TCRLA_Public/061214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, December 14, 2006, Vol. 7, Issue 248

                          Headlines

A R G E N T I N A

BALLY TECH: To File Form 10-Q Quarterly Reports by Dec. 22
BANCO GALICIA: Issues US$15 Million in Debts
BANCO MACRO: Prices US$150MM Fixed/Floating Jr. Notes Offering
GRUPO OESTE: Deadline for Claims Verification Is Feb. 21, 2007
HORACIO DUMAS: Claims Verification Deadline Is on Feb. 22, 2007

INSTANGEN ARGENTINA: Claims Verification Is Until Feb. 28, 2007
MAURI HERMANOS: Trustee Verifies Claims Until Feb. 23, 2007
MEDAM BA: Asks for Court Approval to Reorganize Business
MIKKA HAKINS: Last Day for Claims Verification Is Mar. 16, 2007
ORIZON SA: Trustee Verifies Proofs of Claim Until Feb. 22, 2007

ROMERK SRL: Verification of Claims Is Until Mar. 2, 2007
SISTEMAS INTEGRADOS: Claims Verification Is Until Feb. 9, 2007
TRANSPORTADORA DE GAS DEL SUR: Fitch Holds B Issuer Ratings

B A H A M A S

COMPLETE RETREATS: Committee Wants Funds Paid to LPP Disgorged
COMPLETE RETREATS: Can Walk Away from 14 Contracts & Leases

B A R B A D O S

BRITISH WEST: Denis Kellman Voices Concerns Over New Airline

B E R M U D A

NRC REINSURANCE: Scheme of Arrangement Fully Implemented
STOCKHOLM RE: Creditors Paid Under Scheme of Arrangement

B O L I V I A

* BOLIVIA: Has 4 Months to Ink Oil Pact with Petrobras

B R A Z I L

ALERIS INTERNATIONAL: Completes Sale of Carson Property
BANCO BRADESCO: Grants BRL2.00B Home Loans in First 11 Months
BANCO BRADESCO: Will Buy a Bank Soon, Investment Strategist Says
BANCO DO BRASIL: Offering Banking Services with Brasil Telecom
BANCO DO NORDESTE: Launching Auto Insurance & Credit Card

BANCO NACIONAL: Approves BRL566.2MM Financing for Petroquimica
BANCO NACIONAL: Grants BRl70MM Financing to Cooperativa Central
BANCO NACIONAL: Issues BRL42.0BB of New Loans in First 11 Months
BRASIL TELECOM: Inks Banking Accord with Banco do Brasil
CORUS GROUP: Agrees to GBP4.9BB Cash Purchase by Brazilian Firm

DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
PETROLEO BRASILEIRO: Has 4 Months to Ink Oil Pact with Bolivia
USINAS SIDERURGICAS: Posts US$436 Mil. in Exports in 10 Months

* BRAZIL: World Bank Approves US$60MM Loan for Rural Development

C A Y M A N   I S L A N D S

CAYMAN IVY: Calls Shareholders for Final Meeting on Dec. 15
CITIGROUP (MASTER): Final Shareholders Meeting Is on Dec. 15
DODO LTD: Shareholders to Convene for Last Meeting on Dec. 15
FLORA FUND: Shareholders to Convene for Final Meeting on Dec. 15
GLOBE FINANCE: Sets Last Shareholders Meeting for Dec. 15

GREAT POINT: Shareholders Gathering on Dec. 15 for Final Meeting
JPM-JC1: Liquidator Reports Wind Up Progress on Dec. 15
MARYLEBONE ROAD: Last Shareholders Meeting Is on Dec. 15
NORTHWOODS CAPITAL: Calls Shareholders for Dec. 15 Final Meeting
NORTHWOODS CAPITAL II: Final Shareholders Meeting Is Dec. 15

NORTHWOODS CAPITAL III: Last Shareholders Meeting Is on Dec. 15
PEPS CORP: Invites Shareholders for Final Meeting on Dec. 15
SALVADOREAN FUNDING: Final General Meeting Is Set for Dec. 15
SEA FORT: Shareholders to Gather for Final Meeting on Dec. 15
SMART TEN: Liquidator Presents Wind Up Accounts on Dec. 15

SPIRES LOANCO: Shareholders to Convene for Dec. 15 Final Meeting
SWITCH INVESTMENTS: Last Shareholders Meeting Is on Dec. 15
VAN KAMPEN: Shareholders to Gather for Dec. 15 Final Meeting

C H I L E

ENDESA CHILE: Securing US$200 Million Revolving Loans
IMPSAT FIBER: Posts US$17.5 Mil. Net Loss in 2006 Third Quarter
QUEBECOR WORLD: S&P Assigns B+ Debt Rating on US$400MM Notes
ROCK-TENN: Ups CartonMate Paperboard Price by US$20 Per Ton

C O L O M B I A

HEXION SPECIALTY: Balance Sheet Upside Down by US$970 Million

C O S T A   R I C A

SAMSONITE CORP: S&P Rates US$530MM Sr. Secured Facility at BB-

D O M I N I C A N   R E P U B L I C

AES CORP: Receives US$120 Million Payment from Dominican Gov't
BANCO INTERCONTINENTAL: Court Rejects Charges Against A. Renta
BANCO INTERCONTINENTAL: Defense Questions Central Bank Chief
PRC LLC: Promotes Joseph Livingston as President

* DOMINICAN REPUBLIC: Pays US$120 Million to AES Corp.

E C U A D O R

DOLE FOOD: Posts US$56.1 Mil. Net Loss in Quarter Ended Oct. 7

* ECUADOR: Renegotiating Oil Contract on Case-By-Case Basis

E L   S A L V A D O R

DIGICEL: Selects Redknee CRM Solution for El Salvador Operation

H A I T I

* HAITI: Paris Club Creditors Agree to Restructure External Debt

J A M A I C A

SUGAR COMPANY: Frome Factory Resumes Sugar Production

M E X I C O

AMERICAN AXLE: Moody's Holds Corporate Family Rating at Ba3
BALLY TOTAL: Posts US$5.7 Million Net Loss in 2006 Third Quarter
BEARINGPOINT: Secures 10-Month Contract from Sport Chalet
DANA CORP: Plans to Close Four Plants in Next Two Years
DELTA AIR: Comair Pilots Picketed Management's 1113 Efforts

FORD MOTOR: Inks MOU with Valeo ACH's Climate Control Purchase
GRUPO IUSACELL: Involuntary Petition Dismissed; Case Closed
VALASSIS COMMS: Releases Pretrial Brief on ADVO Litigation

P A N A M A

* PANAMA: Fitch Affirms BB+ Foreign Currency Issuer Rating

P E R U

* PERU: JBIC Grants JPY5.792B Loan to Finance Irrigation Project

P U E R T O   R I C O

CELESTICA INC: Updates Guidance for Quarter Ending Dec. 31, 2006
FERRELLGAS PARTNERS: Posts US$29.5 Million Net Loss in Fiscal 1Q
HORIZON LINES: Moody's Affirms B2 Corporate Family Rating
MARGO CARIBE: Hires Horwath Velez as Independent Accountants
MUSICLAND HOLDING: Wants Deluxe Media Settlement Pact Approved

NBTY INC: Discloses Unaudited Net Sales Results for Nov. 2006
SOLECTRON CORP: S&P Lifts Corp. Credit Rating to BB- from B+

T R I N I D A D   &   T O B A G O

MIRANT CORP: Selling Philippine Assets for US$3.4 Billion
ROYAL CARIBBEAN: Declares US$0.15 Per Share Quarterly Dividend
SUPERIOR ENERGY: Completes Acquisition of Warrior Energy

U R U G U A Y

AMERICAN AIRLINES: Adds US$100 Million Pension Contribution

V E N E Z U E L A

PDVSA FINANCE: Files Form 20-F with U.S. Securities Agency
PETROLEOS DE VENEZUELA: 58% of Oil Exports Goes to North America
PETROLEOS DE VENEZUELA: Vietnam Oks Venture with PetroVietnam

* VENEZUELA: Carries Out Pilot Test in Orocual Well with Russia
* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


BALLY TECH: To File Form 10-Q Quarterly Reports by Dec. 22
----------------------------------------------------------
Bally Technologies, Inc., anticipates filing its Form 10-Qs for the fiscal
quarters ended Sept. 30, 2005, and Dec. 31, 2005, by Dec. 22, 2006.

While the company also continues to work diligently to complete its Form
10-Q for the quarter ended March 31, 2006, and its Form 10-K for the fiscal
year ended June 30, 2006, the company has requested an amendment to its bank
loan agreement to extend the Dec. 31, 2006, deadline for delivery of these
two remaining 2006 filings to March 15, 2007.  While the company believes it
can achieve this filing schedule, there can be no assurance that the
schedule will be met, or that the amendment to the bank loan agreement will
be successfully obtained.  The company will provide an update on the filing
status of its 2007 Quarterly Reports on Form 10-Q after the filing of its
2006 10-K.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) --
http://www.BallyTech.com/-- designs, manufactures, operates, and
distributes advanced gaming devices, systems, and technology solutions
worldwide.  Bally's product line includes reel-spinning slot machines, video
slots, wide-area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of casino
management, slot accounting, bonus, cashless, and table management
solutions.  The company also owns and operates Rainbow Casino in Vicksburg,
Miss.  The company's South American operations are located in Argentina.  Th
e company also has operations in Macau, China, and India.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


BANCO GALICIA: Issues US$15 Million in Debts
--------------------------------------------
Banco Galicia has issued new debts for US$15 million to be used for
agricultural products.  The new debt instrument will be offered to private
investors and institutions.  It will have four years of payment and will pay
between 7% and 10% of interest, plus the 70% of the result of the
agricultural program.  Cazenave, a company that has more than 700,000
hectares and US$190 million already adiministrated by Fideicomisos, will
join the bank.

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

                        *    *    *

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

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

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

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

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

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

      * Rate: raA

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

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

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

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

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

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


BANCO MACRO: Prices US$150MM Fixed/Floating Jr. Notes Offering
--------------------------------------------------------------
Banco Macro SA has priced an offering of US$150 million of its
Fixed/Floating Rate Non-Cumulative Junior Subordinated Notes Due 2036.  The
Notes will accrue interest at a fixed annual rate equal to 9.75% until Dec.
18, 2016, and thereafter at an annual rate equal to the Six-Month LIBOR Rate
for the related interest period plus 7.11%.

This offering is part of a new financing program for the issuance by Banco
Macro from time to time of up to US$400 million aggregate principal amount
of debt securities outstanding at any time.  The Notes were offered at a
price of 100% of the principal amount.  Banco Macro intends to use the net
proceeds from the sale to make loans in accordance with Law No. 23,576 and
Argentine Central Bank guidelines.

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

                        *    *    *

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

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

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

   -- Individual rating 'D'; and

   -- Support rating '5'.

Fitch said the rating outlook is stable.


GRUPO OESTE: Deadline for Claims Verification Is Feb. 21, 2007
--------------------------------------------------------------
Nestor del Porto, the court-appointed trustee for Grupo Oeste SRL's
bankruptcy proceeding, will verify creditors' proofs of claim until Feb. 21.

Under the Argentine bankruptcy law, Mr. Porto is required to present the
validated claims in court as individual reports.  Court No. 17 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
Grupo Oeste and its creditors.

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

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

Clerk No. 34 assists the court in the proceeding.

The debtor can be reached at:

          Grupo Oeste SRL
          Florida 253
          Buenos Aires, Argentina

The trustee can be reached at:

          Nestor del Porto
          Corrientes 1291
          Buenos Aires, Argentina


HORACIO DUMAS: Claims Verification Deadline Is on Feb. 22, 2007
---------------------------------------------------------------
Carlos E. Wullf, the court-appointed trustee for Horacio J. Dumas SA's
bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 22,
2007.

Mr. Wullf will present the validated claims in court as individual reports
on April 9, 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 Horacio Dumas 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 Horacio Dumas' accounting and
banking records will follow on May 22, 2007.

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

The trustee can be reached at:

          Carlos E. Wullf
          Virrey Del Pino
          Buenos Aires, Argentina


INSTANGEN ARGENTINA: Claims Verification Is Until Feb. 28, 2007
---------------------------------------------------------------
Ricardo Sukassian, the court-appointed trustee for Instangen Argentina
S.A.'s bankruptcy proceeding, will verify creditors' proofs of claim until
Feb.28, 2007.

Under the Argentine bankruptcy law, Mr. Sukassian is required to present the
validated claims in court as individual reports.  Court No. 13 in Buenos
Aires will determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges raised by
Instangen Argentina and its creditors.

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

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

Instagen Argentina was forced into bankruptcy at the request of Jose
Pereyra, whom it owes US$21,013.53.

Clerk No. 25 assists the court in the proceeding.

The debtor can be reached at:

          Instangen Argentina SA
          Parana 562
          Buenos Aires, Argentina

The trustee can be reached at:

          Ricardo Sukassian
          San Martin 1009
          Buenos Aires, Argentina


MAURI HERMANOS: Trustee Verifies Claims Until Feb. 23, 2007
-----------------------------------------------------------
Ms. Estela Marie Ame, the court-appointed trustee for Mauri Hnos SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 23,
2007.

Ms. Ame will present the validated claims in court as individual reports on
Mar. 9, 2009.   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 Mauri Hnos 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 Mauri Hermanos' accounting and
banking records will follow on May 10, 2007.

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

The debtor can be reached at:

          Mauri Hermanos SRL
          Camino A. Carlos
          Partido de San Isidro
          Buenos Aires, Argentina

The trustee can be reached at:

          Setla Marie Ame
          General Paz, Siete y Medio
          Buenos Aires, Argentina


MEDAM BA: Asks for Court Approval to Reorganize Business
--------------------------------------------------------
Court No. 18 in Buenos Aires is studying the merits of Medam BA SRL's
petition to reorganize its business after it stopped paying its obligations
on July 12, 2006.

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

Clerk No. 36 assists the court in the case.

The debtor can be reached at:

          Medam BA SRL
          Herrera 1855
          Buenos Aires, Argentina


MIKKA HAKINS: Last Day for Claims Verification Is Mar. 16, 2007
---------------------------------------------------------------
Gustavo Daniel Micciulo, the court-appointed trustee for Mikka Hakins SA's
bankruptcy proceeding, will verify creditors' proofs of claim until March
16, 2007.

Under the Argentine bankruptcy law, Mr. Micciulo 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
Mikka Hakins and its creditors.

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

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

Mikka Hakins was forced into bankruptcy at the behest of Cesar Correa Arce,
whom it owes US$72,382.18.

Clerk No. 13 assists the court in the proceeding.

The debtor can be reached at:

          Mikka Hakins
          Scalabrini Ortiz 258
          Buenos Aires, Argentina

The trustee can be reached at:

          Gustavo Daniel Micciulo
          Cordoba 1417
          Buenos Aires, Argentina


ORIZON SA: Trustee Verifies Proofs of Claim Until Feb. 22, 2007
---------------------------------------------------------------
Marcela Mason, the court-appointed trustee for Orizon SA's bankruptcy
proceeding, verifies creditors' proofs of claim until Feb. 22, 2007.

Under the Argentine bankruptcy law, Ms. Mason 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
Orizon SA and its creditors.

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

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

Clerk No. 14 assists the court in the proceeding.

The debtor can be reached at:

          Orizon SA
          Bartolome Mitre 1900
          Buenos Aires, Argentina

The trustee can be reached at:

          Marcela Mason
          Viamonte 1337
          Buenos Aires, Argentina


ROMERK SRL: Verification of Claims Is Until Mar. 2, 2007
--------------------------------------------------------
Horacio Omar Pascual, the court-appointed trustee for Romerk SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until March 2,
2007.

Mr. Pascual will present the validated claims in court as individual reports
on Apr. 13, 2007.   A court in Quilmes, Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Romerk SRL's 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 Romerk SRL's accounting and
banking records will follow on May 10, 2007.

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

The debtor can be reached at:

         Romerk SRL
         Entre Rios 276, Quilmes
         Buenos Aires, Argentina

The trustee can be reached at:

         Horacio Omar Pascual
         Olavaria 393, Quilmes
         Buenos Aires, Argentina


SISTEMAS INTEGRADOS: Claims Verification Is Until Feb. 9, 2007
--------------------------------------------------------------
Graciela Elena Lisarrague, the court-appointed trustee for Sistemas
Integrados SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Feb. 9, 2007.

Ms. Lisarrague will present the validated claims in court as individual
reports on Mar. 23, 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 Sistemas 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 Sistemas Integrados' accounting
and banking records will follow on May 7, 2007.

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

The trustee can be reached at:

         Graciela Elena Lisarrague
         Juaan D. Peron 1509
         Buenos Aires, Argentina


TRANSPORTADORA DE GAS DEL SUR: Fitch Holds B Issuer Ratings
-----------------------------------------------------------
Fitch does not expect the proposed early redemption of US$130 million of
debt to affect its existing ratings for Transportadora de Gas del Sur SA aka
TGS.  Fitch currently rates TGS as follows:

   -- Local Currency Issuer Default Rating: 'B';
   -- Foreign Currency Issuer Default Rating: 'B';
   -- Senior Unsecured Debt 'B/RR4';
   -- National Scale Rating 'A-(arg)'.

All ratings have Stable Outlook.

Although positive, the early redemption does not imply any material changes
in TGS' long-term credit fundamentals.  The immediate improvement in credit
protection measures such as Debt to EBITDA and EBITDA to interest will be
partially offset in the coming years by the expected increase in the cost of
debt associated with the step up notes for US$434 million.  The early
redemption expected for Dec. 15, 2006, will be funded by TGS' strong
liquidity position and will be applied on a prorated basis to all classes of
tranch A notes, contributing to reduce the growing trend in TGS' annual
principal payments.  During the last two years, the favorable Natural Gas
Liquids or NGL price environment helped TGS build up a strong cash position.
Total debt reductions including mandatory and optional prepayments amounted
to US$262 million, reducing TGS' leverage as measured by total debt to
EBITDA.  Under current market conditions, Fitch expects TGS will continue
reducing its indebtedness, which is consistent with the existing ratings.

As of Sept. 30, 2006, TGS' total debt of US$788 million was comprised of
senior unsecured notes of US$525 million and an IDB loan of US$248 million
of principal outstanding.  This debt is structured as US$339 million tranche
A notes and US$434 million tranche B-A and B-B notes.

TGS is the operator of the largest pipeline transmission system in
Argentina.  TGS is also the largest processor and one of the largest
marketers of NGL in Argentina.  TGS is controlled by Compania de Inversiones
de Energia aka CIESA with 50.3% ownership, and 29.5% is held by the public.
CIESA in turn is controlled by Petrobras Energia, SA, a creditors trust
holds 40% and Enron Corp. subsidiaries hold 10%. After CIESA's debt
reestructuring, 50% of its capital stock will be formed by Petrobras Energia
S.A and 50% by its debtholders.




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


COMPLETE RETREATS: Committee Wants Funds Paid to LPP Disgorged
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete Retreats LLC and
its debtor-affiliates' bankruptcy cases filed a complaint against LPP
Mortgage Ltd. for the disgorgement of funds paid to LPP, by or on behalf of
the Debtors, for any claim or portion of a claim that is disallowed by the
U.S. Bankruptcy Court for the District of Connecticut, and for avoidance of
certain liens asserted by LPP.

Jonathan B. Alter, Esq., at Bingham McCutchen LLP, in Hartford
Connecticut, relates that in December 2005, certain of the
Debtors entered into a Loan Agreement with Beal Bank, S.S.B., to
borrow up to US$28,500,000.  As of March 6, 2006, Beal purportedly assigned
its rights in the Loan Documents and the collateral securing the Loan to an
affiliated company, LPP.

LPP asserted that, as of the Petition Date, the Debtors'
prepetition obligations to LPP were fully secured pursuant to the Loan
Documents by first priority security interests and liens granted by the
Debtors to LPP, upon all of the Debtors' interests in certain of the
property of the Debtors' bankruptcy estates.

LPP further asserted that the collateral for its Loan includes,
among other things, real estate mortgages on these real
properties:

   1. Trump Towers, #1222, New York,
   2. Trump Towers, # 1622, New York,
   3. One Central Park West, # 300, New York, and
   4. One Central Park, West, # 310, New York.

