonds to equity, since part of the proceeds will be used to offset
the potential impact to equity through a synthetic hedge and stock buybacks.
A portion of Superior's convertible note proceeds will be used to pay for
the net cost of hedge transactions, which serve to protect the equity from
dilution.  The hedge transactions include Superior's purchase of a call
option equal to the conversion price of the notes and the sale of warrants
with a higher strike price, effectively increasing the underlying conversion
premium and making conversion harder to achieve.  While approximately US$233
million of the proceeds will be used to fund the US$175 million cash
purchase price of the Warrior acquisition, refinance Warrior's existing
debt, and to pay related fees and expenses, the company will use the
remaining proceeds from the offering, as well as a portion of cash on the
balance sheet, to buy back up to US$160 million in common stock. The stock
repurchase offsets the 5.3 million shares of common equity issued in the
Warrior acquisition, as well as the degree of short selling that has become
a feature of convertibles.  The use of a portion of the proceeds to purchase
the hedge transactions and purchase stock increases the effective coupon on
the notes.

The ratings could face downward pressure if management pursues:

   -- aggressive operating and financial policies, including
      increasing its financial leverage to a range unable to
      withstand the company's business risk profile (debt/EBITDA,
      as adjusted, above 2.3x or in a downcycle, above 2.75x),

   -- debt financing material acquisitions or share repurchases,

   -- materially growing its oil and gas operations, or

   -- increasing its business risk profile through drilling risk
      exposure.

The outlook could stabilize if management is successful in meeting its
projections and reducing its direct and implicit debt burden, integrating
and growing the Warrior operations, and managing capital spending within
cash flow.

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

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


SUPERIOR ENERGY: S&P Rates US$400 Mil. Exchangeable Notes at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured
rating to oilfield services firm SESI LLC's proposed US$400 million
exchangeable notes due 2026.  At the same time, Standard & Poor's affirmed
SESI's and parent Superior Energy Services Inc.'s 'BB' corporate credit
rating and 'BB-' rating on the US$300 million senior unsecured notes.  The
outlook is stable.

Pro forma for the proposed US$400 million note offering, Harvey, La.-based
SESI is expected to have about US$739 million of debt, adjusted for
operating leases.

The notes are guaranteed by SESI parent, Superior.

Superior intends to use the proceeds for the Warrior Energy Services Corp.
acquisition, US$160 million of the net proceeds, to repurchase shares of its
common stock and various costs associated with the offering.

The ratings on Superior reflect the company's exposure to the cyclical oil
and gas industry and a growing crude oil and natural gas production
business, viewed as higher risk than the remainder of Superior's business
portfolio.  Solid financial measures, good cash flow generation, and
increasing geographic diversity buffer these weaknesses.

"The stable outlook reflects the expectation that Superior will remain
focused on its core services business," said Standard & Poor's credit
analyst Aniki Saha-Yannopoulos.  "In addition, Superior is expected to
continue to make opportunistic acquisitions, while maintaining a moderate
financial policy," she continued.

If the EBITDA contribution from Superior's oil and gas segment increases
dramatically, or if that segment exhibits greater-than-expected volatility,
ratings would be pressured.  Meanwhile, if Superior can successfully expand
away from the Gulf of Mexico and bolster its business risk profile, ratings
could be raised over the medium to long term.

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

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


TRAVELPORT: Merging With Worldspan to Create Travel Sol'n Firm
--------------------------------------------------------------
Travelport Ltd. and Worldspan, L.P. entered into a definitive agreement to
merge Worldspan into a subsidiary of Travelport to create a leading global
travel solution provider.

"Increasing cost pressures on travel suppliers and agencies combined with
the strengthening of alternative distribution channels, such as supplier
direct channels, continue to influence how travel is purchased," said Jeff
Clarke, Chief Executive Officer of Travelport.  "This merger will create a
more effective and efficient travel distribution provider and will ensure
that we are better positioned to meet the evolving needs of our customers,
the travel suppliers, travel agencies and end consumers."

