TCRLA_Public/061215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 15, 2006, Vol. 7, Issue 249

                          Headlines

A R G E N T I N A

ABS QUALITEY: Claims Verification Deadline Is on Feb. 15, 2007
BANCO MACRO: Sells US$150 Mil. in Bonds in International Market
FREESCALE: Ships More Than a Million MPC5500 Microcontrollers
IMPSAT: Stockholders to Vote on Merger Plan on Jan. 17, 2007
INDUSTRIAS METALURGICAS: Sending Turbines & Generators to Brazil

INDUSTRIAS METALURGICAS: S&P Puts raBB- Ratings on Four Debts
MEDICAL SECURITY: Claims Verification Is Until Feb. 22, 2007
OESTE PVC: Last Day for Verification of Claims Is Feb. 27, 2007
PEBECA SRL: Trustee Verifies Proofs of Claim Until March 7, 2007
PETROBRAS ENERGIA: Fails to Stop Merrill's Hidroneuquen Buy

SANCOR: Gets US$55 Mil. Working Capital from Banco de Desarrollo
TENANCO SACIFIA: Verification of Claims Is Until March 12, 2007
TELEFONICA DE ARGENTINA: Moody's Puts B2 Foreign Currency Rating
VALEANT PHARMA: Licenses Rights of Pradefovir to Schering-Plough

* PROVINCE OF MENDOZA: S&P Affirms B+ Issuer Credit Rating
* ARGENTINA: Stock Exchange Okays Opening of Fideicomiso Gas I

B E R M U D A

ARCH CAPITAL: AM Best Raises Ratings on Preferred Shares to BB+
ENDURANCE: AM Best Affirms BB Rating on US$200MM Series A Shares
ENTERPRISE HOLDINGS: Claims Filing Deadline Is on Jan. 19, 2007
ENTERPRISE HOLDINGS: Final Shareholders Meeting Is Feb. 2, 2007
FOSTER WHEELER: S&P Affirms B+ Corporate Credit Rating

KAYAREM YACHTING: Last Day for Proofs of Claim Filing Is Dec. 29
KAYAREM YACHTING: Final General Meeting Is on Jan. 16, 2007
LASALLE RE: Court Sets Scheme Creditors Meeting on Apr. 11, 2007
REFCO INC: 14 Parties Object to Plan Confirmation
REFCO INC: Inks US$350,000 Settlement with Trading Technologies

SAVVIS (BERMUDA): Deadline for Proofs of Claim Filing Is Dec. 28
SAVVIS (BERMUDA): Sets Final General Meeting on Jan. 15, 2007
SHELL GENERATING: Proofs of Claim Filing Is Until Dec. 28
SHELL GENERATING: Final Shareholders Meeting Is on Jan. 15, 2007
WARNER CHILCOTT: Appoints James H. Bloem to Board of Directors

B O L I V I A

PETROLEO BRASILEIRO: May Consider Investment Projects in Bolivia

B R A Z I L

AGCO CORP: Discloses Strategy to Accelerate Organic Growth
BANCO NACIONAL: Disbursements Up 5% to BRL42MM from Jan. to Nov.
BANCO SCHAHIN: S&P Affirms B Counterparty Credit Rating
BRASIL TELECOM: Mulling Technical Feasibility of 3G Network
CHEMTURA CORP: Increases Price for Brominated Flame Retardants

COMPANHIA SIDERURGICA: Tata Could Top Firm's Offer for Corus
ELETRICAS SA: S&P Outlines Risks on US$113.8MM Senior Notes
GRAFTECH INT'L: Sells Cathode Business to Alcan for US$135 Mil.
HAYES LEMMERZ: Incurs US$59.6M Net Loss in Quarter Ended Oct. 31
PETROLEO BRASILEIRO: Accelerating Ship Construction Tender

REMY INT'L: Weak Performance Cues Moody's to Lower Ratings
SANMINA-SCI: Files Third Quarter Report on Form 10-Q
TAM SA: Capital Alberto Ranks Firm as Best for Shareholders
TAM SA: Receives Fourteenth Airbus A320

* BRAZIL: IDB Grants US$2.1MM to SEBRAE to Boost Competitiveness
* BRAZIL: S&P Assigns BB Rating on Reopened Bonds Due 2022

C A Y M A N   I S L A N D S

AQR FINANCIAL: Liquidator to Present Wind Up Accounts on Dec. 15
AQR FINANCIAL (II): Final General Meeting Is Set for Dec. 15
AQR GLOBAL (MASTER): Sets Final Shareholders Meeting on Dec. 15
AQR GLOBAL (OFFSHORE): Final Shareholders Meeting Is on Dec. 15
AREMET ENERGY: Proofs of Claim Filing Is Until Dec. 18

AREMET GLOBAL: Deadline for Proofs of Claim Filing Is on Dec. 18
CBO HOLDINGS: Shareholders to Gather for Last Meeting on Dec. 15
CARIBBEAN HABITAT: Final Shareholders Meeting Is on Dec. 18
CITIGROUP ALTERNATIVE: Final General Meeting Is Today
CORONATION CAPITAL: Holds Final Shareholders Meeting Today

CTMP II: Shareholders to Convene for Dec. 15 Final Meeting
DRAX ELECTRIC: Liquidator Presents Wind Up Accounts Today
EUROPEAN REAL: Shareholders Convene Today for Final Meeting
EXCHANGEABLE (AXP 2000-1): Final Shareholders Meeting Is Dec. 15
EXCHANGEABLE (BMY 1999-3): Last Shareholders Meeting Is Dec. 15

EXCHANGEABLE (JNJ 2001-1): Final General Meeting Is on Dec. 15
EXCHANGEABLE (SBC 2000-2): Last General Meeting Is on Dec. 15
EXCHANGEABLE (XOM 2000-4): Final General Meeting Is on Dec. 15
FM FUND: Invites Shareholders for Today's Final Meeting
GLOBAL DIVERSIFIED: Final Shareholders Meeting Is Set for Today

GOLDENTREE CREDIT: Calls Shareholders for Final Meeting Today
GRACIE CAPITAL (C): Claims Filing Deadline Is Set for Dec. 18
GRACIE CAPITAL (J): Filing of Proofs of Claim Is Until Dec. 18
GRACIE CAPITAL (T): Proofs of Claim Must be Filed by Dec. 18
GTR LTD: Liquidator Presents Wind Up Accounts Today

INNOCAP FUND: Shareholders to Convene for Dec. 15 Final Meeting
KTMGB LIMITED: Calls Shareholders for Final Meeting on Dec. 15
MUSES LIMITED: Calls Shareholders for Today's Final Meeting
OAKWOOD ONE: Invites Shareholders for Final Meeting Today
PARETO POWER MASTER: Holds Final General Meeting Today

PARETO POWER: Shareholders to Convene for Today's Final Meeting
PEACE TECHNOLOGY: Calls Shareholders for Dec. 15 Final Meeting
PEGASUS THREE: Final Shareholders Meeting Is Set for Today
PEGASUS FOUR: Shareholders Gather for General Meeting Today
PENDRAGON CAPITAL: Calls Shareholders for Today's Final Meeting

PENDRAGON HOLDING: Final General Meeting Is Set for Today
PETROLEUM TRADING: Calls Shareholders for General Meeting Today
RESOURCES FUND: Shareholders to Gather for Final Meeting Today
SBP CAPITAL: Deadline for Proofs of Claim Filing Is on Dec. 18
SESAME CAYMAN: Creditors Must File Proofs of Claim by Dec. 18

SESAME CAYMAN: Final Shareholders Meeting Is Set for Dec. 18
STAR SHOP: Shareholders Gather for Today's Final General Meeting
STAR KIDS: Shareholders Convene for Today's Last General Meeting
T-SMITH CAPITAL: Shareholders to Gather for Dec. 18 Last Meeting
THALES GROWTH: Liquidator Presents Wind Up Progress Today

WADSWORTH WAREHOUSE: Last Shareholders Meeting Is Set for Today
WIMBLEDON MARATHON MASTER: Final Shareholders Meeting Is Dec. 15
WIMBLEDON MARATHON: Final Shareholders Meeting Is on Dec. 15
WPG SELECT: Shareholders to Convene for Today's Final Meeting

C H I L E

BELL MICROPRODUCTS: Commences Tender Offer for Convertible Notes
QUEBECOR WORLD: Prices US$400MM of Sr. Unsecured Notes Offering

C O L O M B I A

BANCOLOMBIA: Reports COP43.8B Unconsolidated November Net Income
ECOPETROL: Senate & Lower House Okay Sale of 20% Stake in Firm
ECOPETROL: Tibu Development Pact Boosting Petrolatina's Income
GRAN TIERRA: Starting Drilling at Laura-1 Well in Talora Block
HEXION: Purchase of Orica's Resin & Adhesives Business Approved

PETROLEO BRASILEIRO: Tibu Accord Boosting Petrolatina's Income

C O S T A   R I C A

* COSTA RICA: Recope Developing Liquefied Petroleum Gas Project

G U A T E M A L A

UNIVERSAL CORP: George Freeman Succeeds Allen King as President

H A I T I

* HAITI: IDB Grants US$10MM Loan to Invite Professionals to Stay

J A M A I C A

SUGAR COMPANY: Russel Hammond Criticizes Firm & Roger Clarke

M E X I C O

CELESTICA INC: Expects Lower 2006 4th Quarter Revenues & Profits
CONTINENTAL AIRLINES: In Talks with UAL Corp for Possible Merger
FORD MOTOR: In Talks with Wanxiang to Sell Part of ACH's Assets
FORD MOTOR: EVP Mark Schulz Will Retire Early Next Year
FORD MOTOR: Will Launch Buyout Offers for Employees

FOREST OIL: New Unit Completes US$375 Mil. Term Loan Placement
GENERAL MOTORS: S&P Affirms B Corporate Credit Rating
TV AZTECA: General Electric Says Firm Trying to Thwart Telemundo

P A N A M A

SOLO CUP: Launches Performance Improvement Program

P A R A G U A Y

* PARAGUAY: Macroeconomic Objectives May be Achieved for 2006
* PARAGUAY: Secures US$134MM Loan to Pave Integration Corridors

P E R U

PHELPS DODGE: SAC Capital Against Firm's Sale to Freeport

P U E R T O   R I C O

ADELPHIA COMMS: Files First Modified Fifth Amended Joint Plan
BEARINGPOINT: Wins US$5.9MM Contract to Support NMCI Project
CENTENNIAL COMM: CEO Michael Small Opts to Exercise 8,000 Shares
JETBLUE AIRWAYS: Launches New Flights to San Juan, Puerto Rico
MAXXAM INC: Sept. 30 Balance Sheet Upside-Down by US$200.7 Mil.

MUSICLAND HOLDING: Court Approves Stipulation with the Hayeses
MUSICLAND HOLDING: Panel Pursues Actions Vs. Turnover Defendants
NEWCOMM WIRELESS: Section 341(a) Meeting Slated for Jan. 8, 2007
PILGRIM'S PRIDE: Extends Gold Kist Notes Tender Offer to Dec. 27

T R I N I D A D   &   T O B A G O

HILTON HOTELS: To Discuss 3-Year Outlook of Financial Results

U R U G U A Y

AMERICAN AIRLINES: Invests US$20MM in Upgrades on Entire Fleet

V E N E Z U E L A

CITGO PETROLEUM: Names Karl Schmidt as Lubricants Gen'l Manager
FERRO CORP: Completes Financial Filings for Two Quarters in 2006
PEABODY ENERGY: To Offer US$500MM of Conv. Jr. Sub. Debentures
PEABODY ENERGY: Fitch Rates US$500MM Jr. Sub Debentures at BB-
PETROLEOS DE VENEZUELA: Eisa & Maua Building Crude Oil Tankers

PETROLEOS DE VENEZUELA: Oil Exports to US Declining

* Fitch Says Uncertainty in US Economy Poses Risks for Borrowers
* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


ABS QUALITEY: Claims Verification Deadline Is on Feb. 15, 2007
--------------------------------------------------------------
Carlos Wullf, the court-appointed trustee for ABS Qualitey's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 15, 2007.

Under the Argentine bankruptcy law, Mr. Wullf is required to present the
validated claims in court as individual reports.  Court No. 19 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
ABS Qualitey and its creditors.

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

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

ABS Qualitey was forced into bankruptcy at the behest of Maria Musacchio,
whom it owes US$16,902.03.

Clerk No. 38 assists the court in the proceeding.

The debtor can be reached at:

          ABS Qualitey SRL
          Montevideo 6060
          Buenos Aires, Argentina

The trustee can be reached at:

          Carlos Wullf
          V.del Pino 2354
          Buenos Aires, Argentina


BANCO MACRO: Sells US$150 Mil. in Bonds in International Market
---------------------------------------------------------------
Banco Macro has sold Monday bonds for US$150 million, making it the first
Argentine entity to issue long-term bonds in the international market.

The bonds, which will become due in 2036, have non-cumulative interest rate
of 9.75% until December 18.  After that, the bonds will pay interest equal
to LIBOR plus 7.11%.

Proposals for more than US$1,000 million have been received, six times
larger than expected.

The agency in charge of the placement was Raymond James Argentina, UBS
Securities y Credit Suisse Securities.

                        *    *    *

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

   -- 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.


FREESCALE: Ships More Than a Million MPC5500 Microcontrollers
-------------------------------------------------------------
Freescale Semiconductorhas shipped more than one million MPC5500 family
microcontrollers with zero-defect quality.  Based on Power Architecture
technology and system-on-chip design, the 32-bit MCU family offers advanced
features that help make cars safer and more fuel efficient while reducing
harmful emissions.  The MPC5500 MCUs target a broad range of automotive
applications, including powertrain control, advanced safety, driver
assistance, chassis and body electronics.

Freescale achieved the million-device milestone based on shipments of the
MPC5554 MCU, which began volume production in February 2006.  The MPC5554 is
the first device in a growing automotive SoC family that also includes the
following 32-bit MCUs:

   -- MPC5510: Freescale's first dual-core automotive MCU
      family, optimized for low-end body electronics;

   -- MPC5534/33: First Freescale automotive MCU with variable-
      length encoding (VLE) for improved code density; the
      MPC5533 offers reduced memory for cost-sensitive
      applications;

   -- MPC5553: First Freescale automotive MCU to support fast
      Ethernet;

   -- MPC5561: First Freescale MCU to include FlexRay
      technology, designed to enable a 10x increase in
      in-vehicle network bandwidth over previous networking
      technologies;

   -- MPC5566: The industry's first MCU to integrate 3MB of
      flash memory, making it an ideal solution for memory-
      intensive powertrain applications; and

   -- MPC5567: The industry's first 32-bit flash-based MCU with
      FlexRay technology.

"By using a synthesizable SoC methodology, we are able to bring 32-bit MCU
products to market quickly to address customer needs across a broad spectrum
of demanding automotive applications," said Mike McCourt, vice president and
general manager of Freescale's Microcontroller Division. "Automakers require
zero-defect quality from reliable, robust integrated circuits that can
withstand extreme temperatures, harsh environments and transient electrical
loads.  Freescale has met these challenges with the MPC5500 MCU family, now
shipping in high volume with no failures to date."

The MPC5500 family is built on 130-nanometer process technology and based on
the power-efficient e200 Power Architecture core.  In February 2006,
STMicroelectronics and Freescale announced a collaboration agreement that
outlines joint design of 32-bit automotive MCUs based on Power Architecture
technology, including future 90-nm products with dual-source options
available for these devices.

As a testament to the MPC5500 family's high quality and industry acceptance,
General Motors announced its global adoption of the family in GM powertrain
engine control systems.  GM also awarded Freescale its coveted Supplier of
the Year award for 2004 and 2005.

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

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 11, 2006, Standard &
Poor's Ratings Services lowered its corporate credit rating on Freescale
Semiconductor Inc. to 'BB-' from 'BB+' and removed the rating from
CreditWatch with negative implications, where it had been placed on Sept.
11, 2006, following the company's announcement that it was considering a
business transaction, later confirmed as a leveraged buyout.  The outlook is
negative.


IMPSAT: Stockholders to Vote on Merger Plan on Jan. 17, 2007
------------------------------------------------------------
IMPSAT Fiber Networks, Inc., has established a record date and a meeting
date for a special meeting of its stockholders to consider and vote to adopt
the Agreement and Plan of Merger, dated as of Oct. 25, 2006, by and among
Impsat, Global Crossing Limited, and GC Crystal Acquisition, Inc.

Impsat's stockholders of record at the close of business on
Dec. 12, 2006, will be entitled to notice of, and to vote at, the special
meeting, which will be held at 3:00 p.m., local time, on Jan. 17, 2007, at
Impsat's executive offices, at:

          Elvira Rawson de Dellepiane 150
          Piso 8, C1107BCA
          Buenos Aires, Argentina

Impsat's Board of Directors unanimously recommends that stockholders vote
for the adoption and approval of the Agreement and Plan of Merger.

                    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.


INDUSTRIAS METALURGICAS: Sending Turbines & Generators to Brazil
----------------------------------------------------------------
Industrias Metalurgicas Pescarmona will export US$130 million worth of
turbines and generators to Brazil, Telam reports.

Business News Americas relates that the five turbines and generators will be
used in two hydroelectric plants of the Furnas operating unit of Eletrobras,
the state power firm of Brazil.

According to BNamericas, the turbines will be designed and manufactured in
the Mendoza industrial complex of Industrias Metalurgicas.  It will generate
a combined 341 megawatts.

Industrias Metalurgicas will supply future equipment to Brazil through its
Inverall unit, BNamericas states

Industrias Metalurgicas Pescarmona SA aka IMPSA --
http://www.impsa.com.ar/-- is one of the largest worldwide
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.  The company has offices in
Malaysia, China, and Argentina.

                        *    *    *

Fitch Argentina confirmed the BB- (arg) rating to the
Obligaciones Negociables Series 8, 9, 10, 11 and 12 issued by
Industrias Metalurgicas Pescarmona SA, and the D (arg) rating
the ONs Series 2 for US$150 million (effective balance
US$804,000).

Moody's Latin America rated Industrias Metalurgicas Pescarmona's
US$150 million bond issuance under its US$250 million global
program at D.  The unpaid debt since May 20, 2002, amounts to
US850,000.  The rating action is based on the company's
financial standing at April 30, 2006.


INDUSTRIAS METALURGICAS: S&P Puts raBB- Ratings on Four Debts
-------------------------------------------------------------
Standard & Poor's rates Industrias Metalurgicas Pescarmona's debts:

   -- Obligaciones Negociables Series 9 for US$4,200,000, raBB-;

   -- Obligaciones Negociables Series 2, D;

   -- Obligaciones Negociables Series 10 for US$9,600,000,
      raBB-;

   -- Obligaciones Negociables Series 11 for US$11,359,000,
      raBB-; and

   -- Obligaciones Negociables Series 12 for US$700,000, raBB-.


MEDICAL SECURITY: Claims Verification Is Until Feb. 22, 2007
------------------------------------------------------------
Horacio Camiri, the court-appointed trustee for Medical Security SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Feb. 22,
2007.

Under the Argentine bankruptcy law, Mr. Camiri is required to present the
validated claims in court as individual reports.  Court No. 19 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
Medical Security and its creditors.

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

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

Medical Security was forced into bankruptcy at the behest of Diagnostico San
Lucas SA, which it owes US$466.06.

Clerk No. 38 assists the court in the proceeding.

The debtor can be reached at:

          Medical Security SA
          Uruguay 239
          Buenos Aires, Argentina

The trustee can be reached at:

          Horacio Camiri
          Lavalle 1206
          Buenos Aires, Argentina


OESTE PVC: Last Day for Verification of Claims Is Feb. 27, 2007
---------------------------------------------------------------
Mirta Lopez, the court-appointed trustee for Oeste PVC SRL's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 27, 2007.

Under the Argentine bankruptcy law, Ms. Lopez is required to present the
validated claims in court as individual reports.  Court No. 22 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
Oeste PVC and its creditors.

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

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

Oeste PVC was forced into bankruptcy at the behest of Megalit San Luis SA,
whom it owes US$7,787.92.

Clerk No. 43 assists the court in the proceeding.

The debtor can be reached at:

          Oeste PVC SRL
          Rivadavia 5911
          Buenos Aires, Argentina

The trustee can be reached at:

          Mirta Lopez
          Corrientes
          Buenos Aires, Argentina


PEBECA SRL: Trustee Verifies Proofs of Claim Until March 7, 2007
----------------------------------------------------------------
Liliana Beatriz Rodriguez, the court-appointed trustee for Pebeca SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until March 7,
2007.

Ms. Rodriguez will present the validated claims in court as individual
reports on May 9, 2007.   Court No. 21 in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Pebeca SRL 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 Pebeca SRL's accounting and
banking records will follow on July 11, 2007.

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

Pebeca SRL was forced into bankruptcy at the request of Jorge Gutierrez,
whom it owes US$4,300.12.

Clerk No. 42 assists the court in the case.

The debtor can be reached at:

         Pebeca SRL
         Avenida Eva Peron 1790
         Buenos Aires, Argentina

The trustee can be reached at:

         Liliana Beatriz Rodriguez
         San Martin, Oficina 314
         Buenos Aires, Argentina


PETROBRAS ENERGIA: Fails to Stop Merrill's Hidroneuquen Buy
-----------------------------------------------------------
U.S. District Court Judge Naomi Buchwald has denied Petrobras Energia's
request to block Merrill Lynch & Co. from acquiring control of Hidroneuquen
SA, Bloomberg reports.

According to Bloomberg, Petrobras Energia sued Merrill in New York on Dec.
7, claiming that the latter was interfering with its right of first refusal
to acquire majority interest in Hidroneuquen.

Petrobras Energia owns 9.19% of Hidroneuquen.

Merrill Lynch was ready to consummate for itself the purchase of a majority
interest in Hidroneuquen in a manner that would deprive Petrobras Energia of
its right of first refusal, Bloomberg says, citing the latter.  Merrill
Lynch acted with Sociedad Argentina de Electricidad aka Sadesa and Total
Austral SA Sucursal Argentina to seize control of Hidroneuquen, Petrobras
said in its complaint.  The three companies were trying to manipulate the
sale of Hidroneuquen to Merrill Lynch from Total, the majority shareholder,
for about US$145 million.  The contract price for the proposed sale of the
Hidroneuquen stock from Total to Merrill Lynch and Sadesa was "grossly
inflated".  It was fixed by the three firms to frustrate the right of first
refusal.

An independent valuation of Hidroneuquen puts the value of the company from
US$81 million to US$98 million, Petrobras Energia told Bloomberg.

Total has refused to turn over documents that would determine whether
Merrill Lynch's US$145-million offer is bona fide or whether there were side
deals that would effectively decrease the purchase price, Bloomberg states,
citing Petrobras Energia.

However, Ms. Buchwald denied Petrobras Energia's request for a temporary
restraining order, Lance Jasper, the court clerk, told Bloomberg.

                      About Hidroneuquen

Hidroneuquen SA is located in Neuquen, Argentina.  It is an owner of
hydraulic electricity plants.

                      About Merrill Lynch

Merrill Lynch & Co., Inc., is a holding company that, through its
subsidiaries and affiliates, provides broker-dealer, investment banking,
financing, wealth management, advisory, asset management, insurance, lending
and related products and services on a global basis.  Merrill Lynch provides
these products and services to an array of clients, including individual
investors, small businesses, corporations, financial institutions,
governments and government agencies.  The company's business activities are
grouped into three business segments, Global Markets and Investment Banking,
Global Private Client and Merrill Lynch Investment Managers.

                  About Petrobras Energia

Petrobras Energia Participaciones SA, through its subsidiary,
explores, produces, and refines oil and gas, as well as
generates, transmits, and distributes electricity. It also
offers petrochemicals, as well as markets and transports
hydrocarbons.  The company conducts oil and gas exploration and
production operations in Argentina, Venezuela, Peru, Ecuador,
and Bolivia

                        *    *    *

As reported on Feb. 6, 2006, Standard & Poor's Ratings Services
said that its ratings on Petrobras Energia S.A. (PESA; B/Watch
Neg/--) will not be affected by the company's announced
accounting adjustment that will be reflected in the financial
statements as of Dec. 31, 2005.  Net worth will decrease by
approximately US$60 million as a result of a provision of US$140
million against its Venezuelan assets to adjust their expected
recovery value, and the reversal of certain allowances for tax
credits for about US$83 million.

Since the accounting adjustments do not imply cash movements,
they do not have an impact on the ratings on PESA at this point.
Nevertheless, in line with S&P's concerns, the adjustments
reflect lower than previously expected future cash generation
due to changing business conditions in Venezuela.  The ratings
will remain on CreditWatch Negative, reflecting the
uncertainties of oil and gas concessions' renegotiation in
Venezuela.


SANCOR: Gets US$55 Mil. Working Capital from Banco de Desarrollo
----------------------------------------------------------------
In accordance with the Venezuelan government's move to help Sancor
Cooperative remain in control of the firm, Banco de Desarrollo Economico y
Social de Venzuela -- Bandes -- signed a contract of funding which will
allow the major milk producer to restructure its debt.

Bandes will provide US$55 million working capital.  Also, US$80 million will
be used for repaying debt that the company is restructuring since March
2005.

The repayment of this funding will be done in two ways:

  -- powder milk will be delivered to Venezuela for 15 years;
     and

  -- transfer of technology.

The agreement was signed in Caracas by the heads of Banco de Desarrollo,
Sancor representative Mr. Italo Gastaldi, and people from the Ministerio de
Finanzas de la Republica Bolivariana de Venezuela.

Headquartered in Santa Fe, Argentina, Sancor is a diary milk cooperative and
one of the largest milk processors and marketers in Argentina.  Annual
revenues for the fiscal year ended June 2006, are ARUS$1.4 billion.

As reported on Oct. 19, 2006, Moody's Investors Service downgraded the
ratings of Sancor to Ca from Caa3.  The National Scale ratings were
downgraded to D.ar from Caa3.ar.  Moody's said the outlook is stable.


TENANCO SACIFIA: Verification of Claims Is Until March 12, 2007
---------------------------------------------------------------
Jorge Luis Blazquez, the court-appointed trustee for Tenanco SACIFIA's
bankruptcy proceeding, verifies creditors' proofs of claim until Mar. 12,
2007.

Mr. Blazquez will present the validated claims in court as individual
reports on May 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 Tenanco SACIFIA 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 Tenanco SACIFIA' accounting and
banking records will follow on July 2, 2007.

