TCRLA_Public/061218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, December 18, 2006, Vol. 7, Issue 250

                          Headlines

A R G E N T I N A

ANTOMAR SAICFI: Claims Verification Is Until March 15, 2007
BANCO PATAGONIA: Sells ARS40.0MM Banco Piano V Securities Issue
CLAXSON INTERACTIVE: Turner to Acquire 7 Pay Television Networks
HENRIGOM SRL: Deadline for Claims Verification Is March 16, 2007
SERIDWEN SA: Trustee Verifies Claims Until March 15, 2007

SILVER AVENUE: Claims Verification Is Until March 16, 2007
RIKIMAR SRL: Verification of Claims Is Until March 20, 2007
TELEFONICA DE ARGENTINA: Invests ARS20 Million for Data Center
VILCA CONSTRUCCIONES: Claims Verification Is Until March 1, 2007

* ARGENTINA: Agricultural Product Exports Rises 22% in October

B A H A M A S

WINN-DIXIE: To Distribute Common Stock Under Plan on December 21

B E R M U D A

FOSTER WHEELER: Fin'l Improvements Prompt S&P's Positive Outlook
REFCO INC: Judge Drain Confirms Modified Joint Chapter 11 Plan
REFCO INC: Judge Drain Extends Removal Period to January 9
REFCO INC: Taps Sonnenschein Nath as Special Litigation Counsel
SEA CONTAINERS: GNER Inks Pact with UK Gov't to Operate Mainline

B O L I V I A

INTERMEC INC: Fitch Affirms & Withdraws Ratings

* BOLIVIA: Votorantim to Explore for Zinc, Nickel Next Year

B R A Z I L

ALERIS INT: Stockholders Approve Merger Pact with Texas Pacific
ALLIANCE ONE: Robert Harrison Succeeds Brian Harker as CEO
BANCO MERCANTIL: S&P Affirms B/B CounterParty Credit Rating
BANCO NACIONAL: Approves BRL213MM to Mato Grosso Rural Producers
BANCO NACIONAL: Grants US$33.9MM Financing to Finarge Navegacao

BANCO NACIONAL: Okays BRL1.36B Loan for Gasene Transport Project
CHEMTURA CORP: Karen Oscar to Retire on Mar. 31, 2007
COMPANHIA SIDERURGICA: May Further Increase Offer for Corus
DURA AUTOMOTIVE: Hires Glass & Associates as Financial Advisors
DURA AUTOMOTIVE: Gets Court's Final Okay for Customer Programs

FURNAS CENTRAIS: Moody's Affirms Ba1 Global Currency Rating
GOL LINHAS: Declares BRL0.11671 Per Share 4th Quarter Dividend
NET SERVICOS: Horizon Telecom Raises Ownership of Firm to 6.85%
NOVELIS: Extends Notes Exchange Offer Expiration to Jan. 4, 2007

C A Y M A N   I S L A N D S

ACOM FUNDING: Final Shareholders Meeting Is Set for Dec. 18
AENAS GLOBAL: Final Shareholders Meeting Is on Dec. 18
BEACH DISCRETIONARY: Claims Filing Deadline Is Set for Dec. 20
BEACH FUND: Creditors Have Until Dec. 20 to File Proofs of Claim
BEACH SYSTEMATIC: Last Day for Proofs of Claim Filing Is Dec. 20

BES OVERSEAS: Shareholders to Gather for Dec. 20 Final Meeting
BESSENT GLOBAL MASTER: Claims Filing Deadline Is Set for Dec. 20
BESSENT GLOBAL: Proofs of Claim Filing Deadline Is on Dec. 20
BWFC SECOND: Shareholders Gather for Final Meeting on Dec. 19
CORRUGATED INSURERS: Proofs of Claim Filing Is Until Dec. 19

CRONOS EQUIPMENT: Shareholders Convene for Dec. 20 Final Meeting
GRANITE CAPITAL: Proofs of Claim Filing Is Until Dec. 19
GRANITE (HEDGE): Last Day to File Proofs of Claim Is Dec. 19
GRANITE (OPPORTUNITY): Proofs of Claim Filing Is Until Dec. 19
IAM INVESTMENT: Calls Shareholders for Final Meeting on Dec. 20

INTEGRAL TRADE: Deadline for Proofs of Claim Filing Is Dec. 20
INTEGRAL TRADE MASTER: Proofs of Claim Must be Filed by Dec. 20
NCAF COMPANY: Liquidator Presents Wind Up Accounts on Dec. 19
NEUTRALIS EUROPE: Calls Shareholders for Dec. 18 Final Meeting
NORTHERN CALIFORNIA: Filing of Proofs of Claim Is Until Dec. 20

O'CONNOR SYSTEM: Invites Shareholders for Dec. 18 Final Meeting
OGOT COMPANY: Invites Shareholders for Final Meeting on Dec. 20
PANCTUAL EQUITY: Deadline for Filing of Claims Is on Dec. 19
VERTEX CHINA: Last Shareholders Meeting Is Set for Dec. 18
VTC CORPORATE: Last Day to File Proofs of Claim Is on Dec. 20

C H I L E

BLOCKBUSTER INC: Improved Cash Flow Cues S&P's Stable Outlook
ENDESA CHILE: Moody's Raises Sr. Debt Rating to Baa3 from Ba1
ENERSIS: Moody's Lifts Sr. Unsec. Debt Rating to Baa3 from Ba1

C O L O M B I A

ECOPETROL: Stake Sale May Bring in US$4 Billion to Government
HEXION SPECIALTY: Declares Price Increases for Coating Resins

C U B A

* CUBA: Moody's Caa1 Rating Reflects Buildup of Debt Arrears

D O M I N I C A

* DOMINICA: IMF Completes Seventh Review of PRGF Agreement

D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Gov't May Not Terminate Contract with AES Andres

* DOMINICAN REPUBLIC: Resolves Tax Dispute with Verizon Comms

E C U A D O R

* ECUADOR: Snubs World Bank Unit's Authority in Occidental Suit

E L   S A L V A D O R

CORPORACION UBC: Citigroup Buying Unit's Assets for US$1.51 Bil.
BANCO CUSCATLAN: Citigroup Buying Subsidiaries for US$1.51 Bil.

G U A T E M A L A

GOODYEAR: USW Workers Protest Retirees' Healthcare Abandonment

* GUATEMALA: World Bank Grants US$62.3MM for Land Administration

J A M A I C A

AIR JAMAICA: Alerts Travelers to Secure Passports to Enter US
AIR JAMAICA: Launching US-Barbados Daily Non-Stop Service
NATIONAL COMERCIAL: S&P Affirms B/B CounterParty Credit
SUGAR COMPANY: Two Trelawny Assets Won't be Divested

M E X I C O

BARCLAYS BANK: Moody's Assigns D Financial Strength Rating
CINEMARK HOLDINGS: Realigns Executive Leadership Team
CONTINENTAL AIRLINES: Analyst Says UAL Merger Is Good Strategy
CONTINENTAL AIR: Union Ready to Respond to Likely UAL Merger
DELTA AIR: Launches Nonstop Service form Los Angeles to La Paz

DELTA AIR: ASA Pilots Picketed at Los Angeles Airport
EMPRESAS ICA: Names Alonso Kawage as Chief Financial Officer
FEDERAL-MOGUL: Court OKs Inter-company Equity Interest Transfers
FORD MOTOR: Appoints Mark Fields to Lead Ford of the Americas
FORD MOTOR: Corporate Realignment to Focus on Worldwide Markets

GENERAL MOTORS: S&P Holds Corporate Credit Rating at B
GENERAL MOTORS: S&P Affirms B Rating on US$33MM Certificates
GRUPO MEXICO: Sees Output Cuts from Peruvian & Mexican Mines
HIPOTECARIA CREDITO: Sells MXN2.83 Billion Loan Securitizations
HOME PRODUCTS: Streamlining Operations of Chicago Facility

NORTEL: Unit Amends Facility Agreement with Export Development
ODYSSEY: Underwriters Exercise Overallotment Option to Buy Stock
TV AZTECA: Azteca America Adds Station in Milwaukee
VITRO SA: Completes Sale of Vimex Property for US$100 Million
WERNER LADDER: Wants Loughlin Meghji to Serve as New CEO

WERNER LADDER: Wants More Time to Remove Civil Actions

* MEXICO: Levying Tax on Soda to Replace Dwindling Oil Revenues

N I C A R A G U A

* NICARAGUA: Congress Ratifies Free Trade Agreement with Taiwan

P A N A M A

CHIQUITA BRANDS: Provides Interim Price & Volume Data for 4Q
CLIENTLOGIC: Raises SITEL Stockholders' Price to US$4.25 a Share
CLIENTLOGIC: Moody's Reviews B3 Rating on Revised Merger Plan
GRUPO BANISTMO: Posts US$100MM Net Income in First Nine Months

P E R U

GRAN TIERRA: Drills Puesto Climaco-2 Sidetrack Well on Noroeste

P U E R T O   R I C O

DORAL FIN: Declares Cash Dividend on Four Series of Pref. Stocks
HORIZON LINES: Increases Revolving Credit Facility by US$25 Mil.
SAFETY-KLEEN: Acquires Jacobus Environmental Services

T R I N I D A D   &   T O B A G O

BRITISH WEST: VESP Must be Regifstered by Industrial Court
HILTON HOTELS: Moody's Affirms Low B Ratings on E & F Certs.

U R U G U A Y

* URUGUAY: State Firm Mulls Two Options to Meet Power Demand

V E N E Z U E L A

CITGO PETROLEUM: Faces Consumer Fraud Charges in US Dist. Court
CITGO PETROLEUM: Ferrysburg Officials Question Two Storage Tanks
DAIMLERCHRYSLER: U.S. Unit Ceases Production on Various Plants
FERRO CORP: Declares US$0.145 Per Share Quarterly Dividend
HARVEST NATURAL: Pays US$15.3 Million in Taxes to Seniat

PEABODY ENERGY: Prices US$675MM of Conv. Junior Sub. Debentures
PEABODY ENERGY: Moodys Assigns Ba2 Rating on US$500MM Debentures
PEABODY ENERGY: S&P Rates US$500MM Conv. Jr. Debentures at B
PETROLEOS DE VENEZUELA: Golfo May Produce 26,000 Barrels Per Day

* SEC to Propose Guidance for Sarbanes-Oxley 404 Implementation
* BOOK REVIEW: Cardozo and Frontiers of Legal Thinking


                          - - - - -


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


ANTOMAR SAICFI: Claims Verification Is Until March 15, 2007
-----------------------------------------------------------
Norberto Volpe, the court-appointed trustee for Antomar SAICFI's
bankruptcy proceeding, will verify creditors' proofs of claim
until March 15, 2007.

Under the Argentine bankruptcy law, Mr. Volpe 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 Antomar SAICFI and
its creditors.

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

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

Antomar SAICFI was forced into bankruptcy at the behest of Jose
Torre, whom it owes US$9,034.00.

Clerk No. 44 assists the court in the proceeding.

The debtor can be reached at:

          Antomar SAICFI
          Pasco 1393
          Buenos Aires, Argentina

The trustee can be reached at:

          Norberto Volpe
          Maipu 859
          Buenos Aires, Argentina


BANCO PATAGONIA: Sells ARS40.0MM Banco Piano V Securities Issue
---------------------------------------------------------------
Banco Patagonia told Business News Americas that it has sold
ARS40.0 million of its Banco Piano V securities issue.

Banco Patagonia said in a press release that it has placed new
securitizations on the local market.

BNamericas relates that the senior securities were placed at an
internal rate of return of 11.9% and have duration of 6.87
years.

Banco Patagonia told BNamericas that investor demand on the
issue hit 1.52 times the amount offered.

Standard & Poor's placed an AAA national scale rating on the
issue, the report says.

Banco Patagonia also sold ARS9.75-million junior placement.
Demand for that issue hit 1.36 times the offer and were placed
at an internal rate of return of 13.1%, BNamericas states.

                        *    *    *

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

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


CLAXSON INTERACTIVE: Turner to Acquire 7 Pay Television Networks
----------------------------------------------------------------
Turner Broadcasting System, Inc., has reached an agreement with
Claxson Interactive Group, Inc., to acquire seven pay television
networks operating in the Latin American market, Philip I. Kent,
chairman and chief executive officer of TBS, Inc., and Roberto
Vivo-Chaneton, chairman and chief executive officer of Claxson
said.

The networks will be operated by Turner Broadcasting System
Latin America.  Through this transaction, which is valued at
US$235 million, the TBS, Inc. Latin America portfolio will
include 13 wholly owned television networks and 10 represented
networks.

Under the proposed agreement, TBS, Inc., will acquire:

   -- Fashion TV,
   -- HTV,
   -- Infinito,
   -- I.Sat,
   -- MuchMusic,
   -- Retro and
   -- Space.

TBS, Inc., also assumes sales representation rights for Claxson-
and third party-owned networks in Latin America, and will
provide related technical services to these networks.  The seven
networks TBS, Inc. will own outright reach 51 million
subscribers across Latin America.

"This agreement with Claxson furthers our strategy of expanding
our television networks business with local-language programming
for the growing Latin American market," said Mr. Kent.  "The
Claxson networks complement Turner's existing portfolio of
leading pay television networks in the Latin America region.
Together, they offer consumers of all ages a range of quality,
branded entertainment, news and information programming tailored
for the market."

Turner Broadcasting's leading pay television networks in Latin
America include:

          -- CNN International,
          -- TNT,
          -- Cartoon Network,
          -- CNN en Espanol,
          -- Boomerang, and
          -- TCM Classic Hollywood.

Collectively, they reach some 85 million households in the
region.

"We are extremely pleased about this transaction with Turner,"
said Mr. Vivo-Chaneton.  "Our pay TV division has achieved
extraordinary results over the last few years thanks to
management's ability to turn market threats into opportunities.
Given the position of our networks in the marketplace, it is
logical that a leading company such as Turner sees Claxson's pay
TV division as a growth opportunity.  Separately, we look
forward to growing our remaining networks together with Turner."

Claxson will maintain its interests in Playboy TV Latin America,
Digital Latin America, DMX and MUSIC Latin America, as well as
its broadcast radio business in Chile and its broadband and
Internet division.  Bear, Stearns & Co. Inc. acted as financial
adviser to Claxson on the sale.

               About Turner Broadcasting

Turner Broadcasting System, Inc., a Time Warner company, is a
major producer of news and entertainment product around the
world and a leading provider of programming to the basic cable
television industry.

                       About Claxson

Claxson Interactive Group Inc. distributes content through pay
and broadcast television, radio, and the Internet. It owns or
distributes interests in more than a dozen pay TV channels,
including Playboy TV Latin America (81%).  The company also owns
a handful of Internet businesses (under the El Sitio name).
Claxson, which operates throughout North and South America, was
formed by the 2001 merger of El Sitio and Ibero-American Media
Partners, a joint-venture between the Cisneros Group of
Companies and HM Capital Partners.  CGC and HM Capital together
own about 60% of the company.

Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson has a presence in the United States and all key Ibero-
American countries, including without limitation, Argentina,
Mexico, Chile, Brazil, Spain and Portugal. Claxson's principal
shareholders are the Cisneros Group of Companies and funds
affiliated with Hicks, Muse, Tate & Furst Inc.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Fitch Argentina Calificadora de Riesgo assigned a BB rating on
Claxson Interactive Group Inc.'s US$41.3 million debt.


HENRIGOM SRL: Deadline for Claims Verification Is March 16, 2007
----------------------------------------------------------------
Hugo Mancusi, the court-appointed trustee for Henrigom SRL's
bankruptcy proceeding, will verify creditors' proofs of claim
until March 16, 2007.

Under the Argentine bankruptcy law, Mr. Mancusi is required to
present the validated claims in court as individual reports.
Court No. 14 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 Henrigom SRL and its
creditors.

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

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

Henrigom SRL was forced into bankruptcy at the behest of Juan
Manuel Avellaneda, whom it owes US$4,829.

Clerk No. 28 assists the court in the proceeding.

The debtor can be reached at:

          Henrigom SRL
          Armenia 2341
          Buenos Aires, Argentina

The trustee can be reached at:

          Hugo Mancusi
          Corrientes 3169
          Buenos Aires, Argentina


SERIDWEN SA: Trustee Verifies Claims Until March 15, 2007
---------------------------------------------------------
Fernando Miguel Altare, the court-appointed trustee for Seridwen
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until March 15, 2007.

Mr. Altare will present the validated claims in court as
individual reports on April 27, 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 Seridwen SA and its creditors.

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

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

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

The trustee can be reached at:

         Fernando Miguel Altare
         Piedras 153
         Buenos Aires, Argentina


SILVER AVENUE: Claims Verification Is Until March 16, 2007
----------------------------------------------------------
Gustavo Fiszman, the court-appointed trustee for Silver Avenue
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until March 16, 2007.

Mr. Fiszman will present the validated claims in court as
individual reports on April 27, 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 Silver Avenue 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 Silver Avenue'
accounting and banking records will follow on June 12, 2007.

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

The trustee can be reached at:

         Gustavo Fiszman
         Avda Santa Fe 5086
         Buenos Aires, Argentina


RIKIMAR SRL: Verification of Claims Is Until March 20, 2007
-----------------------------------------------------------
Nora Pszemiarower, the court-appointed trustee for Rikimar SRL's
bankruptcy proceeding, will verify creditors' proofs of claim
until March 20, 2007.

Under the Argentine bankruptcy law, Ms. Pszemiarower is required
to present the validated claims in court as individual reports.
Court No. 14 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 Rikimar SRL and its
creditors.

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

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

Rikimar SRL was forced into bankruptcy at the behest of
Consolidar Art SA, which it owes US$16,3401.

Clerk No. 27 assists the court in the proceeding.

The debtor can be reached at:

          Rikimar SRL
          Juan B Justo 6172
          Buenos Aires, Argentina

The trustee can be reached at:

          Nora Pszemiarower
          Corrientes 1257
          Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Invests ARS20 Million for Data Center
--------------------------------------------------------------
Telefonica de Argentina said in a statement that it has invested
ARS20 million in expanding its data center in Buenos Aires.

Business News Americas relates that Telefonica de Argentina
provides services to big corporations and government agencies
through the data center, which is the Barracas district.

Javier Roldan -- vice president of Telefonica Empresas,
Telefonica de Argentina's information technology unit -- told
BNamericas, "The expansion of the data center is part of the
transformation in IT (information technology) and
telecommunications services in Telefonica Empresas.  This new
infrastructure will form the base for offering new services and
boosting development of IT and telecommunications in the
country."

BNamericas states that with the expansion, Telefonica de
Argentina added 2,000 square meters to the 3,500 square meters
of space for customer hosting equipment.  The data center could
now host some 1,500 racks and about 1,200 servers and offer:

          -- hosting managed services:

             * backup,
             * centralized storage,
             * content delivery;

          -- appliances:

             * e-commerce,
             * CRM, and
             * ERP; and

          -- physical security.

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

                        *    *    *

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

                        *    *    *

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


VILCA CONSTRUCCIONES: Claims Verification Is Until March 1, 2007
----------------------------------------------------------------
Isaac Hospe, the court-appointed trustee for Vilca
Construcciones SACICIYF's bankruptcy proceeding, will verify
creditors' proofs of claim until March 1, 2007.

Under the Argentine bankruptcy law, Mr. Hospe is required to
present the validated claims in court as individual reports.
Court No. 10 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 Vilca Construcciones
and its creditors.

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

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

Vilca Construcciiones was forced into bankruptcy at the behest
of Alberto Paiva, whom it owes US$27,866,54.

Clerk No. 19 assists the court in the proceeding.

The debtor can be reached at:

          Vilca Construcciones SACICIYF
          Hipolito Yrigoyen
          Buenos Aires, Argentina

The trustee can be reached at:

          Isaac Jospe
          Uriburu 1054
          Buenos Aires, Argentina


* ARGENTINA: Agricultural Product Exports Rises 22% in October
--------------------------------------------------------------
Official sources told Prensa Latina that Argentina's exports of
agricultural products to the Southern Common Market or MERCOSUR
increased 22% in volume and 26% in foreign currency income
during the first 10 months of 2006, compared with the same
period in 2005.

Prensa Latina relates that in that period, the National Service
for Agricultural Quality and Sanitation certified sending the
products to the MERCOSUR partners -- Brazil, Uruguay, Paraguay
and Venezuela -- for 7.1 million tons and almost US$1.7 billion.

Brazil bought 6.3 million tons of products of animal and
"vegetal origin" for US$1.32 billion, becoming the main
destination of Argentine MERCOSUR exports, Prensa Latina notes.
The main products Argentina exported were:

          -- wheat,
          -- pears,
          -- rice,
          -- hake,
          -- powdered milk,
          -- malt,
          -- onions, and
          -- garlic.

According to Prensa Latina, Venezuela received 236,618 tons of
the Argentine exports for US$179.2 million, acquiring mainly:

          -- powdered milk,
          -- soy oil,
          -- wheat, and
          -- boned meat.

Meanwhile, Uruguay purchased 453,700 tons of mainly leather,
corn and sugar from Argentina for US$135.2 million.  Paraguay
received 92,305 tons for US$59.3 million, chiefly tobacco,
oranges, powdered milk, pinewood and sugar, Prensa Latina
states.

                        *    *    *

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


WINN-DIXIE: To Distribute Common Stock Under Plan on December 21
----------------------------------------------------------------
Winn-Dixie Stores, Inc. has begun advising its prepetition
unsecured creditors entitled to receive its new common stock
that it currently anticipates the initial distribution of the
common stock under Winn-Dixie's Plan of Reorganization will
occur on Dec. 21, 2006.

Winn-Dixie has selected American Stock Transfer & Trust Company
to serve as the Transfer Agent for the New Common Stock to be
distributed to holders of allowed unsecured claims under Winn-
Dixie's Plan of Reorganization.  Winn-Dixie also has elected to
use the Direct Registration System to record ownership interests
in the New Common Stock.  The Direct Registration System is a
form of electronic registration that enables stockholders to be
directly registered on the books of the issuing company, through
the Transfer Agent, with no need for physical stock certificates
(although certificates can be obtained upon request).  Creditors
entitled to receive shares through direct registration will be
receiving further information by mail concerning the
distribution.  Noteholders will receive their distribution of
shares through the facilities of the Depository Trust Company,
based on instructions from the indenture trustee.

Under the Plan of Reorganization, Winn-Dixie has until Jan. 5,
2007 to distribute its common stock, and there can be no
assurance that the scheduled December 21 distribution will not
be delayed.  In addition, certain persons entitled to shares
(who have been notified by mail) are required to take certain
actions prior to receiving shares (such as providing a required
tax form or reimbursing the company for employee withholding
tax).  Such persons are encouraged to carefully review the
instructions previously provided to them.

Winn-Dixie emerged from bankruptcy on Nov. 21, 2006.  The common
stock currently trades on the Nasdaq Global Market on a when-
issued basis under the symbol WINNV.

American Stock Transfer & Trust Company may be reached at:

     American Stock Transfer & Trust Company
     Operations Center
     6201 15th Avenue
     Brooklyn, NY 11219
     Toll-free (888) U-CALL-WD (888-822-5593)
     World Wide (718) 921-8347

Headquartered in Jacksonville, Florida, Winn-Dixie Stores Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.  Paul P.
Huffard at The Blackstone Group, LP, gives financial advisory
services to the Debtors.  Dennis F. Dunne, Esq., at Milbank,
Tweed, Hadley & McCloy, LLP, and John B. Macdonald, Esq., at
Akerman Senterfitt give legal advice to the Official Committee
of Unsecured Creditors.  Houlihan Lokey & Zukin Capital gives
financial advisory services to the Committee.  When the Debtors
filed for protection from their creditors, they listed
US$2,235,557,000 in total assets and US$1,870,785,000 in total
debts.




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


FOSTER WHEELER: Fin'l Improvements Prompt S&P's Positive Outlook
----------------------------------------------------------------
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 other ratings on the Clinton, New Jersey-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.


REFCO INC: Judge Drain Confirms Modified Joint Chapter 11 Plan
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
confirmed Dec. 15 the Modified Joint Chapter 11 Plan of Refco
Inc. (OTC: RFXCQ) and certain of its direct and indirect
subsidiaries, including Refco Capital Markets, Ltd., and Refco
F/X Associates, LLC, enabling the companies' expeditious
completion of an orderly wind-up of their businesses.

"We are delighted to have achieved this milestone," said
Harrison J. Goldin, Refco's chief executive officer.  "It
represents the culmination of an arduous process, but provides
the optimal outcome for all involved."

Marc S. Kirschner, the Chapter 11 Trustee for Refco Capital
Markets added,  "We are committed to expediting the consummation
of the Plan and anticipate making a substantial distribution to
creditors before year end."

The Plan, which is premised on a series of interdependent
settlements and compromises, was supported by all the companies'
major constituencies, including both official committees of
unsecured creditors, secured lenders, bondholders, certain
customer groups and certain former equity holders; and it
represents the culmination over just 14 months of protracted
negotiations in one of the most complex bankruptcy cases in
history.

Under the terms of the settlements which form the basis for the
Plan, secured lenders who were owed US$717.7 million were paid
in full in cash prior to confirmation of the Plan; bondholders
are expected to receive 83.4 cents on the dollar for their
claims; Refco Capital Markets' securities customers are expected
to receive approximately 85.6 cents on the dollar for their
claims; and general unsecured creditors are expected to receive
between 23 and 37.5 cents on the dollar for their claims.  In
addition, shareholders and creditors of the company will have
the opportunity to participate in recoveries obtained by both
the Litigation Trust and Private Actions Trust, which will hold
certain litigation claims.

"It is a tribute to the excellent and focused job done by the
professionals representing all parties that a consensual plan
could be confirmed in such a short time in such an exceptionally
complex and highly litigious case" said J. Gregory St. Clair, an
attorney with the law firm of Skadden, Arps, Slate, Meagher &
Flom LLP, which represents Refco.  Mr. St. Clair added that he
expected the agreements outlined in the Plan to be effective by
the end of the year.

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

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

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

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

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

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

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

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


REFCO INC: Judge Drain Extends Removal Period to January 9
----------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York, in a bridge order issued
Dec. 6, 2006, extended Refco Inc. and its debtor-affiliates'
Removal Period through and including Jan. 9, 2007, without
prejudice to their right to seek further extensions.

The Debtors had asked the Court to further extend the period
within which they may file notices of removal with respect to
pending actions through and including March 12, 2007.

J. Gregory St. Clair, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in New York, relates that as of the Petition Date,
the Debtors were plaintiffs in 37 actions and proceedings in a
variety of state and federal courts throughout the country.

Mr. St. Clair states that since the Debtors have continued to
focus primarily on winding down their businesses, formulating
and negotiating a global resolution of their cases, and
soliciting acceptances of their existing Plan of Reorganization,
neither the Debtors nor Refco Capital Markets, Ltd., has
reviewed all the Actions to determine whether any of those
should be removed under Rule 9027(a)(2) of the Federal Rules of
the Bankruptcy Procedure.

Furthermore, the results of the Plan solicitation and
confirmation process may well impact the Debtors' decisions
regarding the removal of Actions, Mr. St. Clair notes.

