TCRLA_Public/070102.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

          Tuesday, January 2, 2007, Vol. 8, Issue 1

                          Headlines

A R G E N T I N A

ADROP SA: Deadline for Claims Verification Is on March 7
BANCO GALICIA: Opens Fideicomiso Gas I for US$588 Million
COLONGE VIAJES: Trustee Verifies Proofs of Claim Until March 20
COMVERSE TECH: Faces Delisting Due to Form 10-Q Filing Delay
FELIX ALBANO: Trustee Verifies Proofs of Claim Until Feb. 26

GRUPO OESTE: Trustee Verifies Proofs of Claim Until Feb. 21
NAVARRO SEGURIDAD: Last Day for Claims Verification Is March 2
SAN SEBASTIAN: Auction Fails for the Second Time

B A H A M A S

WINN-DIXIE STORES: Issues New Common Stock to Unsec. Creditors

B E R M U D A

GLOBAL CROSSING: Closes Offering of 11.75% Senior Secured Notes

B R A Z I L

AMAZONIA CELULAR: Moody's Places B2 Currency Rating Under Review
BANCO NACIONAL: Grants BRL1.8 Million Aid for Jardim Botanico
BANCO NACIONAL: Okays BRL15 Million Aid to Mectron Engenharia
DURA AUTOMOTIVE: CEO Lawrence Denton Sells 15,000 Common Shares
DURA AUTO: Wants OK on De Minimis Claims Settlement Protocol

DURA AUTOMOTIVE: Wants Until January 31 to File Schedules
SMITHFIELD FOODS: Moody's Pares Corporate Family Rating to Ba2
TELEMIG CELULAR: Moody's Places B2 Currency Rating Under Review
UNIAO DE BANCOS: Okays Payment of Interest on Capital Stock

C A Y M A N   I S L A N D S

AMERADA HESS: To Hold Final Shareholders Meeting on Jan. 4
AMERADA HESS (GAMBIA): Final Shareholders Meeting Is on Jan. 4
AMERADA HESS (GBS): Final Shareholders Meeting Is on Jan. 4
ASIAN COUGAR: Shareholders to Gather for Jan. 2 Final Meeting
BALMORAL CONSULTANTS: Proofs of Claim Filing Is Until Jan. 2

BALMORAL CONSULTANTS: Final Shareholders Meeting Is on Jan. 2
CAIRNWOOD GLOBAL: Proofs of Claim Filing Deadline Is Dec. 31
DESCARTES CDO: Final Shareholders Meeting Is on Jan. 4
GRINGLI INVESTMENT: Final Shareholders Meeting IS on Jan. 2
MANDARIN INVESTMENTS: Proofs of Claim Filing Is Until Jan. 2

PEACEFUL INVESTMENT: Proofs of Claim Filing Is Until Jan. 2
HESS CARIBBEAN: Shareholders to Gather for Jan. 4 Final Meeting
PEACEFUL INVESTMENT: Final Shareholders Meeting Is on Jan. 2
QUILMES BANK: Proofs of Claim Filing Is Until Jan. 2
REDBACK NETWORKS: Final Shareholders Meeting Is on Jan. 3

C O L O M B I A

BANCOLOMBIA: Moody's Puts D+ Fin'l Strength Rating Under Review
BANCOLOMBIA SA: Seeking Additional Income Tax Deduction
ECOPETROL: Investing US$2 Billion on Exploration This Year

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Monetary Official's Ads to Undergo Probe

E L   S A L V A D O R

BANCO AGRICOLA: MIF Funding Pilot Project Up to US$5.25 Million

H O N D U R A S

DIRECTV: Providing Programming for Denver International Airport

M E X I C O

FORD MOTOR: Changan Ford Mazda Names Jeffrey Shen as President
FORD MOTOR: In Talks with Toyota Execs Over Partnership Deals
GENERAL MOTORS: Applauds Trade Agency's Ruling to Revoke Duties
GLOBAL POWER: Bank of America Wants Escrow Funds Released
GLOBAL POWER: Committee Hires Chanin Capital as Fin'l Advisors

GLOBAL POWER: US Trustee Appoints Three-Member Equity Committee
GREAT PANTHER: Gets NI43-101 Resource Estimate for Topia Mine
HERBALIFE LTD: Earns US$26 Million in Quarter Ended September 30
HOME PRODUCTS: Organizational Meeting Scheduled for January 3
KRISPY KREME: Expects US$117 Mil. in Revenues for Third Quarter

KRISPY KREME: Files Delayed First Quarter Financial Results
NORTEL NETWORKS: Inks US$2-Bln Supply Deal with Verizon Wireless
SENSATA TECH: Completes Purchase of Honeywell's FTAS Business
SONIC CORP: Completes US$600 Million Securitized Financing
TANK SPORTS: Appoints Dealer Services as Dealer Funding Source

WERNER LADDER: Committee Hires Saul Ewing as Conflicts Counsel

N I C A R A G U A

GREENSTONE RESOURCES: Court Grants Two Orders Under CCAA & CBCA

P A N A M A

BANCO LATINOAMERICANO: Paying US$0.1875 Per Share Dividend

* PANAMA: Reaches Free Trade Agreement with US

P U E R T O   R I C O

ADELPHIA COMMS: Hires Fisher & Phillips as Special Counsel
BURGER KING: Ban on Children's Ad Won't Affect Earnings Much
DEVELOPERS DIVERSIFIED: Declares Class H & Class I Dividends
R&G FINANCIAL: Gets Regulatory Approval for Dividend Payment

U R U G U A Y

NAVIOS MARITIME: Warrants Holders May Buy Shares of Common Stock

V E N E Z U E L A

FERRO CORP: Board Elects James F. Kirsch as Chairman & CEO
FERRO CORP: Discloses Removal from NYSE's Late Filer List
FERRO CORP: S&P Retains Negative Watch on Low-B Ratings
PETROLEOS DE VENEZUELA: Moving London Office to Madrid

* VENEZUELA: Fails to Abide by OPEC's Oil Output Reduction Rule
* BOOK REVIEW: American Arbitration


                         - - - - -


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


ADROP SA: Deadline for Claims Verification Is on March 7
--------------------------------------------------------
Sergio Mazzitelli, the court-appointed trustee for Adrop SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until March 7, 2007.

Under the Argentine bankruptcy law, Mr. Mazzitelli is required
to present the validated claims in court as individual reports.
Court No. 25 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Adrop SA and its
creditors.

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

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

Adrop SA was forced into bankruptcy at the behest of Reviera SA,
whom it owes US$12,863.08.

