TCRLA_Public/061229.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, December 28, 2006, Vol. 7, Issue 257

                          Headlines

A N T I G U A   &   B A R B U D A

A R G E N T I N A

RED HAT: Posts US$14.6 Million Third Quarter 2007 Net Profits
TASARTO SA: Seeks for Court Approval to Voluntary Liquidate
TELEFONICA DE ARGENTINA: Developing Information Technology Park
TELEFONICA DE ARGENTINA: Urges Argentina to Use DVB Digital TV
TITTARELLI VITIVINICOLA: Reorganization Proceeding Concluded

TOTAL PRINT: Claims Verification Is Until February 12, 2007
TRANSPORTES SOL: Trustee Verifies Proofs of Claim Until March 2
TRI-WEAR: Asks for Court Approval to Enter Bankruptcy
UNIVERSAL REAL: Claims Verification Is Until April 5, 2007
VARILLERA AMERICANA: Claims Verification Is Until March 2, 2007

* ARGENTINA: Buenos Aires Developing Information Technology Park
* ARGENTINA: Telefonica Urges Nation to Use DVB Digital TV

B A H A M A S

WINN-DIXIE: Distributes New Common Stock

B A R B A D O S

B E L I Z E

B E R M U D A

REFCO INC: Chapter 11 Plan Takes Effect

B O L I V I A

B R A Z I L

BANCO NACIONAL: Okays BRL300 Mil. Loans for Cheap Laptop Program
COMPANHIA SIDERURGICA: Okays Evaluation Report for Plant Assets
DURA AUTOMOTIVE: Names Interim Chief Financial Officer
NET SERVICOS: Regulator Okays Non-Convertible Debenture Issue
NOVELIS INC: Appoints Two New Independent Directors to Board

PETROLEO BRASILEIRO: Launching Support & Maintenance Platform
PETROLEO BRASILEIRO: Signing US$2.4B Ship Building Contracts

C A Y M A N   I S L A N D S

4711 LIMITED: Deadline for Proofs of Claim Filing Is on Dec. 28
ACOS FUND: Shareholders to Gather for Dec. 28 Final Meeting
ACOS MASTER: Shareholders to Gather for Dec. 28 Final Meeting
APLOS (MASTER): Shareholders to Gather for Dec. 28 Final Meeting
APLOS PARTNERS: Shareholders to Gather for Dec. 28 Final Meeting

AXIOS MV: Shareholders to Gather for Dec. 28 Final Meeting
AXA US: Deadline for Proofs of Claim Filing Is Set for Dec. 28
BANTS ONE: Shareholders to Gather for Dec. 28 Final Meeting
BLACK DIAMOND: Shareholders to Gather for Dec. 28 Final Meeting
BLUEGILL CDO: Shareholders to Gather for Dec. 28 Final Meeting

BST COMPANY: Shareholders to Gather for Dec. 28 Final Meeting
CBO HOLDINGS: Shareholders to Gather for Dec. 28 Final Meeting
CLINTON FUND: Shareholders to Gather for Dec. 28 Final Meeting
CLINTON GLOBAL: Shareholders to Gather for Dec. 28 Final Meeting
CLINTON INVESTMENT: Shareholders' Final Meeting Is on Dec. 28

CLINTON LTD: Shareholders to Gather for Dec. 28 Final Meeting
CLINTON MASTER: Shareholders to Gather for Dec. 28 Final Meeting
CLINTON PORTFOLIO: Shareholders' Final Meeting Is On Dec. 28
CONSTELLATION (CAYMAN): Shareholders' Final Meeting Is Dec. 28
CORKE PARK: Shareholders to Gather for Dec. 28 Final Meeting

CUSTOM HOUSE: Shareholders to Gather for Dec. 28 Final Meeting
EASTERN INVESTMENTS: Proofs of Claim Filing Is Set Until Dec. 28
EPIC EUROPEAN: Shareholders Gathering for Dec. 28 Final Meeting
GANNET II: Deadline for Proofs of Claim Filing Is Set On Dec. 28
GRACIE (C): Shareholders to Gather for Dec. 28 Final Meeting

GRACIE (J): Shareholders to Gather for Dec. 28's Final Meeting
GRACIE (T): Shareholders to Gather for Dec. 28 Final Meeting
GREAT POINT: Shareholders to Gather for Dec. 28 Final Meeting
HUTCHISON(00/03): Shareholders' final Meeting Is on December 28
HUTCHISON(99/02): Shareholders' Final Meeting Is on December 28

JIAN KANG: Shareholders to Gather for Dec. 28's Final Meeting
JUPITER FINANCE: Sets Final Shareholders Meeting for Dec. 28
PT CO: Deadline for Proofs of Claim Filing Is on December 28
TRABUCO CDO: Deadline for Proofs of Claim Filing Is On Dec. 28
TURKISH SOVEREIGN: Shareholders' Final Meeting Is Set on Dec. 28

C H I L E

CLAXSON INTERACTIVE: Posts US$20.7MM Third Quarter 2006 Revenue

C O L O M B I A

ECOPETROL: Accepting Proposals for Barrancabermeja Plant Upgrade
ECOPETROL: Drilling 90 Wells at La Cira with Occidental Andina

C O S T A   R I C A

C U B A

D O M I N I C A

D O M I N I C A N   R E P U B L I C

E C U A D O R

E L   S A L V A D O R

F R E N C H   G U I A N A

G R E N A D A

G U A T E M A L A

G U Y A N A

BRITISH WEST: New Airline Promises Links to World Centers Go on

H A I T I

H O N D U R A S

J A M A I C A

M E X I C O

GRUPO IUSACELL: Conciliator Presents Creditors' Agreement

P A N A M A

DRINKS AMERICAS: Posts US$2.2 Mil. Second Quarter 2007 Revenue
IAP WORLDWIDE: Serving as Subcontractor to CACI International

* PANAMA: Regulator Cancels Requests for 4 Hydro Projects

P A R A G U A Y

P E R U

PHELPS DODGE: Cerro Verde Completes Grinding Lines Construction

P U E R T O   R I C O

T R I N I D A D   &   T O B A G O

HILTON HOTELS: Premium Club to be Launched in Newest Hotel

U R U G U A Y

V E N E Z U E L A

FOSTER WHEELER: Seniat Shuts Down Firm's Offices for Two Days
PETROLEOS DE VENEZUELA: Enters Joint Venture with Irani Sadra

* VENEZUELA: Seniat Shuts Down Foster Wheeler Offices

                            - - - - -

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


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


RED HAT: Posts US$14.6 Million Third Quarter 2007 Net Profits
-------------------------------------------------------------
sheryl
12/22/2006 02:10:19 PM EST
BNamericas.com

Red Hat said in a statement that its net profits decreased 37%
to US$14.6 million in the third quarter of fiscal year 2007
ending Nov. 30, from US$23.2 million in the year-ago period.

Business News Americas relates that Red Hat's total revenue for
the third quarter of fiscal year 2007 increased 45% to US$105
million, compared with the year-ago quarter.  Subscription
revenue rose 48% to US$88.9 million, while training and services
revenue dropped 22.5% to US$16.9 million year-over-year.

The report says that in May 2006, Red Hat increased its presence
in the Southern Cone by launching offices in Sao Paulo and
Buenos Aires, after acquiring the operations of its local
partners in the two countries.

According to BNamericas, Red Hat will soon open a Mexican unit,
after initially working in Mexico with an experienced sales
representative.

Red Hat expects its Latin American sales to triple in fiscal
year 2007, ending February 2007.  Its Latin American operations
contributed with 3-4% of global revenues in fiscal year 2006,
which reached US$278 million, Julian Somodi, Red Hat's chief
executive officer for Latin America, told BNamericas.

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, Standard & Poor's Ratings Services revised its
outlook on Raleigh, N.C.-based operating systems provider Red
Hat Inc. to stable from positive, and affirmed its 'B+'
corporate credit rating.


TASARTO SA: Seeks for Court Approval to Voluntary Liquidate
-----------------------------------------------------------

A court in Buenos Aires is studying the merits of Tasarto SA's
petition to Voluntarily Liquidate after it stopped paying its
obligations on.

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

The debtor can be reached at:

         Tasarto SA
         Avda Corrientes 922
         Buenos Aires, Argentina
      

TELEFONICA DE ARGENTINA: Developing Information Technology Park
---------------------------------------------------------------
sheryl
12/26/2006 03:49:53 PM EST
BNamericas.com

Telefonica de Argentina will be developing an information
technology park in Polo, with the help of the local government
of Buenos Aires and Polo IT Buenos Aires, the Argentine
information technology hub, the latter said in a statement.