The Debtors believe that an extension of the Removal Period will
afford them sufficient opportunity to assess whether the Actions
can and should be removed, hence, protecting their valuable
right to adjudicate lawsuits under 28 U.S.C. Section 1452.

                       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: Taps Sonnenschein Nath as Special Litigation Counsel
---------------------------------------------------------------
Refco Inc. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to
employ Sonnenschein Nath & Rosenthal LLP as their special
litigation counsel, effective as of November 20, 2006.

Sonnenschein will represent Refco Group Ltd., LLC, in connection
with matters involving Cantor Fitzgerald Securities.

Sonnenschein has been representing non-debtor Refco Securities
LLC in connection with Cantor's arbitration in New York City
with the National Association of Securities Dealers, Inc., on
June 19, 2006.

The Arbitration was based on a breach of a 2004 transaction fee
agreement among Cantor, Cantor Fitzgerald, L.P., eSpeed, Inc.,
RSL, and RGL.  Cantor seeks more than US$11,000,000 in the
Arbitration from RSL.

In July 2006, Cantor filed a claim against RGL, which claim was
later amended in October 2006 to assert US$11,193,466.

The Debtors believe that Sonnenschein's representation of RGL is
necessary to:

   (i) resolve the Claim against the Debtors' estates; and

  (ii) handle other Cantor-related matters, including the sale
       or other disposition of RGL's 10% interest in Cantor
       Index Holdings, L.P., which RGL acquired in 2002 by
       investing US$8,000,000 in Cantor Index.

Furthermore, the Debtors assert that Sonnenschein's familiarity
with the Transaction Agreement and its continued representation
of RSL in the Arbitration supports the firm's employment in the
Debtors' cases for RGL.

Specifically, Sonnenschein will represent RGL in connection
with:

   (a) the Claim and Arbitration, including drafting,
       negotiating and filing any and all papers to resolve the
       Claim and Arbitration;

   (b) the Sale Transaction, including drafting, negotiating and
       filing any and all papers to effectuate the Sale
       Transaction; and

   (c) any other matter involving RGL and Cantor, Cantor
       Fitzgerald, L. P., or any Cantor affiliate or related
       entity.

Sonnenschein's current hourly rates, subject to periodic
adjustments, are:

              Partners               US$450 to US$880
              Associates             US$230 to US$480
              Legal assistants       US$130 to US$250

Sonnenschein will apply for allowance of compensation for
services rendered and reimbursement of expenses incurred in the
Debtors' cases.  Sonnenschein will also follow the allocation
procedures for fees and expenses that will require the firm to
(i) report compensation received from RSL including its report
of compensation from RSL and (ii) abide by Court-established
procedures.

Peter D. Wolfson, a partner at Sonnenschein, attests that the
firm does not hold or represent any interest adverse to the
estates, and is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code.

                      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)


SEA CONTAINERS: GNER Inks Pact with UK Gov't to Operate Mainline
----------------------------------------------------------------
Sea Containers Ltd. reported that its rail subsidiary GNER has
entered into an agreement with the UK Government's Department
for Transport for a management agreement to operate services on
the InterCity East Coast Mainline effective from Dec. 10, 2006.
This replaces the franchise agreement with a management
agreement, which is expected to run for a period of up to 15
months to March 31, 2008.  The franchise for InterCity East
Coast Mainline will be re-tendered, and the Department for
Transport has announced that it is inviting expressions of
interest.

Under the terms of the management agreement, the key financial
rewards and risks of the franchise agreement will pass to the
Department for Transport, and GNER will earn an incentive fee
based on revenue and cost performance.  Sea Containers will
continue to guarantee a performance bond, at a reduced amount.

Train services will continue to run as normal and tickets will
continue to be sold.

GNER will continue to manage the business according to the
service standards to which it has committed under the May 2005
franchise agreement and will continue to be committed to achieve
the cost savings, as envisaged in the original bid.  It will
also continue to deliver key passenger benefits, including
station improvements, re-engined and refurbished HST trains and
a half-hourly service between London and Leeds.  Last month GNER
was voted Britain's Best Rail Operator in the inaugural British
Travel Awards and passenger satisfaction ratings are at an all-
time high, at 90%.

Bob Mackenzie, Chief Executive Officer of Sea Containers Ltd.
and Chairman of GNER, commented, "GNER has a new management team
in place which is now delivering revenue growth in line with the
original bid. While we are not in breach of the current
franchise agreement, GNER will not be able to meet the
significant increase in franchise premium obligations due from
May 2007.  We would have preferred a renegotiation of the
current contract, but that was not available.  The management
agreement is therefore a sensible solution for all parties. It
enables GNER, which is recognised as a first class rail
operator, to continue to deliver the high level of customer
service for which it is known, and allow passengers to continue
to benefit from this commitment.  It also limits the exposure
for Sea Containers, which is important in our financial
restructuring process."

"Our original bid was bullish, but we were knocked sideways by
the July 2005 bombings, the hike in electricity prices and
regulatory approval for Grand Central, which will compete for
our passengers calling at our stations on the same line, but
will not have the same charges imposed upon them," Mr. Mackenzie
stated.

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

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

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




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


INTERMEC INC: Fitch Affirms & Withdraws Ratings
-----------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn these
ratings for Intermec, Inc.:

   -- Issuer Default Rating at 'BB-';
   -- Senior secured bank facility at 'BB+';
   -- Senior unsecured debt at 'BB-'.

All debt ratings for this issuer are also withdrawn at this
time.  Fitch will no longer provide rating coverage of Intermec.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.


* BOLIVIA: Votorantim to Explore for Zinc, Nickel Next Year
-----------------------------------------------------------
Votorantim Metais, Latin America's biggest producer of non-
ferrous metals, will begin zinc and nickel deposit exploration
in Bolivia next year, Bloomberg News reports.

The mining giant has purchased concession rights to carry out
mineral research in the Bolivian regions of Santa Cruz and
Potosi, Joao Bosco Silva, Bloomberg says, citing the company's
managing director.

"As prices for zinc and nickel keep rising, we plan to increase
spending in mineral research for new deposits of metals next
year," Mr. Silva said in an interview with Bloomberg.

Zinc futures have more than doubled this year, and Nickel
futures more than tripled, according Bloomberg, citing the
Goldman Sachs Commodity Index.  Zinc rose 0.7% to US$4,380 a
metric ton on the London Metal Exchange on Wednesday, while
nickel prices fell 3.5% to US$32,800 a ton.

The company director expects demand for metal in 2007 will still
be high with China leading the line of buyers.

Votorantim Metais is a subsidiary of Brazil's biggest industrial
holding company Votorantim Group.  It began expanding its
operations outside Brazil in November 2004 when it bought the
Cajamarquilla zinc processing plant in Peru from Teck Cominco
Ltd.  The company, according to Bloomberg, acquired a 14% stake
in Companhia Minera Milpo SA, Peru's fourth-largest zinc
producer, in November 2005 and in August, it signed an agreement
with Solitario Resources Corp. to explore Peru's third-largest
zinc deposit.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ALERIS INT: Stockholders Approve Merger Pact with Texas Pacific
---------------------------------------------------------------
Aleris International, Inc., disclosed that at a special meeting
of the stockholders held Beachwood, Ohio, the stockholders of
the company voted to adopt the merger agreement providing for
the acquisition of the company by an entity currently indirectly
owned by private equity funds sponsored by Texas Pacific Group.
Approximately 98.7% of stockholders present and voting voted for
adoption of the merger agreement.  The number of shares voting
to adopt the merger agreement represents approximately 75.7% of
the total number of shares outstanding and entitled to vote.

The proposed merger was announced on Aug. 8, 2006, and is
expected to be completed on Dec. 19, 2006, subject to the
satisfaction or waiver of all the closing conditions set forth
in the merger agreement.  Under the terms of the merger
agreement, company stockholders will receive US$52.50 per share
in cash without interest.

                    About Texas Pacific

Texas Pacific Group, or TPG, is a global private investment firm
with more than US$30 billion of assets under management with
offices in San Francisco, New York, London and throughout Asia.
TPG invests in world-class franchises across a range of
industries and has extensive experience with public and private
investments executed through leveraged buyouts,
recapitalizations, take private transactions, spinouts, joint
ventures, and restructurings.

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

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

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

                        *    *    *

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


ALLIANCE ONE: Robert Harrison Succeeds Brian Harker as CEO
----------------------------------------------------------
Alliance One International, Inc., has appointed Robert E. "Pete"
Harrison, who is the firm's president and chief operating
officer, as chief executive officer, replacing Brian J. Harker,
effective Jan. 1, 2007.

Alliance One will move forward the implementation of the
succession plan formulated at the time of its merger.
Reflecting the successful completion of the merger integration
process, Mr. Harker will retire as chief executive officer of
the corporation, effective Dec. 31, 2006.  Mr. Harker will
continue to serve as Chairman of the Board until the company's
annual meeting in August 2007.

Mr. Harrison has served as president and chief operating officer
of Alliance One International since the merger in May 2005 of
Standard Commercial Corp. and DIMON Incorporated.  Previously,
he was president and chief executive officer of Standard
Commercial Corp. from August 1996, and its chairperson from
August 2003 to May 2005.

Mr. Harker has been with Alliance One or its predecessor
companies since 1990, and has served as chairperson and chief
executive officer of the company since the merger in May 2005.
Previously, he was president and chief executive officer of
DIMON Inc. from May 1999, and its chairperson from March 2003.

Mr. Harker stated, "We are pleased to move our anticipated
succession plan forward, marking the completion of our merger
integration process and the implementation of our shared vision
for Alliance One International and its many talented and
dedicated employees.  Accordingly, Pete's succession to the CEO
(chief executive officer) role represents the fulfillment of a
smooth transitional period for our entire company, as well as
the full confidence of the entire Board in Pete Harrison and our
management team.  They are uniquely well qualified to build on
the success of our integration and to lead our unified company
forward in refining our footprint, enhancing our superior
service to customers, and building value for our shareholders
through continued strong operational and financial performance."

"Since our merger announcement, Brian and I have worked closely
together to address significant industry challenges and changes,
and integrate the company so that it is well-positioned to
capitalize on market leadership opportunities.  It is gratifying
to see it all coming together ahead of plan, and we thank all
our stakeholders for their ongoing support.  The corporation has
a strong management team in place, a clear vision for success,
and an overarching commitment to deliver shareholder value by
best serving our customers.  I am confident that, working
together, we can bring our vision to fruition in the years
ahead," Mr. Harrison noted.

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.

The company has worldwide operations in Argentina, Bangladesh,
Brazil, Bulgaria, Canada, China, France, Philippines, Malaysia,
and Singapore.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for Alliance One International, Inc.,
and upgraded its B2 rating on the Company's $300 million senior
secured revolver to B1.  In addition, Moody's assigned an LGD3
rating to notes, suggesting noteholders will experience a 37%
loss in the event of a default.


BANCO MERCANTIL: S&P Affirms B/B CounterParty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B'
counterparty credit rating on Banco Mercantil do Brasil SA.  The
outlook is negative.

"The rating on Banco Mercantil reflects the challenges faced by
a midsize bank operating in the competitive banking industry in
Brazil; the risk of potential asset quality deterioration; and
its low profitability when compared to the industry, which is
negatively affected by the bank's large and costly operational
structure and small scale," said Standard & Poor's credit
analyst Daniel Araujo.

These risk factors are partially offset by Banco Mercantil's:

   -- long track record operating in the market and knowledge of
      its core/niche market, mainly the state of Minas Gerais,
      which translate into good market share and brand-name
      recognition on a regional basis;

   -- diversified operation; and

   -- good liquidity management.

Banco Mercantil has a long track record in the market, operating
since 1943.  The bank went through a restructuring process in
the past six years to prepare for the competitive environment.
While we believe the bank has streamlined its operations, it
remains challenged to translate its customer-oriented strategy
and its reshaped operational structure into higher profitability
and gains of scale.  Banco Mercantil's primary strategic goal is
the protection of its business model through the diversification
of its activities and adequate profitability coming from the
increase in clientele and higher financial intermediation.

Despite Banco Mercantil's traditional conservative positioning,
asset quality was worse than the average in the banking industry
in 2005 and 2006, with the ratio of nonperforming loans (NPLs)
to total loans adjusted for ceded loans reaching 7% in September
2006.  This results from a combination of loans to the corporate
sector with the NPLs-to-total loans ratio at a satisfactory
4.8%, comparing favorably with the industry average; and loans
to individuals with the ratio of NPLs to total loans at
approximately 19%, worse than industry average.  For the future,
we expect the bank to be able to reduce delinquency levels in
the individuals segment and maintain adequate underwriting
procedures and good loan classification policies while
benefiting from the prospective economic growth.

Standard and poors viewed Banco Mercantil's capital as only
adequate in view of its strategy of gradual expansion and its
low internal capital generation capacity.  Banco Mercantil had a
capital injection of BRL50 million in third-quarter 2005 and
issued a 10-year US$125 million subordinated debt in September
2006, which should help bring the regulatory capital ratio to
approximately 19% and give more comfort to the bank's growth
strategy in the short term.  The bank's more diversified funding
base and good liquidity attenuated the reduction in deposits
from institutional investors for small and midsize banks
especially in the end of 2004 and beginning of 2005.
Nevertheless, the bank faces the challenges of continuing to
grow its funding and capitalization at the same pace as its
expansion.

The negative outlook reflects the risks of potential
deterioration in asset quality indicators that could further
affect profitability levels, which have been weak for several
years already.  Although Standard & Poor's does not expect
relevant changes on the cost side, the bank needs to increase
scale and generate a higher stream of recurring revenues while
maintaining the quality of its loan portfolio at least in line
with the average in the industry.  This is an important
challenge for the bank at a time of increasing competition from
larger players in the Brazilian banking industry.

The rating may be lowered if there is further worsening in
profitability in the next two to three years, or if asset
quality indicators do not improve gradually so as to be in line
with the average in the industry and commensurate with the
bank's business model and the economic environment in Brazil.


BANCO NACIONAL: Approves BRL213MM to Mato Grosso Rural Producers
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved a BRl213.2 million financing for a group of 132 rural
producers at the Lucas do Rio Verde region in the State of Mato
Grosso.  The operation will allow the implementation of 132
small farms, of which 89 units will be used for chicken
slaughtering, 34 for termination (fattening) of pigs, seven
suckling pig raisers and two producers of incubated eggs.

The new poultry farms will supply Sadia's agribusiness
conglomerate in Lucas do Rio Verde, which include a fowl
slaughterhouse and another one for pigs, animal food plants,
incubators and poultry and pig raising farms, with investments
of BRL500 million.  This is just the first part of the project,
because Sadia's total needs for this conglomerate in Mato Grosso
really includes the implementation of up to 368 new small farms,
of which 250 for chicken slaughtering, 100 units for termination
of pigs, ten to raise suckling pigs and eight for the production
of incubated eggs.

The new Sadia's agribusiness conglomerate should create about 5
thousand new jobs, while the new small farms will account for
the generation of additional 617 jobs.

Located in the center-north of Mato Grosso, the Municipality of
Lucas do Rio Verde is one of the most developing in the country.
The region is distinguished by its high agricultural
productivity, with highlights for soy, corn, cotton, sorgo,
sunflower and beans.

The local producers plant and harvest two crops a year, with
great stability in production.  Although the municipality
represents only 0.04% of the national territory, it accounts for
over 1% of the Brazilian production of grains, participating
with around 1.5 million tons/year.

The new Sadia's agribusiness conglomerate in Mato Grosso will
have the capacity to slaughter 1.2 million pigs and 120 million
fowls per year, for an annual production of 1.2 million tons of
animal food.

The financing approved by BNDES provides for an integration
system between Sadia and the new suppliers, which are already
being indicated by the company to the operation financial agent,
Unibanco.  About 20% are small producers, with annual revenue up
to BRL160,000; 50% are small ones, selling between BRL160,000
and BRL1 million per year; and 30% are large ones, with over
BRL1 million as annual revenue.

All investments will be carried out by producers upon projects,
technical direction and supervision by Sadia.  As soon as the
small farms implementation works are completed, Sadia will
supply one-day chicks to the slaughtering farms, laying fowls to
the egg producers, mothers of pigs for the raising units and
suckling pigs to the termination farms.

Sadia will also give all necessary assistance to producers,
providing logistic support, semen, drugs, vaccines, technical
assistance and training.

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

                        *    *    *

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

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

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


BANCO NACIONAL: Grants US$33.9MM Financing to Finarge Navegacao
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved a US$33.9 million financing to Finarge Navegacao do
Brasil Ltda. to acquire a maritime supporting vessel destined to
the exploration and production of oil.  The boat will be built
by shipyard Aker Promar SA in Niteroi, with funds from the
Merchant Marine Fund handed over by BNDES.  Total value of the
project is US$37.7 million.

The operation will allow saving foreign currencies, due to the
substitution of services rendered by foreign flag vessels, in
addition to the technological development and capacitation of
the national park of shipyards, and revitalization of the naval
construction sector.  The Bank financing will also lead to an
expansion of the offshore fleet of vessels with the national
flag.  In current year BNDES disbursed funds equivalent to US$
200 million from the Merchant Marine Fund for supporting
navigation, an amount 100% over the one released in 2005.

The group's decision to deepen their businesses in the country
arises from a successful experience of 19 years of operation in
Brazil, providing services to Petrobras.  Beginning with the PRO
21 hull vessel, the group's business plan provides for the
construction, in a Brazilian shipyard, of another two offshore
boats, one of them to be delivered in the beginning of 2010 and
the other one in 2012.

The shipyard Aker Promar was organized in 1996.  In July 2001,
the Norwegian group Aker Brattvaag acquired the shipyard's
equity control.  Its production capacity is four ships per year
and it has 1,026 employees.

The market perspectives are promising, in face of the high
investments that have been occurring in the sector of oil
exploration and production in the country, increasing the demand
for supporting boats.  In addition, the incentives for the use
of such national flag vessels adopted by Petrobras, plus the
financing conditions provided by the resources from the Merchant
Marine Fund, have been generating business opportunities,
stimulating the Brazilian naval industry.

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

                        *    *    *

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

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

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


BANCO NACIONAL: Okays BRL1.36B Loan for Gasene Transport Project
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has approved a BRL1.36-billion loan for
construction of two stretches of the 1,400-kilometer Gasene
natural gas transport project.

Business News Americas relates that the loan will go to
Transportadora Gasene, which was created by Petroleo Brasileiro
to construct the project.

Gasene is made up of three stretches that connect Brazil's gas
producing region in the southeast to the northeastern region.
Gasene will have capacity to carry 20 million cubic meters per
day of natural gas.  It is considered essential to increasing
energy supply in the northeastern region from the gas fields in
the Campos basin.

According to BNamericas, total investments in the project's two
stretches could reach BRL5 billion, which is more than twice the
initial estimate of US$1 billion.

BNamericas underscores that construction has started in two
smaller stretches linking Cabiunas to Vitoria Gascav -- about
300 kilometers -- and Vitoria to Cacimbas, some 130 kilometers.
Construction will wrap up in January 2007.

A spokesperson of Petroleo Brasileiro told BNamericas that the
company previously expected Vitoria-Cacimbas to be completed in
December 2006.  However, delays in supplies of tubes and other
equipment led to the change.

Cabiunas-Vitoria Gascav is due to start commercial operations in
the second half of 2007, BNamericas says, citing Petroleo
Brasileiro.

Claudia Prates -- head of Banco Nacional oil, gas and renewable
energy department -- told BNamericas, "We had already disbursed
a first BRL800-million tranche for the construction of Gascav,
now the money will be used to conclude it."

According to the report, Gascac has yet to be contracted.
Gascac runs 940 kilometers and connects Cacimbas to the
pipeline's end in Catu.

Sinopec is due to receive an EPC contract for the project,
BNamericas says, citing Jose Gabrielli, chief executive officer
of Petroleo Brasileiro.

Mr. Gabrielli told BNamericas, "The contract is being negotiated
and the Chinese are appraising fiscal and other issues."

BNamericas states that with financing in place, the entire
project could begin commercial operations in 2009.

The report says that of the total Banco Nacional loan, some
BRL1.05 billion will be used to fund the acquisition of 28-inch-
diameter tubes from Brazilian steel tube maker TenarisConfab for
the 940 kilometers, about BRL3.5-billion Gascac stretch.  The
other BRL312 million of the Banco Nacional loan will finance
part of the BRL1.5-billion Cabiunas-Vitoria Gascav.

BNamericas emphasizes that until the Cacimbas-Catu Gascac comes
online, Gasene will be used to carry gas south to Vitoria from
Cacimbas in Espirito Santo's northern coast where new gas field
developments are being concluded.  When Cacimbas-Catu Gascac
comes online in 2009, the flow will be reversed to take gas to
Catu in Bahia, where Gasene will be connected to the existing
pipeline network in the northeastern region.

"This project is forward looking, through which Petrobras will
integrate the country's gas transport systems.  Not only will
Gasene allow production to make up for declining gas production
in the northeast, but it will also allow Petrobras to supply
pent-up gas demand in the northeast, especially from
thermoelectric power plants," Mr. Prates told BNamericas.

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/--


CHEMTURA CORP: Karen Oscar to Retire on Mar. 31, 2007
-----------------------------------------------------
Chemtura Corp. disclosed that Karen R. Osar, executive vice
president and chief financial officer, will retire on
March 31, 2007.  The company has commenced a process to name her
successor and expects to make an announcement during the first
quarter.

"Karen has made many significant contributions since joining
this organization in 2004, including engineering an essential
debt restructuring as her first order of business," said Robert
Wood, chairman and chief executive officer.  "We will miss her
financial and strategic acumen but respect her decision to spend
more time on family and outside board activities and appreciate
that she is working closely with us on transition. She leaves
with our gratitude and best wishes."

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: May Further Increase Offer for Corus
-----------------------------------------------------------
Companhia Siderurgica Nacional could further increase its US$9.6
billion or 515 pence a share offer 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 Ltd.'s 500 pence per share offer.

Tata Steel appointed NM Rothschild as finance advisor for the
revised takeover bid.  The firm may be willing to pay above
US$10 billion for Corus at about 550 pence per share.

Octavio Lazcano, finance director of Companhia Siderurgica, told
the Times News Network that the firm can use its US$2 billion of
cash reserves over and above the US$11.6 billion it has raised
to finance the acquisition.  "A back-of-the-envelope
calculation" indicates that the offer might cross 600 pence per
share if the company draws into its cash reserves.  Tata Steel
may have to reconsider its options.

Companhia Siderurgica may not have to use the cash reserves as
other credit options seem adequate, Times News states, citing
Mr. Lazcano.

A Companhia Siderurgica source told Business Standard that the
company reportedly has a credit option of up to US$12 billion to
finance the acquisition.

Companhia Siderurgica's official representative said that
disclosures will be made in due course, Times News relates.
"CSN won't be making any new disclosures other than in the
proper format that simultaneously informs all market
participants," Mr. Lazcano said.

The proposed acquisition will be financed by a US$3.3-billion
cash contribution from a subsidiary of Companhia Siderurgica to
CSN Acquisitions, a wholly owned unit set up by the firm for the
acquisition.  Barclays, ING Bank and Goldman Sachs lent unit CSN
Holdings about US$8.3 billion, comprising:

          -- senior term loan facilities of US$3.9 billion,

          -- about US$680 million of senior revolving credit
             facility, and

          -- about US$3.9 billion of subordinated high-yield
             bridge facility.

Funds Companhia Siderurgica has raised will allow the firm to
fork out as much as 620 pence a share, which will take its offer
for Corus to US$11.6 billion.

However, high indebtedness and pension fund deficits seems
likely to affect Companhia Siderurgica's bid for Corus Group.

The latter's pension fund trustees had given their support to
Tata Steel's initial bid, before the increase, as the trustees
were reportedly concerned over how Companhia Siderurgica's
offers were to be financed.  Both Tata Steel and Companhia
Siderurgica were bidding using loans.  However, Companhia
Siderurgica's offer was considered to have made it "highly
geared", increasing greater risk than a deal with Tata Steel,
which has been conservatively funded in the past and is part of
Tata group, encompassing software consultancy and cars.

Companhia Siderurgica's offer was expected to bring the company
to a debt-to-equity capital ratio of four-to-one, compared with
an initial ratio of three-to-two with Tata Steel.

                      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.


DURA AUTOMOTIVE: Hires Glass & Associates as Financial Advisors
---------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Glass & Associates Inc. as their financial
advisors.

John C. DiDonato, president of Glass & Associates, Inc., relates
that since 1986, his firm has acquired significant experience
with business assessments, management consulting, interim
management, financial consulting, interim management, financial
restructuring, litigation consulting, and bankruptcy matters.

Glass has served boards of directors, senior management, secured
and unsecured lenders, unsecured creditors' committees, and
other stakeholders of distressed businesses in more than 750
engagements in approximately 30 different industries, including
more than 100 engagements in the automotive supplier sector.

Specifically, Glass has acted as financial or operational
advisor to Allied Holdings, Inc., Intermet Corporation, CEP
Holdings, LLC, General Chemical Group, Inc., Integrated
Electrical Services, Inc., Mississippi Chemical Corporation,
Railworks Corporation, and Transit Group, Inc., in those
debtors' Chapter 11 cases.  The firm, Mr. DiDonato says, has
also acted as advisors to lenders, acquirers and customers in
the Chapter 11 cases of Collins & Aikman Corporation, BBi
Enterprises, Inc., Metalforming Technologies, Tower Automotive,
Inc., and Trim Trends Co., LLC.

According to Keith Marchiando, chief financial officer of Dura
Automotive Systems, Inc., the Debtors have selected Glass after
reviewing the qualifications and experience of the firm's
personnel and because of Glass' diverse knowledge and
considerable expertise in assisting restructuring companies both
inside and outside of Chapter 11 cases.

On Aug. 15, 2006, the Debtors engaged Glass to provide financial
advisory services.  Since that time, Glass has:

   (1) developed a weekly liquidity budget, a 13-week cash
       forecast, and analyzed working capital requirements in
       both the short-term and the longer-term;

   (2) assisted the Debtors in developing and implementing cash
       management strategies, tactics and processes;

   (3) assisted the Debtors in developing contingency plans in
       support of operational and financial restructuring
       efforts; and

   (4) developed financial projections models, which will be
       used in coordination with the Company's business plan and
       valuation to which Glass is also providing assistance.

As a result, Glass has developed a great deal of institutional
knowledge regarding the Debtors' operations, finance and
systems.  "Such experience and knowledge will be valuable to the
Debtors in their efforts to reorganize," Mr. Marchiando says.