Clerk No. 50 assists the court in the proceeding.

The debtor can be reached at:

          Adrop SA
          Moreno 2911
          Buenos Aires, Argentina

The trustee can be reached at:

          Sergio Mazzitelli
          Viamonte 1546
          Buenos Aires, Argentina


BANCO GALICIA: Opens Fideicomiso Gas I for US$588 Million
---------------------------------------------------------
Banco Galicia and the Argentine government recently opened the
Fideicomiso Gas I, from which money will be used for increasing
gas pipes.  A total of US$588 million was expected to be
obtained from the transaction.

The entities, which actively participate in this Fideicomiso,
are Banco Nacion, Pan American Energy, Wintershall, Total,
Repsol YPF, Ledesma and Citrusvil.  Banco Galicia is in charge
of the operation, which remained open until December 16.


COLONGE VIAJES: Trustee Verifies Proofs of Claim Until March 20
---------------------------------------------------------------
Lia Stella Maris Alvarez, the court-appointed trustee for
Colonge Viajes SA's bankruptcy proceeding, verifies creditors'
proofs of claim until March 20, 2007.

Ms. Alvarez will present the validated claims in court as
individual reports on May 2, 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 Colonge Viajes 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 Colonge Viajes'
accounting and banking records will follow on June 14, 2007.

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

The trustee can be reached at:

         Lia Stella Maris Alvarez
         Cerrito 146
         Buenos Aires, Argentina


COMVERSE TECH: Faces Delisting Due to Form 10-Q Filing Delay
------------------------------------------------------------
Comverse Technology Inc. received an additional Staff
Determination Letter from The NASDAQ Stock Market, on
Dec. 14, 2006, indicating that the reported delay in the filing
of the Form 10-Q for the fiscal quarter ended Oct. 31, 2006,
serves as an additional basis for the delisting of the company's
securities from NASDAQ under NASDAQ Marketplace Rule
4310(c)(14).

As disclosed, the NASDAQ Listing and Hearing Review Council
issued a stay of the NASDAQ Listing Qualifications Panel's
Aug. 18, 2006, decision establishing a deadline of
Sept. 25, 2006, for the company to be current in its periodic
filings with the SEC.  The Listing Council also issued a stay of
any future Panel determinations to delist the company's
securities from trading pending further action by the Listing
Council.

As a result of the company's reported expanded investigation,
the company expects it will require additional time to file its
periodic reports with the SEC.  The company does not know
whether the newly identified accounting issues or resulting
delay in the company's ability to be current in its periodic
filings will result in a lifting of the stay and a delisting of
the company's shares from The NASDAQ Stock Market.  There can be
no assurance that the Listing Council will continue the stay or
grant an extension or that the company's securities will remain
listed on the NASDAQ Stock Market.

Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.  In Latin America, Comverse has
operations in Argentina, Brazil and Mexico.

                        *     *     *

On Sept. 21, 2006, Standard & Poor's Ratings Services' 'BB-'
corporate credit and senior unsecured debt ratings on Woodbury,
New York-based Comverse Technology Inc. remained on CreditWatch
with negative implications, where they were placed on
March 15, 2006.


FELIX ALBANO: Trustee Verifies Proofs of Claim Until Feb. 26
------------------------------------------------------------
Susana Rojas, the court-appointed trustee for Felix Albano SH's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 26, 2007.

Ms. Rojas will present the validated claims in court as
individual reports on March 8, 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 Felix Albano 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 Felix Albano's
accounting and banking records will follow on April 23, 2007.

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

The debtor can be reached at:

         Felix Albano SH
         Honduras Esq. Paz Posse
         San Miguel de Tucuman, Argentina

The trustee can be reached at:

         Susana Rojas
         San Lorenzo 925
         San Miguel de Tucuman, Argentina


GRUPO OESTE: Trustee Verifies Proofs of Claim Until Feb. 21
-----------------------------------------------------------
Nestor Rodolfo del Potro, the court-appointed trustee for Grupo
Oeste SRL's bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 21, 2007.

Mr. Del Potro will present the validated claims in court as
individual reports on April 4, 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 Grupo Oeste 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 Grupo Oeste's
accounting and banking records will follow on May 21, 2007.

Mr. Del Potro is also in charge of administering Grupo Oeste's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

         Nestor Rodolfo del Potro
         Avda Corrientes 1291
         Buenos Aires, Argentina


NAVARRO SEGURIDAD: Last Day for Claims Verification Is March 2
--------------------------------------------------------------
Viviana Patricia Ferrarotti, the court-appointed trustee for
Navarro Seguridad SRL's reorganization proceeding, will verify
creditors' proofs of claim until March 2, 2007.

Ms. Ferrarotti will present the validated claims in court as
individual reports on April 18, 2007.  A court in Buenos Aires
will then determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Navarro Seguridad 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 Navarro Seguridad's
accounting and banking records will follow on June 1, 2007.

On Nov. 15, 2007, Navarro Seguridad's creditors will vote on a
settlement plan that the company will lay on the table.

The trustee can be reached at:

          Viviana Patricia Ferrarotti
          Calle 21 Nro. 622 Mercedes
          Buenos Aires, Argentina


SAN SEBASTIAN: Auction Fails for the Second Time
------------------------------------------------
The plants of Argentina's once major poultry producer San
Sebastian had no bidders, for the second time.  The company,
which was the first manufacturer of super frozen products in the
country, went bankrupt in the end of year 2001.

San Sebastian's most important plant, located in Pilar (Greater
Buenos Aires), was auctioned with no interest on December 18.
The base price was ARS10.5 million.  Another plant located in
Colon (Entre Rios) had also been left vacant on December 15.

The reasons for the lack of interest are imprecise.  Some say
that part of the problem is that the production of chicken from
the local farms is not enough to supply the Pilar plant, and
that there is idle capacity in the Argentine cold-cut industry.
Others maintain that the plants need too much investment to be
tuned up.

San Sebastian filed for bankruptcy early this year.  Estudio
Sereni-Paz-Napolitano was appointed as trustee to facilitate the
liquidation of San Sebastian's assets.




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


WINN-DIXIE STORES: Issues New Common Stock to Unsec. Creditors
--------------------------------------------------------------
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 Company
to serve as the transfer agent for its new common stock.
American Stock Transfer & Trust Company may be reached:

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

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




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


GLOBAL CROSSING: Closes Offering of 11.75% Senior Secured Notes
---------------------------------------------------------------
Global Crossing (UK) Telecommunications Ltd. aka GCUK reported
that Global Crossing (UK) Finance Plc aka GCUK Finance, a wholly
owned finance subsidiary of GCUK, has closed its offering of
11.75% Senior Secured Notes due 2014.  The 52 million pounds
sterling aggregate principal amount of Notes was priced at
109.25% of par value and raised gross proceeds of 56.8 million
pounds sterling.