Ernesto Galindez, Polo IT president, told Business News
Americas, "We are aware that this is a very important step
towards the acknowledgement of the IT (information technology)
sector in Buenos Aires."

Telefonica de Argentina, Buenos Aires and Polo IT will sign a
letter of intent this week that will set a deadline of three
months to clearly specify all the characteristics of the project
and its total cost and sources of funding, BNamericas states.

                 About Polo IT Buenos Aires

Polo IT Buenos Aires was launched in December 2003 to promote
and boost the growth of information technology firms and
increase interaction between different companies.  The
information technology hub is composed of:

          -- small software developers,
          -- information technology service consultants, and
          -- independent professionals related to the area.

                About Telefonica de Argentina

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, S.A.'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.


TELEFONICA DE ARGENTINA: Urges Argentina to Use DVB Digital TV
--------------------------------------------------------------
sheryl
12/26/2006 02:59:37 PM EST
BNamericas.com

Eduardo Caride, president of Telefonica de Argentina, told La
Nacion that Argentina should choose Europe's DVB digital TV
standard, as it is one of the most widely adopted worldwide.

According to Business News Americas, the government of Argentina
has not set a definitive deadline to decide which digital
television standard the nation will adopt.  Over the last few
months, government officials have had meetings with
representatives of the US ATSC, the Japanese ISDB and European
DVB standards.

Mr. Caride told BNamericas that the widespread use of DVB in
almost all European nations and in Australia would allow
economies of scale in the production of DVB compatible products
and lessen costs for the end consumer.  DVB permits the
transmission of mobile television.  It is also compatible with
GSM technology.

BNamericas relates that Argentina was at first expected to
follow Brazil, which signed a deal to adopt Japan's standard in
June.  

However, authorities told BNamericas that they would decide
independently taking into account what was best for Argentina.

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, S.A.'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.


TITTARELLI VITIVINICOLA: Reorganization Proceeding Concluded
------------------------------------------------------------
Tittarelli Vitivinicola aka Olivicola SA's reorganization
proceeding has ended. Data published by Infobae on its Web site
indicated that the process was concluded after a court in Buenos
Aires approved the debt agreement signed between the company and
its creditors.


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

Under the Argentine bankruptcy law, Mr. Vasquez is required to
present the validated claims in court as individual reports.  
Court No. 12 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Total Print and its
creditors.

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

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

Total Print was forced into bankruptcy at the behest of Norma
Diaz, whom it owes US$45,117,84.

Clerk No. 23 assists the court in the proceeding.

The debtor can be reached at:

          Total Print SA
          Humberto Primo 3221
          Buenos Aires, Argentina  

The trustee can be reached at:

          Omar Vasquez
          Santa Fe 1127
          Buenos Aires, Argentina


TRANSPORTES SOL: Trustee Verifies Proofs of Claim Until March 2
---------------------------------------------------------------
Luis Humberto Chelala, the court-appointed trustee for
Transportes El Sol SRL's bankruptcy proceeding, verifies
creditors' proofs of claim until March 2, 2007.

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

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

A general report that contains an audit of Transportes Sol's
accounting and banking records will follow on May 29, 2007.

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

The trustee can be reached at:

         Luis Humberto Chelala
         Avda Corrietes 2335
         Buenos Aires, Argentina  


TRI-WEAR: Asks for Court Approval to Enter Bankruptcy
-----------------------------------------------------
A court in Buenos Aires is studying the merits of Tri-Wear SRL's
petition to enter Bankruptcy after it stopped paying its
obligations.

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

The debtor can be reached at:

         Tri-Wear SRL
         14 de Julio 854
         Buenos Aires, Argentina


UNIVERSAL REAL: Claims Verification Is Until April 5, 2007
----------------------------------------------------------
Beatriz Dominguez, the court-appointed trustee for Universal
Real Estate SA's bankruptcy proceeding, will verify creditors'
proofs of claim until April 5, 2007.

Under the Argentine bankruptcy law, Ms. Dominguez is required to
present the validated claims in court as individual reports.  
Court No. 24 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 Universal Real and
its creditors.

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

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

Universal Real was forced into bankruptcy at the behest of Bosan
SA, whom it owes US$15,887,130.

Clerk No. 48 assists the court in the proceeding.

The debtor can be reached at:

          Universal Real Estate SA
          Florida 537
          Buenos Aires, Argentina  

The trustee can be reached at:

          Beatriz Dominguez
          Avenida Rivadavia
          Buenos Aires, Argentina


VARILLERA AMERICANA: Claims Verification Is Until March 2, 2007
---------------------------------------------------------------
Jose Teodoro Gonzalez, the court-appointed trustee for Varillera
Americana SRL's bankruptcy proceeding, will verify creditors'
proofs of claim until March 2, 2007.

Under the Argentine bankruptcy law, Mr. Gonzalez is required to
present the validated claims in court as individual reports. 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 Varillera Americana and its
creditors.

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

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

The trustee can be reached at:

          Jose Teodoro Gonzalez
          Avda Cordoba 2444
          Buenos Aires, Argentina


* ARGENTINA: Buenos Aires Developing Information Technology Park
----------------------------------------------------------------
sheryl
12/26/2006 03:49:53 PM EST
BNamericas.com

Polo IT Buenos Aires, the Argentine information technology hub,
said in a statement that it will be working with Telefonica de
Argentina and the local government of Buenos Aires to develop an
information technology park in Polo.

Ernesto Galindez, Polo IT president, told Business News
Americas, "We are aware that this is a very important step
towards the acknowledgement of the IT (information technology)
sector in Buenos Aires."

Telefonica de Argentina, Buenos Aires and Polo IT will sign a
letter of intent this week that will set a deadline of three
months to clearly specify all the characteristics of the project
and its total cost and sources of funding, BNamericas states.

                 About Polo IT Buenos Aires

Polo IT Buenos Aires was launched in December 2003 to promote
and boost the growth of information technology firms and
increase interaction between different companies.  The
information technology hub is composed of:

          -- small software developers,
          -- information technology service consultants, and
          -- independent professionals related to the area.

                About Telefonica de Argentina

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.

                        *    *    *

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


* ARGENTINA: Telefonica Urges Nation to Use DVB Digital TV
----------------------------------------------------------
sheryl
12/26/2006 02:59:37 PM EST
BNamericas.com

Eduardo Caride, president of Telefonica de Argentina, told La
Nacion that Argentina should choose Europe's DVB digital TV
standard, as it is one of the most widely adopted worldwide.

According to Business News Americas, the government of Argentina
has not set a definitive deadline to decide which digital
television standard the nation will adopt.  Over the last few
months, government officials have had meetings with
representatives of the US ATSC, the Japanese ISDB and European
DVB standards.

Mr. Caride told BNamericas that the widespread use of DVB in
almost all European nations and in Australia would allow
economies of scale in the production of DVB compatible products
and lessen costs for the end consumer.  DVB permits the
transmission of mobile television.  It is also compatible with
GSM technology.

BNamericas relates that Argentina was at first expected to
follow Brazil, which signed a deal to adopt Japan's standard in
June.  

However, authorities told BNamericas that they would decide
independently taking into account what was best for Argentina.

                  About Telefonica de Argentina

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.

                        *    *    *

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




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B A H A M A S
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WINN-DIXIE: Distributes New Common Stock
----------------------------------------
Sheryl, Dec. 21 /PRNewswire

Winn-Dixie Stores, Inc. has made the initial distribution of its
new common stock to pre-petition unsecured creditors entitled to
receive the stock under Winn-Dixie's Plan of Reorganization.

Winn-Dixie emerged from bankruptcy on Nov. 21, 2006.  The new
common stock currently trades on the NASDAQ Global Market on a
when-issued basis under the symbol WINNV.  The company expects
the stock to begin trading under the symbol "WINN" shortly.
    