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

The trustee can be reached at:

         Jorge Luis Blazquez
         Fray Justo Santa Maria de Oro 2381
         Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Moody's Puts B2 Foreign Currency Rating
----------------------------------------------------------------
Moody's Latin America assigned an Aa3.ar National Scale Rating to Telefonica
de Argentina S.A. aka TASA and affirmed the B2 foreign currency rating on
Telefonica's debt.  The outlook remains stable.

TASA's current ratings reflect the fact that the company has managed to
stabilize its operations as well as restructure and reduce debt in the
aftermath of the 2002 devaluation of the Argentinean peso.  The ratings also
reflect TASA's ability to generate positive free cash flow, which is
available for debt reduction, and increase income and profitability despite
the tariff freeze.  In Moody's view, the soon-to-be-completed capital
reduction will not have a negative impact on TASA's ratings.

Although TASA's financial metrics are currently strong relative to other
emerging market telephone companies and in relation to its current ratings,
the regulatory uncertainty and potential volatility of the operating
environment in Argentina are counterbalancing concerns.  The negotiations
among government, regulators and telecommunications companies intended at
modifying the existing regulatory framework are taking longer than expected.
Timing and outcome of those negotiations is highly uncertain.

Un-hedged dollar denominated debt while revenues are in the local currency,
and the fact that tariffs are currently frozen, are also factors that could
have a negative impact on TASA's financial profile over the medium term.

TASA's ratings are supported by its leading market position, brand name, and
the strong cash generation from its relatively stabilized operations.
However, TASA's current foreign currency ratings are constrained by the
country ceiling.

TASA is 98% owned by Telefonica SA (Spain).  While Moody's believes that
TASA's Argentinean operations will continue to be of strategic importance to
Telefonica SA, it does not factor any financial support from the parent into
the ratings.

                       Recent Events

At a meeting in August 2006, the board decided on a reduction in capital of
US$1047.6 million, subject to regulatory approvals.  With the authorized
reduction, TASA will make cash payment to shareholders.  The payment will
use accumulated cash on the balance sheet and eventually will require
additional debt, depending on the effective date of the reduction.

As a result of the capital reduction, debt to capitalization ratio is
expected to increase.   The increase, however, is not significant and debt
levels will remain acceptable for TASA's current rating category. If the
capital reduction were to occur at or before year-end, Debt to Ebitda would
remain below 2 times and debt to capitalization would increase to
approximately 55%, from 46% in 2005.

The stable outlook reflects Moody's expectation that, despite the lack of
tariffs relief, TASA will continue to generate positive free cash flows in
relation to debt and will maintain its debt levels so that debt to EBITDA
does not exceed 2 to 2.5 times, over the outlook horizon.

              What Could Change the Rating Up

A more stable and predictable regulatory framework, a definitive agreement
regarding the tariff adjustment mechanism, and continued replacement of
dollar denominated debt into local currency debt could result in upward
ratings pressure.  Additionally, as current foreign currency ratings are
constrained by the country ceiling, an up-grade of the ceiling would result
in an up-grade of TASA's foreign currency debt ratings.

             What Could Change the Rating Down

Over the medium term, if tariffs remain frozen and inflation rises
significantly, ratings could come under downward pressure.

A more aggressive financial policy to make dividend payments or to finance
capital expenditures that leads to increased leverage so that debt to EBITDA
goes beyond 2.5 times could also lead to a rating downgrade.

Additional downward pressure could also result from the devaluation of the
Argentinean peso, if TASA continues to hold a high proportion of dollar
denominated debt, and if there is a significant deterioration in its
financial metrics.

Telefonica de Argentina SA is the incumbent telephone service provider of
its area, the southern region of the country, where it has a strong market
position.  TASA reported revenues for the fiscal year ended December 2005
that of US$3.3 billion.

Headquartered in Buenos Aires, Argentina, TASA is 98% owned by Telefonica
S.A. (Spain).


VALEANT PHARMA: Licenses Rights of Pradefovir to Schering-Plough
----------------------------------------------------------------
Valeant Pharmaceuticals International and Metabasis Therapeutics, Inc.,
signed definitive agreements for the assignment and license of development
and commercial rights to pradefovir to Schering-Plough Corp.  The
transaction is expected to close in the first quarter of 2007 subject to
expiration or early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the satisfaction of
other customary closing conditions.

Valeant licensed pradefovir from Metabasis in 2000 and has been conducting
clinical trials to evaluate the safety and efficacy of pradefovir for the
treatment of compensated chronic hepatitis B. Pradefovir is a pro-drug of
PMEA, an antiviral compound that uses Metabasis' HepDirect technology to
enable higher concentrations of the drug in the liver, the primary site of
replication for the hepatitis B virus or HBV and lower concentrations
elsewhere.

Under the terms of the agreements, Schering-Plough will make an upfront
payment of US$19.2 million to Valeant and US$1.8 million to Metabasis and
will pay up to an additional US$90 million in aggregate fees upon the
achievement of certain development and regulatory milestones to Valeant and
Metabasis.

Approximately US$65 million of the additional fees would be paid to Valeant
and US$25 million to Metabasis.  The amount to be paid to Metabasis includes
the remaining US$16 million in milestone payments that could have been
realized under the previous agreement between Metabasis and Valeant.
Schering-Plough will also pay royalties to Valeant and Metabasis in the
event pradefovir is commercialized.

Timothy C. Tyson, Valeant's president and chief executive officer, said, "We
are very pleased to license pradefovir to Schering-Plough, a partner with a
global reach and commitment to developing medicines for treating
life-threatening diseases like hepatitis B. Our development program for
pradefovir has produced encouraging results.  The compound's Phase 2 results
showed significant reductions in viral load, which if confirmed in Phase 3
trials, could demonstrate a potential advantage over current therapies."

Dr. Paul Laikind, Metabasis' president and chief executive officer, said,
"Based on the clinical results to date, we believe pradefovir's profile
could make it best-in-class should it be approved. The agreements announced
with Schering-Plough, a company with a strong commitment to providing
innovative treatments for hepatitis, further validate this product
candidate's potential.  Like our colleagues at Valeant, we are very pleased
with the fact that pradefovir is moving to a team that can complete
development and maximize the commercial potential of the product."

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/is a
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  The
company has offices in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 20, 2006, Standard &
Poor's Ratings Services lowered its ratings on Costa Mesa, California-based
Valeant Pharmaceuticals International.  The corporate credit rating was
lowered to 'B+' from 'BB-'.  The ratings remain on CreditWatch with negative
implications, where they were placed Oct. 24, 2006, to reflect the ongoing
uncertainty regarding the company's inability to file its Form 10-Q for the
third quarter and the consequences if the company is not able to resolve the
situation in 60 days.


* PROVINCE OF MENDOZA: S&P Affirms B+ Issuer Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said today that it affirmed its 'B+'
long-term issuer credit ratings on the Province of Mendoza, Republic of
Argentina.  The outlook remains stable. Standard & Poor's also affirmed its
'B+' senior unsecured debt rating on the province's US$211.6 million 5.5%
global bond issuance maturing in 2018.

According to Standard & Poor's credit analyst Sebastian Briozzo, the
province's ratings are supported by a strong economic recovery, with average
growth rates above those of the country as a whole, and a solid management
team, with administrative practices that include fiscal policies to control
evasion and improve expenditure efficiency.

"Historically, Mendoza has been characterized as having a stable political
environment and a sophisticated management team, which has seen a certain
amount of continuity in its policies," said Mr. Briozzo.  "The province
continued to service its international bond throughout most of the period
after the devaluation of the Argentine peso, although it eventually
defaulted.  It also successfully closed the restructuring process with an
initial 65% acceptance rate, eventually raised to 89.5%," he added.

Mr. Briozzo explained that, since the 2001 crisis, Mendoza's gross state
product growth rate has been more dynamic than that for the country as a
whole.  Mendoza's high debt burden-similar to the size of the government's
budget-constitutes the province's most significant credit weakness.
However, this weakness is partially offset by the structure of the debt,
which is highly concentrated in federal government debt with long
maturities.  Negotiations on some characteristics of the structure of such
indebtedness will constitute an important credit factor in the future.

The province also exhibits limited financial flexibility, although capital
expenditure increased gradually to a significant 10.5% of total expenditure
in 2005 from a low 3.3% in 2002, and is expected to maintain this level
throughout 2006 and 2007.  However, fiscal flexibility will be tested when
dealing with a smaller growth rate in revenue and ever-increasing pressure
on wages for bureaucrats, teachers, and public servants in the health
sector.

Standard & Poor's said that Mendoza's ratings are limited by the sovereign
ratings on Argentina and by the several challenges the sovereign government
still faces as it consolidates its economic recovery from the 2001 crisis.
The province's credit quality will most likely benefit from the
normalization of the sovereign's fiscal performance and the improvement of
key macroeconomic indicators, such as inflation.

"While the ratings on Mendoza will continue to be constrained by the
sovereign ratings on Argentina, the upcoming years will pose a significant
challenge to the province, which must improve its financial flexibility so
that it can continue to invest in infrastructure projects and will also face
increasing pressure on wages and other operating expenditure," Mr. Briozzo
noted.   "Addressing these problems, along with significantly reducing its
debt burden to levels close to 70% of operating revenue, will be important
in order to significantly improve creditworthiness.  However, the ratings
will be pressured if the province produces operating deficits," he
concluded.


* ARGENTINA: Stock Exchange Okays Opening of Fideicomiso Gas I
--------------------------------------------------------------
The Buenos Aires Stock Market has approved the opening of the Fideicomiso
Gas I, by which private investors, mainly the private funds for the retired
people, known as AFJP, will provide around ARS360 million for increasing the
infrastructure of two main gas transporters of Argentina, Transportadora de
Gas del Norte and Transportadora de Gas del Sur.

The new debts will come due in 8 years, with trimestral interests and Badlar
rates, which means a rate closed to the 13.5% annual in pesos.

The project is done over the base of the investments done last year by
Transportadora de Gas del Norte and Transportadora de Gas del Sur, which
allowed increasing the transport of Gas to 4.7 million m3. This was funded
by a credit obtained by state-controlled bank and international and local
petrol companies.  This time, the fideicomiso wants to get funds from other
institutions, such as the AFJPīs and different investors.

Banco de Galicia is in charge of this operation.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

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




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


ARCH CAPITAL: AM Best Raises Ratings on Preferred Shares to BB+
---------------------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to A from A- and
the issuer credit ratings to "a" from "a-" of Arch Reinsurance Ltd. and its
reinsured affiliates.  A.M. Best also upgraded the ICR to "bbb-" from "bb+"
of Arch Capital Group (U.S.) Inc. (Greenwich, CT).  Concurrently, A.M. Best
has upgraded the ICR to "bbb" from "bbb-" and all related debt ratings of
Arch Capital Group Limited (Bermuda).  The outlook for all ratings is
stable.

These rating upgrades reflect Arch's excellent capitalization, strong
operating performance since its inception and robust risk management system.
The company's proven risk management capability has enabled recent and
historical operating performance to be among the leaders in the Bermuda
market as evidenced by a 2005 combined ratio of 95.8%, despite net
catastrophe losses totaling approximately $330 million for the year.

Arch, along with its affiliated companies, offers primary and reinsurance
coverage for both property/casualty lines on a worldwide basis.  The
combination of Arch's risk management characteristics, operational controls
and diversified business profile have created an organization capable of
effectively responding to changes in the market cycle.

Furthermore, the company's solid financial flexibility provides strong
access to both debt and equity markets.  Arch's financial leverage measures
remain low as compared to the industry.  A.M. Best expects the company to
maintain financial leverage as measured by debt and preferred-to-total
capital below 20%, while fixed charge coverage is expected to remain in the
upper single digit range.

Arch's reinsurance and insurance casualty loss reserve positions for earlier
accident years have been maturing and proven to be within conservative
ranges.  The absence of adverse development in these reserves has provided
A.M. Best with comfort concerning the company's initial loss ratio
assumptions.

Partially offsetting these strengths will be Arch's ability to maintain its
underwriting discipline and competitive position within its chosen markets
given the additional capital that has entered the industry through new
company formations, sidecars and strong 2006 earnings.

The FSR has been upgraded to A and the ICRs to "a" for Arch Reinsurance Ltd.
and its following reinsured affiliates:

   -- Arch Reinsurance Company,
   -- Arch Insurance Company,
   -- Arch Specialty Insurance Company and
   -- Arch Excess & Surplus Insurance Company

The ICR has been upgraded to "bbb" for Arch Capital Group Limited.

The ICR has been upgraded to "bbb-" for Arch Capital Group (U.S.) Inc.

These debt ratings have been upgraded:

   Arch Capital Group Limited

   -- to "bbb" from "bbb-" on US$300 million 7.35% senior
      unsecured notes, due 2034;

   -- to "bb+" from "bb" on US$200 million 8% non-cumulative
      Series A preferred shares; and

   -- to "bb+" from "bb" on US$125 million 7.875% non-cumulative
      Series B preferred shares.

These indicative shelf ratings have been upgraded for debt securities
available under the existing shelf registrations:

   Arch Capital Group Limited

   -- to "bbb" from "bbb-" on senior unsecured debt;
   -- to "bbb-" from "bb+" on senior subordinated debt; and
   -- to "bb+" from "bb" on preferred stock

   Arch Capital Group (U.S.) Inc.-(guaranteed by Arch Capital
   Group Limited)

   -- to "bbb" from "bbb-" on senior unsecured debt


ENDURANCE: AM Best Affirms BB Rating on US$200MM Series A Shares
----------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of A- and the
issuer credit ratings of "a-" of Endurance Specialty Insurance Ltd.
(Hamilton, Bermuda) and its operating affiliates. Concurrently, A.M. Best
has affirmed the ICR of "bbb-" of Endurance Specialty Holdings, Ltd., and
all related debt ratings.  The outlook for all ratings has been revised to
positive from stable.

These rating actions reflect Endurance's excellent capitalization, strong
broker distribution network and significant risk management enhancements
made over the past year.  The company maintains a geographically diversified
book of business, which includes both short- and long-tail lines of
business.

Endurance's positive outlook is based on several factors including the
enhanced underwriting and risk management controls implemented following the
2005 catastrophe season.  These controls enable the company to better
analyze all property submissions for the effect on operating returns and
zonal aggregations.  Endurance has also bolstered its reinsurance program by
purchasing additional coverage through both traditional and industry loss
warranty markets.

Furthermore, Endurance established catastrophe bond coverage through the
formation of Shackleton Re Limited.  This three tranche catastrophe bond
provides protection from both first and second event U.S. earthquake and
hurricane exposures.

Endurance continues to exhibit strong financial flexibility with access to
both equity and debt markets.  Endurance's financial leverage measures
remain commensurate with its rating levels.  A.M. Best expects the company
to maintain financial leverage as measured by debt and preferred-to-total
capital at 25% or below, while fixed charge coverage is expected to remain
in the upper single-digit range.

These strengths are partially offset by increased competition, which is
expected to flatten property rates and place additional pressure on casualty
lines as companies seek to diversify their business profiles. This concern
is somewhat mitigated by Endurance's strategy of selective acquisitions with
the latest being the establishment of admitted and non-admitted primary U.S.
affiliates.

The FSR of A- and the ICRs of "a-" have been affirmed for Endurance
Specialty Insurance Ltd and these operating affiliates:

   -- Endurance Reinsurance Corporation of America,
   -- Endurance Worldwide Insurance Limited,
   -- Endurance American Specialty Insurance Company, and
   -- Endurance American Insurance Company.

These debt ratings have been affirmed:

Endurance Specialty Holdings, Ltd.

   -- "bbb-" on US$250 million 7.0% senior unsecured notes,
      due 2034;

   -- "bbb-"on US$200 million 6.15% senior notes, due 2015; and

   -- "bb" on US$200 million Series A non-cumulative preferred
      shares

These indicative debt ratings have been affirmed for securities available
under the shelf registration:

   Endurance Specialty Holdings, Ltd.

   -- "bbb-" on senior unsecured;
   -- "bb+" on subordinated; and
   -- "bb" on preferred stock

   Endurance Holdings Capital Trust I Ltd.-(guaranteed by
   Endurance Specialty Holdings)

   -- "bb" on preferred securities

   Endurance Holdings Capital Trust II Ltd.-(guaranteed by
   Endurance Specialty Holdings)

   -- "bb" on preferred securities


ENTERPRISE HOLDINGS: Claims Filing Deadline Is on Jan. 19, 2007
---------------------------------------------------------------
Enterprise Holdings Ltd.'s creditors are given until
Jan. 19, 2007, to prove their claims to Sharon Davis, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

Enterprise Holdings' shareholders agreed on Dec. 1, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Sharon Davis
         c/o Thistle House
         4 Burnaby Street
         Hamilton, HM 11, Bermuda


ENTERPRISE HOLDINGS: Final Shareholders Meeting Is Feb. 2, 2007
---------------------------------------------------------------
Enterprise Holdings Ltd.'s final general meeting will be at 10:00 a.m. on
Feb. 2, 2007, at the offices of Mello Jones & Martin.

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

Enterprise Holdings' shareholders agreed on Dec. 1, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Sharon Davis
         c/o Thistle House
         4 Burnaby Street
         Hamilton, HM 11, Bermuda


FOSTER WHEELER: S&P Affirms B+ Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Foster Wheeler
Ltd. to positive from stable.  At the same time, Standard & Poor's affirmed
its 'B+' corporate credit rating and all other ratings on the Clinton,
N.J.-based engineering and construction company.  The company had about
US$217 million of total debt at Sept. 29, 2006.

"The outlook revision reflects greater-than-expected improvement in the
company's financial risk profile resulting from recent debt reduction
initiatives, decreased asbestos liability, and a refinancing of its credit
facility," said Standard & Poor's credit analyst James Siahaan.

The outlook also reflects the company's healthy business prospects, as
backlogs in its chemicals, refinery, power, and oil and gas markets have
exhibited considerable increases over the past few years.

Headquartered in Hamilton, Bermuda, Foster Wheeler Ltd.
-- http://www.fwc.com/-- offers a broad range of engineering,
procurement, construction, manufacturing, project development
and management, research and plant operation services.  Foster
Wheeler serves the refining, upstream oil and gas, LNG and gas-
to-liquids, petrochemical, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries.


KAYAREM YACHTING: Last Day for Proofs of Claim Filing Is Dec. 29
----------------------------------------------------------------
Kayarem Yachting Ltd.'s creditors are given until Dec. 29, 2006, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Kayarem Yachting's shareholders agreed on Dec. 12, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


KAYAREM YACHTING: Final General Meeting Is on Jan. 16, 2007
-----------------------------------------------------------
Kayarem Yachting Ltd.'s final general meeting will be held at the
liquidator's place of business on Jan. 16, 2007, at 9:00 a.m., or as soon as
possible.

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

Kayarem Yachting's shareholders agreed on Dec. 12, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


LASALLE RE: Court Sets Scheme Creditors Meeting on Apr. 11, 2007
----------------------------------------------------------------
The Supreme Court of Bermuda ordered on Nov. 9, 2006, that LaSalle Re Ltd.'s
Scheme Creditors will convene at 11:00 a.m. on Apr. 11, 2007, at:

          Appleby Hunter Bailhache
          Canon's Court (5th Floor)
          22 Victoria Street
          Hamilton, Bermuda

The meeting is called for the purpose of considering and, if thought fit,
agreeing (with or without modification) to a scheme of arrangement proposed
to be made between the company and its Scheme Creditors.

A Scheme Creditor may vote in person at the meeting or may appoint another
person, whether a Scheme Creditor or not, as proxy to attend and vote in
their place.

Scheme Creditors are required to submit by 5:00 p.m. Bermuda time on March
23, 2007, any Scheme Voting Form and form of proxy to the company:

          LaSalle Scheme Administration
          44 Church Street
          Hamilton HM 12, Bermuda
          Fax: +1 441 294 6496
          E-mail: schemeadmin@lasallere.com

If the Scheme Voting Form and/or form of proxy are submitted by fax or
email, they must be legible and an original executed copy or copies must be
received by the company within 3 business days of the date of electronic
submission, but if the forms are not returned, the chairman has discretion
to accept them if handed to him at the Creditors' Meeting.

The Scheme Voting Form, form of proxy, an electronic copy of the Scheme and
Explanatory Statement, as required by Section 100 of the Companies Act 1981
of Bermuda, and all other documents in relation or ancillary thereto have
been sent by Post to all known potential Scheme Creditors.

Further copies of these documents may be obtained from the company website
at www.lasallerescheme.com or contacting the company at:

          LaSalle Re Limited
          Attn: LaSalle Scheme Administration
          44 Church Street
          Hamilton HM 12, Bermuda
          Tel: +1 441 294 7896 (Scheme Helpline)
          Fax: +1 441 294 6496
          E-mail: schemeadmin@lasallere.com

The Court has directed that Mike S. Walker of KPMG LLP (UK) be chairman of
the creditors' Meeting, and Charles Thresh of KPMG Financial Advisory
Services Limited be alternative chairman of the creditors' Meeting, and
report the results of the creditors' meeting to the Court. In addition, John
McKenna has been appointed as the Independent Vote Assessor in respect of
any vote disputed by the chairman of the creditors' meeting.  The company
has obtained directions from the Court that Scheme Creditors' votes will be
calculated by the Chairman without deduction for the value of any security
interest held by Scheme Creditors.

The Scheme of Arrangement, if approved by the creditors' meeting, will not
come into force unless it is sanctioned by order of the Court at a hearing,
which is expected to take place in April 2007, and a copy of the order is
delivered for registration to the Registrar of Companies in Bermuda.

All Scheme Creditors are entitled to attend the Sanction Hearing in person
or by counsel to support or oppose the approval and sanction of the Scheme.

The Chairman and the alternative chairman of the creditors' meeting may be
contacted at:

          Mike S. Walker
          KPMG LLP (UK)
          Tel: +44 (0)20 7694 3198
          Fax: +44 (0)20 7694 3126
          E-mail: mike.s.walker@kpmg.co.uk

          Charles Thresh
          KPMG Financial Advisory Services Limited
          Crown House
          4 Par-La-Ville Road
          P.O. Box HM 906
          Hamilton HM DX, Bermuda
          Tel: 1 (441) 294 2616


REFCO INC: 14 Parties Object to Plan Confirmation
-------------------------------------------------
Fourteen parties and individuals object to the First Amended
Joint Chapter 11 Plan filed by Refco Inc. and its debtor
affiliates; Marc S. Kirschner, the Chapter 11 Trustee for Refco
Capital Markets, Ltd.; and the Official Committee of Unsecured
Creditors and the Additional Committee.

The Objecting Parties are:

   * Forex Capital Markets, LLC, Forex Trading L.L.C., FXCM
     Canada Ltd., FXCM L.L.C., Dror Niv, David Sakhai, William
     Ahdout, Kenneth Grossman, Edward Yusupov, and Michael
     Romersa;

   * West Loop Associates, LLC;

   * Kenneth Krys and Christopher Stride, the joint official
     liquidators of SPhinX Managed Futures Fund SPC and 21 of
     SPhinX's affiliates;

   * American Financial International Group - Asia, LLC, Norma
     LaVigne, and Vaughn LaVigne;

   * New York Financial;

   * Hillier Capital Management, LLC, et al.;

   * PlusFunds Group, Inc.;

   * Russia Growth Fund Ltd.;

   * Revive, Limited;

   * William M. Sexton;

   * Gerald M. Sherer;

   * Stephen Grady;

   * Dennis Klejna; and

   * Joseph P. Murphy.

The Objecting Parties ask the U.S. Bankruptcy Court for the
Southern District of New York to deny confirmation of the Plan
because it fails to satisfy the standards for confirmation under
Section 1129 of the Bankruptcy Code.

The Court will commence a hearing on the Plan Confirmation on
Dec. 15, 2006.

(1) FXCM Parties

On the FXCM Parties' behalf, Douglas Furth, Esq., at Golenblock
Eiseman Assor Bell & Peskoe LLP, in New York, relates that Refco
Group Limited LLC acquired a 35% stake in FXCM, FXT, FXCM Canada, and FXCM
L.L.C. from Messrs. Sakhai, Ahdout, Grossman, Yusupov, and Romersa.  The
acquisition was accomplished in two separate transactions:

   (i) 20% of the FXCM Entities being acquired by RGL as of
       Dec. 27, 2002, for US$18,000,000; and

  (ii) 15% of the FXCM Entities being acquired as of
       Feb. 1, 2004, for US$24,000,000.

Mr. Furth says that the sales to RGL were intended as part of a
broader strategic alliance between RGL and its affiliates, on one hand, and
the FXCM Entities, on the other hand, that included servicing of many of the
Debtors' customer foreign exchange accounts pursuant to a Facilities
Management Agreement.

Mr. Furth states that operating agreements for FXCM, FXT, FXCM
Canada, and FXCM L.L.C. are substantially identical.

The FXCM Operating Agreements provides, among others, that if a
member receives a bona fide offer to purchase some or all of its
membership interest from any person other than another member,
the Selling Member will notify the other Members of the offer and provide
the Non-Selling Members with a copy of the offer and
sufficient information to substantiate the offeror's ability to
consummate the transaction.

Nothing in the Operating Agreements excludes inter-affiliate
transfers from the "right of first refusal," let alone a transfer for the
creditors' benefit, Mr. Furth points out.

Pursuant to the Plan, RGL will merge into Refco following the
Plan Effective Date.  Refco will then become the owner of the
FXCM Equity Stake.  However, the value of the FXCM Equity Stake
will be shared with the RCM creditors, as well as with creditors
of all of the other Debtors that merge into Refco.

The FXCM Parties assert that the conveyances effected by the Plan trigger
the right of first refusal contained in the Operating Agreements, and that
the Plan cannot permissibly deprive the other members of the FXCM Entities
of the benefit of the bargain.

The FXCM Parties also contend that the Plan fails to recognize
the right of first refusal in favor of the other members of the
FXCM Entities, like Messrs. Niv, Sakhai, Ahdout, Grossman,
Yusupov, and Romersa.   The FXCM Parties maintain that any order
confirming the Plan must contain a provision requiring RGL to
provide the Non-Selling Members with a 30-day notice of their
intention to sell the FXCM Equity Stake for a price not to exceed
US$42,000,000.  The Plan confirmation order must also provide the
Non-Selling Members with the bargained for opportunity to exercise the right
of first refusal.

The FXCM Parties further complain that the Plan cannot impair any right of
rescission or the right of first refusal.