The Notes were issued under the indenture, dated as of
Dec. 23, 2004, pursuant to which GCUK Finance previously issued
US$200 million aggregate principal amount of its dollar-
denominated 10.75% Senior Secured Notes due 2014 and 105 million
pounds sterling aggregate principal amount of its sterling-
denominated 11.75% Senior Secured Notes due 2014, the Previously
Issued Notes.

The Notes and the Previously Issued Notes form a single class
for all purposes under the indenture.  After the 40th day
following the date of delivery of the Notes, certain selling
restrictions will terminate with respect to the Notes sold
pursuant to Regulation S of the US Securities and Exchange
Commission or SEC and those Notes will become fully fungible
with the Previously Issued Notes.  The Notes sold pursuant to
SEC Rule 144A will not become freely transferable and fully
fungible with the Previously Issued Notes except pursuant to an
exchange for registered Notes pursuant to a registration rights
agreement entered into by GCUK Finance.

Proceeds from the offering were used to acquire Fibernet Group
Ltd. and its subsidiaries from GC Acquisitions UK Ltd., an
affiliated acquisition vehicle that acquired Fibernet pursuant
to an offer that was declared wholly unconditional on
Oct. 11, 2006, and to pay related fees and expenses. Upon
completion of the acquisition by GCUK, Fibernet and its
subsidiaries guaranteed the Notes and all other obligations
under the indenture.  Prior to the acquisition by GCUK, Fibernet
transferred its German business operations to Global Crossing
International Ltd., a wholly owned subsidiary of Global Crossing
Ltd., for consideration of one pound sterling and the assumption
of 3.6 million pounds sterling of debt outstanding to Fibernet.

The Notes were sold to qualified institutional buyers in the
United States under Rule 144A and to qualified investors outside
the United States that are non-US.  Persons under Regulation S
and have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or any other applicable
securities laws.  The Notes may not be offered or sold in the US
without registration or an applicable exemption from
registration requirements.

                         About GCUK

Global Crossing (UK) Telecommunications Ltd. provides a full
range of managed telecommunications services in a secure
environment ideally suited for IP-based business applications.
The company provides managed voice, data, Internet and e-
commerce solutions to the strong and established commercial
customer base, including more than 100 UK government
departments, as well as systems integrators, rail sector
customers and major corporate clients.  In addition, GCUK
provides carrier services to national and international
communications service providers.

Global Crossing (UK) Telecommunications operates a high-capacity
UK network comprising over 5,600 route miles of fiber optic
cable connecting 150 towns and cities and reaching within just
over one mile of 64% of UK businesses.  The UK network is linked
into the wider Global Crossing network that connects more than
300 major cities and 30 countries worldwide, and delivers
services to more than 600 cities, 60 countries and 6 continents
around the globe.

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Bermuda, Argentina, Brazil,
and the United Kingdom.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At
June 30, 2006, the company reported US$1.87 billion in total
assets and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.




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B R A Z I L
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AMAZONIA CELULAR: Moody's Places B2 Currency Rating Under Review
----------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the B2 foreign currency rating of the US$120 million
senior unsecured notes units issued by Telemig Celular SA and
Amazonia Celular SA.  The rating action reflects primarily
Amazonia Celular's overall deteriorated credit metrics as a
result of weakened operating margins and increased competitive
pressures, as well as Moody's concerns regarding the company's
tightened liquidity position due to a substantial concentration
of debt maturity in the short term.

The rating assigned to the notes units is principally based on
the credit quality of Amazonia Celular because 33.3% of the debt
service of the notes units will depend on payments from Amazonia
Celular and are not guaranteed by Telemig Celular, which has a
stronger credit profile.  Although Moody's recognizes the
existence of a "keep-well" structure allowing Telemig Celular
to make investments in Amazonia Celular, the assigned rating
does not incorporate explicit support from Telemig Celular to
Amazonia Celular  due to the absence of a stronger,
contractually-binding agreement that does not possess
optionality.

The review will therefore focus primarily on the credit quality
of Amazonia Celular.  More specifically, the review will focus
on the company's near and intermediate term strategy to respond
to competitive pressures and stabilize operating margins, and
its near term ability to generate cash flow and timely address
its imminent refinancing needs.

Headquartered in Belo Horizonte, Brazil, Telemig Celular is the
leading provider of mobile communications services in the state
of Minas Gerais, Brazil.  As of Sept. 30, 2006, Telemig had 3.42
million subscribers, with a market share of 33% in its
concession area. Headquartered in Belem, Brazil, Amazonia
Celular is the leading provider of mobile communications
services in a region covering the states of Maranhao, Para,
Amazonas, Amapa and Roraima in the northern region of Brazil.
As of Sept. 30, 2006, Amazonia had 1.27 million subscribers,
with a market share of 24% in its concession area.


BANCO NACIONAL: Grants BRL1.8 Million Aid for Jardim Botanico
-------------------------------------------------------------
Elvio Gaspar, the social inclusion director of Banco Nacional de
Desenvolvimento Economico e Social, has signed a BRL1.8-million
sponsorship agreement with Marina Silva, Brazil's minister of
environment, for the restoration of Jardim Botanico.

The signing of the sponsorship agreement was witnessed by:

          -- Lizt Vieira, the president of Jardim Botanico;

          -- Carlos Minc, the future secretary of environment of
             the State of Rio de Janeiro;

          -- Thomas Marianni, the president of Associacao dos
             Amigos do Jardim Botanico; and

          -- other members of Jardim Botanico.

Highlighting the importance that the museum will have to Rio de
Janeiro and to Brazil and emphasizing Banco Nacional's role as
an institution that stimulates socially fair projects, Mr.
Gaspar said, "It is not enough for us to promote just Brazil's
growth.  Such growth should be balanced and environmentally
sustainable.  These are facts that we take into account.  We
come upon a lot of controversy in the projects we review.  Many
times they bring about an economic dispute instead of an
environmental matter.  This has been a project that we embrace
because it is totally within such guidance."

The funds sponsored by Banco Nacional to the environment museum
will be applied in the first stage of the restoration and
revitalization of the construction that will shelter it, at
Jardim Botanico.  The purpose is that it becomes a new
communication channel between the institution and the society.
The restoration project preserves the external facade of the
building.  The inside spaces will be expanded by a removal of
the partition walls.  The museum to be restored is at a
privileged location, just at the main entrance of Jardim
Botanico, which gives it a big visibility.