Thus, as the Debtors' financial advisors, Glass will:

   (a) assist the Debtors in the preparation of financial-
       related disclosures required by the Court, including the
       Schedules of Assets and Liabilities, the Statements of
       Financial Affairs, and Monthly Operating Reports;

   (b) assist the Debtors with information and analyses required
       pursuant to the Debtors' debtor-in-possession financing;

   (c) assist with the identification and implementation of
       short-term cash management procedures;

   (d) assist in responding to and tracking calls received from
       suppliers in the Debtors' call center, including the
       production of various management reports reflecting call
       center activity;

   (e) advise and assist the Debtors in connection with the
       development and implementation of key employee retention
       and other critical employee benefit programs;

   (f) assist with the identification of executory contracts and
       leases and performance of cost/benefit evaluations with
       respect to the affirmation or rejection of each;

   (g) assist the Debtors' management team and counsel focused
       on the coordination of resources related to the ongoing
       reorganization effort;

   (h) assist in the preparation of financial information for
       distribution to creditors and others, including, but not
       limited to, cash flow projections and budgets, cash
       receipts and disbursement analysis, analysis of various
       asset and liability accounts, and analysis of proposed
       transactions for which Court approval is sought;

   (i) attend meetings and assist in discussions with potential
       investors, banks and other secured lenders, any official
       committee(s) appointed in the Debtors' cases, the United
       States Trustee, other parties-in-interest, and
       professionals hired by these parties, as requested;

   (j) analyze creditor claims by type, entity, and individual
       claim, including assistance with development of
       databases, as necessary, to track those claims;

   (k) assist in the preparation of information and analysis
       necessary for the confirmation of a plan of
       reorganization, including information contained in the
       disclosure statement;

   (l) assist in the evaluation and analysis of avoidance
       actions, including fraudulent conveyances and
       preferential transfers;

   (m) provide litigation advisory services with respect to
       accounting and tax matters, along with expert witness
       testimony on case related issues as required by the
       Debtors; and

   (n) render other general business consulting or other
       assistance as the Debtors' management or counsel may deem
       necessary that are consistent with the role of a
       financial advisor and not duplicative of services
       provided by other professionals.

According to Mr. Marchiando, Glass will also provide assistance
in responding to and handling calls received from the Debtors'
suppliers in the Debtors' call center, including the production
of various management reports reflecting call center activity.

In connection with the Vendor Call Center process, Glass'
professionals will be performing repetitive tasks in responding
to numerous vendor calls including answering incoming calls,
communicating relevant factual information regarding the
proceedings, negotiating terms of supply and updating the Vendor
Call Center database to reflect the outcome of calls received.

Given the nature of these tasks and the expected volume of
supplier calls, Mr. Marchiando says, it would be impractical and
would provide little monitoring insight to various parties-in-
interest for the professionals to maintain detailed time records
for tasks performed in connection with the Vendor Call Center.

Thus, the Debtors ask the Court to allow the Vendor Call Center
professionals to submit only summary documentation with the
overall Glass applications that provide the hours incurred by
level and descriptions of the categories of tasks that were
completed by the group during the applicable time period in lieu
of providing detailed time records.

The Debtors will pay Glass's professionals based on their hourly
rates:

          Professional                    Hourly Rate
          ------------                    -----------
          Principal                       US$375 - US$575
          Case Director                   US$350 - US$500
          Senior Consultant               US$250 - US$380
          Consultant                      US$200 - US$300
          Clerical/Administrative          US$75 - US$125

In addition, the Debtors will pay the firm a US$1,000,000
completion fee on (a) the effective date of a confirmed Chapter
11 plan of reorganization, or (b) the consummation of a
Restructuring Transaction.

The term "Restructuring Transaction" means any recapitalization
or restructuring of the Debtors' preferred, equity or debt
securities, and other indebtedness, obligations or liabilities,
including pursuant to a repurchase or exchange transaction,
solicitation of consents, waivers, acceptances or
authorizations.

The Debtors may also, at their sole discretion and subject to
the Court's approval, pay Glass on the Effective Date an
Incentive Fee of up to US$1,000,000 for its role in matters
including:

   (a) obtaining customer price and other concessions;
   (b) stabilizing and improving vendor relations;
   (c) developing a liquidation analysis; or
   (d) any other matters in which Glass provides a benefit to
       the Debtors.

Glass will seek reimbursement for reasonable and necessary
expenses incurred in connection with the Debtors' reorganization
cases.

Mr. Marchiando asserts the fee structure is consistent with
Glass' normal and customary billing practices for comparably
sized and complex cases.  The parties believe the compensation
arrangements are both reasonable and market-based.

The Debtors will indemnify and hold Glass harmless against
liabilities arising out of or in connection with its retention
by the Debtors, except for any liability for losses, claims,
damages, or liabilities incurred by the Debtors that are finally
judicially determined by a court of competent jurisdiction to
have primarily resulted from the bad faith, self-dealing, breach
of fiduciary duty (if any), gross negligence, or willful
misconduct of Glass.

According to the firm's books and records, during the 90-day
period prior to the Petition Date, Glass received US$3,259,512
from the Debtors for professional services performed and
expenses incurred.  "These payments have been applied to
outstanding invoices and applied on account to fees and expenses
incurred in providing services to the Debtors in contemplation
of, and in connection with, [the] prepetition restructuring
activities," Mr. DiDonato says.

Glass estimates it has received unapplied advance payments from
the Debtors in excess of prepetition billings totaling
US$500,000.

Mr. DiDonato assures the Court that Glass is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.  In addition, he says, Glass neither holds nor
represents an interest adverse to the Debtors within the meaning
of Section 327(a) of the Bankruptcy Code.

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

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


DURA AUTOMOTIVE: Gets Court's Final Okay for Customer Programs
--------------------------------------------------------------
DURA Automotive Systems Inc. obtained from the U.S. Bankruptcy
Court for the District of Delaware final authorization to
continue, renew, replace, implement new, or terminate, and
perform prepetition obligations under their Customer Programs.

As reported in the Troubled Company Reporter on Nov. 23, 2006,
the company, pursuant to Sections 105(a), 363, 1107(a), and 1108
of the Bankruptcy Code, obtained, on an interim basis, the
Court's authority to:

    (a) perform their prepetition obligations related to the
        foregoing Customer Programs; and

    (b) continue, renew, replace, implement new, or terminate
        their Customer Programs, in the ordinary course of
        business, without further application to the Court.

The Debtors also sought to continue their Customer Programs as
they have proven:

    (i) successful business strategies in the past; and

   (ii) responsible for generating valuable goodwill, repeat
        business, and net revenue increases.

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

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


FURNAS CENTRAIS: Moody's Affirms Ba1 Global Currency Rating
-----------------------------------------------------------
Moody's America Latina Ltda. assigned a BR-1 national scale
rating to Furnas Centrais Eletricas SA's proposed BRL130 million
of 6-month commercial paper notes issuance.  The net proceeds of
the proposed commercial paper notes will be used for short-term
liquidity purposes.  Simultaneously, Moody's affirmed the Ba1
global local currency and Aa1.br national scale senior unsecured
issuer ratings of Furnas.  Moody's has reviewed preliminary
draft legal documentation for the proposed commercial papers.
The assigned rating assumes that there will be no material
variation from the drafts reviewed and that all agreements are
legally valid, binding and enforceable.  The ratings outlook is
stable.

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

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

Headquartered in Rio de Janeiro, Brazil, Furnas Centrais
Eletricas S.A. is one of Brazil's largest electricity generation
and transmission utilities, 99.5% owned by Centrais Eletricas
Brasileiras S.A.  -- Eletrobras, in turn controlled by Brazil's
Federal Government.  In the last twelve months through September
30, 2006 Furnas reported net earnings of BRL 605 million (about
USD 275 million) on BRL5,225 million (US$2,371 million)
revenues.


GOL LINHAS: Declares BRL0.11671 Per Share 4th Quarter Dividend
--------------------------------------------------------------
GOL Linhas Aereas Inteligentes SA's board of directors, at a
meeting held on Dec. 13, 2006, approved the payment of interest
on stockholder's capital, corresponding to the net amount of
BRL0.11671 per share, referring to the fourth quarter of fiscal
year 2006.

The payment of interest on stockholder's capital in the gross
amount of BRL26,940,453.11 corresponds to BRL0.13731 per
preferred and ordinary share.  All outstanding shares on
Dec. 19, 2006, will have rights to interest on stockholder's
capital.  The shares will be traded on the Sao Paulo Stock
Exchange or BOVESPA and the New York Stock Exchange, "ex" the
right to interest on capital as of, and including,
Dec. 20, 2006.  The interest on stockholder's capital will be
paid to shareholders on Feb. 10, 2007.

The interest on stockholder's capital, net of withholding income
tax, will be imputed to mandatory dividends related to corporate
year 2006, according to Brazilian Corporate Law and the
company's Bylaws.  The payment of interest on stockholder's
capital is determined according to the company's quarterly
intercalary dividend policy.  It is important to note that the
percentage of net profit in each distribution, whether of
dividends or interest on stockholder's capital, may vary and
will be adjusted every distribution to assure the minimum
dividend of 25% of the corporate year's net profit according to
Brazilian Corporate Law and the company's Bylaws.

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

                        *    *    *

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

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

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

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


NET SERVICOS: Horizon Telecom Raises Ownership of Firm to 6.85%
---------------------------------------------------------------
Net Servicos de Comunicacao SA disclosed that Horizon Telecom
International LLC has increased its ownership of the company to
6.85%, corresponding to 11.02% of the total outstanding PN
shares.  Horizon Telecom now holds a total of 20,022,108 PN
shares issued by the company.  This is a minority interest,
resulted from the acquisition of the minority stake on Vivax SA,
which does not change the company's ownership structure.

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

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

                        *    *    *

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

                        *    *    *

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


NOVELIS: Extends Notes Exchange Offer Expiration to Jan. 4, 2007
----------------------------------------------------------------
Novelis Inc. will extend until Jan. 4, 2007, at 5:00 p.m.
Eastern Time, its offer to exchange up to US$1.4 billion
aggregate principal amount of its 7-1/4% Senior Notes due 2015,
which were initially issued and sold in a private placement on
Feb. 3, 2005, for an equal aggregate amount of its registered
7-1/4% Senior Notes due 2015.

The original expiration date of the exchange offer was
Oct. 31, 2005.  The expiration date was initially extended on
Nov. 1, 2005, and re-extended on Nov. 7, 2005, Jan. 31, 2006,
May 10, 2006, Aug. 11, 2006, and Oct. 17, 2006.  The most recent
extension started on Oct. 17, 2006, and expires on
Dec. 15, 2006.  As of Dec. 12, 2006, US$648,642,000 of the old
notes had been tendered for exchange.

As a result of the original extension announced on Nov. 1, 2005,
the company began to accrue, beginning Nov. 11, 2005, and until
the exchange offer closes (or earlier as provided in the
registration rights agreement relating to the Senior Notes, or
the expiration of the two year Rule 144(k) holding period with
respect to the Senior Notes), a special interest rate on the
Senior Notes equaling an additional 0.25% per annum.  The rate
of special interest increases 0.25% during each subsequent 90-
day period until the exchange offer closes, with the maximum
amount of additional special interest at a rate of 1.00% per
annum.  Accordingly, on Aug. 8, 2006, the rate of special
interest increased from 0.75% per annum to 1.00% per annum.

Novelis filed a post-effective amendment to the exchange offer
registration statement with the United States Securities and
Exchange Commission on Dec. 1, 2006.  Except for the extension
of the expiration date, all of the other terms of the exchange
offer remain as set forth in the exchange offer prospectus dated
Sept. 27, 2005.  This press release is not an offer to exchange
new notes for the old notes or the solicitation of an offer to
exchange.  Any offer will be made by Novelis Inc. only by means
of the exchange offer prospectus.

Any holder of the old notes, who would like to obtain copies of
the prospectus and related documents, or with questions
regarding the exchange offer, should contact Novelis Inc.'s
exchange agent:

          The Bank of New York Trust N.A.
          Tel: (212) 815-5098

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has around 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil.  The company's Pindamonhangaba
rolling and recycling facility in Brazil is the largest aluminum
rolling and recycling facility in South America and the only one
capable of producing can body and end stock.  The plant recycles
primarily used beverage cans, and is engaged in tolling recycled
metal for its customers.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Standard & Poor's Ratings Services it affirmed all of its
ratings on Novelis Inc., including the 'BB-' long-term corporate
credit rating, and removed the ratings from CreditWatch with
negative implications, where they were placed April 7, 2006.
S&P said the outlook is negative.




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


ACOM FUNDING: Final Shareholders Meeting Is Set for Dec. 18
-----------------------------------------------------------
Acom Funding Co. Ltd's final shareholders meeting will be at
10:00 a.m. on Dec. 18, 2006, at:

          Meiji Yasuda Seimei Bldg., 1-1,
          Marunouchi 2-chome,Chiyoda-ku,
          Tokyo, Japan,

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:

          Yasuo Sumikawa
          c/o Acom Co., Ltd.
          Meiji Yasuda Seimei Bldg.1-1,
          Marunouchi 2-cho Chiyoda-ku,
          Tokyo 100-8307, Japan


AENAS GLOBAL: Final Shareholders Meeting Is on Dec. 18
------------------------------------------------------
Aenas Global Fund Ltd.'s final shareholders meeting will be at
11:00 a.m. on Dec. 18, 2006, at:

          Katten Muchin Rosenman LLP,
          575 Madison Avenue, New York,
          New York 10022-2585

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          John Suglia
          Attn: Nick Robinson
          Walkers, 265GT, George Town,
          Grand Cayman, Cayman Islands
          Tel: (345) 914 4216
          Fax: (345) 814 8216


BEACH DISCRETIONARY: Claims Filing Deadline Is Set for Dec. 20
--------------------------------------------------------------
Beach Discretionary Fund (Cayman SPC) Ltd.'s creditors are
required to submit proofs of claim by Dec. 20, 2006, to the
company's liquidators:

          David A.K. Walker
          Lawrence Edwards
          PricewaterhouseCoopers
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 945 4237


BEACH FUND: Creditors Have Until Dec. 20 to File Proofs of Claim
----------------------------------------------------------------
The Beach Fund (Cayman SPC) Ltd.'s creditors are required to
submit proofs of claim by Dec. 20, 2006, to the company's
liquidators:

          David A.K. Walker
          Lawrence Edwards
          PricewaterhouseCoopers
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 945 4237


BEACH SYSTEMATIC: Last Day for Proofs of Claim Filing Is Dec. 20
----------------------------------------------------------------
Beach Systematic Fund (Cayman SPC) Ltd.'s creditors are required
to submit proofs of claim by Dec. 20, 2006, to the company's
liquidators:

          David A.K. Walker
          Lawrence Edwards
          PricewaterhouseCoopers
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 945 4237


BES OVERSEAS: Shareholders to Gather for Dec. 20 Final Meeting
--------------------------------------------------------------
Bes Overseas Ltd.'s final shareholders meeting will be at 11:30
a.m. on Dec. 20, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          S.L.C. Whicker
          K.D. Blake
          Attn: Gundega Tamane
          P.O. Box 493
          Grand Cayman, Cayman Islands
          Tel: 345-949-4800
               345-945-4309
          Fax: 345-949-7164


BESSENT GLOBAL MASTER: Claims Filing Deadline Is Set for Dec. 20
----------------------------------------------------------------
Bessent Global Master Fund Ltd.'s creditors are required to
submit proofs of claim by Dec. 20, 2006, to the company's
liquidators:

          David A.K. Walker
          Lawrence Edwards
          PricewaterhouseCoopers
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 945 4237


BESSENT GLOBAL: Proofs of Claim Filing Deadline Is on Dec. 20
-------------------------------------------------------------
Bessent Global Fund Ltd.'s creditors are required to submit
proofs of claim by Dec. 20, 2006, to the company's liquidators:

          David A.K. Walker
          Lawrence Edwards
          PricewaterhouseCoopers
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 945 4237


BWFC SECOND: Shareholders Gather for Final Meeting on Dec. 19
-------------------------------------------------------------
BWFC Second Funding Company's shareholders will convene for a
final meeting on Dec. 19, 2006, at:

           Caledonian House
           69 Dr. Roy's Drive, 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 S. Walker
           Caledonian Bank & Trust Limited
           Caledonian House
           P.O. Box 1043, George Town
           Grand Cayman, Cayman Islands


CORRUGATED INSURERS: Proofs of Claim Filing Is Until Dec. 19
------------------------------------------------------------
Corrugated Insurers Association Ltd's creditors are required to
submit proofs of claim by Dec. 19, 2006, to the company's
liquidators:

          Russel Smith
          Christopher D. Johnson
          P.O. Box 2499
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 19 deadline
won't receive any distribution that the liquidators will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          John Somerville
          P.O. Box 2499
          Grand Cayman, Cayman Islands
          Tel: 345-946-0820
          Fax: 345-946-0864


CRONOS EQUIPMENT: Shareholders Convene for Dec. 20 Final Meeting
----------------------------------------------------------------
Cronos Equipment Funding Ltd.'s final shareholders meeting will
be at 10:00 a.m. on Dec. 20, 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:

          K.D. Blake
          Attn: Blair Houston
          P.O. Box 493
          Grand Cayman, Cayman Islands
          Tel: 345-949-4800
               345-914-4334
          Fax: 345-949-7164


GRANITE CAPITAL: Proofs of Claim Filing Is Until Dec. 19
--------------------------------------------------------
Granite Capital Overseas Ltd's creditors are required to submit
proofs of claim by Dec. 19, 2006, to the company's liquidators:

          David A.K. Walker
          Lawrence Edwards
          PwC Corporate Finance & Recovery(Cayman) Ltd
          Strathvale House, North Church Street
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Granite Capital's shareholders agreed on Nov. 7, 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:

          Cathlin Rossiter
          P.O. Box 258
          Grand Cayman, Cayman Islands
          Tel: 345-914-8663
          Fax: 345-949-4590


GRANITE (HEDGE): Last Day to File Proofs of Claim Is Dec. 19
------------------------------------------------------------
Granite Capital Overseas Hedge Equity Fund Ltd.'s creditors are
required to submit proofs of claim by Dec. 19, 2006, to the
company's liquidators:

          David A.K. Walker
          LawrenceEdwards
          PwC Corporate Finance & Recovery (Cayman) Limited
          Strathvale House, North Church Street
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 19 deadline
won't receive any distribution that the liquidators will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Granite Hedge's shareholders agreed on Nov. 7, 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:

          Cathlin Rossiter
          P.O. Box 458
          Grand Cayman, Cayman Islands
          Tel: 345-914-8664
          Fax: 345-949-4590


GRANITE (OPPORTUNITY): Proofs of Claim Filing Is Until Dec. 19
--------------------------------------------------------------
Granite Capital Oppurtunity Fund Ltd's creditors are required to
submit proofs of claim by Dec. 19, 2006, to the company's
liquidators:

          David A.K. Walker
          Lawrence Edwards
          PwC Corporate Finance & Recovery(Cayman) Ltd
          Strathvale House,North Church Street
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Granite Fund's shareholders agreed on Nov. 7, 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:

          Cathlin Rossiter
          P.O. Box 493
          Grand Cayman, Cayman Islands
          Tel: 345-914-8664
          Fax: 345-949-4590


IAM INVESTMENT: Calls Shareholders for Final Meeting on Dec. 20
---------------------------------------------------------------
IAM Investment Company (Cayman Islands) Ltd.'s final
shareholders meeting will be at 2:00 p.m. on Dec. 20, 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:

          K.D. Blake
          Attn: Blair Houston
          P.O. Box 493
          Grand Cayman, Cayman Islands
          Tel: 345-949-4800
               345-914-4334
          Fax: 345-949-7164


INTEGRAL TRADE: Deadline for Proofs of Claim Filing Is Dec. 20
--------------------------------------------------------------
Integral Trade Fund Ltd.'s creditors are required to submit
proofs of claim by Dec. 20, 2006, to the company's liquidators:

          Stuart Brankin
          Desmond Campbell
          P.O. Box 1981, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Integral Trade's shareholders agreed on Nov. 16, 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:

          Colin J. MacKay
          c/o Ogier
          Queensgate House, South Church Street
          P.O. Box 1234
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


INTEGRAL TRADE MASTER: Proofs of Claim Must be Filed by Dec. 20
---------------------------------------------------------------
Integral Trade Master Fund SPC's creditors are required to
submit proofs of claim by Dec. 20, 2006, to the company's
liquidators:

          Stuart Brankin
          Desmond Campbell
          P.O. Box 1981, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Integral Trade's shareholders agreed on Nov. 16, 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:

          Colin J. MacKay
          c/o Ogier
          Queensgate House, South Church Street
          P.O. Box 1234
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


NCAF COMPANY: Liquidator Presents Wind Up Accounts on Dec. 19
-------------------------------------------------------------
NCAF Company's shareholders will convene for a final meeting on
Dec. 19, 2006, at:

           Caledonian House
           69 Dr. Roy's Drive, 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 S. Walker
           Caledonian Bank & Trust Limited
           Caledonian House
           P.O. Box 1043, George Town
           Grand Cayman, Cayman Islands


NEUTRALIS EUROPE: Calls Shareholders for Dec. 18 Final Meeting
--------------------------------------------------------------
Neutralis Europe Fund Ltd.'s final shareholders meeting will be
at 11:00 a.m. on Dec. 18, 2006, at the offices of Deloitte.
Located at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


NORTHERN CALIFORNIA: Filing of Proofs of Claim Is Until Dec. 20
---------------------------------------------------------------
Northern California Indemnity Ltd.'s creditors are required to
submit proofs of claim by Dec. 20, 2006, to the company's
liquidators:

          David A.K. Walker
          Lawrence Edwards
          PricewaterhouseCoopers
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Northern California'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.

Parties-in-interest may contact:

          Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 945 4237


O'CONNOR SYSTEM: Invites Shareholders for Dec. 18 Final Meeting
---------------------------------------------------------------
O'Connor System Trading Ltd's final shareholders meeting will be
at 10:00 a.m. on Dec. 18, 2006, at at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


OGOT COMPANY: Invites Shareholders for Final Meeting on Dec. 20
---------------------------------------------------------------
Ogot Company's final shareholders meeting will be at 2:00 p.m.
on Dec. 20, 2006, at:

          dms Corporate Services Ltd.
          Ansbacher House, 2nd Floor
          #20 Genesis Close
          PO Box 31910SMB, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


PANCTUAL EQUITY: Deadline for Filing of Claims Is on Dec. 19
------------------------------------------------------------
Panctual Equity Fund Ltd's creditors are required to submit
proofs of claim by Dec. 19, 2006, to the company's liquidators:

          Carolina Soares Tepedino
          Iuri Rapoport
          Av. Brigadeiro Faria Lima
          Sao Paulo, Brazil

Creditors who are not able to comply with the Dec. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Panctual Equity's shareholders agreed on Nov. 16, 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:

          Giorgio Subiotto
          c/o Ogier
          Queensgate House, South Church Street
          P.O. Box 1234
          Grand Cayman, Cayman Islands
          Tel: 345-914-9876
          Fax: 345-949-1986


VERTEX CHINA: Last Shareholders Meeting Is Set for Dec. 18
----------------------------------------------------------
Vertex China Investment Management Ltd's final shareholders
meeting will be at 10:30 a.m. on Dec. 18, 2006, at:

          35th Floor, One Pacific Place
          88 Queensway, Hong Kong

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:

          Lai Kar Yan
          Darach E. Haughey
          35th Floor, One Pacific Place
          88 Queensway, Hong Kong


VTC CORPORATE: Last Day to File Proofs of Claim Is on Dec. 20
-------------------------------------------------------------
VTC Corporate Services' creditors are required to submit proofs
of claim by Dec. 20, 2006, to the company's liquidators:

          Margaret Thompson
          Beverly Lorimer
          Vontobel Trust Company Cayman
          P.O. Box 32301 SMB
          Grand Pavilion, Commercial Centre
          West Bay Road
          Grand Cayman, Cayman Islands
          Tel: (345) 945 9200
          Fax: (345) 945 9201

Creditors who are not able to comply with the Dec. 20 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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




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


BLOCKBUSTER INC: Improved Cash Flow Cues S&P's Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on video
rental retailer Blockbuster Inc. to stable from negative.  The
ratings on the Dallas-based company, including the 'B-'
corporate credit rating, were affirmed.

"The outlook revision is based on the company's strengthened
cash flow protection measures as a result of its cost reduction
efforts and lower advertising and promotional expenses," said
Standard & Poor's credit analyst Diane Shand.

Total debt to EBITDA declined to 5.6x in 12 months ended
Sept. 30, 2006, from 8.9x, a year earlier, and EBITDA coverage
of interest increased to 1.9x from 1.4x.  Although cash flow
protection measures are still weak, Standard & Poor's expects
further improvement in the near term due to slightly better
operating results and a reduction of debt by US$150 million.

The company's operating margin increased to 16.7% in the first
nine months of 2006, from 11.7% a year earlier.

The ratings on Blockbuster reflect the risks of operating in a
mature and declining video rental industry, the company's
dependence on decisions made by movie studios, its thin cash
flow protection measures, high leverage, and the technology
risks associated with delivery of video movies to the home.

Industry fundamentals for the video rental market, on which
Blockbuster's profitability is heavily dependent, are weak. The
company generated 71% of total sales from its movie rental
business in 2005, and its domestic rental same-store sales have
been weak since 2001.  The company was particularly hard hit in
2005 when the rental market dropped at a double-digit rate,
after steadily declining at a low-single-digit rate in the prior
three years.  The contraction in the rental market is
attributable to the elimination of exclusive movie release
rental time windows as a result of the format change to DVD from
VHS, and to studios' pricing DVDs to stimulate retail sales.

In response to weak rental industry dynamics, Blockbuster
eliminated late fees to increase customer traffic.  This move
affected revenues by US$532 million and operating income by an
estimated US$250 million-US$300 million in 2005.  In addition,
the company is attempting to transform into a home entertainment
store and has launched a national online and in-store rental
subscription program. Standard & Poor's has concerns over
whether these initiatives will revive the company's flagging
rental business.

Blockbuster Inc. (NYSE: BBI, BBI.B) --
http://www.blockbuster.com/--  provides in-home movie and game
entertainment, with more than 8,500 stores throughout the
Americas, Europe, Asia, and Australia.  The company operates in
Puerto Rico, Argentina, Brazil and Chile.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Fitch Ratings has affirmed Blockbuster Inc.'s Issuer default
rating at 'CCC'; Senior secured credit facility rating at
'CCC/RR4'; and Senior subordinated notes rating at 'CC/RR6'.


ENDESA CHILE: Moody's Raises Sr. Debt Rating to Baa3 from Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured debt
ratings of Enersis SA and Empresa Nacional de Electricidad, S.A.
aka Endesa Chile to Baa3 from Ba1 with a stable outlook.  The
rating action is prompted by a number of credit considerations.

The financial performance of both Enersis and Endesa Chile has
improved markedly over the last two years as a result of
improvements in the regulatory framework and increased demand
for electricity in the countries in which the companies operate:

   -- Chile,
   -- Colombia,
   -- Peru,
   -- Brazil and
   -- Argentina.

Moody's notes that cash flow from operations to debt improved
from 14.8% in 2004 to 22.4% in 2005 and 28.8% for the last
twelve months as of September 2006 for Enersis and from 9.8% in
2004 to 15.4% in 2005 and 18% for the last twelve months as of
September, 2006 for Endesa Chile.  At the same time Debt to
EBITDA decreased from 3.5 times in 2004 to 2.9 times in 2005 and
1.7 times for the last twelve months as of September 2006 for
Enersis and from 4.2 times in 2004 to 3.4 times in 2005 and 2.4
times for the last twelve months as of September 2006 for Endesa
Chile.