Winn-Dixie has selected American Stock Transfer & Trust Co. to
serve as the transfer agent for its new common stock.  American
Stock Transfer & Trust Co. may be reached at:

          American Stock Transfer & Trust Co.
          Operations Center
          6201 15th Avenue, Brooklyn
          NY 11219, USA
          Phone: 888-U-CALL-WD (888-822-5593), Toll-free
                 718-921-8347, World Wide
          
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.  The Honorable Jerry A. Funk
confirmed Winn-Dixie's Joint Plan of Reorganization on
Nov. 9, 2006.  Winn-Dixie emerged from bankruptcy on
Nov. 21, 2006.  (Winn-Dixie Bankruptcy News, Issue No. 61;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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REFCO INC: Chapter 11 Plan Takes Effect
---------------------------------------
sheryl, Dec. 26 /PRNewswire


The Chapter 11 plan of Refco Inc. and certain of its Direct and
Indirect Subsidiaries, including Refco Capital Markets, Ltd.,
and Refco F/X Associates, LLC, became effective.  

The Chapter 11 plan had been confirmed by the U.S. Bankruptcy
Court in New York on Dec. 15.  The effective date of the plan
permits the companies to complete an expeditious orderly wind-up
of their businesses.
    
The Plan, as previously disclosed, is premised on a series of
interdependent settlements and compromises in one of the most
complex bankruptcy cases in history.  Under the terms of 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

           -- Refco Capital Markets' general unsecured creditors
              are expected to receive 37.6 cents on the dollar
              for their claims.

General unsecured creditors at the other Refco companies are
expected to receive between 23 and 37.5 cents on the dollar for
their claims.  Shareholders and certain creditors of the company
will also have the opportunity to participate in recoveries
obtained by both the Litigation Trust and Private Actions Trust,
which will hold certain litigation claims.
    
The effectiveness of the Plan enables Marc S. Kirschner, the
Chapter 11 Trustee of Refco Capital Markets, Ltd., to make
substantial interim distributions to creditors of Refco Capital
Markets by year-end.  The other Refco companies will be wound up
by RJM, LLC, operated by Robert J. Manzo, and assisted by
Capstone Advisory Group, LLC.
    
Refco and 23 of its affiliates filed for bankruptcy protection
with the U.S. Bankruptcy Court for the Southern District of New
York on Oct. 17, 2005.

Based in New York, Refco Inc. (OTC: RFXCQ) --
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 US 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).




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


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


BANCO NACIONAL: Okays BRL300 Mil. Loans for Cheap Laptop Program
----------------------------------------------------------------
sheryl
12/26/2006 01:17:48 PM EST
BNamericas.com

Banco Nacional de Desenvolvimento Economico e Social has
approved BRL300 million in loans to boost Brazil's low cost
laptop program personal computers for All next year, IDG Now!
reports.

According to Business News Americas, the computers for the All
program is the flagship project of the government's digital
inclusion agenda.  It is designed to help people from
socioeconomic class "C" buy up to a million computers at
affordable prices.

BNamericas relates that manufacturers can apply for loans to
make the computers, which cost up to BRL1,400 and use Linux
software.  Meanwhile, retailers can use the money to accumulate
stocks of the computers that help accelerate the purchasing
process.

Some 146,442 personal computers were co-financed under the All
program in the first 11 months of 2006, BNamericas states,
citing Cezar Alvarez, the special adviser to Brazilian President
Luiz Inacio Lula da Silva.

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/--


COMPANHIA SIDERURGICA: Okays Evaluation Report for Plant Assets
---------------------------------------------------------------
sheryl
12/26/2006 08:56:45 AM EST
BNamericas.com

Companhia Siderurgica Nacional said in a filing with Bovespa,
the Sao Paulo stock exchange, that it has ratified an evaluation
report for assets related to cogeneration plant CTE-II.

According to the filing, the evaluation was prepared by
consultancy group CPConsult.  It indicates that CTE-II costs
BRL786 million.  The 238-megwatt project is in Volta Redonda,
Rio Janeiro, where Companhia Siderurgica operates its steel
mill.

Companhia Siderurgica had planned to sell CTE-II and sign a
long-term electricity supply contract.  However, Companhia
Siderurgica's creditors were against the sale, BNamericas
states.

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

                        *    *    *

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: Names Interim Chief Financial Officer
------------------------------------------------------
sheryl(BUSINESS WIRE)
dec 26

Dura Automotive Systems, Inc., reported that David L. Harbert
has been appointed interim vice president and chief financial
officer, effective immediately, pending approval by the United
States Bankruptcy Court for the District of Delaware.  

Mr. Harbert brings extensive turnaround and restructuring
experience as a chief financial officer and will help guide Dura
Automotive through its bankruptcy proceedings.  He succeeds
Keith R. Marchiando, who has served as Dura Automotive's chief
financial officer since March 2005.  Mr. Marchiando will remain
with the company through February 2007 to ensure a smooth
transition.

Larry Denton, chairperson and chief executive officer of Dura
Automotive, said, "I want to thank Keith for his many
contributions to DURA and wish him well on his future endeavors.  
I also welcome David to DURA and look forward to his
contributions.  David's appointment will ensure an orderly
transition until a new CFO (chief financial officer) is named.  
His extensive leadership and financial expertise will help
position the company to emerge from bankruptcy as a stronger,
more competitive organization."

Since 2004, Mr. Harbert has served as a partner with Tatum CFO
Partners LLP, a professional services firm, with expertise in
assisting corporations through financial restructuring
activities.  Before joining Tatum CFO, Mr. Harbert served as
chief financial officer for three Citigroup Venture Capital
Portfolio Companies over a nine-year period.  Those companies
included FastenTech, Paper-Pak Products and Delco Remy
International.  He also previously served as chief financial
officer of Applied Power, Inc., and Tenneco Automotive.

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. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


NET SERVICOS: Regulator Okays Non-Convertible Debenture Issue
-------------------------------------------------------------
sheryl
12/26/2006 02:39:18 PM EST
BNamericas.com

Net Servicos de Comunicacao SA's BRL580-million non-convertible
debenture issue has received the approval of CVM, the securities
regulator in Brazil, Agencia Estado reports.

Business News Americas relates that the debentures mature in
December 2013.  They have a 0.7% yearly interest rate over the
local interbank rate, known as the DI.

According to BNamericas, Net Servicos is investing BRL650
million in increasing its bi-directional network.  The expansion
is expected to be completed by September 2007.

Net Servicos concluded the first part of its purchase of a
controlling stake in Vivax in December.  Banco Bradesco was the
coordinator for the operation, BNamericas states.

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 INC: Appoints Two New Independent Directors to Board
------------------------------------------------------------
sheryl, Dec. 26 /PRNewswire

Novelis Inc. has appointed Patrick J. Monahan and Sheldon
Plener, two new independent directors, to its Board of
Directors.  

The appointments take effect immediately and will continue until
Novelis' annual meeting in 2007.  These appointments bring the
number of board members to 13.

Mr. Monahan is Dean of the Osgoode Hall Law School of York
University, Toronto.  He has been a Professor of Law at Osgoode
Hall Law School since 1982 and was appointed Dean in 2003.  He
is an Affiliated Scholar with Davies Ward Phillips & Vineberg
LLP, providing legal advice and opinions to leading Canadian
corporations and private sector organizations.  He is also a
member of the Board of Governors of the Law Commission of
Ontario.  

Meanwhile, Mr. Plener is a senior partner with the Toronto law
firm of Cassels Brock & Blackwell LLP.  He joined Cassels Brock
& Blackwell in 1978 and became a partner in 1983 in the Business
Law Practice Group.  He is a member of the firm's Executive
Committee and Chair of its Audit Committee, and has been lead
counsel to public and private clients in a broad range of
industries.  He is also a director of Biovail Corp., the largest
publicly traded pharmaceutical company in Canada, and serves as
chairperson of its Risk and Compliance Committee.  Mr. Plener is
an Alternate National Hockey League Governor representing the
Ottawa Senators Hockey Team and is counsel to Ronald McDonald
House Toronto and the Canadian Breast Cancer Foundation.
    
William T. Monahan, chairperson of the Board of Directors and
interim chief executive officer of Novelis, said, "These
gentlemen will be outstanding additions to our Board with their
wide breadth of legal and corporate experience.  They also
provide strong Canadian representation for our Canada-based
company."
    
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.  The company has facilities in
Hongkong, Malaysia, Canada, U.S. and Switzerland, among others.

                       *    *    *

As reported in the Troubled Company Reporter on Sept. 7, 2006,
Moody's Investors Service downgraded Novelis Inc.'s corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2, and senior
unsecured notes to B2 from B1.  Moody's also downgraded Novelis
Corp.'s bank term loan rating to Ba3 from Ba2.