This first phase of the work consists in a structural
strengthening of those parts affected with risk of collapsing,
change of the main covering, internal and external doors and
windows' frames, restoration of pavements and ceilings, and of
electric and hydraulic installations.

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

                        *    *    *

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

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

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


BANCO NACIONAL: Okays BRL15 Million Aid to Mectron Engenharia
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social approved a
financial support of BRL15 million to Mectron Engenharia,
Industria e Comercio Ltda., through the acquisition of company's
stock shares by BNDESPAR, Banco Nacional's equity division.

The funds will be assigned to develop a line of aeronautic
products and services, directed to improve the national
aeronautic productive chain.

Total project is budgeted at BRL18 million, about 53% of the
amount to be allotted for research and development.  Investments
will be focused on two products not yet provided by national
enterprises:

          -- the family of electronic equipment used in
             aeronautics, which comprises the manufacturing of
             transponders and telemetry transmitters; and

          -- the development of mission simulators.

The funds will be used for onboard equipment that amplifies and
retransmits signals received to a ground station, used in
aircraft tracking and in equipment performance data
transmitters.

The project integrates Mectron Engenharia's strategy to increase
the private sector's share in its customer portfolio and reduce
the dependence upon sales from national and foreign governmental
entities presenting seasonality in orders of the products.

Banco Nacional's support will provide Mectron Engenharia with
competitiveness gains from the product mix expansion and cost
reduction, in addition to a decrease in external dependence
through the development of a technology not available in the
country.  Mectron Engenharia pursues the objective of opening
its capital and entering a new market, resulting in a better
transparency of information to its shareholders.

                 About Mectron Engenharia

Mectron Engenharia Industria e Comercio Ltda. is installed in
Sao Jose dos Campos, Sao Paulo.  Created in 1991, it is a
domestic private capital company and a supplier of equipment and
services to aeronautic, defense and spatial areas.  In 1999, the
company partners organized Mectron USA in Miami, with the
purpose of intermediating negotiations with external customers,
in addition to facilitating the acquisition of imported raw
materials.

                   About Banco Nacional

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/--


DURA AUTOMOTIVE: CEO Lawrence Denton Sells 15,000 Common Shares
---------------------------------------------------------------
Dura Automotive Systems Inc.'s president and chief executive
officer, Lawrence A. Denton, informed the U.S. Securities and
Exchange Commission that on Nov. 21, 2006, he sold 15,000 shares
of Class A common stock of Dura in two transactions:

        No. of Shares         Price per Share
        -------------         ---------------
            5,000                 US$0.35
           10,000                 US$0.35

Mr. Denton hold 22,184.997 Dura shares after the transactions,
which holdings include the 699.997 shares acquired through the
company's Employee Stock Discount Purchase Plan through
June 30, 2006.

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).


DURA AUTO: Wants OK on De Minimis Claims Settlement Protocol
------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
uniform procedures for settling certain de minimis claims and
causes of action brought by or against the Debtors in a
judicial, administrative, arbitral or other proceeding.

The Debtors propose to settle De Minimis Claims that do not
exceed US$1,000,000.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, explains that the Debtors seek
the authority to negotiate and determine prepetition claim
amounts of the De Minimis Claims, not the authority to make
payment or distributions on account of those claims.

According to Mr. DeFranceschi, in the ordinary course of
business, the Debtors may hold various claims and causes of
action against third parties, and third parties may hold claims
against the Debtors, that they have asserted or will assert
through litigation, administrative action or arbitration in
appropriate forums.  The Debtors' creditor matrix contains
approximately 85,000 parties.

Mr. DeFranceschi asserts that if the Debtors had to obtain prior
Court approval to settle each De Minimis Claim, they would incur
significant costs associated with preparing, filing and serving
separate motions for each proposed settlement, especially
considering the expected number of parties that will request
notice and service papers in the Debtors' Chapter 11 cases.

Accordingly, the Debtors propose to establish omnibus procedures
that will allow them to enter into settlements on a more cost-
effective and expeditious basis while preserving an oversight
function for key parties-in-interest.

               Proposed Omnibus Settlement Procedures

    (a) With respect to any settled amount equal to or less than
        US$250,000, the affected Debtor may agree to settle a
        claim or cause of action on any reasonable terms.  The
        Debtor may enter into, execute and consummate a written
        settlement agreement that will be binding on it and its
        estate without notice to any third party or further
        Court action;

    (b) With respect to any settled amount greater than
        US$250,000 but does not exceed US$1,000,000, the Debtor
        may agree to settle the claim or cause of action only if
        it provides written notice to, and the terms are not
        objected by:

          * the United States Trustee for the District of
            Delaware;

          * counsel to the agent for the Debtors' prepetition
            first lien secured lenders;

          * counsel to the agent for the Debtors' postpetition
            second lien secured lenders;

          * counsel to the ad hoc committee of senior
            subordinated noteholders; and

          * any official committee appointed by the U.S. Trustee
            in the Debtors' Chapter 11 cases;

    (c) If any of the notice parties objects to any settlement
        agreement, and the affected Debtor still desires to
        enter into agreement with the settling party, the
        execution of the settlement will not proceed except
        upon:

          * resolution of the objection by the parties; and

          * further Court order after a hearing; and

    (d) any settlement unauthorized pursuant to the proposed
        Omnibus Procedures or to any Court order will be
        authorized only upon separate Court order on a motion of
        the appropriate Debtor served on the necessary parties-
        in-interest.

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. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Wants Until January 31 to File Schedules
---------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates,
pursuant to Rule 1007(c) of the Federal Rules of Bankruptcy
Procedure, and Rule 1007-1 of the Local Rules of Bankruptcy
Practice and Procedure of the U.S. Bankruptcy Court for the
District of Delaware, ask for the further extension to
Jan. 31, 2007, the deadline to file their:

    -- schedules of assets and liabilities,
    -- schedules of current income and expenditures,
    -- schedules of executory contracts and unexpired leases,
       and
    -- statements of financial affairs.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, tells Judge Carey that, because of the
decentralized nature of their businesses, the Debtors' progress
in collecting, reviewing, and assembling information for the
Schedules and Statements have been slow.

In addition, Mr. Collins relates, the Debtors have engaged a new
financial advisor, AlixPartners, LLP.  AlixPartners has assessed
the information that has been gathered by the Debtors and
determined that they will require additional time to complete
the Schedules and Statements.

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).