Accordingly, the FXCM Parties want the Plan modified to:

   (i) enforce the rights of first refusal in the FXCM Operating
       Agreements at an aggregate purchase price not to exceed
       US$42,000,000; and

  (ii) clarify that nothing contained in the Plan will be
       construed as depriving any FXCM Seller of the right to
       seek rescission of its sale of the FXCM Equity Stake to
       RGL, or any Non-Selling Member of the right to exercise
       its right of first refusal upon a subsequent sale of the
       FXCM Equity Stake by RGL, Reorganized Refco, or any of
       their successors.

(2) West Loop

Representing West Loop, Brent Truitt, Esq., at Hennigan, Bennett
& Dorman LLP, in New York, tells Judge Drain that the so-called
global compromise and settlement underlying the Plan is not as
"global" as the Plan Proponents would have the Court and the
voting creditors to believe.  He notes that at least one
significant constituency -- general, unsecured trade creditors of the
Contributing Debtors, including those of Refco Group Ltd., LLC -- appear to
have been left out of the process that resulted in the Plan.  Those
interests should have been protected by the official creditors committees
charged with representing the interests of trade creditors, he points out.

Unfortunately, both the Official Committee and the Additional
Committee are populated exclusively by entities that either have
claims against RCM or are holders of Senior Subordinated Notes,
Mr. Truitt says.  Both constituencies faced significant
litigation risk that their claims should be subordinated for
preference payments and other matters.  However, when the dust
cleared, RCM and the Noteholders cut a business deal, under which the
parties opted to settle that litigation among themselves by effectively
subordinating the claims of general unsecured trade creditors that were not
represented at the table, he relates.

"Not surprisingly, what resulted was a lopsided plan, skewed
heavily in favor of the Noteholders and RCM to the detriment of
RGL's general, unsecured creditors," Mr. Truitt argues.  "As the
limited discovery received to date by West Loop is already making clear, the
resulting Plan was designed with the purpose of finding a legal
justification for the business deal that left
RGL's general, unsecured trade creditors holding the bag,
receiving far less than other creditors, and having to wait until
distributions were made to RCM and the Noteholders before getting a penny
from RGL."

Mr. Truitt asserts that the result of that effort is the
"pooling" of assets, which is nothing more than a disguise for
the partial substantive consolidation that applies selectively in a manner
that favors the Noteholders and RCM to the detriment of trade creditors.

Mr. Truitt avers that the Plan Proponents were forced to use
unrealistic assumptions, and make unreasonable allocations of
assets and expenses that were heavily weighted toward the
positions of the Noteholders and RCM.

"This is perhaps most obvious in the liquidation analysis," Mr.
Truitt explains.  "Although still unclear, it appears that the
Plan Proponents have assumed that, in a Chapter 7 liquidation, no
subordination of the claims of RCM would occur, and no avoidance of the
preference payment made to Noteholders would be obtained."

Moreover, West Loop notes that the Plan Proponents have stacked
the classification deck by including within Class 5(a).18 the
guaranty claims of certain customers and creditors of RCM that
are obtaining separate recoveries under the Plan.  Thus, the RCM
creditors stand to recover against both RCM and RGL, but yet are
being asked to approve, on RGL's behalf, a settlement that
disproportionately shifts the allocation of the BAWAG proceeds
from RGL to RCM.

Mr. Truitt complains that those guaranty claims have vastly
conflicting interests, and their votes should not be grouped with RGL's
general unsecured trade creditors nor counted in
determining whether Class 5(a).18 votes to accept or reject the
Plan.

(3) FXA Customer Class Plaintiffs

American Financial, et al., are plaintiffs and proposed class
representatives in a class action pending in the U.S. District
Court for the Southern District of New York, asserting claims for
negligence, fraud, gross mismanagement, and breach of fiduciary duty against
former officers and directors of Refco FX
Associates, LLC.

The FXA Customer Class Plaintiffs object to the Plan confirmation because:

   (1) the Plan, if confirmed, would release non-debtor
       defendants in the AFIG Action, including William M.
       Sexton, who held several positions with various debtor
       Entities prepetition and serves as the interim chief
       executive officer of Refco, postpetition;

   (2) the Plan would release potential non-debtors who may be
       added as defendants in the AFIG Action as discovery
       progresses and new facts are revealed about the fraud
       and mismanagement at Refco;

   (3) the Plan would carve out other pending litigation, but
       would not carve out the AFIG Action; and

   (4) the Plan unfairly attempts to take away control of the
       AFIG Action from the named plaintiffs and, instead,
       assign it to a litigation trust.

Accordingly, the FXA Customer Class Plaintiffs want the Plan
amended to preserve their rights and of the proposed class.

(4) SPhinX Liquidators

The SPhinX Liquidators object to the Plan Confirmation because:

   (a) the Plan unfairly enjoins their potential disgorgement
       actions against third party distributees of the SPhinX
       settlement proceeds; and

   (b) the Plan requires them to release Refco Alternative
       Investments LLC and other non-debtor entities from
       potential claims.

In addition, the SPhinX Liquidators complain that they should not be
required to waive their RCM/FX claim if they elect not to
release BAWAG.

(5) Debtors' Officers and Employees

Mr. Klejna, former general counsel of some of the Debtors, wants
the confirmation of the Plan denied because it:

   (a) violates Section 1129(a)(1) by seeking to involuntarily
       subordinate claims, which may not be subordinated under
       Section 510(b), and by creating a class of subordinated
       claims that is broader than provided for in the
       Bankruptcy Code;

   (b) should not determine defenses to causes of action yet to
       be identified or filed by a private actions trust; and

   (c) improperly extinguishes valid claims without compliance
       with the claims process, and discriminates against
       creditors to whom more than one debtor may be liable.

Mr. Klejna intends to preserve his rights to indemnification, and to
preserve defenses that he will be entitled to assert in any future
litigation that may be brought against him.

Mr. Sexton, who served as officer of the Debtors from April 1999
through November 2005, supports Mr. Klejna's position.

Messrs. Sherer and Grady inform the Court that they were parties
to a 2004 Executive Employment and Non-Competition Agreement with RGL.
Pursuant to the Employment Agreement, Mr. Sherer was to serve as RGL's chief
financial officer from December 2004 through February 2007, while Mr. Grady
was to serve as RGL's chief operating officer from the Petition Date through
Nov. 26, 2005.  In consideration for those duties, RGL was obligated to pay
the two officers monetary compensation and additional benefits.

Messrs. Sherer and Grady ask Judge Drain to clarify that if an
avoidance action and other litigation is commenced against them
on behalf of the Debtors' estates, their rights of set-off and
recoupment are not being eliminated in any way by the Plan's
terms.

Mr. Sherer also asks Judge Drain to clarify that to the extent he has valid
indemnification claims against the Debtors, those
claims are not being eliminated by the Plan, including the broad
release, injunction, and exculpation provisions.

Mr. Murphy timely filed proofs of claim against the Debtors
relating to his employment from March 1999 through December 2005.  Mr.
Murphy opposes the Plan to the extent that it is prejudicial to his recovery
against the Debtors or their assets.  Mr. Murphy will withdraw his objection
to the extent the prejudice, if any, is resolved in the claims process or by
stipulation among the parties.

(6) Other Objections

New York Financial asks Judge Drain to deny the Plan Confirmation as it
relates solely to FXA's "stand alone" estate.

Specifically, New York Financial contends that:

   * the Plan violates Section 1129(a), as it compromises
     significant and non-disputed inter-company claims FXA has
     against RCM;

   * the "pooling" of FXA assets for non-FXA creditors violates
     the Bankruptcy Code; and

   * under the Plan, non-consenting creditors are deemed to
     grant unconditional releases in direct contravention of
     applicable Second Circuit authority.

Hillier adds that the Plan cannot be confirmed because it
improperly classifies certain customer property claims as FX
General Unsecured Claims.

PlusFunds also wants the Plan denied to the extent that it
provides for less favorable treatment for its claim based on
breach of contract, and fraud and related torts against any of
the Refco Debtors relative to any general unsecured claims held
by any other creditors.

The Plan appears to provide for less favorable treatment for
certain claims, which may include the Tort Claim, that may be
asserted against any of the Refco Debtors relative to unsecured
claims that one or more other unsecured creditors may assert
against the Refco Debtors, Steven J. Reisman, Esq., at Curtis,
Mallet-Prevost, Colt & Mosle LLP, in New York, counsel for
PlusFunds, tells Judge Drain.

Any distinction in treatment, where the Tort Claim would receive
less favorable treatment than any other general unsecured
creditors' claims, violates Section 1122 because it would
effectuate unequal treatment for claims that have a similar legal character,
Mr. Reisman asserts.

On the other hand, Russia Growth tells Judge Drain that even if
RCM's Chapter 11 case is converted to Chapter 7 at the last
minute, as long as the Plan deviates from statutory provisions
for the liquidation of a stockbroker under Chapter 7, the Plan
still cannot be confirmed.

Revive, which owns claims of 246 former Japanese customers of
FXA, informs the Court that the aggregate amount of claims it
currently holds is approximately US$7,000,000.  Revive's claims
consist almost entirely of Customer Property Claims.

By its objection, Revive wants the Plan Confirmation denied
because the Plan:

   (i) improperly classifies the Customer Property Claims as FX
       General Unsecured Claims; and

  (ii) does not provide for the preservation of funds to which
       the Customer Property Claim Holders may be entitled, or
       for the satisfaction of the Customer Property Claims, if
       an entitlement is established.

                      About Refco Inc.

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

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

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

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

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

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

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

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

(Refco Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


REFCO INC: Inks US$350,000 Settlement with Trading Technologies
---------------------------------------------------------------
Trading Technologies International Inc. reached a settlement
agreement with Refco Group Ltd., LLC, Al Togut, the chapter 7
trustee of Refco, LLC, Refco EasySolutions, LLC, Refco Screens,
Limited, and other Refco-related entities.

The settlement resolves a lawsuit that was pending in the United
States District Court for the Northern District of Illinois
Eastern Division, styled Trading Technologies International, Inc. v. Refco
Group Ltd., LLC (Case No. 1:05-cv-01079), prior to
Refco's chapter 11 filing.  The lawsuit alleges that the
defendants infringed TT's U.S. Patent Nos. 6,766,304 and
6,772,132, by making, using, selling, importing, offering for sale or
otherwise distributing software applications known as "Refco Pro" and
"EasyScreen Ladder Ticket."

The lawsuit was resolved with the entry of a Consent Judgment
finding infringement and validity.  As part of the settlement,
Refco will pay to TT a settlement amount of US$350,000 and TT will release
Refco and its customers of any past liability for
infringement of TT's MD Trader patents.

Specifically, the Settlement Agreement provides that, among other things:

   (1) the Refco Entities will not infringe the Patents for
       the term of the Settlement;

   (2) the Refco Entities will pay US$350,000 to Trading
       Technologies;

   (3) Trading Technologies will consent to the Court's entry
       of an order providing for deemed withdrawal of the Claims
       with prejudice; and

   (4) the Lawsuit will be resolved through the filing of a
       consent judgment with the District Court.

The parties further agree to release, acquit and forever
discharge each other and their affiliates from any and all claims relating
to the Lawsuit or to the infringement of any of the Patents or any other
intellectual property rights, breach of
contract or otherwise arising out of manufacture, creation,
copying, importation, use, sale, offer for sale, lease, or other
distribution of the Software provided by the Refco Entities to
Man Financial, Inc., and Marex Group Ltd.

The Settlement Agreement will remain in full force and effect
until the expiration of the last to expire of the Patents.

Trading Technologies has entered into separate agreements with
Man and Marex.  Man has agreed to discontinue using the Software
after a transition period.  Marex has agreed to use a modified
version of the Software.

                 About Trading Technologies

Trading Technologies -- http://www.tradingtechnologies.com
-- develops high performance trading software for derivatives
professionals, including the world's premier exchanges, money-
center banks, proprietary traders, securities brokers, Futures
Commission Merchants, hedge funds and other trading institutions.  The
company's X_TRADER(R) software and related services provide direct access to
the world's major derivatives exchanges.  TTNET(TM), TT's Application
Service Provider (ASP)/hosting solution, delivers maximum system stability
and fast trade execution via hubs located close to the major exchanges in
Chicago, New Jersey, London and Frankfurt.  Additional data centers are
planned for Tokyo and Singapore.

Headquartered in Chicago, Trading Technologies maintains a
worldwide presence with offices in New York, Houston, London,
Frankfurt, Singapore, Hong Kong, Tokyo and Sydney.  In 2004,
Trading Technologies was named the best technology company to
work for in Chicago by Chicago magazine and ranked third among
all Chicago area employers.  In 2006, TT received the prestigious Lighthouse
Award from the Illinois Information Technology Association as the leading
technology company in Illinois.

                      About Refco Inc.

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

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

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

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

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

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

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

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

(Refco Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SAVVIS (BERMUDA): Deadline for Proofs of Claim Filing Is Dec. 28
----------------------------------------------------------------
Savvis (Bermuda) Ltd.'s creditors are given until Dec. 28, 2006, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Savvis (Bermuda)'s shareholders agreed on Dec. 5, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


SAVVIS (BERMUDA): Sets Final General Meeting on Jan. 15, 2007
-------------------------------------------------------------
Savvis (Bermuda) Ltd.'s final general meeting will be held at the
liquidator's place of business on Jan. 15, 2007, at 9:00 a.m., or as soon as
possible.

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

Savvis (Bermuda)'s shareholders agreed on Dec. 5, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


SHELL GENERATING: Proofs of Claim Filing Is Until Dec. 28
---------------------------------------------------------
Shell Generating Ltd.'s creditors are given until Dec. 28, 2006, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Shell Generating's shareholders agreed on Dec. 7, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


SHELL GENERATING: Final Shareholders Meeting Is on Jan. 15, 2007
----------------------------------------------------------------
Shell Generating Ltd.'s final general meeting will be held at the
liquidator's place of business on Jan. 15, 2007, at 9:30 a.m., or as soon as
possible.

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

Shell Generating's shareholders agreed on Dec. 7, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


WARNER CHILCOTT: Appoints James H. Bloem to Board of Directors
--------------------------------------------------------------
Warner Chilcott Limited appointed James H. Bloem to its Board of Directors
and the Audit Committee of the Board.

Mr. Bloem is Senior Vice President and Chief Financial Officer of Humana
Inc., a position he has held since 2001.  Humana is one of the nation's
largest health benefit companies with over 11 million medical members.  In
addition, from 1996 to 2000, he served as a member of the Board of Directors
of one of our predecessor companies. Mr. Bloem also currently serves on the
board of Rotech Healthcare, Inc.

"We are very pleased to add Jim Bloem to our Board," said Roger
Boissonneault, Chief Executive Officer and President of the Company. "Jim
has spent most of his career in senior financial positions in a wide variety
of industries, including healthcare, and will bring his experience and
knowledge to our Board."

Additionally, on Dec. 7, 2006, George Taylor resigned from the company's
Board of Directors.

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a host of
pharmaceutical makers.  Women's health care products, including hormone
therapies (femhrt and Estrace Cream) and contraceptives (Estrostep,
Loestrin, and OvCon), are the company's largest segment.  Other products
include dermatology treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes prescription drugs for
dermatology and women's health; other subsidiaries provide services in data
management systems, pharmaceutical development, manufacturing, and chemical
development.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its ratings on
Warner Chilcott Corp.  The corporate credit rating was raised to 'B+' from
'B'.  At the same time, the ratings were removed from CreditWatch, where
they were placed with positive implications on June 13, 2006, following the
company's announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  The rating outlook is stable.

Moody's Investors Service revised on Oct. 9, 2006, the rating outlook on
Warner Chilcott Company, Inc., and related entities to positive from stable,
and affirmed the existing ratings, including the B2 corporate family rating.
At the same time, Moody's upgraded the speculative grade liquidity rating to
SGL-2 from SGL-3.  In addition, Moody's withdrew the B1 senior secured term
loan rating on Warner Chilcott Holdings Company III, Limited following the
repayment of this tranche of debt.




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


PETROLEO BRASILEIRO: May Consider Investment Projects in Bolivia
----------------------------------------------------------------
Published reports say that Petroleo Brasileiro SA, the state-owned oil
company of Brazil, may consider new investments in Bolivia.

As reported in the Troubled Company Reporter-Latin America on Dec. 14, 2006,
Petroleo Brasileiro has four months to decide on its Bolivian energy
investments, as a Dec. 10 deadline for reaching an agreement on gas prices
and fair compensation of its refineries in Bolivia was extended.  The two
nations' relations were strained after Bolivia declared on May 1 the
nationalization of its hydrocarbons sector, a move that would strip foreign
oil firms of controlling stakes on their oil fields.

Jose Gabrielli, Petroleo Brasileiro's chief executive officer, told Business
News Americas, "We have several operations in Bolivia and now we have four
months to study our options."

The investments would be analyzed on a case-by-case basis, Agencia Estado
notes, citing Mr. Gabrielli.

Petrolworld underscores that Mr. Gabrielli was speaking to the Bolivian
congress on the production agreements with the government, signed into law
by President Evo Morales on Dec. 10.  The contract with Petroleo Brasileiro
includes increasing the tax on royalties from oil and gas production to 80%
from 50%.

Bolivia assured Petroleo Brasileiro return on investments when the former's
congress ratified exploration and production accords in the country, paving
the way for new investments, BNamericas says, citing Mr. Gabrielli.

The new contracts give Brazil the legal stability in Bolivia to consider
other investments, Silas Rondeau, the mines and energy minister of Brazil,
told Petrolworld.

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.




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


AGCO CORP: Discloses Strategy to Accelerate Organic Growth
----------------------------------------------------------
AGCO Corp. disclosed a strategic business plan supported by a new corporate
brand positioning.  The new plan focuses on major growth initiatives that
will continue the company's advancement to becoming one of the most dominant
players in the global agricultural machinery marketplace.  The new corporate
positioning, "AGCO... Always Growing," exemplifies the company's ambition to
move the company forward and to constantly improve in all facets of its
business.

The increase in mega-farming operations, the population explosion in
developing nations, the demand for biofuels among industrialized nations and
the need for more technologically advanced farm equipment were cited as
global industry drivers motivating AGCO to redefine its place in the
agricultural machinery industry.

Numerous internal initiatives are being implemented, which support AGCO
Corp.'s objectives to grow its revenues, profitability and earnings per
share.  "We are a company built from a series of acquisitions," said AGCO
Chairman, President and CEO, Martin Richenhagen.

"Our organic growth plan and the new corporate brand strategy together are
building on that foundation.  The 'Always Growing' philosophy embodies
growth on many fronts including revenue, technology, market share, product
development, employee development and profitability, which will ultimately
enable our customers to become more productive and more profitable.  We're
introducing initiatives that will make our operations more efficient, create
growth opportunities for AGCO in emerging markets and, in the end, improve
overall shareholder value," Mr. Richenhagen continued.

AGCO is pursuing its growth strategy on a global basis using regionalized
approaches.

"In North America, the company has reorganized its sales and marketing
efforts to address defined industry segments, which align with our core
brand strategies," said Randy Hoffman, Senior Vice President, Global Sales
and Marketing.  "Other global growth strategies include further expansion
into the emerging Central and Eastern European markets, the Far East and
China.  In South America, we will leverage our established market positions
in Brazil and Argentina to drive targeted expansion throughout the remainder
of the region."

This new strategy will drive development in the key aspects of the company's
business and will grow its value proposition for customers and shareholders.
The strategic initiatives are addressed using the three building blocks of
value creation:

   -- strength,
   -- performance and
   -- simplicity.

AGCO intends to strengthen its global market position by focusing on its
core brands, the quality of its dealer networks and by enhancing service
support programs.  The company will solidify its technological advantage in
the high-end professional farming segment, and will further establish its
cost leadership in the lower-tech, lifestyle market segment.  Also, the
company will enhance its product line through a globally competitive
harvesting offer.

In the area of performance, AGCO has identified, implemented and is
realizing improvements through programs targeted at harmonizing processes in
front- and back-office operations, optimizing global manufacturing and
sourcing and decreasing time to market with greater efficiency.

The company has also developed initiatives aimed at reducing its asset base
and working capital requirements by increasing the simplicity of its
operations in order to experience a greater return on invested capital.

Equally important as its manufacturing and market initiatives is the human
capital element.  AGCO Corp. values the contribution that all employees make
to the success of the company and continues to implement numerous programs
to provide employees with a stimulating and motivating work environment in
all parts of the world.

"Our strength comes from the heritage of our brands, our performance is
driven by a passion to develop innovative technologies, and our focus on
simplicity stems from the growth opportunities derived from being nimble and
responsive to an ever changing agricultural marketplace. We are able to see
growth where others don't," said Mr. Richenhagen.  "For those reasons, and
others, AGCO is 'Always Growing'."

Headquartered in Duluth, Georgia, Agco Corp. -- http://www.agcocorp.com/--  
is a global manufacturer of agricultural equipment and related replacement
parts.  Agco offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which are
distributed through more than 3,600 independent dealers and distributors in
more than 140 countries worldwide, including Argentina and Brazil.  AGCO
products include the following brands: AGCO(R), Challenger(R), Fendt(R),
Gleaner(R), Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R),
Spra-Coupe(R), Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM)
Planters.  AGCO provides retail financing through AGCO Finance.  The company
had net sales of US$5.4 billion in 2005.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America ion
Sept. 28, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Automotive and Equipment sector, the
rating agency confirmed its Ba2 Corporate Family
Rating for AGCO Corp.

Moody's also revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default

   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


BANCO NACIONAL: Disbursements Up 5% to BRL42MM from Jan. to Nov.
----------------------------------------------------------------
Disbursements from Banco Nacional de Desenvolvimento Economico e Social aka
BNDES increased 5% between January and November 2006 in relation to the same
period of last year, reaching BRL42 billion.  Approvals amounted to BRL61.3
billion until November, representing an expansion of 23% against the first
11 months of 2005.  Value of the eligible projects increased 13% reaching
BRL84.6 billion, and consultations, which were BRL89.8 billion, increased
14% as compared with same period of last year.

In November, disbursements reached BRL6.7 billion, representing a growth of
12% in relation to the same month in 2005. Approvals in the month amounted
to BRL7.7 billion, an amount 47% over the BRL5.3 billion approved in
November last year.  Among the highlights for the month is the approval of a
financing to Telemar, of BRL2.4 billion, used to expand and technologically
update a fixed and mobile telecommunication network scheduled for 2006 to
2008.  The project provides for a funding of significant investments in less
developed regions, in addition to new social projects related to BNDES
financing in the fields of education, culture and technology.

In the energy sector, the Bank approved in November financings to three
different projects in the transmission sector:

   -- Itumbiara Transmissora de Energia,
   -- Porto Primavera Transmissora de Energia and
   -- Vila do Conde Transmissora de Energia.

Total amount of financings is BRL875 million to carry out global investments
of BRL1.43 billion.

In the social field, it was signed a financing agreement in the amount of
BRL112.2 million with Servico Social de Transporte or SEST and Servico
Nacional de Aprendizagem do Transporte or SENAT.  This credit is used to
expand the national network of assistance to workers in the transport sector
and their families, in the fields of professional qualification, medical and
odontological assistance, culture, leisure and sports, with the construction
and equipage of thirteen new Assistance and Professional Centers.

BNDES performance in the year until November points out to growing
disbursements within the next months, mainly in function of an increase in
approvals.  Consultations and eligibilities by values over those in 2005
also reflect a trend of expansion in BNDES financings for 2007.

Within the first 11 months of 2006, disbursements to the industrial sector
increased 6% at the same comparison basis, with highlight to releases
directed to petrochemistry, extractive industry, agribusiness, and cellulose
and paper.

The infrastructure field recorded an increase of 4% in disbursements between
January and November in relation to the same months in 2005.  The best
performances went to transport and telecommunication sectors.

Expansion of disbursements in the segment of trade and services was 18% in
the period.  As to the farming sector, it maintained a negative performance
noted throughout the year, with a drop of 18% in disbursements between
January and November in relation to the same period in 2005.

The number of operations to micro and small enterprises increased 30% in the
year until November, although the volume released, of BRL3.6 billion, has
dropped 3% in the year until November.  A large portion of the increase in
volume of operations is due to the BNDES Card performance.  Operations to
medium enterprises increased 13% in the period, and disbursements grew 7%.

Banco Bradesco maintained leadership in handing over BNDES funds, with a
total of BRL4.5 billion until November.  Banco do Brasil ranked second, with
financings of BRL4.1 billion, followed by Unibanco, with BRL2.2 billion,
Santander, with BRL1.2 billion and Safra, which handed over BRL1.1 billion
until November.

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 SCHAHIN: S&P Affirms B Counterparty Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B/B'
counterparty credit rating on Banco Schahin SA.  The outlook is stable.

"The ratings on Schahin reflect the intrinsic risks of a small bank facing
the challenge of growing its business while maintaining adequate funding in
the increasingly competitive banking market, the margin pressure related to
retail lending, and the still-weak credit quality of its remaining wholesale
portfolio," said Standard & Poor's credit analyst Tamara Berenholc.

These risk factors are offset by:

   -- the bank's coherent strategy to generate more retail
      business while gradually reducing the weight of loans to
      small and midsize companies;

   -- the improvement in credit quality and profitability
      through the increase of its retail operations; and

   -- the conservative approach of its Treasury activity.

With total assets of Brazilian reais BRL1.422 million as of June 2006,
Schahin is a small bank.  The bank is part of a conglomerate with operations
in several areas, including oil-related services, engineering, and
utilities.  Standard & Poor's does not assign ratings to any industrial or
service part of Schahin's conglomerate, and the ratings assigned to the bank
do not incorporate potential support from shareholders.

The bank changed its strategy three years ago to increase its
competitiveness and reduce concentration risk.  The major objective has been
to move away from wholesale banking with middle-market companies, and focus
on loans to individuals.  To sustain this change, Schahin built extensive
relationships with representatives and correspondent banking units to
position itself as a niche bank focused on consumer finance and payroll
discount lending.  In addition, the partnership with HSBC Bank Brasil
allowed for the growth in loan portfolio of payroll discount loans to
pensioners and INSS beneficiaries.  Until June 2006, the bank ceded BRL421
million of loans to HSBC.