PETROLEO BRASILEIRO: Launching Support & Maintenance Platform
-------------------------------------------------------------
sheryl
12/26/2006 04:00:04 PM EST
BNamericas.com

Petroleo Brasileiro SA, the state-run oil company of Brazil,
said in a statement that it will launch operations of its first
support and maintenance platform or SMU in January 2007.

Petroleo Brasileiro told Business News Americas that the Cidade
de Armacao de Buzios SMU is a semi-submersible platform that
Etesco Millenium constructed and leased for four years.

According to BNamericas, the new SMU will provide support to
operating platforms in Campos basin deepwater fields:

          -- Garoupa,
          -- Pampo, and
          -- Namorado.

Petroleo Brasileiro aims to lengthen the life of the Campos
basin platforms and boost output and safety levels, BNamericas
states.

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

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

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

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

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

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


PETROLEO BRASILEIRO: Signing US$2.4B Ship Building Contracts
------------------------------------------------------------
sheryl
12/26/2006 12:32:43 PM EST
BNamericas.com

A spokesperson of Transpetro -- the transport arm of Petroleo
Brasileiro SA, the state-owned oil firm of Brazil -- told
Business News Americas that the company expects to sign by the
end of March 2007 contracts costing US$2.4 billion for
construction of 26 new ships.

The date for the signing of the contracts will depend on the
agenda of all involved, BNamericas says, citing the
spokesperson.

The spokesperson said that the Brazilian senate has authorized
Transpetro to take on debt of up to BRL5.6 billion for the
project, BNamericas relates.  This is the first time the company
has been allowed to take on loans for specific projects.

According to BNamericas, senate approval was the last legal step
needed for winners of the ship tender, which wrapped up in July
2006.  

The program, which includes 42 ships, is aimed at decreasing
expenses on ship leasing since Petroleo Brasileiro owns 40% of
its 125-ship fleet, BNamericas notes.

BNamericas underscores that no date has been scheduled for the
second stage of the program for the other 16 ships.

Ship construction will take place in local shipyards.  Funding
will be made available from BNDES using resources from the FMM
merchant navy fund, BNamericas states.

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

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

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

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

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

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




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


4711 LIMITED: Deadline for Proofs of Claim Filing Is on Dec. 28
---------------------------------------------------------------
4711 Ltd.'s creditors are required to submit proofs of claim by
Dec. 28, 2006, to the company's liquidator:

          Commerce Corporate Services Ltd.
          P.O. Box 694GT, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 8666
          Fax: 949 0626

Creditors who are not able to comply with the Dec. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

4711 Ltd.'s shareholders agreed on Nov. 15, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ACOS FUND: Shareholders to Gather for Dec. 28 Final Meeting
-----------------------------------------------------------
American Egale Co. Ltd.'s final shareholders meeting will be at
10:00 a.m. on Dec. 28, 2006, at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close, PO Box 31910 SMB
          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 31910 SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 946 7665
          Fax: (345) 946 7666


ACOS MASTER: Shareholders to Gather for Dec. 28 Final Meeting
-------------------------------------------------------------
Acos Arbitrage Master Fund, Ltd.'s final shareholders meeting
will be at 10:30 a.m. on Dec. 28, 2006, at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close, PO Box 31910 SMB
          George Town, Grand Cayman

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 31910 SMB
          Grand Cayman, Cayman Islands


APLOS (MASTER): Shareholders to Gather for Dec. 28 Final Meeting
----------------------------------------------------------------
Aplos (Master Fund)Ltd.'s final shareholders meeting will be at
05:30 p.m. on Dec. 28, 2006, at:

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


APLOS PARTNERS: Shareholders to Gather for Dec. 28 Final Meeting
----------------------------------------------------------------
Aplos Partners (Offshore), Ltd.'s final shareholders meeting
will be at 06:00 p.m. on Dec. 28, 2006, at:

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


AXIOS MV: Shareholders to Gather for Dec. 28 Final Meeting
----------------------------------------------------------
Axios MV CDO, Ltd.'s final shareholders meeting will be on Dec.
28, 2006, at:

          Maples Finance Limited
          Queensgate House, 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:

          Jan Neveril
          Maples Finance Ltd.
          P.O. Box 1093GT, George Town
          Grand Cayman, Cayman Islands


AXA US: Deadline for Proofs of Claim Filing Is Set for Dec. 28
--------------------------------------------------------------
Axa US Growth Fund, LLC's creditors are required to submit
proofs of claim by Dec. 28, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Axa US's shareholders agreed on Nov. 13, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


BANTS ONE: Shareholders to Gather for Dec. 28 Final Meeting
-----------------------------------------------------------
Bants One Ltd.'s final shareholders meeting will be on Dec. 28,
2006, at:

          Maples Finance Limited,
          Queensgate House, 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:

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

          
BLACK DIAMOND: Shareholders to Gather for Dec. 28 Final Meeting
----------------------------------------------------------------
Black Diamond CLO 1998-1 Ltd.'s final shareholders meeting will
be on Dec. 28, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Simon Wetherell
          P.O. Box 1984GT
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8244
          Fax: (345) 949 5223


BLUEGILL CDO: Shareholders to Gather for Dec. 28 Final Meeting
--------------------------------------------------------------
Bluegill CDO Ltd.'s final shareholders meeting will be on Dec.
28, 2006, at:

          Maples Finance Limited
          Queensgate House, 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:

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


BST COMPANY: Shareholders to Gather for Dec. 28 Final Meeting
-------------------------------------------------------------
BST Company Ltd.'s final shareholders meeting will be on
Dec. 28, 2006, at:

          Maples Finance Limited
          Queensgate House, 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:

          JAN NEVERIL
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


CBO HOLDINGS: Shareholders to Gather for Dec. 28 Final Meeting
--------------------------------------------------------------
CBO Holdings II Ltd.'s final shareholders meeting will be on
Dec. 28, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Simon Wetherell
          P.O. Box 1984GT
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8244
          Fax: (345) 949 5223


CLINTON FUND: Shareholders to Gather for Dec. 28 Final Meeting
--------------------------------------------------------------
Clinton Riverside Convertible Fund Ltd.'s final shareholders
meeting will be at 4:30 a.m. on Dec. 28, 2006, at:

          Ansbacher House, 2ndFloor
          #20 Genesis Close, PO Box 31910 SMB
          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 31910 SMB
          Grand Cayman, Cayman Islands

          
CLINTON GLOBAL: Shareholders to Gather for Dec. 28 Final Meeting
----------------------------------------------------------------
Clinton Global Fixed Income Funde, Ltd's final shareholders
meeting will be at 08:00 a.m. on Dec. 28, 2006, at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close, PO Box 31910 SMB
          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 31910 SMB
          Grand Cayman, Cayman Islands


CLINTON INVESTMENT: Shareholders' Final Meeting Is on Dec. 28
-------------------------------------------------------------
Clinton Global Investment Fund, Ltd.'s final shareholders
meeting will be at 1:00 p.m. on Dec. 28, 2006, at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close, PO Box 31910 SMB
          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 31910 SMB
          Grand Cayman, Cayman Islands
                    Tel: (345) 946 7665
          Fax: (345) 946 7666


CLINTON LTD: Shareholders to Gather for Dec. 28 Final Meeting
-------------------------------------------------------------
Clinton Global Investment Master Fund, Ltd.'s final shareholders
meeting will be at 1:30 a.m. on Dec. 28, 2006, at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close, PO Box 31910 SMB
          George Town, Grand Cayman, Cayaman 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 31910 SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 946 7665
          Fax: (345) 946 7666


CLINTON MASTER: Shareholders to Gather for Dec. 28 Final Meeting
----------------------------------------------------------------
Clinton Global Fixed Income Master Fund, Ltd's final
shareholders meeting will be at 8:30 a.m. on Dec. 28, 2006, at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close, PO Box 31910 SMB
          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 31910 SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 946 7665
          Fax: (345) 946 7666


CLINTON PORTFOLIO: Shareholders' Final Meeting Is On Dec. 28
------------------------------------------------------------
Clinton Riverside Convertible Portfolio Ltd.'s final
shareholders meeting will be at 05:00 p.m. on Dec. 28, 2006, at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close, PO Box 31910 SMB
          George Town, Grand Cayman,

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 31910 SMB, Grand Cayman
                    Tel: (345) 946 7665
          Fax: (345) 946 7666


CONSTELLATION (CAYMAN): Shareholders' Final Meeting Is Dec. 28
--------------------------------------------------------------
Constellation (Cayman), Ltd.'s final shareholders meeting will
be on Dec. 28, 2006, at:

          Maples Finance Limited
          Queensgate House, 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:

          Jan Nerevil
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


CORKE PARK: Shareholders to Gather for Dec. 28 Final Meeting
------------------------------------------------------------
Corke Park Funding Ltd.'s final shareholders meeting will be at
10:00 a.m. on Dec. 28, 2006, at:

          Maples Finance Limited
          Queensgate House, 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:

          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


CUSTOM HOUSE: Shareholders to Gather for Dec. 28 Final Meeting
--------------------------------------------------------------
Custom House Funding, Ltd.'s final shareholders meeting will be
on Dec. 28, 2006, at:

          Maples Finance Limited
          Queensgate House, 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:

          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


EASTERN INVESTMENTS: Proofs of Claim Filing Is Set Until Dec. 28
----------------------------------------------------------------
Eastern Investments (Cayman) Ltd.'s creditors are required to
submit proofs of claim by Dec. 28, 2006, to the company's
liquidators:

          Commerce Corporate Services Ltd.
          P.O. Box 694GT, Grand Cayman
          Cayman Islands
          Tel: 949 8666
          Fax: 949 0626

Creditors who are not able to comply with the Dec. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Eastern Investment's shareholders agreed on Nov. 15, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


EPIC EUROPEAN: Shareholders Gathering for Dec. 28 Final Meeting
---------------------------------------------------------------
Epic European Fund Inc.'s final shareholders meeting will be at
10:00 a.m. on Dec. 28, 2006, at the registered office of the
company.

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:

          Q & H NOMINEES LTD.
          Attn: Greg Link
          P.O. Box 1348, George Town
          Grand Cayman, Cayman Islands.
          Tel: 949 4123
          Fax: 949 4647


GANNET II: Deadline for Proofs of Claim Filing Is Set On Dec. 28
----------------------------------------------------------------
Gannet II Funding Corp.'s creditors are required to submit
proofs of claim by Dec. 28, 2006, to the company's liquidators:

          STEVEN O'CONNOR
          EMILE SMALL
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


Creditors who are not able to comply with the Dec. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Gannet II's shareholders agreed on Nov. 14, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


GRACIE (C): Shareholders to Gather for Dec. 28 Final Meeting
-----------------------------------------------------------
American Egale Co. Ltd.'s final shareholders meeting will be at
10:00 a.m. on Dec. 28, 2006, at:

          3rd Floor, Par-la-Ville Place
          14 Par-la-Ville Road, Hamilton, Bermuda

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:

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


GRACIE (J): Shareholders to Gather for Dec. 28's Final Meeting
--------------------------------------------------------------
American Egale Co. Ltd.'s final shareholders meeting will be on
Dec. 28, 2006, at:

          3rd Floor, Par-la-Ville Place
          14 Par-la-Ville Road, Hamilton, Bermuda

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:

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

GRACIE (T): Shareholders to Gather for Dec. 28 Final Meeting
------------------------------------------------------------
Gracie Capital Ltd.'s final shareholders meeting will be at
10:00 a.m. on Dec. 28, 2006, at:

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:

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


GREAT POINT: Shareholders to Gather for Dec. 28 Final Meeting
----------------------------------------------------------------
Great Point CBO 1998-1 Ltd.'s final shareholders meeting will be
on Dec. 28, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Simon Wetherell
          P.O. Box 1984GT, Grand Cayman
          Tel: (345) 949 8244
          Fax: (345) 949 5223


HUTCHISON(00/03): Shareholders' final Meeting Is on December 28
---------------------------------------------------------------
Hutchison Whampoa Finance (00/03) Ltd.'s final shareholders
meeting will be at 10:00 a.m. on Dec. 28, 2006.

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:

          Mr. Ying Hing Chiu
          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong


HUTCHISON(99/02): Shareholders' Final Meeting Is on December 28
---------------------------------------------------------------
Hutchison Whampoa Finance (99/02) Ltd.'s final shareholders
meeting will be at 09:30 a.m. on Dec. 28, 2006, at:

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:

          Mr. Ying Hing Chiu
          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong


JIAN KANG: Shareholders to Gather for Dec. 28's Final Meeting
-------------------------------------------------------------
Jian Kang Ltd.'s final shareholders meeting will be at 09:00
a.m. on Dec. 28, 2006, at:

          CLSA, 18/F 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:

          Josephine Price
          c/o M&C Corporate Services Limited
          P.O. Box 309GT, George Town
          Grand Cayman, Cayman Islands

          
JUPITER FINANCE: Sets Final Shareholders Meeting for Dec. 28
------------------------------------------------------------
Jupiter Finance Corp. Ltd.'s final shareholders meeting will be
on Dec. 28, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Simon Wetherell
          P.O. Box 198GT
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8244
          Fax: (345) 949 5223


PT CO: Deadline for Proofs of Claim Filing Is on December 28
------------------------------------------------------------
PT Co. Ltd.'s creditors are required to submit proofs of claim
by Dec. 28, 2006, to the company's liquidators:

          Commerce Corporate Services Ltd.
          P.O. Box 694GT, Grand Cayman
          Cayman Islands
          Tel: 949 8666
          Fax: 949 0626

Creditors who are not able to comply with the Dec. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

PT. Company's shareholders agreed on Nov. 15, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


TRABUCO CDO: Deadline for Proofs of Claim Filing Is On Dec. 28
--------------------------------------------------------------
Trabuco CDO Ltd.'s creditors are required to submit proofs of
claim by Dec. 28, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Trabuco CDO's shareholders agreed on Nov. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


TURKISH SOVEREIGN: Shareholders' Final Meeting Is Set on Dec. 28
----------------------------------------------------------------
Turkish Sovereign Repackaged Notes Ltd.'s final shareholders on
Dec. 28, 2006, at:
           
          Deutsche Bank (Cayman) Limited
          Elizabethan Square, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Simon Wetherell
          P.O. Box 1984GT, Grand Cayman
          KY1-1104 Cayman Islands
          Tel: (345) 949 8244
          Fax: (345) 949 5223




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


CLAXSON INTERACTIVE: Posts US$20.7MM Third Quarter 2006 Revenue
---------------------------------------------------------------
sheryl(BUSINESS WIRE)pinksheets
dec 26

Claxson Interactive Group Inc.'s net revenue decreased 1% to
US$20.7 million in the third quarter of 2006, compared with the
US$20.8 million net revenue in the third quarter of 2005.

Claxson Interactive has released its financial results for the
three and nine-month periods ending Sept. 30, 2006.

Operating expense for the three months ending Sept. 30, 2006,
increased 6% to US$16.7 million, from the US$15.8 million for
the third quarter of 2005.  Operating income was US$4.0 million
for the three-month period ending Sept. 30, 2006, compared with
US$5.0 million for the three-month period ending Sept. 30, 2005.  
Foreign currency exchange loss for the three-month periods
ending Sept. 30, 2005, and 2006 was US$0.8 million.  Net income
from continuing operations for the three months ending Sept. 30,
2006, was US$2.8 million, compared with US$3.1 million for the
same period in 2005.  Net income for the three months ending
Sept. 30, 2006, was US$2.4 million, compared with US$3.2 million
for the same period in 2005.

During the third quarter of 2006, the average exchange rate of
the Argentine and Chilean currencies compared to the US dollar
depreciated 6% and appreciated 3%, respectively, versus the same
period in 2005.

Claxson Interactive's net revenue for the nine-month period
ending Sept. 30, 2006, grew 4% to US$59.2 million, compared with
US$56.8 million for the same period in 2005.  Operating expense
for the nine-month period ending Sept. 30, 2006, rose 4% to
US$46.6 million, compared with US$44.9 million in the same
period of 2005.  Operating income was US$12.6 million for the
nine-month period ending Sept. 30, 2006, compared with US$11.9
million for the same period in 2005.  Foreign currency exchange
loss for the nine-month period ending Sept. 30, 2006, was US$1.2
million, a US$1.6 million difference compared with the US$0.4
million foreign currency exchange gain for the same period of
2005.  Net income from continuing operations for the nine-month
period ending Sept. 30, 2006, was US$9.2 million, versus US$8.7
million for the same period in 2005.  Net income for the nine-
month period ending Sept. 30, 2006, was US$8.3 million versus
US$6.1 million  for the same period in 2005.

During the nine-month period ending Sept. 30, 2006, the average
exchange rate of the Chilean currency compared to the US dollar
appreciated 8%, while the Argentine currency depreciated 6%
versus the same period in 2005.