SMITHFIELD FOODS: Moody's Pares Corporate Family Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Smithfield
Foods' senior unsecured debt to Ba3 from Ba2, its senior
subordinated notes to B1 from Ba2, and its corporate family
rating to Ba2 from Ba1.

Moody's also affirmed Smithfield's SGL-3 speculative grade
liquidity rating.

The outlook on all ratings is negative.

The downgrade reflects the deterioration in the company's debt
protection measures, caused by a combination of relatively weak
operating performance combined with higher debt levels due to
heavy debt-financed acquisition activity.

The downgrade also reflects the increased integration risk the
company faces as it seeks to consolidate recent acquisitions, as
well as continuing event risk of additional acquisitions as the
company pursues its growth strategy.

The affirmation of Smithfield's SGL-3 reflects the company's
adequate liquidity, characterized by an increased reliance on
external financing to fund its growth initiatives, and weak
cushion within financial covenants.  Smithfield could find it
necessary to seek amendments to financial covenants in its bank
facilities or privately-placed debt should the company's debt
increase or operating performance weaken further.

The negative outlook reflects the challenges Smithfield faces in
integrating its recent acquisitions and managing a more complex
business portfolio while simultaneously attempting to reduce
debt and increase financial flexibility.

It also reflects the continued event risk of additional
leveraged acquisitions as the company pursues its global growth
strategy. Moody's notes that Smithfield's ratings and negative
outlook anticipate closure of the Premium Standard Farms
acquisition for equity as outlined, and reflect our views of the
company's post PSF business and credit profile.  Should that
acquisition with equity not close as anticipated or -- lacking
closure of that transaction -- a material near-term equity
issuance not be completed, Smithfield's corporate family ratings
will likely be downgraded to Ba3.

Moody's considers Smithfield's Ba2 corporate family rating as
reflecting the company's high leverage, somewhat volatile
earnings and cash flow stream, aggressive acquisition strategy,
and increasingly complex business structure.

It also reflects the integration risks as Smithfield must
consolidate a series of acquisitions made over the past year, as
well as higher-than-average event risk of additional leveraged
acquisitions within the consolidating protein industry.
Smithfield's ratings are supported by the company's large size,
very strong market position, solid brand in the US pork
industry.

Smithfield Foods, Inc., headquartered in Smithfield, Virginia,
is the largest vertically integrated producer and marketer of
fresh pork and processed meat in the US and has operating
subsidiaries and joint ventures in France, Poland, Romania, the
UK, Brazil, Mexico, and China.


TELEMIG CELULAR: Moody's Places B2 Currency Rating Under Review
---------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the B2 foreign currency rating of the US$120 million
senior unsecured notes units issued by Telemig Celular SA  and
Amazonia Celular SA.  The rating action reflects primarily
Amazonia's overall deteriorated credit metrics as a result of
weakened operating margins and increased competitive pressures,
as well as Moody's concerns regarding the company's tightened
liquidity position due to a substantial concentration of debt
maturity in the short term.

The rating assigned to the notes units is principally based on
the credit quality of Amazonia Celular because 33.3% of the debt
service of the notes units will depend on payments from Amazonia
Celular and are not guaranteed by Telemig Celular, which has a
stronger credit profile. Although Moody's recognizes the
existence of a "keep-well" structure allowing Telemig Celular to
make investments in Amazonia Celular, the assigned rating does
not incorporate explicit support from Telemig Celular to
Amazonia Celular due to the absence of a stronger,
contractually-binding agreement that does not possess
optionality.

The review will therefore focus primarily on the credit quality
of Amazonia Celular.  More specifically, the review will focus
on the company's near and intermediate term strategy to respond
to competitive pressures and stabilize operating margins, and
its near term ability to generate cash flow and timely address
its imminent refinancing needs.

Headquartered in Belo Horizonte, Brazil, Telemig Celular is the
leading provider of mobile communications services in the state
of Minas Gerais, Brazil. As of September 30, 2006, Telemig had
3.42 million subscribers, with a market share of 33% in its
concession area.

Headquartered in Belem, Brazil, Amazonia Celular is the leading
provider of mobile communications services in a region covering
the states of Maranhao, Para, Amazonas, Amapa and Roraima in the
northern region of Brazil. As of September 30, 2006, Amazonia
had 1.27 million subscribers, with a market share of 24% in its
concession area.


UNIAO DE BANCOS: Okays Payment of Interest on Capital Stock
-----------------------------------------------------------
The board of directors of Uniao De Bancos Brasileiros SA aka
Unibanco and of Unibanco Holdings SA have approved the proposal
of payment of interest on capital stock referred to the fourth
quarter of 2006 to the shareholders of the company.

These were approved, as proposed by the boards of officers of
the two firms:

          1) The payment of Quarterly Interests, related to the
             fourth quarter of 2006, in the gross total amount
             of BRL113.7 million and BRL55.0 million, and net
             total amount of BRL96.7 million and BRL46.7
             million, respectively to Unibanco and Unibanco
             Holdings, to be made on Jan. 31, 2007.  This
             payment shall be considered as part of the
             mandatory dividend corresponding to the fiscal year
             of 2006.

          2) The payment of interest on capital stock, qualified
             as complementary to the interest on capital
             declared and paid related to the profit ascertained
             in the second semester of 2006, in the gross total
             amount of BRL246.3 million and BRL150.9 million,
             and net total amount of BRL209.3 million and
             BRL128.3 million, respectively to Unibanco and
             Unibanco Holdings, to be made on Jan. 31, 2007.
             This payment shall be considered as part of the
             mandatory dividend corresponding to the fiscal year
             of 2006.

          3) The total amount to be paid as interests on capital
             stock on Jan. 31, 2007 is the gross amounts of
             BRL360.0 million and BRL205.9 million, and the net
             amounts of BRL306.0 million and BRL175.0 million,
             respectively to Unibanco and Unibanco Holdings.
             Such values correspond to the sum of:

             a) quarterly interests related to the forth quarter
                of 2006 of Unibanco and Unibanco Holdings;

             b) complementary interest on capital related to the
                second semester of 2006 of Unibanco and Unibanco
                Holdings.

For GDSs' holders, the payment shall be made directly to Bank of
New York, which will forward it to the entitled shareholders.

Shareholders who are Unibanco's registered account holders, the
payment shall be made by means of credit in the respective bank
accounts.

For shareholders who hold bank accounts in other banks, that
have already provided Unibanco with the name of the bank, its
branch and bank account numbers, the payment shall be made by
means of electronic transfer, according to the respective
amounts.