In addition to improvements in financial performance, the two
companies have improved their liquidity through recent
executions of favorable bank facilities.

Amendments to the Electricity Law have established more
favorable operating conditions in Chile for the electricity
sector.

The Short Law 1 provides more clarity with respect to the
sharing of transmission costs between generation companies and
end-users and tightens the node price band to within 5% of
average unregulated long term contracts thereby more closely
linking regulated and unregulated power prices.  It also
establishes a Board of Experts to help arbitrate conflicts
within the Chilean electric industry.

The Short Law 2 relaxed the six-month node price adjustment
model by allowing higher node price resets during periods when
average unregulated long term contract prices and the
theoretical cost of the system diverges more than 30% as it has
since the Argentine natural gas delivery restrictions were put
into place.  The Short Law 2 also allows generation companies to
sign long-term contracts with distribution companies for up to
15 years beginning in 2008/2010 at a fixed price up to 30% above
the current node prices.

Short Laws 1 and 2 have created structural changes in Chile's
electricity model that directly benefit Enersis and Endesa as
the largest participants in the Chilean electricity market.

In addition to the structural changes in the regulatory
framework, Chile and the countries in which Enersis and Endesa
Chile operate have experienced stronger demand electricity
demand growth since 2003 averaging about 5% among Chile,
Argentina, Brazil, Colombia and Peru, with the strongest demand
growth in Chile at almost 8% in 2005.  This growth in demand
reflects continuing macroeconomic improvements in the five
countries in which Enersis and Endesa Chile operate.  Notably,
Chile's government bond ratings were upgraded recently to A1 and
A2 while Brazil's government rating was upgraded to Ba2 and the
outlook for Peru's government ratings -- Ba3 and Baa3 have been
changed to positive.  With total installed capacity of 12,228 MW
and over 11 million distribution customers in the five countries
in which Enersis and Endesa Chile operate, both companies stand
to benefit from continuing improvements in the regional
economies.
The ratings upgrades are also acknowledge improvements in the
management of the liquidity position of both companies including
sufficient protection from fluctuations in funding availability
due to market conditions.  Both companies have executed similar
committed credit facilities with favorable terms.  The bank
facilities are three-year revolvers that are not subject to any
material adverse effect or MAE clauses.  Any draws on the
facilities can be repaid at facility maturity.  Moody's
assignment of investment grade ratings assumes that future
liquidity facilities will also not be subject to MAE clauses and
will continue to provide financial flexibility consistent with
other investment grade companies globally.
Based in Santiago, Chile, Enersis is owned 61% by Endesa Spain,
one of the largest integrated Spanish utilities in the world.
Endesa Chile, the largest electric generation company in Chile,
is owned 60% by Enersis.


ENERSIS: Moody's Lifts Sr. Unsec. Debt Rating to Baa3 from Ba1
--------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured debt
ratings of Enersis SA and Empresa Nacional de Electricidad, S.A.
aka Endesa Chile to Baa3 from Ba1 with a stable outlook.  The
rating action is prompted by a number of credit considerations.

The financial performance of both Enersis and Endesa Chile has
improved markedly over the last two years as a result of
improvements in the regulatory framework and increased demand
for electricity in the countries in which the companies operate:

   -- Chile,
   -- Colombia,
   -- Peru,
   -- Brazil and
   -- Argentina.

Moody's notes that cash flow from operations to debt improved
from 14.8% in 2004 to 22.4% in 2005 and 28.8% for the last
twelve months as of September 2006 for Enersis and from 9.8% in
2004 to 15.4% in 2005 and 18% for the last twelve months as of
September 2006 for Endesa Chile.  At the same time Debt to
EBITDA decreased from 3.5 times in 2004 to 2.9 times in 2005 and
1.7 times for the last twelve months as of September 2006 for
Enersis and from 4.2 times in 2004 to 3.4 times in 2005 and 2.4
times for the last twelve months as of September 2006 for Endesa
Chile.

In addition to improvements in financial performance, the two
companies have improved their liquidity through recent
executions of favorable bank facilities.

Amendments to the Electricity Law have established more
favorable operating conditions in Chile for the electricity
sector.

The Short Law 1 provides more clarity with respect to the
sharing of transmission costs between generation companies and
end-users and tightens the node price band to within 5% of
average unregulated long term contracts thereby more closely
linking regulated and unregulated power prices.  It also
establishes a Board of Experts to help arbitrate conflicts
within the Chilean electric industry.

The Short Law 2 relaxed the six-month node price adjustment
model by allowing higher node price resets during periods when
average unregulated long term contract prices and the
theoretical cost of the system diverges more than 30% as it has
since the Argentine natural gas delivery restrictions were put
into place.  The Short Law 2 also allows generation companies to
sign long-term contracts with distribution companies for up to
15 years beginning in 2008/2010 at a fixed price up to 30% above
the current node prices.

Short Laws 1 and 2 have created structural changes in Chile's
electricity model that directly benefit Enersis and Endesa as
the largest participants in the Chilean electricity market.

In addition to the structural changes in the regulatory
framework, Chile and the countries in which Enersis and Endesa
Chile operate have experienced stronger demand electricity
demand growth since 2003 averaging about 5% among Chile,
Argentina, Brazil, Colombia and Peru, with the strongest demand
growth in Chile at almost 8% in 2005.  This growth in demand
reflects continuing macroeconomic improvements in the five
countries in which Enersis and Endesa Chile operate.  Notably,
Chile's government bond ratings were upgraded recently to A1 and
A2 while Brazil's government rating was upgraded to Ba2 and the
outlook for Peru's government ratings -- Ba3 and Baa3 have been
changed to positive.  With total installed capacity of 12,228 MW
and over 11 million distribution customers in the five countries
in which Enersis and Endesa Chile operate, both companies stand
to benefit from continuing improvements in the regional
economies.
The ratings upgrades are also acknowledge improvements in the
management of the liquidity position of both companies including
sufficient protection from fluctuations in funding availability
due to market conditions.  Both companies have executed similar
committed credit facilities with favorable terms.  The bank
facilities are three-year revolvers that are not subject to any
material adverse effect or MAE clauses.  Any draws on the
facilities can be repaid at facility maturity.  Moody's
assignment of investment grade ratings assumes that future
liquidity facilities will also not be subject to MAE clauses and
will continue to provide financial flexibility consistent with
other investment grade companies globally.
Based in Santiago, Chile, Enersis is owned 61% by Endesa Spain,
one of the largest integrated Spanish utilities in the world.
Endesa Chile, the largest electric generation company in Chile,
is owned 60% by Enersis.




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


ECOPETROL: Stake Sale May Bring in US$4 Billion to Government
-------------------------------------------------------------
Hernan Martinez, Colombia's energy minister, told Bloomberg that
the government's sale of a stake in Ecopetrol SA, the country's
state-owned oil company, may raise as much as US$4 billion.

As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2006, the Colombian senate and lower house ratified
plans to sell 20% of Ecopetrol.  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.

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

Sale of the shares is likely happen in September 2007, Bloomberg
notes, citing Minister Martinez.

Minister Martinez told Bloomberg that the stake in Ecopetrol may
be priced within the US$2.5 billion to US$4 billion range and
will depend on future oil prices.

Ecopetrol will choose in January 2007 two of 15 investment banks
in a short list to manage the sale.  One bank would come from
the United States while the other would be from Europe.  Both
banks will value Ecopetrol for the sale and then one of them
will manage the share offering.  A second offering on the New
York Stock Exchange may be launched 18 months after the local
share offering, Bloomberg says, citing Minister Martinez.

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.


HEXION SPECIALTY: Declares Price Increases for Coating Resins
-------------------------------------------------------------
Hexion Specialty Chemicals disclosed that it will increase
prices for its coating resin products effective Jan. 15, 2007.
The increase is effective for orders shipped on or after
Jan. 15, 2007.

Pricing per pound on the following resins will increase up to:

   Liquid Polyester               US$0.10
   Powder Polyester               US$0.08
   Acrylics                       US$0.05
   Emulsions                      US$0.05
   Epoxy esters                   US$0.10
   Alkyds                         US$0.06
   UV Resins                      US$0.06
   Latex Modifiers                US$0.06

Continued cost increases for raw materials, energy and
distribution necessitate the pricing adjustment, the company
said.

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

                        *    *    *

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

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




=======
C U B A
=======


* CUBA: Moody's Caa1 Rating Reflects Buildup of Debt Arrears
------------------------------------------------------------
In its annual report on Cuba, Moody's Investors Service says the
island's Caa1 foreign-currency issuer rating reflects the debt
moratorium that has been in place for more than 15 years,
leading to the accumulation of principal and interest arrears.

"The rating is constrained by a flawed payments record, extreme
dependence on imported goods and restricted access to external
financing," said Moody's Vice President Mauro Leos, author of
the report.  "Its medium-term outlook depends mostly on the
government's ability to respond to social and economic
expectations, including the need to complete an orderly
intergenerational transfer of power."

Mr. Leos indicated that tourism-related revenues have become the
most important source of foreign exchange and nickel has emerged
as a major contributor to Cuba's export earnings.  With the
third largest nickel reserves in the world, Cuba is among the
world's top five producers and its mining sector is receiving
foreign direct investment from Canada and China.

"A surge in export-related social services to Venezuela is also
driving economic growth," said Mr. Leos.  "These conditions have
compensated for adverse consequences of restrictions on family
remittances by the US government."

Mr. Leos said Venezuela has become Cuba's top benefactor,
supplying nearly half of Cuba's oil needs at below-market
prices, and committing financing for various projects involving
oil refining and infrastructure.

"While beneficial in the near term, the relation with Venezuela
should not be viewed as a source of credit strength, but as an
element that only provides transitory support to Cuba's credit
outlook," said Mr. Leos.




===============
D O M I N I C A
===============


* DOMINICA: IMF Completes Seventh Review of PRGF Agreement
----------------------------------------------------------
The Executive Board of the International Monetary Fund has
completed the seventh and last review of Dominica's performance
under its three-year Poverty Reduction and Growth Facility or
PRGF arrangement.  As a result of the Executive Board's
completion of the review, Dominica can draw an amount equivalent
to SDR1.2 million (about US$1.8 million) under the PRGF
arrangement, which will bring total disbursements to SDR7.7
million (about US$11.6 million).  The Executive Board approved
Dominica's three-year PRGF arrangement on Dec. 29, 2003.

Following the Executive Board's discussion of Dominica, Mr.
Murilo Portugal, Deputy Managing Director and Acting Chair, made
this statement:

"The Dominican authorities have continued to implement their
economic program successfully, and macroeconomic performance has
strengthened further.  Economic activity is expanding strongly
in almost all sectors, with buoyant domestic demand and
indications of a rebound in private sector confidence.  Progress
has also been made with structural reforms.

"The strong fiscal performance in FY2005/06 and the stance of
the FY 2006/07 budget reflect the authorities' commendable
commitment to implement prudent fiscal policies.  The primary
surplus envisaged in the FY 2006/07 budget will allow further
progress toward the medium-term sustainability of public
finances and debt.  Measures to streamline public sector
employment and strengthen public financial management are being
implemented.  The authorities are committed to expanding revenue
reforms.  The value-added tax regime is operating well; and the
authorities are committed to continued monitoring going forward
to avoid its weakening.

"Key reforms in the economic program are the recent amendments
to the Electricity Supply Act and related legislation, and the
approval of measures to eliminate the unfunded liability of the
Dominica Social Security and to strengthen the AID Bank. The
authorities recognize that these reforms need to be supplemented
by other structural measures, including amendments to the
Finance Administration Act, approval of the Financial Services
Unit Act, and reform of the Dominica Export Import Agency.
Accelerating the implementation of these structural reforms will
help bolster private sector-led growth.

"Significant progress has been made recently in debt
restructuring, and the authorities are making good-faith efforts
to reach collaborative restructuring agreements with their
remaining creditors.

"The approach taken in the authorities' Growth and Social
Protection Strategy to reduce poverty and unemployment appears
appropriate. Continued collaboration between donors and the
authorities should facilitate timely donor support," Mr.
Portugal said.




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


AES DOMINICANA: Gov't May Not Terminate Contract with AES Andres
----------------------------------------------------------------
Radhames Segura, the Dominican Energy Consortium executive vice-
president, told Dominican Today that it has been impossible to
end any of the Dominican Republic's contracts with AES Andres
-- a unit of AES Dominicana -- and other private generators.

The Dominican government has not managed to get power firms
signatory of the Madrid accord to accept a review of the
contracts, Dominican Today relates, citing Mr. Segura.

Mr. Segura explained to Dominican Today that the companies have
not stated their position to the energy consortium.

Mr. Segura told Dominican Today, "Until today (Dec. 13) what we
have seen from them is that the contracts are fine, that the
prices of energy are good and that the contracts are not the
problem, in essence they have not responded to the proposition
which has been made to them."

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, four out of the 10 energy firms presented a
response to the Contract Renegotiation Committee's call for
energy distributors to decide whether or not they would
renegotiate the Madrid Accord, leaving the process temporarily
stalled.  Among the firms that responded was AES Andres.  The
Dominican government is giving the energy firms the option to
renegotiate the Madrid Accord as a way of solving the energy
problem or face a decline of energy contracts.

Electricity distributors Edenorte and Edesur are demanding the
renegotiation of the contracts, as they are reporting very large
net losses in the purchase of energy from the generators,
Dominican Today notes, citing Mr. Segura.

The Dominican government, through the Renegotiating Commission,
adopted resolutions, including the hiring of lawyers when it
decides to use the legal actions necessary to have the contracts
reviewed, Mr. Segura told Dominican Today.

                      About AES Andres

AES Andres is a 310-megawatt gas fired combined cycle plant co-
located with a liquefied natural gas importing terminal.  The
plant and LNG facility are located 30 kilometers east of Santo
Domingo in the Dominican Republic.

                   About AES Dominicana

AES Dominicana is a special-purpose financing entity of AES
Corp. in the Dominican Republic.  It manages two of AES Corp.'s
wholly owned generating facilities, Andres and DPP.  Andres is
incorporated under the laws of the Netherlands, and it owns a
304-megawatt gas-fired, combined-cycle plant outside of Santo
Domingo. The facility also includes an LNG regasification
terminal.  AES Dominicana also includes Itabo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 21, 2006, Standard & Poor's Ratings Services' 'B-' rating
on AES Dominicana Energia Finance SA's US$160 million senior
notes due 2015 reflects the challenges of operating in the
electric sector in the Dominican Republic, and a legacy
liquefied natural gas contract that could be burdensome, offset
by the contractual nature of the revenue stream, and continued
support of the electricity sector by the Dominican government.
S&P said the outlook is stable.


* DOMINICAN REPUBLIC: Resolves Tax Dispute with Verizon Comms
-------------------------------------------------------------
The Dominican Republic accepts a US$170 million payment from
Verizon Communications Inc., ending a tax dispute that's been
going on for more than eight months.

The Associated Press says the government finally accepted the
amount after U.S. Secretary of State Condoleezza Rice
intervened.  The government and Verizon were wrangling on US$570
million of back taxes that the former claimed it was owed.

Now that the tax issue has been settled, Mexico-based wireless
giant America Movil SA can now take over Verizon's former
Dominican operations, the AP says, citing the Dominican
Telecommunications Institute, or Indotel.

"The U.S. government, through its secretary of state,
Condoleezza Rice, expressed the desire that the country arrive
at an agreement with the telephone company," a statement from
Indotel said.

Verizon announced plans in April to sell its three Caribbean and
Latin American divisions for US$3.7 billion.  Its Puerto Rico
operation was also to be sold to America Movil, one of Latin
America's largest wireless providers, AP relates.

                        *    *    *

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

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

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

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

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

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

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

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

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

Fitch also affirmed these ratings:

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

   -- Short-term Issuer Default Rating: B.

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

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

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




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


* ECUADOR: Snubs World Bank Unit's Authority in Occidental Suit
---------------------------------------------------------------
Rafael Correa, the president-elect of Ecuador, has rejected the
authority of International Center for Settlement of Investment
Disputes or ICSD, an institution of the World Bank, to preside
over Occidental Petroleum Corp.'s complaint against the
Ecuadorean government, Business News Americas reports.

Occidental Petroleum filed with the ICSID arbitration claims
against the Ecuadorean government, which stripped the oil
company of its operations in Ecuador for allegedly selling part
of an oil block without the government's permission.

Mr. Correa's official Web site contained a statement saying,
"[Correa's] main objection relates to the fact that Ecuador has
never agreed, at any moment, to submit itself to ICSID
jurisdiction."

According to the statement at Mr. Correa's Web site, the
disputes are the exclusive jurisdiction of Ecuadorian courts.

BNamericas relates that Mr. Correa disagrees with the Ecuadorean
attorney general's appointing an arbiter to represent the nation
in the ICSID case.

The move gives weight to Occidental Petroleum's claims,
BNamericas states, citing Mr. Correa.

                        *    *    *

Fitch assigned these ratings on Ecuador:

                     Rating     Rating Date

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




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


CORPORACION UBC: Citigroup Buying Unit's Assets for US$1.51 Bil.
----------------------------------------------------------------
Citigroup Inc. said in a statement that it has reached a
definitive agreement to acquire the subsidiaries of Grupo
Cuscatlan from Corporacion UBC Internacional for US$1.51 billion
in cash and stock.

According to Bloomberg, the acquisition gives Citigroup a
"foothold" with medium-sized firms and clients in Central
America.

Grupo Cuscatlan operates banking, pension and insurance
businesses in El Salvador, Guatemala, the Bahamas, British
Virgin Islands, Honduras, Nicaragua, Costa Rica and Panama.  It
has US$5.4 billion in assets and US$3.4 billion in deposits.

Citigroup told Bloomberg that Grupo Cuscatlan has 1.2 million
consumers and 45,000 firms as clients, and operates 202 branches
and 263 automated teller machines.  It has 5,000 workers.

Raul Anaya, Citigroup Global Consumer Group chief executive
officer for Latin America, commented to Business News Americas,
"[Cuscatlan] is clearly a strategic acquisition that complements
the takeover of Grupo Financiero Uno, which is a leading player
in the credit card business in all Central American countries.
Cuscatlán is a corporate-oriented player also active in
mortgage and consumer lending.  In countries where we have found
Citi has strong brand value, we have decided to operate under
the Citi name.  We have also retained strong local brands such
as Banamex in Mexico."

The group may retain more than one brand in Central America,
BNamericas says, citing Mr. Anaya.

Manuel Medina-Mora, the head of the Latin American unit of
Citigroup, commented to Bloomberg, "Cuscatlan is basically a
commercial bank with a strong middle-market business and a
growing consumer platform.  This region is growing very fast,
and has improved significantly in credit."

Citigroup has had a corporate- and investment-banking presence
in Central America for a century.  However, its sole consumer
business in the region is a credit-card unit in Panama,
Bloomberg notes, citing Mr. Medina-Mora.

Mr. Medina-Mora told Bloomberg that Citigroup hasn't decided
whether to use the Citi brand in the region or keep the
Cuscatlan name, as it did with Grupo Financiero Banamex, which
it purchased in 2001.

"That is something we're going to evaluate," Mr. Medina-Mora
told Bloomberg.

Bloomberg relates that the acquisition of Grupo Cuscatlan also
complements Citigroup's planned purchase of Grupo Financiero
Uno, a regional credit-card issuer.

The deals are part of Citigroup chief executive officer Charles
Prince's drive to make the company less dependent on US for
revenue, according to Bloomberg.

Alejandro Garcia, Fitch Ratings financial institutions director,
told BNamericas that a strategic component of the deals is the
acquisitions of the Guatemalan banking units of Cuscatlan and
Uno, given they are mid-sized banks, which will enable Citigroup
to strengthen its presence in Central America's largest economy.

BNamericas reports that the transactions are subject to
regulatory approval.

Citigroup expects to complete the Grupo Cuscatlan and Financiero
Uno acquisitions early next year, Bloomberg states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 10, 2006, Standard and Poor's Ratings Services assigned
these ratings to Corporacion UBC Internacional SA y
Subsidiarias:

   -- long-term foreign issuer credit rating: BB-,
   -- long-term local issuer credit rating: BB-,
   -- short-term foreign issuer credit rating: B, and
   -- short-term local issuer credit rating: B.


BANCO CUSCATLAN: Citigroup Buying Subsidiaries for US$1.51 Bil.
---------------------------------------------------------------
Citigroup Inc. said in a statement that it has reached a
definitive agreement to acquire the subsidiaries of Grupo
Cuscatlan from Corporacion UBC Internacional for US$1.51 billion
in cash and stock.

According to Bloomberg, the acquisition gives Citigroup a
"foothold" with medium-sized firms and clients in Central
America.

Grupo Cuscatlan operates banking, pension and insurance
businesses in El Salvador, Guatemala, the Bahamas, British
Virgin Islands, Honduras, Nicaragua, Costa Rica and Panama.  It
has US$5.4 billion in assets and US$3.4 billion in deposits.

Citigroup told Bloomberg that Grupo Cuscatlan has 1.2 million
consumers and 45,000 firms as clients, and operates 202 branches
and 263 automated teller machines.  It has 5,000 workers.

Raul Anaya, Citigroup Global Consumer Group chief executive
officer for Latin America, commented to Business News Americas,
"[Cuscatlan] is clearly a strategic acquisition that complements
the takeover of Grupo Financiero Uno, which is a leading player
in the credit card business in all Central American countries.
Cuscatlán is a corporate-oriented player also active in
mortgage and consumer lending.  In countries where we have found
Citi has strong brand value, we have decided to operate under
the Citi name.  We have also retained strong local brands such
as Banamex in Mexico."

The group may retain more than one brand in Central America,
BNamericas says, citing Mr. Anaya.

Manuel Medina-Mora, the head of the Latin American unit of
Citigroup, commented to Bloomberg, "Cuscatlan is basically a
commercial bank with a strong middle-market business and a
growing consumer platform.  This region is growing very fast,
and has improved significantly in credit."

Citigroup has had a corporate- and investment-banking presence
in Central America for a century.  However, its sole consumer
business in the region is a credit-card unit in Panama,
Bloomberg notes, citing Mr. Medina-Mora.

Mr. Medina-Mora told Bloomberg that Citigroup hasn't decided
whether to use the Citi brand in the region or keep the
Cuscatlan name, as it did with Grupo Financiero Banamex, which
it purchased in 2001.

"That is something we're going to evaluate," Mr. Medina-Mora
told Bloomberg.

Bloomberg relates that the acquisition of Grupo Cuscatlan also
complements Citigroup's planned purchase of Grupo Financiero
Uno, a regional credit-card issuer.

The deals are part of Citigroup chief executive officer Charles
Prince's drive to make the company less dependent on US for
revenue, according to Bloomberg.

Alejandro Garcia, Fitch Ratings financial institutions director,
told BNamericas that a strategic component of the deals is the
acquisitions of the Guatemalan banking units of Cuscatlan and
Uno, given they are mid-sized banks, which will enable Citigroup
to strengthen its presence in Central America's largest economy.

BNamericas reports that the transactions are subject to
regulatory approval.

Citigroup expects to complete the Grupo Cuscatlan and Financiero
Uno acquisitions early next year, Bloomberg states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2006, Standard & Poor's Ratings Services assigned these
ratings on Banco Cuscatlan SA:

   -- credit rating: BB/Stable/B;
   -- counterparty credit rating: BB/Stable/B; and
   -- certificate of deposit: BB/B.

                        *    *    *

Fitch Ratings assigned these ratings on Banco Cuscatlan:

          -- BB long-term issuer default rating;
          -- B short-term rating;
          -- BBB local currency long-term rating;
          -- F3 local currency short-term rating;
          -- NR (SLV) national long-term rating;
          -- NR (SLV) national short-term rating;
          -- Outlook is Stable.




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


GOODYEAR: USW Workers Protest Retirees' Healthcare Abandonment
--------------------------------------------------------------
AFL-CIO President John Sweeney and United Steelworkers President
Leo Gerard held a media teleconference on Dec. 15, 2006, to
discuss the nationwide labor movement protest on Dec. 16 of
Goodyear Tire & Rubber Co.'s betrayal of U.S. workers and
retirees.  Union and community activists will join in actions at
more than 100 tire store locations across the country to condemn
Goodyear's assault on the living standards of its workers and
abandonment of health care for some 30,000 retirees.

The effort was intended to educate the public about the
company's proposal to cut jobs and drastically scale back health
care coverage for Goodyear workers and retirees.  In addition to
Mr. Sweeney and Mr. Gerard, a striking USW member joined the
call on Dec. 15 to offer perspective from the front lines of the
strike.

Some 15,000 experienced Goodyear workers at 16 facilities were
forced out on strike Oct. 5 due to the company's demands to gut
their health care, close factories and increase tires being
imported from China and other low-wage countries -- even after
the workers took steps to help Goodyear get through a rough time
in 2003, when it was on the brink of bankruptcy.  Goodyear's
stock has risen to almost five times as much as it was in early
2003, and top executives have awarded themselves millions of
dollars in bonuses.  The company is nonetheless threatening to
walk away from its health care obligations to some 30,000
retirees, offering a one-time fund that is a fraction of the
company's current retiree health care liability.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia and
Guatemala in Latin America.  Goodyear employs more than 80,000
people worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Fitch Ratings has assigned debt and Recovery Ratings of
'CCC+/RR6' to US$1 billion of new private placement notes issued
by The Goodyear Tire & Rubber Company.  All ratings remain on
Rating Watch Negative.

Moody's Investors Service also assigned a B2, LGD4, 63% rating
to Goodyear Tire & Rubber Company's new US$1 billion offering of
unsecured notes.  At the same time, the rating agency affirmed
Goodyear's Corporate Family Rating of B1 and negative outlook
and revised its Speculative Grade Liquidity rating to SGL-2.


* GUATEMALA: World Bank Grants US$62.3MM for Land Administration
----------------------------------------------------------------
The World Bank's Board of Directors approved a US$62.3 million
loan to increase land tenure security, and strengthen the legal
and institutional framework for land registry and cadastre
services in Guatemala.

"Increasing land tenure security, particularly in rural areas,
is fundamental for Guatemala's growth," said Jane Armitage, the
World Bank's Country Director for Central America.  "Given that
lack of secure property rights hinders investments and fuels
conflicts, better land administration will allow all Guatemalans
to consolidate their ownership rights, and use their property to
raise finance for long-term investments," she added.

Land is one of the most important resources in Guatemala, but
land tenure is often insecure due to unreliable cadastral (exact
geographic description of a parcel) and legal (certainty of
legitimate owner) information, lack of coordination among land
administration institutions, and weak conflict resolution
mechanisms.  This problem is particularly acute in rural areas,
where it is estimated that 40 percent of rural parcels are not
registered.

The objective of the Land Administration II Project, in support
of the second phase of a three-phase Land Administration
Program, is to foster the process of achieving land tenure
security in seven new departments:

   -- Alta Verapaz,
   -- Baja Verapaz,
   -- Chiquimula,
   -- Escuintla,
   -- Izabal,
   -- Sacatepequez, and
   -- Zacapa

and the municipality of Palachum in the Department of Quiche,
through the provision of efficient and accessible cadastral and
land administration services.  This geographical coverage
represents roughly 225 of the country's territory, bringing the
total coverage from phases I and II to about 50%.