Roberto Vivo, chief executive officer and chairperson of Claxson
Interactive, said, "We are very pleased with the overall results
of the first nine months of 2006.  In our Pay TV division we
have been able to increase subscribers to offset the price
reduction with one of our most important clients, and to
increase advertising revenues to continue growing the business.  
In addition, as we announced recently, we reached an agreement
with Turner to sell the majority of our Pay TV division, and we
will focus on growing our remaining assets together with them."

Net revenue for the third quarter of 2006 increased 2% to
US$15.2 million, from net revenue of US$14.9 million for the
third quarter of 2005.  The increase in net revenue is
principally attributable to an increase in advertising sales,
partially offset by lower subscriber-based fees as a result of
the new agreement with DirecTV.  Net revenue for the nine-month
period ending Sept. 30, 2006, was US$43.1 million, compared with
US$41.1 million for the same period of 2005.  The increase in
net revenue is principally attributable to an increase in
advertising sales and to a lesser extent to advertising and
content and production services sold to third parties.

Operating expense (before depreciation and amortization) for the
third quarter of 2006 was US$11.2 million, compared with US$10.0
million for the same period in 2005.  The increase is
principally attributable to higher selling expenses as a result
of higher costs of new sales and increased provision for
uncollectible accounts receivable.  Operating expense (before
depreciation and amortization) for the nine-month period ending
Sept. 30, 2006, was US$30.3 million, compared with US$29.2
million for the same period of 2005 primarily as a result of
higher selling expenses.

Operating income for the third quarter of 2006 was US$3.6
million, compared with operating income of US$4.2 million for
the same period in 2005.  Operating income for the nine-month
period ending Sept. 30, 2006, was US$11.6 million, compared with
US$10.3 million for the same period of 2005.

As of Sept. 30, 2006, Claxson Interactive's owned basic and
premium channels increased 20% to 60 million aggregate
subscribers, compared with its subscriber base as of
Sept. 30, 2005.  Infinito, FTV and HTV were Claxson
Interactive's channels that reported the strongest growth
compared to the same period in 2005.

Net revenue for the third quarter of 2006 decreased 11% to
US$5.2 million, from net revenue of US$5.9 million for the third
quarter of 2005.  The decrease is primarily attributable to
lower overall advertising spending in 2006 as 2005 was an
election year.  Net revenue for the nine-month period ending
Sept. 30, 2006, was US$15.5 million, compared with US$15.4
million for the same period of 2005.  The increase is primarily
attributable to an 8% appreciation of the Chilean peso partially
offset by lower revenue in local currency.

Operating expense (before depreciation and amortization) for the
third quarter of 2006 was US$3.3 million, compared with US$3.3
million for the same period in 2005.  The decrease in local
currency costs in the third quarter was offset by the
appreciation of the Chilean Peso.  Operating expense (before
depreciation and amortization) for the nine-month period ending
Sept. 30, 2006, was US$9.5 million, compared with US$9.0 million
for the same period of 2005.  The increase is primarily
attributable to the appreciation of the Chilean Peso, partially
offset by lower costs in local currency.

Operating income for the third quarter of 2006 was US$1.5
million, compared with US$2.1 million for the same period in
2005.  Operating income for the nine-month period ending
Sept. 30, 2006, was US$4.7 million, compared with US$5.0 million
for the same period of 2005.

IberoAmerican Radio Chile's average audience share in the three
and nine-month period ending Sept. 30, 2006, was 36.7% and
38.1%, compared with 38.0% and 38.3%, respectively, for the same
periods of 2005.

As a result of the expiration of Claxson Interactive's option to
acquire the license to operate the Sarandi radios in Uruguay in
September 2006 (the company had been leasing concessions to
operate the radios), the company evaluated its prospects in this
market and eventually decided to discontinue the operation as
the advertising market had not rebounded after the 2002 crisis.  
On Nov. 17, 2006, Claxson Interactive sold its Sarandi operation
to local management in exchange of the assumption of
liabilities.  Given that the decision to sell this operation was
made before Sept. 30, 2006, in accordance with applicable
accounting principles, the operations of Sarandi were reflected
as discontinued operations in the statement of operations of
Claxson Interactive until the time of their sale.

Net revenue for the third quarter of 2006 was US$168,000,
compared with US$11,000 for the third quarter of 2005.  Net
revenue for the nine-month period ending Sept. 30, 2006, was
US$394,000, compared with US$71,000.  Net revenue increase is a
result of the launch of services for new clients.

Operating expense (before depreciation and amortization) for the
third quarter of 2006 was US$0.5 million, compared with US$0.3
million for the same period in 2005.  Operating expense (before
depreciation and amortization) for the nine-month period ending
Sept. 30, 2006, was US$1.1 million, compared with US$0.6 million
for the same period of 2005.

Operating loss for the third quarter of 2006 was US$0.4 million,
compared with a US$0.3-million loss for the same period in 2005.  
Operating loss for the nine-month period ending Sept. 30, 2006,
was US$0.7 million, compared with US$0.5 million for the same
period of 2005.

As of Sept. 30, 2006, Claxson Interactive had cash and cash
equivalents of US$22.8 million and US$60.1 million in principal
and accrued but unpaid interest of financial debt.  Future
interest payments on the company's 8.75% Senior Notes due in
2010, totaling US$9.4 million as of Sept. 30, 2006, are recorded
as debt.

For the nine-month period ended Sept. 30, 2006, Claxson
Interactive's operating activities generated cash flows of
US$8.6 million, compared with US$11.5 million for the same
period of 2005.  The difference is primarily due to increased
investment in working capital during 2006 as a result of the
increase in accounts receivable and the decrease in accounts
payable when compared to the same period of 2005.  Cash
generated from operating activities was used for the payment of
debt obligations and for capital expenditures.

Upon the anticipated closing of the pay television and the radio
transactions in 2007, Claxson Interactive expects to use the
proceeds of the sales, net of transaction expenses and related
escrowed amounts, to repay debt, including the company's senior
notes due 2010.  Claxson Interactive intends to commence a
process to analyze strategic alternatives with respect to its
remaining assets, and may consider taking the company private.

As previously reported, Claxson Interactive reached an agreement
with Turner Broadcasting System, Inc. for the sale of seven pay
television networks for US$235 million.  The company will
continue to operate the Playboy TV Latin America joint venture,
and Turner will assume sales representation and related support
services for the PTVLA networks.  The agreement is subject to
anti-trust approvals and is expected to close before the end of
the third quarter of 2007.  In addition to the PTVLA joint
venture, Claxson Interactive's pay TV division will continue to
operate its Miami technical service operations and will continue
to hold its interests in Digital Latin America and DMX Music
Latin America.

On Dec. 22, 2006, Claxson Interactive signed an agreement with
affiliates of the Spanish media group Grupo Prisa for the sale
of its radio operations in Chile, consisting of eight radio
networks, for US$75 million minus the financial debt of Radio
Chile at the time of the closing.  The closing of the
transaction is subject to regulatory anti-trust approvals in
Chile, which is estimated to occur in a period not to exceed
fifteen months.

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.




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ECOPETROL: Accepting Proposals for Barrancabermeja Plant Upgrade
----------------------------------------------------------------
sheryl
12/26/2006 11:55:56 AM EST
BNamericas.com

Ecopetrol, the state oil firm of Colombia, will accept through
Jan. 25, 2007, proposals to study options for the modernization
of its Barrancabermeja plant, Business News Americas reports,
citing the US Trade & Development Agency or TDA.

According to BNamericas, the study will help develop an
integrated master plan for the upgrade of the plant's
operations.

TDA told BNamericas that the master plan will address options
like:

          -- hydrocracking,

          -- fuel oil conversion,

          -- modernization of the solvent de-asphalting unit,
             and

          -- feasibility of installing a vacuum bottom delayed
             coker plant.

TDA will help fund the study.  TDA predicts US exports of up to
US$560 million should the plan advance, BNamericas states.

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

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


ECOPETROL: Drilling 90 Wells at La Cira with Occidental Andina
--------------------------------------------------------------
sheryl
12/26/2006 09:16:08 AM EST
BNamericas.com

Ecopetrol, the state-run oil firm of Colombia, will collaborate
with Occidental Andina, a unit of US firm Occidental Petroleum,
to drill 90 new wells at the La Cira Infantas field in the
Santander department next year, Business News Americas reports.