                       The LPP Claims

On Oct. 19, 2006, LPP filed identical proofs of claim in 25 of the Debtors'
Chapter 11 cases.  LPP alleged prepetition secured claims against the
estates of certain of the Debtors arising from the Loan Documents for
US$28,601,467, comprised of:

   Category                                        Amount
   --------                                        ------
   Unpaid principal                           US$27,647,761

   Accrued and unpaid interest
   at the non-default contract rate                 208,736

   Accrued and unpaid default interest                7,551

   Exit fee                                         691,194

   Prepetition legal fees                            46,233

The LPP Claims further assert a reservation of LPP's purported right to
amend the Claims to include, among other things, "additional fees and
expenses incurred as a result of this proceeding."

                Committee Disputes LPP Claims

The Committee objects to the LPP Claims on the grounds that the
Claims unreasonably seek to burden the Debtors' estates with more than
US$1,000,000 of default interest and excessive legal fees and costs
comprised of:

   -- prepetition default-rate interest amounting US$7,551 based
      on a technical, non-monetary covenant default;

   -- postpetition default-rate interest amounting US$378,736
      based on the same technical, non-monetary covenant
      default; and

   -- US$615,000 in postpetition legal fees charged over a
      three-month period by the three major law firms retained
      by LPP.

The Committee argues, among other things, that:

   * LPP's claim for default rate interest based on a covenant
     default unfairly results in a windfall to LPP and a penalty
     to the Debtors' estates;

   * LPP's claim for default rate interest cannot be justified
     on grounds of adequate protection because LPP has not
     demonstrated any postpetition diminution in the value of
     the collateral securing its Loan;

   * LPP is not entitled to any postpetition interest or fees
     attributable to its Loan pursuant to Section 506(b) of the
     Bankruptcy Code to the extent that its Claims are
     determined not to be fully secured; and


   * the amount of attorneys' fees sought by LPP are neither
     reasonable nor necessary.

Thus, the Committee asks the Court to:

   (a) deny LPP's request for payment of interest at the default
       rate; and

   (b) modify and decrease the amount of postpetition
       professional fees payable to LPP.

                        Disgorgement

Pursuant to Section 549 of the Bankruptcy Code, a trustee may
avoid a postpetition transfer of property of the estate that is
not authorized by the Bankruptcy Code or the Court.  Pursuant to
Section 550 of the Bankruptcy Code, to the extent that a transfer is avoided
under Section 549, the trustee may recover, for the benefit of the estate,
the property transferred from the initial transferee of that transfer or the
entity for whose benefit the transfer was made.

The Final DIP Order provides the Committee with the right to seek
disgorgement with respect to any claim against LPP related to the Loan and
the Replacement DIP Order preserves that right, Mr. Alter notes.

Pursuant to Section 551 of the Bankruptcy Code, to the extent a
transfer is avoided under Section 549, the transfer is
automatically preserved for the benefit of the estate with
respect to property of the estate.

Accordingly, the Committee asks the Court to require LPP to
disgorge any and all amounts paid, by or on behalf of the
Debtors, for any claim or portion of it that is disallowed by the Court in
connection with their Chapter 11 cases.

                       Lien Avoidance

Mr. Alter relates that pursuant to New York State statute, a
mortgage recording tax, the amount of which is based on the
amount of principal debt secured by the mortgage, is imposed on
all mortgages that are not specifically exempted from payment of
the MRT.  A contract or agreement by which the indebtedness
secured by any mortgage is increased or added to, is deemed to be a mortgage
of real property for the purpose of the MRT, and is taxable upon the amount
of that increase or addition.

As a matter of New York State law, a mortgage on real property
located within the State of New York that is subject to the MRT
may not be judicially enforced under New York law unless the MRT
has been paid, together with all applicable interest and
penalties if a mortgage has been recorded without payment of the
MRT, Mr. Alter adds.

A. Trump Tower Mortgages

On Oct. 31, 2003, Private Retreats, LLC, executed two mortgages, granting
The Patriot Group LLC a security interest in the real properties known as
Trump Towers Unit 1222 and Unit 1622.  Each of the Trump Tower Mortgages
states that the maximum
indebtedness to be secured is US$593,775.

LPP has asserted that it is the assignee of the Trump Tower
Mortgages, as modified.

On Dec. 19, 2005, certain of the Debtors and Beal entered into Modification
Agreements, which purport to increase the principal amount secured by the
Trump Tower Mortgages from US$593,775 to US$712,530.  The MRT was not paid
on the increase in the principal amount secured by the Trump Tower Mortgages
purportedly effected by the Modification Agreements, Mr. Alter
informs the Court.

In connection with the Modification Agreements, "Sec. 255
Affidavits" were filed requesting that the Modification
Agreements be declared exempt from the MRT.  The affidavits state that the
Trump Tower Mortgages, as modified, have an unpaid principal balance of
US$365,265, and further state that there is no new money being advanced.

The MRT was not paid on any re-advance of the US$593,775 originally secured
by the Modification Agreements, Mr. Alter says.

Accordingly, under New York State law, the maximum indebtedness
recoverable under the Trump Tower Mortgages, as modified, is
limited to US$365,265 and any lien claimed by LPP in excess of that amount
should be avoided, Mr. Alter asserts.

B. One Central Park West Mortgages

On October 7, 2003, DR TR I, LLC, the alleged predecessor in
interest to Private Retreats, LLC, executed two mortgages,
granting Patriot a security interest in real properties known as
One Central Park West #300 and #310.

The maximum indebtedness to be secured under the 310 Mortgage is
US$720,000, while under the 300 Mortgage it is US$720,000.

LPP has asserted that it is the assignee of the Central Park
Mortgages, as modified.

Certain of the Debtors and Beal entered into certain Modification
Agreements:

   -- Under the 310 Modification Agreement, the principal amount
      secured by the 310 Mortgage is increased to US$1,440,000.
      A Sec. 255 Affidavit was filed requesting that the 310
      Modification Agreement be declared exempt from the MRT.

   -- The First 300 Modification Agreement provides that the 300
      Mortgage only secures US$500,000, while the "Sec. 255
      Affidavit" filed requesting that the First 300
      Modification Agreement be declared exempt from the MRT
      states that the 300 Mortgage has an unpaid principal
      balance of US$750,000 and that there is no new money being
      advanced.  The Second 300 Modification Agreement purports
      to increase the principal amount secured by the 300
      Mortgage to US$1,680,000.

According to Mr. Alter, the MRT was not paid on any re-advance of the
originally secured amounts of the Central Park Mortgages.

Accordingly, under New York State law, the maximum indebtedness
recoverable (i) under the 310 Mortgage, as modified, is limited
to US$720,000, and (ii) under the 300 Mortgage, as modified, is
limited to US$500,000, and any lien claimed by LPP in excess of
those amounts should be avoided.

Mr. Alter asserts that pursuant to Section 544 of the Bankruptcy
Code, the liens claimed by LPP with respect to the New York
Properties are avoidable to the extent that the MRT was not paid
as required by New York State law.

Accordingly, the Committee asks the Court to avoid liens asserted by LPP on
the New York Properties pursuant to Sections 544, 550 and 551 to the extent
those liens are unenforceable or
unperfected as against the interests of the Debtors' estates.

                  About Complete Retreats

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


COMPLETE RETREATS: Can Walk Away from 14 Contracts & Leases
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut gave
Complete Retreats LLC and its debtor-affiliates authority to
to reject, effective Sept. 30, 2006, fourteen executory contracts and
unexpired leases for the use, sale or lease of certain assets or real
property with these counterparties:

   * Gateway Realty, LLC,
   * Scott A. Boyd,
   * MR No. 5, LLC, predecessor-in-interest to Murphy
     Properties,
   * 7575 E. Redfield, L.L.C.,
   * Alpine Bank, Aspen Branch,
   * SF101, LLC,
   * SF201, LLC,
   * Thurman Family Trust,
   * Lawrence J. Nasella,
   * Kenneth E. Moore,
   * Five Star Destinations Company,
   * Audi of North Scottsdale, and
   * UAG Fairfield CM, LLC.

The Court directed:

   (a) the landlord under the Alpine Agreement to immediately
       return to the Debtors the US$6,500 security deposit
       provided for pursuant to the Alpine Agreement; and

   (b) Five Star Destinations Company to immediately return to
       the Debtors the US$10,000 in overpayments it currently
       holds under the 1501 Agreement, and the US$26,000 in
       overpayments it currently holds under the 1610 Agreement.

Claims arising from the rejection of the Rejected Agreements must be filed
with the Court by Dec. 27, 2006.

The Debtors will provide all non-debtor parties to the Rejected
Agreements with a notice of the Rejection Bar Date with respect
of any claims they may have arising from the rejection of the
Rejected Agreements.

As reported in the Troubled Company Reporter on Nov. 6, 2006, the Debtors
assert that they have exited the properties related
to the Rejected Agreements on or about Sept. 30, 2006.  The
Debtors do not believe that the Rejected Agreements could be
assigned for any meaningful value or that the Agreements provide
any other potential value to their estates.

Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford, Connecticut, told the
Court that the Debtors would owe approximately US$4,200,000, plus certain
additional expenses and taxes, if the Agreements are not rejected.

Mr. Daman assured the Court that the Debtors intend to pay, or
have already paid, all non-Debtor parties to the Rejected
Agreements amounts due up to Sept. 30, 2006.

                  About Complete Retreats

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


BRITISH WEST: Denis Kellman Voices Concerns Over New Airline
------------------------------------------------------------
"They (British West Indies Airlines) could easily have named it (Caribbean
Airlines) Trinidad and Tobago Airlines because the focus is more on Trinidad
and Tobago than on the Caribbean.  They have also started with some direct
routes being cut," The Nation Newspaper reports, citing Denis Kellman,
opposition spokesman on tourism in Barbados.

Mr. Kellman told The Nation, "I blame the governments of the Caribbean for
allowing such a situation to emerge by not putting capital in BWIA or this
new airline to be able to dictate what type of service they want."

Barbados has been unable to attract 600,000 long-stay tourists in 2006 due
to the "snobbishness" in its marketing campaign, The Nation notes, citing
Mr. Kellman, who was reacting to comments by Minister of Tourism Noel Lynch
and other tourism officials on tourist arrivals and spending.

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.

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 the new airline company.




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


NRC REINSURANCE: Scheme of Arrangement Fully Implemented
--------------------------------------------------------
The scheme of arrangement between NCR Reinsurance Co. Ltd. and its scheme
creditors, which became effective on March 31, 2006, has been fully
implemented in accordance with the terms.  The date of termination was on
Nov. 24, 2006.

Under the provisions of Clause 8 of the scheme, the scheme is terminated
upon all liabilities being paid in full.

In this connection, no further payments will be made to scheme creditors by
the company.

Questions may be directed to:

          Rene Lapierre & Associates
          700 de la Gauchetiere Street West
          Suite 1810
          Montreal, QC H3B 0A6, Canada
          Tel: +1 514 982 4852
          Fax: +1 514 284 1914


STOCKHOLM RE: Creditors Paid Under Scheme of Arrangement
--------------------------------------------------------
The scheme of arrangement between Stockholm Re Ltd. and its scheme creditors
has been fully implemented in accordance with the terms in Clause 18.1(a) of
the scheme, which states that the scheme be terminated upon all scheme
liabilities being paid in full.

The company will make no further payments to scheme creditors.

In this connection the joint liquidators of the company intends to make an
application to the Supreme Court of Bermuda for their release and the
dissolution of the company.

Under the Companies Act of 1981, any objections to the proposed released
must be notified to the Supreme Court 21 days after Dec. 8, 2006.  However,
the joint liquidators deemed it more appropriate to extend the period of
objection to 60 days from the said date.

The joint liquidators can be reached at:

          Mark W. R. Smith
          David L. Morgan
          James RD Smith
          c/o Deloitte & Touche
          Corner House, Church Street
          Hamilton, Bermuda
          Tel: 292-1500
          Fax: 292-0961




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


* BOLIVIA: Has 4 Months to Ink Oil Pact with Petrobras
------------------------------------------------------
Brazil's state-oil firm, Petroleo Brasileiro must decide on its
Bolivian energy investments within four months, The Associated Press
reports.

A Dec. 10 deadline for reaching an agreement on gas prices and fair
compensation of Petrobras' refineries in Bolivia was extended for four
months, AP says.

Chief Executive Sergio Gabrielli told AP that Brazil can now consider
investments frozen earlier this year in the Andean nation because a new
contract between the two nations "guarantees the profitability of current
operations and allows us to think about future projects."

The two nations' relations were strained after Bolivia declared May 1 the
nationalization of its hydrocarbons sector, a move that would strip foreign
oil firms of a controlling stake on their oil fields.

Brazil is the biggest consumer of Bolivian natural gas for power and as fuel
for cars and cooking.  While Brazil is working to tap other sources, it will
likely be years before the nation can turn its back on Bolivian natural gas,
AP says.

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

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

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ALERIS INTERNATIONAL: Completes Sale of Carson Property
-------------------------------------------------------
Aleris International, Inc., has completed the sale of the real property and
buildings at its former manufacturing site in Carson, California.  Aleris
discontinued its aluminum rolling operations at this facility in the first
quarter of 2006 and later completed dismantling operations.

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

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

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

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 4, 2006, Standard &
Poor's Ratings Services lowered its corporate credit rating on Beachwood,
Ohio-based Aleris International Inc. to 'B+' from 'BB-'and removed it from
CreditWatch, where it was placed with negative implications on Aug. 9, 2006.
The CreditWatch placement followed the announcement that Texas Pacific Group
had agreed to acquire Aleris' outstanding stock for nearly US$3.4 billion,
consisting of US$1.7 billion in cash plus assumed debt, representing a 6.8x
trailing-12-months EBITDA multiple.  S&P said the outlook is stable.


BANCO BRADESCO: Grants BRL2.00B Home Loans in First 11 Months
-------------------------------------------------------------
Banco Bradesco said in a statement that its new home loans has increased
190% to BRL2.00 billion in the first 11 months of 2006, compared with the
same period in 2005.

Banco Bradesco told Business News Americas that it reached its home loan
target for 2006 a month ahead of schedule.

According to BNamericas, the number of home loan operations increased 92.0%
to 18,000 in the first 11 months of this year, from the first 11 months of
last year.

BNamericas relates that the Brazilian central bank ranked Banco Bradesco as
the nation's second largest private sector bank with BRL196 billion in total
banking assets as of September 2006.

Banco Bradesco said in its latest financial statements that including
non-banking assets like insurance and private pension plans, its assets as
of the third quarter of 2006 totaled BRL243 billion.

Headquartered in Sao Paulo, Brazil, Banco Bradesco SA --
http://www.bradesco.com.br/-- prides itself on serving low-and
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings outlook to
positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.


BANCO BRADESCO: Will Buy a Bank Soon, Investment Strategist Says
----------------------------------------------------------------
"(Banco) Bradesco is absolutely going to buy a bank in the short term,"
Business News Americas reports, citing Celso Boin, an investment strategist
from brokerage Link Corretora.

Mr. Boin told BNamericas, "Bradesco has to grow its investment banking
operations and needs to buy a bank to do so."

BNamericas relates that Banco Bradesco created Banco Bradesco de
Investimentos, its own investment bank, in February 2006 and simultaneously
formed Bradesco Securities, a capital markets and brokerage unit in New
York.

Mr. Boin told BNamericas that retail banks in Brazil have not had much
success developing their own investment banks.  They have only broken down
the market through acquisitions.

According to BNamericas, rumors have connected Banco Bradesco to Banco BBM,
Banco Votorantim and even ABN Amro Real.  Rumors also began around the same
time that Banco Bradesco was negotiating to exchange shares for the
Brazilian subsidiary of Spain's Santander.

Mr. Boin told BNamericas, "It's difficult to foresee who is going to buy
who.  I think the rumors about Bradesco and ABN Amro Real are absurd.  ABN
Amro Real is one of the Dutch bank's most profitable international units."

"Usually in Brazil, when an acquisition rumor is true, the companies quickly
make an announcement, as in the case of Itau and BankBoston.  If they don't
make an announcement, the possibilities become less, although they don't
become zero,"BNamericas notes, citing Victor Martins, a local banking
analyst from Banco Safra.

BNamericas underscores that as Brazil's economy stabilizes, larger banks
will likely concentrate on boosting banking penetration and expanding loan
growth to increase assets.

Mr. Boin told BNamericas, "Of course, they will continue to grow organically
and there is plenty of room to grow."

Meanwhile, Rodrigo Margela, a representative from ARX Capital Management
said that there are no expectations in the market of Banco Bradesco
acquiring a smaller bank anytime soon, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Bradesco SA --
http://www.bradesco.com.br/-- prides itself on serving low-and
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings outlook to
positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.


BANCO DO BRASIL: Offering Banking Services with Brasil Telecom
--------------------------------------------------------------
Banco do Brasil said in a statement that it has signed a partnership with
Brasil Telecom Participacoes to offer banking services at its 700 points of
sale.

Business News Americas relates that the accord is part of Banco do Brasil's
drive to reach new customers.  Meanwhile, Brasil Telecom hopes to guarantee
subscriber loyalty.

Charles Putz, chief financial officer of Brail Telecom, told BNamericas that
the firm's points of sale will offer Banco do Brasil products and services
during the first half of next year.

Mr. Putz did not give BNamericas the details about the expected number of
subscribers.

According to BNamericas, Brasil Telecom will launch new products and
services like:

          -- lines of credit,

          -- the possibility of paying electricity and telephone
             bills, and

          -- a credit card for distributors and end clients.

BNamericas underscores that the firms will launch a phased rollout to
develop services and train staff at Brasil Telecom's points of sales.

Mr. Putz told BNamericas, "The main investment is in time to develop
solutions and products."

Some small capital expenditure will be needed eventually, BNamericas says,
citing Mr. Putz.

BNamericas emphasizes that Banco do Brasil will sign accords with retailers:

          -- Lojas Maia,
          -- Ri-Happy, and
          -- Dicico.

Banco do Brasil has recently signed an agreement with Gol Linhas Aereas,
BNamericas says.

"It's not a joint venture, just a partnership," Antonio Francisco de Lima
Neto, Banco do Brasil's chief executive officer, said in a conference call.

                    About Brasil Telecom

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

                    About Banco do Brasil

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

                        *    *    *

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


BANCO DO NORDESTE: Launching Auto Insurance & Credit Card
---------------------------------------------------------
Banco do Nordeste do Brasil said in a statement that it will launch this
week auto insurance and a credit card for individual account holders.

Business News Americas relates that the insurance product is the result of a
collaboration of:

          -- Banco do Nordeste;

          -- Brasilveiculos, an auto insurer and a joint venture
             between Banco do Brasil and SulAmerica; and

          -- Camed Corretora, Banco do Nordeste's captive
             insurance broker.

According to BNamericas, Banco do Nordeste launched three life products in
November:

          -- Vida Mais,
          -- Vida Mulher, and
          -- Vida Simples.

Banco do Nordeste told BNamericas, the Visa-branded credit card stems from a
partnership with Banco do Brasil.  Both banks expect to introduce a
MasterCard-branded card in the future.

The report says that Banco do Nordeste will issue 5,000 cards in the first
12 months.

Headquartered in Ceara, Brazil, Banco do Nordeste do Brasil SA --
http://www.banconordeste.gov.br-- is a public regional bank offering
regular banking services, as well as serving as the executor of Federal and
State public policies and plans.  The bank's focus is on the Northeast of
Brazil.  Its regular financial services include investment options like
savings accounts and certificates of deposit, as well as checking accounts,
life and car insurance and bill collecting services.  As an executor, the
bank provides capital management for regional infrastructure projects, small
business incentive plans, export credits, technological innovation, tourism
projects and general development plans with socioeconomic impact.  The bank
is present in 180 cities in Brazil including the northeast regions and Minas
Gerais and Espirito Santo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2006,
Standard & Poor's Ratings Services changed the ratings outlook on both of
Banco Nordeste SA's foreign and local currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating

      * to BB/Positive/B from  BB/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/-- from brAA+/Stable/--


BANCO NACIONAL: Approves BRL566.2MM Financing for Petroquimica
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
BRL566.2 million financing for Petroquimica Paulinia SA to invest in the
construction of a propylene manufacture in Paulinia.  The new plant will
have a production capacity of up to 350,000 tons.  Operation is forecasted
to start in 2008.  The production will be directed to both external and
internal market, and above all, to meet Southeast region demands, which
accounts 60% of resin consumption.

The project is estimated to generate 1,500 work posts (direct and outsourced
ones) during construction.  In operation phase, it is forecasted that a
hiring of roughly 200 workers will happen.  BNDES' resources are equivalent
to 62.8% of the total project budget, which amounts to BRL900 million.

Petroquimica Paulinia was established under the joint venture system between
Braskem and Petroquisa, Petrobras' subsidiary.