As a consequence of the change in credit mix and the credit cession of the
riskier middle-market portfolio since 2005, the bank's credit risk has been
improving.  The ratio of nonperforming loans to total loans booked and ceded
reached 2.6% at June 2006, which is much better than the 5.9% in December
2005.  Nevertheless, the bank's credit risk is still affected by the
remaining riskier middle-market portfolio, with worse asset quality ratios
than its peers.  The increased focus on consumer lending with higher spreads
affected the bank's recurrent results.  As of June 2006, annualized ROA
adjusted to nonrecurrent events reached around 1.2% up from 1.0% in 2004.

The bank's key success factors include the agreements and relationships
established with several representatives and correspondent banking units, as
well as constant investments in IT, meaningful for its size.  Despite having
only two branches, the bank made agreements with documentation agents to
finance the clientele debt, auto financing, and payroll discount lending.
Its market position allowed the bank to be one of the largest financial
agents in the collection of fines and taxes in the State of Sao Paulo.

The stable outlook incorporates our expectation that the bank will be able
to maintain stability in its consumer finance and payroll discount lending
to support its growth strategy while maintaining its profitability and asset
quality indicators.  The stable outlook also incorporates the maintenance of
a BIS ratio above 13%.

The outlook may be changed to positive or ratings may be raised if the bank
shows sustainable growth and stronger returns, a significant improvement in
asset quality indicators, higher liquidity, and better capital ratios.
Meanwhile, the outlook could be changed to negative or ratings could be
lowered if there is a significant deterioration in Schahin's asset quality
ratios its current levels), or if the bank is unable to sustain its
operations, thus reducing its profitability.


BRASIL TELECOM: Mulling Technical Feasibility of 3G Network
-----------------------------------------------------------
Brasil Telecom Participacoes said in a statement that it will study the
technical feasibility of implementing a third generation or 3G network using
the 1.8 gigahertz frequency band, Brasil Telecom said in a statement.

Business News Americas relates that Anatel, telecoms regulator of Brazil,
issued on Dec. 12 the rules for upcoming auctions for licenses in the 800
mega megahertz, 900 megahertz and 1.8 megahertz bands saying that these
bands should be used for 2G services, while the 1.9 gigahertz and 2.1
gigahertz bands were slated for 3G.

Dante Nardelli Junior, director of technical planning at Brasil Telecom,
told Valor Economico that BrT GSM, Brasil Telecom's mobile unit, will
conduct between April and May 2007test of 3G on the 1.8 gigahertz band for
which it holds a concession license.

Brasil Telecom said that the new technology represents an important chance
to offer new services, BNamericas states.

"It will be possible, for example, to offer services such as mobile TV,
video communications, video on demand and games," Mr. Nardelli told
BNamericas.

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

                        *    *    *

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


CHEMTURA CORP: Increases Price for Brominated Flame Retardants
--------------------------------------------------------------
Chemtura Corp. declared an off-list price increase for these brominated
flame-retardants, effective Jan. 1, 2007, or where contracts allow:

   -- US$0.30/kg on Tetrabromobisphenol A (BA-59PTM);

   -- US$0.20/kg on all grades of Hexabromocyclododecane
      (CD-75PTM; CD-75PCTM;CD-75PMTM;SP-75TM; SP-75CTM);

   -- US$0.30/kg on Decabromodiphenylethane (Firemaster TM
      2100); and

   -- US$0.30/kg on Tribromophenol (PH-73FFTM).

These increases are necessary to cover increased energy and feedstock costs.
They also cover advocacy costs that ensure sustainable flame-retardant
choices for customers and end users.  Recovery of bromine value is essential
to ensure a reliable supply chain and to fund research into future
technology.

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

                        *    *    *

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


COMPANHIA SIDERURGICA: Tata Could Top Firm's Offer for Corus
------------------------------------------------------------
An analyst with Planner Corretora brokerage told Business News Americas that
Tata Steel Ltd. could surpass Companhia Siderurgica Nacional's acquisition
bid for Corus Group Plc.

As reported in the Troubled Company Reporter-Latin America on Dec. 13, 2006,
Companhia Siderurgica increased its purchase offer for Corus Group to US$9.6
billion or 515 pence a share, topping Tata Steel's 500 pence per share
offer.

The analyst told BNamericas, "Tata could surpass CSN's (Companhia
Siderurgica) current offer, but not by much.  I believe the price is not
likely to go over 550 pence per share."

Meanwhile, Standard & Poor's said in a report, "We understand that, apart
from the change in the proposed acquisition price, the characteristics of
the transaction remain unchanged, such as the conditional aspects of the
proposal, including completion of confirmatory due diligence satisfactory to
CSN, finalization of financing arrangements, and a recommendation from
Corus' board.  We emphasize our concerns about the impact of the proposed
transaction on CSN's financial profile, as CSN has indicated its intention
to use part of its cash holdings [which totaled US$1.4bn as of Sep 30] for
the transaction and that it does not envision an equity issuance to finance
the acquisition."

                      About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's largest private
sector steel company. Tata Steel is among the lowest cost producers of steel
in the world and one of the few select steel companies in the world that is
EVA+ (Economic Value Added).

                     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.

                 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.


ELETRICAS SA: S&P Outlines Risks on US$113.8MM Senior Notes
-----------------------------------------------------------
The 'BB-' ratings on Brazilian electric utility Espirito Santo Centrais
Eletricas SA aka ESCELSA and on its US$113.8 million senior notes
incorporate these risks:

   -- Maturity concentration in 2007, especially because of the
      US$113.8 million senior notes due in July 2007, which
      poses some refinancing risk;

   -- Standard & Poor's Ratings Services' expectation of a much
      higher dividend distribution from now on, as with other
      utilities in the electricity sector, in light of the
      increased cash flow generation prospects arising from the
      significant deleveraging in 2005.

   -- The company's exposure to potential currency mismatches
      related to the outstanding US$113.8 million senior notes
      (ESCELSA's only foreign-currency-denominated debt).
      Although diminished with the divestment of Enersul and
      other investments, the exposure is now some 33% of
      ESCELSA's total debt (formerly 70%).  However, it is
      hedged using cash position and swap instruments.

   -- The company is exposed to a new and evolving regulatory
      environment in Brazil, although implementation has taken
      place without major incident.

These weaknesses are partially offset by:

   -- Improving financial performance after the divestment of
      all assets outof the concession and the transference of
      US$317 million of the senior notes.

   -- The better debt profile after the debentures issue in June
      2006, even though short-term debt position is still quite
      high due to the US$113.8 million senior notes maturity in
  July 2007.

   -- The expected operating synergies and financial support, if
      needed, from holding company, Energias do Brasil SA.

   -- ESCELSA's adequate operating statistics and low level of
      commercial energy losses (about 5%).

   -- The quality of ESCELSA's receivables portfolio, revealed
      by the low level of past-due receivables.

   -- A monopoly franchise to distribute energy in the whole
      state Espirito Santo and a fairly steady demand for
      electricity.

ESCELSA improved its credit measures in third-quarter 2006, with funds from
operations to total debt of 18%, FFO interest coverage of 1.92x (0.86x in
third-quarter 2005); and stable leverage ratios of total debt to EBITDA of
2.74x and total debt to total capitalization of 52.5%).  Based on Standard &
Poor's expectation that ESCELSA's operating performance and cash flow
generation will gradually improve during the next few years, we expect the
company to distribute stronger amounts of dividends to Energias do Brasil SA
from 2007 on, since electricity distribution utilities in Brazil are not
allowed to invest outside their concession areas.

ESCELSA is a Brazilian electric utility that holds exclusive concession
rights for distribution in the state of Espírito Santo to about 1 million
consumers.  The concession area is composed of 70 counties covering 41,372
square kilometers, or about 90% of the state's total area.  In 2005, ESCELSA
distributed 5,441 gigawatt-hours of electricity.  The Energias de Portugal
S.A. group (A/Stable/A-1) controls 62.4% of ESCELSA's holding company,
Energias do Brasil (not rated).

Liquidity

ESCELSA's liquidity has been improving since it issued five-year BRL264
million debentures in June 2006.  In September 2006, ESCELSA's total debt
was about BRL748 million, including pension fund debts, of which BRL373
million was short-term debt.  Of this short-term debt, about BRL250 million
refers to senior notes with final maturity in July 2007.  To refinance those
senior notes, the company is studying several long-term alternatives in the
market.  Also, the company had BRL179 million in cash holdings in September
2006.

Apart from the senior notes maturity in July 2007, ESCELSA's main debt
amortizations begin in 2009, when it starts to pay down the recently issued
debentures.

Outlook

The stable outlook reflects the expectation that ESCELSA will be ablto keep
low short-term debt levels without using recurring working-capital loans,
and that it will continue posting FFO to total debt near 20%, FFO interest
coverage about 2x, total debt to EBITDA lower than 2.5x, and total debt to
total capital of 50%.  Furthermore, Standard & Poor's expects that the
Energias do Brasil group, on a consolidated basis, will continue to evolve
in its financial performance according to its corporate strategy.


GRAFTECH INT'L: Sells Cathode Business to Alcan for US$135 Mil.
---------------------------------------------------------------
GrafTech International Ltd. has completed the sale of its cathode business,
including: Carbone Savoie and manufacturing assets to Alcan, for US$135
million, subject to certain agreed upon adjustments, plus Alcan's assumption
of certain related liabilities.

GrafTech plans to use the estimated net proceeds of US$120 million to reduce
debt.

"The value created by the completion of this sale allows us to focus on our
stated goal of further delevering the company while positioning us for
future growth," said GrafTech Chief Executive Officer Craig Shular.  "As a
result of the improvements made to our balance sheet and the accretive
nature of this transaction, we will be in a strong position to capitalize on
strategic opportunities with the goal of creating long term value for our
shareholders."

With the completion of this sale and positive cash flow expected in the
fourth quarter 2006, GrafTech is targeting completion of the year with net
debt below US$525 million, a US$164 million reduction from net debt levels
at year-end 2005.  Moreover, GrafTech continues to maintain a stable capital
structure with
no material debt repayments required until 2010.

GrafTech announced on Oct. 19, 2006, that it was in discussions with Alcan
concerning the divestiture of its cathode business.

GrafTech International Ltd. -- http://www.graftechaet.com/--  
manufactures and provides synthetic and natural graphite and
carbon based products and technical and research and development
services, with customers in 80 countries, including Brazil and Mexico,
engaged in the manufacture of steel, aluminum, silicon metal, automotive
products and electronics.  The Company manufactures graphite electrodes and
cathodes, products essential to the production of electric arc furnace steel
and aluminum.  It also manufactures thermal management, fuel cell and other
specialty graphite and carbon products for, and provides services to, the
electronics, power generation, semiconductor, transportation, petrochemical
and other metals markets.  GrafTech operates 13 manufacturing facilities
located in four continents.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 9, 2006,
Moody's Investors Service affirmed its B1 Corporate Family Rating for
Graftech International Ltd., in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Chemicals and Allied
Products sectors.  Moody's also upgraded its Probability-of-
Default rating on Graftech International's US$215 million Guaranteed Senior
Secured Revolving Credit Facility due 2010
to Ba1 from Ba3.


HAYES LEMMERZ: Incurs US$59.6M Net Loss in Quarter Ended Oct. 31
----------------------------------------------------------------
Hayes Lemmerz International Inc. reported that sales for the fiscal third
quarter ended Oct. 31, 2006, were US$589.5 million, down 2.4% from US$604
million a year earlier.

Loss from operations for the fiscal third quarter was
US$27.6 million, compared with earnings from operations of
US$16.8 million in the third quarter of 2005.

The Company's net loss in the third quarter was US$59.6 million, compared
with a net loss of US$13.3 million in the same period a year earlier.

The loss includes a US$39 million asset impairment charge related to the
Company's suspension facilities in Bristol, Indiana, and Montague, Michigan.
Excluding the impairment charge, the company had earnings from operations of
US$11.4 million and a net loss of US$20.6 million during the quarter.

"Although our sales were down 2.4%, they reflect the Company's move to a
more diverse customer base when compared to the 15% declines in Big 3
production volumes in North America," said Curtis Clawson, President, CEO
and Chairman of the Board.

In the third quarter, Hayes Lemmerz reported free cash flow of US$27.6
million, excluding the impact of the company's securitization program, up
US$5 million from a year earlier.  The company reduced its overall debt by
approximately US$24 million in the third quarter.  Liquidity as of Oct. 31,
2006, was US$158 million, an increase of US$6 million from
July 31, 2006.

The company reported adjusted EBITDA for the quarter of
US$52.7 million, a decline of US$5.3 million from a year earlier.

During the third quarter, Hayes Lemmerz sold its Southfield, Michigan
suspension machining facility, which further reduced the company's
dependence on the North American automotive market.

"We are continuing to execute our operating plan, focus our capital
expenditures in high growth/low cost areas, maintain adequate liquidity, and
drive positive free cash flow," Mr. Clawson said.  "Our customer and
geographic mix continue to improve, and our restructuring efforts are on
track, generating substantial savings as we go forward," he added.

So far this year, Hayes Lemmerz has won over US$475 million of new business,
80% of which is with international customers, including Asian OEMs Toyota,
Hyundai, Nissan, and Honda, and European OEMs Volkswagen, Audi, BMW,
Renault, and Fiat.  The company is continuing to diversify its product mix
in North America, as the market shifts toward passenger cars and cross over
SUVs.

A core component of Hayes Lemmerz' strategy is to grow by maximizing
customer satisfaction.  "Hayes Lemmerz is proud to supply wheels to all of
the ten top selling platforms in Europe, and to seven of the ten top selling
platforms in North America," Mr. Clawson said.  "Additionally, for the fifth
consecutive year, Hayes Lemmerz' South Africa Operation was recognized with
Ford Motor of Southern Africa's Supplier of the Year award."

For the full year, Hayes Lemmerz expects to achieve sales of
US$2.2 billion to US$2.3 billion, improved adjusted EBITDA compared with
2005, and capital expenditures of US$75-85 million.  In the fourth quarter,
the company expects to expand capacity at its aluminum wheel plants in the
Czech Republic, Thailand, and Turkey.
At Oct. 31, 2006, the company's balance sheet showed
US$1.738 billion in total assets, US$1.579 billion in total liabilities,
US$53 million in minority interests, and US$106 million in total
stockholders' equity.

Full-text copies of the company's third fiscal quarter financials are
available for free at http://ResearchArchives.com/t/s?16e7

Based in Northville, Michigan, Hayes Lemmerz International Inc. (Nasdaq:
HAYZ) -- http://www.hayes-lemmerz.com/-- is a leading global supplier of
automotive and commercial highway wheels, brakes, powertrain, suspension,
structural and other lightweight components.  The company has 33 facilities
worldwide including India, Brazil and Germany, among others.

                        *    *    *

Standard & Poor's Ratings Services affirmed, on Sept. 13, 2006, its 'B-'
corporate credit rating on Hayes Lemmerz International Inc. and removed the
rating from CreditWatch with negative implications, where it was placed Aug.
21, 2006.  S&P said the outlook is negative.

Standard & Poor's Ratings Services placed on Aug. 24, 2006, Hayes Lemmerz
International Inc.'s B- rating on CreditWatch with negative implications.


PETROLEO BRASILEIRO: Accelerating Ship Construction Tender
----------------------------------------------------------
Guilherme Estrella -- exploration and production director for Petroleo
Brasileiro SA, the state oil firm of Brazil -- told Business News Americas
that the company will speed up the process to tender construction of two new
ships.

BNamericas relates that Mr. Estrella said, "Last week, the company board
approved the speeding-up of the ship [projects]."

According to BNamericas, the acceleration is part of a program to boost
natural gas output.

Mr. Estrella told BNamericas that Petroleo Brasileiro will tender one ship
to transport natural gas, and another to haul natural gas and oil.

Meanwhile, Mr. Estrella told BNamericas that Petroleo Brasileiro is
negotiating with suppliers to launch a tender to construct the P-55
semi-submersible platform and the P-57 floating production, storage and
offloading vessel.  Petroleo Brasileiro is appraising is the capacity of
Brazilian shipyards to meet demand for its platforms.

Published reports say that the two production units will be tendered before
the end of 2006.

Petroleo Brasileiro told BNamericas that the 180,000-barrel per day P-55
will begin producing oil at the deepwater Roncador field in the Campos basin
in 2011.

Meanwhile, the P-57 is a 180,000 barrel per day FPSO expected to operate in
Campos' deepwater Jubarte field by 2010.

The report says that the projects will boost the Plangas program aimed at
speeding natural gas production in Brazil's southeastern region by 24
million cubic meters per day by the end of 2008 from 15 million cubic meters
per day.

BNamericas underscores that the plan includes:

          -- reducing flaring of gas,
          -- increasing gas transport capacity,
          -- increasing output from existing fields, and
          -- speeding up the development of new fields.

                 About Petroleo Brasileiro

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

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

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

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

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

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


REMY INT'L: Weak Performance Cues Moody's to Lower Ratings
----------------------------------------------------------
Moody's Investors Service has lowered these ratings of Remy International,
Inc.:

   -- Corporate Family Rating to Caa3 from Caa1;
   -- Probability of Default Rating to Caa2 from B3;
   -- second priority secured notes to Caa3 from B3;
   -- guaranteed senior unsecured notes to Caa3 from Caa1; and
   -- the guaranteed senior subordinated notes to Ca from Caa2.

The downgrades reflect the risks that the continued weakness in the
company's credit metrics and cash generation, combined with the ongoing
challenges in the automotive parts supply sector, could place considerable
stress on the company's near term liquidity and could also limit its ability
to fund the maturity of the US$145 million of senior notes maturing in
December of 2007.

Remy has disclosed that it is exploring a range of potential refinancing
options, including possible asset sales, that will help address its near
term funding requirements.  To the extent that Remy is not successful in
pursuing these options, it could face the potential of a distressed
restructuring of its unsecured obligations.  The negative outlook reflects
the uncertainty associated with the successful completion of a refinancing
initiative.  Although Moody's Automotive Supplier Methodology indicates
higher ratings on factors such as revenue growth and diversification, the
considerable pressure on the company's liquidity and refinancing profile
supports a Caa3 corporate family rating.

Moody's lowered these ratings:

   -- Corporate Family Rating, to Caa3 from Caa1,

   -- Probability of Default Rating to Caa2 from B3,

   -- US$125 million of guaranteed second-priority senior
      secured floating rate notes to Caa3 (LGD4, 53%) from
      B3 (LGD4, 53%);

   -- US$145 million of 8.625% guaranteed senior unsecured notes
      to Caa3 (LGD5, 71%) from Caa1 (LGD5, 72%);

   -- US$150 million of 9.375% guaranteed senior subordinated
      notes to Ca (LGD6 92%) from Caa2 (LGD6, 92%); and

   -- US$165 million of 11% guaranteed senior subordinated notes
      to Ca (LGD6, 92%) from Caa2 (LGD6, 92%)

The last rating action was on Sept. 22, 2006 when the LGD Methodology was
applied.

The US$80 million senior secured term loan and the senior secured asset
based revolving credit facility are not rated by Moody's.

For the twelve-month period ending Sept. 30, 2006, Debt/EBITDA (using
Moody's standard adjustments) was 11.0x, and EBIT/Interest approximated
0.5x.  Free cash flow was approximately negative US$34 million.
Availability under the company's asset based revolver was approximately
US$93 million at Sept. 30, 2006.  Balance sheet cash of US$27 million was
maintained in non-guarantor subsidiaries.

Factors that could result in further pressure on the company's rating
include evidence that the company is not making adequate progress in
pursuing its refinancing initiatives.  Additional rating pressure could
result from indications that:

   -- declining automotive volume or market share loss will
      further erode the company's revenue base;

   -- the restructuring cost savings are not being adequately
      realized; and

   -- working capital requirements or other needs are resulting
      in continuing free cash flow deficits.

Factors that could contribute to a stabilization of the company's outlook
include:

   -- a successful completion of an adequate refinancing
      program; and

   -- evidence that Remy's restructuring and cost reductions
      efforts will support significantly improved operating
      cash flow performance and credit metrics.

These metrics would include EBIT/interest expense consistently over 1.0x and
Debt/EBITDA consistently below 6.0x.

Remy International is privately owned in these approximate percentages by
affiliates of:

   -- Citicorp Venture Capital (70%);
   -- Berkshire Hathaway (20%); and
   -- management/miscellaneous other investors (10%).

Headquartered in Anderson, Indiana, Remy International, Inc., manufactures,
remanufactures, and distributes Delco Remy brandheavy-duty systems and Remy
brand starters and alternators, diesel engines, locomotive products and
hybrid power technology.  The company also provides worldwide components
core-exchange service for automobiles, light trucks, medium and heavy-duty
trucks and other heavy-duty, off-road and industrial applications.  Remy was
formed in 1994 as a partial divestiture by General Motors Corp. of the
former Delco Remy Division, which traces its roots to Remy Electric, founded
in 1896.  Its Latin American operations are in Brazil and Mexico.


SANMINA-SCI: Files Third Quarter Report on Form 10-Q
----------------------------------------------------
Sanmina-SCI Corp. filed its quarterly report on Form 10-Q for its third
quarter ended July 1, 2006, with the U.S. Securities and Exchange
Commission.

The company previously disclosed that it was delaying the filing of its
report on Form 10-Q because the investigation of the Special Committee of
the company's Board of Directors related to the company's stock option
administration practices had not been completed.

Based on the final report and recommendations of the Special Committee, the
company said that a restatement of the company's historical financial
results would be necessary in order to record additional stock-based
compensation expenses and that the restatement would effect the company's
financial statements for fiscal years 1997 through 2005. The financial
statements, and related footnotes and disclosures, as filed with the SEC in
the company's Form 10-Q for its third quarter have been adjusted to reflect
the results of the investigation.

Headquartered in San Jose, California, Sanmina-SCI Corp. is one
of the largest electronics contract manufacturing services companies
providing a full spectrum of integrated, value added solutions.  In Europe,
the company has operations in Finland, France, Ireland, Germany, Sweden,
Hungary, and Spain. In Latin America, it operates in Brazil and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006, Standard &
Poor's Ratings Services assigned its 'BB-' rating to Sanmina-SCI Corp.'s
US$600 million senior unsecured term loan, which matures Jan. 31, 2008.  In
addition, this rating was placed on CreditWatch with negative implications.


TAM SA: Capital Alberto Ranks Firm as Best for Shareholders
-----------------------------------------------------------
The Brazilian magazine Capital Aberto has ranked TAM SA first among the best
companies for shareholders in the category of companies with a market cap of
between BRL5 billion and BRL15 billion.  Based on the analysis of five
topics in the first edition of the magazine ranking, the companies selected
best treat investors in capital markets.

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM SA.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.


TAM SA: Receives Fourteenth Airbus A320
---------------------------------------
TAM SA has received another Airbus aircraft A320 that starts operating this
week.  This is the 14th Airbus A320/319 family incorporated this year into
TAM's fleet.  Also, a Fokker 100 has been returned, maintaining the total
fleet at 94 aircraft, of which 73 are Airbus models -- 14 A319, 49 A320, and
10 A330 -- plus 21 F100.  TAM expects its fleet to achieve 96 airplanes at
the end of 2006.

The new A320 aircraft will fly domestic routes as well as routes throughout
South America, following the increase in demand observed over past months.
According to ANAC -- Agencia Nacional de Aviacao Civil -- the Brazilian
aviation authority, the domestic market increased 12.9% in the period from
January to November 2006.

Manufactured with high technology, the Airbus A320 has the capacity to
transport up to 174 passengers.  With this new A320, TAM strengthens its
policy of operating a young aircraft fleet, offering more comfort to
passengers with a high technology product.

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM SA.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.


* BRAZIL: IDB Grants US$2.1MM to SEBRAE to Boost Competitiveness
----------------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment Fund announced
today the approval of a US$2,100,000 grant to the Brazilian Microenterprise
and Small Business Support Service or SEBRAE to strengthen public-private
collaboration to promote the competitiveness and sustainable business
development in the Amazon region's wood and furniture supply chain.

The Brazilian Amazon region is the largest tropical forest in the world,
representing two thirds of the globe's tropical forests.  Eight of Brazil's
27 states are located in this enormous area, but its geographic and economic
heart are the states of Para and Amazonas, including the Amazon river.

The objective of this new project is to identify and disseminate
technological solutions in the states of Amazonas and Para to provide
greater value added and promote sustainable development for small
enterprises in the wood and furniture supply chain.

The main challenges facing the wood and furniture supply chain are:

   -- the inefficient and environmentally unsustainable
      technologies for wood harvesting and processing;

   -- the low yield in initial processing due to 60% of logs
      ending up as fragments;

   -- failure to take advantage of the majority of native
      species; and

   -- unavailability of appropriate drying technologies.

The program will create and implement a technological services network,
strengthen microenterprises and small businesses in the supply chain, train
human resources and foster a public education campaign.  It will also
promote regional integration and boost competitiveness, and disseminate and
transfer the know-how.

"This project is expected to stimulate the supply of technological services
for small enterprises and create a set of new products in the form of
services for these businesses," said MIF Team Leader Claudio Cortellese.
"This will result in a significant increase in technological projects that
are of collective interest to businesses and more direct investment
resulting from linkages with international value chains."

"For the biological wealth of the Amazon to effectively be reflected in the
region's sustainable economic development, there needs to be an increase in
the value added to wood in its industrial processing.  To this end, the
chain must develop a focus on high-quality products, not only in terms of
esthetic, functional and safety characteristics, but also in terms of its
environmental sustainability," emphasized Mr. Cortellese.

Many problems could be solved in part by greater collaboration among the
public and private sectors, making the most of the synergies that can be
created between enterprises at the different stages of the supply chain,
added Mr. Cortellese.  "This project will bring the principal public and
private stakeholders together systematically around a concrete common
undertaking and strategic approach, which is to identify new technological
solutions for the sustainable economic use of wood from the Amazon."  It
will also include a facility for public-private initiatives of regional
scope.

SEBRAE, the Brazilian Microenterprise and Small Business Support Service, is
a private sector association active throughout Brazil to promote sustainable
development, competitiveness and technical skills upgrading in small and
medium-sized enterprises.

The Multilateral Investment Fund, an autonomous fund administered by the
IDB, supports private sector development in Latin America and the Caribbean,
focusing on microenterprise and small business.

Project financing will total US$5.1 million.  SEBRAE will contribute US$3
million.

                        *    *    *

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.


* BRAZIL: S&P Assigns BB Rating on Reopened Bonds Due 2022
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its BB rating to the Federative
Republic of Brazilīs global Brazilian real-
denominated bonds maturing in 2022.  The bonds, which were recently
reopened, settled Dec. 11, 2006.  The total amount outstanding of the global
BRL 2022 is now BRL3 billion.  While denominated in Brazilian reals, the
bond is payable in U.S. dollars; hence, Standard & Poor's assigns a foreign
currency rating to the bond.