For shareholders whose shares are deposited in the Sao Paulo
Stock Exchange's custody, the payment will be made directly to
the Sao Paulo Stock Exchange, which shall forward such amounts
to the entitled shareholders, by means of the depositary
brokers.

For shareholders for whom the previous situations are not
applicable, the payment shall be made at any Unibanco's branch
at their convenience upon presentation of Identity Card and Tax
Enrollment Card.  In case the amounts need to be withdrawn by a
third party, it shall be requested, in addition of certified
copies of the Identity Card and Tax Enrollment Card of the owner
of the amounts, the presentation of a power of attorney granted
by a public instrument in a term that is less than one month
ago, with specific powers.

For shareholders who hold bearer share certificates that still
have not been converted to the book-entry system, the payment
will be made upon delivery of the respective certificates for
mandatory conversion.

Assistance to the conversion will be provided by Unibanco
Shareholders Assistance department, where relevant shareholders
shall attend and present the certificates, as well as the
Identity Card, Tax Enrollment Card and an adequate proof of the
shareholder's address.

In Brazil, the Dec. 27 date will be considered as the record
date for the purpose of determining the right to receive the
payment of interest on capital stock, on Jan. 31, 2007.
Unibanco's and Unibanco Holdings' shares and units would be
traded ex-interest on capital stock starting Dec. 28, 2006.

In the United States of America, Jan. 2, 2007, will be
considered as record date for the purpose of attending the
obligation assumed by the GDS program maintained by the
companies.  The GDSs would be traded ex-interest on capital
stock starting Dec. 28, 2006.

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York --
Unibanco Securities Inc.

                        *    *    *

As reported on Sept. 4, 2006, Moody's Investors Service upgraded
these ratings of Uniao de Bancos Brasileiros SA:

   -- long-term foreign currency deposits to Ba3 from Ba1; and

   -- long- and short-term global local currency deposit ratings
      to A1/Prime-1 from A3/Prime-2.

Moody's rating action was the direct result of the upgrade of
Brazil's country ceiling for foreign currency bonds and notes to
Ba2, from Ba3, as well as Brazil's country ceiling for foreign
currency bank deposits to Ba3, from B1, and the local currency
bank deposit ceiling to A1, from A3.




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


AMERADA HESS: To Hold Final Shareholders Meeting on Jan. 4
----------------------------------------------------------
Amerada Hess (Cameroon) Ltd.'s final shareholders meeting will
be on Jan. 4, 2007, at:

          1185 Avenue of the Americas
          New York, N.Y. 10036
          USA

These agenda 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:

          George Barry
          c/o Caledonian House
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 0050
          Fax: 949 8062


AMERADA HESS (GAMBIA): Final Shareholders Meeting Is on Jan. 4
--------------------------------------------------------------
Amerada Hess (Gambia) Ltd.'s final shareholders meeting will be
on Jan. 4, 2007, at:

          1185 Avenue of the Americas
          New York, N.Y. 10036, USA

These agenda 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:

          George Barry
          c/o Caledonian House
          PO Box 1043, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 0050
          Fax: 949 8062


AMERADA HESS (GBS): Final Shareholders Meeting Is on Jan. 4
-----------------------------------------------------------
Amerada Hess (GBS) Ltd.'s final shareholders meeting will be on
Jan. 4, 2007, at:

          1185 Avenue of the Americas
          New York, N.Y. 10036, USA

These agenda 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:

          George Barry
          c/o Caledonian House
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 0050
          Fax: 949 8062


ASIAN COUGAR: Shareholders to Gather for Jan. 2 Final Meeting
-------------------------------------------------------------
Asian Cougar Ltd.'s final shareholders meeting will be at 10:00
a.m. on Jan. 2, 2007, at:

          HSBC Financial Services (Cayman) Ltd.
          P.O. Box 1109 Grand Cayman
          KY1-1102 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 liquidators can be reached at:

          Scott Aitken
          Janet Crawshaw
          Attn: Marguerite Britton
          P.O. Box 1109, Grand Cayman
          KY1-1102 Cayman Islands


BALMORAL CONSULTANTS: Proofs of Claim Filing Is Until Jan. 2
------------------------------------------------------------
Balmoral Consultants Inc.'s creditors are required to submit
proofs of claim by Jan. 2, 2006, to the company's liquidators:

          Commerce Corporate Services Ltd.
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 8666
          Fax: 949 7904

Creditors who are not able to comply with the Jan. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


BALMORAL CONSULTANTS: Final Shareholders Meeting Is on Jan. 2
-------------------------------------------------------------
Balmoral Consultants, Inc.'s final shareholders meeting will be
on Jan. 2, 2007.

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:

          Commerce Corporate Services Ltd.
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 8666
          Fax: 949 7904


CAIRNWOOD GLOBAL: Proofs of Claim Filing Deadline Is Dec. 31
------------------------------------------------------------
Cairnwood Global Technology Fund, Ltd's creditors are required
to submit proofs of claim by Dec. 31, 2006, to the company's
liquidators:

          Richards Douglas
          John Ackerley
          P.O. Box 897, One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Tel: (345) 949 7576
          Fax: (345) 949 8295

Creditors who are not able to comply with the Dec. 31 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Cairnwood Global's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


DESCARTES CDO: Final Shareholders Meeting Is on Jan. 4
------------------------------------------------------
Descartes CDO Transferor Depositor Ltd.'s final shareholders
meeting will be on Jan. 10, 2007, at:

          Maples Finance Ltd.
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agenda 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:

          Mike Hughes
          Maples Finance Ltd.
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


GRINGLI INVESTMENT: Final Shareholders Meeting IS on Jan. 2
-----------------------------------------------------------
Gringli Investment Ltd.'s final shareholders meeting will be on
Jan. 2, 2007.