The plant will be installed in a terrain near Replan and Revap - Petrobras'
refineries in Sao Jose dos Campos.  These refineries will supply propane to
the Paulinia plant.

Propylene, whose demand increases at rates which are superior to GDP, is
used as raw material in different kinds of products, such as fibers for
carpets, inputs for diapers, injected parts for hard packages and automotive
parts, medical implements, flexible package for candy, dough and cookie.

In the last years in Brazil, there has been a trend of using plastic as a
substitute for traditional materials of package (such as steel, aluminum,
glass and paper).  The trend will keep spurring the internal market demand
for suitable petrochemical products for use in several applications,
including construction, industrial processes, agriculture and packages.

The Paulinia project was granted an installation license in October 2006.
The plant will use the Spheripol polypropylene production technology, of low
environmental impact, which is already used by Braskem in its industrial
plants of petrochemical complex in Triunfo.

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

                        *    *    *

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

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

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


BANCO NACIONAL: Grants BRl70MM Financing to Cooperativa Central
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
BRL70 million financing to Cooperativa Central Gaucha Ltda to implement a
milk processing plant with capacity to process one million liters of milk
per day.  The project, located in the municipality of Cruz Alta, State of
Rio Grande do Sul, was granted under f the Cooperative Development Program
for the Addition of Value to Farming Production or PRODECOOP.  The financing
proceeds will be handed over by Banco Regional de Desenvolvimento do Extremo
Sul or BRDE.  The loan is expected to generate about 250 direct jobs.

The project financed by BNDES will allow aggregating the value of milk,
making it nobler, through its transformation into powder milk, cheeses and
other byproducts, or into industrial consumption, which is to be sold to
other companies. The final product will be destined to domestic and foreign
markets.

The industrial process to be implemented includes the stages of crude milk
reception and storing, milk processing (fat pasteurization and
standardization), pasteurized milk storing, milk concentration and drying to
obtain milk powder, cream and butter oil manufacturing.

The municipality of Cruz Alta is located in the center of the milk basin at
the northwest region of the State of Rio Grande do Sul, the country's second
largest, where the raw material will be obtained to be processed by the new
unit.  This region produces nearly 3.6 million liters of milk per day, which
places it as the leading producing region in the state.  Current milk
production in Rio Grande do Sul is about 2.35 billion liters per year, with
an average growth rate of 5.5% per year.

Cooperativa Central is formed by the capital consolidation of eighteen
singular cooperatives in Rio Grande do Sul.  A cooperative is the preferred
system for organizing milk producers worldwide.

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

                        *    *    *

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

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

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


BANCO NACIONAL: Issues BRL42.0BB of New Loans in First 11 Months
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a statement
that it has increased the issuance of new loans by 5.00% to BRL42.0 billion
in the first 11 months of 2006, compared with the same period in 2005.

Business News Americas relates that Banco Nacional changed its target
earlier in this year to BRL50.0 billion in new loans for 2006.

According to BNamericas, Banco Nacional granted BRL6.70 billion worth of
loans in November 2006, about 12.0% higher compared with the same month in
2005.

The report says that loan approvals increased 23.0% to BRL61.3 billion in
the first 11 months of 2006, compared with the same period in 2005.  Loan
approvals rose 47.0% to BRL7.70 billion.  The total value of projects that
Banco Nacional helped fund grew 13.0% to BRL84.6 billion.

Banco Bradesco managed the largest share of Banco Nacional loans, passing
BRL4.50 billion through November 2006, BNamericas notes.  Banco do Brasil
ranked second with BRL4.10 billion, followed by Unibanco with BRL2.20
billion.

BNamericas states that the Brazilian unit of Spain's Santander and Banco
Safra rounded out the top five, handling BRL1.20 billion and BRL1.10 billion
in Banco Nacional loans respectively in the first 11 months of 2006.

Banco Nacional will boost its issues of loans in the coming months due in
part to the continuing increase in loan approvals, BNamericas reports.

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

                        *    *    *

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

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

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


BRASIL TELECOM: Inks Banking Accord with Banco do Brasil
--------------------------------------------------------
Brasil Telecom Participacoes said in a statement that it has signed a
partnership with Banco do Brasil to offer banking services at its 700 points
of sale.

Business News Americas relates that the accord is part of Banco do Brasil's
drive to reach new customers.  Meanwhile, Brasil Telecom hopes to guarantee
subscriber loyalty.

Charles Putz, chief financial officer of Brail Telecom, told BNamericas that
the firm's points of sale will offer Banco do Brasil products and services
during the first half of next year.

Mr. Putz did not give BNamericas the details about the expected number of
subscribers.

According to BNamericas, Brasil Telecom will launch new products and
services like:

          -- lines of credit,

          -- the possibility of paying electricity and telephone
             bills, and

          -- a credit card for distributors and end clients.

BNamericas underscores that the firms will launch a phased rollout to
develop services and train staff at Brasil Telecom's points of sales.

Mr. Putz told BNamericas, "The main investment is in time to develop
solutions and products."

Some small capital expenditure will be needed eventually, BNamericas says,
citing Mr. Putz.

BNamericas emphasizes that Banco do Brasil will sign accords with retailers:

          -- Lojas Maia,
          -- Ri-Happy, and
          -- Dicico.

Banco do Brasil has recently signed an agreement with Gol Linhas Aereas,
BNamericas says.

"It's not a joint venture, just a partnership," Antonio Francisco de Lima
Neto, Banco do Brasil's chief executive officer, said in a conference call.

                    About Banco do Brasil

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

                    About Brasil Telecom

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

                        *    *    *

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


COMPANHIA SIDERURGICA: Posts US$624MM Exports in First 10
Months ----------------------------------------------------------------
Companhia Siderurgica Nacional's exports increased 2% to US$624 million in
the first 10 months of 2006, compared with the same period in 2005, Business
News Americas reports, citing Secex -- Brazil's foreign trade ministry.

Meanwhile, Usinas Siderurgicas de Minas Gerais SA's exports increased 44% to
US$463 million through October 2006, from US$320 million year-over-year,
BNamericas notes.

Cosipa, Usinas Siderurgicas' unit, saw its shipments abroad increase 17% to
US$676 million in the first ten months of 2006, BNamericas states.

                 About Usinas Siderurgicas

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

                        About Cosipa

Companhia Siderurgica Paulista aka Cosipa is among Brazil's largest
steelmakers, along with Arcelor Brasil and Companhia Siderurgica Nacional.
The company manufactures cold- and hot-rolled steel sheets, as well as heavy
plates and slabs.  Cosipa sells its products internationally to auto, home
appliance, and pipe manufacturers, with most exports going throughout the
Americas and to Europe, Asia, and Oceania.  It also runs its own domestic
port terminal for receiving raw materials used in steel production and for
exporting steel products.  Usinas Siderurgicas de Minas Gerais SA had owned
just under half of the company until 2005, when it made Cosipa a wholly
owned subsidiary.

                 About Companhia Siderurgica

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.

                        *    *    *

As reported on Nov. 21, 2006, Standard & Poor's Ratings Services placed its
'BB' corporate credit rating on Brazil-based steel maker Companhia
Siderurgica Nacional on Credit Watch with negative implications after the
company announced its intention to acquire Corus Group Plc.


CORUS GROUP: Agrees to GBP4.9BB Cash Purchase by Brazilian Firm
---------------------------------------------------------------
The boards of CSN Acquisitions Limited, a wholly owned subsidiary of
Companhia Siderurgica Nacional, and Corus Group plc have agreed on the terms
of a recommended pre-conditional cash acquisition by CSN Acquisitions of the
entire issued and to be issued share capital of Corus at a price of 515
pence for each Corus Share, valuing Corus at approximately GBP4.9 billion.

CSN believes there is compelling strategic and industrial logic
for a combination with Corus as it would:

   * create a top five global steel group with approximately
     24 million tonnes of annual steel production and, by 2010,
     approximately 50 million tonnes of annual iron ore
     production;

   * enable Corus to secure supply of high quality, low cost
     iron ore from CSN's Casa de Pedra mine, one of the largest
     captive mines in the world, leading to incremental annual
     cash-flow in Corus of approximately US$450 million (on a
     pre-tax basis) by 2009;

   * in time, provide Corus with access to increasing quantities
     of low cost semi-finished steel for further processing
     through its downstream facilities in Europe;

   * allow Corus greater access to fast growing markets as well
     as providing opportunities for cross-selling the enlarged
     portfolio of products;

   * create the potential to capture significant annual synergy
     benefits of approximately US$300 million (on a pre-tax
     basis) by 2009, through initiatives including global
     procurement savings, optimisation of product flows,
     integrated commercial policy and the sharing of best
     practices; and

   * give CSN the ability to leverage Corus' exceptional
     research and development and engineering expertise across
     the combined group.

The price of 515 pence per Corus Share represents:

   * a premium of approximately 42.9% to the average closing
     mid-market price of 360.5 pence per Corus share for the
     twelve months to and including Oct. 4, 2006, being the last
     business day before the announcement by Tata that it was
     evaluating various opportunities, including Corus;

   * a premium of approximately 26.4% to the closing mid-market
     price of 407.5 pence per Corus Share on Oct. 4 2006; and

   * a premium of approximately 3% to the revised offer price
     made by Tata at 500 pence per Corus share.

CSN Acquisitions has held constructive and satisfactory
discussions with the trustees of Corus' two main UK pension
schemes and has agreed with committees of the relevant boards of
pension trustees an arrangement, which will be recommended to the full
boards of the pensions trustees, whereby CSN Acquisitions will:

   * fund upfront the IAS 19 deficit on the Corus Engineering
     Steels Pension Scheme by paying GBP138 million into the
     scheme; and

   * increase the contribution rate on the British Steel Pension
     Scheme from 10% to 12% until March 31, 2009.

                Waiver of the Pre-Condition

The Acquisition is subject to the satisfaction or waiver of the
Pre-Condition that either Corus Shareholders reject the Tata
Scheme or the Tata Scheme is otherwise withdrawn by Corus or
lapses.

Subject to the satisfaction or waiver of the Pre-Condition, the
Acquisition will be made by CSN Acquisitions, an indirect wholly
owned subsidiary of CSN, and is proposed to be implemented by way of a
scheme of arrangement under section 425 of the Companies Act.  The Scheme
will be put to Corus Shareholders at the Court Meeting and at the
Extraordinary General Meeting, which will be convened in due course.  The
Scheme Document will be posted to Corus Shareholders within 28 days of
satisfaction or waiver of the Pre-Condition.  In addition, a further
document setting out further details of the Acquisition and information
relating to the CSN Group will be sent to Corus Shareholders as soon as
possible.

The Loan Note Alternative will be made available to Corus
Shareholders (other than certain overseas shareholders).

As at the date of this announcement, the CSN Group owns 34,072,613 Corus
Shares, representing approximately 3.8% of Corus' existing issued share
capital.

The Corus Directors, who have been so advised by Credit Suisse (as lead
financial adviser), JPMorgan Cazenove and HSBC (as
independent financial adviser to Corus for the purposes of Rule 3 of the
Takeover Code), consider the terms of the Acquisition to be fair and
reasonable, so far as Corus Shareholders are concerned.  Accordingly, the
Corus Directors intend unanimously to recommend that Corus Shareholders vote
in favour of the Scheme at the Court Meeting and Extraordinary General
Meeting to be convened in relation to the Acquisition.  In providing their
advice, Credit Suisse, JPMorgan Cazenove and HSBC have taken into account
the commercial assessments of the Corus Directors.

"The strategic impetus for this combination is growth -- growth in Brazil,
in Europe and for our combined workforces," Benjamin
Steinbruch, Chairman and Chief Executive Officer of CSN, said.
"Our goal is to unlock the value of our iron ore assets through
Corus, transforming them into cost effective, high quality steel
products using Corus' advanced engineering capabilities and its
excellent European distribution platform.  This is a winning
combination for all stakeholders."

              CSN's Initial Acquisition Offer

As previously reported, Companhia Siderurgica Nacional S.A. approached the
Board of Corus Group plc regarding a proposal to acquire the Company at a
price of 475 pence per ordinary share in cash.

"As I informed shareholders in my letter of Nov. 27, 2006, once
the Corus Directors received an approach from CSN, we provided
information and made our senior management available to enable CSN to meet
its pre-conditions and complete its due diligence," Jim Leng, Chairman of
Corus, said.  "This offer is both higher than the initial proposal by CSN as
well as the revised Tata offer of 500 pence per share.  It is also
consistent with our strategic objective of securing access to raw materials,
low cost production and growth markets.  The combination of the two
businesses will create a strong platform from which to compete and grow in
an increasingly global market."

Lazard is acting as lead financial adviser, Goldmans Sachs
International as financial adviser and joint broker, and UBS as
joint broker to CSN and CSN Acquisitions in relation to the
Acquisition.  Credit Suisse is acting as lead financial adviser,
JPMorgan Cazenove as joint financial adviser and corporate broker and HSBC
as independent financial adviser for the purposes of Rule 3 of the Takeover
Code to Corus.

            About Companhia Siderurgica Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) (BOVESPA: CSNA3) -- http://www.csn.com.br/--  
produces, sells, exports and distributes steel products, like
hot-dip galvanized sheets, tin mill products and tinplate.  The
company also runs its own iron ore, manganese, limestone and
dolomite mines and has strategic investments in railroad
companies and power supply projects.  The group also operates in
Portugal and the U.S.

                     About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its name to Corus
Group after acquiring most of Dutch rival Koninklijke Hoogovens.  Corus
makes coated and uncoated strip products, sections and plates, wire rod,
engineering steels, and semi-finished carbon steel products.  It also
manufactures primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product manufacturing
industries.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 25, 2006,
Moody's Investors Service placed Corus Group plc's Ba2 Corporate
Family and other ratings under review.


DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
----------------------------------------------------------------
DURA Automotive Systems Inc. reported that David T. Szczupak
has joined the company as chief operating officer, effective
immediately.  On Dec. 8, 2006, the United States Bankruptcy Court for the
District of Delaware entered an order authorizing the company to enter into
an employment agreement with Mr. Szczupak.

As chief operating officer, Mr. Szczupak will be responsible for
all aspects of DURA's manufacturing, engineering, quality and
procurement worldwide.

"David is a seasoned automotive industry executive who will be a
great asset to our leadership team," said Larry Denton, chairman
and chief executive officer of DURA Automotive.  "He brings global
operations expertise and will play a pivotal role in the
implementation of DURA's operational restructuring program and
growth initiatives."

Mr. Szczupak's automotive industry experience spans nearly 30
years.  He joins DURA from the Ford Motor Company, where he most
recently served as Ford's group vice president of manufacturing.
In this capacity, he directed global strategy and operations
for all vehicle manufacturing, engineering and operations
at 31 manufacturing plants worldwide, and directed a major
restructuring of Ford's global manufacturing footprint to
reduce costs by 30 percent, among other initiatives.

"I am excited to join DURA's management," said Mr. Szczupak, "and I look
forward to further strengthening the company's operations and performance,
as we successfully complete the operational restructuring program and build
on the company's reputation for delivering innovative quality products at
competitive prices."

Mr. Szczupak joined Ford in 1990 as chief engineer of Jaguar Cars, following
Ford's acquisition of Jaguar, and has since held
increasingly responsible senior management positions in
engineering and manufacturing operations.  Before that, he served in
engineering positions with U.K.-based Jaguar Cars LTD and with Holset
Engineering (Cummins).

Mr. Szczupak received a master's degree in automotive engineering from
Cranfield University in the United Kingdom.

Mr. Szczupak is a past member of the Volvo Cars Board of Directors and the
Mazda Advisory Board, and past Chairman of the SAE Global Powertrain
Congress 2005. He was named Engineer of the Year by Autocar Magazine in
1999.

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.


PETROLEO BRASILEIRO: Has 4 Months to Ink Oil Pact with Bolivia
--------------------------------------------------------------
Brazil's state-oil firm, Petroleo Brasileiro must decide on its
Bolivian energy investments within four months, The Associated Press
reports.

A Dec. 10 deadline for reaching an agreement on gas prices and fair
compensation of Petrobras' refineries in Bolivia was extended for four
months.

Chief Executive Sergio Gabrielli told AP that Brazil can now consider
investments frozen earlier this year in the Andean nation because a new
contract between the two nations "guarantees the profitability of current
operations and allows us to think about future projects."

The two nations' relations were strained after Bolivia declared May 1 the
nationalization of its hydrocarbons sector, a move that would strip foreign
oil firms a controlling stake on their oil fields.

Brazil is the biggest consumer of Bolivian natural gas for power and as fuel
for cars and cooking.  While Brazil is working to tap other sources, it will
likely be years before the nation can turn its back on Bolivian natural gas,
AP says.

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.


USINAS SIDERURGICAS: Posts US$436 Mil. in Exports in 10 Months
--------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA's exports increased 44% to US$463
million in the first 10 months of 2006, from US$320 million year-over-year,
Business News Americas reports.

BNamericas relates that Cosipa, Usinas Siderurgicas' unit, saw its shipments
abroad increase 17% to US$676 million in the first ten months of 2006.

Meanwhile, Companhia Siderurgica Nacional's exports increased 2% to US$624
million in the first 10 months of 2006, compared with the same period in
2005, Secex -- Brazil's foreign trade ministry -- told BNamericas.

                 About Companhia Siderurgica

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.

                        About Cosipa

Companhia Siderurgica Paulista aka Cosipa is among Brazil's largest
steelmakers, along with Arcelor Brasil and Companhia Siderurgica Nacional.
The company manufactures cold- and hot-rolled steel sheets, as well as heavy
plates and slabs.  Cosipa sells its products internationally to auto, home
appliance, and pipe manufacturers, with most exports going throughout the
Americas and to Europe, Asia, and Oceania.  It also runs its own domestic
port terminal for receiving raw materials used in steel production and for
exporting steel products.  Usinas Siderurgicas de Minas Gerais SA had owned
just under half of the company until 2005, when it made Cosipa a wholly
owned subsidiary.

                   About Usinas Siderurgicas

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

                        *    *    *

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


* BRAZIL: World Bank Approves US$60MM Loan for Rural Development
----------------------------------------------------------------The World
Bank's board of executive directors approved a US$60 million loan to the
State of Para in Brazil's Amazon region to reduce rural poverty, decrease
deforestation pressures, and promote the sustainable and efficient use of
natural resources.

"Para has enormous social and natural resources, and faces the challenge of
making use of these assets in a way that is sustainable and beneficial to
its population now and in the future," said John Briscoe, World Bank
Director for Brazil.  "This project is a significant first step to
coordinate actions in areas such as sustainable income generation, land
regulation, and environmental and economic zoning."

In the State of Para, which occupies 26% of the Amazon region in Brazil,
more than 2.7 million people (44% of the State's population) live in extreme
poverty.  Rural income poverty (58%) is significantly deeper than urban
income poverty (38%).  Two related issues are the insecure and inequitable
access to land and a high prevalence of conflicts arising from competition
for land.

The objective of the Para Integrated Rural Development Project is to reduce
rural poverty and inequality, as well as create conditions for the
sustainable and efficient use of natural resources by targeting investments
in income generation activities in areas already deforested, along with
zoning and land administration activities.

Rural producers, large and small, have historically exploited natural
resources over vast areas of the State's territory in an inefficient and
unsustainable fashion.  The resulting short-term gains of converting forests
into pasture have left a trail of degraded land and continue to push the
agriculture frontier into the forest.

Specifically, the project will support these activities:

   -- Provide matching grants for small and medium-size
      investments to eligible producer associations, increasing
      their market access for both agricultural and
      non-agricultural goods.  Some 36,000 rural poor families
      in Para -- with monthly household incomes of less than
      BRL400 (US$170) -- will be targeted and benefit directly
      from this component.  These households are expected to
      achieve a minimum income growth of 30 percent.

   -- Develop and detail the existing macro-zoning plan,
      prioritizing land designated as protected areas and those
      affected by existing roads.  The long-term goal of the
      zoning plan is to put the State's economy on a sustainable
      development path by assigning each major block of
      territory to a specific land use in order to reduce and,
      eventually, eliminate the unregulated and often illegal
      occupation and conversion of land use.  The Government of
      Para has recently announced the creation of a major
      network of protected areas including more than 16.5
      million hectares (63.7 thousand square miles or 165,000
      square kilometers) within this plan.

   -- Strengthen the State's capacity for land administration,
      focusing mainly on cadastral surveying and titling of
      small rural producers.  This component covers the cost of
      social mobilization, surveying and titling of landholdings
      (without cost to small landowners, and on a fee basis for
      larger landholders), and institutional strengthening of
      the State's Land Institute (ITERPA) and the rural land
      registrars.