In particular, the project will finance these activities:

   -- Implement the cadastre processes in 55 municipalities of
      eight departments through participatory approaches and
      local-level capacity building.  This component includes
      registry research and socioeconomic diagnostic to
      understand:

      * landownership and support fieldwork;
      * social communication;
      * geodetic and mapping activities;
      * systematic parcel-based field surveys;
      * conflict resolution, where necessary;
      * analysis of cadastral and legal information; and
      * the provision of legal titles for properties.

   -- Define municipal boundaries and the demarcate protected
      and public areas, as well as of areas of cultural and
      archeological interest requiring special protection.

   -- Create local capacity to coordinate the cadastre and
      regularization process in each municipality.  This
      component will support the field survey to keep
      cadastral information updated and incorporate it into
      initiatives for local development and territorial
      planning.

   -- Strengthen the legal framework and institutional capacity
      of the institutions involved in the cadastral and land
      regularization process, including the Registry of
      Cadastral Information, so it can efficiently and
      effectively perform its duties and legal mandates,
      particularly in terms of coordinating with the General
      Property Registry to implement the Registry Cadastre
      system.

"The project will develop local land administration services
that are more equitable and accessible to the poorest, both in
rural and urban areas," said Frederic de Dinechin, World Bank
task manager for the project.  "This is to be achieved through a
participatory process to ensure broad involvement, including
historically disadvantaged groups, such as women, indigenous
peoples and afro-descendants."

The first phase of the project, which has been under
implementation since July 2000 and is expected to close in March
2007, has covered the Department of El Peten, at a cost of US$38
million (out of which the Bank contributed US$31 million).  Thus
far, the project has been successfully implemented, establishing
the institutional and legal foundations for program expansion
under the second phase.

The new US$62.3 million fixed-spread loan has a reimbursement
period of 16 years, including a 6-year grace period.  The second
phase of the project will be implemented over a six-year period.

                        *    *    *

As reported on the Troubled Company Reporter on Oct. 30, 2006,
Standard & Poor's Ratings Services affirmed its 'BB' long-term
foreign and 'BB+' long-term local currency sovereign credit
ratings on the Republic of Guatemala.  Standard & Poor's also
affirmed its 'B' short-term sovereign credit ratings on the
republic.  S&P said the outlook on the ratings remains stable.

Fitch also maintained an Issuer Default rating to the Republic
of Guatemala at 'BB+' (local and foreign currency) with a stable
outlook, while the country ceiling is 'BBB-'.  This is in
connection with the recent intervention of Guatemala's fourth
largest bank, Bancafe and the potential implications for the
national banking system.




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


AIR JAMAICA: Alerts Travelers to Secure Passports to Enter US
------------------------------------------------------------
Air Jamaica has warned passengers to secure passports soon for
travel to the United States in the New Year, Caribbean Net News
reports.

George de Mercado, the vice president for sales at Air Jamaica,
explained to Caribbean Net that the US government has mandated
that from Jan. 23, 2007, US citizens traveling by air between
the country and Canada, Mexico, Central and South America, the
Caribbean, and Bermuda must present a valid passport to enter
the US.

Mr. de Mercado told Caribbean Net, "This is the latest deadline
that has been set and it may be the last.  We must encourage all
of our American friends to secure a passport.  This will help
facilitate seamless travel to and from the Caribbean region in
the New Year."

According to Caribbean Net, Mr. de Mercado strongly recommended
that from January 2007, lawful US permanent residents or green
card holders travel with their residency cards and their own
national passports.

"Our loads for the Christmas season are very strong and we don't
take for granted the tremendous support we have received from
our customers and travel partners this year," Mr. de Mercado
told Caribbean Net.

Some Caribbean travel and tourism officials may still be
counting on another delay in implementing the new measure,
Caribbean Net relates, citing Mr. de Mercado.

Meanwhile, Mr. deMercado said that beginning with the new
Executive Business Class in 2007, which offers clients the
highest level of comfort at exceptional value, Air Jamaica will
continue to lead the Caribbean with innovation, creativity and
outstanding customer service that continue to earn the carrier
major international awards every year, Caribbean Net states.

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

                        *    *    *

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


AIR JAMAICA: Launching US-Barbados Daily Non-Stop Service
---------------------------------------------------------
Air Jamaica told Caribbean Net News that it will launch new
daily non-stop flights between John F. Kennedy International
Airport or JFK in New York, USA, and Grantley Adams
International Airport in Barbados on Jan. 10, 2007.

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Air Jamaica said that its Barbados flights would
be increased on Jan. 11, 2007, along with its St. Lucia flights.

Caribbean Net relates that Caribbean Airlines, which will take
the place of British West Indies Airlines next year, will
abandon the Barbados route.

After discussions with the government of Barbados, Air Jamaica
has agreed to provide service to the nation, Caribbean Net
notes.

Paul Pennicook, senior vice president of marketing and sales at
Air Jamaica, told Caribbean Net, "We have done careful analysis
and are confident that operating this route is a feasible
venture for Air Jamaica.  The transition will be seamless and
passengers can start booking their flights immediately on Air
Jamaica for travel from Jan. 10 onwards."

Air Jamaica will operate daily Airbus A-320 service from JFK to
Barbados with 138 seats in Economy and 12 in Executive Business
Class, Caribbean Net says, citing Mr. Pennicook.  This service
will continue to St. Lucia four days a week and to Grenada three
days a week.  This new schedule will also offer daily direct
service to Montego Bay, Jamaica via St. Lucia or Grenada,
offering connections to and from Air Jamaica's gateways in:

          -- Atlanta,
          -- Baltimore/Washington DC,
          -- Chicago,
          -- Fort Lauderdale,
          -- Los Angeles,
          -- Miami,
          -- New York (JFK), and
          -- Philadelphia.

"Air Jamaica is committed to supporting our Eastern Caribbean
neighbors and we are pleased that our St. Lucia and Grenada
passengers will continue to enjoy our Lovebird Hospitality to
and from the Northeast USA, and will benefit significantly from
non-stop service to and from Montego Bay with connections to and
from the United States," Mr. Pennicook told Caribbean Net.

Air Jamaica will increase the St. Lucia service to four flights
per week starting Jan. 10, Caribbean Net states, citing Mr.
Pennicook.

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

                        *    *    *

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


NATIONAL COMERCIAL: S&P Affirms B/B CounterParty Credit
-------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B/B'
counterparty credit and CD ratings on National Commercial Bank
Jamaica Ltd.  The outlook is stable.

"The ratings on National Comercial are constrained by the
sovereign ratings on Jamaica, as sovereign bonds and loans to
public entities represent most of National Comercial's assets,"
said Standard & Poor's credit analyst Leonardo Bravo.  The
ratings are also constrained by National Comercial's larger-
than-peer loan concentration in its main clients, and its
operating in a relatively small, highly indebted, and
nondiversified economy.  The ratings are supported by the bank's
relevant market presence in the Jamaican banking system and
consistent improvements in its operating performance.

National Comercial maintains a large exposure to Jamaica's
government, represented by investments in government bonds.  In
addition, an important portion of the loan portfolio is
concentrated in Jamaican public-sector companies in which the
government is the ultimate payer.  Concentration in National
Comercial's loan portfolio is higher than that observed in other
Central American and Caribbean banks because the loan portfolio
is relatively small, there is a reduced number of clients, and
loans are larger than those of other institutions.  Although
National Comercial is increasing its consumer loans to improve
margins and to diversify its loan portfolio, its main business
is commercial lending and it will take time to decrease
concentrations and change the business mix.

National Comercial is one of the leading institutions in Jamaica
with 30% of loans and 34% of deposits at June 2006.  The bank
benefits from strong brand-name recognition, maintains an
important presence in retail banking, and holds a leading
position in the island's credit card business.  The bank
benefited in the past two years from a stable foreign exchange
market and improved economic conditions.  In addition, it
strengthened credit risk underwriting by centralizing and
focusing processes, updating credit limits, and strengthening
credit approval processes for consumer loans.

While growth in the loan portfolio continues, gross loans still
represent a small 20% of the group's total assets as of
September 2006.  The nonperforming asset ratio decreased to 3.6%
at September 2006 and has reduced from the 5% reported in 2003
and 4.3% in 2005.  On the same positive trend, reserve coverage
was maintained at an adequate 1.4x the balance of NPAs.  As
credit underwriting has strengthened, we expect asset quality to
remain at current levels, barring any major event in Jamaica's
economy.

Improvements in National Comercial's financial profile have been
achieved in loan growth, higher participation of consumer loans,
and improving asset quality.  The bank's cost-to-income ratio,
which has shown a positive trend in the past two years, was 59%
at September 2006.  Efforts to reduce this ratio further may
pose a challenge as the bank follows its expansion strategy.  In
Standard & Poor's view, the bank maintains a high regulatory
capital ratio that allows loan growth.

The stable outlook mirrors the outlook on the sovereign credit
ratings on Jamaica, and reflects National Comercial's
significant exposure to that country, with most of the bank's
assets represented by government securities.  National Comercial
has improved its financial profile, but it is challenged to
further increase its loan portfolio, maintaining adequate asset
quality and reducing loan concentration.  The positive
developments concerning profitability are expected to continue;
however, an improvement in efficiency has to be implemented to
maintain the trend.  Standard & Poor's believes that National
Comercial can maintain adequate profitability ratios as a
consequence of its important market share and the increasing
focus on growing its consumer loan portfolio under prudent
underwriting standards.


SUGAR COMPANY: Two Trelawny Assets Won't be Divested
----------------------------------------------------
The Sugar Cane Enterprise Team or SET that handles the
privatization of the Sugar Company of Jamaica's assets has
withdrawn two estates in Trelawny from divestment, the Jamaica
Gleaner reports.

The Gleaner relates that because of the move, the 18,600
hectares in land assets to be leased was reduced by 50% to 9,329
hectares.  The estates withdrawn from divestment include:

          -- 2,956 hectares of Hampden Estates Ltd., and
          -- 6,315 hectares of Long Pond Estates in Clarks'
             Town.

The new divestment proposal is posted on the SET Web site at:
http://www.sugarcanejamaica.com/

According to The Gleaner, the Hampden Estate assets were
withdrawn due to a lawsuit filed by the private owners against
the Financial Adjustment Co., the Jamaican government's bailout
agency for flagging firms that crashed in the late 1990s with
the fall of the financial sector.

The Gleaner underscores that it is yet unclear why Long Pond was
pulled out from the original listings of assets to be divested.

There were six estates to be divested, the other four were:

          -- Monymusk in Clarendon,
          -- Bernard Lodge in St. Catherine,
          -- Frome Estate in Westmoreland, and
          -- Ducken-field in St. Thomas.

The report says that the Long Pond Estate, however, does have a
minority private interest, which might have complicated attempts
to sell its assets.

The estates were reportedly up for leasing to private bidders,
The Gleaner says.  Meanwhile, non-land assets were to be sold.
These assets include:

          -- raw sugar factories,
          -- an ethanol fermentary,
          -- distilleries, and
          -- machinery.

The Gleaner emphasizes that the government -- through the
National Investment Bank of Jamaica, its agency for
privatization -- extended the bidding period due to lack of
interest by investors.  The government only received expressions
of interest from:

         -- Appleton Estates, which is owned by distillers Wray
            and Nephew Limited;

         -- Brazil's Aracatu Group;

         -- Brazil's Coimex; and

         -- India's Damphur.

According to the report, Roger Clarke, the minister of land and
agriculture, disclosed a relaunch of the divestment process as
well as a revamping of the proposal to potential investors,
which also set a new deadline for pre-qualification bids at
Dec. 22.

The process has not generated new interest, The Gleaner says,
citing the Development Bank of Jamaica.

However, Claudette White, the communications officer of the
Development Bank, told The Gleaner, "We are not in a position to
respond definitively to this question given that the deadline
date has not yet arrived."

The Gleaner reports that SET has in recent weeks began to do a
formal valuation of the assets.  Ms. White said that the
valuation should be completed by March 2007.

Donovan Stanbury, the permanent secretary for the Ministry of
Land and Agriculture, told The Gleaner, "The valuating exercise
does not impede the process they are moving on concurrently."

The description listed on the Web site was simply to attract
expressions of interest, The Gleaner says, citing Mr. Stanbury.

Mr. Stanbury told The Gleaner, "It took us quite a while to get
a comprehensive listing of the assets.  We need to know what it
is to gauge the bidding process."

The Ministry expects that it will take at least 18 months to
conclude the divestment, The Gleaner states, citing Mr.
Stanbury.

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
===========


BARCLAYS BANK: Moody's Assigns D Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service gave a bank financial strength rating
of D to Barclays Bank Mexico, SA de CV.  At the same time,
Moody's assigned long- and short-term global local currency
deposit ratings of A1/Prime-1, respectively.  Moody's also
assigned long- and short-term foreign currency deposit ratings
of Baa1/Prime-2, as well as long- and short-term Mexican
National Scale ratings of Aaa.mx and MX-1, respectively, to
Barclays Mexico.  All of these ratings have stable outlooks.

According to Moody's analyst David Olivares-Villagomez, Barclays
Mexico's D BFSR reflects the bank's intrinsic financial
strength, excluding any potential sources of external support.

The deposits ratings assigned to Barclays Mexico incorporate the
substantial parental support received from Barclays Bank PLC.
Moody's noted that an integral part of this support is the
transfer of a significant portion of the risks related to the
principal trading and investment banking activities of Barclays
Mexico to other Group entities.

"In effect, as Barclays' operating entity in the local market,"
Mr. Olivares-Villagomez added, "Barclays Mexico is key to the
parent's Latin American strategy and, as such, it is supported
in its risk management policies, strategy, and business model."

These ratings were assigned to Barclays Bank Mexico, SA de CV
with a stable outlook:

   -- Bank Financial Strength Rating: D;
   -- Long-term global local-currency deposits: A1;
   -- Short-term global local-currency deposits: Prime-1;
   -- Long-term foreign currency deposits: Baa1;
   -- Short-term foreign currency deposits: Prime-2;
   -- Mexican National Scale, long-term: Aaa.mx; and
   -- Mexican National Scale, short-term: MX-1.


CINEMARK HOLDINGS: Realigns Executive Leadership Team
-----------------------------------------------------
Cinemark Holdings, Inc., has realigned its executive leadership
team, positioning the company for the future.

Cinemark founder and industry-leading executive, Lee Roy
Mitchell, will continue to serve as the Chairman of the Board of
Directors of Cinemark.

Alan Stock will serve as Chief Executive Officer of the company.
In his previous position as President and COO, Stock was
instrumental in growing Cinemark to the third largest circuit in
the U.S.

"Alan has been by my side from the very beginnings of Cinemark,
helping me build and develop the management team that has made
Cinemark such a spectacular success," said Mr. Mitchell.  "Alan
is an excellent manager and a great leader.  I have great
confidence in his vision for the future of the company."

A veteran of the industry both in the United States and
worldwide, Tim Warner, will become the President and Chief
Operating Officer of Cinemark.  Warner has served for the past
10 years as President of Cinemark International, which now
operates over 956 screens in 13 countries outside the U.S. Prior
to joining Cinemark, Warner had over 20 years of experience in
the theatrical exhibition industry in the U.S.

The new President of Cinemark International will be Valmir
Fernandes, moving from his position as President of Cinemark
Brasil.  Fernandes joined Cinemark over 10 years ago, and has
helped build Cinemark Brasil into the country's premier
theatrical exhibition company.

Marcelo Bertini will serve as President of Cinemark Brasil,
moving from his position as the Chief Financial Officer of
Cinemark Brasil in which he has served for more than eight
years.  As CFO, Mr. Bertini worked very closely with Mr.
Fernandes in all aspects of developing Cinemark Brasil.

Cinemark Holdings, Inc. -- http://www.cinemark.com/ -- a leader
in the theatre exhibition industry, operates 395 theatres and
4,479 screens in 37 states in the United States and
internationally in 13 countries, primarily in Mexico and South
and Central America.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Standard & Poor's Ratings Services revised its outlook on
Cinemark Inc. and subsidiary Cinemark USA Inc., which are
analyzed on a consolidated basis, to positive from stable.  At
the same time, Standard & Poor's affirmed its existing ratings
on Cinemark, including the 'B' corporate credit ratings.  The
Plano, Texas-based movie exhibitor had about US$3.1 billion in
total debt, including capitalized operating leases and pro forma
for its new senior secured credit facility, which closed on
Oct. 5, 2006.


CONTINENTAL AIRLINES: Analyst Says UAL Merger Is Good Strategy
--------------------------------------------------------------
Roger King, an analyst at CreditSights, told the Jamaica Gleaner
that a merger would be a good aggressive strategy by UAL Corp.,
the parent of United Airlines, and a good defesive strategy by
Continental Airlines Inc.

As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2006, Continental Airlines and UAL started talking of
merging their companies to create a US$9 billion carrier.  An
unnamed source said that US Airways' move to bid for rival Delta
Airlines prompted Continental Airlines to respond to UAL's bid,
which was broached three months ago.

The Gleaner relates that the combined firm would have many
interesting components, due to United Airlines' presence in the
West Coast, London (through the Heathrow Airport) and in China,
and Continental Airline's presence in Newark, New Jersey and in
the Latin America as well as its Trans-Atlantic access.

However, a deal between United Airlines and Continental Airline
would face hurdles like the usual complexity of integrating
workforces and combining fleets and route networks, The Gleaner
notes.

Mike Boyd, an airline consultant, told The Gleaner that the two
airlines would also have to convince Continental Airline's
management to do a deal.  He said, "There's probably more smoke
than fire at this point."

The Gleaner underscores that Northwest Airlines, which holds a
"golden share" in Continental Airlines, has the right to block
mergers involving the carrier.  The airlines could offer
Northwest Airlines assets or other incentives in exchange for
its support.

Bob Harrell, an airline consultant at Harrell Associates, told
The Gleaner, "Anything can be negotiated."

According to The Gleaner, Continental Airline has reiterated
that it would prefer to remain independent.  However, it also
said that it would consider a deal, if necessary, to remain
competitive.

The Gleaner emphasizes that a deal, which would create an
airline with over 26% market share, would also face close
scrutiny from antitrust authorities.

US regulators in the past had been against big airline mergers
due to competition concerns.  This had derailed a planned merger
between United Airlines and US Airways in 2001, The Gleaner
notes.

Ray Neidl, an analyst with Calyon Securities, commented to The
Gleaner, "The big question is what the regulators will do."

However, airline officials told The Gleaner that they are
positive that the U.S. Department of Justice may be more
agreeable to big deals now.

                       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.  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 Airlines 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.


CONTINENTAL AIR: Union Ready to Respond to Likely UAL Merger
------------------------------------------------------------
In response to the reported Continental Airlines and United
Airlines discussion for a possible merger, the International
Association of Machinists and Aerospace Workers' general vice
president, Robert Roach, Jr., issued this statement:

"The Machinists Union has not been contacted by United or
Continental about any potential merger.  The IAM is fully
prepared to defend the wages, contracts, and defined benefit
pension plans earned by our 25,000 members at United and
Continental.  The IAM's Transportation Merger Team is also
prepared to respond to any airline merger scenario.  In the
event a United-Continental merger d[o] occur, United's Flight
Attendants could gain the defined benefit pension plan currently
enjoyed by our United Airlines members and being ratified by our
Continental Flight Attendants."

                       About the IAM

The IAM represents 16,000 United Airlines Ramp & Stores, Public
Contact, Food Service, Fleet Technical Instructors, Maintenance
Instructors, Security Officer and Food Service employees.

The Machinists Union also represents more than 9,000 Continental
Airlines Flight Attendants.

                       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 the Americas, Europe and
Asia, serving 154 domestic and 138 international destinations.
International operations are carried out throughout Europe,
Canada, Mexico, Central and South America, Caribbean and also
Tel Aviv, Hong Kong and Tokyo.  More than 400 additional points
are served via SkyTeam alliance airlines.  With more than 43,000
employees, Continental has hubs serving New York, Houston,
Cleveland and Guam, and together with Continental Express,
carries approximately 61 million passengers per year.
Continental consistently earns awards and critical acclaim for
both its operation and its corporate culture.

                        *    *    *

As reported in the Troubled Company Reporter on 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 to 'B-' from 'CCC' and
Senior Unsecured Debt to 'CCC/RR6' from 'CC/RR6'.  Fitch said
the rating outlook was stable.


DELTA AIR: Launches Nonstop Service form Los Angeles to La Paz
--------------------------------------------------------------
Delta Air Lines inaugurates service to its 300th worldwide
destination with nonstop service between Los Angeles
International Airport and La Paz, Mexico.  With this flight,
Delta and the Delta Connection carrier will become the only
major airline network to serve 300 destinations.

"Delta continues to deliver enormous value to our customers
through the unparalleled scope of both our domestic and
international network," said Glen Hauenstein, Delta's executive
vice president -- Network and Revenue Management.  "We are
especially pleased that our 300th destination is being served
nonstop from our growing Latin gateway at Los Angeles where we
are increasing customer choice and convenience for travel to and
from growing markets in Mexico and Central America."

In addition to the flight to La Paz, Delta also starts new
service between Los Angeles and Liberia, Costa Rica, and
Guatemala City, Guatemala.  Other new routes to Latin America
and the Caribbean also begin this weekend from Los Angeles and
Delta's largest international gateway in Atlanta.  These routes
include:

Hub/Gateway   New route                         Effective date

LAX           La Paz, Mexico                    Dec. 15, 2006
           Liberia, Costa Rica               Dec. 15, 2006
           Guatemala City, Guatemala         Dec. 15, 2006
              Managua, Nicaragua                Dec. 16, 2006
              Loreto, Mexico                    Dec. 18, 2006
              Mazatlan, Mexico                  Dec. 22, 2006

ATL           Puerto Plata, Dominican Republic  Dec. 15, 2006
              Fort de France, Martinique        Dec. 16, 2006

The expansion continues the largest single month of expansion
into Latin America in Delta's history with 16 new routes in 22
days.

Delta's expanded nonstop service to Latin America and the
Caribbean is part of a series of more than 40 new routes to
Latin America and the Caribbean added or announced by Delta in
the last year as part of the largest international expansion in
the airline's history.  With its March 2007 schedule, Delta,
along with Delta Connection carrier partners, plans to offer
customers 226 weekly flights to 18 Mexican destinations and 256
weekly flights to 23 Caribbean destinations.

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


DELTA AIR: ASA Pilots Picketed at Los Angeles Airport
-----------------------------------------------------
The pilots of Atlantic Southeast Airlines aka ASA, represented
by the Air Line Pilots Association, International or ALPA,
conducted informational picketing at the Los Angeles
International Airport at 10:00 a.m. on Dec. 15, 2006.  Based in
Atlanta, ASA operates solely as a "Delta Connection" carrier and
is a wholly owned subsidiary of SkyWest, Inc., which is based in
St. George, Utah.

As Atlantic Southeast Airlines opens a pilot base at the Los
Angeles Airport, the ASA pilots want the local community to be
aware that they have been in labor contract negotiations for
more than four years, despite the substantive profits both ASA
and parent company SkyWest continue to post.  The extended
duration of these negotiations by management is unnecessary and
a manipulation of the intent of the Railway Labor Act or RLA,
which governs the collective bargaining talks.

The ASA pilots began negotiations with management in September
2002, when their most current contract became amendable under
the terms of the RLA.  Negotiations have been conducted under
the auspices of the National Mediation Board since May 2004.
Unfortunately, ASA management has used periodic stalling tactics
and the talks have taken many turns.

However, the fact remains that after more than four years of
talks, the pilots and management have yet to complete an
agreement.  Although Section 6 of the RLA, which outlines the
negotiations process, does not specify a time limitation, these
negotiations should have been completed years ago.

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


EMPRESAS ICA: Names Alonso Kawage as Chief Financial Officer
------------------------------------------------------------
Empresas ICA, SAB de CV's Comittee on Corporate Practices and
full Board of Directors appointed Alonso Quintana Kawage as the
company's new Chief Financial Officer, effective Jan. 1, 2007.
Mr. Quintana is currently ICA's Director of Finance and
Administration.

Mr. Quintana's appointment was made on the recommendation of
current CFO Jose Luis Guerrero, who will become Chief Executive
Officer effective Jan. 1.

Alonso Quintana is a civil engineering graduate of the
Universidad Iberoamericana, and has an MBA from the Kellogg
School of Management of Northwestern University in Evanston,
Illinois.  Mr. Quintana has held positions in the industrial
construction, civil construction, and infrastructure areas of
ICA.  At ICA Fluor he was project control and procurement
manager for the Cantarell nitrogen plant and the desulfurization
plant projects for PEMEX.  He was also responsible for project
control in various civil construction projects.  In the area of
infrastructure operations, he was operations manager at the
Veracruz container terminal and the Veracruz grain terminal.
Since joining the Finance area in 2002, his responsibilities
have included arranging the financing for the restructuring and
growth of the company, as well as for risk management.  He is a
member of the board of directors of ICA's subsidiaries ICA
Panama and Grupo Aeroportuario del Centro Norte, SAB de CV.

Empresas ICA -- http://www.ica.com.mx/-- the largest
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *    *    *

Standard & Poor's assigned these ratings to Empresas ICA, with
stable outlook:

   -- LT Foreign Issuer Credit B; and
   -- LT Local Issuer Credit B.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'.  The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006.  S&P said the
outlook is stable.


FEDERAL-MOGUL: Court OKs Inter-company Equity Interest Transfers
----------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates were granted
approval by the U.S. Bankruptcy Court for the District of
Delaware for the inter-company transfers of equity interests in
Federal-Mogul Holding Deutschland GmbH and certain Mexican
subsidiaries to Cooperatief Federal-Mogul Dutch Investments
U.A., a non-Debtor subsidiary.

The equity interests are currently held either directly by
Debtors Federal-Mogul Corporation, FM International LLC, and
Federal-Mogul Ignition Company, or indirectly through their non-
debtor affiliates.

The proposed Transfers are part of an international
restructuring that the Debtors intend to consummate before year-
end to maximize the tax-efficiency of their corporate structure
going forward.

The restructuring will ultimately result in many of the Debtors'
foreign subsidiaries being owned through the F-M Dutch HoldCo
structure.  F-M Dutch HoldCo, which was formed in connection
with the Court-authorized French and Italian Recap, is a Dutch
holding company with no current material liabilities and whose
only significant assets are its indirect equity holdings in
Federal-Mogul Holding Italy S.r.L.

The Transfers will result in an estimated annual tax savings
aggregating US$28,000,000, and will preserve a larger portion of
post-tax funds that are repatriated through the F-M Dutch HoldCo
structure.

                      German Transfers

F-M Germany is currently a wholly owned subsidiary of Federal-
Mogul Corp., and is the parent of a number or subsidiaries that
constitute about 60% of the Debtors' operations in Europe.

The Debtors proposed to transfer ownership of F-M Germany from
Federal-Mogul Corp., resulting in F-M Dutch HoldCo directly
holding a 90% equity interest in F-M Germany with the remaining
10% held indirectly through a newly formed German partnership.