According to Standard & Poor's credit analyst Lisa Schineller, the global
BRL 2022, initially issued in September 2006, compliments the global BRL
2016 of BRL$3.4 billion issued in September 2005, which was the first
external bond issued by Brazil in local currency.

"As part of its 2007/2008 external debt-financing plan, the Brazilian
Treasury is committed to establishing benchmarks in its external yield curve
in local currency," said Ms. Schineller.  "This is, in turn, part of its
strategy to extend the domestic fixed-rate yield curve, which has maturities
of up to seven years, at a lower cost than it otherwise could in the local
market," she added.

Proactive debt management by the Treasury in both local and external markets
has significantly improved the composition of Brazilīs government debt-one
of the factors underpinning successive improvements in the sovereign's
creditworthiness.  In its last rating action on Nov. 22, 2006, Standard &
Poor's revised its outlook on its long-term ratings on the republic to
positive from stable, in part reflecting the continued advances seen in
2006.

Brazil's still-high net general government debt burden, at 49% of GDP, is
less vulnerable to changes in interest -- and exchange -- rate fluctuations
than it was several years ago.  Fixed-rate paper comprises 33% of locally
issued debt, while inflation-linked paper accounts for 22% and floating rate
paper 44%; dollar-linked paper has been eliminated.  Locally issued debt,
completely denominated in Brazilian reals, accounts for almost 90% of total
general government debt.

"The switch from vulnerable, currently cheaper, external debt to higher-cost
domestic debt does not come without its initial costs, namely a more slowly
declining debt/interest burden," Ms. Schineller noted.  "Therefore, an
ongoing commitment to improving fiscal weakness is crucial to hastening the
decline in debt, consolidating the benefits of lower real and nominal
real-denominated interest rates, and engineering a further lengthening of
maturity and duration of locally issued debt," she concluded.




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


AQR FINANCIAL: Liquidator to Present Wind Up Accounts on Dec. 15
----------------------------------------------------------------
AQR Financial Futures Offshore Fund (USD) Ltd.'s shareholders will convene
for a final meeting at 2:00 p.m. on Dec. 15, 2006, at:

           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Glenn Kennedy
           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands
           Tel: (345) 949 9876
           Fax: (345) 949 1986


AQR FINANCIAL (II): Final General Meeting Is Set for Dec. 15
------------------------------------------------------------
AQR Financial Futures Offshore Fund (USD) II Ltd.'s shareholders will
convene for a final meeting at 2:00 p.m. on Dec. 15, 2006, at:

           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Glenn Kennedy
           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands
           Tel: (345) 949 9876
           Fax: (345) 949 1986


AQR GLOBAL (MASTER): Sets Final Shareholders Meeting on Dec. 15
---------------------------------------------------------------
AQR Global Volatility Strategies Master Account Ltd.'s shareholders will
convene for a final meeting at 2:00 p.m. on Dec. 15, 2006, at:

           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Glenn Kennedy
           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands
           Tel: (345) 949 9876
           Fax: (345) 949 1986


AQR GLOBAL (OFFSHORE): Final Shareholders Meeting Is on Dec. 15
---------------------------------------------------------------
AQR Global Volatility Strategies Offshore Fund (USD) Ltd.'s shareholders
will convene for a final meeting at 2:00 p.m. on Dec. 15, 2006, at:

           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Glenn Kennedy
           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands
           Tel: (345) 949 9876
           Fax: (345) 949 1986


AREMET ENERGY: Proofs of Claim Filing Is Until Dec. 18
------------------------------------------------------
Aremet Energy Offshore, Ltd.'s creditors are required to submit proofs of
claim by Dec. 18, 2006, to the company's liquidator:

          Matt Epstien
          257 Weaver St 4F,
          Greenwich, CT 0631
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Aremet Energy's shareholders agreed on Sept. 10, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Alric Lindsay
          c/o Ogier
          P.O. Box 1234, George Town
          Grand Cayman, Cayman Islands
          Tel: 345-949-9876
          Fax: 345-949-1986


AREMET GLOBAL: Deadline for Proofs of Claim Filing Is on Dec. 18
----------------------------------------------------------------
Aremet Global Energy Fund, Ltd.'s creditors are required to submit proofs of
claim by Dec. 18, 2006, to the company's liquidator:

          Matt Epstien
          257 Weaver st.4th Floor
          Greenwich, CT 0631
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Aremet Global's shareholders agreed on Nov. 10, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Alric Lindsay
          c/o Ogier, P.O. Box 1234 GT
          Grand Cayman, Cayman Islands
          Tel: 345-949-9876
          Fax: 345-949-1986


CBO HOLDINGS: Shareholders to Gather for Last Meeting on Dec. 15
----------------------------------------------------------------
CBO Holdings IV 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


CARIBBEAN HABITAT: Final Shareholders Meeting Is on Dec. 18
------------------------------------------------------------
Caribbean Habitat Ltd.'s final shareholders meeting will be at 9:00 a.m. on
Dec. 18, 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:

          Raymond Whittaker
          FCM Ltd.
          P.O. Box 1982
          Grand Cayman, Cayman Islands


CITIGROUP ALTERNATIVE: Final General Meeting Is Today
-----------------------------------------------------
Citigroup Alternative Investments Diversified Arbitrage Strategies Fund
Limited's shareholders will convene for a final meeting today at 9:00 a.m.
at the company's registered office.

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

The liquidators 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


CORONATION CAPITAL: Holds Final Shareholders Meeting Today
----------------------------------------------------------
Coronation Capital Arbitrage Fund (Cayman Islands)' shareholders will
convene for a final meeting today at 10:00 a.m. at the company's registered
office.

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

The liquidator can be reached at:

          Q & H Nominees Ltd.
          Attn: Greg Link
          P.O. Box 1348, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 4123
          Fax: (345) 949 4647


CTMP II: Shareholders to Convene for Dec. 15 Final Meeting
----------------------------------------------------------
CTMP II Funding Corp. (GS)'s shareholders will convene for a final meeting
at 8:30 a.m. on Dec. 15, 2006, at:

           Caledonian House
           69 Dr. Roy's Drive
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Bernard McGrath
           Caledonian House
           P.O. Box 1043 GT
           George Town, Grand Cayman
           Tel: (341) 949-0050
           Fax: (341) 949-8062


DRAX ELECTRIC: Liquidator Presents Wind Up Accounts Today
---------------------------------------------------------
Drax Electric Ltd.'s shareholders will convene for a final meeting today at
9:00 a.m. at:

          Drax Power Station
          P.O. Box 3, Selby
          North Yorkshire, YO8 8PQ

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

The liquidator can be reached at:

          Lawrence Edwards
          PwC Corporate Finance & Recovery (Cayman) Limited
          Attn: Jodi Jones
          P.O. Box 258
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8694
          Fax: (345) 945 4237


EUROPEAN REAL: Shareholders Convene Today for Final Meeting
-----------------------------------------------------------
European Real Estate Investment Fund Ltd.'s shareholders will convene for a
final meeting at 1:00 p.m. on Dec. 15, 2006, at:

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

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

The liquidators can be reached at:

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


EXCHANGEABLE (AXP 2000-1): Final Shareholders Meeting Is Dec. 15
----------------------------------------------------------------
Exchangeable Certificates Corp. Series AXP 2000-1'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


EXCHANGEABLE (BMY 1999-3): Last Shareholders Meeting Is Dec. 15
---------------------------------------------------------------
Exchangeable Certificates Corp. Series BMY 1999-3'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


EXCHANGEABLE (JNJ 2001-1): Final General Meeting Is on Dec. 15
--------------------------------------------------------------
Exchangeable Certificates Corp. Series JNJ 2001-1'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


EXCHANGEABLE (SBC 2000-2): Last General Meeting Is on Dec. 15
--------------------------------------------------------------
Exchangeable Certificates Corp. Series SBC 2000-2'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


EXCHANGEABLE (XOM 2000-4): Final General Meeting Is on Dec. 15
--------------------------------------------------------------
Exchangeable Certificates Corp. Series XOM 2000-4'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


FM FUND: Invites Shareholders for Today's Final Meeting
-------------------------------------------------------
FM Fund Management Ltd.'s shareholders will convene for a final meeting
today at 10:00 a.m. at:

           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Glenn Kennedy
           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands
           Tel: (345) 949 9876
           Fax: (345) 949 1986


GLOBAL DIVERSIFIED: Final Shareholders Meeting Is Set for Today
---------------------------------------------------------------
Global Diversified CBO Ltd.'s shareholders will convene for a final meeting
today at the company's registered office:

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

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

The liquidators can be reached at:

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


GOLDENTREE CREDIT: Calls Shareholders for Final Meeting Today
-------------------------------------------------------------
Goldentree Credit Opportunities II, Ltd.'s shareholders will convene for a
final meeting at 12:30 p.m. on Dec. 15, 2006, at the company's registered
office.

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

The liquidators 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


GRACIE CAPITAL (C): Claims Filing Deadline Is Set for Dec. 18
-------------------------------------------------------------
Gracie Capital International C Ltd's creditors are required to submit proofs
of claim by Dec. 18, 2006, to the company's liquidators:

          Jennifer Kelly
          C/o Maples and Cadlers, attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Chruch Street, George Town
          Grand Cayman, Cayman Islands

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

Gracie Capital's shareholders agreed on Nov. 2, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


GRACIE CAPITAL (J): Filing of Proofs of Claim Is Until Dec. 18
--------------------------------------------------------------
Gracie Capital International J Ltd's creditors are required to submit proofs
of claim by Dec. 18, 2006, to the company's liquidators:

          Jennifer Kelly
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Gracie Capital's shareholders agreed on Nov.2, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


GRACIE CAPITAL (T): Proofs of Claim Must be Filed by Dec. 18
------------------------------------------------------------
Gracie Capital International T Ltd's creditors are required to submit proofs
of claim by Dec. 18, 2006, to the company's liquidators:

          Jennifer Kelly
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Gracie Capital's shareholders agreed on Nov. 2, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


GTR LTD: Liquidator Presents Wind Up Accounts Today
---------------------------------------------------
GTR Ltd.'s shareholders will convene for a final meeting today at the
company's registered office:

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

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

The liquidator can be reached at:

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


INNOCAP FUND: Shareholders to Convene for Dec. 15 Final Meeting
---------------------------------------------------------------
The Innocap Fund Ltd.'s shareholders will convene for a final meeting at
11:30 a.m. on Dec. 15, 2006, at:

           Kroll (Cayman) Limited
           4th Floor, Bermuda House
           Dr. Roy's Drive
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Gordon I. Macrae
           Attn: Korie Drummond
           Kroll (Cayman) Limited, 4th Floor
           Bermuda House, Dr. Roy's Drive
           Grand Cayman, Cayman Islands
           Tel: (345) 946-0081
           Fax: (345) 946-0082


KTMGB LIMITED: Calls Shareholders for Final Meeting on Dec. 15
--------------------------------------------------------------
KTMGB Limited'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


MUSES LIMITED: Calls Shareholders for Today's Final Meeting
-----------------------------------------------------------
Muses Limited's shareholders will convene for a final meeting today at:

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

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

The liquidator can be reached at:

          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


OAKWOOD ONE: Invites Shareholders for Final Meeting Today
---------------------------------------------------------
Oakwood One World International Ltd.'s shareholders will convene for a final
meeting today at 1:00 p.m. at the company's registered office.

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

The liquidators 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


PARETO POWER MASTER: Holds Final General Meeting Today
------------------------------------------------------
Pareto Power Master Fund Ltd.'s shareholders will convene for a final
meeting today at 12:30 p.m. at the liquidator's place of business at:

           Q & H Nominees Ltd.
           Third Floor, Harbour Centre
           P.O. Box 1348
           Grand Cayman, Cayman Islands

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


PARETO POWER: Shareholders to Convene for Today's Final Meeting
---------------------------------------------------------------
Pareto Power Fund Ltd.'s shareholders will convene for a final meeting today
at 1:30 p.m. at the liquidator's place of business at:

           Q & H Nominees Ltd.
           Third Floor, Harbour Centre
           P.O. Box 1348
           Grand Cayman, Cayman Islands

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


PEACE TECHNOLOGY: Calls Shareholders for Dec. 15 Final Meeting
--------------------------------------------------------------
Peace Technology Fund Ltd.'s shareholders will convene for a final meeting
at 11:30 a.m. on Dec. 15, 2006, at the liquidator's place of business at:

           Walkers, Walker House
           Mary Street, George Town
           Grand Cayman, Cayman Islands

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


The liquidators can be reached at:

           Scott Stupay
           Ofer Neeman
           Attn: Mark Holligon
           Walkers, Walker House
           Mary Street, George Town
           Grand Cayman, Cayman Islands
           Tel: 814 4659
           Fax: 814 8339


PEGASUS THREE: Final Shareholders Meeting Is Set for Today
----------------------------------------------------------
Pegasus Three Ltd.'s shareholders will convene for a final meeting today at:

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

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

The liquidators can be reached at:

           Chris Watler
           Emile Small
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


PEGASUS FOUR: Shareholders Gather for General Meeting Today
-----------------------------------------------------------
Pegasus Four Ltd.'s shareholders will convene for a final meeting today at:

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

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

The liquidators can be reached at:

           Chris Watler
           Emile Small
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


PENDRAGON CAPITAL: Calls Shareholders for Today's Final Meeting
---------------------------------------------------------------
Pendragon Capital Ltd.'s shareholders will convene for a final meeting today
at 10:30 a.m. at the company's registered office.

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

The liquidators can be reached at:

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


PENDRAGON HOLDING: Final General Meeting Is Set for Today
---------------------------------------------------------
Pendragon Holding Company Ltd.'s shareholders will convene for a final
meeting today at 10:00 a.m. at the company's registered office.

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

The liquidators can be reached at:

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


PETROLEUM TRADING: Calls Shareholders for General Meeting Today
---------------------------------------------------------------
Petroleum Trading Corporation II's shareholders will convene for a final
meeting today at:

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

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

The liquidator can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


RESOURCES FUND: Shareholders to Gather for Final Meeting Today
--------------------------------------------------------------
The Resources Fund Limited's shareholders will convene for a final meeting
today at 12:00 p.m. at the company's registered office.

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited, Walker House
          87 Mary Street, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914-6305


SBP CAPITAL: Deadline for Proofs of Claim Filing Is on Dec. 18
--------------------------------------------------------------
SBP Capital LTD's creditors are required to submit proofs of claim by Dec.
18, 2006, to the company's liquidators:

          Eligio Anderson Allen
          Edificio 18, Apartamento 3,
          Planta Baja, Via Brasil,
          Obarrio, Bella Vista,
          Panama City, Panama

Creditors who are not able to comply with the Dec. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Alric Lindsay
          C/o Ogier, P.O. Box 1234 GT
          Grand Cayman, Cayman Islands
          Tel: 345-949-9876
          Fax: 345-949-1986


SESAME CAYMAN: Creditors Must File Proofs of Claim by Dec. 18
-------------------------------------------------------------
Sesame Cayman Limited's creditors are required to submit proofs of claim by
Dec. 18, 2006, to the company's liquidators:

          Cereita Lawrence
          Janet Crawshaw
          P.O Box 1109
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sesame Cayman's shareholders agreed on Nov. 1, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


SESAME CAYMAN: Final Shareholders Meeting Is Set for Dec. 18
------------------------------------------------------------
Sesame Cayman Ltd's final shareholders meeting will be at 10:30 a.m. on Dec.
18, 2006, at offices of HSBC Financial Services (Cayman) Ltd. Located at:

          Strathvale House, North Church Street,
          P.O. Box 1109, Grand Cayman KY1-1102,
          Cayman Island

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:

          Cereita Lawrence
          Janet Crawshaw
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


STAR SHOP: Shareholders Gather for Today's Final General Meeting
----------------------------------------------------------------
Star Shop Corp.'s shareholders will convene for a final meeting today at:

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

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

The liquidators can be reached at:

          Carlos Farjallah
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


STAR KIDS: Shareholders Convene for Today's Last General Meeting
----------------------------------------------------------------
Star Kids Corp.'s shareholders will convene for a final meeting today at:

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

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

The liquidators can be reached at:

          Carlos Farjallah
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


T-SMITH CAPITAL: Shareholders to Gather for Dec. 18 Last Meeting
----------------------------------------------------------------
T-Smith Capital inc.'s final shareholders meeting will be at 10:30 a.m. on
Dec. 18, 2006, at the offices of HSBC Financial Services (Cayman) Ltd:

          Strathvale House,
          North Church Street, P.O. Box 1109,
          Grand Cayman KY1-1102, Cayman Island

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:

          Cereita Lawrence
          Janet Crawshaw
          P.O. Box 1109,
          Grand Cayman KY1-1102
          Cayman Islands


THALES GROWTH: Liquidator Presents Wind Up Progress Today
---------------------------------------------------------
Thales Growth Fund's shareholders will convene for a final meeting today at
9:30 a.m. at the liquidator's place of business at:

           Q & H Nominees Ltd.
           Third Floor, Harbour Centre
           P.O. Box 1348
           Grand Cayman, Cayman Islands

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


WADSWORTH WAREHOUSE: Last Shareholders Meeting Is Set for Today
---------------------------------------------------------------
Wadsworth Warehouse Ltd.'s shareholders will convene for a final meeting
today at:

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

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

The liquidators can be reached at:

           Richard Ellison
           Emile Small
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


WIMBLEDON MARATHON MASTER: Final Shareholders Meeting Is Dec. 15
----------------------------------------------------------------
Wimbledon Marathon Master Fund, Ltd.'s shareholders will convene for a final
meeting at 11:30 a.m. on Dec. 15, 2006, at the liquidator's place of
business at:

           Q & H Nominees Ltd.
           Third Floor, Harbour Centre
           P.O. Box 1348
           Grand Cayman, Cayman Islands

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


WIMBLEDON MARATHON: Final Shareholders Meeting Is on Dec. 15
------------------------------------------------------------
Wimbledon Marathon Fund, Ltd.'s shareholders will convene for a final
meeting at 11:30 a.m. on Dec. 15, 2006, at the liquidator's place of
business at:

           Q & H Nominees Ltd.
           Third Floor, Harbour Centre
           P.O. Box 1348
           Grand Cayman, Cayman Islands

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


WPG SELECT: Shareholders to Convene for Today's Final Meeting
-------------------------------------------------------------
WPG Select Technology Overseas Fund, Ltd.'s shareholders will convene for a
final meeting today at 10:30 a.m. at:

           3rd Floor, Queensgate House
           113 South Church Street
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Glenn Kennedy
           Ogier
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands
           Tel: (345) 949 9876
           Fax: (345) 949 1986




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


BELL MICROPRODUCTS: Commences Tender Offer for Convertible Notes
----------------------------------------------------------------
Bell Microproducts Inc. has commenced a tender offer to purchase for cash,
any and all of its US$109,850,000 outstanding 3-3/4 % Convertible
Subordinated Notes, Series B due 2024 at a purchase price equal to
US$1,000.00 per US$1,000.00 of the principal amount of the Notes, plus
accrued and unpaid interest to, but excluding, the date on which the Notes
are purchased.  The tender offer will expire at 9:00 a.m., New York City
time, on Jan. 18, 2007, unless extended or earlier terminated.  Payments of
the tender consideration for Notes validly tendered and not withdrawn on or
prior to the expiration date and accepted for purchase will be made as soon
as practicable after the expiration date.

Separately, Bell Micro commenced, on Dec. 7, 2006, a solicitation of
consents to an amendment to the indenture covering the Notes and a waiver of
defaults arising from the failure to file all reports and other information
and documents which it is required to file with the Securities and Exchange
Commission and, within fifteen days after it files the SEC Reports with the
SEC, to file copies of the SEC Reports with the trustee.  The proposed
amendment would amend the indenture to eliminate any provision that would
trigger a default for the failure to file or deliver any reports required to
be filed with the SEC or the trustee.  The proposed amendment and waiver
requires approval of holders of a majority of the outstanding principal
amount of Notes.  The consent fee is US$5.00 in cash per US$1,000.00 in
principal amount of Notes as to which consents have been provided.

Bell Micro has amended the Consent Solicitation.  Under the terms of the
amended Consent Solicitation:

   -- The Consent Date is extended to 5:00 p.m. New York City
      time on Dec. 14, 2006.

   -- The definition of Eligible Tender Offer has been amended
      to require that Bell Micro have commenced the tender offer
      for the Notes, held the tender offer open for at least
      twenty business days and consummated the repurchase of the
      Notes at a price of US$1000.00 for each US$1000.00
      principal amount of Notes prior to Feb. 28, 2007.

   -- If Bell Micro receives the Required Consents, the
      indenture governing the notes will be amended to provide
      that, if Bell Micro fails to commence, hold open and
      consummate an Eligible Tender Offer, Bell Micro will make
      a one-time special interest payment equal to 8.5% of the
      outstanding principal amount of Notes to Holders of the
      Notes on the next interest payment date following the
      failure of Bell Micro to commence and hold open an
      Eligible Tender Offer.

   -- No Second Consent Fee will be paid.

The tender offer referred to above is intended to qualify as an
Eligible Tender Offer as defined in the consent solicitation statement.

The consummation of the tender offer is conditioned upon, among other
things, receipt of the consent of the holders of a majority in aggregate
principal amount of the subordinated notes to the proposed waiver of default
under and amendment to the indenture governing the notes, availability of
financing and other customary closing conditions.  If any of the conditions
are not satisfied, Bell Micro is not obligated to accept for payment,
purchase or pay for, or may delay the acceptance for payment of, any
tendered Notes, and may terminate the tender offer.  Full details of the
terms and conditions of the tender offer are included in Offer to Purchase
dated Dec. 13, 2006.

Credit Suisse will act as the Dealer Manager for the tender offer for the
Notes.

Questions regarding the tender offer may be directed to:

          Credit Suisse
          Tel: 800-820-1653 (toll-free)
               212-325-7596

Global Bondholder Services Corporation will act as the Information Agent for
the tender offer for the subordinated notes.

Requests for documents related to the tender offers may be directed to:

          Global Bondholder Services Corporation
          Tel: 866-924-2200 (toll-free)
               212-430-3774

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

                        *    *    *

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


QUEBECOR WORLD: Prices US$400MM of Sr. Unsecured Notes Offering
---------------------------------------------------------------
Quebecor World Inc. has priced the private placement of Senior Notes
announced on Dec. 11, 2006.  The offering will consist of US$400 million
aggregate principal amount of unsecured 9.75% Senior Notes due Jan. 15,
2015.

The Senior Notes, which will be issued at par value, will be issued by
Quebecor World Inc. and will be unconditionally guaranteed on a senior
unsecured basis by wholly owned subsidiaries of the company:

   -- Quebecor World (USA) Inc.,
   -- Quebecor World Capital ULC and
   -- Quebecor World Capital LLC.

The net proceeds of the offering of the Senior Notes will be used to reduce
indebtedness, including to repurchase up to US$125 million of debt
securities of Quebecor World Capital Corp., a wholly owned subsidiary of the
company, namely 8.54% senior notes due 2015, 8.69% senior notes due 2020,
8.42% senior notes due 2010 and 8.52% senior notes due 2012 under the cash
tender offers commenced by Quebecor World (USA) Inc. on Nov. 30, 2006, to
repay in full US$150 million in 7.25% senior debentures of Quebecor World
Capital Corp. due in January 2007 and to repay borrowings under the
company's revolving credit facility. The balance of the proceeds, if any,
will be used for general corporate purposes.  The Senior Notes offering is
expected to close on or about Dec. 18, 2006.

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.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 14, 2006, 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.




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


BANCOLOMBIA: Reports COP43.8B Unconsolidated November Net Income
----------------------------------------------------------------
Bancolombia reported unconsolidated net income of COP43,849 million during
the past month of November, accumulating COP501,115 million for the first
eleven months of 2006.

During November, total net interest income, including investment securities
amounted to COP129,230 million.  Additionally, total net fees and income
from services totaled COP50,633 million in the month.

Total assets amounted to COP25.84 trillion in November 2006, total deposits
totaled COP16.37 trillion and Bancolombia's total shareholders' equity
amounted to COP3.29 trillion.

Bancolombia's (unconsolidated) level of past due loans as a percentage of
total loans was 2.57% as of Nov. 30, 2006, and the level of allowance for
past due loans was 135.33%.

In November, there were no provisions for income taxes due to adjustments to
the calculation of total income taxes for the fiscal year 2006.

Meanwhile, the increase in bonus plan payment provisions is explained by the
increased growth in the number of employees included in the bank's system of
variable compensation, the purpose of which is to align the objectives of
the bank's management with the shareholders' interests.

                       Market Share

According to Asobancaria -- Colombia's national banking association --
Bancolombia's market share of the Colombian Financial System in November
2006 were:

   -- 17.8% of total deposits,
   -- 20.6% of total net loans,
   -- 18.2% of total savings accounts,
   -- 20.7% of total checking accounts, and
   -- 14.4% of total time deposits.

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

                        *    *    *

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

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


ECOPETROL: Senate & Lower House Okay Sale of 20% Stake in Firm
--------------------------------------------------------------
The Colombian senate and lower house have ratified plans to sell 20% of
Ecopetrol, the country's state oil firm, Servicio de Noticias del Estado
reports.

Business News Americas relates that the shares could become available for
sale by the third quarter of next year.  Shares would be sold in three
separate rounds:

          -- in the first and second rounds, the stake would be
             offered to:

             * pension funds,
             * cooperatives,
             * Ecopetrol workers and pensioners,
             * local governments, and
             * individual Colombians; and

          -- in the third round, shares would be available for
             institutional investors.

The report says that individual investors can't purchase over COP2-billion
in shares.  Institutional buyers can't acquire over 3% of Ecopetrol's
shares.

The Colombian government will keep the remaining 80% of Ecopetrol, according
to BNamericas.

Colombian President Alvaro Uribe, who supports the 20% sale, is yet to
approve the plan, BNamericas states.

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

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


ECOPETROL: Tibu Development Pact Boosting Petrolatina's Income
--------------------------------------------------------------
Ecopetrol's agreement with Petroleo Brasileiro to develop the Tibu field
will increase Petrolatina Energy PLC's net income from its Rio Zulia
Ayaccucho pipeline to US$6 million, the latter told AFX News.