   -- Develop a Strategic Environmental Assessment for the
      State, focusing on key sectors important to the State's
      development, such as tourism and forestry.  The component
      will also support studies to monitor the State's levels
      of income and well-being, as well as to gauge the effects
      of State policies and programs on poverty rates.

"The project will be based on community-based enterprises to ensure that the
benefits are widely distributed, while at the same time allowing for
individual and entrepreneurial efforts," said Adriana Moreira, World Bank
task manager for the project.  "By helping to consolidate the open
agricultural frontier, discouraging conversion of primary forest to other
uses, and focusing on groups that have been historically neglected, the
project will help ensure that the benefits of development are available to
all," said Daniel Gross, World Bank co-task manager for the project.

The US$60 million fixed-spread loan from the International Bank for
Reconstruction and Development has a repayment period of 15 years, including
a five-year grace period.

                        *    *    *

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


CAYMAN IVY: Calls Shareholders for Final Meeting on Dec. 15
-----------------------------------------------------------
Cayman Ivy Ltd.'s shareholders will convene for a final meeting on Dec. 15,
2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


CITIGROUP (MASTER): Final Shareholders Meeting Is on Dec. 15
------------------------------------------------------------
Citigroup Alternative Investments Archer Investors Master Company Ltd.'s
final shareholders meeting will be at 11:30 a.m. on Dec. 15, 2006, at the
company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


DODO LTD: Shareholders to Convene for Last Meeting on Dec. 15
-------------------------------------------------------------
Dodo Ltd.'s shareholders will convene for a final meeting on Dec. 15, 2006,
at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


FLORA FUND: Shareholders to Convene for Final Meeting on Dec. 15
----------------------------------------------------------------
Flora Fund SPC, Ltd.'s final shareholders meeting will be at 2:00 p.m. on
Dec. 15, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


GLOBE FINANCE: Sets Last Shareholders Meeting for Dec. 15
---------------------------------------------------------
Globe Finance Ltd.'s shareholders will convene for a final meeting on Dec.
15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


GREAT POINT: Shareholders Gathering on Dec. 15 for Final Meeting
----------------------------------------------------------------
Great Point CLO 1999-1 Ltd.'s shareholders will convene for a final meeting
on Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


JPM-JC1: Liquidator Reports Wind Up Progress on Dec. 15
-------------------------------------------------------
JPM-JC1 Ltd.'s shareholders will convene for a final meeting on Dec. 15,
2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


MARYLEBONE ROAD: Last Shareholders Meeting Is on Dec. 15
--------------------------------------------------------
Marylebone Road CBO 2 Ltd.'s shareholders will convene for a final meeting
on Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


NORTHWOODS CAPITAL: Calls Shareholders for Dec. 15 Final Meeting
----------------------------------------------------------------
Northwoods Capital Ltd.'s shareholders will convene for a final meeting on
Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


NORTHWOODS CAPITAL II: Final Shareholders Meeting Is Dec. 15
------------------------------------------------------------
Northwoods Capital II Ltd.'s shareholders will convene for a final meeting
on Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


NORTHWOODS CAPITAL III: Last Shareholders Meeting Is on Dec. 15
---------------------------------------------------------------
Northwoods Capital III Ltd.'s shareholders will convene for a final meeting
on Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


PEPS CORP: Invites Shareholders for Final Meeting on Dec. 15
------------------------------------------------------------
Peps Corp. I's final shareholders meeting will be at 2:30 p.m. on Dec. 15,
2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


SALVADOREAN FUNDING: Final General Meeting Is Set for Dec. 15
-------------------------------------------------------------
Salvadorean Funding Corp.'s shareholders will convene for a final meeting on
Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


SEA FORT: Shareholders to Gather for Final Meeting on Dec. 15
-------------------------------------------------------------
Sea Fort Ltd.'s final shareholders meeting will be on
Dec. 15, 2006, at:

          Deutsche Bank (Cayman) Limited
          Elizabethan Square, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8244
          Fax: (345) 949 5223


SMART TEN: Liquidator Presents Wind Up Accounts on Dec. 15
----------------------------------------------------------
Smart Ten Ltd.'s shareholders will convene for a final meeting on Dec. 15,
2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


SPIRES LOANCO: Shareholders to Convene for Dec. 15 Final Meeting
----------------------------------------------------------------
Spires Loanco Poland Ltd.'s shareholders will convene for a final meeting on
Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


SWITCH INVESTMENTS: Last Shareholders Meeting Is on Dec. 15
-----------------------------------------------------------
Switch Investments Ltd.'s shareholders will convene for a final meeting on
Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223


VAN KAMPEN: Shareholders to Gather for Dec. 15 Final Meeting
------------------------------------------------------------
Van Kampen CLO I Ltd.'s shareholders will convene for a final meeting on
Dec. 15, 2006, at:

           Deutsche Bank (Cayman) Limited
           Elizabethan Square, George Town
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949 8244
           Fax: (345) 949 5223




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


ENDESA CHILE: Securing US$200 Million Revolving Loans
-----------------------------------------------------
Empresa Nacional de Electricidad SA aka Endesa Chile, along with Enersis,
has signed accords to receive US$200 million in revolving loans, Business
News Americas reports.

Endesa Chile said in a statement that the loans have three-year terms and
yearly interest rates of Libor plus 25 basis points and a commitment fee of
12.5 basis points.  The loans will provide improved financial flexibility
and liquidity so as to be better prepared for future challenges and
projects.

An Enersis investor relations representative told BNamericas that the firms
won't use the credit lines in the short term for anything specific.

"It's simply to have them available because the market provided the
opportunity to carry out this transaction under favorable conditions and
without MAC clauses," The representative explained to BNamericas.

The MAC clauses are limitations that provide lenders protection against
adverse material changes in the borrower's circumstances.  Loan agreements
without MAC clauses are very rare in Chile, BNamericas relates, citing the
representative.

According to BNamericas, the financial institutions leading the loan accords
were:

          -- ABN Amro,
          -- BNP Paribas,
          -- Banco Santander, and
          -- Instituto de CrÃ(c)dito Oficial.

Endesa Chile said in a statement that international banks will syndicate the
transactions during January 2007.

Empresa Nacional de Electricidad SA aka Endesa Chile and its
subsidiaries generate and supply electricity.  The company owns
and operates generating plants, and offers civil, mechanical,
and electrical engineering, architectural environmental, and
project management services.

                        *    *    *

Moody's Investor Service assigned a Ba1 foreign currency long-
term debt rating to Empresa Nacional de Electricidad SA (Chile)
on Jan. 26, 2005.


IMPSAT FIBER: Posts US$17.5 Mil. Net Loss in 2006 Third Quarter
--------------------------------------------------------------
IMPSAT Fiber Networks Inc. reported a US$17.5 million net loss for the three
months ended Sept. 30, 2006, compared to a net loss of US$5.1 million during
the third quarter of 2005.

For the third quarter of 2006, net revenues totaled US$71.1 million, an
increase of US$5.7 million, or 8.7% compared to the third quarter of 2005.

Commenting on the results of the third quarter of 2006, IMPSAT CEO Ricardo
Verdaguer stated, "I am proud to announce that during the third quarter of
2006 we continued to improve our revenue performance, making it our eleventh
consecutive quarter of revenue growth.  Such accomplishments are directly
related to our strategic focus in IP and value added services.  A couple of
weeks ago, we announced Global Crossing's proposal to acquire IMPSAT, which
demonstrates the value that we have created within the telecommunications
industry in Latin America.  Meanwhile, we
continued expanding our Brazilian operations, where revenues and
EBITDA grew by 29.9% and 42.5%, respectively."

                         Revenues

All product lines experienced increased revenues period-over-
period.

Broadband and Satellite revenues increased US$1.3 million, or 2.9%,
period-over-period, driven by growth of IP solutions in Brazil and Peru.

Internet revenues increased 16.0% period-over-period due to higher managed
security services and the expansion of internet access to corporate
customers.  Subsidiaries in Brazil, Colombia, and Venezuela realized the
highest growth for the quarter.

Value Added Services revenues increased by 47.0% as compared to
the third quarter of 2005.  Growth was led by housing, hosting,
and managed services in our data centers, particularly in Brazil, Colombia
and Chile.

Telephony revenues grew by 5.3% compared to the third quarter of
2005, driven by higher sales to corporate customers in Peru and
Brazil.

For the nine months ended Sept. 30, 2006, net revenues totaled
US$209.1 million, an increase of US$22.3 million, or 12.0% compared to the
same period in 2005.  All product lines benefited from cross-selling and
up-selling, as well as an increased customer base and improved macroeconomic
conditions throughout Latin America.

                    Operating Expenses

Operating Expenses for the three months ended Sept. 30, 2006
totaled US$74.1 million, an increase of US$9.5 million, or 14.7%
compared to the third quarter of 2005.  This increase is related
to a US$2.1 million increase in direct costs, a US$4.7 million
increase in salaries and wages, a US$500,000 increase in selling, general
and administrative expenses, and a US$2.2 million increase in depreciation
and amortization charges.

Direct Costs for the third quarter of 2006 totaled US$34.8 million, an
increase of US$2.1 million, or 6.3% compared to the third quarter of 2005.

Salaries and Wages for the third quarter of 2006 totaled US$16.8
million, a US$4.7 million increase as compared to the third quarter of 2005.
The increase is driven by charges related to the management incentive plan
approved in December 2005, the effect of currency revaluation in Brazil, and
salary adjustments related to higher cost of living in most of our
subsidiaries.  The charges related to the management incentive plan
accounted for US$3.8 million and are triggered by Global Crossing's
acquisition proposal.

Selling, General and Administrative expenses totaled US$6.3 million for the
third quarter of 2006, an increase of 9.3% compared to the US$5.8 million of
the third quarter of 2005.  This increase is primarily related to higher
legal advisory fees.

                           EBITDA

EBITDA for the three months ended Sept. 30, 2006, totaled US$13.2 million,
compared to US$14.8 million in the third quarter of 2005.  The US$1.6
million, or 11.0%, decrease in EBITDA was driven by higher salaries and
wages, which include a charge of US$3.8 million related to the management
incentive plan approved on December 2005.

For the first three quarters of 2006 EBITDA totaled US$44.9 million,
compared to US$37.1 million during the same period of 2005.

                     Interest Expense

Net interest expense for the three months ended Sept. 30, 2006,
totaled US$7.1 million, which is in line with net interest expense reported
in the same quarter of 2005.

       Effect of Foreign Exchange Losses and Gains

IMPSAT recorded a net loss on foreign exchange for the third
quarter of 2006 of US$2.6 million, principally due to the impact of the
appreciation of the Brazilian Real on the book value of
monetary assets and liabilities in Brazil.  This compares to a net gain on
foreign exchange of US$4.3 million for the same period of 2005.

             Liquidity and Capital Resources

Cash and cash equivalents at Sept. 30, 2006, were US$18.7 million.  This
compares to cash and cash equivalents of US$24.1 million at Dec. 31, 2005.
Total indebtedness as of
Sept. 30, 2006, was US$240.9 million compared to US$248.1 million at Dec.
31, 2005.

Of the total indebtedness at Sept. 30, 2006, US$34.6 million
represented short-term debt and the current portion of long-term
debt, with the balance of US$206.3 million representing long-term debt.

                   Proposed Acquisition

On Oct. 26, 2006, IMPSAT announced that it entered into a
definitive agreement to be acquired by Global Crossing Limited
(NASDAQ: GLBC).  The acquisition has been unanimously approved by IMPSAT's
Board of Directors.  Shareholders representing
approximately 28% of the common stock of IMPSAT have signed
support agreements in favor of the transaction.  The all cash
transaction values IMPSAT's equity at approximately US$95 million, while
Global Crossing will assume, refinance and/or repay approximately US$241
million of IMPSAT's debt.

In connection with the proposed acquisition, IMPSAT announced on
Nov. 2, 2006, that it is soliciting consents from the holders of
its Series A 6% Senior Guaranteed Convertible Notes due in 2011
and its Series B 6% Senior Guaranteed Convertible Notes also due
in 2011.

                    Going Concern Doubt

In its audit report on the consolidated financial statements for
year ended Dec. 31, 2005, auditors working for Deloitte & Touche
LLP noted that IMPSAT Fiber Networks, Inc.'s current liquidity
position, high debt obligations, and negative operating results
raise substantial doubt as to its ability to continue as a going
concern.

               About IMPSAT Fiber Networks

IMPSAT Fiber Networks Inc. -- http://www.impsat.com/-- provides
private telecommunications networks and Internet services in Latin America.
The company owns and operates 15 metropolitan area networks in some of the
largest cities in Latin America and has 15 facilities to provide hosting
services, providing services to more than 4,500 national and multinational
clients.  IMPSAT has operations in Argentina, Colombia, Brazil, Venezuela,
Ecuador, Chile, Peru and the United States.


QUEBECOR WORLD: S&P Assigns B+ Debt Rating on US$400MM Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term debt rating
to Quebecor World Inc.'s proposed US$400 million senior unsecured notes due
2015.  At the same time, Standard & Poor's affirmed all other ratings,
including the 'B+' long-term corporate credit rating, on the company.  The
proceeds of the new notes will be largely used to refinance existing debt.
The outlook is negative.

The ratings on Quebecor World reflect the company's highly leveraged
financial profile, its weakness in revenues and earnings despite
restructuring efforts, operating losses in the European division,
inefficiencies related to the installation of new printing presses, and
difficult industry conditions.

"In addition, unfavorable shifts in product mix and higher energy costs are
adding to the company's challenges and have resulted in margins well below
historical levels," said Standard & Poor's credit analyst Lori Harris.
"Free cash flow will continue to be negatively affected by the significant
reduction
in earnings and elevated investments in the company's manufacturing
platform," Ms. Harris added.  Quebecor World remains the world's
second-largest printer, supported by its product and global diversity.

The negative outlook reflects Standard & Poor's ongoing concerns
regarding the challenges the company faces given its weak operating
performance, including lower earnings, reduced free cash flow, and difficult
industry fundamentals.  Downward pressure on the ratings could result from
the continued deterioration in Quebecor World's operations or weakness in
credit protection measures.  In the medium term, there are limited prospects
for an upgrade.  The outlook could be revised to stable if the company
demonstrates improved operating performance.

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
printingand 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.


ROCK-TENN: Ups CartonMate Paperboard Price by US$20 Per Ton
-----------------------------------------------------------
Rock-Tenn Co. disclosed a US$20 per ton price increase on CartonMate
bleached paperboard products.  The price increase is effective with
shipments on Jan. 15, 2007.

Headquartered in Norcross, Georgia, Rock-Tenn Company, provides
marketing and packaging solutions to consumer products companies
from operating locations in the United States, Canada, Mexico,
Argentina and Chile.

                        *    *    *

Moody's Investors Service confirmed on Dec. 11, 2006, these ratings of
Rock-Tenn Company:

   * Corporate Family Rating: Confirmed at Ba2
   * Senior Unsecured Bank Credit Facility: Confirmed at Ba2
   * Senior Unsecured Regular Bond/Debenture: Confirmed at Ba3

Moody's restored the outlook to stable.  The rating action concludes a
review initiated on Feb. 13.  In turn, "the review was prompted by ongoing
margin pressure that, given the background of increased debt levels as a
consequence of an acquisition that was completed last year, has caused
credit protection measures to lag those appropriate for the current rating".




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


HEXION SPECIALTY: Balance Sheet Upside Down by US$970 Million
-------------------------------------------------------------
Hexion Specialty Chemicals Inc. reported a US$14 million net loss on US$1.3
billion of net sales for the third quarter ended Sept. 30, 2006, compared
with a US$6 million net loss on US$1.1 billion of net sales for the same
period in 2005.

Net loss increased US$8 million due to increases in interest expense of US$6
million, attributable to higher average debt levels and higher interest
rates, and an increase in income tax expense of US$3 million, primarily as a
result of an increase in earnings from foreign operations.

Net sales increased US$211 million as a result of incremental net sales of
US$117 million contributed by the acquired businesses and the Brazil based
consumer adhesives company Alba Adesivos Industria e Comercio Ltda. that was
sold in March 2006.

The company was successful in driving volumes higher across
several of its product lines, primarily in the base epoxy and
specialty epoxy resins offset by lower volumes in the inks and
coatings product lines.  The company also achieved stronger
pricing, primarily in its formaldehyde, coatings and inks product lines, due
to the partial pass through of higher raw material costs to customers.  Net
favorable currency translation of US$14 million also contributed to the
increase primarily due to the strengthened Canadian dollar and Brazilian
real as compared to the U.S. dollar.

Gross profit increased by US$9 million, to US$179 million, in the third
quarter of 2006 compared to US$170 million in the third quarter of 2005.  In
2006, the net impact of the coatings
acquisition, the inks acquisition and the sale of Alba Adesivos
Industria e Comercio Ltda. added US$8 million of gross.  In
addition, the realization of synergies from the combinations
helped drive the increase, while rising raw material costs that
could not be fully passed along to customers resulted in a
negative lead-lag impact of US$8 million, which contributed to a
decline in gross margin.

Operating income increased by US$2 million, to US$57 million, in the third
quarter of 2006 compared to US$55 million in the third quarter of 2005.  The
increase is due to the impact of the growth in gross profit, the absence of
transaction costs of US$3 million and the realization of synergies from the
combinations.  These amounts were partially offset by increased integration
costs of US$18 million.  The increase in integration costs is primarily due
to additional redundancy and plant rationalization costs and incremental
administrative costs associated with integration programs in 2006, including
the implementation of a single, company wide, management information and
accounting system.

At Sept. 30, 2006, the company's balance sheet showed
US$3.44 billion in total assets, US$3.33 billion in total liabilities, and
US$13 million in minority interest in consolidated subsidiaries, resulting
in a US$970 million stockholders' deficit.

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?16d4

               Acquisitions and Divestitures

On Jan. 31, 2006, the company completed the purchase of the
decorative coatings and adhesives business unit of The Rhodia
Group.  The business generated 2005 sales of approximately US$200 million,
with eight manufacturing facilities in Europe and Asia Pacific.

On Mar. 1, 2006, the company acquired the global wax compounds
business of Rohm and Haas.  The business generated 2005 sales of
approximately US$10 million.  The purchase included Rohm and Haas' wax
compounds technology and product lines, manufacturing
equipment and other business assets.

On June 1, 2006, the company acquired the ink and adhesive resins business
of Akzo Nobel.  The business generated 2005 sales of approximately US$215
million and includes ten manufacturing facilities in Europe, Asia Pacific,
North America and South America.

The aggregate purchase price, net of cash acquired, for the three
acquisitions, including related direct costs, was US$181 million.

On Mar. 31, 2006, the company sold Alba Adesivos Industria e
Comercio Ltda, a producer of branded consumer and professional
grade adhesives.  On Mar. 31, 2006, the company also completed the sale of
its remaining 10% interest in Japan Epoxy Resin Co., Ltd., to its joint
venture partner.  On June 1, 2006, the company completed the sale of an
additional 5% interest in HA-
International, LLC, a joint venture between the company and Delta-HA, Inc.
At Sept. 30, 2006, the company's remaining economic interest in
HA-International is 60%.

                  Discontinued Operations

On Aug. 1, 2006, the company sold its Taro Plast S.p.A. business, which was
acquired in the Bakelite acquisition and formerly reported in the Epoxy and
Phenolic Resins segment.  Accordingly, Taro Plast has been reported as
discontinued operations.

                 Sources and Uses of Cash

In the nine months ended Sept. 30, 2006, net operating activities provided
cash of US$4 million, compared to US$103 million in the same period in 2005.

In the nine months ended Sept. 30, 2006, investing activities used cash of
US$220 million.  The company used US$181 million for the coatings
acquisition, the wax compound acquisition and the inks acquisition.  The
company also used US$85 million for capital expenditures, primarily for
plant expansions and improvements.  The company received proceeds of US$47
million for business divestitures.

In the nine months ended Sept. 30, 2005, investing activities used cash of
US$294 million.  The company used US$234 million for the acquisitions of the
Bakelite and Pacific Epoxy businesses and US$61 million for capital
expenditures, primarily for plant expansions and improvements.

In the nine months ended Sept. 30, 2006, financing activities
provided cash of US$94 million.  The company made long-term debt
repayments of US$2.15 billion, incurred total long-term borrowings of
US$2.65 billion and net short-term debt borrowings of US$18 million,
primarily related to the debt restructuring completed in the second quarter.
Also in conjunction with the debt restructuring, the company paid US$397
million from the proceeds of the amended and restated credit facility to
redeem preferred stock and paid US$17 million of debt refinancing fees,
which have been capitalized and will be amortized over the term of the
facility.  In addition, the company paid US$5 million of IPO related costs,
which were written off when the company suspended its IPO during the second
quarter.