The German Transfer allows the Debtors to effectuate their
international restructuring and move funds up the corporate
ownership chain to their United States parent companies.

The German Transfer must be completed by the end of 2006 to
allow the Debtors to take advantage of a number of beneficial
tax attributes that are anticipated to result in an aggregate
tax savings of approximately US$26,000,000.

                      Mexican Transfers

The Debtors' Mexican operations consist of 10 directly and
indirectly held subsidiaries.  None of the Mexican subsidiaries
are Debtors in the Chapter 11 proceedings.

Servicio de Componente Automotrices, S.A. de C.V., is the
principal holding company for the Mexican businesses.  The
current shareholders of SEDECA are:

   (1) Debtor F-M International with a current interest of
       25.52% interest in SEDECA,

   (2) Debtor F-M Ignition with a 70.74% interest in SEDECA; and

   (3) non-Debtor Federal-Mogul Canada Ltd., which is wholly
       owned by Federal-Mogul Corp., with a 3.74% interest in
       SEDECA.

SEDECA directly or indirectly holds 100% of all of the SEDECA
Subsidiaries except:

   * Servicios Administrativos Industriales, S.A. de C.V.;

   * Camshafts Castings de Mexico S. de R.L.; and

   * Federal-Mogul S.A. de C.V.

The Debtors proposed to transfer the equity interests of SEDECA
and SAISA to F-M Dutch HoldCo, which will permit the Debtors to
avail themselves of certain tax advantages under Dutch and
Mexican law.

As part of the Mexican Transfer, the shareholders of the Mexican
Subsidiaries will indirectly contribute their ownership
interests in the Mexican Subsidiaries to F-M Dutch HoldCo in
exchange for equity interests in F-M Dutch HoldCo.

The Mexican Transfer is part of the Debtors' overall tax
planning efforts to reduce the tax liability related to their
Mexican operations.  The Debtors estimate that the Mexican
Transfers will result in an ownership structure that will confer
a net US$2,000,000 annual savings in taxes.

Scotta E. McFarland, Esq., at Pachulski Stang Ziehl Young Jones
& Weintraub LLP, in Wilmington, Delaware, explained that by
easing the movement of funds in a more tax-efficient structure,
the Transfers will ultimately enable the Debtors to deploy their
cash in the most efficient manner including paying down certain
of their existing inter-company indebtedness, while
simultaneously reducing the amount of cash the Debtors will be
required to draw down for working capital purposes under the
proposed exit financing facility.  In addition, the Transfers
will serve to help preserve any of the Debtors' existing NOLs.

Following the Transfers, the Debtor Shareholders that currently
hold direct equity interests in the Restructuring Entities, will
own equivalent ownership interests in F-M Dutch HoldCo, which
will own the Restructuring Entities.  Thus, the Transfers, which
will not involve the actual movement of any of the Debtors'
cash, will have an economically neutral impact on the Debtors'
overall equity structure.

F-M Dutch HoldCo and its subsidiary holding companies will
remain holding companies with:

     (i) no third-party liabilities;

    (ii) certain permitted inter-company loans; and

   (iii) equity interests in the various Federal-Mogul foreign
         subsidiaries as their only significant assets.

Accordingly, the Transfers should have a minimal impact on the
Debtors' rights to their ultimate equity interests in the
Restructuring Entities and, correspondingly, will not adversely
impact the Debtors' creditors, Ms. McFarland tells the Court.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some US$6 billion.  The
Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr.
Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.


FORD MOTOR: Appoints Mark Fields to Lead Ford of the Americas
-------------------------------------------------------------
Ford Motor Company President and CEO Alan Mulally disclosed a
realignment of the company's organization that puts additional
focus on its worldwide markets and customers while better
leveraging the company's global assets and capabilities.

Reporting directly to Mr. Mulally under the new structure are
the company's three automotive business unit leaders:

   * Mark Fields, Ford of the Americas;

   * Lewis Booth, Ford of Europe and the Premier Automotive
     Group; and

   * John Parker, Ford of Asia Pacific and Africa, and Mazda.

In support of the business units, Derrick Kuzak will lead global
product development, and report to Mr. Mulally.  He will also
continue to be responsible for product development for the
Americas.  J. Mays, vice-president of design for the Ford Motor
Company, continues to lead Ford design and will support Mr.
Kuzak.

Also now reporting to Mr. Mulally, and similarly focused on
using the company's global assets to better support its
automotive business units, are:

   * Tony Brown, purchasing; Bennie Fowler, quality and advanced
     manufacturing engineering;

   * Nick Smither, information technology; and

   * Richard Parry-Jones, chief technical officer.

Mr. Mulally's other direct reports remain unchanged.

"An integrated, global product development team supporting our
automotive business units will enable us to make the best use of
our global assets and capabilities and accelerate development of
the new vehicles our customers prefer, and do so more
efficiently," Mr. Mulally said.  "This new leadership will
enable us to work together more effectively as one Ford team to
continuously improve the quality, productivity and speed of our
product development process."

                   About Ford Motor Co.

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

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 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: Corporate Realignment to Focus on Worldwide Markets
---------------------------------------------------------------
Ford Motor Co. President and CEO Alan Mulally disclosed a
realignment of the company's organization that puts additional
focus on its worldwide markets and customers while better
leveraging the company's global assets and capabilities.

Reporting directly to Mr. Mulally under the new structure are
the company's three automotive business unit leaders:

   -- Mark Fields, Ford of the Americas;

   -- Lewis Booth, Ford of Europe and the Premier Automotive
      Group; and

   -- John Parker, Ford of Asia Pacific and Africa, and Mazda.

In support of the business units, Derrick Kuzak will lead global
product development, and report to Mr. Mulally.  He will also
continue to be responsible for product development for the
Americas.  J Mays continues to lead Ford design and will support
Mr. Kuzak.

Also now reporting to Mr. Mulally, and similarly focused on
using the company's global assets to better support its
automotive business units, are:

   -- Tony Brown, purchasing;

   -- Bennie Fowler, quality and advanced manufacturing
      engineering;

   -- Nick Smither, information technology; and

   -- Richard Parry-Jones, chief technical officer.

Mr. Mulally's other direct reports remain unchanged.

"An integrated, global product development team supporting our
automotive business units will enable us to make the best use of
our global assets and capabilities and accelerate development of
the new vehicles our customers prefer, and do so more
efficiently," Mr. Mulally said.  "This new leadership will
enable us to work together more effectively as one Ford team to
continuously improve the quality, productivity and speed of our
product development process."

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.


GENERAL MOTORS: S&P Holds Corporate Credit Rating at B
------------------------------------------------------
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 Standard & Poor's 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.

Standard & Poor's affirmation does not incorporate the
consequences of an outright collapse in talks or a Delphi strike
because Standard & Poor's currently thinks 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 the rating agency expects,
Standard & Poor's would likely review the ratings on GM.

Because of the GMAC sale, Standard & Poor's expects 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 Standard & Poor's 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 the rating agency would revise its outlook to stable.


GENERAL MOTORS: S&P Affirms B Rating on US$33MM Certificates
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings on
classes A-1 and A-2 from the US$33 million Corporate Backed
Trust Certificates Series 2001-8 Trust and removed them from
CreditWatch, where they were placed with negative implications
on March 29, 2006.

The rating actions reflect the Dec. 13, 2006, affirmation of the
long-term corporate credit and senior unsecured debt ratings on
General Motors Corp. and their removal from CreditWatch
negative.  The rating actions on GM do not have any immediate
impact on the GMAC-related asset-backed securities supported by
collateral pools of consumer auto loans, auto leases, or auto
wholesale loans.

Corporate Backed Trust Certificates Series 2001-8 Trust is a
swap independent synthetic transaction that is weak-linked to
the underlying securities, GM's 8.10% debentures due
June 15, 2024.

The recent affirmation of the ratings on GM and their removal
from CreditWatch negative reflect Standard & Poor's 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.

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 in200 countries.  GM sells cars and trucks
under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo,
Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.


GRUPO MEXICO: Sees Output Cuts from Peruvian & Mexican Mines
------------------------------------------------------------
Juan Rebolleo, the head of international relations at Grupo
Mexico SA de CV, told Reuters that production from the company's
mines in Peru and Mexico would decrease to 600,000 tons by the
end of 2006.

Grupo Mexico said that production from the mines was around
690,000 tons last year, Reuters notes.

Four months of protests has affected the copper output this
year, Reuters says, citing Grupo Mexico.

Mr. Rebolledo told Reuters, "We lost four months of work there,
and there was a loss of tonnage in those months, although it is
not reflected in our results because of better metals prices."

According to Reuters, Grupo Mexico had tried to make up for
losses from the strikes at its Cananea and La Caridad mines by
increasing production elsewhere in the company.

However, high prices for the red metal helped prop up results,
Reuters says, citing Mr. Rebolledo.

Reuters underscores that Grupo Mexico expects production to
rebound in next year, barring further protests.

According to the report, Grupo Mexico plans to add 109,000 tons
of copper capacity between Cananea and its mine in Tia Maria,
Peru, by 2009, and some 283,000 tons per year for 2011.

The Los Chancas mine in Peru will start production in 2011,
while the El Arco mine in Mexico's Baja California peninsula is
expected to start in 2012, Reuters reports.

Grupo Mexico SA de CV -- http://www.grupomexico.com/--  
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *    *    *

Fitch Ratings assigned these ratings to Grupo Mexico SA de CV:

     -- foreign currency long-term debt, BB; and
     -- local currency long-term debt, BB.


HIPOTECARIA CREDITO: Sells MXN2.83 Billion Loan Securitizations
---------------------------------------------------------------
Hipotecaria Credito y Casa said in a press release that it has
sold two loan securitizations worth a total of MXN2.83 billion.

Business News Americas relates that Hipotecaria Credito sold
MXN1.03 billion in construction bridge loan-backed bonds.
Spain's Santander handled the issue.

Hipotecaria Credito said in a statement that it also issued
MXN1.81 billion in residential mortgage backed securities or
RMBS, Mexico's largest RMBS transaction made by a mortgage
special purpose financial company or Sofol.

BNamericas underscores that Deutsche Bank and Ixe handled the
issue.

Comision Nacional Bancaria y de Valores, the Mexican banking
regulator, ranked Hipotecaria Credito as Mexico's second largest
mortgage Sofol in terms of assets and loans as of September
2006, BNamericas states.

Hipotecaria Credito y Casa is a special purpose financial
company, or Sofol, that specializes in low-income mortgage
lending and also provides construction bridge loans for housing
developments.  It is based in Culiacan, Sinaloa, Mexico.  It
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households.  As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2006, Moody's de Mexico has assigned a (P)B1 senior
unsecured debt, and Baa2.mx ratings to the MXN3 Billion MTN
programs of Hipotecaria Credito y Casa, SA De CV's.  The rating
outlook is stable.  The company's MX-2 national scale and Not
Prime global local currency short-term ratings, and the
company's Baa2.mx national scale and B1 global scale local
currency issuer ratings, were also affirmed.  Hipotecraria
Credito is a Sociedad Financiera de Objeto Limitado or Sofol, a
special-purpose financial company, also known as a "non-bank
bank." Sofoles' main function is to extend mortgages to low-
income individuals under the auspices of Sociedad Hipotecaria
Federal or SHF financing programs, and to provide construction
financing to developers of low-income housing.  SHF is one of
Mexico's most important government-sponsored programs for low to
low-middle income housing.


HOME PRODUCTS: Streamlining Operations of Chicago Facility
----------------------------------------------------------
Home Products International, Inc., will centralize its plastics
manufacturing and distribution operations to its facility in
Chicago, Illinois.  As part of the consolidation, the company
will be closing its EI Paso, Texas plant effective
Feb. 28, 2007.

"Consolidating our operations to our expanded Chicago facility
is an important step as we continue to strengthen our
operational capabilities and competitiveness," said Doug
Ramsdale, Chief Executive Officer of Home Products.
"Manufacturing and shipping all plastic products from one
central location simplifies the order process and will allow us
to be even more responsive to our customers' needs."

Under the new structure, HPl's injection molded plastic
containers and plastic hangers will be produced in Chicago.  The
company will make an investment in the Chicago facility to
expand and upgrade its infrastructure to accommodate a 45%
increase in molding capacity production.  Home Products plans to
add more than 80 employees to its staff of 250 in Chicago.

"By moving our plastics manufacturing to one central location,
we are eliminating the overlap between our Chicago and EI Paso
facilities, making us a more efficient organization," stated Mr.
Ramsdale.  "Closing our EI Paso plant was a difficult, yet
necessary decision, and I would like to thank our EI Paso
employees for their hard work and the high level of quality and
service they have provided to Home Products throughout the
years."

Mr. Ramsdale continued, "Our focus on streamlining and
simplifying our operations is part of an overall restructuring
plan that will better position Home Products for long-term
success in our competitive marketplace.  We are confident that
we are taking the right steps to serve the ongoing interests of
all of our constituencies and look forward to continuing our
solid working relationships with customers, creditors and
employees."

Home Products International, Inc. -- http://www.hpii.com/and
http://www.homz.biz/-- is an international consumer products
company which designs and manufactures houseware products.  The
Company sells its products through national and regional
discounters including Kmart, Wal-Mart and Target, hardware/home
centers, food/drug stores, juvenile stores and specialty stores.
The company has operations in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Moody's Investors Service lowered Home Product International,
Inc.'s corporate family rating to Caa3 from Caa1, and its senior
subordinated notes rating to Ca from Caa2.

Standard & Poor's Ratings Services lowered on Dec. 2, 2006, its
corporate credit rating on Chicago, Ill.-based household goods
manufacturer Home Products International Inc. to 'D' from
'CCC+'.  At the same time, the subordinated debt rating on the
company was lowered to 'D' from 'CCC-'.


NORTEL: Unit Amends Facility Agreement with Export Development
--------------------------------------------------------------
Nortel Networks Corp. disclosed that its principal operating
subsidiary, Nortel Networks Limited, has amended its master
facility agreement with Export Development Canada.  The
amendment extends the maturity date of the Facility for an
additional year to Dec. 31, 2008.

The total Facility is maintained at US$750 million, including
the existing US$300 million of committed support for performance
bonds and similar instruments.

Headquartered in Ontario, Canada, Nortel Networks Corp
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including Mexico
in Latin America.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.


ODYSSEY: Underwriters Exercise Overallotment Option to Buy Stock
----------------------------------------------------------------
Odyssey Re Holdings Corp. disclosed that its underwriters have
exercised their overallotment option to purchase an additional
1,165,000 shares of ORH common stock in connection with the
underwritten public offering that priced on Dec. 4, 2006.
Including the over-allotment shares, 10,165,000 shares were sold
at a price of US$34.60 per share, resulting in net proceeds to
Fairfax Financial Holdings Limited of approximately US$338
million.  The offering was jointly led by Citigroup Corporate
and Investment Banking and Wachovia Capital Markets, LLC.

Fairfax, which continues to own a majority of the shares of
Odyssey Re after the offering, intends to use the proceeds from
the offering for general corporate purposes, which may include
opportunistically effecting open market or privately negotiated
repurchases of its outstanding debt or shares.  Odyssey Re will
not receive any proceeds from the sale of the shares.

A written prospectus relating to the offering may be obtained
from:

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

                       -- or --

          Wachovia Capital Markets, LLC
          Attn: Equity Syndicate
          375 Park Avenue, 4th Floor
          New York, NY 10152
          E-mail: equity.syndicate@wachovia.com

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's affirmed its 'BBB-' counterparty credit and
'BB' preferred stock ratings on Odyssey Re Holdings Corp. and
removed them from CreditWatch negative.


TV AZTECA: Azteca America Adds Station in Milwaukee
---------------------------------------------------
Azteca America,TV Azteca's subsidiary in the US, disclosed that
its affiliated station in Milwaukee is currently on the air,
bringing presence to 44 of the top 50 Hispanic designated market
areas or DMAs.

"Coverage in Milwaukee is a great way to finish the year,
rounding out 12 months of exciting distribution news," said Luis
J. Echarte, Chairman of Azteca America.  "And of course, expect
more news in coming months."

The station, WBWT, Channel 38, is owned by Bustos Media L.L.C.
of Sacramento, CA. Bustos also owns Spanish-language radio
station WDDW-FM (104.7/"LaGranD") in Milwaukee.  The group owns
a total of 25 radio stations in 10 metro areas across the
country.

Amador Bustos, CEO of Bustos Media, said that the station will
soon begin producing local community announcements and talk
shows in addition to covering community activities including
sports events.

                   About Azteca America

Azteca America is the newest Spanish-language television network
in the United States.  The network is a wholly owned subsidiary
of TV Azteca SA de CV, one of the two largest producers of
Spanish-language television content in the world.  Azteca
America currently has presence in 52 Hispanic markets.

                      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.


VITRO SA: Completes Sale of Vimex Property for US$100 Million
-------------------------------------------------------------
Vitro, SAB de CV had finalized the sale of real estate currently
occupied by its subsidiary Vidriera Mexico aka Vimex in Mexico
City for US$100 million.

With this transaction, Vitro has reached its stated goal of
raising more than US$300 million before year-end 2006, which
will be used to pay down holding company debt and strengthen its
financial position.

Under the terms of the transaction Vimex will have three years
to transfer its facilities to the new location in the industrial
valley of Toluca Mexico, while Vitro will continue to use the
existing premises for the first two years at no cost.

Vitro's CEO, Federico Sada, commented, "We continue to deliver
on the financial plan formulated during mid-2005 to establish
Vitro as a company with lower cost of capital, long-term funds,
higher cash-flow generation, and a solid path to growth.  We are
very grateful for everyone's patience and support during this
process as we continue to deliver on our promises."

Headquartered in Nuevo Leon, Mexico, Vitro, S.A. de C.V. --
http://www.vitro.com/-- (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers.  Vitro is a major participant in three principal
businesses: flat glass, glass containers and glassware.  Its
subsidiaries serve multiple product markets, including
construction and automotive glass; food and beverage, wine,
liquor, cosmetics and pharmaceutical glass containers; glassware
for commercial, industrial and retail uses.  Vitro also produces
raw materials and equipment and capital goods for industrial
use, which are vertically integrated in the Glass Containers
business unit.

Founded in 1909, Monterrey, Mexico-based Vitro has joint
ventures with major world-class partners and industry leaders
that provide its subsidiaries with access to international
markets, distribution channels and state-of-the-art technology.
Vitro's subsidiaries have facilities and distribution centers in
eight countries, located in North, Central and South America,
and Europe, and export to more than 70 countries worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Mar. 27, 2006,
Standard & Poor's Ratings Services lowered its long-term local
and foreign currency corporate credit ratings assigned to glass
manufacturer Vitro SA de CV and its glass containers subsidiary
Vitro Envases Norteamerica SA de CV (Vena) to 'B-' from 'B'.

Standard & Poor's also lowered the long-term national scale
corporate credit rating assigned to Vitro to 'mxBB+' from
'mxBBB-' with negative outlook.

Standard & Poor's also lowered the rating assigned to Vitro's
notes due 2013 and Servicios y Operaciones Financieras Vitro SA
de CV notes due 2007 (which are guaranteed by Vitro) to 'CCC'
from 'CCC+'.  Standard & Poor's also lowered the rating assigned
to Vena's notes due 2011 to 'B-' from 'B'.


WERNER LADDER: Wants Loughlin Meghji to Serve as New CEO
--------------------------------------------------------
Werner Holding Co. (DE), Inc., aka Werner Ladder Company, and
its debtor-affiliates ask the U.S. Bankruptcy Court for the
District of Delaware to:

   (1) terminate Loughlin Meghji's employment as the Debtors'
       restructuring consultants in their Chapter 11 cases; and

   (2) pursuant to Sections 105 and 363 of the Bankruptcy Code,
       approve the letter agreement between Loughlin Meghji and
       the Debtors, under which the Firm has agreed to

      (a) make Mr. Loughlin available to serve as the Debtors'
          Interim CEO/CRO, and

      (b) provide additional temporary staff to serve as the
          Debtors' executive officers and employees.

In October and November 2006, the Debtors started negotiating
the extensions of their exclusivity periods with the agent for
the First Lien Credit Agreement dated June 11, 2003, and the Ad
Hoc Committee of Second Lien Lenders under the Credit Agreement
dated May 10, 2005.

The Senior Lenders advised the Debtors that as a condition for
their support for granting the extensions, the Senior Lenders
required the designation and employment of James J. Loughlin,
Jr., as the Debtors' chief restructuring officer.

In November 2006, Steven Richman resigned as the Debtors' chief
executive officer.  To satisfy the request of the Senior Lenders
and to replace Mr. Richman, the Debtors selected Mr. Loughlin as
their interim CEO and chief restructuring officer, and Edward
Gericke as their president.  Messrs. Loughlin and Gericke are
connected with Loughlin Meghji + Company Associates, Inc., the
Debtors' restructuring consultants.

According to Robert S. Brady, Esq., at Young, Conaway, Stargatt
& Taylor, LLP in Wilmington, Delaware, the most appropriate way
to transition Mr. Loughlin and other Loughlin employees to their
roles as executive officers and employees of the Debtors, is to
terminate Loughlin Meghji's retention effective
contemporaneously with the Court's approval of the Firm's new
role in the Debtors' Chapter 11 cases.

The Temporary Staff, initially anticipated to consist of nine
people, includes Patrick J. Fodale, Tom Hsien-Chieh Wang and
Orlando C. Taylor, who will each hold the title of vice
president and assistant restructuring officer.

Mr. Brady assures the Court that Mr. Loughlin and the Temporary
Staff are qualified to serve as officers and employees since
they have been assisting the Debtors in their restructuring
efforts.

Pursuant to the Letter Agreement between the Debtors and
Loughlin Meghji, Mr. Loughlin will perform the ordinary course
duties as the interim CEO/CRO.  Mr. Loughlin, the Officers and
the other Temporary Staff will also:

   (1) analyze, develop and implement all aspects of the
       Debtors' operational turnaround plan, including:

       (a) expansion and improvement of the Debtors'
           manufacturing capabilities in Juarez, Mexico;

       (b) customer pricing, product and service strategies to
           improve performance, including the SKU profitability
           improvement and reduction;

       (c) corporate-wide expense management and reduction
           initiatives; and

       (d) vendor and other supplier issues, and employee-
           related matters;

   (2) monitor the progress being made to achieve the
       operational restructuring plan and report the results to
       the Debtors' management and board of directors;

   (3) develop the Debtors' 2007 operating business plans and
       budget;

   (4) develop the underlying assumptions for the short-term
       business plans and financial forecasts, including sales
       plans by customer and product, manufacturing costs and
       efficiency improvements, working capital requirements and
       cash flow forecasts, and analyses of various alternative
       operating scenarios;

   (5) prepare and update financial forecasts relative to the
       Debtors' financing requirements in Chapter 11; and

   (6) develop a long-term strategic business plan and financial
       forecast, by:

       (a) reviewing various operating alternatives and
           analyzing alternative operating scenarios;

       (b) developing and leading the implementation of customer
           and product sales and margin plans; and

       (c) developing a detailed assessment of the Debtors'
           operations, a detailed action plan to reduce costs
           and restructure operations, and pro-forma projections
           premised upon the assumptions.

The Loughlin Meghji Agreement provides that the Debtors will
provide Mr. Loughlin, the Officers, and any other Temporary
Staff eligible to be indemnified under the Debtors' by-laws and
other applicable organizational documents with first dollar
director and officer insurance coverage.  Mr. Loughlin, the
Officers, and the Temporary Staff will be entitled to the
benefit of the most favorable indemnities provided by the
Debtors to their officers and directors.

Pursuant to the terms in the Loughlin Meghji Agreement, the
hourly rates for the Firm's professionals are:

                Designation          Hourly Rate
                -----------          -----------
                Partners                US$595
                Managing Directors   US$475 - US$575
                Directors            US$375 - US$450
                Associates           US$295 - US$350

Professional fees incurred by Loughlin Meghji personnel on
matters related to the Debtors' Chapter 11 cases are subject to
an average monthly cap of US$400,000.  Loughlin Meghji will also
receive reimbursement of all reasonable out-of-pocket expenses
incurred in connection with the Loughlin Meghji Agreement.

Additionally, Loughlin Meghji will be entitled to a contingent
value added fee of US$500,000, to be awarded and paid upon the
earlier of:

   (i) the consummation of a plan of reorganization for
       the Debtors, or

  (ii) the consummation of a sale of all or substantially all of
       the Debtors' assets through one or a series of sale
       transactions.

Loughlin Meghji will file with the Court quarterly statements
for services rendered and expenses incurred, and the Debtors
will be authorized to pay the Firm without a Court order.  But
the U.S. Trustee and the Official Committee of Unsecured
Creditors have the right to object to Loughlin Meghji's fees and
expenses.

Headquartered in Greenville, Pennsylvania, Werner Co.
-- http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories.  The company
has a manufacturing facility in Mexico.  The company and three
of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578).

The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel.  Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq.,
and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor,
LLP, represents the Debtors as its co-counsel.  The Debtors have
retained Rothschild Inc. as their financial advisor.  Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors.  Jefferies & Co serves as the Committee's financial
advisor.

At March 31, 2006, the Debtors reported total assets of
US$201,042,000 and total debts of US$473,447,000.  (Werner
Ladder Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


WERNER LADDER: Wants More Time to Remove Civil Actions
------------------------------------------------------
Werner Holding Co. (DE), Inc., aka Werner Ladder Company, and
its debtor-affiliates ask the U.S. Bankruptcy Court for the
District of Delaware to grant an extension without prejudice to:

   (a) any position they may take regarding whether Section 362
       of the Bankruptcy Code applies to stay any given civil
       action pending against them; and

   (b) their right to seek further extensions of the period in
       which they may remove civil actions pursuant to
       Bankruptcy Rule 9027.

Kara Hammond Coyle, Esq., at Young, Conaway, Stargatt & Taylor,
LLP in Wilmington, Delaware, relates that since the Petition
Date, the Debtors have been focused on implementing an
operational restructuring plan pursuant to which, they are in
the process of moving over 80% of their unit production to
facilities in Juarez, Mexico, and sourcing their products from
China.

The Debtors have also been working diligently to produce a 2007
operating budget two months earlier than their normal budgeting
process, Ms. Coyle says.

Additionally, the Debtors have been reviewing their operations
to identify, among other things, additional ways to streamline
their business operations, eliminate unprofitable operations,
and increase the profitability of their businesses.  Moreover,
Ms. Coyle attests, the Debtors have been required to respond to
time-consuming diligence requests, litigation and discovery
demands.

Ms. Coyle says the Debtors have not had an opportunity to fully
investigate all of the State Court Actions to determine whether
removal is appropriate.  Thus, the requested extension is
necessary to ensure that the Debtors' decisions are fully
informed and consistent with the estates' best interests.

Ms. Coyle assures the Court that the extension would not
prejudice any party to a proceeding, that the Debtors may
ultimately seek to remove, from seeking the remand of the action
under 28 U.S.C. Section 1452(b) at the appropriate time.