According to BNamericas, La Cira Infantas was discovered in the
early 1900s.  Its maximum output was close to 60,000 barrels per
day in the 1940s.  Current output is 8,000 barrels per day.

Ecopetrol said in a statement that the new wells are part of a
third phase that also includes 150 workovers.

"This year we drilled 30 wells and more than 240 workovers. The
positive results allowed us to take the decision together with
Occidental to begin the third phase," Roberto Diaz Coral, an
Ecopetrol executive, told BNamericas.

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

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol 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.




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BRITISH WEST: New Airline Promises Links to World Centers Go on
---------------------------------------------------------------
from Guyana chronicle online
dec 22

"Caribbean Airlines (which will take the place of British West
Indies Airlines aka BWIA next year) will ensure that the vital
connections to world centers continue to reflect the increasing
commercial and industrial importance of Trinidad and Tobago
whilst recognizing the essential responsibilities of trade and
community within the region" the Guyana Chronicle Online
reports, citing Peter Davies, the new airline's chief executive
officer.

The Guyana Chronicle relates that Caribbean Airlines is
promising that its Jan. 1 launch will start an exciting phase in
air travel and aviation history in Trinidad and Tobago and the
Caribbean region.

Caribbean Airlines said in a press release that it will be based
at Piarco, the international airport of Trinidad, and will
provide regional air transport between Trinidad and Tobago and
these destinations:

          -- Barbados,
          -- Antigua,
          -- St. Maarten,
          -- St. Lucia,
          -- Jamaica,
          -- Suriname,
          -- Guyana,
          -- Miami,
          -- New York,
          -- Toronto, and
          -- London.

Mr. Davies commented to the Guyana Chronicle, "The schedule was
designed after a thorough review of each route.  Those markets
with a proven potential for profitability are serviced in a
streamlined, efficient schedule which is focused on service to
key destinations; excellent customer service and improved on
time performance."

Caribbean Airlines told the Guyana Chronicle that its frequent
flyer program Caribbean Miles and its membership club, Club
Caribbean, will offer many benefits to passengers.  It will also
guarantee that clients can redeem the value of their BWIA
frequent flyer miles and the privileges of Club BWee, in the new
programs.

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

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

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




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GRUPO IUSACELL: Conciliator Presents Creditors' Agreement
---------------------------------------------------------
sheryl, Dec. 26 /PRNewswire

Grupo Iusacell, SA de CV, reported that Enrique Estrella
Menendez, the conciliator designated in connection with the
firm's concurso mercantil proceeding pending in Mexico,
presented to the company's recognized creditors the creditors'
agreement setting forth the terms and conditions of the
restructuring of its outstanding indebtedness.  

The provision to recognized creditors of the creditors'
agreement opens a period of comment until 7:00 p.m. (Central
Standard Time) on Jan. 8, 2007, before Mr. Menendez presents the
creditors' agreement to the judge.  The conciliator also
provided notice of a fairness hearing open to all recognized
creditors.
    
Recognized creditors of Iusacell (including holders of any
14.25%
Senior Notes due 2006 of Iusacell or the Existing Notes) may
request further information on the hearing (including a copy of
the creditors' agreement) from:

           Enrique Estrella Menendez
           Calle Etla No. 19
           Colonia Hipodromo Condesa
           Mexico, D.F., 06100 or concurso-
           E-mail: iusa@hotmail.com.

The creditors' agreement has already received the support of
more than 90% of the holders of the Existing Notes of Iusacell
and its presentment by Mr. Menedez to recognized creditors is
one of the final steps in what Iusacell hopes to be the
successful conclusion of its concurso mercantil proceeding.




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DRINKS AMERICAS: Posts US$2.2 Mil. Second Quarter 2007 Revenue
--------------------------------------------------------------
sheryl (MARKET WIRE) -- December 22, 2006

Drinks Americas Holdings, Ltd.'s revenue for the second quarter
of fiscal year 2007 increased 330% to US$2.2 million, from
US$0.5 million in the same period of the prior year.

Drinks Americas reported results for the second quarter ending
Oct. 31, 2006.  The period includes the first one-month sales on
the eastern seaboard of Trump Super Premium Vodka.  It is the
company's expectation that the brand will be available
nationally by the beginning of 2007.

Revenue increased in the first half of the year by 210% to
US$2.6 million from US$0.8 million in the same period of last
year.  The increase in sales was principally the incremental
revenue gained as a result of the Trump Super Premium Vodka,
which was launched in early October.

Patrick Kenny, president and chief executive officer of Drinks
Americas Holdings, stated, "Sales and sell through of Trump
Super Premium Vodka continue to exceed our expectations.  Based
on feedback from our distributors, our goal is to ship roughly
150,000 cases of Trump Super Premium Vodka over the first 12-
months through the holiday October/November period of calendar
2007.  We believe the Trump Super Premium Vodka brand, along
with our Paul Newman sparkling fruit juices and flavored waters,
Willie Nelson's Old Whiskey River Bourbon and the relaunch of
Rheingold Beer in near term will all be an important
contribution to our sales growth in the coming year.  We also
continue to make progress in introducing our premium wine
offerings."

Headquarted in Wilton, Connecticut, Drinks Americas Holdings,
Ltd., -- http://www.drinksamericas.com/ -- develops, owns,   
markets, and nationally distributes alcoholic and non-alcoholic
premium beverages that are often associated with renowned icon
celebrities.  Drinks' portfolio of premium alcoholic beverages
includes Donald Trump's Trump Super Premium Vodka (Spring 2006),
Willie Nelson's Old Whiskey River Bourbon and Bourbon Cream, and
Roy Yamaguchi's Y Sake. Drinks non-alcoholic brands include the
distribution of Paul Newman's Newman's Own Lightly Sparkling
Fruit Juice Drinks.

Other products owned and distributed by Drinks Americas include:

          -- Damiana, the Mexican liqueur
          -- Aguila Tequila,
          -- Cohete Rum Guarana from Panama,
          -- Swiss T, and
          -- Rheingold Beer.

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2006, Bernstein & Pinchuk LLP expressed doubt about
Drinks Americas Holdings, Ltd.'s ability to continue as a going
concern after auditing the Company's 2006 financial statements.  
The auditing firm pointed to the Company's significant losses
from operations since its inception and has a working capital
deficiency at April 30, 2006.

For the fiscal year ended April 30, 2006, the Company incurred a
US$4,391,017 net loss on US$1,607,606 of net revenues compared
to a US$4,327,698 net loss on US$2,071,566 of net revenues in
2005.

At April 30, 2006, the Company's balance sheet showed US$2.6
million in total assets and US$7.1 million in total liabilities,
resulting in a US$4.5 million stockholders' deficit.

The Company's April 30 balance sheet also showed strained
liquidity with US$1.4 million in total current assets available
to pay US$7.0 million in total current liabilities coming due
within the next 12 months.

A full-text copy of the Company's Annual Report is available for
free at http://researcharchives.com/t/s?11c6


IAP WORLDWIDE: Serving as Subcontractor to CACI International
------------------------------------------------------------
sheryl, Dec. 22 /PRNewswire/

IAP Worldwide Services, Inc. will serve as subcontractor to CACI
International Inc as part of the U.S. Army's Force
Infrastructure Readiness Support Team (FIRST).  

FIRST is a multiple award indefinite delivery, indefinite
quantity contract with a total anticipated value of US$9 billion
over five years to provide logistics support under the command
of the U.S. Army Contracting Agency Southern Region at Fort
McPherson, Ga.

said Al Neffgen, IAP Worldwide's chief executive officer, said,
"IAP is proud to have the opportunity to partner with CACI on
FIRST.  FIRST requires project discipline and understanding of
the Army's mission in a complex and changing environment to
provide services in a disciplined and responsible fashion.  IAP
has a strong record of success providing logistical support for
the Army and the warfighter, and we look forward to building on
that success."
    
IAP Worldwide will have the opportunity to provide a range of
base operations and field-level support services.  With more
than 50 years of experience, the company has a wide range of
capabilities in maintaining, managing and operating military
installations, civilian facilities and government research
laboratories.
    
                 About CACI International

CACI International Inc provides the integrated solutions needed
to prevail in today's new era of defense, intelligence and e-
government.  CACI International's solutions lead the
transformation of defense and intelligence, assure homeland
security, enhance decision-making and help government to work
smarter, faster and more responsively.  A member of the Russell
1000 and S&P SmallCap 600 indices, CACI provides dynamic careers
for approximately 10,200 employees working in over 130 offices
in the US and Europe.  