In the nine months ended Sept. 30, 2005, financing activities
provided cash of US$209 million.  Net cash generated by financing activities
was primarily due to long-term debt borrowings of US$1.19 billion related to
the floating rate second-priority senior secured notes and a US$500 million
term loan under the company's previous credit facility.  These borrowings
were partially offset by net debt repayments and debt financing fees paid of
US$790 million primarily related to the replacement of the Resolution
Performance and Resolution Specialty credit facilities.  The company paid a
dividend of US$523 million, which was funded through the net proceeds
received from the issuance of preferred stock of US$334 million and from
amounts borrowed under the Hexion credit facility.  The company also made
payments of US$8 million for costs related to the proposed IPO.

              About Hexion Specialty Chemicals

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- manufactures and markets resins,
inks, coating and adhesive resins, formaldehyde, oil field
products and other specialty and industrial chemicals worldwide.
At Sept. 30, 2006, the company has 103 production and
manufacturing facilities, of which 38 are located in the U.S.  In Latin
America, the company has operations in Argentina, Brazil and Colombia.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Hexion Specialty Chemicals Inc. to 'B' from 'B+'.  The
outlook is stable.  S&P also lowered the rating on the existing
US$225 million first-lien senior secured revolving credit facility to 'B'
from 'B+'.

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service assigned B3 ratings to the new
guaranteed senior secured second lien notes due 2014 of Hexion
Specialty Chemicals Inc.




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


SAMSONITE CORP: S&P Rates US$530MM Sr. Secured Facility at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and recovery ratings to
Samsonite Corp.'s US$530 million senior secured credit facility.  The
facility consists of an US$80 million six-year revolving credit and a US$450
million seven-year term loan B.  The loan is rated 'BB-' with a recovery
rating of '3', indicating the expectation for meaningful recovery of
principal in the event of a payment default.

These ratings are based on preliminary terms and are subject to review upon
final documentation.  Ratings on the company's existing US$35 million
multicurrency revolving credit and US$25 million euro-currency revolving
credit will be withdrawn when the refinancing transaction closes.

Proceeds from these facilities will be used to fund a US$175 million special
dividend to the company's shareholders, and to repay the remainder of the
company's EUR?100 million floating-rate notes due 2010 and US$165 million on
its outstanding senior subordinated notes due 2011.  Standard & Poor's
expect these transactions to close by the end of December 2006.  As a result
of the refinancing and the incremental debt added to the company's balance
sheet, we expect pro forma lease- and pension-adjusted debt leverage to
increase to slightly more than 4.0x, from about 3.2x as of July 31, 2006.

The corporate credit rating on Samsonite is 'BB-' and the rating outlook is
negative.  The rating reflects the company's aggressively leveraged
financial profile, narrow business focus, and exposure to the travel and
tourism industry.  These factors are somewhat offset by the company's strong
market position as a leading global manufacturer and distributor of luggage,
casual bags, business cases, and other travel-related products.

Samsonite Corp. -- http://www.samsonite.com-- manufactures,
markets and distributes luggage and travel-related products.
The company's owned and licensed brands, including Samsonite,
American Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and
Timberland, are sold globally through external retailers and 284
company-owned stores.  Executive offices are located in London. The company
has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.




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


AES CORP: Receives US$120 Million Payment from Dominican Gov't
--------------------------------------------------------------
Radhames Seguro, the secretary of state and vice president of the Dominican
Corp. of States Electricity Cos., told Prensa Latina that the government of
the Dominican Republic has paid out US$120 million to AES Corp.

Prensa Latina relates that the government said that from 2001 up to the
present, it has paid out millions of dollars to plants for power it never
received.

A US$148-million payment was also made for Smith Enron Co., and there was no
electricity supply in five years, Prensa Latina notes.  The amount almost
covered the government's US$156 million initial investment.

According to Prensa Latina, the government also spent US$185.65 million on
Cogentrix, which was 70.6% of its original contribution.

Contracts with power distributing and generating plants, including
Palamara-La Vega, Dominican Powers Partners and AES Andres may be
terminated, Mr. Segura told Prensa Latina.

The administration of former President Hipolito Mejia signed the contracts
for a generating capacity of 3,340 megabytes, and extended the validity
until 2016, with an inflated value, Prensa Latina reports, citing Mr.
Segura.

AES Corp. -- http://www.aes.com/-- is a global power company.  The company
operates in South America, Europe, Africa, Asia and the Caribbean countries.
Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of generation plants
and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican
Republic, El Salvador, Panama and Venezuela.  Fuels include biomass, diesel,
coal, gas and hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when it acquired
the CTSN power plant in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


BANCO INTERCONTINENTAL: Court Rejects Charges Against A. Renta
--------------------------------------------------------------
The National District 1st Collegiate Court discarded charges against Luis
Alvarez Renta -- the indicted financier of Banco Intercontinental --
regarding the operation of a parallel bank in Banco Continental, Dominican
Today reports, citing the defense council of Mr. Renta.

The defense told Dominican Today that the court has also decided to reject
accusations not included in the original indictment.

Eric Raful, the defense coordinator, explained to Dominican Today that the
judges' decision eliminates 34 of the 41 arguments the Central bank's
lawyers introduced surreptitiously without any base to sustain them.  The
decision was in strict adherence to what Penal Procedural Code establishes.

The defense has presented in the court documents proofs that from 1997 to
2003, Mr. Renta deposited US$127 million to Banco Intercontinental,
Dominican Today states, citing Mr. Raful.

The defense counsel can be reached at:

          Eric Raful
          Leon & Raful, S.A.
          Avenida Independencia #630
          Santo Domingo, Dominican Republic
          Phone: 688-6222/688-6761
          Fax: 686-6488
          E-Mail: leonyraful@verizon.net.do
                  yo.hamburguesa@codetel.net.do

Banco Intercontinental aka Baninter 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.


BANCO INTERCONTINENTAL: Defense Questions Central Bank Chief
------------------------------------------------------------
Marino Vinicio Castillo -- the legal representative of Ramon Baez Figueroa,
who was being sued for allegedly defrauding collapsed bank Banco
Intercontinental SA -- has questioned the stand of Hector Valdez Albuizu,
the central bank governor, in the case, Dominican Today reports.

Mr. Albizu had warned Mr. Figueroa in January 2003, about two months before
Banco Intercontinental's collapse, that unscrupulous and irresponsible
people circulated rumors and commentaries on a supposed non-liquidity crisis
of some banking entities, including Banco Intercontinental, Dominican Today
says, citing Mr. Castillo.

Mr. Castillo claimed that Mr. Albizu, who was then an adviser for Mr.
Figueroa, recommended specific measures that Banco Intercontinental had to
adopt to confront the crisis situation that could affect the national bank
at that time, Dominican Today notes.

According to Dominican Today, Mr. Albizu had told Mr. Figueroa in a letter,
"I have seen with extreme concern what has been occurring in the national
banking system in the last months.  In that regard I send you some
considerations and suggestions annexed that I expect that they can have the
results that are of use."

Dominican Today relates that Mr. Albizu told Mr. Figueroa that the rumors
were circulated for several months.  No one knew from whom the rumors had
started, but they were clearly aimed at harming certain banking
organizations.

The monetary officials would have to consider, if necessary, to temporarily
free the banking organizations whose liquidity was affected by the rumors
and commentaries "from the legal cash balance in a partial or total manner",
Dominican Today notes, citing Mr. Albizu.

The report says that Mr. Albizu had said in his letter that the rumors
motivated many depositors to make massive retirements.

Dominican Today underscores that Mr. Castillo questioned the fact that Mr.
Albizu was in the opposite position, knowing what had happened with the
banking system.  Mr. Castillo said he was surprised when he read the letter
to Mr. Figueroa, as the testimony is so important because it is Mr. Albizu
who ratifies the lawyers chosen by the persecutory administration of former
president Hipolito Mejia, former central bank chief Jose Lois Malkun and
joint parties.

"He (Mr. Albizu) ratifies the mandate of the lawyers paid in advance by the
previous administration of the Central Bank.  Now he supports the madness,
that he himself describes, and there you have your drama," Mr. Castillo told
Dominican Today.

Marino Vinicio Castillo can be reached at:

          Fuerza Nacional Progresista
          Presidente
          Consejo Nacional de Drogas
          Oficinas Gubernamentales, Bloque C
          Avenida Mexico esq. 30 de Marzo
          Tel. 809-2221-4747
          809-221-5166
          Email: of.pcastillo@codetel.net.do

Banco Intercontinental aka Baninter 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.


PRC LLC: Promotes Joseph Livingston as President
------------------------------------------------
PRC LLC promoted Joseph Livingston, PRC's Executive Vice President and Chief
Operating Officer, to President of the company.  Mr. Livingston will also
continue to serve as Chief Operating Officer.

Mr. Livingston's career spans over three decades of work in both operations
and technology for high-growth companies.  Prior to joining PRC in 2004, he
was Executive Vice President and COO for TeleTech Holdings, Inc., where he
was instrumental in growing the Company from US$2 million to over US$1
billion in revenues.  Prior to joining TeleTech, Livingston held senior
management positions at Coopers & Lybrand, Medical Computer Systems, Brinker
International, and under Ross Perot as a founding employee of Electronic
Data Systems/EDS.

"Joe has been instrumental in PRC's continuing growth and under his
leadership our company has met and is on target to achieving both our short
and long term strategic goals," said John G. Hall, Chief Executive Officer
of PRC.  "Joe has successfully led our Business-to-Consumer (B2C) Solutions
group, delivering solutions that drive customer acquisition and loyalty for
brand-focused companies."

Mr. Livingston earned his Presidential/ Key Executive MBA from Pepperdine
University and his Bachelor of Science degree in Computer Programming &
Systems from E.C.P.I. Pittsburgh.

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

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 12, 2006, Moody's
Investors Service assigned PRC, LLC a first time B2 corporate family rating
with a stable outlook.  Moody's assigned a Ba3 rating to its first lien
credit facilities, consisting of:

   -- an undrawn US$20 million revolving credit facility
      (expires 2012),

   -- a US$25 million delayed draw facility for capital
      expenditures (expires 2013), and

   -- a US$105 million term loan (expires 2013).

Moody's also assigned a B3 rating to its US$55 million second lien term loan
facility.

Standard & Poor's Ratings Services assigned on Dec. 6, 2006, its 'B+'
corporate credit rating and stable outlook to business process outsourcer
PRC LLC.

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


* DOMINICAN REPUBLIC: Pays US$120 Million to AES Corp.
------------------------------------------------------
Radhames Seguro, the secretary of state and vice president of the Dominican
Corp. of States Electricity Cos., told Prensa Latina that the government of
the Dominican Republic has paid out US$120 million to AES Corp.

Prensa Latina relates that the government said that from 2001 up to the
present, it has paid out millions of dollars to plants for power it never
received.

A US$148-million payment was also made for Smith Enron Co., and there was no
electricity supply in five years, Prensa Latina notes.  The amount almost
covered the government's US$156 million initial investment.

According to Prensa Latina, the government also spent US$185.65 million on
Cogentrix, which was 70.6% of its original contribution.

Contracts with power distributing and generating plants, including
Palamara-La Vega, Dominican Powers Partners and AES Andres may be
terminated, Mr. Segura told Prensa Latina.

The administration of former President Hipolito Mejia signed the contracts
for a generating capacity of 3,340 megabytes, and extended the validity
until 2016, with an inflated value, Prensa Latina reports, citing Mr.
Segura.

                      About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.  The company
operates in South America, Europe, Africa, Asia and the Caribbean countries.
Generating 44,000 megawatts of electricity through 124 power facilities, the
company delivers electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of generation plants
and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican
Republic, El Salvador, Panama and Venezuela.  Fuels include biomass, diesel,
coal, gas and hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when it acquired
the CTSN power plant in Argentina.

                        *    *    *

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

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

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

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

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

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

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

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

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

Fitch also affirmed these ratings:

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

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

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

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




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


DOLE FOOD: Posts US$56.1 Mil. Net Loss in Quarter Ended Oct. 7
--------------------------------------------------------------
Dole Food Company Inc. reported a US$56.1 million net loss on
US$1.8 billion of revenues for the third quarter ended
Oct. 7, 2006, compared with US$17.6 million of net income on US$1.6 billion
of revenues for the third quarter ended
Oct. 8, 2005.

Revenues increased as a result of higher sales in the company's fresh fruit,
fresh vegetables and packaged foods operating segments.

The net loss is primarily due to an operating loss of US$22 million in the
third quarter of 2006, compared to an operating income of US$26.7 million
earned in the prior year, due to lower operating results from the company's
fresh-cut flowers, packaged foods and fresh fruit operating segments, and
the US$15.7 million increase in interest expenses as a result of additional
borrowings and higher effective market-based borrowing rates on the
company's debt facilities.

At Oct. 7, 2006, the company's balance sheet showed US$4.5 billion in total
assets, US$4.1 billion in total liabilities, US$23.6 million in minority
interests, and US$378.3 million in total stockholders' equity.

In the three quarters ended Oct. 7, 2006, cash flows provided by operating
activities were US$85.3 million lower, primarily due to lower earnings and
lower payables, due in part to the 2005 accrual of income taxes payable
related to the provision on repatriated foreign earnings, as well as the
timing of payments, partially offset by lower levels of expenditures for
inventory, primarily in the packaged foods business due to lower inventory
build, and higher accrued liabilities due in part to the timing of payments.

Cash flows used in investing activities decreased US$41.9 million during
2006 primarily due to the first quarter 2005 payment of US$47.1 million to
Saba shareholders in connection with the company's purchase of the remaining
40% minority interest.

Cash flows provided by financing activities increased
US$63.8 million due to higher current year debt borrowings of
US$155.3 million, net of repayments and an equity contribution of US$28.4
million made by Dole Holding Company, LLC, the company's immediate parent
during 2006.  These items were offset by an increase in dividends of US$89.8
million paid to Dole Holding Company, LLC, during 2006 compared to 2005 as
well as a distribution of additional paid-in capital to Dole Holding
Company, LLC during the third quarter of 2006 of US$31 million.

            Fresh-cut Flowers Business Restructuring

During the third quarter of 2006, the company restructured its fresh-cut
flowers division to better focus on high-value products and flower
varieties, and position the business unit for future growth.  In connection
with this restructuring, the fresh-cut flowers division has ceased its
farming operations in Ecuador and will close two farms in Colombia and
downsize other Colombian farms.

During the third quarter ended Oct. 7, 2006, total restructuring and
impairment costs incurred amounted to approximately
US$5.9 million and US$22.3 million, respectively.  The US$5.9 million of
restructuring costs relate to approximately 3,500 employees who will be
severed by the end of fiscal 2007.  As of Oct. 7, 2006, no restructuring
costs had been paid.

                Restructuring of Saba Business

During the first quarter of 2006, the commercial relationship substantially
ended between the company's wholly owned subsidiary, Saba Trading AB and
Saba's largest customer.  Saba imports and distributes fruit, vegetables and
flowers in Scandinavia.  Saba's financial results are included in the fresh
fruit reporting segment.

The company restructured certain lines of Saba's business and expects to
incur approximately US$13 million of total related costs.  Total
restructuring and fixed asset write-offs incurred as of Oct. 7, 2006,
amounted to approximately US$10.1 million, of which US$7.7 million is
included in cost of products sold and US$2.4 million in selling, marketing,
and general and administrative expenses in the condensed consolidated
statements of operations.  Total restructuring costs of US$9.6 million
include US$7.9 million of employee severance costs, which impacted 245
employees as well as US$1.7 million of contractual lease obligations.  Fixed
asset write-offs of US$0.5 million were also incurred as a result of the
restructuring.

              Write-off of Crop Related Costs

In connection with the company's on-going farm optimization programs in
Asia, approximately US$6.7 million of crop related costs were written-off
during the third quarter of 2006.  The
US$6.7 million non-cash charge has been included in cost of products sold in
the condensed consolidated statements of operations.

        Amendment and Restatement of Credit Facilities

In April 12, 2006, the company completed an amendment and restatement of its
senior secured credit facilities.  The company obtained US$975 million of
term loan facilities consisting of:

    * US$225 million related to "Term Loan B;"
    * US$750 million related to "Term Loan C;" and
    * US$100 million in a pre-funded letter of credit facility.

The proceeds of the term loans were used to repay the outstanding term loans
under the company's then existing senior secured credit facilities which
consisted of Term Loan A, denominated in Japanese yen, and Term Loan B.  In
addition, the company paid a dividend of US$160 million during the second
quarter of 2006 to its immediate parent, Dole Holding Company, LLC, which
proceeds were used to repay its Second Lien Senior Credit Facility.  The
weighted average variable interest rate at Oct. 7, 2006, for the term loan
facilities was 7.5%.

In addition, the Company entered into a new asset based revolving credit
facility of US$350 million.  The facility is secured and is subject to a
borrowing base consisting of up to 85% of eligible accounts receivable plus
a predetermined percentage of eligible inventory, as defined in the credit
facility.  As of Oct. 7, 2006, the ABL revolver borrowing base was US$305.6
million and the amount outstanding under the ABL revolver was US$111.2
million.  The weighted average variable interest rate at Oct. 7, 2006, for
the ABL revolver was 7.7%.

                 Interest Rate Swap Agreement

During June 2006, the company entered into an interest rate swap agreement
in order to hedge future changes in interest rates.  This agreement
effectively converted US$320 million of borrowings under Term Loan C, which
is variable-rate debt, to a fixed rate basis through June 2011.  The
interest rate swap fixed the interest rate at 7.2%.  The fair value of the
interest rate swap was a liability of US$6.2 million at Oct. 7, 2006.

Simultaneously, the company executed a cross currency swap to synthetically
convert US$320 million of Term Loan C into Japanese yen denominated debt in
order to effectively lower the U.S. dollar fixed interest rate of 7.2% to a
Japanese yen interest rate of 3.6%.  Since the cross currency swap does not
qualify for hedge accounting, all gains and losses are recorded through
other income (expense), net in the condensed consolidated statements of
operations.  The fair value of the cross currency swap was an asset of
US$19.4 million at
Oct. 7, 2006.

                    Business Acquisition

On Oct. 3, 2006, Jamaica Producers Group Ltd. accepted the company's offer
to purchase from JPG the 65% of JP Fruit Distributors Ltd. that the company
does not already own for
US$41.9 million in cash.  The transaction closed during the fourth quarter
of 2006.  JP Fruit Distributors Ltd. imports and sells fresh produce in the
United Kingdom.  The company is considering expressions of interest by
potential partners with respect to the ownership and operation of Jamaica
Producers Group Ltd.

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?168a

                     About Dole Food Co.

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com/-- is a producer and marketer
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods.  The company has four primary
operating segments.  The fresh fruit segment produces and
markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service's confirmed its Ba3 Corporate Family Rating for
Dole Food Company Inc.


* ECUADOR: Renegotiating Oil Contract on Case-By-Case Basis
-----------------------------------------------------------
The Ecuadorian government will renegotiate the oil production contracts of
foreign oil companies on a case-by-case basis, Bloomberg News reports,
citing Rafael Correa, Ecuador's president-elect.

President Correa won Ecuador's Nov. 27 election on promises to win a greater
share of rising commodities prices, to default on the country's foreign debt
if better terms cannot be won from creditors and direct more aid to the
poor, Bloomberg relates.

"Conditions have changed and some contracts do not reflect that; some old
contracts pay almost nothing on producing wells," the newly-elected
president told reporters at a summit of Latin American leaders in
Cochabamba, Bolivia.  "We need to make sure that the average returns are
sufficient for the needs of the country."

The country's move to renegotiate contracts with foreign oil companies comes
in the wake of Venezuela and Bolivia's nationalization of their energy
sectors.

Additionally, President Correa encourages investments from Chile, Brazil and
Venezuela to construct oil refineries in the country, Bloomberg relates.

"It's absurd that Ecuador, an oil exporter, has to import oil to feed its
refineries," Bloomberg quoted the president as saying.

                        *    *    *

Fitch assigned these ratings on Ecuador:

                     Rating     Rating Date

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




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


DIGICEL: Selects Redknee CRM Solution for El Salvador Operation
---------------------------------------------------------------
Digicel Group has selected the Redknee CRM Solution from the turnkey
Converged Billing suite to significantly improve customer care and billing
management in its newly acquired El Salvador operation.