As the travel industry continues to grow at a substantial rate, travel
suppliers and agencies require the technology and networks capable of
handling the increased demand.  Competition in the travel distribution
industry has increased, driven in part by travel bookings via alternative
travel distribution channels.  According to Forrester Research, more than
half of US travel bookings are already processed through alternative non-GDS
channels.  Globally, sales from supplier direct websites are expected to
continue to grow as airlines encourage direct bookings through frequent
flyer programs, exclusive fares and potentially through removal of content
from the GDSs.  The combination of Travelport and Worldspan addresses the
increasing demands of the travel distribution industry and supports the need
for cost-effective and efficient GDS offerings.

"This merger builds upon the complementary strengths of our two companies,
which will benefit existing and future customers, allowing them to address
an increasingly competitive marketplace," said Rakesh Gangwal, Chairman,
President and Chief Executive Officer of Worldspan.  "The combination of
Travelport and Worldspan directly addresses industry trends and will provide
a new standard of technology, high quality content and world-class customer
service."

Currently, more than 750 travel suppliers, 63,000 travel agencies and
millions of end consumers globally benefit from the travel distribution
services provided by the two organizations.  The transaction brings together
two companies with global footprints and a proven track record of customer
service and technology leadership.  Worldspan will further augment
Travelport's global breadth and diversity and will enhance Travelport's
technology platform, in particular in the online distribution segment.

In addition to the numerous customer benefits, Travelport and Worldspan
expect the proposed transaction to deliver financial benefits capitalizing
on natural operational synergies.  The initial integration focus will be on
consolidating technology and administrative operations resulting in
near-term cost savings of approximately $50 million.  Management also sees
opportunity to cross-sell Worldspan's technology products to Travelport's
global customer base.

Jeff Clarke will lead the combined company as Chief Executive Officer.
Prior to the closing, Rakesh Gangwal will continue to lead Worldspan and
will be leaving the company following the completion of the merger.
Additionally, the companies have established an integration planning team.
The Travelport and Worldspan integration team will include:

   -- Terry Conley, Chief Administrative Officer of Travelport;

   -- Pat Bourke, Chief Re-Engineering Officer of Travelport;
      and

   -- Kevin Mooney, Chief Financial Officer of Worldspan.

The proposed transaction values Worldspan at US$1.4 billion.  Simultaneously
with the execution of the merger agreement, Worldspan completed a
recapitalization plan.  As part of this recapitalization plan, Travelport
loaned US$125 million to Worldspan in exchange for a payment in kind note
that Travelport funded through cash on hand.  In addition, one of
Travelport's parent companies also loaned Worldspan US$125 million in
exchange for a PIK note.  The transaction has been unanimously approved by
the boards and major shareholders of both companies but consummation of the
transaction remains subject to customary conditions to closing including
regulatory approval.

Credit Suisse, Lehman Brothers and UBS acted as financial advisors to
Travelport on the transaction.

                        About Worldspan LP

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares and Pricing
technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE. The company's Latin American
operations are in Argentina, The Bahamas, Brazil, Jamaica, Mexico, Peru,
Puerto Rico, Uruguay and Venezuela.

                         About Travelport

Travelport is one of the world's largest travel conglomerates.  It operates
20 leading brands including Galileo, a global distribution system (GDS);
Orbitz, an online travel agent; and Gulliver's Travel Associates, a
wholesaler of travel content.  With 2005 revenues of US$2.4 billion, the
company has 8,000 employees and operates in 130 countries, including Brazil,
Mexico and Venezuela.  Travelport is a private company owned by The
Blackstone Group of New York and Technology Crossover Ventures of Palo Alto,
California.

                        *    *    *

Standard & Poor's Ratings Services placed on Dec. 7, 2006, its ratings on
Travelport Inc., including the 'B+' corporate credit rating, on CreditWatch
with negative implications.


TRAVELPORT INC: Worldspan Deal Cues S&P's B+ Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Travelport Inc.,
including the 'B+' corporate credit rating, on CreditWatch with negative
implications.

The CreditWatch placement is based on the announcement that the travel
distribution company has entered into a merger agreement with Worldspan L.P.
(B/Watch Dev/-).  Travelport announced that it has loaned US$250 million to
Worldspan in exchange for payment-in-kind (PIK) notes, consisting of US$125
million through cash funded by one of Travelport's parent companies and
US$125 million through cash on hand.