As reported in the Troubled Company Reporter-Latin America on Dec. 8, 2006,
executives of Ecopetrol signed an accord with Petroleo Brasileiro to
increase production at Tibu field, which is located in Colombia's Norte de
Santander department.  It started operations in 1944.  The project's first
phase would begin in January 2007 and, if promising, would be followed by a
development stage.  Project investments could reach US$40 million in the
first 2.5 years, including studies to determine the area's potential.
Ecopetrol planned to invest 45% in the development stage.  The company would
control 60% of field production, net of royalties.

AFX News relates that the deal will lead to the confirmation of reserves
estimated at 100 million barrels in Tibu.

Nicholas Gay, president and chief executive officer of Petrolatina Energy,
told AFX News, "This development and the recently announced Serafin Gas
project starts to highlight the true worth of the PDN (Petroleos del Norte
SA) acquisition to create early revenues and long term cash flow for the
company."

Ecopetrol is also planning an extended exploration-drilling program near its
Rio Zulia field that is also near the pipeline, AFX News says, citing Mr.
Gay.

The program will begin in 2007 and, if successful, will increase
'significantly' revenue from the pipeline that was purchased as part of the
acquisition of PDN in June, Petrolatina Energy told AFX News.

                  About Petroleo Brasileiro

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

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

                      About Ecopetrol

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

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


GRAN TIERRA: Starting Drilling at Laura-1 Well in Talora Block
--------------------------------------------------------------
Gran Tierra Energy said in a statement that it will begin drilling its
Laura-1 well in the Middle Magdalena basin's Talora block late this month.

Gran Tierra has a 20% working interest in the Talora block.

Business News Americas relates that a rig is being organized to drill the
Laura-1 well.

Gran Tierra wants to reach target depth in early January 2007, BNamericas
notes.

According to BNamericas, a second rig is being prepared for the drilling of
the Caneyes-1 well in the Rio Magdalena block.  It is slated for early
January 2007.  Gran Tierra holds a 100% interest in the area, although
Ecopetrol could "back-in" for a 30% stake.

The report says that a third rig is being transferred to drill the
Juanambu-1 well in the Putumayo basin's Guayuyaco block, in which Gran
Tierra holds a 35% stake.  Drilling is slated for
Jan. 15, 2007.  The third rig will be moved to the adjacent Chaza block to
drill the Naboyaco-1 well in February 2007, where Gran Tierra has a 50%
working interest.

BNamericas notes that Gran Tierra will drill five new wells in Colombia and
Argentina in the first three quarters of next year.

Gran Tierra Energy Inc., fka Goldstrike Inc., is an independent
international energy company involved in oil and natural gas exploration and
exploitation.

Gran Tierra's current activities in Argentina and Colombia have been
established via acquisitions.  The Company has also signed a license
contract in Peru and has offered to purchase a mix of producing and
prospective assets in Argentina.

                     Going Concern Doubt

As reported in the Troubled Company Reporter-Latin America on July 27, 2006,
Deloitte & Touche LLP expressed substantial doubt about the ability of Gran
Tierra Energy Inc. fka Goldstrike Inc. to continue as a going concern after
auditing the Company's financial statements for the year ending Dec. 31,
2005.  The auditing firm said that the company's ability to continue as a
going concern is dependent upon obtaining the necessary financing to acquire
oil and natural gas interests and generate profitable operations from the
company's oil and natural gas interests in the future.  The company incurred
a US$2.2 million net loss for the period ended Dec. 31, 2005, negative cash
flows from operations of US$1.9 million, and, as of Dec. 31, 2005, had an
accumulated deficit of US$2.2 million.


HEXION: Purchase of Orica's Resin & Adhesives Business Approved
---------------------------------------------------------------
Hexion Specialty Chemicals has been notified that the Australian Competition
and Consumer Commission or ACCC has completed its review of the company's
intent to acquire the resin and adhesives business of Orica Limited.  The
ACCC does not propose to intervene in the transaction and has not attached
any conditions to its decision.

Based upon the successful completion of this regulatory review, Hexion
anticipates closing of the transaction will occur in mid-January 2007.
Hexion had reached an agreement with Orica Limited to buy its adhesives and
resins business, which manufactures formaldehyde and formaldehyde-based
binding resins in Australia and New Zealand used primarily in the forest
products industry.

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.


PETROLEO BRASILEIRO: Tibu Accord Boosting Petrolatina's Income
--------------------------------------------------------------
Petroleo Brasileiro's agreement with Ecopetrol to develop the Tibu field
will increase Petrolatina Energy PLC's net income from its Rio Zulia
Ayaccucho pipeline to US$6 million, the latter told AFX News.

As reported in the Troubled Company Reporter-Latin America on Dec. 8, 2006,
executives of Ecopetrol signed an accord with Petroleo Brasileiro to
increase production at Tibu field, which is located in Colombia's Norte de
Santander department.  It started operations in 1944.  The project's first
phase would begin in January 2007 and, if promising, would be followed by a
development stage.  Project investments could reach US$40 million in the
first 2.5 years, including studies to determine the area's potential.
Ecopetrol planned to invest 45% in the development stage.  The company would
control 60% of field production, net of royalties.

AFX News relates that the deal will lead to the confirmation of reserves
estimated at 100 million barrels in Tibu.

Nicholas Gay, president and chief executive officer of Petrolatina Energy,
told AFX News, "This development and the recently announced Serafin Gas
project starts to highlight the true worth of the PDN (Petroleos del Norte
SA) acquisition to create early revenues and long term cash flow for the
company."

Ecopetrol is also planning an extended exploration-drilling program near its
Rio Zulia field that is also near the pipeline, AFX News says, citing Mr.
Gay.

The program will begin in 2007 and, if successful, will increase
'significantly' revenue from the pipeline that was purchased as part of the
acquisition of PDN in June, Petrolatina Energy told AFX News.

                      About Ecopetrol

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

                  About Petroleo Brasileiro

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

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

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

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

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

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




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


* COSTA RICA: Recope Developing Liquefied Petroleum Gas Project
---------------------------------------------------------------
Jose Leon Desanti -- president of Recope, the state oil refiner of Costa
Rica -- told Business News Americas that the company is developing a
US$80-million liquefied petroleum gas project at its facility in Moin.

Moin is a port town near Recope's plant at Limon port on the Caribbean
coast.

Mr. Leon told BNamericas that the project includes:

      -- six storage spheres with capacity of 25,000 barrels,
      -- six 1,500-barrel cylinders, and
      -- a pipeline to transport liquefied petroleum gas from a
         planned oil port, also at Moin.

Colombia's Bohorguez Ingenieria has completed the project's basic
engineering.  All that remains is to launch a tender next year to draft
detailed engineering, BNamericas relates, citing Mr. Leon.

According to BNamericas, Spain's Soluziona will conduct a study to draft a
national liquefied petroleum gas plan.

The government has provided US$331,000 to fund the study, BNamericas states.

                        *    *    *

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




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


UNIVERSAL CORP: George Freeman Succeeds Allen King as President
---------------------------------------------------------------
Mr. Allen B. King disclosed that the Board of Directors of Universal Corp.
has elected George C. Freeman III to succeed Mr. King as President with
immediate effect.  Mr. King will remain Chairman and Chief Executive Officer
of the company.

Mr. Freeman has been with the company since 1997. Prior to that time, he was
with Hunton & Williams, an international law firm.  Mr. Freeman was elected
General Counsel and Secretary of the company in February 2001, and Vice
President on Nov. 9, 2005.

Mr. King has been with the company since 1969.  Mr. King became President
and Chief Executive Officer of the company on
Jan. 1, 2003, and was elected Chairman of the Board of Directors of the
company on Oct. 28, 2003.

Mr. Freeman noted, "I am honored that the Board of Directors has elected me
President.  This is an exciting time for the company, as we renew our
strategic focus on our tobacco business. I look forward to working with
Allen and the Board of Directors in this new role."

Mr. King congratulated Mr. Freeman, stating, "George has been an integral
part of Universal's leadership over the years. George's knowledge of the
business and ability to work with a wide range of stakeholders made him the
Board's choice as President. In this new role, George will assist me in
overall management, as we direct the company in its focus on tobacco.  Along
with the rest of the Board of Directors, I look forward to working closely
with George."

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV) --
http://www.universalcorp.com/-- has operations in tobacco and
agri-products.  The company, through its subsidiaries, is one of two leading
independent tobacco merchants in the world.  Universal Corp.'s gross
revenues for the fiscal year that ended on March 31, 2006, were
approximately US$3.5 billion, which included US$1.4 billion related to
operations that were sold on Sept. 1, 2006.

Universal Corp. has operations in India, Brazil, Argentina, the United
States, Guatemala, Brazil, the Netherlands, Belgium and other countries in
Europe.

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Consumer Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating agency
confirmed its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million MTN.
Moody's assigned an LGD5 rating to the debt obligation, suggesting
noteholders will experience a 73% loss in the event of a default.




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


* HAITI: IDB Grants US$10MM Loan to Invite Professionals to Stay
----------------------------------------------------------------
The Inter-American Development Bank approved a US$10 million soft loan for a
program to help Haiti attract and retain highly qualified Haitian
professionals as civil servants, including expatriates.

Haiti has one of the highest levels of migration of educated people in the
developing world.  This brain drain has especially affected the government,
which lacks a system of incentives to staff key ministries and agencies with
sufficient trained and skilled people.

The problem has been compounded by political instability and a persistent
exodus of better-qualified staff to international agencies, NGOs and the
private sector, where salaries are several times higher than in the Haitian
public sector.

As a consequence, Haiti's government faces a severe shortfall of technical
expertise to design effective policies, carry out projects efficiently and
deliver services properly.

The IDB-financed program will assist Haiti in establishing a compensation
program with incentives to retain qualified professionals in the public
sector or recruit them from the ranks of the Haitian Diaspora to fill
positions in the ministries of Public Works, Health, Education, Agriculture
and Planning and External Cooperation.

The program will also help Haiti in its efforts to develop a civil service
by strengthening human resource management in the four selected ministries.
Payroll data will be computerized and assessed to detect cases of inexistent
employees or unauthorized positions. A training and certification model will
be prepared for civil servant training and an inventory of the ministries'
staff education levels and skills will be carried out.

The IDB expects this program to lead to more effective, efficient and
transparent use of public sector resources.  Similar programs carried out in
other developing countries have shown that the costs of these reforms are
outweighed by the economic gains they can obtain if implemented correctly.

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

                        *    *    *

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




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


SUGAR COMPANY: Russel Hammond Criticizes Firm & Roger Clarke
------------------------------------------------------------
Russel Hammond, Jamaica Labor Party caretaker for Central Westmoreland, has
criticized the Sugar Company of Jamaica and Roger Clarke, the Jamaican
agriculture minister, for their handling of the nation's sugar sector, the
Jamaica Observer reports.

Mr. Hammond told The Observer, "I am calling on the Sugar Company of Jamaica
to review the whole matter of how sugar factories in Jamaica, in particular
the Frome factory, are brought up back to a level of efficiency that will
satisfy the needs of the farmers."

The Observer relates that Mr. Hammond is also calling on the Jamaican
government to accelerate the divestment of the nation's sugar estates.

Mr. Hammond commented to The Observer, "I believe government does not have
the money and capability to put the factories in good order, so they need to
speed up the divestment programs to save the sugar industry."

According to The Observer, the Frome factory set a target of 46,669 tons of
sugar from the milling of 570,000 tons of cane.

Frome had so far produced about 220 tons of sugar from the milling of 4,000
tons of cane, Aston Smith, vice president of operations at the Sugar
Company, told The Observer.

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
===========


CELESTICA INC: Expects Lower 2006 4th Quarter Revenues & Profits
----------------------------------------------------------------
Celestica Inc. has disclosed lower than expected forecasts on its profits
and sales for the fourth quarter of 2006 due to fewer orders by its
customers, reported John Stebbins of Bloomberg News.

The global electronics company told Bloomberg that it predicted around
US$2.2 billion to US$2.25 billion of revenue instead of the October forecast
of US$2.25 billion to US$2.45 billion, clearly less than the US$2.27 billion
average anticipated by Bloomberg analysts.

The company disclosed that 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 its
Monterrey, Mexico facility

The company also expects cost increases in its Monterrey plant in Mexico,
from 8 cents to 12 cents a share due to increased inventory.  The company
bought more supplies and material than what was ordered, Craig H.
Muhlhauser, Celestica's chief executive officer, told Bloomberg.  "Problems
should be fixed by the second quarter," says Mr. Muhlhauser.

The company's fourth quarter results will be released on
Jan. 30, 2007.

                      About Celestica

Based in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- provides electronic
manufacturing services to original equipment manufacturers in the computing,
telecommunications, aerospace and defense, automotive, consumer electronics,
and industrial sectors in Asia, Mexico, Puerto Rico, Brazil, and Europe.
Its solutions comprise design and engineering, manufacturing and systems
integration, and fulfillment, as well as after-market services.

The company has a strategic alliance with Bartolini Progetti S.p.a.
Celestica was incorporated as Celestica International Holdings, Inc. in 1996
and changed its name to Celestica, Inc.  The company is based in Toronto,
Canada.  Celestica, Inc. is a subsidiary of the Onex Corporation.

                        *    *    *

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.  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.


CONTINENTAL AIRLINES: In Talks with UAL Corp for Possible Merger
----------------------------------------------------------------
Continental Airlines Inc. and UAL Corp., the parent of United Airlines, are
talking of merging their companies, creating a
US$9 billion carrier, reports say.

An unnamed source says that US Airways' move to bid for rival Delta Airlines
prompted Continental to respond to UAL's bid, which was broached three
months ago.

According to reports, the talks are still in the early stages.

There are plenty of obstacles to the UAL and Continental merger, including
regulatory concerns, Northwest Airlines' share in Continental, and
shareholders' votes.

                       About UAL Corp.

Headquartered in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- through United Air Lines, Inc., is the holding
company for United Airlines -- the world's second largest air carrier.  The
Company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill.
Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc Kieselstein, Esq.,
David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis,
represent the Debtors in their restructuring efforts.  Fruman Jacobson,
Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was dissolved when the
Debtors emerged from bankruptcy.  When the Debtors filed for protection from
their creditors, they listed US$24,190,000,000 in assets and
US$22,787,000,000 in debts.  Judge Wedoff confirmed the Debtors' Second
Amended Plan on Jan. 20, 2006.  The Company emerged from bankruptcy
protection on Feb. 1, 2006.

                About Continental Airlines

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more than 3,200
daily departures throughout Mexico, Europe and Asia,
serving 154 domestic and 138 international destinations.  More
than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                        *    *    *

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

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

At the same time, Fitch Ratings has upgraded Continental Airlines Inc.'s
Issuer Default Rating (IDR) to 'B-' from 'CCC' and Senior Unsecured Debt to
'CCC/RR6' from 'CC/RR6'.  Rating outlook was stable.


FORD MOTOR: In Talks with Wanxiang to Sell Part of ACH's Assets
---------------------------------------------------------------
Wanxiang Group, China's largest auto parts supplier, is in talks with Ford
Motor Company to purchase certain of Ford's assets, the Financial Times
reports.

Wanxiang founder and chairman Lu Guanqiu said the talks are part of a plan
to expand the company's global presence.

The FT said the two companies discussed the possible sale of some assets of
Automotive Components Holdings -- a group of 17 plants and six other
facilities that Ford took control of last year as part of the bail-out of
Visteon Corp., a company spun-off by Ford.

Mr. Lu told the FT that his company is interested in acquiring Ford's
design-and-production technology.

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 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.


FORD MOTOR: EVP Mark Schulz Will Retire Early Next Year
-------------------------------------------------------
Ford Motor Company said that Mark Schulz, executive vice president and
president, International Operations, has announced his plans to retire from
the company early next year.

As president of International Operations, Mr. Schulz, 54, is responsible for
the company's business in Europe, Africa and the Asia Pacific region.  He
oversees the global activities of Aston Martin, Jaguar, Land Rover, and
Volvo, as well as the company's partnership with Mazda Motor Corporation.

"I have had the pleasure of working closely with Mark over the years and am
personally grateful to him for his vision, his leadership and his dedication
to the Ford Motor Company," Ford Motor company executive chairman Bill Ford
said.

"Most recently he has overseen significant growth of Ford's business in some
of our most important regions around the world and he has built an
organization that is poised to deliver further growth in the future.  I wish
him and his family all the best in his retirement."

Before his current position, Mr. Schulz served as executive vice president,
Ford Motor Company and president, Asia Pacific and Africa.  And, he led Asia
Pacific and Ford South America Operations as a corporate vice president.
Before his election as a corporate officer, Mr. Schulz was head of Ford's
operations in Turkey for five years.

Earlier in his Ford career, Mr. Schulz held several product engineering and
manufacturing positions, including director, Product Development, Ford
Japan; director of the Corporate Strategy Office; Plant Manager of Ford's
Sheldon Road facility; and vehicle line director of Compact Trucks in North
America.  He began his career with Ford as an assembly line worker in 1970.

"Mark has been indispensable in helping me become familiar with Ford's
operations in the fastest-growing and most competitive markets in the
world," Ford's president and chief executive officer Alan Mulally said.

"Because of his leadership and because of the relationships he has built on
our behalf, Mark leaves us with a strong foundation on which to grow our
business in Europe, Asia-Pacific and the rest of the world."

Mr. Schulz serves as a member of several boards, including the National
Committee of United States-China Relations, the United States-China Business
Council and the National Bureau of Asian Research.  He is also a member of
the International Advisory Board for the President of the Republic of the
Philippines.

He holds a bachelor's degree in Mechanical Engineering from Valparaiso
University and master's degrees from the University of Detroit (Economics)
and the University of Michigan (Engineering), and the Massachusetts
Institute of Technology, where he was a Sloan Fellow.

Any changes in structure and organization that result from Schulz's
retirement will be the topic of a future announcement.

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 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.


FORD MOTOR: Will Launch Buyout Offers for Employees
---------------------------------------------------
Ford Motor Co. will start buyout offers for its workers, as part of a move
to remove 14,000 jobs in 2006, the Associated Press reports.

AP relates that the 14,000 workers is about one-third of Ford Motor's North
American white-collar work force.  The company's job cuts are part of its
"Way Forward" restructuring plan.

Tom Hoyt, spokesperson of Ford Motor, told AP that workers who receive the
offers will have until Jan. 5, 2007, to decide whether to accept.

According to AP, Ford Motor laid off 4,000 of its employees in the first
quarter of 2006.

AP relates that Ford Motor said in September that it would cut about 10,000
jobs through early retirement and buyout packages.

Mr. Hoyt told AP that an earlier round of offers started in October.

Ford Motor said in November that about 38,000, or almost 50%, of its US
unionized workers agreed to accept early retirement or buyout packages this
year, AP says.

If Ford Motor does not reach its job reduction target, it could make
involuntary cuts, AP relates, citing Mr. Hoyt.

Headquartered in Dearborn, Michigan, Ford Motor Co. (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 Co. and The Hertz Corp.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 13, 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.

The 'B' bank loan rating and '2' recovery rating indicate the expectation of
substantial recovery of principal in the event of
a payment default.

Standard & Poor's affirmed its 'CCC+' issue rating on Ford's proposed US$4.5
billion senior unsecured convertible debt issue, which Ford increased from
the earlier US$3 billion.  The size of this issue may increase to US$4.95
billion if underwriters exercise their option to purchase an additional
US$450 million of notes.

The secured credit facilities consist of a revolving credit facility, which
Standard & Poor's believes will not exceed US$11.5 billion, up from the
original US$8 billion, and a US$7 billion term loan B.  The size of the term
loan B, as well as a US$1.5 billion permitted basket of non-loan exposure,
remains unchanged.

Although the substantial increase in the size of the revolving credit
facility does not change Standard and Poor's '2' recovery rating, estimated
recoveries according to Standard & Poor's default and emergence scenario are
now at the lower end of the '2' range.

Standard & Poor's noted that the increased revolving credit facility reduces
the cushion Ford has above a 1x borrowing-base coverage test, one of the
primary loan covenants afforded to secured lenders.  Pro forma for the
proposed transactions, Ford would have availability to fully draw the
revolving credit facility with borrowing-base coverage of about 1.15x, down
from 1.4x earlier.

Ratings List:

   * Ford Motor Co.

      -- Corporate credit rating at B/Negative/B-3;
      -- Senior secured credit facilities at B; and
      -- US$4.5 billion senior unsecured debt at CCC+


FOREST OIL: New Unit Completes US$375 Mil. Term Loan Placement
--------------------------------------------------------------
Forest Alaska Operating LLC, a new subsidiary of Forest Oil Corp., has
completed its reported placement of US$375 million of term loan financing to
fund a US$350 million distribution to Forest and provide initial working
capital for its operations.

The US$375 million term loan financing is comprised of a
US$250 million first lien facility with interest payable at Libor plus 350
basis points and a US$125 million second lien facility with interest payable
at Libor plus 650 basis points.  The term loans are secured by Alaska's
assets and are non-recourse to Forest.

Forest intends to use the proceeds from the distribution to reduce its
outstanding borrowings under its U.S. credit facility.  Credit Suisse and
JPMorgan were co-lead arrangers and joint bookrunners in the placement of
the term loans.

Forest Oil Corp. -- http://www.forestoil.com/-- is engaged
in the acquisition, exploration, development, and production of
natural gas and crude oil in North America and selected
international locations.  Forest's principal reserves and
producing properties are located in the United States in the Gulf of Mexico,
Alaska, Louisiana, Oklahoma, Texas, Utah, and Wyoming, and in Canada.
Forest's common stock trades on the New York Stock Exchange under the symbol
FST.

                        *    *    *

Moody's Investor Service downgraded Forest Oil Corp.'s Ba3 rating on 8%
Senior Unsecured Global Notes due 2008 to B1.


GENERAL MOTORS: S&P Affirms B Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating
and other ratings on General Motors Corp. and removed them from CreditWatch
with negative implications, where they were placed March 29, 2006.  The
outlook is negative.  GM's automotive balance sheet debt outstanding totaled
US$32.8 billion at Sept. 30, 2006.

The affirmation reflects our view that the comprehensive costs of a
consensual, rather than court-imposed, resolution of GM's operational and
financial exposure to bankrupt former unit Delphi Corp. is well within the
scope of GM's liquidity, particularly in light of its recent sale of a 51%
stake in GMAC LLC.  Still, progress toward a resolution concerning Delphi
remains lengthy and complex, involving negotiations among many disparate
parties, and no specific outcome is assured.  Our affirmation does not
incorporate the consequences of an outright collapse in talks or a Delphi
strike because we currently think these scenarios are unlikely.  If GM were
to experience severe Delphi-related operational disruptions, or if GM's
payments to resolve Delphi's restructuring were much greater than we expect,
we would likely review the ratings on GM.

Because of the GMAC sale, we expect GM to end 2006 with a cash and
short-term VEBA balance in excess of the level at Sept. 30, 2006, about
US$20.4 billion, even after a substantial fourth-quarter cash burn that
resulted in part from lower North American production.  For the first nine
months of 2006, GM's automotive operating cash flow was a negative US$4.2
billion versus a negative US$7.1 billion in the comparable period in 2005.
Fourth-quarter 2006 automotive cash flow will be worse than last year's
slightly positive results in the same quarter because of a 13% decline in
production from 2005.

GM still faces daunting near-term and long-term competitive and structural
challenges in its North American automotive operations.

"We are still concerned about GM's ability to generate adequate
profitability and cash flow in this key region for the foreseeable future,"
said Standard & Poor's credit analyst Robert Schulz, "even if cash use in
North America is declining from last year's levels."

Although the company has demonstrated progress in reducing its cost base and
remains in a solid part of its product launch cycle, Standard & Poor's still
considers prospects for a sustainable recovery to be fragile and vulnerable
to a host of challenges in 2007, including consumer demand and preferences,
raw material costs, and the outcome of the fall 2007 labor negotiations.  It
would not take a very sharp downturn in the North American market or
particularly significant underperformance to reverse any progress the
company has made in reducing its cash burn.

GM's ratings reflect primarily the lack of intermediate-term visibility for
the company's North American automotive operations, given the magnitude of
recent losses, negative cash flow generation, and the need to continue
implementing its massive cost-cutting program.  GM has been hampered by
persistent market share erosion and adverse product mix trends in the U.S.,
most notably a precipitous weakening of sales of midsize and large SUVs --
products that had been highly disproportionate contributors to GM's
earnings.  GM is undertaking yet another significant round of cost
reductions to address these challenges, but sustainable improvements in
North America will also require success with product acceptance and pricing,
in addition to cost reductions.  Some, but not all, new products launched in
2006 are selling well.  Consumer acceptance of GM's new full-size pickup
truck product line and other launches will remain crucial determinants of
results into 2007.

GM has significantly improved its pension funding position in recent years,
but the unfunded retiree medical liability remains onerous, even after
significant negotiated reductions.  The liability totaled approximately
US$64 billion at year-end 2005, excluding from offsetting plan assets
readily available assets of the VEBA trust.  This deficit will decline after
GM reduces the liability by US$19.9 billion as a result of benefit
reductions for hourly and salaried employees, the effect of employee
buyouts, and a higher discount rate.  These factors will be partly offset by
US$4 billion in VEBA withdrawals made during 2006.

The rating outlook on GM is negative. Prospects for GM's automotive
operations remain clouded.  The ratings could be lowered further if we came
to expect that GM's substantial cash outflow would fail to continue to
moderate due to setbacks, whether GM-specific or stemming from market
conditions.  GM would need to reverse its current financial and operational
trends, and sustain such a reversal, before we would revise its outlook to
stable.

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


TV AZTECA: General Electric Says Firm Trying to Thwart Telemundo
----------------------------------------------------------------
General Electric Co. has alleged that TV Azteca attacked the company on one
of its news shows to thwart a planned launching of its Telemundo unit in
Mexico, Reuters reports.

Telemundo is owned by NBC, which is 80% owned by General Electric.

Reuters relates that Telemundo planned to start a network in Mexico.
However, General Electric claimed that TV Azteca wanted to obstruct
Telemundo's application for a broadcasting license.

A TV Azteca news show had called General Electric a transnational firm
accused of unfair and monopolistic practices, fraud and everything
imaginable, Reuters notes.

Reuters underscores that TV Azteca also criticized Grupo Xtra's
pharmaceutical subsidiary, Grupo Casa Saba, saying it had a black history of
impunity, abuses and injustice.