These agenda 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:

          Commerce Corporate Services Limited
          PO Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 8666
          Fax: 949 7904


MANDARIN INVESTMENTS: Proofs of Claim Filing Is Until Jan. 2
------------------------------------------------------------
Mandarin Investment Ltd.'s creditors are required to submit
proofs of claim by Jan. 2, 2007, to the company's liquidators:

          James Howe
          Roger Bougeard
          2nd Floor, Sir Walter Raleigh House
          48-50 the Esplanade, St Helier
          Jersey, JE2 3QB

Creditors who are not able to comply with the Jan.2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

           Louise Martin
           Tel No: +44 1534 709021
           Fax No: +44 1534 709090
           Email: louisemartin@capcotrust.com


PEACEFUL INVESTMENT: Proofs of Claim Filing Is Until Jan. 2
-----------------------------------------------------------
Peaceful Investment Holdings Ltd.'s creditors are required to
submit proofs of claim by Dec. Jan.2, 2006, to the company's
liquidator:

          Commerce Corporate Services Ltd.
          PO Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 8666
          Fax: 949 7904

Creditors who are not able to comply with the Jan. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Peaceful Investment's shareholders agreed on Nov. 27, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


HESS CARIBBEAN: Shareholders to Gather for Jan. 4 Final Meeting
---------------------------------------------------------------
Hess Caribbean Ltd.'s final shareholders meeting will be on
Jan. 4, 2007, at:

          1185 Avenue of the Americas
          New York, N.Y. 10036, USA

These agenda 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:

          George Barry
          c/o Caledonian House
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 0050
          Fax: 949 8062


PEACEFUL INVESTMENT: Final Shareholders Meeting Is on Jan. 2
------------------------------------------------------------
Peaceful Investment Holdings Ltd.'s final shareholders meeting
will be on Jan. 2, 2007.

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:

          Commerce Corporate Services Ltd.
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: 949 8666
          Fax: 949 7904


QUILMES BANK: Proofs of Claim Filing Is Until Jan. 2
----------------------------------------------------
Quilmes Bank and Trust (Cayman) Ltd.'s creditors are required to
submit proofs of claim by Dec. Jan. 2, 2006, to the company's
liquidator:

          Russell Smith
          Chris Johnson Associates Ltd.
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Quilmes Bank's shareholders agreed on Nov. 28, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Matthew Smith
          Po Box 2499, George Town
          Grand Cayman KY1 -1104 Cayman Islands
          Tel: (345) 946 0820
          Fax: (345) 945 0864


REDBACK NETWORKS: Final Shareholders Meeting Is on Jan. 3
---------------------------------------------------------
Redback Networks Research's final shareholders meeting will be
at 10:00 a.m. on Jan. 3, 2007, at:

          Close Brothers (Cayman) Ltd.
          4th Floor Harbour Place, George Town
          Grand Cayman, Cayman Islands

These agenda 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:

          Jeff Arkley
          Attention: Neil Gray
          Close Brothers (Cayman) Ltd.
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499




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


BANCOLOMBIA: Moody's Puts D+ Fin'l Strength Rating Under Review
---------------------------------------------------------------
Moody's Investors Service placed the D+ bank financial strength
rating of Bancolombia SA on review for possible downgrade.
Bancolombia's foreign currency deposit ratings were affirmed at
Ba3/Not-Prime.  Moody's action follows the announcement that
Bancolombia has signed an agreement to acquire a controlling
interest of 52.9% of the outstanding shares of Salvadoran
Conglomerado Financiero Internacional Banagricola, SA
(Banagricola) for approximately US$900 million, in an all-cash
tender offer.  The acquisition is subject to regulatory
approvals and is expected to be concluded in the first half of
2007.

According to Moody's, Banagricola's sizable acquisition is
likely to have a negative effect on Bancolombia's capital
structure -- and particularly on its tangible common equity,
which is expected to be substantially reduced after accounting
for goodwill.

Moreover, the absence of equity funding and management's plans
to largely finance the acquisition through the issuance of Tier-
2 capital instruments imply a capital quality that is lower
overall.  The rating agency noted that Bancolombia's actual
Tier-1 capital ratio of 9.75% is already below the average
12.37% ratio of similarly rated Latin American banks.

Moody's said that Banagricola should provide Bancolombia with
expanded geographic coverage and with business diversification
along with potential for operative synergies and cross-selling
opportunities. However, Bancolombia's management will be faced
with the augmented cross-border and dollarization risks;
moreover, it will be challenged to protect profitability from
potentially higher credit risks or from operating costs inherent
to a non-organic expansion.

In reviewing Bancolombia's rating, Moody's said it will focus on
the actual capital structure, and also on its Tier 1 capital
ratio, which derives from acquiring the Salvadoran institution.
Whether or not the deal is finally concluded is of course
another important consideration.

Bancolombia's foreign currency deposit ratings are unaffected by
this action because they would remain constrained at Colombia's
foreign currency deposit ceiling if Bancolombia's BFSR were
lowered.

Bancolombia is headquartered in Medellin, Colombia.  The bank
held approximately an 18% market share of the system's deposits
in October 2006.  Bancolombia is part of Grupo Empresarial
Antioqueno, and it is one of Colombia's most prominent economic
groups.

This rating was placed on review for possible downgrade:

Bancolombia, SA:

   -- Bank Financial Strength Rating: D+ (D plus)

These ratings were affirmed:

   -- Long- and short-term foreign currency deposit
      ratings: Ba3 / Not-Prime


BANCOLOMBIA SA: Seeking Additional Income Tax Deduction
-------------------------------------------------------
Bancolombia SA will try to obtain an additional income tax
deduction of up to 25% of the COP19,642,813,647.46 donations it
made.

In compliance with Colombian Decree 3139 of 2006, and as duly
authorized by the General Shareholders Meeting and the Board of
Directors, Bancolombia disclosed that it made donations in a
total amount of COP19,642,813,647.46.

Bancolombia will try to obtain the additional income tax
deduction under the terms of Colombian tax regulations.

The detailed list of the donated assets, their commercial value
and the name of the beneficiary entities that contribute to
social development, protection and welfare, culture, civic-
mindedness, charity, health and education is available at
http://www.bancolombia.com.co

Bancolombia does not have any commercial relations with the
beneficiary entities except for those related to the rendering
of financial services.

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

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *    *    *

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

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


ECOPETROL: Investing US$2 Billion on Exploration This Year
----------------------------------------------------------
Ecopetrol, the state oil firm of Colombia, will invest US$2
billion this year to explore new hydrocarbons reserves, SNE, the
government news service, reports.

SNE underscores that Ecopetrol spent US$1.3 billion for
exploration in 2006.

Alberto Carrasquilla, the Colombian finance minister, told SNE
that the country's oil output will be 520,000 barrels per day
next year.  Ecopetrol and other firms must invest to sustain
that level of production in the future.

Minister Carrasquilla said that the investment is needed to
recover Colombia's proven reserves, Business News Americas
relates.  The reserves topped three billion barrels in years
back, dropped to 1.5 billion barrels in 2004, remained constant
in 2005 and increased a bit in 2006.

Ecopetrol aims to invest about US$12.5 billion over the next
five years to sustain Colombia's production levels, 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.