"The combination of Travelport and Worldspan is expected to result in new
revenue opportunities as well as US$50 million of operating synergies for
the combined entity," said Standard & Poor's credit analyst Betsy Snyder.
"However, the financial profile of the combined entity could be weaker than
Travelport's current stand-alone financial profile."  Completion of the
merger will depend on approval by government regulatory authorities.
Standard & Poor's will assess synergies from the proposed merger as well as
Travelport's pro forma financial profile in resolving the CreditWatch.

Parsippany, N.J.-based Travelport is a major travel distributor that
operates in both the business-to-business or B2B sector, primarily through
Galileo and GTA (Gulliver's Travel Associates); and business-to-consumer or
B2C sector, primarily through Orbitz, ebookers, and CheapTickets, on a
global basis.  The company was acquired on Aug. 23, 2006, by the Blackstone
Group for US$4.3 billion from Cendant Corp.

The B2B sector, which accounts for approximately 71% of the company's
revenues for the 12 months ended March 31, 2006, focuses primarily on
electronic travel distribution services that connect travel suppliers (e.g.,
airlines, hotels, car rental companies, and cruise lines) to travel
agencies, who then distribute these services to their customers. The revenue
base is diverse, with approximately 35% derived from the Americas, 50% from
Europe, the Middle East, and Africa, and 15% from the Asia-Pacific region.
Airline bookings account for the majority of revenues.

Major competitors include:

   -- Sabre,
   -- Amadeus Global Travel Distribution S.A., and
   -- Worldspan L.P.

Galileo achieved a 23% worldwide share of GDS-processed segments in 2005,
including a 23% share in Europe, the second-largest market behind the U.S.
Other B2B businesses include GTA, a global travel wholesaler that provides
hotel rooms, ground travel, sightseeing, and other destination services to
travel agents and tour operators; and website hosting for airlines and other
data services.

The B2C sector, approximately 29% of revenues for the 12 months ended March
31, 2006, focuses on offering travel products and services directly to
consumers, primarily through online travel agencies. In this sector,
Travelport generates approximately 73% of revenues in the U.S. through
Orbitz (a full-service online travel agency) and CheapTickets (which focuses
on price-sensitive travelers), and 27% in international markets through
ebookers (a European full-service online and offline travel agency), and
various hotel-focused sites. In this sector, Expedia Inc. holds the largest
market share, with Sabre's Travelocity a major participant.

Travelport is one of the world's largest travel conglomerates.  It operates
20 leading brands including Galileo, a global distribution system (GDS);
Orbitz, an online travel agent; and Gulliver's Travel Associates, a
wholesaler of travel content.  With 2005 revenues of US$2.4 billion, the
company has 8,000 employees and operates in 130 countries, including Brazil,
Mexico and Venezuela.  Travelport is a private company owned by The
Blackstone Group of New York and Technology Crossover Ventures of Palo Alto,
California.


PETROLEOS DE VENEZUELA: Restarting Operations at Amuay Refinery
---------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil company of Venezuela, will
try to restart operations at the catalytic cracker at the Amuay plant early
this month, El Universal reports, citing operators.

As reported in the Troubled Company Reporter-Latin America on Nov. 29, 2006,
Petroleos de Venezuela said that the furnace of the Amuay refinery's
hydro-desulfurization unit was temporarily shut down.  A Nov. 24 operational
event, rumored to be an explosion, affected a furnace of the
Hydrosulfurization Unit Number 4 of Amuay.  The unit affected was in
startup, after being shutdown for maintenance in September.  The company did
not expect the event to affect fuel supply commitments.

Reuters relates that due to the operational troubles, Petroleos de Venezuela
has had to purchase more gasoline and gasoline components.

"Pdvsa (Petroleos de Venezuela) has informed us that it is planning to
restart the catalytic cracker early December, but we do not know it so far.
It is not ready yet," an operator told El Universal.

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

                        *    *    *

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 8, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Los Angeles / Century City, CA
            Contact: http://www.ceb.com/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
      Actionable, Achievable Solutions
         Contact: 240-629-3300 or
                  http://www.beardaudioconferences.com/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

Submissions via e-mail to conferences@bankrupt.com are encouraged.

                            ***********

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

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

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

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

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

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


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