According to Reuters, TV Azteca and Televisa's evening news programs have
run several features on the effects of rising medicine costs for Mexico's
poor.  The programs blame Grupo Casa Saba for making drugs unaffordable.

According Reuters, Telemundo had collaborated with Grupo Xtra in April.

General Electric told Reuters, "This use of the media only confirms the
consensus about the need for more competition in Mexican television."

According to Reuters, TV Azteca and Televisa dominated the television sector
in Mexico.  The two companies are the only nationwide broadcasters and
producers of almost all programming in the nation.

Televisa used anti-competitive practices in Mexico while trying to expand in
the United States, Reuters says, Telemundo.

However, Televisa and TV Azteca told Reuters that the news features
addressed important social issues and had nothing to do with Grupo Xtra's
attempt to move into television.

                   About General Electric

General Electric Co. is a diversified industrial corporation.  Operating
businesses include Infrastructure, Industrial, Healthcare, NBC Universal,
Commercial Finance and Consumer Finance.  Its products include:

          -- major appliances,
          -- lighting products,
          -- industrial automation products,
          -- medical diagnostic imaging systems,
          -- bioscience assays and separation technology
             products,
          -- electrical distribution and control equipment,
          -- locomotives,
          -- power generation and delivery products,
          -- nuclear power support services and fuel assemblies,
          -- commercial and military aircraft jet engines,
          -- chemicals and equipment for treatment of water and
             process systems,
          -- security equipment and systems, and
          -- engineered materials like as plastics and
             silicones.

                      About TV Azteca

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

                        *    *    *

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




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


SOLO CUP: Launches Performance Improvement Program
--------------------------------------------------
Delivering on its promise to investors, Solo Cup Co. has launched its
Performance Improvement Program.  Having completed a thorough review of its
operations, the company has designed a program to reduce costs and help
drive profitable growth.  The Program targets opportunities for improvement
in Supply Chain and Operations, Selling, General & Administrative (SG&A)
expenses, and Sales and Marketing.  The company today announced that it is
implementing its first major initiatives under the plan -- a targeted
corporate workforce reduction and the start of manufacturing productivity
improvements.

"This program is designed to address challenges facing the business directly
while allowing us to build on our strengths," said Robert M. Korzenski, the
company's chief executive officer.  "We are moving aggressively to implement
the changes necessary to turn our business around."

Initiatives will focus on maximizing cash flow, reducing costs, improving
margin, increasing value and building a performance culture, Korzenski
added.

                  Savings in SG&A Expenses

The company eliminated 92 salaried employee and contractor positions,
addressing inefficiencies in all parts of the corporate organization. The
workforce reduction is expected to generate approximately US$9 million in
annualized cost reductions, which represents an approximate 5% reduction in
both salaried headcount and salaried compensation expense.  The company will
incur a one-time charge of approximately US$1.4 million in severance costs.
In addition, Management expects to cancel a number of currently open
budgeted positions.  Solo's hourly manufacturing employees were not
impacted.

"This was a difficult action to take, particularly at this time of year,"
said Mr. Korzenski.  "Every affected employee will receive severance to help
them through the transition.  I would like to thank them for their dedicated
service to the company."

            Manufacturing Productivity Improvement

Solo is also taking steps to increase productivity in its manufacturing
facilities.  The company is working in the plants on a range of initiatives
focused on achieving operational efficiencies.  The facilities plan to
increase productivity through refining processes, increasing machine
utilization and reducing material scrap. Concurrently, Solo has begun
related work to improve purchasing and inventory management.  The company
believes that collectively these actions will contribute to supply chain
efficiencies and cost reduction.

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable paper and plastic food
and beverage containers used in the foodservice and retail consumer markets.
Products include cups, lids, straws, napkins, cutlery, and plates.  The
Company was established in 1936 and has a global presence with facilities in
Asia, Canada, Europe, Mexico, Panama and the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006
Moody's Investors Service is continuing the review for possible
downgrade of Solo Cup Company first initiated on Aug. 16, 2006 and
reiterated on Sept. 15, 2006.  Although Solo Cup has met its
obligation to file financial statements and has completed its
previously announced review of accounting issues, Moody's
continues to have concerns regarding liquidity and ongoing
business strategy.

Moody's held B2 ratings on US$150 million senior secured revolving credit
facility maturing Feb. 27, 2010, and on US$635 million senior secured term
loan B due Feb. 27, 2011; Caa1 rating on US$80 million senior secured second
lien term loan due Feb. 27, 2012; Caa2 rating on US$325 million 8.5%
subordinated notes due Feb. 15, 2014.

Moody's expects to conclude the review by the end of January 2007.




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


* PARAGUAY: Macroeconomic Objectives May be Achieved for 2006
-------------------------------------------------------------
Mr. Alejandro Santos, chief of an International Monetary Fund mission to
Paraguay, issued this statement:

"A mission from the International Monetary Fund visited Asuncion during the
last two weeks for discussions in the context of the 2006 Article IV
Consultation and the second review under the Stand-By Arrangement, approved
by the IMF Executive Board in May 2006.  The mission was headed by Mr.
Alejandro Santos and met with President Nicanor Duarte-Frutos;
Vice-President Luis Alberto Castiglioni; Central Bank President Monica Perez
dos Santos; Finance Minister Ernst Bergen; other members of the Economic and
Social Cabinet; representatives of Congress; the private sector; and civil
society.

"Favorable recent developments suggest that the broad macroeconomic
objectives of the authorities' program will be achieved for 2006.
Preliminary data indicate that quantitative performance criteria established
for end-September 2006 under the IMF-supported program were observed and the
expectation is that quantitative targets for end-December 2006 will also be
observed.  Economic growth has been solid and is expected to reach or exceed
the program objective of 31/2 percent for 2006.  However, inflation has been
pushed up by supply shocks and is likely to be above the program objective
of 7% for 2006.  On the structural side, while there was progress in several
areas, there has been a delay in implementing one structural measure as a
result of technical difficulties (i.e., preparing amendments to the banking
law to address remaining weaknesses and related regulations).

"Discussions have been productive and key elements of the authorities'
economic program for 2007 have been agreed.  The mission expects to conduct
the final assessment of this second review in Washington in the coming
weeks.  After the 2007 budget is approved, the authorities and Fund staff
will finish specifying the remaining elements of the economic program and
the structural agenda for 2007," Mr. Santos concluded.

                        *    *    *

Moody's assigned these ratings on Paraguay:

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

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

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


* PARAGUAY: Secures US$134MM Loan to Pave Integration Corridors
---------------------------------------------------------------
The Inter-American Development Bank approved a US$134 million loan to
Paraguay for the first phase of a program to pave integration corridors,
both internally and with neighboring countries, and rehabilitate and
maintain roads.

Road segments to be paved form part of physical integration corridors under
the Initiative for the Integration of South American Regional Infrastructure
or IIRSA.  They include Route 8, which connects the cities of Coronel Oviedo
and Coronel Bogado with Encarnacion on the border to Argentina, and Route
10, which connects Puerto Rosario on the Paraguay River with Salto del
Guaira on the border to Brazil.

The program will help improve the competitiveness of the productive sector
and the economic and social integration of the country by upgrading several
main corridors in the road network.  It will reduce transport costs, both
for passengers and freight, in national and international integration
corridors while maintaining the highway assets.  Road safety will be
increased and travel times shortened with improved accessibility.

Due to its landlocked position, freight in Paraguay must be moved an average
of 1,350 kilometers overland to reach seaports, thereby making the road
transport costs a key issue in productive and export activity.  As much as
87% of the country's freight is carried by road, with 46% of exports being
shipped by land to seaports.

The IDB has a long tradition of operations in Paraguay's highway sector,
including programs to improve export corridors, integration roads and rural
roads.

Paraguay's road policy is consistent with its goals of economic growth and
promotion of social equity, in a framework of fiscal and environmental
sustainability.  The Ministry of Public Works and Communications, which
manages the highway network, will be in charge of project implementation.

The IDB's country strategy with Paraguay also includes creating conditions
for greater private sector participation, improved competitiveness and a
deepening of the regional and global integration process.

The loan will be for a 25-year term, with a five-year grace period, at an
adjustable interest rate.  Local counterpart funds for the first phase will
total US$16.58 million.

Due to the long-term objectives of the program, a sequential, multi-phase
approach will be used by the IDB.  A second US$108 million loan would be
considered for a later phase of the project, which would require
approximately US$22 million in counterpart funds.

                        *    *    *

Moody's assigned these ratings on Paraguay:

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

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

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




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


PHELPS DODGE: SAC Capital Against Firm's Sale to Freeport
---------------------------------------------------------
SAC Capital Partners, a hedge fund group led by Steven A. Cohen, will oppose
a US$25.9 billion acquisition of Phelps Dodge Corp. by Freeport-McMoRan
Copper & Gold Inc., the Associated Press reports.

According to AP, SAC Capital has a 5.1% stake in Phelps Dodge and has spent
US$464 million to acquire 10.3 million shares in the latter.

AP relates that Freeport-McMoRan offered to exchange US$88 in cash plus 0.67
of a common share of the company for each Phelps Dodge share.

Freeport-McMoRan and Phelps Dodge won't fit well together.  US$25.9 billion
offer does not fairly value Phelps Dodge, as the company is worth more than
Freeport-McMoRan is offering to pay, SAC Capital told AP.

                   About Freeport-McMoRan

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

                     About Phelps Dodge

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

                        *    *    *

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




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


ADELPHIA COMMS: Files First Modified Fifth Amended Joint Plan
-------------------------------------------------------------
Adelphia Communications Corp. filed a draft of the First Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization with the United States
Bankruptcy Court for the Southern District of New York, marked to show
changes against the version filed with the Bankruptcy Court on Oct. 16,
2006.

The revised draft of the Plan shows proposed modifications reflecting
settlements that have been reached with Bank of America, N.A., certain
classes of Bank Syndicate Claims, and the Class of FrontierVision Holdco
Notes Claims, and also contains changes to clarify certain sections of the
Plan and to resolve certain objections made to confirmation of the Plan.
The Plan is subject to approval of the Bankruptcy Court.  The hearing to
consider confirmation of the Plan commenced on Dec. 7, 2006.

A full-text copy of the ACOM Debtors' First Modified Fifth Amended Plan is
available for free at http://ResearchArchives.com/t/s?16ee

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest cable
television company in the country.  Adelphia serves customers in 30 states
and Puerto Rico, and offers analog and digital video services, high-speed
Internet access and other advanced services over its broadband networks.
The Company and its more than 200 affiliates filed for Chapter 11 protection
in the Southern District of New York on June 25, 2002.  Those cases are
jointly administered under case number 02-41729.  Willkie Farr & Gallagher
represents the ACOM Debtors.  PricewaterhouseCoopers serves as the Debtors'
financial advisor.  Kasowitz, Benson, Torres & Friedman, LLP, and Klee,
Tuchin, Bogdanoff & Stern LLP represent the Official Committee of Unsecured
Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates,
collectively known as Rigas Manged Entities, are entities that were
previously held or controlled by members of the Rigas family.  In March
2006, the rights and titles to these entities were transferred to certain
subsidiaries of Adelphia Cablevision, LLC.  The RME Debtors filed for
chapter 11 protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.


BEARINGPOINT: Wins US$5.9MM Contract to Support NMCI Project
------------------------------------------------------------
BearingPoint, Inc., has been awarded a US$5.9 million contract by the United
States Navy to support the Navy's Naval Network Warfare Command or NETWARCOM
and U.S. Fleet Forces Command or USFFC to provide information technology
services in support of transition to the Navy-Marine Corps Intranet or NMCI.

The one-year project will be based in Hampton Roads, Va., and will provide
support in major fleet concentration areas across the continental United
States.  BearingPoint's work will encompass these areas of service:

   -- Transition and technology refresh support,
   -- Legacy network and application lifecycle support,
   -- IT portfolio management services,
   -- Training and user support, and
   -- IT program management support.

"We are excited NETWARCOM has selected BearingPoint to support its
mission-critical Fleet IT requirements," said Beth Smith, senior vice
president of BearingPoint's Navy sector.  "Our experience with Navy
enterprise IT and NMCI will help accelerate the roll-out and retirement of
legacy networks and applications across NETWARCOM and USFFC."

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 global locations 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.


CENTENNIAL COMM: CEO Michael Small Opts to Exercise 8,000 Shares
----------------------------------------------------------------
Chief Executive Michael Small of Centennial Communications Corp. exercised
on Dec. 11, 2006, his option for 8,000 shares of common stock for US$2.93
per share.  He sold them at US$7.05 to US$7.10 per share on the same day.
The sale of the stocks were conducted under a prearranged 10b5-1 trading
plan.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. -- http://www.centennialwireless.com/-- provides wireless
communications with cellular licenses covering smaller markets in the
central United States.  Centennial also offers personal communications
services in the Caribbean, as well as wireline and wireless broadband
services.  It operates as a competitive local-exchange carrier in Puerto
Rico, offering traditional and Internet-based phone service.  Centennial
sold its Puerto Rican cable operations in 2004.  Venture capital firm Welsh,
Carson, Anderson & Stowe (54%) and a unit of the Blackstone Group (24%) are
Centennial's controlling shareholders.

At Aug. 31, 2006, Centennial's balance sheet showed US$1,433,497,000 in
total assets and US$2,498,651,000 in total liabilities resulting in a
US$1,065,154,000 stockholders' deficit.

                        *    *    *

As reported in the Troubled Company Reporter on Jul. 3, 2006,
Fitch assigned Centennial Communications Corp.'s issuer default
rating at 'B-' and senior unsecured notes rating at 'CCC/RR6'. Fitch said
the rating outlook is stable.


JETBLUE AIRWAYS: Launches New Flights to San Juan, Puerto Rico
--------------------------------------------------------------
JetBlue Airways continues to expand its presence at Boston's Logan
International Airport with the launch of new daily nonstop service to San
Juan, Puerto Rico.  Flights to San Juan, the low fare carrier's 22nd
destination served nonstop from Boston, will operate for the peak winter
season through April 30, 2007.

To celebrate this new service, JetBlue is offering a low sale fare of US$85
each way between Boston and San Juan; regular fares range between US$129 and
US$399 each way.

"We're thrilled to be giving our customers more of the service they've been
asking for," said David Neeleman, JetBlue's Founder and CEO.  "Our new
nonstop flights to San Juan make it easier than ever to experience the
beauty and rich culture of Puerto Rico.  And with our existing nonstop
flights from Boston to sunny spots in the Bahamas, Florida, California,
Arizona and Nevada, JetBlue will really help make your winter fly by."

In addition to the low-fare carrier's seasonal nonstop service, JetBlue
provides Boston customers with convenient year-round connecting service to
three cities in Puerto Rico:

   -- Aguadilla,
   -- Ponce, and
   -- San Juan

through New York or Orlando.

JetBlue also offers Boston customers daily connections to Aruba, Bermuda,
Cancun, Mexico; and Santiago in the Dominican Republic via New York.

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

                        *    *    *

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

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


MAXXAM INC: Sept. 30 Balance Sheet Upside-Down by US$200.7 Mil.
---------------------------------------------------------------
Maxxam Inc.'s balance sheet at Sept. 30, 2006, showed US$992.1 million in
total assets and US$1.2 billion in total liabilities, resulting in a
US$200.7 million stockholders' deficit.  The company had reported a US$704.9
million stockholders' deficit at June 30, 2006.

Maxxam Inc. reported a net income of US$418.7 million for the third quarter
Sept. 30, 2006, compared to a net income of US$4.3 million for the same
period a year ago.  This increase was due to the cancellation, during the
third quarter of 2006, of the company's interest in Kaiser Aluminum
Corporation, resulting in a net gain of US$430.9 million.  Net sales for the
third quarter of 2006 totaled US$77.8 million, compared to US$105.8 million
in the third quarter of 2005.

For the first nine months of 2006, Maxxam Inc. reported net income of
US$397.3 million compared to a net loss of US$19.5 million, or US$3.26 per
share loss, for the same period of 2005.  Net sales for the first nine
months of 2006 were US$221.5 million, compared to US$276.0 million for the
first nine months of 2005.

                 Forest Products Operations

Total net sales for forest products operations declined US$4.7 million for
the third quarter of 2006 and US$27.3 million for the nine months ended
Sept. 30, 2006, as compared to the prior year periods.  The decrease in net
sales was due to a decline in lumber shipments resulting from a lower log
supply from Scotia Pacific Company LLC and an increase in the volume of
lumber placed into the Pacific Lumber Company's redwood lumber drying
program during 2006.

The forest products segment generated operating income of US$5.0 million for
the third quarter of 2006 and an operating loss of US$400,000 for the nine
months ended Sept. 30, 2006.  These results include gains from the sale of
certain properties of US$5.3 million and US$11.2 million for the three and
nine-month periods ended Sept. 30, 2006, respectively.  The forest products
segment has incurred substantial operating losses in 2006 due to harvesting
restrictions at Scotia Pacific, adverse weather conditions in early 2006,
and operational inefficiencies at Pacific Lumber's sawmill in Scotia.
Additionally, the forest products segment's operating results for the third
quarter of 2006 were negatively impacted by a severance charge and a legal
settlement.

                   Real Estate Operations

Operating income decreased by US$20.3 million and US$21.6 million for the
third quarter and nine months of 2006, respectively, as compared to the
prior year periods, primarily as a result of reduced acreage sales at the
company's Palmas del Mar development in Puerto Rico and a reduction in the
number of lots sold at its Fountain Hills development in Arizona, partially
offset by increased lot sales at its Mirada development in Rancho Mirage,
California.  The real estate segment's third quarter operating results were
also impacted by the write-off of capitalized costs related to certain real
estate projects.

                      Racing Operations

Racing operations' operating loss decreased slightly in the third quarter of
2006 compared to the prior year period, primarily due to increased simulcast
wagering at Sam Houston Race Park.  The operating loss for the first nine
months of 2006 increased slightly compared to the comparable period of 2005,
principally due to expenditures related to the company's efforts to obtain
an additional racing license in Laredo, Texas.

                     Corporate and Other

Corporate operating income (loss) represents general and administrative
expenses that are not attributable to the company's industry segments,
including stock-based compensation expense and the company's investment in
Kaiser.  Kaiser's plan of reorganization under Chapter 11 of the Bankruptcy
Code, which provided for the cancellation of the company's interest in
Kaiser without consideration or obligation, became effective on July 6,
2006.  Since the company's interest in Kaiser was cancelled without
obligation in the third quarter of 2006, the company reversed its net
investment in Kaiser, resulting in a net gain of US$430.9 million in that
reporting period.  The corporate segment's operating losses improved US$5.7
million for the third quarter of 2006, excluding the gain from the reversal
at the company's investment in Kaiser, as compared to the prior year period,
primarily due to a US$4.3 million decline in stock-based compensation
expense and continued cost cutting initiatives.

           Pacific Lumber-Scotia Pacific Liquidity Update

The company filed its quarterly report on Form 10-Q with the Securities and
Exchange Commission.  The condensed notes to financial statements and other
sections of Form 10-Q discuss how the cash flows of Pacific Lumber and
Scotia Pacific, indirect subsidiaries of the company, have been materially
adversely affected by the ongoing regulatory, environmental and litigation
matters.

As previously announced, Scotia Pacific expects to incur substantial
interest payment shortfalls over at least the next several years.  The
failure of Scotia Pacific to pay all of the interest on the Timber Notes
when due would constitute an event of default under the Timber Notes
Indenture.  There can be no assurance that Scotia Pacific will be able to
generate sufficient additional liquidity to fund the expected future cash
shortfalls. To the extent that Scotia Pacific is unable to generate
sufficient liquidity from property sales or other sources, the company
expects that Scotia Pacific will be forced to take extraordinary actions,
which may include: laying off employees, shutting down various operations,
and seeking protection by filing under the Bankruptcy Code.

On July 18, 2006, Pacific Lumber and Britt Lumber Co., Inc. (a wholly owned
subsidiary of Pacific Lumber), as borrowers, closed on a new five-year
US$85.0 million secured term loan and a new five-year US$60.0 million
secured asset-based revolving credit facility. Pacific Lumber and Britt
Lumber did not meet the required minimum EBITDA maintenance covenant under
these facilities for the three month period ended Sept. 30, 2006, due to an
unplanned severance charge and a legal settlement.  The borrowers expect the
lenders to issue a limited waiver of the default through Dec. 14, 2006.  The
borrowers have notified the lenders that changing market conditions and
other factors will likely impact their ability to comply in future periods
with the financial covenants under the two facilities.  The borrowers are
evaluating various cost-cutting initiatives to improve profitability, but
there can be no assurance that these efforts will generate sufficient
liquidity to enable the borrowers to comply with the financial covenants in
future periods.  The borrowers are pursuing discussions with the lenders in
an effort to amend the two facilities to reflect these changing market
conditions and other factors; however, there can be no assurance that the
borrowers will be successful in their efforts.  In the event that the
borrowers are unable to improve profitability or amend the facilities as
needed, they may be forced to take extraordinary actions.

Headquartered in Houston, Texas, MAXXAM Inc. (AMEX: MXM) operates businesses
ranging from aluminum and timber products to real estate and horse racing.
MAXXAM's top revenue source is Kaiser Aluminum, which has been in Chapter 11
bankruptcy since 2002.  MAXXAM's timber subsidiary, Pacific Lumber, owns
about 205,000 acres of old-growth redwood and Douglas fir timberlands in
Humboldt County, California.  MAXXAM's real estate interests
include commercial and residential properties in Arizona,
California, Texas, and Puerto Rico.  The Company also owns the Sam Houston
Race Park, a horseracing track near Houston.  Its Chairman and CEO, Charles
Hurwitz, controls 77% of MAXXAM.


MUSICLAND HOLDING: Court Approves Stipulation with the Hayeses
--------------------------------------------------------------
Musicland Holding Corp., its debtor-affiliates and James and Susan Hayes
engaged in settlement negotiations in an effort to resolve their dispute.
Accordingly, in a stipulation approved by the U.S. Bankruptcy Court for the
Southern District of New York, the parties agree that:

   (a) the Hayeses will withdraw the Motion to Lift Stay without
       prejudice and without costs to either of the Parties;

   (b) the automatic stay will be lifted solely to allow the
       Hayeses to file and serve a complaint in the Supreme
       Court for Erie County, New York, against the Debtors in
       respect of the Alleged Hayes Claim;

   (c) the automatic stay will remain in effect to prevent the
       Hayeses from prosecuting the Complaint, and with respect
       to all other claimants and matters in the Chapter 11
       cases;

   (d) they waive their rights under Section 362(e) of the
       Bankruptcy Code regarding the automatic stay being
       terminated upon expiration of the 30-day period after
       the filing of the Motion to Lift Stay;

   (e) the Stipulation will not prejudice the Hayeses' ability
       to file a subsequent motion seeking further relief from
       the automatic stay in order to prosecute the Complaint in
       the state court;

   (f) the Debtors will seek the Court's approval of procedures
       for mediation or alternative dispute resolution to
       resolve the Alleged Hayes Claim and similar claims; and

   (g) the Parties reserve all rights with respect to the Motion
       to Lift Stay.

As reported in the Troubled Company Reporter on Oct. 20, 2006, the Hayeses
sought the Court to lift the automatic stay to allow them to commence:

   (a) negotiations with St. Paul Travelers Insurance with
       regards to the personal injury incident; and

   (b) an action for negligence against the Debtors in the
       Supreme Court, County of Erie.

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)


MUSICLAND HOLDING: Panel Pursues Actions Vs. Turnover Defendants
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved a stipulation between Musicland Holding Corp., its
debtor-affiliates, the Official Committee of Unsecured Creditors
and the Informal Committee of Secured Trade Vendors.

The parties stipulate that:

   (a) the Creditors' Committee is deemed to have standing and
       authority, as of Nov. 1, 2006, to investigate, pursue
       and prosecute all actions against the Turnover
       Defendants, including the Debtors' Turnover Action;

   (b) any settlement of the Turnover Action will need consent
       from the Informal Committee and the Responsible Person as
       defined in the Debtors' Plan of Liquidation; and

   (c) the Debtors and the Creditors' Committee agree to
       mutually cooperate and share information and documents,
       and the Debtors agree to reasonably cooperate in making
       their documents available to the Creditors' Committee for
       its review without formal subpoena or discovery demands.

As published in the Troubled Company Reporter on Nov. 10, 2006,
the Creditors' Committee intends to file actions against various
Secured Trade Creditors, including Paramount Pictures, Home Video Division;
Sony Pictures Home Entertainment, Inc.; and Twentieth Century Fox Home
Entertainment LLC, seeking the return of transfers that they received within
90 days prior to
Jan. 12, 2006.

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)


NEWCOMM WIRELESS: Section 341(a) Meeting Slated for Jan. 8, 2007
----------------------------------------------------------------
The United States Trustee for Region 21 will convene a meeting of NewComm
Wireless Services, Inc.'s creditors at 10:30 a.m., on
Jan. 8, 2006, at Choa Building, 500 Tanca Street, First Floor, San Juan,
Puerto Rico.  This is the first meeting of creditors required under 11
U.S.C. Sec. 341(a) in all bankruptcy cases.

All creditors are invited, but not required, to attend. This Meeting of
Creditors offers the one opportunity in a bankruptcy proceeding for
creditors to question a responsible office of the Debtor under oath about
the company's financial affairs and operations that would be of interest to
the general body of creditors.

Headquartered in Guaynabo, PR, NewComm Wireless Services, Inc.,
is a PCS company that provides wireless service to the Puerto Rico market.
The company is a joint venture between ClearComm, L.P. and Telefonica Larga
Distancia.  The company filed for chapter 11 protection on Nov. 28, 2006
(Bankr. D. P.R. Case No. 06-04755).  Carmen D. Conde Torres, Esq., at C.
Conde & Assoc. and Peter D. Wolfston, Esq., at Sonnenschein Nath & Rosenthal
LLP represent the Debtor in its restructuring efforts.  When the Debtor
filed for protection from its creditors, it reported assets and liabilities
of more than US$100 million.


PILGRIM'S PRIDE: Extends Gold Kist Notes Tender Offer to Dec. 27
----------------------------------------------------------------
Pilgrim's Pride Corporation has extended the expiration date for
the tender offer, for any and all of Gold Kist Inc.'s outstanding 10-1/4%
Senior Notes due March 15, 2014, to 5:00 p.m., New York City time, on Dec.
27, 2006.