The deadline to file objections to the Debtors' extension
request is on Jan. 23, 2007, at 4:00 p.m. (E.T.)

The Court will convene a hearing on Jan. 30, 2007, to consider
the Debtors' request.  By application of Rule 9006-2 of the
Local Rules of Bankruptcy Practice and Procedures of the United
States Bankruptcy Court for the District of Delaware, the
Debtors' Removal Period is automatically extended through the
conclusion of that hearing.

Headquartered in Greenville, Pennsylvania, Werner Co.
-- http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories.  The company
has a manufacturing facility in Mexico.  The company and three
of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578).

The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel.  Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq.,
and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor,
LLP, represents the Debtors as its co-counsel.  The Debtors have
retained Rothschild Inc. as their financial advisor.  Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors.  Jefferies & Co serves as the Committee's financial
advisor.

At March 31, 2006, the Debtors reported total assets of
US$201,042,000 and total debts of US$473,447,000.  (Werner
Ladder Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


* MEXICO: Levying Tax on Soda to Replace Dwindling Oil Revenues
---------------------------------------------------------------
The Mexican government plans to impose a 5% tax on softdrinks
and additional 15% tax on cigarettes to recover a projected
shortfall in oil revenues.

The newly-elected President Felipe Calderon hopes to raise US$1
billion next year from cola and cigarette taxes.

                          Protests

The president's proposal, according to the Sun-Sentinel has met
opposition from softdrinks' maker saying it would result in job
cuts.  The Sun-Sentinel says the sector has taken out full-page
ads in national newspapers blasting the proposal as a job killer
and a potential blow to Mexican consumers, who trail only
Americans in their consumption of carbonated drinks.

"Taxes on beer, cigarettes and soft drinks are the easiest to
collect," Alfredo Paredes, chief executive of Ajegroup, the
maker of a popular soda called Big Cola, told the Sun-Sentinel.
"That is why they are targeting us."

According to the Sun-Sentinel, cola is dietary staple for the
poor in Mexico who spend more of their incomes on softdrinks
than on beans.  The average Mexican drinks 152 liters of soda a
year, according to the industry statistics, the Sun-Sentinel
says.

"Poor people drink it for energy to keep from falling down in
the street," Mr. Paredes told the Sun-Sentinel.

Ajegroups chief executive underscored that the government should
improve its efforts in collecting taxes from evaders rather than
punishing an industry that is already contributing to the
country's coffers.

According to the Sun-Sentinel, there's a popular saying among
wealthy Mexicans: "If you're paying taxes, you have the wrong
accountant."

Mexico is the world's No. 5 producer of oil.  However, the
nation's major oil field, Cantarell, is declining rapidly
because of age. Output is cut almost 15% through the first 10
months of 2006, the Sun-Sentinel notes.

                 Tax Promotes Good Health

"It makes you fat and it messes up your blood," a cola drinker
was quoted by the Sun-Sentinel as saying of sugary drinks.  "At
first people will whine.  We always do, especially with
[anything to do with] money.  But down the road it will be good
for us."

By making the prices of sugary cola and cigarettes higher, more
Mexicans will be forced to spend their money on other things.

According to the Sun-Sentinel Mexicans are experiencing high-
levels of obesity, heart disease, high-blood pressure and
diabetes, largely because of unhealthful diets and lack of
exercise.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating with stable outlook on the state of Mexico.




=================
N I C A R A G U A
=================


* NICARAGUA: Congress Ratifies Free Trade Agreement with Taiwan
---------------------------------------------------------------
The Nicaraguan congress said in a statement on Thursday that it
has approved a free trade agreement with Taiwan.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2006, Alejandro Jose Arguello Choiseul -- Minister of
Development, Industry and Commerce Nicaragua -- signed a free
trade agreement or FTA with Hwang Ing-san, Taiwan's Minister of
Economic Affairs, on June 16 in Taipei.  The countries'
parliaments still have to approve the agreement, which is
expected to be implemented at the start of 2007.  The agreement
is aimed at enhancing bilateral trade and economic cooperation
between Nicaragua and Taiwan.

According to a statement, the agreement received 62-0 congress
approval on Dec. 13.  It lifts duties on:

          -- Taiwanese products like:

             * beef,
             * seafood,
             * cheese,
             * beans,
             * nuts,
             * fruits,
             * cereals,
             * cacao,
             * cooking oils,
             * rum,
             * salt, and
             * ceramics; and

          -- Nicaraguan products like:

             * wood,
             * textiles, and
             * furniture.

The trade between Nicaragua and Taiwan was over US$20 million in
2005, The Associated Press reports.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


CHIQUITA BRANDS: Provides Interim Price & Volume Data for 4Q
------------------------------------------------------------
Chiquita Brands International, Inc., provides an intraquarter
update for the fourth quarter 2006, including Chiquita banana
and Fresh Express value-added salad prices and volumes for
October-November 2006 in its Banana and Fresh Cut segments,
respectively.

Banana Segment

             Year-over-Year Percentage Change (1)
          October-November 2006 vs. October-November 2005

                                                 % of Total
CHIQUITA BANANAS         Pricing       Volume    Volume Sold

North America              +4%           0%         36%

Core European Markets
U.S. dollar basis         -10%          +2%         34%
Local currency            -16%

Trading Markets            +8%         +71%         17%

Asia Pacific and
the Middle East           +18%          -7%         13%

In the company's Banana segment, North American pricing
continued its positive trend, albeit at a more moderate year-
over-year rate.  Banana volume sold in the region was
essentially flat, as the company recovered from weather-related
disruptions that had impacted supply since late 2005.

As anticipated, banana prices in the company's core European
markets improved sequentially from the third quarter, as the
negative impact from hot summer weather and excess supply
subsided.  However, pricing remained down year-over-year,
primarily due to the continued impact of E.U. regulatory
changes, which have resulted in an increase in industry volume
and price competition.  The company's volume sold in its core
European markets increased slightly, reflecting the company's
ability to maintain its position as the leading supplier in
these markets.

Banana volume sold in the company's trading markets, comprised
of European and Mediterranean countries that do not belong to
the European Union, rose to approximately 4.1 million boxes
versus 2.4 million boxes in the year-ago two- month period.  The
company continued to sell excess bananas from Latin American
producers into these markets; however, pricing has improved
significantly, well above the depressed levels in the third
quarter.

In Asia Pacific and Middle East, pricing improvement was driven
primarily from Japan, as the company recovered from much lower
pricing levels in that country in the year-ago period.

Fresh Cut Segment

                Year-over-Year Percentage Change (1)
         October-November 2006 vs. October-November 2005

FRESH EXPRESS RETAIL                   Net Revenue
Volume
VALUE-ADDED SALADS                      Per Case

North America                              -6 %             +5 %

In the Fresh Cut segment, total volume of retail value-added
salads rose 5% in the two-month period, reflecting strong growth
in blends and tenderleaf products.  Since mid-September, the
company's Fresh Express operations have experienced lower sales
and unforeseen costs due to consumer concerns regarding the
safety of fresh spinach in the United States, despite the fact
that no confirmed cases of consumer illness were linked by the
U.S. Food and Drug Administration to Fresh Express products.
However, the company continues to be the only major competitor
in this category showing positive year-on-year volume growth,
and Fresh Express volumes improved month-to-month.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Panama.

                        *    *    *

As reported in the TCR-Europe on Nov. 8, Moody's Investors
Service downgraded the ratings for Chiquita Brands L.L.C., as
well as for its parent Chiquita Brands International, Inc.
Moody's said the outlook on all ratings is stable.

This rating action follows the company's announcement that had
incurred a USUS$96 million net loss for its 2006 third quarter.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.

S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


CLIENTLOGIC: Raises SITEL Stockholders' Price to US$4.25 a Share
----------------------------------------------------------------
SITEL Corp. and ClientLogic Corp. had entered into an amendment
to a previous Agreement and Plan of Merger among SITEL,
ClientLogic and Stagecoach Acquisition Corp., dated
Oct. 12, 2006.  Under the terms of the amendment, SITEL
stockholders will receive US$4.25 in cash for each outstanding
share of common stock of SITEL held, which represents an
increase of US$0.20 per share in cash from the price of US$4.05
per share in cash previously agreed with ClientLogic.  The Board
of Directors of SITEL has unanimously approved the amendment to
the Merger Agreement.  The transaction is expected to be
completed in the first quarter of 2007 and remains subject to
customary closing conditions, including the approval of SITEL's
stockholders.

On Dec. 6, prior to SITEL entering into the amendment with
ClientLogic, The Gores Group, LLC and The Calgary Group, LLC and
Jefferies Capital Partners IV LLC revised their previously
announced proposal to acquire all of the outstanding shares of
common stock of SITEL to lower the proposed price of US$4.50 to
US$4.25 per share in cash.  The amendment with ClientLogic
required SITEL to terminate the existing discussions with
Gores/Calgary/Jefferies although it continues to permit SITEL to
respond to additional proposals from third parties in the event
the Board of Directors of SITEL determines in good faith after
considering advice from its outside advisors that failure to do
so would be inconsistent with its fiduciary obligations.  In
additon, the amendment increases the expense reimbursement
portion of the amount payable by SITEL upon termination of the
Merger Agreement in circumstances involving an alternative
acquisition proposal by US$1 million.

In connection with the proposed merger with ClientLogic, SITEL
has set Jan. 12, 2007, as the date of its 2006 Annual Meeting of
Stockholders at which SITEL will seek, among other things,
stockholder approval of the Merger Agreement, as amended, and
the transactions contemplated thereby.

Holders of record of SITEL common stock as of 5:00 p.m., New
York time, on Dec. 5, 2006, will be entitled to vote at the
meeting.  The meeting will be held at:

         Marriott Regency Hotel
         10220 Regency Circle
         Omaha, Nebraska

The meeting will begin at 1:00 p.m., local time, on Jan. 12.
The definitive proxy statement and related materials will be
mailed on or about Dec. 13, 2006, to stockholders of record on
the record date.

The US$4.25 to be paid in cash in the merger for each SITEL
share represents an approximate 37.5% premium over the volume-
weighted average closing price of SITEL common stock on the New
York Stock Exchange for the thirty days prior to the public
announcement of the execution and delivery of the Merger
Agreement.

                     About SITEL Corp.

SITEL -- http://www.sitel.com/-- provides outsourced customer
support services.  SITEL designs and improves customer contact
models across its clients' customer acquisition, retention, and
development cycles.  SITEL has over 42,000 employees in 101
global contact centers located in 26 countries.

                     About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.

                        *    *    *

Moody's Investors Service placed on Dec. 14, 2006, ClientLogic
Corp.'s B3 corporate family rating on review for possible
upgrade following the company's announcement of its revised plan
to merge with SITEL Corp. and SITEL's recent return to filing
timely financial statements with the SEC.


CLIENTLOGIC: Moody's Reviews B3 Rating on Revised Merger Plan
-------------------------------------------------------------
Moody's Investors Service has placed ClientLogic Corp.'s B3
corporate family rating on review for possible upgrade following
the company's announcement of its revised plan to merge with
SITEL Corp. and SITEL's recent return to filing timely financial
statements with the SEC.

As part of its review, Moody's will focus on resolution of the
company's merger plan, including the combined firm's prospective
capitalization, client contract performance, expense reduction,
and free cash flow.

Under the terms of the proposed merger, a newly formed
subsidiary of ClientLogic will merge with SITEL and pay US$4.25
per share in cash for all of the outstanding common stock of
SITEL.  The transaction, which ClientLogic expects to be
completed in the first quarter of 2007, is subject to customary
closing conditions, including shareholder approval and
regulatory clearances.  In connection with the proposed merger,
SITEL has set Jan. 12, 2007, as the date of its 2006 Annual
Meeting of Stockholders at which SITEL will seek, among other
things, stockholder approval of the merger.

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.


GRUPO BANISTMO: Posts US$100MM Net Income in First Nine Months
--------------------------------------------------------------
Grupo Banistmo said in its financial statements that its net
income increased 20% to US$100 million in the first nine months
of 2006, compared with US$83.6 million in the same period in
2005.

Business News Americas relates that Grupo Banistmo's efficiency
ratio deteriorated to 51.8% in the first nine months of 2006,
from 50.5% in the year-earlier period.

According to BNamericas, Grupo Banistmo loans rose 4% to US$6.44
billion in September 2006, compared with June 2006, with the
delinquency ratio worsening to 2.1% from 2.0%.

Grupo Banistmo's total assets increased 4% to US$9.49 billion in
the third quarter of 2006, compared with the second quarter of
2006.  Equity expanded at the same rate to US$834 million in
September 2006, BNamericas states.

Panamanian bank Primer Banco del Istmo (Banistmo) started
operations in September 1984 under the name Banco del Istmo.
Banistmo is the country's largest bank and also one of the
biggest financial institutions in Central America.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Moody's Investors Service placed the Ba1/Not
Prime long- and short-term deposit ratings of Primer Banco del
Istmo, SA aka Banistmo on review for possible upgrade.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Standard & Poor's Ratings Services placed its
'BB+/B' counterparty credit rating on Primer Banco del Istmo SA
aka Banistmo on CreditWatch with positive implications.  S&P has
also placed its 'BB/B' counterparty credit rating on Banco
Salvadoreno SA on CreditWatch with positive implications and
affirmed its ratings on HSBC Holdings PLC (HSBC) and related
entities, including the 'AA-/A-1+' counterparty credit rating on
HSBC, with a stable outlook.




=======
P E R U
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GRAN TIERRA: Drills Puesto Climaco-2 Sidetrack Well on Noroeste
---------------------------------------------------------------
Gran Tierra Energy said in a statement that it has drilled the
Puesto Climaco-2 sidetrack well on the Noroeste basin's Vinalar
block in Argentina to its target depth of 3,713 meters.

According to Business News Americas, Gran Tierra has a 50%
working interest in the Vinalar block.

BNamericas relates that the well penetrated its target reservoir
and Gran Tierra has started logging activity.  The company
expects results to be evaluated in the coming days.

A work-over rig has also been called up to the Ipaguazu block to
complete the IPX-1 well and reestablish production from the
shut-in Ipaguazu field, BNamericas notes.  Gran Tierra has 100%
stake in the block.  It acquired in November 50% participation
in Ipaguazu from Compania General de Combustibles.

The well work-over will take place through December, BNamericas
states.

                     About Gran Tierra

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.




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


DORAL FIN: Declares Cash Dividend on Four Series of Pref. Stocks
----------------------------------------------------------------
Doral Financial Corp.'s board of directors approved on
Dec. 11, 2006, the regular monthly cash dividend on the
company's:

   -- 7% Noncumulative Monthly Income Preferred Stock,
      Series A in the amount of US$0.2917 per share;

   -- 8.35% Noncumulative Monthly Income Preferred Stock,
      Series B in the amount of US$0.173958 per share; and

   -- 7.25% Noncumulative Monthly Income Preferred Stock,
      Series C in the amount of US$0.151042 per share.

The dividend is payable on Dec. 29, 2006, to the record holders
as of the close of business on Dec. 27, 2006,in the case of the
Series A Preferred Stock, and to the record holders as of the
close of business on Dec. 15, 2006, in the case of Series B and
Series C Preferred Stock.

Doral also disclosed that the quarterly dividend on the
company's 4.75% perpetual cumulative convertible preferred
stock, in the amount of US$2.96875 per share, which had been
approved by the board of directors on Oct. 27, 2006, was paid on
Dec. 15, 2006 to holders of record as of the close of business
on Dec. 1, 2006.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- a financial holding company,
is a residential mortgage lender in Puerto Rico, and the parent
company of Doral Bank, a Puerto Rico based commercial bank,
Doral Securities, a Puerto Rico based investment banking and
institutional brokerage firm, Doral Insurance Agency, Inc. and
Doral Bank FSB, a federal savings bank based in New York City.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 31, 2006,
Standard & Poor's Ratings Services removed from CreditWatch and
affirmed its ratings on Doral Financial Corp., including its
'B+' counterparty rating.  The ratings were placed on
CreditWatch with negative implications on April 19, 2005.  S&P
said the outlook is negative.


HORIZON LINES: Increases Revolving Credit Facility by US$25 Mil.
----------------------------------------------------------------
Horizon Lines Inc. amended its US$250 million senior secured
bank facility to:

   (a) increase the revolving credit facility by US$25 million
       to US$75 million;

   (b) increase the additional term loan borrowing availability
       by US$25 million to US$75 million;

   (c) raise the annual capital spending limit to US$40 million,
       exclusive of vessel and equipment lease buyouts;

   (e) allow for 100% carryover of unutilized permitted annual
       capital spending;

   (f) increase maximum restricted payments on a rolling four
       quarters basis from US$15 million to US$36 million;

   (g) provide 100% credit for voluntary loan prepayments on the
       required annual excess cash flow sweep now commencing in
       2007; and

   (h) increase permitted acquisitions from US$30 million to
       US$120 million annually and from US$100 million to US$200
       Million over the life of the facility.

The pre-amendment senior credit facility consisted of a
US$250 million term loan and a US$50 million revolving credit
facility.

"This amendment provides Horizon Lines with the greater
flexibility to meet its future growth needs in a cost effective
manner," Mark Urbania, senior vice president and chief financial
officer, said.

"The amendment also serves as recognition of Horizon Lines'
improved credit standing brought about by the significant de-
leveraging achieved since Horizon Lines' initial public offering
in September 2005 through both earnings growth and debt
prepayments.  We plan to continue to de-leverage in the future
via both debt prepayments and earnings growth."

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
-- http://www.horizonlines.com/-- is a Jones Act container
shipping and integrated logistics company and is the parent
company of Horizon Lines Holding Corp. and Horizon Lines LLC.
The company accounts for approximately 37% of total U.S. marine
container shipments from the continental U.S. to the three non-
contiguous Jones Act markets -- Alaska, Hawaii, and Puerto Rico,
and to Guam.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 13, 2006,
Moody's Investors Service affirmed Horizon Lines LLC's senior
secured rating at Ba2, and LGD2 to 18% from 20%.


SAFETY-KLEEN: Acquires Jacobus Environmental Services
-----------------------------------------------------
Safety-Kleen Systems, Inc., has acquired Jacobus Environmental
Services, bringing one of the major collectors of used oil, oil
filters and antifreeze in the upper Midwest into North America's
largest existing network of industrial cleaner, used oil
collection and re-refining and environmental services providers.

"This is a major, strategic acquisition for the Safety-Kleen
network," said Safety-Kleen CEO and President Frederick J.
Florjancic. "This solidifies Safety-Kleen's presence in seven
large states, affirms our commitment to expanding our used oil
business, and provides Jacobus' former customers with a broader
range of used oil, industrial cleaning and waste management
options."

The acquisition involves seven oil collection facilities owned
or leased by Jacobus in:

   -- Illinois,
   -- Iowa,
   -- Nebraska,
   -- Minnesota,
   -- South Dakota,
   -- Wisconsin and
   -- Wyoming,

and a fleet of 27 oil collection trucks.

Prior to being acquired by Safety-Kleen, the 15-year-old company
provided collection services for used oil, oil filters, oily
water and absorbents to approximately 16,000 customers in the
seven-state area.

"Jacobus has a solid history of excellent service and customer
growth, and their business aligns perfectly with Safety-Kleen's
plans for growth through acquisitions that offer a real
opportunity to expand our service offerings in existing
markets," said Mr. Florjancic. "This acquisition strengthens our
core businesses, expands and deepens our customer relationships,
brings us experienced new employees, and enhances our
profitability."

Services provided by Safety-Kleen include:

   -- used oil and coolant collection;
   -- solvent and aqueous parts cleaning equipment and services;
   -- containerized waste management;
   -- environmental project work;
   -- emergency response;
   -- vacuum services;
   -- imaging services;
   -- absorbent products;
   -- regulatory compliance training;
   -- MSDS management; and
   -- a wide selection of professional cleaning products.

Mr. Florjancic said Safety-Kleen plans on keeping current
service agreements and schedules intact for existing Jacobus
customers.

"We want to make this transition as seamless and smooth as
possible for every single customer," Mr. Florjancic said.
"Nothing significant will change, but if customers have
questions, they should feel free to call Steve Anacker, who is
joining us from Jacobus. The Jacobus team built a solid
reputation for quality and reliability and we intend to maintain
those traditions."

Safety-Kleen, a privately held company, is North America's
premier provider of industrial oil collection and re-refining,
parts cleaner services, and industrial waste management.
Safety-Kleen offers its customers a complete set of responsible
re-refining, cleaning, and environmental solutions through its
fully integrated branch network designed to collect, process,
recycle, re-refine, and dispose of a wide range of both
hazardous and non-hazardous waste streams.  The company has
approximately 4,500 employees serving hundreds of thousands of
customers in the United States, Canada and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on 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 Services - Contractor sector, the rating
agency revised its Corporate Family Rating for Safety-Kleen
HoldCo, Inc. to B2 from B1.

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
   ----------           -------  -------  ------   ----------
   US$100 million
   Senior Secured
   Revolver due 2012      B1       Ba3    LGD 2       27%

   US$230 million
   Senior Secured
   Term Loan B
   due 2013               B1       Ba3    LGD 2       27%

   US$65 million
   Senior Secured
   Pre-Funded Letter
   Of Credit due 2013     B1       Ba3    LGD 2       27%




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


BRITISH WEST: VESP Must be Regifstered by Industrial Court
---------------------------------------------------------
The Court of Appeal in Trinidad and Tobago has ruled that
voluntary separation packages or VESP for employees of British
West Indies Airlines aka BWIA must be registered by the
Industrial Court, Newsday reports.

The decision by the Court of Appeal was a good decision for
workers, Newsday relates, citing Dionne Ligoure, BWIA
communications manager.

Ms. Ligoure told Newsday, "It means that if it was not
registered, then workers would have no recourse in law as far as
their VSEP was concerned."

According to Newsday, Ms. Ligoure also made it clear that this
had nothing to do with whether workers were going to get their
money or not.

"Workers were always going to get their money," Ms. Ligoure
assured Newsday.

BWIA said in a statement that the Court of Appeal comprising
Justices Kangaloo, Mendonca and Archie ruled in favor of BWIA
against a decision by the Industrial Court which had refused to
register the VSEP supplement accords negotiated between BWIA and
its four unions in Trinidad.

The four workers' unions in Trinidad include:

          -- Aviation, Communication and Allied Workers Union,
          -- Trinidad and Tobago Airline Pilots Association,
          -- Superintendents Association, and
          -- Communication, Transport and General Workers Union.

BWIA said in a statement that the Industrial Court has expressed
in its decision on Nov. 17, certain concerns about the VSEP
supplemental agreements.  Although the parties told the
Industrial Court that they were willing to revise the accord,
the court refused to register them.

Newsday underscores that BWIA then approached the Court of
Appeal regarding the Industrial Court's ruling.

On Dec. 1, the Court of Appeal ruled that the Industrial Court
had erred in law and ordered that the Registrar of the
Industrial Court register the amended VSEP agreements, Newsday
states.

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

The airline has reportedly been losing US$1 million a week due
to poor operational management.

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


HILTON HOTELS: Moody's Affirms Low B Ratings on E & F Certs.
------------------------------------------------------------
Moody's Investors Service affirmed the ratings of eight classes
of Hilton Hotels Pool Trust, Commercial Mortgage Pass-Through
Certificates, Series 2000-HLT as:

   -- Class A-1, US$46,892,257. Fixed, affirmed at Aaa;
   -- Class A-2, US$175,000,000, Floating, affirmed at Aaa;
   -- Class X, Notional, affirmed at Aaa;
   -- Class B, US$60,800,000, Fixed, affirmed at Aa2;
   -- Class C, US$66,800,000,000, Fixed, affirmed at A3;
   -- Class D, US$32,900,000, Fixed, affirmed at Baa3;
   -- Class E, US$24,700,000,000, Fixed, affirmed at Ba1; and
   -- Class F, US$46,880,781, Fixed, affirmed at Ba3.

The transaction consists of five cross-defaulted and cross-
collateralized first mortgages secured by fee interests in five
full service hotel properties owned by affiliates of Hilton
Hotels Corp. (Moody's senior unsecured rating Ba2; stable
outlook).  The properties include the Hilton San Francisco &
Towers, Chicago Hilton & Towers, McLean Hilton at Tyson's
Corner, Hilton at Short Hills and the Pointe Hilton Squaw Peak
Resort.

As of the Dec. 5, 2006 distribution date, the transaction's
aggregate certificate balance has decreased by approximately
9.1% to US$454.0 million from US$499.6 million at securitization
as a result of loan amortization.  In July 2003 Moody's
downgraded Classes B, C, D, E and F to their current ratings
based on a significant decline in collateral performance.
Collateral performance has improved since its all-time low in
calendar year 2003, although net cash flow remains significantly
lower than that at securitization.

RevPAR for the total pool was US$121.67 for the trailing 12-
month period ending September 2006, representing a 1.7% increase
from Moody's RevPAR of US$119.50 at securitization.  However,
Moody's net cash flow for calendar year 2006 of US$55.2 million
represents an approximate decrease of 35.0% from Moody's
expectation of US$84.9 million at securitization.  The decrease
in net cash flow is due to increases in operating expenses,
which exceed increases in revenues.

The loan documents provide for the trapping of excess cash flow
when the debt service coverage ratio or DSCR falls below 1.52x
or when net cash flow falls below US$70.0 million.  Thus far,
US$166.1 million in reserves have been trapped under this
provision.  At such time as DSCR or cash flow thresholds are
again met, trapped cash will be distributed to the borrower.

Based on Moody's adjusted net cash flow and capitalization
rates, as well as the use of floor values, the pool's weighted
average loan to value ratio or LTV is 72.6%, compared to 76.4%
at last review.  At securitization Moody's LTV was 63.9%.

The Hilton San Francisco & Towers represents 50.0% of the
allocated loan amount.  RevPAR for the trailing 12-month period
ending September 2006 and Moody's net cash flow for calendar
year 2006 were US$114.71 and US$13.8 million, compared to
Moody's expectation of US$127.50 and US$37.9 million at
securitization.  The hotel is under performing its competitive
set based on penetration rates provided by Smith Travel
Research.

The Chicago Hilton & Towers represents 28.0% of the allocated
loan amount.  RevPAR for the trailing 12-month period ending
September 2006 and Moody's net cash flow for calendar year 2006
were US$127.72 and US$22.7 million, compared to Moody's
expectation of US$113.50 and US$27.8 million at securitization.
The hotel is underperforming its competitive set.

The McLean Hilton at Tyson's Corner represents 8.0% of the
allocated loan amount.  RevPAR for the trailing 12-month period
ending September 2006 and Moody's net cash flow for calendar
year 2006 were US$120.01 and US$8.2 million, compared to Moody's
expectation of US$88.50 and US$6.3 million at securitization.
The hotel's performance has steadily improved since 2002.  The
hotel is significantly outperforming its competitive set.

Low debt service coverage and the weak performance of the Hilton
San Francisco & Towers remain concerns for this transaction.
However, Moody's is affirming its ratings based on the improved
performance of the remaining hotels, the significant cash
reserves and the Hilton sponsorship.

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.