                   About IAP Worldwide

IAP Worldwide Services, Inc. -- http://www.iapws.com/-- is a   
premier government contractor providing a broad spectrum of
services focused on global mission support for the federal
market. The company specializes in three top-tier lines of
business: contingency, logistics and procurement support;
facility maintenance/base operations; and technical services.  
With Corporate Operations headquartered in Cape Canaveral, FL,
IAP also has corporate offices in Irmo, S.C.; Panama City, FL;
and Washington, D.C.; and project sites in over 50 locations
worldwide, including Bangkok, Thailand.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2006, Standard & Poor's Rating Services lowered the
ratings on Cape Canaveral, Florida-based IAP Worldwide Services
Inc. including its corporate credit rating to 'B' from 'B+'.  
The outlook is stable.


* PANAMA: Regulator Cancels Requests for 4 Hydro Projects
---------------------------------------------------------
sheryl
12/26/2006 11:55:43 AM EST
BNamericas.com

Asep, the public services regulator of Panama, said in a
statement that it has cancelled requests to construct four hydro
generation projects that total 15 megawatts in capacity.

Business News Americas relates that Asep declined Atlantic
Generating's request to develop the 12-megawatt Bocalatun hydro
project, as well as Hidronorth's request for three projects that
total 3 megawatts.

Asep told BNamericas that it cancelled the requests after the
firms failed to present project timetables.

Bocalatun would have used water from the Macho de Monte and
Piedra rivers in Chiriqui province.  Hidronorth's El Amanecer,
El Jobo and El Chorrito plants would have used water from the
Mulaba, San Juan and Barrero Grande rivers respectively,
BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.  
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  The Rating Outlook is Stable.




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PHELPS DODGE: Cerro Verde Completes Grinding Lines Construction
---------------------------------------------------------------
sheryl
12/26/2006 04:00:16 PM EST
BNamericas.com
Peru

Cerro Verde, which is controlled by Phelps Dodge, said in a
filing with the Lima stock exchange that it has concluded the
construction of four grinding lines of its new concentrator.

Cerro Verde said in a statement that it is finalizing the pre-
operational tests of the production circuit with concentrate.

According to Business News Americas, the 108,000-ton per day
concentrator will triple copper output at Cerro Verde to 300,000
short tons yearly and add molybdenum production of up to 8
million pounds per year once ramped up to capacity, which is
scheduled next year.

BNamericas underscores that the sulfide deposit, which lies
underneath the oxides currently leached and processed in SX-EW
facilities, will extend the mine life until 2033 from 2014.

The report says that credit rating agency Apoyo & Asociados has
given its AAA (pe) classification to Cerro Verde's first issue
for US$90 million of a US$250-million bond program.  The rating
is based on Cerro Verde's capacity to generate cash flow, an
adequate level of capitalization to finance the sulfide
expansion project and the solid financial support of its main
shareholders Phelps Dodge, Sumitomo and Buenaventura.

About 51% of the US$850-million investment to construct the
concentrator was financed in May 2005 through the issuing of
shares, boosting Sumitomo and Buenaventura's participation in
Cerro Verde, BNamericas states.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has mining operations in Chile, Peru, Colombia,
Venezuela and Ecuador, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.




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HILTON HOTELS: Premium Club to be Launched in Newest Hotel
----------------------------------------------------------
sheryl(MARKET WIRE) -- December 26, 2006

Hospitality Marketing Concepts aka HMC, the leading solution
provider of loyalty membership programs, will be launching the
Hilton Premium Club at Hilton Hefei, Hilton Hotels' newest unit
in Hefei, China.

The 26-storey Hilton Hefei is a brand-new, 561-room hotel
scheduled to open in February 2007.  With seven contemporary
food and beverage outlets, and recreational amenities like a
swimming pool, health club and spa, the Hilton Hefei will join
the Hilton Premium Club network with excellent offerings for the
general membership.

The Hilton Premium Club is a first-class membership club,
offering recognition and benefits at select participating Hilton
Hotels throughout Asia.  Members will enjoy a variety of special
member-only benefits and privileges designed to reward and
recognize valued Hilton guests.  The 12-month membership also
provides the member with unlimited complimentary dining at any
of the participating hotel restaurants when accompanied by one
or more paying guests.

Luc Bollen, general manager of the Hilton Hefei, said, "Hefei is
a thriving industrial center for Anhui and plays host to savvy
business travelers, who expect first-rate services.  The team at
Hilton Hefei is excited by the opportunity to cooperate with
HMC, and also believe that we can create memorable hospitality
experiences in future."

"We are very excited to partner with Hilton Hotels in launching
this brand new property together.  HMC's turnkey solutions are
especially valuable to opening properties, when human resources
are already stretched and first impression to the marketplace is
particularly important.  HMC will work closely with the Hilton
Hefei on launch efforts to yield maximize impact and achieve
quick return on investment," Stuart McAusland, HMC's vice
president and general manager for Asia Pacific, stated.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, India, Indonesia,
Trinidad and Tobago, Philippines and Vietnam.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the gaming, lodging and leisure sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%




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FOSTER WHEELER: Seniat Shuts Down Firm's Offices for Two Days
-------------------------------------------------------------
21 Dec 06 10:30
nyse
Sheryl (Dow Jones)

Seniat, the tax authority in Venezuela, said in a statement that
it has closed down the offices of Foster Wheeler Ltd. in the
country for two days after failing to comply with tax
regulations in 2004.

Foster Wheeler has 15 days to pay a US$2,258 fine, Dow Jones
Newswire reports, citing Seniat.

According to Dow Jones, Foster Wheeler provides industrial and
oil services in Venezuela.

Dow Jones underscores that Venezuela has been auditing local and
foreign firms for tax irregularities over the past three years
under a "Zero Evasion" program, which has helped increase tax
returns.

Seniat will increase tax audits next year, including fines for
landowners with unproductive properties, the report says.  The
tax authority hopes to improve domestic agricultural production
by fining the owners of fallow farmlands.  

However, the heavy-handed measures will scare off investment,
Dow Jones states, citing critics.

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

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
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.


PETROLEOS DE VENEZUELA: Enters Joint Venture with Irani Sadra
-------------------------------------------------------------
sheryl
12/26/2006 09:21:16 AM EST
BNamericas.com

CVP -- a unit of Petroleos de Venezuela SA, the state oil
company of Venezuela -- has formed an exploration and production
joint venture with Irani Sadra America Latina, an Iranian firm,
Business News Americas reports.

The joint venture will be called Venezirian Oil Co., BNamericas
says, citing Petroleos de Venezuela.

Eulogio Del Pino, president of CVP, said in a statement, "[Our]
Iranian partners have vast experience in offshore oil
development and this alliance will provide our country with high
technological know-how."

According to a Petroleos de Venezuela statement, Venezirian Oil
will be headquartered in Caracas, Venezuela.  It will accelerate
the installation and operational startup of new gas
developments, the majority of which are offshore.  It will
construct semi-submersible and self-raising platform components,
which will be assembled in Venezuela.

Meanwhile, PDV Marina -- Petroleos e Venezuela's sea transport
unit -- signed a contract with Iran Marine Industrial Co. aka
Sadra to buy four 105,000-ton crude oil tankers, BNamericas
states.

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

                        *    *    *

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


* VENEZUELA: Seniat Shuts Down Foster Wheeler Offices
-----------------------------------------------------
21 Dec 06 10:30
nyse
Sheryl (Dow Jones)

Seniat, the tax authority in Venezuela, said in a statement that
it has closed down the offices of Foster Wheeler Ltd. in the
country for two days after failing to comply with tax
regulations in 2004.

Foster Wheeler has 15 days to pay a US$2,258 fine, Dow Jones
Newswire reports, citing Seniat.

According to Dow Jones, Foster Wheeler provides industrial and
oil services in Venezuela.

Dow Jones underscores that Venezuela has been auditing local and
foreign firms for tax irregularities over the past three years
under a "Zero Evasion" program, which has helped increase tax
returns.

Seniat will increase tax audits next year, including fines for
landowners with unproductive properties, the report says.  The
tax authority hopes to improve domestic agricultural production
by fining the owners of fallow farmlands.  

However, the heavy-handed measures will scare off investment,
Dow Jones states, citing critics.

                  About Foster Wheeler

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the outlook on the
ratings remains stable.





                            ***********


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
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