Since completing its acquisition of the El Salvador mobile operator, Digicel
Holdings Limited in October 2006, Digicel has been focused on improving the
operation's network and customer services ahead of its imminent launch in
the country.

The Redknee CRM solution will help Digicel to improve the billing and
customer care environment, reducing operational costs and deliver better
value to customers.  Digicel has also selected a number of Redknee's
applications from the suite of self-care top-up solutions to improve access
and frequency of top-ups by their subscribers.

"The Redknee CRM solution is part of our strategic plan to increase network
coverage and build customer loyalty within El Salvador, and the Redknee
integrated Customer Care and Billing solution allows us to consolidate all
provisioning, management, charging, and invoicing operations for subscriber
services under a single system," said Mario Assaad, CTO at Digicel Group.
"We selected the Redknee product suite because we are confident in speedy
deployment, and in the knowledgeable teams that will support our objectives
and provide the scalability we require."

Digicel aims to expand its network coverage within El Salvador and become
the people's choice by driving service and network improvements, and
offering strong brand support through excellent customer service and most
innovative products.

"Digicel's selection of Redknee CRM and web-based customer care solutions
will provide the advantage of offering increased flexibility and additional
value-added services to the postpaid and prepaid subscribers," said Lucas
Skoczkowski, CEO at Redknee.  "This Digicel deal is further evidence of our
ability to execute leading edge technology, providing operators the
competitive advantage in gaining and increasing subscriber value and
loyalty."

The Redknee CRM solution, an associative component in Redknee's turnkey
Converged Billing suite, helps enable a unified mechanism of customer
lifecycle management coupled with value enhancement at each step while
reducing operative costs.  The Redknee Converged Billing solutions allow
operators to support new revenue opportunities, and results in improved
operational efficiencies, increased customer satisfaction, and rapid new
product and service rollouts.

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

                        *    *    *

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

                        *    *    *

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




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


* HAITI: Paris Club Creditors Agree to Restructure External Debt
----------------------------------------------------------------
Paris Club creditors agreed on Dec. 12, 2006, with the Government of the
Republic of Haiti to a restructuring of its external public debt.  Given its
track record of reforms as well as the burden of its external indebtedness,
Haiti reached in November 2006 the decision point under the enhanced Heavily
Indebted Poor Countries or HIPC Initiative.

This agreement is concluded under "Cologne terms" designed by Paris Club for
the implementation of the HIPC initiative interim debt relief.

This agreement consolidates around US$69 million, of which US$45 million
consisting of arrears and late interest.  This will lead to the immediate
cancellation of US$7.2 million.  On an exceptional basis, this Agreement
defers also 100% of the moratorium interest due over the consolidation
period under the rescheduling.  Repayment of the moratorium interest will be
made after November 2010.

Haiti is committed to devote the resources freed by the present treatment of
the debt on priority areas identified in the country's poverty reduction
strategy paper.

Haiti is also committed to seek comparable treatment from non-Paris Club
creditors.

Paris Club creditor countries expressed their readiness to reduce further
Haiti's stock of debt to allow it to reach the objective of debt
sustainability, as soon as Haiti reaches the completion point under the
enhanced HIPC initiative.

Paris Club members that participated in the reorganization of Haiti's debt
were representatives of the governments of Belgium, Canada, Denmark, France,
Germany, Italy, the Netherlands, Spain, the United Kingdom and the United
States of America.

Observers at the meeting were representatives of the governments of Japan,
Norway and Switzerland, as well as the International Monetary Fund, the
International Development Association, the Inter-American Development Bank
and the Secretariat of the UNCTAD.

Mr. Daniel Dorsainvil, Minister of Economy and Finance headed the delegation
of Haiti.  Mr. Ambroise FAYOLLE, co-chairman of the Paris Club, Assistant
Secretary at the Treasury and Economic Policy Department of the French
Ministry of Economy, Finance and Industry chaired the meeting.

Haiti's economic program is supported by a three-year arrangement under the
Poverty Reduction and Growth Facility approved by the International Monetary
Fund on 20 November 2006.  Haiti reached the decision point under the
enhanced HIPC initiative in November 2006.

The stock of debt owed to Paris Club creditors as of
Oct. 1, 2006, was estimated to be US$199 million.

Maturities commercial debts falling due between Nov. 1, 2006, and Oct. 29,
2009, will be treated so as to reach a 90% cancellation rate taking into
account previous cancellations undertaken by Paris Club creditors; the
remaining amounts are rescheduled over 23 years, with 6 years of grace.
Credits granted under Official Development Assistance will be rescheduled
over 40 years including a 16-year grace period.

                        *    *    *

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




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


SUGAR COMPANY: Frome Factory Resumes Sugar Production
-----------------------------------------------------
The Frome factory of the Sugar Company of Jamaica has resumed production
after mechanical problems at the plant suspended operations, the Jamaica
Observer reports.

The Observer relates that sugar production at Frome had stopped on Dec. 11,
the third time since the 2006/2007 sugar crop started on Dec. 7.

The halt was due to teething problems usually associated with the start-up
of milling operations at sugar processing plants, The Observer says, citing
Aston Smith, vice president of operations at the Sugar Company.

Mr. Smith told The Observer, "Most factories, when you start up, have a
teething problem.  This is not unusual as most factories experience this
during the first couple of days until they synchronize things.  Sometimes
things that you thought you have done well need adjustments and this would
not be discovered until we start processing."

The stoppage had resulted from an electrical problem due to a 'trip' on a
generator, while the previous stoppages were due to the clogging of vacuum
lines, The Observer notes, citing Mr. Smith.

Mr. Smith told The Observer, "The factory is back up and running as we
speak."

Mr. Smith was positive that there would be no further disruption in
production at Frome, as the "kinks" has been ironed out, according to The
Observer.

Mr. Smith told The Observer, "I think that we have overcome the problem and
I can't think of anything that could possibly go wrong now."

The report says that many industry players had doubted the readiness of
Frome, despite a US$500-million expenditure to re-tool the factory.

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
===========


AMERICAN AXLE: Moody's Holds Corporate Family Rating at Ba3
-----------------------------------------------------------
Moody's Investors Service confirmed American Axle & Manufacturing Holdings
Inc.'s Corporate Family Rating of Ba3 and affirmed American Axle &
Manufacturing, Inc.'s Speculative Grade Liquidity rating of SGL-2.

Unsecured debt ratings of Ba3 LGD-4, 57% at both American Axle and Holdings
have also been confirmed.

The outlook is negative.

The actions conclude a ratings review reported on Oct. 5, 2006, after the
company's disclosure of a special attrition program  and other restructuring
actions which will be implemented at the end of the fourth quarter of 2006
and early 2007.

Collectively, the programs are anticipated to involve special charges of
between US$150-US$250.  In confirming the ratings, Moody's noted that these
programs will involve substantial cash disbursements and cause higher debt
levels to persist in the short-term.

However, it will have a relatively quick pay-back period through
establishing a lower cost structure which is anticipated to improve future
performance and cash flows.  Metrics more consistent with the Ba3 rating
category could develop during 2007 assuming industry conditions stabilize
and sufficient consumer demand for vehicles based on the GMT-900 platform
develops.

The Corporate Family rating of Ba3 reflects weighting placed on scores under
the Auto Supplier Methodology for elevated leverage, customer concentration
and deterioration in coverage ratios, which has occurred over the last year.
Scores on those factors are partially mitigated by stronger results from the
company's sound capitalization, good liquidity profile, efficient
operations, and the long-term nature of its business awards.

Moody's would expect free cash flow in 2006 to be close to break-even as the
company's investment in organic growth has coincided with sharply lower
production at its major customers.  The rating also emphasizes potential
volatility to the company's cash flows arising from its ongoing customer,
geographic and platform concentration.  American Axle has a capital
intensive business model which creates significant operating leverage as
well as ongoing capital expenditure requirements.  Those traits tend to
compound its exposure to challenges faced by its largest customer, GM.

Improved customer, geographic and platform diversification will slowly
evolve.  Substantial disbursements to facilitate those objectives, the SAP
and other restructuring actions will be required.  Weak debt service ratios,
elevated leverage and constricted free cash flows are anticipated to
continue over the near term.  However, over the intermediate period,
improvements in the company's cost structure and enhanced free cash flow
generated from the SAP and other restructuring actions combined with lower
capital expenditures in 2007 ought to position key credit metrics within a
more acceptable range for Ba3 rated credits.

The outlook is negative and reflects the company's continued concentration
with GM, whose Corporate Family rating is B3, and issues related to the mix
of vehicles it supports.

While uncertainty exists on what build rates consumer demand may ultimately
support for models based on the GMT-900 platform, the rating agency would
expect American Axle to remain profitable  during the intermediate term.  In
the near term, the company's leverage and debt service coverage ratios will
remain weak as interest expense will increase as higher debt levels incurred
from funding the combination of 2006 capital expenditures and significant
SAP disbursements and other restructuring actions will continue.  The
company remains vulnerable to downside developments at GM and the potential
that labor contract issues in late 2007 at the Big 3 OEMs could disrupt
build-rate assumptions.

The SGL-2 rating represents good liquidity over the coming twelve months.
American Axle should generate internal funds to meet basic operating needs
during the coming year.  However, the cash impact of its SAP and other
restructuring programs are likely to cause incremental borrowings towards
the end of the fourth quarter and early 2007.  While the company maintained
only minimal balance sheet cash, it does have access to a US$600 million
unsecured revolving credit facility whose commitment extends to April 2010.
At the end of the third quarter, the company had approximately US$486
million available under the facility.

Ratings confirmed:

   * American Axle & Manufacturing, Inc.

      -- Senior Unsecured notes, Ba3, LGD-4, 57%
      -- Senior Unsecured term loan, Ba3, LGD-4, 57%
      -- American Axle & Manufacturing Holdings, Inc.
      -- Corporate Family Rating, Ba3
      -- Probability of Default Rating, Ba3
      -- Senior Unsecured convertible notes, Ba3, LGD-4, 57%

Ratings affirmed:

   * American Axle & Manufacturing, Inc.

      -- Speculative Grade Liquidity rating, SGL-2

American Axle & Manufacturing, headquartered in Detroit, Michigan, is
engaged in the manufacture, design, engineering and validation of driveline
systems and related components and modules, chassis systems, and metal
formed products for light truck, SUVs and passenger cars.  The company has
manufacturing locations in the U.S.A., Mexico, the United Kingdom and
Brazil. The company reported revenues of US$3.4 billion in 2005 and has
approximately 10,900 employees.


BALLY TOTAL: Posts US$5.7 Million Net Loss in 2006 Third Quarter
---------------------------------------------------------------
Bally Total Fitness Holding Corp. reported a US$5.7 million net loss on
US$248.4 million of revenues for the quarter ended
Sept. 30, 2006, compared with a US$214,000 net loss on US$247.9 million of
revenues for the same period in 2005.

At Sept. 30. 2006, the company's consolidated balance sheet showed US$429.2
million in total assets and US$1.85 billion in total liabilities, resulting
in a US$1.42 billion total stockholders' deficit.

At Sept. 30, 2006, the company's consolidated balance sheet showed strained
liquidity with US$61 million in total current assets available to pay
US$437.8 million in total current liabilities.

The net loss from continuing operations for the quarter of
US$5.7 million reflects the impact of interest expense of
US$26 million, which increased US$4.2 million over the third quarter of
2005, primarily due to amortization of deferred financing fees incurred
related to bondholder consent solicitations.

Net revenues for the quarter of US$248.4 million increased US$0.5 million
over the third quarter of 2005, primarily due to the increase in membership
revenue by US$1.9 million to US$204.5 million.  Personal training revenue of
US$29.8 million declined 1% from the 2005 third quarter.  Retail products
revenue decreased US$1.3 million from the same period last year reflecting
the conversion of lower performing full-size, in-club retail stores to a
more cost effective model integrated into front-desk operations.

Operating income of US$19.9 million for the quarter declined 11%
from US$22.3 million in 2005.  Operating expenses in the period were
US$228.5 million, an increase of US$2.8 million compared to the third
quarter last year.  Certain operating expenses increased in the third
quarter, including a US$1.3 million, or 1% increase in membership services
expenses over 2005 as a result of higher litigation, property tax and
insurance costs.  An increase in other general and administrative costs of
US$4.7 million, or 34%, reflected compensation costs of US$5.4 million
related to the separation agreement with its former Chairman and CEO.

Additionally, the company recorded a US$3.0 million asset impairment charge
reflecting the excess of the carrying value over the fair market value of
one of the company's properties in the previously announced sale and
leaseback transaction.  These higher operating expenses were offset, in
part, by a US$2.2 million net gain associated with the sales of land and
buildings, a decline in retail product expenses of US$2.2 million, or 17%,
and a decrease of US$1.5 million, or 10%, in depreciation expense.

The Company uses EBITDA (operating income plus depreciation and
amortization and asset impairment charges) as a measure of
operating performance.  EBITDA in the third quarter was
US$36.3 million, compared to US$37.2 million in last year's third quarter, a
2% decline.

Commenting on the results, Barry R. Elson, acting Chief Executive Officer,
said, "During the quarter, Bally began to implement fundamental changes in
the way we do business.  Top line performance continued to be negatively
affected by the ongoing impact of unfavorable pricing and membership mix
trends that began in late 2005 with the introduction of the 'Build Your Own
Membership' sales process.

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?161f

Bally Total Fitness Holding Corp. -- http://www.Ballyfitness.com/-- is a
commercial operator of fitness centers in the U.S., with nearly 390
facilities and 30 franchises and joint ventures located in 29 states,
Mexico, Canada, Korea, China and the Caribbean.  Bally also sells
Bally-branded apparel, nutritional products, fitness-related merchandise and
its licensed portable exercise equipment is sold in more than 10,000 retail
outlets.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service affirmed the Caa1 rating on Bally Total Fitness
Holding Corp.'s US$235 million 10.5% senior unsecured notes (guaranteed) due
2011 and the Caa3 rating on the company's US$300 million 9.875% senior
subordinated notes due 2007.  Moody's said the rating outlook remains
negative.


BEARINGPOINT: Secures 10-Month Contract from Sport Chalet
---------------------------------------------------------
BearingPoint, Inc., has won a 10-month contract to implement a new finance
and merchandising system for Sport Chalet.  BearingPoint will lead the
integration of the new SAP for Retail and mySAP ERP application throughout
Sport Chalet's diverse enterprise.

Sport Chalet engaged BearingPoint in March, 2006, to define requirements and
select a new system that would serve as a foundation for its current
operations, and support store expansion and growth plans.  Sport Chalet was
looking for an integrated system to provide visibility of key metrics to
improve decision-making and automate manual processes.  BearingPoint helped
define business processes based on leading retail practices that, in turn,
will enable Sport Chalet to improve efficiency and enhance customer service
in its stores.

The new SAP system will allow Sport Chalet to establish a unified platform
for multi-channel selling and distribution, both Web and catalog based.  It
will also provide Sport Chalet's merchants, warehouse personnel, vendors and
management the ability to analyze and research data more effectively for
better inventory control.

"BearingPoint's reputation for delivering high-quality SAP solutions was
integral in securing this significant project," said Andy Williams, a
managing director in BearingPoint's commercial services practice.  "In
addition, our extensive experience implementing SAP solutions will further
help Sport Chalet integrate the system as the company continues to grow."

"BearingPoint was initially brought in to help us maximize our competitive
advantage in the specialty sporting goods marketplace by replacing our
legacy systems," said Howard Kaminsky, CFO, Sport Chalet.  "In the time that
we have worked with BearingPoint, they have shown a deep level of expertise
regarding our business processes. Their extensive experience in financial
and merchandising systems as well as their proven track record in delivering
innovative consulting services to clients in the consumer markets space were
both integral in awarding them this additional engagement.  With
BearingPoint's support in implementing the new SAP solutions, we will have
the right technology and systems in place to improve processes and
productivity across our organization as well as support our ongoing
expansion."

                    About Sport Chalet

Sport Chalet, founded in 1959 by Norbert Olberz, is a operator of
full-service specialty sporting goods stores in California, Nevada and
Arizona.  The company offers over 50 services for the serious sports
enthusiast, including backpacking, canyoneering, and kayaking instruction,
custom golf club fitting and repair, snowboard and ski rental and repair,
SCUBA training and certification, SCUBA boat charters, team sales, racquet
stringing, and bicycle tune-up and repair throughout its 45 locations.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has operations in Australia, Austria, Brazil,
China, France, India, Indonesia, Japan, Mexico, Portugal,
Singapore, Thailand, and the United Kingdom, among others.

                        *    *    *

As reported in the TCR-Europe on Oct. 11, Moody's
downgraded and placed these ratings on review for further
possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2.


DANA CORP: Plans to Close Four Plants in Next Two Years
-------------------------------------------------------
Dana Corp. disclosed four of eight facilities it plans to close during the
next two years.  The actions will consolidate production and are designed to
balance capacity and take advantage of lower-cost manufacturing locations.
Dana disclosed preliminary plans to close eight facilities last month.

The four facilities announced for closure are Dana's two traction product
facilities in Syracuse, Ind., and Cape Girardeau, Mo.; and the company's
structural solutions plants in Guelph and Thorold, Ontario, Canada.

   -- The Syracuse plant employs approximately 65 people and
      manufactures axle components.  The facility is expected to
      close by Sept. 30, 2007.

   -- The Cape Girardeau plant employs approximately 200 people
      manufacturing axle components.  The facility is expected
      to close by June 30, 2008.

   -- The Guelph operation employs approximately 25 people
      manufacturing front and rear frame structures.  The plant
      is expected to close by Feb. 28, 2007.

   -- The Thorold structures facility employs approximately 150
      people manufacturing stampings.  The plant is expected to
      close by June 30, 2007.

Production from the Syracuse and Cape Girardeau facilities will be moved to
Dana operations in Mexico.  Closure of the Guelph plant coincides with the
end of a customer program that comprised all production volume at the
facility.  The majority of the production at the Thorold operation will be
moved to Dana's Elizabethtown, Ky., structures plant.

Dana Chairman and CEO Mike Burns said, "The decision to close any facility
is extremely difficult and regrettable.  But to become competitive and
emerge from Chapter 11 as a viable company, it is absolutely critical that
we further consolidate work across our facilities to reduce overcapacity and
high operating costs."

Mr. Burns said that four additional facility closures are expected to be
finalized in 2007.

Dana expects to incur charges of approximately US$26 million before tax
during the fourth quarter of 2006 and additional aggregate charges of
approximately US$19 million in 2007-2009 for total charges of US$45 million
before tax, in connection with the plant closures announced today.

                       About Dana Corp.

Headquartered in Toledo, Ohio, Dana Corp. (OTC Bulletin Board:
DCNAQ) -- http://www.dana.com/-- designs and manufactures
products for every major vehicle producer in the world, and
supplies drivetrain, chassis, structural, and engine
technologies to those companies.  Dana employs 46,000 people in
28 countries.  Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  Corinne
Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  Thomas Moers
Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents
the Official Committee of Unsecured Creditors.  The Debtors'
consolidated balance sheet at March 31, 2006, showed a
US$456,000,000 total shareholder' equity resulting from total
assets of US$7.788 billion and total liabilities of US$7.332
billion.  When the Debtors filed for protection from their
creditors, they listed US$7.9 billion in assets and US$6.8
billion in liabilities as of Sept. 30, 2005.


DELTA AIR: Comair Pilots Picketed Management's 1113 Efforts
-----------------------------------------------------------
The pilots of Comair, represented by the Air Line Pilots Association,
International or ALPA, conducted informational picketing at the Cincinnati
Airport on Dec. 13, 2006.  Comair operates under the "Delta Connection"
livery and is a wholly owned subsidiary of Delta Air Lines, Inc.

The Comair pilots are picketing to demonstrate their unity and resolve and
to send a clear message to Comair and Delta managements that the pilots will
not tolerate company-imposed pay and working conditions. The pilots are
frustrated that management is over reaching in its attempt to bypass the
negotiating process by filing an 1113(c) motion with the bankruptcy court.
If approved, this motion could repudiate and breach the pilots' labor
contract and allow Comair management to unilaterally impose terms of
employment.

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

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

During recent bankruptcy proceedings, Delta management and company documents
revealed that Comair is projected to earn at least US$50 million in profits
for 2006.  The pilots are willing to discuss with their management what it
will take for Comair and Delta to emerge from bankruptcy.  Unfortunately,
Comair management appears to prefer to litigate in bankruptcy court rather
than seriously negotiate with its pilots.