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


* URUGUAY: State Firm Mulls Two Options to Meet Power Demand
------------------------------------------------------------
Beno Ruchansky -- the president of UTE, the state power firm of
Uruguay -- told el Pais that the firm is considering two options
to meet rising power demand.

UTE is studying the construction of a coal-fired plant and a
liquefied natural gas re-gasification terminal, El Pais says,
citing Mr. Ruchansky.

Business News Americas relates that a coal-fired plant would add
at least 400 megawatts of capacity to UTE.  Meanwhile, a re-
gasification terminal would allow natural gas to replace diesel
as feedstock for the 200-megawatt Punta del Tigre and 220-
megawatt La Tablada plants.

Some technicians at UTE told El Pais that a coal-fired plant
would generate high levels of pollution and require a port.
Others said that a re-gasification terminal is too expensive for
Uruguay, which has a small industrial sector.

Mr. Ruchansky told El Pais that the investment plans will have
to be resolved by 2007.

According to BNamericas, UTE is also negotiating with General
Electric for the 100-megawatt expansion of the Punta del Tigre
plant.

The expansion would need US$45 million in investment, El Pais
states.

                        *    *    *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.




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


CITGO PETROLEUM: Faces Consumer Fraud Charges in US Dist. Court
---------------------------------------------------------------
Truckers and motorists from seven states have filed a lawsuit
seeking class action status in the U.S. District Court in San
Francisco against 17 oil firms -- including Citgo Petroleum
Corp. -- and retailers for committing consumer fraud by
allegedly selling hot fuel without compensating the buyer, Land
Line Magazine reports.

The report says that the other firms named in the lawsuit
include:

          -- Alon USA,
          -- Ambest,
          -- Chevron USA,
          -- Circle K Corp.,
          -- ConocoPhilips,
          -- Flying J.,
          -- Petro Stopping Centers,
          -- Pilot Travel Centers,
          -- 7-Eleven Corp.,
          -- Shell Oil Products Co.,
          -- Tesoro Refining,
          -- Valero Marketing and Supply Co., and
          -- Wal-Mart Stores.

Land Line relates that the federal lawsuit seeks the return of
the alleged overcharges to consumers as well as the installation
of temperature compensation equipment on all fuel pumps.

According to Land Line, 11 individual consumers claimed that the
fuel vendors and oil firms are violating the state laws meant to
protect the consumers.

The report notes that the Owner-Operator Independent Drivers
Association or OOIDA, which is not a plaintiff, is supporting
the legal action.  It was the research of John Siebert -- an
OOIDA project leader -- and other members that collected data on
fuel temperatures and costs that led to an expose through an
investigative news series by Steve Everly of the Kansas City
Star.

Mr. Siebert told Land Line that it's estimated that hot or
expanded fuel costs consumers over US$2 billion yearly.

"Hot fuel is motor fuel sold in the US at a temperature above
the century-old national standard of 60 degrees.  At hotter
temperatures, fuel expands, reducing the energy content in a
gallon," Land Line says, citing Mr. Siebert.

Mr. Siebert said that the warmer the fuel, the bigger the
consumer rip-off, Land Line notes.

Land Line underscores that Joan Claybrook, consumer advocacy
group Public Citizen president, claimed that big oil doesn't
just benefit from an inflated price at the pump.  She said, "To
add insult to injury, consumers who are sold hot fuel at already
high prices are being ripped off twice.  First, they receive
less fuel than they have paid for.  Second, they are paying
prices that are already too high.  This has enabled oil
companies to make record profits and has led to outrages such as
the record US$400 million retirement package last year for
Exxon's former CEO."

"We're here not only representing the American truck driver, but
every American consumer and we want to get the energy in our
vehicles that we thought we had been paying for," Mark Rushing,
an owner-operator and OOIDA member from Spearsville and a
plaintiff in the lawsuit, said in a statement.

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+'.


CITGO PETROLEUM: Ferrysburg Officials Question Two Storage Tanks
----------------------------------------------------------------
Officials in Ferrysburg, Mich., are challenging the construction
of Citgo Petroleum Corp.'s two 30,000 ethanol storage tanks on
the north side of the Citgo/Mobil Ferrysburg Terminal, that was
done without a building permit and a critical zoning variance,
Muskegon Chronicle reports.

According to Muskegon Chronicle, the terminal at 524 Third is in
an area zoned light industrial.

City officials told Muskegon Chronicle that the entire terminal,
which is a major gasoline distribution center for the area, is a
nonconforming use.

Adding two large ethanol storage tanks represented an expansion
of that nonconforming use and required a variance from the
zoning board of appeals, Muskegon Chronicle says, citing Craig
Bessinger, the Ferrysburg city manager.

Mr. Bessinger told Muskegon Chronicle, "That property is under
the LI-1 zoning district and the tank farm is a non-conforming
use in that zone.  So, when they put the tanks in, what they did
is expand the non-conforming use.  To do that, you really need a
zoning board of appeals variance."

Muskegon Chronicle relates that Citgo Petroleum has filed for a
variance with the city.  The request was to be discussed by the
zoning board of appeals.

However, Steven J. Van Steenhuyse of LSL Planning of Grand
Rapids is recommending that Citgo Petroleum's variance request
be denied.  Mr. Steenhuyse drew up the city's most recent master
plan proposal and reviewed Citgo Petroleum's request.

Mr. Van Steenhuyse told Muskegon Chronicle that the Citgo
Petroleum property was zoned light industrial in 1999 by the
city with the intent that the property eventually would convert
to a conforming use.  For a variance to be granted, the company
would have to prove unnecessary hardship, which Mr. Van
Steenhuyse did not find.

The denial of Citgo Petroleum's variance request would not force
closure of the entire terminal and would allow current
operations to continue without expansion, Muskegon Chronicle
notes, citing Mr. Van Steenhuyse.

David C. Humphrey, Citgo Petroleum terminal manager, told
Muskegon Chronicle that his company followed the same procedures
for adding ethanol tanks to terminals in Niles and Jackson and
was unaware that it needed permits from the city.  The terminal,
which is co-owned by Citgo and Mobil/Exxon, had ethanol tanks in
the 1990s, but had them removed them when demand fell.  The
requested variance technically is for replacement equipment.

Failure to add ethanol blending would jeopardize the future of
the Ferrysburg terminal, Muskegon Chronicle says, citing Mr.
Humphrey.  Citgo Petroleum has closed some terminals in Ohio and
is withdrawing from markets in Iowa, Indiana and Ohio.

If the zoning board of appeals denies the variance, the tanks
must be removed.  Citgo Petroleum may appeal the decision in
Ottawa County 20th Circuit Court, Mr. Bessinger told Muskegon
Chronicle.

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+'.


DAIMLERCHRYSLER: U.S. Unit Ceases Production on Various Plants
--------------------------------------------------------------
The Chrysler Group, the U.S.-based unit of DaimlerChrysler AG,
will halt production for more than a month on some of its U.S.
plants starting Dec. 22, 2006, to cut piled-up inventory, Jeff
Bennett and Alan Ohnsman at Bloomberg News report.

According to Bloomberg, Chrysler will stop vehicle production in
its Dodge truck plants in St. Louis, Michigan, Newark, and
Delaware, minivan plants in Windsor, Ontario, and a jeep plant
in Detroit.

The company, which depends on light trucks for most of its
sales, has cut back its inventory in spite of its U.S. sales
plummeting 7.7% during November.  The company is trying to shed
off units that were not ordered by customers, Bloomberg says.

Bloomberg relates that Autodata Corp. stated that light truck
sales dropped 5.6%.  Large pickup truck sales also dropped 9.1%
from last year.  In addition, gasoline prices that stayed up for
US$3 a barrel for most of the year contributed to declining
sales.


Bloomberg adds that in the second quarter of 2006, Chrysler had
planned to cut North American production by 16%.

                      Inventory Plans

Automotive News, a Detroit trade publication, has reportedly
said that Chrysler had an 81-day supply of light trucks, instead
of the standard 60 days.  Joe Eberhardt told Bloomberg in an
interview that the company's inventory of unsold vehicles was in
the low "500,000s".

Chrysler will have some plants that will suspend its operations
longer than the planned duration, while other Chrysler
facilities will be operating longer than usual due to the demand
for certain vehicles, Frank Klegon, Chrysler product development
head, informed Bloomberg.

                  About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

In Latin America, DaimlerChrysler has operations in Argentina,
Brazil and Venezuela.


FERRO CORP: Declares US$0.145 Per Share Quarterly Dividend
----------------------------------------------------------
Ferro Corp.'s board of directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.  The
dividend is payable on March 9, 2007, to shareholders of record
on Feb. 15, 2007.

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.


HARVEST NATURAL: Pays US$15.3 Million in Taxes to Seniat
--------------------------------------------------------
Harvest Natural Resources has paid Seniat or Integrated National
Customs and Tax Administration Service US$15.3 million in taxes
in arrears from 2005, Reuters reports, citing a Seniat source.

As reported in the Troubled Company Reporter-Latin America on
Nov. 24, 2006, Harvest Vinccler, Harvest Natural Resources'
Venezuelan unit, paid Seniat VEB36.6 billion.  The Venezuelan
government had implemented a retroactive increase on taxes for
oil companies.  Tax rates were raised to 50% from 34%.  As a
result, Seniat ordered Harvest Vinccler in July 2005 to pay over
VEB202 billion. Harvest Vinccler paid VEB157 billion.  The
VEB36.6 billion covers back taxes and interest for 2001-04.

Harvest Natural now owes Seniat US$1.3 million in interest, the
source told El Universal.

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--  
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging. Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, CA, which operates the South Monagas Unit in
Venezuela.

                        *    *    *

Harvest Natural Resources carries these ratings from Moody's
Investor Service since Sept. 17, 2004:

     -- Issuer Rating, Caa1
     -- Long-Term Corp. Family Rating, B3
     -- Senior Unsecured Debt, B3


PEABODY ENERGY: Prices US$675MM of Conv. Junior Sub. Debentures
---------------------------------------------------------------
Peabody Energy has priced US$675 million principal amount of
Convertible Junior Subordinated Debentures due 2066 in a public
offering, pursuant to a registration statement filed with the
U.S. Securities and Exchange Commission.  The company has
granted the underwriters an option to purchase up to an
additional US$75 million of debentures to cover over-allotments.

The debentures will pay interest semiannually at a rate of 4.75%
per year.  The initial conversion price is US$61.95, reflecting
a 40% premium over Dec. 14's closing stock price of US$44.25.
The debentures are convertible under certain circumstances
including when the price of BTU shares reaches US$86.73.  Upon
conversion, holders will receive cash in the amount of, or
preferred stock with a liquidation preference equal to, the
principal amount, and only any value in excess of the principal
amount will be delivered in BTU common stock.

The company will use commercially reasonable efforts to raise
net proceeds by issuing securities to pay holders the principal
amount of the debentures, together with accrued and unpaid
interest, on Dec. 15, 2041, the scheduled maturity date.

Lehman Brothers Inc., Morgan Stanley & Co. Incorporated and
Citigroup Global Markets Inc. are the joint book running
managers for the offering.

The company expects to close the sale of the debentures on
Dec. 20, 2006, subject to the satisfaction of customary closing
conditions.  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.

Peabody Energy 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 approximately 10
percent of all U.S. electricity generation and 3 percent of
worldwide electricity.

A preliminary prospectus supplement related to the offering was
filed with the Securities and Exchange Commission and is
available on the SEC's website at http://www.sec.gov.

Copies of the 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
          Tel: (888) 603-5847
          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
http://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: Moodys Assigns Ba2 Rating on US$500MM Debentures
----------------------------------------------------------------
Moody's Investors Service assigned Peabody Energy Corp.'s
proposed US$500 million convertible junior subordinated
debentures a rating of Ba2.  Moody's also revised Peabody's
outlook to stable from negative.  At the same time, Moody's
affirmed Peabody's Ba1 corporate family rating and the Ba1
senior unsecured rating on its existing revolver, term loan and
notes.

The ratings reflect the overall probability of default of the
company, to which Moody's affirms a PDR of Ba1.  The convertible
junior subordinated debentures (Debentures) rating of Ba2
reflects a loss given default of LGD-6.  The senior unsecured
rating of Ba1 reflects a loss given default of LGD-3.   Moody's
also affirmed Peabody's SGL-1 Speculative Grade Liquidity
rating.  The revision in outlook reflects the 75% equity
component that Moody's credits to the "Basket D" convertible
junior subordinated debentures, and the related notional
reduction in debt.

The proceeds of the US$500 million Debentures, along with
proceeds of the recent US$900 million senior unsecured notes and
drawings under the company's term loan, are being used to
provide the long term funding of Peabody's recent acquisition of
Australian coal miner, Excel Coal Limited, for US$1.9 billion,
including assumption of debt and fees.

The acquisition of Excel will significantly expand Peabody's
operation in Australia and its penetration of both the export
metallurgical and thermal coal markets.  Excel expects to
increase its production from about 6 million tons currently to
15 to 20 million tons in 2007 and 2008.

The Ba1 corporate family rating reflects Peabody's:

1) favorable debt to EBITDA and good earnings ratios;

2) diversified low-cost operations;

3) extensive and geographically diversified reserves of high
quality coal;

4) strong management; and

5) portfolio of long-term coal supply agreements with a
large number of electricity generation customers.

However, the rating also reflects the significant increase in
debt to fund the Excel acquisition, which increases Peabody's
pro forma Sept. 30, 2006, debt to EBITDA ratio to 3.4x from
2.3x, and, giving equity credit of $375 million to the
Debentures, the debt to capitalization ratio to 55.8% from
49.9%.  The rating also considers the volatile nature of the
coal mining business, and operating and development cost
pressures that could continue to constrain Peabody's weak free
cash flow.

The Debentures will, in Moody's view, have sufficient equity-
like features to allow it to receive basket "D" treatment, i.e.
75% equity and 25% debt, for financial leverage purposes.  This
basket designation will shift from "D" to "C" in ten years, i.e.
when the Debentures have less than fifty years to maturity.  The
basket will shift again to "B" after 20 years and "A" after the
next 10 years.  The basket allocation is based on the following
rankings for the three dimensions of equity:

   (i) No maturity: Moderate

       The Debentures have a 60-year final maturity with a
       scheduled redemption after 35 years, subject to a
       Replacement Capital Covenant or RCC.  The RCC, which
       obligates Peabody not to redeem or repurchase the
       Debenture unless it has previously issued qualifying new
       equity, will be put in place at inception, but will not
       be operational until year 35.  At year 35, Peabody is
       required to use its commercially reasonable efforts,
       subject to a market disruption event, to raise sufficient
       net proceeds from the issuance of qualifying capital
       securities and redeem the Debentures in full on each
       succeeding interest payment date prior to the final
       60-year maturity.  If a qualifying replacement security
       can't be issued, the maturity extends from interest
       payment date to interest payment date until the final
       maturity in 60 years.

       For the first 35 years, the security can be called
       subject to intent-based replacement language where
       Peabody Energy intends to replace the security with the
       same or more equity-like security.  The Debentures are
       also convertible into Basket D preferred stock at the
       option of the investor.

  (ii) No ongoing payments: Strong

       There is optional deferral of distributions for a maximum
       of 10 years and mandatory deferral tied to the breach of
       covenants, without giving rise to an event of default and
       without causing acceleration.  If mandatorily deferred or
       if there is optional deferral for 5 years, distributions
       must be settled with the issuance of warrants or benign
       preferred stock .  For warrants, there is an 84 million
       share cap, and for benign preferred stock, 25% of the
       principal amount.  In bankruptcy, any distributions not
       settled with warrants or benign preferred stock are
       limited to a claim of 2 years.

(iii) Loss absorption: Strong

       The Debenture will be the most junior subordinated debt
       of all existing debt, with limited rights and limited
       ability to cause acceleration.

Moody's last rating action on Peabody was to rate its US$900
million senior unsecured notes Ba1 in October 2006.

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.


PEABODY ENERGY: S&P Rates US$500MM Conv. Jr. Debentures at B
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
the US$500 million convertible junior subordinated debentures
due 2066 of Peabody Energy Corp.   Proceeds from the notes are
expected to reduce bank loan borrowings, which were used to fund
the recent acquisition of Excel Coal Ltd.

Standard & Poor's characterized the bonds as having intermediate
equity content given the securities' long-dated maturity (60
years), deep subordination, and cumulative optional deferral of
interest up to 10 years.

The ratings on Peabody reflect its aggressive financial
leverage, including significant debt-like liabilities, ongoing
cost pressures, and challenges posed by the inherent risks of
coal mining.  The ratings also reflect the company's leading
market position, its substantial and diversified reserve base,
and currently favorable coal industry conditions.  Peabody is
North America's largest coal producer, with approximately 240
million tons of coal sold during 2005, and 10.3 billion tons of
reserves.

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: Golfo May Produce 26,000 Barrels Per Day
----------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil company of
Venezuela, said in a filing with the US Securities and Exchange
Commission that Golfo de Paria Oeste, an offshore oilfield in
eastern Venezuela, could produce 26,000 barrels per day by the
end of the first quarter of 2007.

Business News Americas relates that Petroleos de Venezuela,
through its subsidiary CVP, has 35% of Golfo de Paria.
ConocoPhillips, which holds 32.5%, runs the field.  Italian oil
major Eni holds 26% of the field.  OPIC owns 6.5%.

According to BNamericas, Golfo de Paria has 2 billion barrels in
reserves.  Production, which started in 2003, could total 250
million barrels over 20 years.  Investments on the field would
total US$1.40 billion in two phases.

Petroleos de Venezuela said in the SEC filing that Golfo de
Paria could produce at a rate of 70,000 barrels daily during or
after 2008.

BNamericas states that project operators will drill 24 wells on
the property:

          -- 11 for production,
          -- 10 for water injection,
          -- two for gas injection, and
          -- one multi-purpose well.

The associated gas will be stored, 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.


* SEC to Propose Guidance for Sarbanes-Oxley 404 Implementation
---------------------------------------------------------------
The U.S. Securities and Exchange Commission voted, on
Dec. 13, 2006, to propose for public comment interpretive
guidance for managements regarding their evaluations of internal
control over financial reporting.  The Commission also proposed
amendments to Rules 13a-15 and 15d-15 that would make it clear
that a company choosing to perform an evaluation of internal
control in accordance with the interpretive guidance would
satisfy the annual evaluation required by those rules.  Finally,
the Commission proposed amendments to Regulation S-X to clarify
the auditor's reporting requirement pursuant to Section 404(b)
of the Sarbanes-Oxley Act.

"We are proposing this interpretative guidance to help
management make their evaluation process more efficient and
cost-effective," said SEC Chairman Christopher Cox.  "In the
absence of guidance, management has looked to the PCAOB's
auditing standard to conduct their evaluations, which is not
what was intended.  With this guidance, management will be able
to scale and tailor their evaluation procedures to fit their
facts and circumstances, and investors will benefit from reduced
compliance costs.  While the guidance is intended to help public
companies of all sizes, smaller companies should particularly
benefit from its scalability and flexibility.  We believe that
[the] proposed guidance, along with the Public Company
Accounting Oversight Board's new auditing standard to be
proposed next week, will result in significant improvements in
the implementation of Sox 404."

"The guidance proposed is an important step in the roadmap the
Commission laid out in May for improving the implementation of
Section 404 for all issuers," said John W. White, Director of
the SEC's Division of Corporation Finance.  "The proposed
interpretive guidance should reduce uncertainty about what
constitutes a reasonable approach to management's evaluation
while maintaining flexibility for companies that have already
developed their own assessment procedures and tools that serve
the company and its investors well.  Companies will be able to
continue using their existing procedures if they choose,
provided, of course, those meet the standards of Section 404 and
our rules.  At the same time, the guidance maintains the
important investor protection objectives of bringing information
about material weaknesses into public view and fostering the
preparation of reliable financial statements in an effective and
efficient manner."

"Our proposed guidance is focused on risk and materiality.  We
have worked hard to ensure that the proposed guidance will not
disrupt best practices already in place, or that may be
evolving, while at the same time ensuring that it would be
scalable to companies of all sizes," said Conrad Hewitt, Chief
Accountant.  "In particular, the top-down, risk-based guidance
would allow for effective, and, importantly, efficient, methods
and procedures for conducting evaluations at smaller companies.
It is also intended to rebalance control over the process by
providing management with its own guidance -- without the need
to look to auditing standards -- for evaluating internal control
over financial reporting.  Although our guidance is directed to
management and the expected proposal from the PCAOB is directed
to auditors, we encourage respondents to take advantage of the
proposals' overlapping comment periods to consider whether the
proposals, if adopted, will ensure an appropriate balance
between management's evaluation process and the audit process.
We encourage feedback on all aspects of our proposal."

            Section 404(a) of the Sarbanes-Oxley Act

Section 404(a) of the Sarbanes-Oxley Act directed the Commission
to adopt rules requiring each annual report of a company, other
than a registered investment company, to contain

   (a) a statement of management's responsibility for
       establishing and maintaining an adequate internal control
       structure and procedures for financial reporting; and

   (b) management's assessment, as of the end of the company's
       most recent fiscal year, of the effectiveness of the
       company's internal controls structure and procedures for
       financial reporting.

On June 5, 2003, the Commission adopted such rules implementing
Section 404(a) with regard to management's obligations to report
on its internal control over financial reporting.  The final
rules did not prescribe any specific method or set of procedures
for management to follow in performing its evaluation.

The proposal would amend the Commission's rules adopted in 2003
to state that an evaluation conducted in accordance with the
interpretive guidance would satisfy the Commission's rules.
However, in order to retain the flexibility that was desired by
the 2003 rules, the amendments proposed today would afford
management the latitude to either follow the interpretive
guidance or to develop and use other methods that achieve the
objectives of the Commission's 2003 rules.

Proposed Guidance for Internal Control over Financial Reporting

The proposed guidance is principles-based guidance that is
organized around two important principles:

   (a) First, management should evaluate the design of the
       controls that it has implemented to determine whether
       there is a reasonable possibility that a material
       misstatement in the financial statements would not be
       prevented or detected in a timely manner.  This principle
       promotes efficiency by allowing management to focus on
       those controls that are needed to prevent or detect
       material misstatement in the financial statements.

   (b) Second, management should gather and analyze evidence
       about the operation of the controls being evaluated based
       on its assessment of the risk associated with those
       control.  The principle allows management to align the
       nature and extent of its evaluation procedures with those
       areas of financial reporting that pose the greatest risks
       to reliable financial reporting.  By following these two
       principles, we believe that companies of all sizes and
       complexities will be able to implement our rules more
       effectively and efficiently.  As smaller public companies
       often have less complex internal control systems than
       larger public companies, this proposed approach would
       enable smaller public companies in particular to scale
       and tailor their evaluation methods and procedures to fit
       their own facts and circumstances.

The proposed guidance describes a risk-based approach and
addresses many of the concerns that have been raised to the
Commission including:

   * excessive testing of controls generally;

   * excessive documentation of processes, controls, and
     testing; and

   * the ability to scale the evaluation to smaller companies.

The guidance addresses four specific areas including:

(a) Identification of risks to reliable financial reporting and
the related controls that management has implemented to address
those risks.

The proposed guidance describes a risk-based approach that would
require the use of judgment to determine those areas that are
both material and which pose a risk to reliable financial
reporting.  Management then would identify the controls that
address those risks, including the risk of material misstatement
due to fraud.  The guidance would not require that every control
in a process be identified.  Once those controls are identified
that adequately address the risk of material misstatement in the
financial statements, it would be unnecessary to include
additional controls within management's evaluation.

b) Evaluation of the operating effectiveness of controls.

Once management has determined the controls within the scope of
its evaluation, management would then gather and analyze
evidence about the operation of those controls.  The proposed
guidance provides for a risk-based approach that would require
the use of judgment to direct management's evaluation efforts
towards those areas that pose greatest risk to reliable
financial reporting based on the company's unique facts and
circumstances.  The proposed guidance would allow management to
support its evaluation in a variety of ways and illustrates how
management can consider and utilize its existing daily
interaction with its business, self-assessment, and other
ongoing monitoring activities to support its evaluation.

c) Reporting the overall results of management's evaluation.

Once management has completed its evaluation, management must
decide if any identified control deficiencies are material
weaknesses.  The proposed guidance provides management with a
framework, outside of the auditing literature, for making these
judgments and includes situations that are considered strong
indicators that a material weakness exists.  The guidance
describes the factors that management should consider to
evaluate the severity of a deficiency.  If the deficiency is a
material weakness, consistent with the Commission's existing
rules, management must conclude that internal control over
financial reporting is not effective and management has
reporting responsibilities surrounding that material weakness.
In addition, the guidance addresses the disclosure requirements
for internal control reports in situations such as scope
limitations and restatements.

d) Documentation.

The proposed guidance explains the nature and extent of
evidential matter that management must maintain in support of
its assessment including how management has flexibility in
approaches to documentation.  The proposed guidance indicates
that such documentation can take many forms, can be presented in
a number of ways, and does not need to include all controls
within a process that impacts financial reporting.  The proposed
guidance provides that the evidential matter maintained in
support of the assessment would also include the methods and
procedures it utilizes to gather and evaluate evidence and the
basis for its conclusions about the controls related to
individual financial reporting elements.  The proposed guidance
indicates that in those situations in which management is able
to rely on its daily interaction with its controls as a basis
for its assessment, management may have limited documentation
created specifically for the evaluation beyond documentation
regarding how its interaction provided it with sufficient
evidence.

     Public Company Accounting Oversight Board Coordination

Although the issuance of the proposed interpretive release is a
major milestone in the improvement of the implementation of
Section 404, the Commission remains committed to all of the
steps set forth in the roadmap that was released entitled "Next
Steps for Sarbanes-Oxley Implementation."  In that regard, the
Commission and its staff have also been working closely with the
Public Company Accounting Oversight Board over the past few
months in their work to develop a new auditing standard that
would supersede Auditing Standard No. 2, the Board's existing
auditing standard on internal control over financial reporting.
The proposed standard is expected to provide for more efficient,
risk-based, scalable audits of internal control over financial
reporting while retaining the important investor protection
benefits.  The proposed amendments to Regulation S-X are
intended to clarify the auditor-reporting requirement in a
consistent manner with the anticipated proposed new auditing
standard.  The Board has disclosed that it intends to consider
proposing the new auditing standard at the Board's open meeting
to be held next week on Tuesday, Dec. 19, 2006.


* BOOK REVIEW: Cardozo and Frontiers of Legal Thinking
------------------------------------------------------
Author:     Beryl H. Levy
Publisher:  Beard Books
Paperback:  336 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122689/internetbankru
pt

Cardozo and Frontiers of Legal Thinking, by Beryl H. Levy
portrays Justice Cardozo, a lawyer and philosopher, as concerned
with harmonizing legal rules with social values and the demands
of stability with changes in the law.

In this scholarly but eminently readable tome, Beryl H. Levy
focuses on the law that is made by judges in the higher courts
when an appeal is taken from the trial court.

He specifically addresses closely contested cases where
convincing briefs have been presented by both sides and where
the judges on the appellate court are likely to be divided.

The point of departure is the thinking of Justice Benjamin
Cardozo, who recognized emerging trends and forces in the
country and made public law more responsive to them.


                        ***********


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 * * *