The company disclosed that it had received the requisite consents to the
proposed amendments to the Notes and the indenture from holders of
approximately 99.9% of the aggregate principal amount of the outstanding
Notes.  As a result of the extension of the expiration date, the
consideration payable to holders of Gold Kist Notes has been calculated
using a new price determination date of Dec. 11, 2006.

Based on an assumed payment date of Jan. 2, 2007, holders who
validly tendered Notes with consents at or prior to 5:00 p.m., New York City
time, on Oct. 13, 2006, the "Consent Date", are eligible to receive
US$1,152.41 for each US$1,000 principal amount of the Notes, which includes
a consent payment equal to US$30 in cash per US$1,000 principal amount of
the Notes.  Holders who validly tendered Notes with consents after the
Consent Date but at or prior to the Expiration Date are eligible to receive
US$1,122.41 for each US$1,000 principal amount of the Notes.

In addition, in respect of the Notes purchased in the offer, the
company will pay accrued and unpaid interest from the last
interest payment date to, but not including, the payment date.
The "Payment Date" is expected to be promptly after the Expiration Date and
immediately prior to the closing of the transactions of the tender offer for
Gold Kist's common shares.

The Total Consideration and the Tender Offer Consideration were
determined as of 10:00 a.m., New York City time on
Dec. 11, 2006.  If the Expiration Date is extended for more than 10 business
days following the Expiration Date, a new price determination date will be
established and the Tender Offer Consideration and the Total Consideration
will be redetermined as of the new price determination date.

Lehman Brothers Inc. serves as the dealer manager for the tender
offer and the solicitation agent for the consent solicitation.
Mellon Investor Services LLC serves as the depository and
Innisfree M&A Incorporated serves as the information agent for the tender
offer and consent solicitation.

Requests for documents may be directed to Innisfree M&A
Incorporated by telephone at (877) 687-1874 (toll free in the U.S. and
Canada) or (212) 750-5833 (call collect) or in writing at 501 Madison
Avenue, 20th Floor, New York, NY 10022.

Questions regarding the tender offer and consent solicitation may be
directed to Lehman Brothers Inc. by telephone at (800) 438-3242 (toll free
in the U.S.) or (212) 528-7581 (call collect).

                      About Gold Kist

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

                   About Pilgrim's Pride

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

                        *    *    *

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

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Standard & Poor's Ratings Services reported that its 'BB'
corporate credit rating and other ratings on the second-largest
U.S. poultry processor, Pilgrim's Pride Corp., remain on
CreditWatch with negative implications, where they were originally placed
Aug. 21, 2006.




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


HILTON HOTELS: To Discuss 3-Year Outlook of Financial Results
-------------------------------------------------------------
Hilton Hotels Corp. will discuss with institutional investors and security
analysts in New York the company's earnings growth and global unit growth
expectations through 2009.

Assuming compound annual RevPAR growth of 7% to 9%, the company anticipates
Adjusted EBITDA to increase at a compounded annual growth rate of 11% to 14%
through 2009; operating income to increase 12% to 17%, and recurring diluted
earnings per share to increase 16% to 22%.

Assuming a 9% compounded annual growth rate in RevPAR, the company
anticipates diluted EPS would approximate US$2.00 per share in 2009.  Based
on this assumption, Hilton would anticipate 2009:

   -- fees of US$1.005 billion;
   -- profit from owned hotels of US$980 million;
   -- profit from leased hotels of US$600 million;
   -- timeshare profit of US$235 million, and
   -- total company Adjusted EBITDA of US$2.530 billion.

Assuming a 7% compounded annual growth rate in RevPAR, the company
anticipates:

   -- diluted EPS would approximate US$1.70 per share in 2009,
      with fees of US$980 million;

   -- owned profit of US$870 million;

   -- leased profit of US$515 million;

   -- timeshare profit of US$235 million, and

   -- total company Adjusted EBITDA of US$2.310 billion.

Consistent with its strategy of growing its franchise and management fee
business and expanding development of its Family of Brands to markets around
the world, the company said it anticipates adding approximately 120,000
rooms to its global system between 2007 and 2009, with a gradually
increasing percentage of the room growth coming from international markets.
The company recently announced deals for development of its Hilton
full-service and mid-scale Hilton Garden Inn hotels in markets throughout
India and China.

Hilton also reaffirmed the preliminary 2007 guidance it originally provided
on its Oct. 31, 2006 earnings call, specifically:

   -- management/franchise fee growth in the 15% range;

   -- pro forma comparable worldwide owned hotel RevPAR and
      margin growth of approximately 7% to 9% and 125 to
      175 basis points, respectively;

   -- pro forma comparable worldwide leased hotel RevPAR and
      margin growth of approximately 4% to 5% and 30 to 70 basis
      points, respectively; and

   -- an effective tax rate of approximately 38 percent.

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

                        *    *    *

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

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

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

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%




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


AMERICAN AIRLINES: Invests US$20MM in Upgrades on Entire Fleet
--------------------------------------------------------------
American Airlines plans to invest US$20 million in upgrades on its entire
fleet of Boeing 767-200 aircraft.  The upgrade includes updated First and
Business Class seats, a lighter and brighter cabin interior, and new audio
and video on-demand personal entertainment devices in First and Business
Class.  The upgrade also includes an additional First Class seat, increasing
the number of First Class Seats from 9 to 10 on each aircraft.

In addition, American will enhance its lounge admittance policy in
conjunction with the opening of the new Flagship Lounge and second Admirals
Club lounge at the new JFK terminal by summer 2007.  First Class passengers
flying on transcontinental routes on three-class aircraft will have access
to American's Flagship Lounges, usually reserved for international premium
class customers.  In addition, Business Class passengers traveling on
transcontinental routes on three-class aircraft will have access to
American's Admirals Club lounges.  American has a Flagship Lounge facility
and Admirals Club lounge at Los Angeles International Airport and opened a
new Admirals Club in Concourse C in New York's John F. Kennedy International
Airport in 2005.

The US$20 million investment represents another step in a series of
investments American, a founding member of the global oneworld Alliance, is
making to its core products to enhance the overall customer experience.  The
Boeing 767-200 aircraft is primarily flown from New York to Los Angeles and
New York to San Francisco, which are key markets in American's extensive
domestic network.  The transcontinental flights often connect passengers to
American's extensive international network.  American is the only airline to
primarily fly widebody aircraft, which are preferred by customers to
narrowbody aircraft, on these transcontinental routes. This investment
enables the company to further its leadership position in the highly
competitive transcontinental market.

Customers will begin seeing the enhancements as early as summer 2007. The
upgrade will be implemented in a phased approach, beginning with new
inflight entertainment and updated interiors and will be followed by:

   * Upgraded, fully motorized seats in the First Class cabin
     -- offering customers greater seat flexibility to assure
     comfort.

   * The addition of one First Class seat per aircraft, made
     possible by utilizing currently unused space and
     additional space made available by the installation of the
     new and smaller digital inflight entertainment system.
     American will gain almost 11,000 additional First Class
     seats annually in the New York to Los Angeles and New York
     to San Francisco transcontinental markets.

   * Updated interior throughout the aircraft for a lighter and
     brighter look including new upholstery, carpeting and
     lighter "basket-weave" sidewalls.

"We are focused on investing in our transcontinental product -- on some of
our most important routes -- to enhance the overall customer experience for
our valued premium travelers," said David Cush, American's Senior Vice
President of Global Sales.  "The aircraft upgrades, combined with the new
transcontinental premium class menus and the new amenities we recently
announced, all work together to enhance the total travel experience onboard
the aircraft."

Mr. Cush, noting that American understands the travel experience begins
before boarding the aircraft, added that the enhanced lounge admission
policy for transcontinental First and Business Class passengers would be
well-received by customers flying between New York and Los Angeles and
between New York and San Francisco.

This follows other improvements American has announced to make the airline
even more attractive to premium customers, a key part of its overall
strategy.  Earlier this year, American introduced new premium class menus on
all transcontinental flights. Developed by Conclave Chef Nancy
Brussat-Barocci of Convito Italiano & Betise in Wilmette, Ill., the new
transcontinental menu options will be offered for breakfast, lunch and
dinner, as well as the midnight snack service on overnight flights.

Recently, American also announced an expansion of culinary options and
overall service in First and Business class cabins
-- including on transcontinental flights a marinated cheese antipasto snack
as an alternative to warm mixed nuts in First Class.  In addition to
silverware, warm cloth towels and individual salt and peppershakers, First
and Business cabins now feature a baked-on-board cookie service, artisan
breads, after-dinner gourmet chocolates and pre-landing sparkling water
service.  Customers in First and Business Class cabins can also enjoy the
airline's ice cream sundaes.

Earlier this month, American Airlines unveiled a new level of comfort in the
form of a cotton duvet.  Designed for warmth and comfort, the soft cotton
duvet will be paired with an oversized premium pillow in First and Business
Class on all 767 and 777 aircraft.

In another move this year, American joined with US Helicopter to provide
customers with the first regularly scheduled helicopter airport shuttle
service in New York in 12 years.  The alliance gives customers the
timesaving opportunity to travel between New York's JFK International
Airport and Manhattan in eight minutes, as well as the ability to check in
and clear security at the heliport.

American's transcontinental flights serve major national airports, including
Los Angeles International Airport, New York's JFK International Airport and
San Francisco International Airport.  American's 15 Boeing 767-200s are
widebody aircraft, which customers prefer to the narrowbody aircraft flown
by other airlines since the 767-200s offer more room for passengers to move
about the cabin.  American's 767-200 aircraft have power ports in every
First and Business Class seat, as well as more power ports in the coach
cabin than any other airline, giving transcontinental travelers the ability
to remain productive on these long-haul flights.

"American is clearly investing in the products and services its customers
value, and we are firmly committed to continuing to enhance the customer
experience," Mr. Cush said.  "Our ongoing commitment provides significant
benefits to our customers, our employees and the communities we serve, and
we will continue our relentless focus on maintaining our leadership in the
marketplace."

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


CITGO PETROLEUM: Names Karl Schmidt as Lubricants Gen'l Manager
---------------------------------------------------------------
Citgo Petroleum Corp. has appointed Karl Schmidt as the new general manager
of the company's lubricants division, Modern Car Care reports.

According to Modern Car Care, the lubricants division of Citgo Petroleum
produces a full line of:

          -- engine oils,
          -- greases,
          -- process oils,
          -- fluids, and
          -- other lubricants.

Modern Car Care relates that Mr. Schmidt will be responsible for the
division's business operations, from base oil manufacturing to finished
lubricant marketing.  He will also supervise the development and
implementation of a new organizational structure and go-to-market strategy.

Mr. Schmidt joined Citgo Petroleum in 1990 and worked in operations,
corporate planning and supply chain roles.  He was a manager of capital
projects and strategic planning at the company and handled the
US$500-million major crude expansion at the Lake Charles lubricants and wax
plant.  He then became the general manager of the Lake Charles plant, Modern
Car Care states.

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

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

                        *    *    *

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

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


FERRO CORP: Completes Financial Filings for Two Quarters in 2006
----------------------------------------------------------------
Ferro Corp. disclosed Monday that it has filed its Quarterly Reports on Form
10-Q with the U.S. Securities and Exchange Commission for the three-month
periods ended March 31 and
June 30, 2006.

A full-text copy of the company's quarterly report for the period ended
March 31, 2006 is available for free at:

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

A full-text copy of the company's quarterly report for the period ended June
30, 2006 is available for free at:

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

Sales for the first quarter ended March 31, 2006, were
US$505.2 million, an increase of 9.4% from the first quarter of 2005.  Net
income from continuing operations was US$8.4 million, compared with
US$600,000 in the first quarter of 2005.

Sales for the second quarter, ended June 30, 2006, were
US$538.5 million, an increase of 8.4% from the prior year's quarter. Net
income from continuing operations was US$10.5 million, compared with US$8.1
million, or US$0.18 per share, in the second quarter of 2005.

"Ferro turned in an excellent first half," said President and CEO James
Kirsch.  "We are looking forward to building on this good start as we
complete 2006 and move into 2007.  We will continue to win from within as we
build our foundation for high-quality earnings growth."

Included in the first quarter net income from continuing operations were
certain items that had a combined negative pre-tax effect of approximately
US$4.8 million.  These charges were primarily from expenses related to the
accounting investigation and restatement of 2003 and first quarter 2004
results.  These items reduced first quarter net income from continuing
operations by US$0.07 per share.  In the first quarter of 2005, these
charges reduced net income by US$0.11 per share.  In addition, the Company
recognized a US$2.9 million non-cash, pre-tax loss in the first quarter
resulting from mark-to-market supply contracts for natural gas.  The Company
recognized a US$2.4 million non-cash, pre-tax gain from natural gas supply
contracts in the 2005 first quarter.

Included in the second quarter net income were additional items that had a
combined net unfavorable pre-tax effect of approximately US$3.7 million.
These items primarily included charges for the write-off of previously
unamortized fees and discounts for certain of the Company's former
borrowings, and charges related to the accounting investigation and
restatement.  These items reduced second quarter net income by approximately
US$0.06 per share.  In the second quarter of 2005, charges reduced net
income by US$0.04 per share.  In addition, during the 2006 second quarter,
the Company recognized a US$300,000 non-cash, pre-tax, mark-to-market loss
from natural gas contracts, compared to an US$800,000 loss in the second
quarter of 2005.

           Changes in 2006 First Quarter Results

The results for the 2006 first quarter differ from the preliminary earnings
announced by the Company on July 12, 2006, largely as a result of the final
determination of the appropriate timing for charges and benefits associated
with a benefit plan curtailment and changes in the Company's employee
pension plan and retiree benefits programs.  Charges and benefits related to
the benefit plan curtailment and pension plan changes are recorded in the
results for the second quarter of 2006 rather than in the first quarter, as
originally anticipated.  As a result of the changes, net income for the
first quarter is US$1.3 million higher than originally indicated.

                   Second Quarter Results

Sales for the second quarter set a record, surpassing the record set in the
first quarter of 2006.  Sales were particularly strong in the Electronic
Materials segment, where revenue increased by 33%.  Sales also increased in
Color and Glass Performance Materials, Performance Coatings and Polymer
Additives.  Sales declined less than one percent in Specialty Plastics and
declined in the other segment.  Sales benefited by less than one percent
from changes in foreign exchange rates.

Most of the revenue increase for the quarter was due to increases in average
selling prices, including changes in product mix and price increases.  Total
product volume was about flat with the second quarter of 2005.

Gross margins for the second quarter were 20.6% of sales.  Across the
Company, improved pricing and product mix were able to fully offset
increases in the cost of raw materials during the quarter.  However, an
increase in precious metal prices, which are generally passed through to
customers without mark-up, lowered the gross margin percentage.

Sales, general and administrative expenses for the second quarter were
US$78.7 million, or 14.6% of sales.  SG&A expense was nearly flat with the
prior-year and was lower as a percent of sales than the 15.9% recorded in
the second quarter of 2005.

Total segment income for the second quarter was US$42.7 million, an increase
of 19.3% from the second quarter of 2005.  For the first half, total segment
income increased to US$84.9 million, an increase of US$21.4 million, or 34%,
from the first half of 2005.

As of the end of June, total debt, including off balance sheet arrangements,
was US$660.4 million, an increase of US$105.7 million from the end of 2005.
As previously indicated, this increase was the result of increased deposit
requirements for precious metal consignment arrangements and for working
capital to support increased sales.  The Company expects to reduce the
amount of material under consignment requiring cash deposits by year end and
anticipates that substantially all of the deposits will be returned in the
first quarter of 2007.

              Third Quarter Preliminary Results

Sales for the third quarter are expected to be approximately US$500 million,
up more than 7% from the third quarter of 2005.  Current business conditions
remain generally favorable in the Company's markets, although there has been
some weakening of demand from specific regions and application markets.  In
the U.S., housing and automotive-related demand was weaker than previously
expected while demand in Europe continued to be relatively strong.  In
addition to these market issues, interest expense for the third quarter was
higher than originally forecast, as the Company continued to fund a
higher-than-expected level of cash deposits for precious metal consignments.

The Company now expects to report net income for the third quarter ended
Sept. 30, 2006 of approximately US$0.12 per diluted share.  Included in the
preliminary earnings per-share results are charges, primarily related to
previously announced restructuring programs, which reduced earnings by
approximately 2 cents per share.  Fourth quarter 2006 sales are expected to
be modestly higher than in the third quarter.

                       About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corp. -- http://www.ferro.com/--  
supplies technology-based performance
materials for manufacturers.  Ferro materials enhance the
performance of products in a variety of end markets, including
electronics, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  The Company has approximately 6,800
employees globally.  In Latin America, the company has
operations in Argentina, Brazil, Mexico and Venezuela.

                        *    *    *

Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remains on CreditWatch with negative implications, where they were placed
Nov. 18, 2005.


PEABODY ENERGY: To Offer US$500MM of Conv. Jr. Sub. Debentures
--------------------------------------------------------------
Peabody Energy plans to sell US$500 million of Convertible Junior
Subordinated Debentures due in 2066 in a public offering, pursuant to a
registration statement filed with the Securities and Exchange Commission.
In addition, the company is expected to grant the underwriters an option to
purchase up to an additional US$75 million of debentures to cover
over-allotments.

Net proceeds of the offering are expected to be used primarily to repay debt
under the company's revolving credit facility and term loan facility, which
partly financed the recent acquisition of Excel Coal Limited, and for other
corporate purposes.

Lehman Brothers Inc., Morgan Stanley & Co. Incorporated and Citigroup Global
Markets Inc. are the joint book running managers for the offering.

A preliminary prospectus supplement related to the offering will also be
filed with the U.S. Securities and Exchange Commission and will be available
on the SEC's website at www.sec.gov.

Copies of the preliminary prospectus supplement relating to the offering may
also be obtained from:

          Lehman Brothers
          c/o ADP Financial Services Integrated
          Distribution Services
          1155 Long Island Avenue, Edgewood
          NY 11717
          Fax: (631) 254-7268
          E-mail: monica_castillo@adp.com

                    -- or --

          Morgan Stanley
          Attn: Prospectus Department
          180 Varick Street 2/F
          New York, NY 10014
          Tel: (866) 718-1649
          E-mail: prospectus@morganstanley.com

                    -- or --

          Citigroup Global Markets Inc.
          Brooklyn Army Terminal
          140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: (718) 765-6732
          Fax: (718) 765-6734

The prospectus and other documents the company has filed may be obtained for
free by visiting EDGAR on the SEC website at htt://www.sec.gov/

Alternatively, the company, any underwriter or any dealer participating in
the offering will arrange to send you the prospectus if requested.

Retail Investors may call toll-free at (800) 584-6837 and
institutional investor may call toll-free at (866) 718-1649.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all US and 3% of worldwide electricity.
The company has coal operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Standard & Poor's Rating Services assigned its 'BB' rating to
Peabody Energy Corp.'s proposed US$2.75 billion of senior
unsecured credit facilities, consisting of a US$1.8 billion
revolving credit facility and US$950 million Term Loan A.  S&P
said the rating outlook is stable.


PEABODY ENERGY: Fitch Rates US$500MM Jr. Sub Debentures at BB-
--------------------------------------------------------------
Fitch has rated the US$500 million convertible junior subordinated
debentures due 2066 at 'BB-'.  The ratings of the US$650 million senior
notes due 2013, the US$250 million senior notes due 2016, the US$650 million
senior notes due 2016, the US$250 million notes due 2026, the US$1.8 billion
revolving credit facility, and the US$950 million term loan facility are
affirmed at 'BB+'.  The Rating Outlook is Stable.

The proceeds of new debentures will be used to repay borrowings under the
bank facilities used to finance, in part, the acquisition of Excel Coal
Limited.

Based upon Fitch's hybrid rating criteria published on
Sept. 27, 2006, Fitch has assigned the debentures to class C and will
allocate 50% of the principal to adjusted equity and 50% to adjusted debt in
evaluating the financial leverage of Peabody.  Key features supporting the
equity credit class of the debentures include the junior subordinate
ranking, ten-year cumulative optional deferral of interest payments, a
60-year maturity with restrictions on redemption or repurchasing securities
for 30 years except in certain limited circumstances.  Without the cash
settlement conversion feature upon a non-stock change of control, the
debentures would have received 75% equity credit.

The ratings reflect Peabody's large, well-diversified operations, good
control of low cost production, strong liquidity and moderate leverage. The
outlook is for coal producers to continue to benefit from a strong pricing
environment over the near term.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all US and 3% of worldwide electricity.
The company has coal operations in Venezuela.


PETROLEOS DE VENEZUELA: Eisa & Maua Building Crude Oil Tankers
--------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of Venezuela, said in a
statement that it has signed an agreement with Eisa and Maua Jurong --
Brazilian shipbuilding companies -- to build 10 crude oil tankers.

Business News Americas relates that PDV Marina, the sea transport unit of
Petroleos de Venezuela, will run the ships.

Asdrubal Chavez, the trade and supply director for Petroleos de Venezuela,
told BNamericas, "The subsidiary's business plan calls for expanding our
fleet by bringing on at least 42 ships through 2012."

BNamericas underscores that Eisa and Maua Jurong have formed a consortium
with Dianca, Venezuelan state-owned shipbuilder, for the contract, which
includes eight Panamax-type 70,000-ton ships and two smaller 47,000-ton
vessels.

Some of the ships would be constructed in Brazilian shipyards and other in
Dianca in central Venezuela with technology transferred by the Brazilian
partners, BNamericas states, citing PDV Marina sources.

PDV Marina will increase to 42% from 15% the amount of Petroleos de
Venezuela exports it handles, BNamericas reports.

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: Oil Exports to US Declining
---------------------------------------------------
Petroleos de Venezuela's oil shipments to the United States have been
decreasing since 2005, El Universal reports.

El Universal relates that in August 2006, Petroleos de Venezuela's total oil
exports to the US totaled 1.27 million barrels per day, which was below the
sales of 2003.

Figures from the International Energy Agency said in its report in November
that Europe has not replaced the US as the major destination of Venezuelan
oil exports.

Exports to Europe increased to 200,000 barrels per day in the first half of
2006.  However, they returned to their normal level, ranging from 110,000
barrels per day to 170,000 barrels per day, El Universal states.

Petroleos de Venezuela SA 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 Ratings Services revised the CreditWatch
implications on its 'B+' long-term foreign currency corporate
credit rating on Petroleos de Venezuela SA to positive from
developing.

The revision of the CreditWatch status on Petroleos de Venezuela
reflects S&P's expectations that downgrade risk has receded, and
the issuer credit rating will either be raised and equalized
with the rating on Petroleos de Venezuela's owner, the
Bolivarian Republic of Venezuela (BB-/Positive/B), or affirmed
at 'B+'.


* Fitch Says Uncertainty in US Economy Poses Risks for Borrowers
----------------------------------------------------------------
Fitch Ratings warns in its semi-annual Sovereign Review issued today that
the uncertain economic outlook for the US is likely to lead to greater
volatility in financial markets in 2007, including those of emerging
markets.

"With the 'carry trade' fuelled by ample global liquidity and record
financial market flows to emerging markets, including increased foreign
investor presence in local debt and equity markets, big shifts in interest
rate expectations and a further weakening of the US dollar would test those
emerging markets with fragile policy credibility and large external and
fiscal financing needs," says David Riley, Head of Fitch's Sovereign team.

Nonetheless, the massive accumulation of international reserve assets by
emerging market central banks -- Fitch estimates another US$500 billion will
be added to already record stocks of foreign assets in 2006 -- combined with
further falls in public external debt, should shield the creditworthiness of
governments against all but the hardest of landings for the US and global
economy.  A gradual decline in the US dollar as part of the long awaited
re-balancing of the global economy would broadly be beneficial for most
emerging markets, allowing central banks to ease interest rates as their
currencies appreciate while boosting capital inflows as investors seek to
reduce their exposure to US dollar assets.  And while central banks will
incur large valuation losses on their dollar reserves, private sector
balance sheets will likely benefit from positive valuation effects.

"Nonetheless, for central and Eastern Europe where current account deficits
are already substantial and private credit booming, appreciating currencies
will make it even harder for policymakers to prevent macroeconomic
imbalances widening, rendering the region more vulnerable to a sudden shift
in investor sentiment," says Brian Coulton, Head of Global Economics at
Fitch's Sovereign team.

The secular improvement in emerging market sovereign creditworthiness
continued through 2006 with 11 upgrades, including for Brazil, Russia and
India, and is expected to persist through 2007 with 10 ratings on Positive
Outlook compared to just four Negative Outlooks.  As the credit quality of
emerging-market sovereigns has risen, they have also begun to exit from
international capital markets, preferring to meet their declining financing
needs from debt denominated in their own currency and issued in their local
market.  International bond issuance by sovereigns is estimated to total
US$45bn this year and fall to a low of just US$32 billion in 2007.

In contrast, financial market flows to emerging-market banks and companies
are at all-time highs, with international bond issuance set to exceed US$120
billion.  The credit quality of many emerging-market issuers has also been
improving, boosted by strong commodity and metals prices and benefiting from
relatively low leverage but the credit quality is often much lower than that
of the sovereign.

The average rating of issuance out of Russia and Kazakhstan over the last
year, for example, is in the 'BB' category compared with sovereign ratings
of 'BBB+' and 'BBB' respectively.  In the event of tightening credit
conditions, the terms and access to international credit markets could pose
refinancing challenges for some private-sector borrowers, though most
emerging-market central banks are well placed to be the "last resort"
provider of foreign currency if borrowers are forced to return to local
sources of finance.

The global economic outlook once again largely rests on the performance of
the US economy, despite recoveries in Japan and Europe gaining traction in
2006.  Fitch's assessment of the US economy is that of a soft landing with
growth of 2.4% next year and consequently it expects the Fed to keep rates
on hold at 5.25% compared to current market expectations of 4.5% by
end-2007.  There is a danger that further downward shifts in interest rate
expectations and consequently dollar weakness will increase the risk of
'stagflation' as the Fed's room for maneouvre is limited by rising import
price inflation amid a tight labour market.  While the uncertainty
surrounding the outlook for the US economy is even greater than usual,
Fitch's current 'bottom up' forecasts for the 100 economies covered by the
agency imply that the global economy will post another year of 3+ percent
growth and emerging markets will expand by 6%, only slightly down on this
year.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
      Actionable, Achievable Solutions
         Contact: 240-629-3300 or
                  http://www.beardaudioconferences.com

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

Submissions via e-mail to conferences@bankrupt.com are encouraged.


                         ***********


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

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

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

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

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

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


           * * * End of Transmission * * *