The Comair pilots have authorized their union leadership to declare a strike
if the court approves the 1113 motion, management imposes terms of
employment, and the pilot leadership deems the time and circumstances
appropriate.

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


FORD MOTOR: Inks MOU with Valeo ACH's Climate Control Purchase
--------------------------------------------------------------
Ford Motor Company and Valeo have announced a Memorandum of
Understanding for Valeo's purchase of the Automotive Components
Holdings climate control business, including the Sheldon Road
Plant in Plymouth Township, Michigan.  This paves the way for a
Definitive Agreement and sale of the business to Valeo as soon  as possible.

The Sheldon Road plant produces automotive climate control systems and
components for a number of Ford vehicles.  It employs about 1,250 people,
including salaried employees leased from Visteon and UAW hourly employees
leased from Ford.  It is part of Automotive Components Holdings, a
Ford-managed temporary company formed in October 2005.

"This is an important step for Ford's North American operations
and the Way Forward Acceleration Plan, especially as we seek to
reduce material costs over time," Mark Fields, president of the
Americas and Ford executive vice president, said.

"This MOU follows a lot of hard work by this plant and the entire ACH team,"
said Al Ver, chief executive officer and chief
operating officer, Automotive Components Holdings, and Ford vice
president.  "We have focused on preparing our businesses for sale to buyers
who can grow and invest in them."

Automotive Components Holdings produces interior, climate,
chassis, and powertrain components and operates 11 plants in the
United States and three in Mexico.

"This acquisition is an important part of Valeo's strategy to be a global
leader in its core product lines," Valeo chairman and chief executive
officer Thierry Morin said.

The final agreement is contingent upon reaching a new and
competitive agreement with the United Auto Workers.

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, including Brazil and Mexico, 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. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co. after the company increased the size of
its proposed senior secured credit facilities to between US$17.5 billion and
US$18.5 billion, up from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
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.

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.


GRUPO IUSACELL: Involuntary Petition Dismissed; Case Closed
-----------------------------------------------------------
The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York approved the stipulations
dismissing Grupo Iusacell Celular, S.A. de C.V.'s involuntary
petition with prejudice and the adversary proceeding with
prejudice, with the consent of all parties, and accordingly closed the case.

The stipulations were made among Grupo Iusacell Celular, S.A. de
C.V.; Gramercy Emerging Markets Fund; Agave Telecom Holdings LLC; TCW GEM V,
Limited; TCW GEM Ligos I Limited; TCW GEM Ligos II Limited; TCW GEM Capital
& Income (Cayman), LP; TCW GEM II,
Limited; TCW GEM III, Limited; TCW Galileo Funds, Inc.

Gramercy, Agave, and the TCW parties filed a complaint on
July 14, 2004, in the Supreme Court of the State of New York, County of New
York, against Iusacell, entitled TCW Gem V Limited, et al. v. Grupo Iusacell
Celular, S.A. de C.V. et al. (New York County Index #600091/04)

On July 14, 2006, Gramercy, Pallmall LLC, and Kapali LLC filed an
involuntary petition under chapter 11 against Iusacell.

Gramercy and Agave filed on July 19, 2006, papers to remove the
state court action to the Bankruptcy Court, and on
Aug. 11, 2006, the suit was assigned adversary proceeding
# 06-01689.

On Aug. 15, 2006, Iusacell filed a motion to dismiss the
involuntary petition for insufficiency of process, but the
petitioners objected to the Debtor's motion.

The Bankruptcy Court found on Oct. 11, 2006, that the petitioners had not
effected service of the involuntary petition on Iusacell, and ruled that
service of the petition must proceed pursuant to the Hague Convention.

The Bankruptcy Court further stayed all proceedings in the case
should the petitioners sustain the involuntary petition.  The
Debtor said that to date, the petitioners have not served the
involuntary petition.

The petitioners advised that they assigned their claims against
Iusacell to a third party on Oct. 19, 2006.  As a result of this
transaction, the petitioners no longer have any claims or
interests in Iusacell, and they consented to the dismissal of the
involuntary petition.

In addition, Gramercy and Agave also consented to the dismissal of the
adversary proceeding.

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

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

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


VALASSIS COMMS: Releases Pretrial Brief on ADVO Litigation
----------------------------------------------------------
A public version of Valassis Communications Inc.'s reply to ADVO Inc.'s
pretrial brief is available for free at:

              http://researcharchives.com/t/s?16be

A copy of the company's pretrial brief is also available at:

              http://researcharchives.com/t/s?16c1

Valassis filed suit on Aug. 30, 2006, seeking to rescind its
US$1.3 billion merger agreement with ADVO based on fraud and material
adverse changes.

As reported in the Troubled Company Reporter on July 7, 2006, Valassis inked
a definitive merger agreement with ADVO under which it will acquire all of
the outstanding common shares of ADVO stock for US$37 per share in cash in a
merger.  The fully financed transaction was valued at US$1.3 billion,
including US$125 million in existing ADVO debt that Valassis planned to
refinance.

Valassis subsequently sued ADVO in the Delaware Chancery Court to rescind
the merger agreement based on fraud and material adverse changes, alleging
that ADVO management materially misrepresented the financial health of the
company and failed to reveal internal control deficiencies.

                         About ADVO

Based in Windsor, Conn., ADVO, Inc. -- http://www.ADVO.com/-- is a direct
mail media company, with annual revenues of US$1.4 billion.  Serving 17,000
national, regional and local retailers, the company reaches 114 million
households, more than 90% of the nation's homes, with its ShopWise(R) shared
mail advertising.  ADVO employs 3,700 people at its 23 mail processing
facilities, 33 sales offices.

                       About Valassis

Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.  Valassis' products and services
portfolio includes: newspaper-delivered promotions and advertisements such
as inserts, sampling, polybags and on-page advertisements; direct-to-door
advertising and sampling; direct mail; Internet-delivered marketing; loyalty
marketing software; coupon and promotion clearing; and promotion planning
and analytic services.  Valassis has been listed as one of FORTUNE
magazine's "Best Companies to Work For" for nine consecutive years.
Valassis subsidiaries include Valassis Canada, Promotion Watch, Valassis
Relationship Marketing Systems, LLC and NCH Marketing Services, Inc.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 1, 2006, Moody's
Investors Service downgraded Valassis Communications, Inc.'s senior
unsecured note ratings to Ba1 from Baa3.  Moody's
also assigned a Ba1 Corporate Family Rating, Ba1 Probability of
Default Rating, and LGD4 loss given default assessments to
Valassis' debt securities.  The ratings remain on review for
a likely downgrade.




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


* PANAMA: Fitch Affirms BB+ Foreign Currency Issuer Rating
----------------------------------------------------------
Fitch Ratings affirmed the Republic of Panama's long-term foreign currency
Issuer Default Rating of 'BB+'.  Fitch also affirmed the sovereign's
long-term local currency IDR of 'BB+', the short-term foreign currency IDR
of 'B' and the country ceiling of 'BBB+'.  The Rating Outlook is Stable.

Panama's key rating weakness relative to other Fitch-rated 'BB' category
sovereigns is its high level of public debt, although a favorable maturity
structure and the government's manageable financing requirement over the
medium term offsets this risk somewhat, according to Theresa Paiz Fredel,
lead analyst for Panama and Director of Latin American Sovereign Ratings at
Fitch.  While the approval of the Panama Canal referendum could yield
positive results for the country in terms of higher external and fiscal
receipts and improved GDP growth prospects over the longer term, its
immediate impact on the sovereign's creditworthiness is constrained as
uncertainties remain about debt financing, future revenues from tolls and
Panama's ongoing fiscal consolidation.

At a projected 34% by year-end 2006, Panama's net public external debt/CXR
ratio is among the highest of sovereigns in the 'BB' category and its
government debt/GDP ratio of 58% is significantly above the 'BB' median of
40% of GDP.  However, the ongoing fiscal adjustment and good prospects for
the continuation of strong export and economic growth have put debt dynamics
on a downward trajectory.  With this as a backdrop, Fitch believes that
Panama should be able to absorb future increases in public debt related to
the expansion of the canal. Currently, the estimated cost of the canal
expansion is around US$5.3 billion, including a contingency to cover the
cost of any risks and unforeseen events.

Furthermore, the Panama Canal Authority expects to finance at least half of
the construction costs through higher tolls. Additional external financing
is not likely to occur until the peak years of construction between 2009 and
2011.  Although a significant increase in public debt could potentially
constrain upward momentum of Panama's credit ratings, it would not
necessarily precipitate downward pressure on the ratings given the strong
macroeconomic environment.  Dollarization, a stable financial system,
moderate debt service needs, and the government's considerable financial and
land assets support the sovereign's Issuer Default Rating of 'BB+'.  The
consolidation of economic growth and the Torrijos administration's efforts
to strengthen public finances, as demonstrated by the implementation of
fiscal and social security reforms, also underpin Panama's sovereign
ratings.  Given fiscal consolidation and robust growth, Fitch expects the
non-financial public sector deficit to decline to around 2.2% of GDP this
year from 3.2% of GDP in 2005.

Fitch believes that if managed appropriately, the long-term economic
benefits of expanding the Canal outweigh the short- to medium-term costs of
increased public debt.  More clarity on the project's financing as well as
higher than anticipated growth and/or fiscal consolidation, could be
positive for creditworthiness.




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


* PERU: JBIC Grants JPY5.792B Loan to Finance Irrigation Project
----------------------------------------------------------------
Japan Bank for International Cooperation or JBIC signed on
Dec. 4, 2006, a loan agreement totaling up to 5,972 million yen with the
Republic of Peru to finance the Irrigation Sub-Sector Project.  This is the
first ODA loan that JBIC will provide for Peru in six years, since 2000.

The project is aimed at increasing agricultural production through improving
efficiency of water use by rehabilitating irrigation infrastructure,
installing water measuring and control facilities, introducing technical
irrigation, and strengthening water users' organizations in the agricultural
sector of the Pacific coastal area.  The project will contribute to higher
farming income in the region.  The proceeds of the loan will be applied to
various sorts of rehabilitation and improvement works of irrigation
facilities, as well as to consulting services including those for
institutional strengthening of water users' associations, under multiple
projects located in the 10 coastal regions.

Over half of the total population in Peru lives in the region facing the
South Pacific Ocean.  Irrigation facilities have been developed since the
1960s in this region, and the irrigated area now accounts for about half of
the total irrigation area nationwide.  As a result, despite its dry weather,
this coastal region is a significant producer of farm products.  In recent
years, however, water resources have not been effectively utilized because
of aging irrigation facilities, flood damages caused by El Nino, and
inadequate operation and maintenance attributable to insufficient funds and
capacity of water users associations.  Given the increasing demand for urban
water every year, boosting the efficiency in use of water resources is
urgently called for.

The Project is expected to cover some 180,000 hectares of land, equivalent
to around 10% of the total irrigation area in Peru, benefiting approximately
50,000 farming households.  Consulting services provided under the project
will strengthen the institutional capacity of water users' associations,
thereby ensuring that irrigation facilities developed under the project are
managed in an appropriate manner.  The project will thus help improve the
efficient use of water resources, and expand agricultural production.  In
addition, through the implementation of this project, it is expected that
new employment opportunities will be created and living/income standards are
to be upgraded in this region where many poor residents live.

                        *    *    *

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




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


CELESTICA INC: Updates Guidance for Quarter Ending Dec. 31, 2006
----------------------------------------------------------------
Celestica Inc. provided an update to its financial guidance for the fourth
quarter ending Dec. 31, 2006.

Based on its current estimates, the company now expects revenue in the range
of US$2.20 to US$2.25 billion, and adjusted net earnings per share of
US$0.00 to US$0.06.  The company's previous guidance for the fourth quarter,
which was provided on Oct. 26, 2006, was for revenue of US$2.25 to US$2.45
billion and US$0.15 to US$0.23 adjusted net earnings per share.

The revision in revenue is due to recent demand reductions from several
customers.  Included in the revised adjusted net earnings per share is an
expected net charge of between US$0.08 to US$0.12 resulting predominantly
from an increase in inventory provisions at the Monterrey, Mexico facility.

Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader in the
delivery of innovative electronics manufacturing services.  Celestica
operates a highly sophisticated global manufacturing network with operations
in Asia, Europe, Mexico, Puerto Rico, Brazil, Canada and the United States.
It provides a broad range of integrated services and solutions to original
equipment manufacturers.  Celestica's expertise in quality, technology and
supply chain management, enables the company to provide competitive
advantage to its customers by improving time-to-market, scalability and
manufacturing efficiency.

                        *    *    *

Celestica carries Fitch's 'BB-' issuer default and unsecured credit facility
ratings.  Fitch also assigned a 'B+' rating to the Company's senior
subordinated debt.  Fitch said the rating outlook is stable.

In February 2005, Moody's Investors Service lowered Celestica's senior
implied rating to Ba3 from Ba2, senior unsecured issuer rating to B1 from
Ba3 and the subordinated notes rating to B2 from Ba3.


FERRELLGAS PARTNERS: Posts US$29.5 Million Net Loss in Fiscal 1Q
----------------------------------------------------------------
Ferrellgas Partners LP reported earnings for its fiscal first quarter ended
Oct. 31, 2006.

The seasonal net loss for the fiscal quarter was US$29.5 million, as
compared to US$25.8 million in first quarter of fiscal 2006.  Due to the
seasonal nature of the propane industry, the partnership has historically
experienced a net loss during its fiscal first quarter as fixed costs exceed
off-season cash flow.  The increased net loss for the quarter primarily
related to fixed costs associated with recently completed acquisitions and
growth capital investments made since the same quarter last year.

Adjusted EBITDA for the first quarter of fiscal 2007 was
US$19.7 million.  This compared to a record US$20.2 million achieved in the
first quarter of fiscal 2006, which more than doubled the Adjusted EBITDA
reported in the first quarter of fiscal 2005.

Gross profit for the first quarter of fiscal 2007 was
US$127.1 million, as compared to US$127.6 million achieved in the first
quarter of fiscal 2006.  These results reflect the partnership's continued
margin improvement which has helped to offset the impact of customer
conservation on off-season propane gallon demand, which for the first
quarter of fiscal 2007 was 161 million gallons, compared to 167 million
gallons sold in the first quarter of fiscal 2006.

Operating expense for the first quarter of fiscal 2007 was
US$90 million, as compared to US$89.7 million in the first quarter of fiscal
2006 and general and administrative expense was US$11.1 million, materially
unchanged from the prior fiscal year's first quarter results.  Equipment
lease expense for the first quarter of fiscal 2007 was US$6.6 million, down
from US$7 million in the first quarter of fiscal 2006.

"We were pleased to be able to repeat last year's record performance,
despite slightly lower propane demand realized industry-wide this Fall,"
said James E. Ferrell, Chairman and Chief Executive Officer.  "We have been
focused during the off-season on organic customer growth, leveraging our new
operating capabilities. We stand more ready than ever to face whatever
Mother Nature may throw at us this year."

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.


HORIZON LINES: Moody's Affirms B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed the ratings of H-Lines Finance Holding
Corp. -- Corporate Family Rating of B2, and has
changed the ratings outlook to positive from stable.

The ratings reflect expectations of generally stable revenues over the
intermediate term from broad-based demand for Horizon's
containership services with the potential for a modest improvement in the
operating margin from productivity gains.

Horizon's substantial market share within each of its Jones Act
trade lanes, low revenue concentration, the oligopoly structure of the
company's markets and high barriers to entry due to Jones Act protections
suggest that Horizon's revenue is expected to be
somewhat more stable over the economic cycle.

Retained Cash Flow to Net Debt and Debt to EBITDA improved
steadily to levels that are more consistent with the rating, due
to better profits during the cycle as well as from the repayment
of debt with the proceeds of a primary equity offering.

Nonetheless, operational and execution risks associated with the
redeployment of higher capacity vessels across the company's trade routes,
and exposure to regional economic cycles could temper further improvement in
the credit profile, as could one or more debt-financed acquisitions.

Debt will increase during 2007 as the long-term bare-boat charters for five
new vessels begin, increasing annual lease financing expense by US$32
million.

Moody's capitalizes the lease expense for shipping companies at
8x, so the additional charters would increase debt by US$256 million to
about US$1.3 billion.  Nonetheless, Moody's notes the positive development
in that Horizon has begun to address the long term fleet replacement issue.

Also considered in the ratings is the still very old vintage of
Horizon's Jones Act qualified vessels, which have higher operating and
maintenance costs relative to modern tonnage, and for which the potential
cost of replacement is sizable, partly because of the requirement that the
vessels be constructed in US yards.

The change in outlook to positive reflects Moody's view that the
recent improvements in leverage and coverage realized since
Dec. 31, 2005, could be sustained in the current range over the
intermediate term.

As well, Moody's believes that Horizon should execute the upcoming
redeployment of vessels and route changes with minimal disruption to service
levels, which should support stability of earnings.

"While adjusted debt will increase in 2007 upon the capitalization of the
bare-boat charters, it is possible for Debt to EBITDA to increase only
modestly from the most recent 4.4x, and remain at the B1 level of that
sub-factor of Moody's Global Shipping Rating Methodology.  The successful
redeployment of the fleet, the realization of expected cost savings from
process improvements, and continuing supportive demand, will be important
determinants of operating results and resultant credit metrics in 2007,"
said Jonathan Root, Moody's Shipping Analyst.

Ratings could be upgraded if Horizon was to sustain an EBIT margin in the
low double-digit range or was to reduce balance sheet debt to offset the
incremental debt resulting from the new bare-boat charters, to produce a
sustainable leverage below 4.5x or EBIT to Interest Coverage above 2x.

The ratings could be downgraded if Horizon's operating performance weakens
materially, resulting in EBIT to Interest being sustained below 1.5x or if
Debt to EBITDA were to be sustained above 5.5x.

One or more acquisitions resulting in meaningfully higher debt
levels would likely place downward pressure on the ratings, as
would a debt-financed program to replace the Jones Act qualified
vessels in the fleet.

Rating actions:

   * Issuer: H-Lines Finance Holding Corp:

      -- Corporate Family at B2;
      -- Probability of Default at B2;
      -- Senior Unsecured Discount Notes at Caa1, LGD6, 94%;
         and,
      -- Outlook changed to positive from stable

   * Issuer: Horizon Lines, LLC:

      -- Senior Secured at Ba2, LGD2, to 18% from 20%;
      -- Senior Unsecured Notes at B3, LGD4, 69%; and,
      -- Outlook changed to positive from stable

H-Lines Finance Holding Corp, based in Charlotte, North Carolina, through
its wholly-owned operating subsidiary, Horizon Lines, LLC, trades sixteen
U.S. flag container ships in liner services between either the continental
Unites States and Alaska, Hawaii, Guam or Puerto Rico and between the Far
East and the U.S. West coast.


MARGO CARIBE: Hires Horwath Velez as Independent Accountants
------------------------------------------------------------
Margo Caribe, Inc., said in a filing with the U.S. Securities and Exchange
Commission that is unable to file its quarterly report on Form 10-QSB the
quarter ended Sept. 30, 2006, because of delays in the preparation of the
company's audited financial statements included in the its Annual Report on
Form 10-KSB for the year ended Dec. 31, 2005.

                      New Accountants

In addition, following the filing of its 2005 Form 10-KSB, the Company
announced the appointment of Horwath Velez & Co. PSC as the company's
independent registered public accounting firm for the fiscal year ending
Dec. 31, 2006, and to review the company's unaudited interim consolidated
financial statements for the first three quarters of 2006.

This has resulted in additional delays in the preparation of the quarterly
reports.  Margo Caribe said it will file its quarterly reports on Form
10-QSB for the first three quarters of 2006 as soon as it can.

Headquartered in Vega Alta, Puerto Rico, Margo Caribe, Inc.
-- http://www.MargoCaribe.com-- and its subsidiaries primarily
engage in the production, distribution, and sale of various
tropical plants to the interior and exterior landscapers,
wholesalers, and retailers in Puerto Rico and the Caribbean.
The company also manufactures and distributes a line of planting
media and aggregates; distributes lawn and garden products,
including plastic and terracotta pottery, planting media, and
mulch; and provides landscaping design and installation
services.  In addition, Margo Caribe distributes fertilizers,
pesticides, and various outdoor products.  The company
manufactures potting soils, professional growing mixes, river
rock, gravel, and related aggregates.

                     Material Weakness

Deloitte & Touche noted material weaknesses to the Margo
Caribe's internal controls after auditing the company's
financial reports for the year ended Dec. 31, 2005.  The
material weaknesses noted by Deloitte were the following:

   1) Margo Caribe did not maintain a sufficient complement of
      personnel to maintain an appropriate accounting and
      financial reporting structure commensurate with its
      activities;

   2) the company's limited number of personnel does not allow
      for an appropriate level of segregation of duties;

   3) the company does not have an appropriate fraud detection
      program to address the risk that the financial statements
      may be materially misstated as a result of fraud; and

   4) the company did not maintain adequate controls and
      procedures to assure the identification and reporting of
      certain transactions with related parties.


MUSICLAND HOLDING: Wants Deluxe Media Settlement Pact Approved
--------------------------------------------------------------Musicland
Holding Corp. and its debtor-affiliates ask the U.S. Bankruptcy Court for
the Southern District of New York to approve their Settlement Agreement with
Deluxe Media Services Inc.

Andrea L. Johnson, Esq., at Kirkland & Ellis LLP, in New York, relates that
Musicland Purchasing Corp. and Deluxe Media entered into a Logistics
Services Agreement.  Under the LSA, in exchange for certain payments by
Musicland Purchasing, Deluxe Media provided certain warehousing, inventory,
logistics, sorting and fulfillment services to the Debtors with respect to
the inventory received from the Debtors' vendors.

In November 2005, Deluxe Media filed a demand for arbitration with the AAA
pursuant to the dispute resolution provisions of the LSA, and sought
US$11,200,000 in damages.  The Debtors denied Deluxe Media's allegations in
the demand and filed their own counterclaim for damages caused by Deluxe
Media's alleged failure to perform under the Agreement.  Shortly after the
Petition Date, the Arbitration Association, in light of the automatic stay,
dismissed the arbitration.

In February 2006, Deluxe Media asked the Court to compel Musicland
Purchasing to assume or reject the executory contract and to pay the
administrative expense.

Subsequently, the Debtors, the Informal Committee of Secured
Trade Vendors, Wachovia Bank, National Association, as agent for the
Debtors' postpetition senior secured lenders and Deluxe Media entered into a
stipulation whereby:

   -- Deluxe Media agreed to adjourn that its request to compel
      assumption or rejection of the LSA;

   -- the Debtors agreed to pay Deluxe Media, on a provisional
      basis, without prejudice to their ability to dispute any
      portion  of the invoices, and without waiving Deluxe
      Media's rights under the LSA; and

   -- the parties agreed to conduct discovery and prepare for an
      evidentiary hearing on Deluxe Media's postpetition claims
      under the LSA.

On March 8, 2006, Deluxe Media asked the Court to determine the amount and
validity of its prepetition lien.  Deluxe Media also sought to compel the
Debtors to pay the lien amount.  Deluxe Media alleged that the amount of the
prepetition lien is US$4,142,931 in costs and expenses, plus interest at 4%
per annum.

The Debtors objected to Deluxe Media's request.

Pursuant to Court-approved expedited procedures for rejection of
executory contracts, the Debtors rejected the LSA in May 2006.

Deluxe Media filed six proofs of claim against the Debtors from
April through June 2006:

            Claim No.       Claim Amount
            ---------       ------------
              1847           US$27,200,000
              1848              27,200,000
              3324                 447,619
              3325                 447,619
              3400                       -
              3401                       -

On June 22, 2006, the Debtors filed a motion for partial summary judgment,
asking the Court to deny Deluxe Media's statutory lien claim for warehouse
charges incurred with respect to goods that had left Deluxe Media's
possession prior to Jan. 22, 2006.
Deluxe Media also filed a motion to partial summary judgment.

The parties engaged in further negotiations.  In full and final settlement
of their disputes, the parties agreed to enter into a settlement.

The salient terms of the Settlement Agreement are:

   (a) The Settlement resolves all administrative, priority and
       secured claims that Deluxe Media may have against the
       Debtors;

   (b) Deluxe will have an allowed administrative expense
       priority claim for US$1,100,000;

   (c) the Debtors will pay Deluxe Media US$1,100,000 in
       satisfaction of the Allowed Claim without delay.  Once
       the payment is made, Deluxe's Allowed Claim will be
       reflected on the claims register as satisfied;

   (d) Deluxe Media reserves the right to assert a general
       unsecured claim, which for purposes of the proposed
       Second Amended Joint Plan of Liquidation is a Class 5
       Claim.  The Debtors, the Informal Committee and the
       Official Committee of Unsecured Creditors and other
       parties-in-interest will have the right to object to any
       such claim asserted by Deluxe; and

   (e) Upon receipt of the Settlement Payment, the parties will
       mutually release and discharge each other from all claims
       and liabilities, except Deluxe Media's general unsecured
       claim.

"The Settlement Agreement resolves all of the outstanding claims and motions
between the Debtors and Deluxe Media without the need for negotiations and
litigation and the subsequent depletion of estate resources," Ms. Johnson
asserts.

Headquartered in New York, New York, Musicland Holding Corp., is a specialty
retailer of music, movies and entertainment-related products.  The Debtor
and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from their
creditors, they estimated more than US$100 million in assets and debts.
(Musicland Bankruptcy News, Issue
No. 24; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


NBTY INC: Discloses Unaudited Net Sales Results for Nov. 2006
-------------------------------------------------------------
NBTY, Inc., disclosed preliminary unaudited net sales results for the month
of November 2006 by segment:

                           Net Sales
                   (Preliminary and Unaudited)
                    For the Month of November
                         (US$ In Millions)

                           2006            2005        % Change

Wholesale / US Nutrition    $75             $65           16%

North American Retail /
Vitamin World               $18             $19          (-8%)


European Retail /
Holland & Barrett /
GNC (UK)                    $51             $45           13%


Direct Response/
Puritan's Pride             $18             $13           38%


Total                      $161            $142           14%

European Retail net sales in local currency increased 3% in November 2006.
Vitamin World same store sales decreased 1% in November 2006.

NBTY's preliminary unaudited net sales results for the two months October
and November 2006 and 2005 respectively by segment are:


                          Net Sales
                (Preliminary and Unaudited)
             For the Two Months October And November
                       (US$ In Millions)

                           2006            2005         % Change

Wholesale/ US Nutrition     $163            $142           14%

North American Retail /
Vitamin World                $36             $38          (-6)%


European Retail /
Holland & Barrett /
GNC (UK)                    $101             $93            8%


Direct Response/
Puritan's Pride              $30             $23           29%


Total                       $329            $297           11%

European Retail net sales in local currency decreased 1% for the
two-month period of October and November 2006.  Vitamin World same store
sales increased 1% for the two-month period of October and November 2006.

Headquartered in Bohemia, New York, NBTY, Inc. (NYSE: NTY) --
http://www.NBTY.com/-- manufactures, markets and distributes
nutritional supplements in the United States and throughout the
world.  As of Sept. 30, 2005, it operated 542 Vitamin World
and Nutrition Warehouse retail stores in the United States,
Guam, Puerto Rico, and the Virgin Islands.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Standard & Poor's Ratings Services raised its bank loan rating
for NBTY Inc., to 'BB+' from 'BB', and raised the recovery
rating to '1' from '2'.  At the same time, Standard & Poor's
revised its outlook to stable from negative and affirmed the
'BB' corporate credit rating and all other ratings on NBTY.

The '1' recovery rating indicates the expectation of a full
recovery of principal in the event of a default.  Approximately
US$227.4 million of total debt was outstanding at June 30, 2006.


SOLECTRON CORP: S&P Lifts Corp. Credit Rating to BB- from B+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and senior
unsecured ratings on Milpitas, Calif -based Solectron Corp. to 'BB-' from
'B+', and its subordinated debt rating to 'B' from 'B-'.  The outlook is
revised to stable.

"The rating action is based on the company's solid financial profile, which
has proven resilient despite significant operating challenges, and modest
expectations for improved revenue and profitability performance in the near
to mid term," said Standard & Poor's credit analyst Lucy Patricola.

Ratings reflect operating profitability at the low end of the range of its
peers in the highly competitive electronics manufacturing services industry
and expectations of modest, incremental improvements, offset by a financial
profile that is stronger than the corporate rating with good liquidity and
light leverage.  The company had about US$834 million of lease-adjusted debt
outstanding at Aug. 31, 2006.

Sales continue a four-quarter trend of gradual sequential improvement from
the trough level of August 2005, up 7% sequentially and up 21% over the year
earlier period.  Market recovery is broad-based, with all end markets
expanding in the August quarter.  Revenue from nontraditional EMS markets,
including consumer, industrial and automotive was up 32% compared to the
year earlier quarter.  Networking was up 21% but remains volatile because of
revenue concentration.  Revenues are likely to continue to gradually expand,
although the company may experience some quarter-to-quarter volatility
because of uneven order patterns for its key customer, Cisco, and the
increasing share of seasonal consumer business.

Solectron Corp., headquartered in Milpitas, California, is a leading
electronics manufacturing and services i.e. customized, integrated
manufacturing and supply chain management services, provider to OEMs in the
electronics industry.  For the twelve months ended Aug. 2006, the company
generated approximately US$10.5 billion in net sales and US$342 million in
adjusted EBITDA.  The company's Latin American operations are located in
Brazil, Mexico and Puerto Rico.




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


MIRANT CORP: Selling Philippine Assets for US$3.4 Billion
---------------------------------------------------------
Mirant Corp. will sell its Philippine assets to a group of Japanese
investors for US$3.42 billion, Kate Linebaugh writes for The Wall Street
Journal.  The deal is expected to close in the second quarter of next year.

According to The Journal, Japanese trading giant Marubeni Corp. and Tokyo
Electric Power Co. will each purchase a 50% stake in Mirant Asia Pacific, an
independent power producer with 2,203 megawatts in the Philippines.

Under the sale agreement, the companies will acquire two coal-fired power
plants and a 20% stake in natural-gas-fired power plant, which account for
about 20% of power assets in the Luzon area, including Manila.

The Journal states that Marubeni and Tepco considered foreign independent
power producers as an investment priority.  Government-affiliated Japan Bank
for International Cooperation provided financing to the Japanese bidders.

The Journal relates that the sale resulted after a failed purchase deal with
NRG Energy Inc.  In addition, Mirant's investors have pressured Mirant to
return cash to shareholders through share buybacks and the sale of assets in
the Philippines and the Carribean, The Journal says.

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

                        *    *    *

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


ROYAL CARIBBEAN: Declares US$0.15 Per Share Quarterly Dividend
--------------------------------------------------------------
Royal Caribbean Cruises Ltd.'s board of directors declared a quarterly
dividend of US$0.15 per share payable on
Dec. 29, 2006, to shareholders of record at the close of business on Dec.
22, 2006.

This is the 53rd consecutive quarter Royal Caribbean's Board of Directors
has voted to declare a dividend to shareholders.

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

                        *    *    *

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


SUPERIOR ENERGY: Completes Acquisition of Warrior Energy
--------------------------------------------------------
Superior Energy Services, Inc., has completed its acquisition of Warrior
Energy Services Corporation following approval by Warrior's stockholders at
a special meeting of stockholders.

As a result of the merger, each share of Warrior common stock has been
converted into the right to receive US$14.50 in cash and 0.452 shares of
Superior common stock.  Information regarding the exchange of share
certificates will be sent to Warrior stockholders.

Commenting on the acquisition of Warrior, Terence E. Hall, Superior's Chief
Executive Officer and Chairman of the Board, said, "We look forward to
implementing growth plans that we believe will create one of North America's
largest providers of premium production-related services, participating in
both the offshore Gulf of Mexico and key domestic land market areas."

A copy of the proxy statement/prospectus relating to the transaction can be
obtained from:

          Greg Rosenstein
          Superior Energy Inc.
          1105 Peters Road
          Harvey, Louisiana 70058
          Tel: 504-210-4119

               -- or --

          Ron Whitter
          Warrior Energy Chief Financial Officer
          Two Northpoint Drive, Suite 900
          Houston, TX 77345
          Tel: 832-775-0016

Simmons & Company International was the financial advisor to the
Warrior Energy Board of Directors in connection with the merger agreement.

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 Dec. 11, 2006, 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.  S&P said the outlook
is stable.




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


AMERICAN AIRLINES: Adds US$100 Million Pension Contribution
-----------------------------------------------------------
American Airlines, Inc., a wholly owned subsidiary of AMR Corp., has made an
additional US$100 million contribution to its employees' defined benefit
pension plans.  The contribution announced is in addition to the US$223
million that American has already contributed to satisfy minimum required
pension funding obligations for 2006, bringing its total contributions to
these pension plans to US$323 million this year.

"This additional contribution is a strong example of our commitment as a
company to invest in the future of our employees," said AMR Chairman and CEO
Gerard Arpey.  "It is a reflection of the progress we have made under our
Turnaround Plan and a prudent use of our cash resources to meet our
obligations.  By continuing to work together to improve our financial
results, we can strengthen our defined benefit pension plans for the
future."

Mr. Arpey noted that, including the US$100 million contribution, American
has contributed more than US$1.5 billion to its defined benefit pension
plans since 2002.

"Earlier this year, Congress passed -- and President Bush signed -- pension
reform legislation affecting companies with defined benefit plans," added
Mr. Arpey.  "We still need an adjustment to the legislation's interest rate
provision, as was provided to airlines that, unlike American, chose to
freeze their plans, and we remain heartened that more than 75 members of
Congress have pledged to continue working on this issue."

American Airlines, Inc. -- http://www.AA.com/-- American Eagle,
and the AmericanConnection regional airlines serve more than 250
cities in over 40 countries, including Uruguay and Argentina,
with more than 3,800 daily flights.  The combined network fleet
numbers more than 1,000 aircraft.  American Airlines, Inc. and
American Eagle are subsidiaries of AMR Corp.

                         *     *     *

As reported in the Troubled Company Reporter on April 25, 2006,
Standard & Poor's Ratings Services placed its ratings on AMR
Corp. (B-/Watch Pos/B-3) and subsidiary American Airlines Inc.
(B-/Watch Pos/--) on CreditWatch with positive implications.
The CreditWatch placement reflected improving earnings and cash
flow prospects, which should translate into a strengthened
financial profile.  The 'B+' bank loan rating on American's $773
million credit facility was placed on CreditWatch, but the '1'
recovery rating (which addresses recovery prospects in a default
scenario) was not placed on CreditWatch.




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


PDVSA FINANCE: Files Form 20-F with U.S. Securities Agency
----------------------------------------------------------
PDVSA Finance Ltd., a wholly owned subsidiary of Petroleos de Venezuela SA,
delivered to the U.S. Securities and Exchange Commission its annual reports
for the years ended Dec. 31, 2004, and Dec. 31, 2003.

The company reported total revenues of US$240,285,000 and US$379,511,000 for
the years ended Dec. 31, 2004, and
Dec. 31, 2003, respectively.

Net income for the period ended Dec. 31, 2004, is US$75,211,000.  Net income
for the period ended Dec. 31, 2003, is US$99,115,000.

The company reported total assets of US$1,445,914,000 and US$4,021,016 for
the years ended Dec. 31, 2004, and
Dec. 31, 2003, respectively.  Total liabilities were US$428,480,000 and
US$3,078,793 respectively.

PDVSA Finance is a wholly owned subsidiary of Petroleos de Venezuela,
domiciled in the Cayman Islands.  It was established to act as PDVSA's
principal vehicle for corporate financing through the issuance of unsecured
debt.

The company's long-term issuer default rating is rated BB+ by Fitch.  The
rating was assigned on Feb. 15, 2006.


PETROLEOS DE VENEZUELA: 58% of Oil Exports Goes to North America
----------------------------------------------------------------
In a filing with the U.S. Securities and Exchange Commission, Petroleos de
Venezuela SA reported that in 2004, oil production was at 2.73 million
barrels per day, about 65% of which was exported.

Of the total exported figure in 2004, sales to North America amounted to
1.02 million bpd of crude oil, or 58% of exports.  Sales to the Caribbean
and Central America were 645,000 bpd -- 36%.  Oil shipped to Europe
accounted to 4% of exports or 64,000 bpd.  Exports to South America were 2%
of total exports or 41,000 bpd.

                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.


PETROLEOS DE VENEZUELA: Vietnam Oks Venture with PetroVietnam
-------------------------------------------------------------
Vietnam Prime Minister Nguyen Tan Dung has approved a plan allowing
PetroVietnam to produce and explore for oil and gas in Venezuela, the Wall
Street Journal reports.

According to the Journal, this will be the first time the state-owned oil
company is venturing to the West for oil and gas exploration.

"The prime minister has agreed in principle to allow PetroVietnam to form a
joint venture with Petroleos de Venezuela SA to explore for oil and gas in
Block 2 in the Junin area of Venezuela's Orinoco oil belt," the Journal
says, citing the office of the Vietnamese prime minister.

Aside from exploration and production, PetroVietnam has been tasked to
cooperated with Petroleos de Venezuela on building refineries and warehouse
facilities for petroleum products in Vietnam.

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.


* VENEZUELA: Carries Out Pilot Test in Orocual Well with Russia
---------------------------------------------------------------
Venezuela and Russia ratified agreements on energy and geopolitical
cooperation, and carried out a pilot test for crude recovery in the Orocual
macro well, located in Orocual's Principal Station, a project through which
Venezuela seeks the sanitation of 13,000 wells and paying off the ecologic
debt generated by more than 100 years of oil production.

The pilot test for crude recovery in the Orocual macro well was carried out
only three months after Russia and Venezuela signed the memorandum of
understanding.

The project includes the joint participation of specialists and qualified
technicians from Petroleos de Venezuela, the company Venezolana de Servicios
Petroleros, C.A., and Russia.

The goal proposed by the corporation is to achieve, in a period of 6 years
and according to the 2006-2012 Oil Sowing Plan, the sanitation of
approximately 13,000 well throughout the country.  In this way, the
environmental impact generated by oil activity will be significantly
reduced, and a high percentage of oil barrels will be reinserted into the
domestic market.

The second phase of the pilot project includes the certification and
validation of results by Intevep.

The Russian Ambassador to Venezuela, Mikhail Orlovets; Ana Elisa Osorio,
Security and Health at Work Corporate Manager; Gral. Gustavo Ochoa Mendez,
President of Cavim; Javier Alvarado, Intevep Director and Angel Nuñez,
General Manager of Exploracion y Produccion Oriente, among other important
persons, attended the ceremonies.

During his statement, Mr. Orlovets reiterated the importance of energy
cooperation agreements between the two countries from a geopolitical point
of view.

On her part, Ana Elisa Osorio, Security and Health at Work Corporative
Manager, said, "This is an event of great significance for the Bolivarian
Republic of Venezuela.  We are making progress regarding environmental
sanitation, and paying off an ecologic debt of more than 100 years of oil
production."

Ms. Osorio clarified that the participation of the company VPS Ambiente
C.A., in charge of developing the project jointly with the Sanitation and
Restoration Management, does not represent any cost for the country since
the intention is to verify the applied technology, and in the short term
build the "national technology muscle."

With the recovery of the well, previously considered as environmental
liabilities, the New Petroleos de Venezuela reiterates its work philosophy
intended towards social commitment and the preservation and conservation of
nature as a source of life, transforming environmental liabilities into
assets that will promote the economic development of the region.  In the
same fashion, the pilot project is anticipated to be applied throughout the
entire country in the next 6 years.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 20, 2006, Fitch Ratings
affirmed Venezuela's long-term foreign and local currency Issuer Default
Ratings at 'BB-'.  At the same time, the agency also affirmed the short-term
foreign currency IDR at 'B' and the Country Ceiling at 'BB-'.  Fitch said
the outlook on the ratings remains stable.


* Large Companies with Insolvent Balance Sheets
------------------------------------------------

                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Kuala                    ARTE3     (33.57)      11.86
Kuala-Pref               ARTE4     (33.57)      11.86
Bombril                  BOBR3    (781.53)     473.67
Bombril-Pref             BOBR4    (781.53)     473.67
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Holding       CITI   (1,010.00)     861.00
Telefonica Holding       CITI5  (1,010.00)     861.00
SOC Comercial PL         COME     (732.78)     461.86
CIMOB Partic SA          GAFP3     (44.34)     121.74
CIMOB Part-Pref          GAFP4     (44.34)     121.74
DOC Imbituba             IMBI3     (19.61)     187.45
DOC Imbitub-Pref         IMBI4     (19.61)     187.45
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Paranapanema SA          PMAM3     (53.36)   3,268.96
Paranapanema-PREF        PMAM4     (53.36)   3,268.96
Telebras-CM RCPT         RCTB30    (59.79)     228.35
Telebras-PF RCPT         RCTB40    (59.79)     228.35


                         ***********


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 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
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publishers.

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


           * * * End of Transmission * * *