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


BANCO INTERCONTINENTAL: Monetary Official's Ads to Undergo Probe
----------------------------------------------------------------
The Justice Ministry of the Dominican Republic will investigate
the monetary and financial authorities' ad campaign in the Banco
Intercontinental fraud case, Dominican Today reports.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2006, the Justice and Transparency Foundation alleged
that the monetary and financial authorities aired a radio and
television ad campaign to pressure the Dominican justice so it
could not properly try the Banco Intercontinental fraud case.
The Justice Foundation described as deplorable and inadmissible
the million-dollar campaign, which was headed by Hector Valdez
Alvizu, the central bank governor.  The group claimed that the
move was aimed at preventing the court from freely and
impartially hearing the case.

Dominican Today underscores that the Justice Ministry will
conduct the probe to determine if the allegation is true and if
the ads violate legislation.

Radhames Jimenez, the justice minister, told Dominican Today
that he will meet with Octavio Lister, the Corruption Prevention
Department director, to start the investigation.

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




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


BANCO AGRICOLA: MIF Funding Pilot Project Up to US$5.25 Million
---------------------------------------------------------------
The Multilateral Investment Fund aka MIF, a unit of the Inter-
American Development Bank aka IDB, will support with up to
US$5,250,000 in financing its pilot project with Banco Agricola
to develop transnational mortgage loans for Salvadorians living
in the United States who want to buy real estate in El Salvador.

About 2.6 million Salvadorians live in the US, with large
concentrations in California, New York, Maryland and Virginia.
These migrants sent US$2.8 billion in remittances to El Salvador
in 2005.

Banco Agricola estimates that about 500,000 migrants could
potentially buy houses in El Salvador.  It has already made
around 400 mortgage loans to Salvadorians living in the US, but
those operations required borrowers to travel to El Salvador,
adding to their transaction costs.

The MIF-backed pilot project will assist Banco Agriola in
developing a new transnational mortgage loan that will not
require migrants to take a trip home to formalize the operation.
Banco Agricola will also make agreements with housing developers
in El Salvador and housing brokers in the US who will sell new
or existing homes to migrants.

The MIF financing consists of a loan of up to US$5 million to
Banco Agricola and a US$250,000 technical assistance grant.  The
loan will fund the new transnational mortgage loans, which will
be offered through the bank's network of 23 money transfer
agencies and three banking branches in the United States.

The grant resources will match Banco Agricola's investments in:

          -- a software system to manage the transnational
             mortgage loans;

          -- training for bank officers, housing developers and
             brokers;

          -- a marketing strategy to promote Salvadorian housing
             developments in the US; and

          -- a study of the demand for other remittances-related
             financial products such as microcredit, among other
             activities.

The MIF, which promotes private sector development and
investments in Latin America and the Caribbean, expects the
pilot project to help more Salvadorian migrants build assets in
El Salvador and mobilize a greater part of their savings through
formal financial institutions, leveraging the development impact
of their remittances.

The project reflects the principles of Opportunities for the
Majority, an initiative launched earlier this year by the IDB to
help low-income people in Latin America and the Caribbean gain
access to products and services that can assist them in
accumulating assets and improving their living standards.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2006, Fitch Ratings upgraded the Individual and Long-
term Issuer Default Ratings assigned to Banco Agricola.  The
rating actions are:

   -- Long-term Issuer Default rating upgraded to 'BB+' from
      'BB';

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

   -- Individual rating upgraded to 'C/D' from 'D'; and

   -- Support affirmed at '5'.

   National ratings:

   -- Long-term IDR upgraded to 'AA+(slv)' from 'AA(slv)';

   -- Short-term rating affirmed at 'F1+(slv)'.

   -- Local unsecured bonds upgraded to 'AA+(slv)' from
      'AA(slv)';

   -- Local secured bonds (mortgage-pledged) upgraded to
      'AAA(slv)' from 'AA+(slv)'; and

   -- Outlook: Stable




===============
H O N D U R A S
===============


DIRECTV: Providing Programming for Denver International Airport
---------------------------------------------------------------
DIRECTV has signed a multi-year agreement with the Denver
International Airport to provide programming in select areas
throughout the airport.  Over 900,000 travelers expected to pass
through Denver International during the holiday season will
experience digital-quality DIRECTV programming while waiting for
their flights.

DIRECTV is also holding a launch event at Denver International
to celebrate the opening of its first airport retail kiosk,
which will be located on Concourse B.  From 11 a.m. to 1:00
p.m., passengers who visit the new DIRECTV kiosk will receive
free DIRECTV logo merchandise, as well as a US$5 coupon good
toward select food vendors located near the kiosk.

John Suranyi, president of Sales and Service at DIRECTV, said,
"Travelers arriving earlier and spending more time in airports
waiting for their flights now have a new way to enjoy their down
time and experience DIRECTV first-hand.  Customers who are
interested in learning more about DIRECTV can speak with a
representative who will be on hand at our kiosk to answer any
questions.  In addition to learning about our service,
passengers who are traveling through DIA will have the
opportunity to enjoy the same DIRECTV digital-quality
programming that millions of families across the country
experience in their homes."

The new retail kiosk will showcase DIRECTV's high-definition and
DVR services to travelers waiting for their flights.  Passengers
who visit the kiosk will have the opportunity to sign up for
both residential and commercial business services from DIRECTV.

The DIRECTV Group, Inc., formerly Hughes Electronics
Corp., headquartered in El Segundo, California, is a
world-leading provider of multi-channel television
entertainment, and broadband satellite networks and services.
The DIRECTV Group, Inc. with sales in 2004 of approximately
USUS$11.4 billion is 34% owned by Fox Entertainment Group, Inc.,
which is owned by News Corp.  DIRECTV is currently
available in Latin American countries: Argentina, Brazil, Chile,
Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago,
Uruguay, Venezuela and several Caribbean island nations.

                        *    *    *

On June 8, 2005, Moody's assigned a Ba2 rating to DIRECTV's
USUS$1 billion senior unsecured notes.  Moody's said the rating
outlook is stable.




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


FORD MOTOR: Changan Ford Mazda Names Jeffrey Shen as President
--------------------------------------------------------------
Changan Ford Mazda Automobile Co. Ltd.'s board of directors has
disclosed that Jeffrey Shen is appointed president of the
company, effective Jan. 1, 2007.  Phil Spender, the current
president of Changan Ford Mazda Automobile will undertake a new
assignment as chief operating officer of Ford Motor (China),
Ltd.

Changan Ford Mazda Automobile is a joint venture of Changan
Automotive Group of China, Ford Motor Company, and Mazda Motor
Corporation.

"Mr. Spender joined Changan Ford Mazda Automobile in May 2005.
Under his leadership, the company has been undergoing
unprecedented business expansion.  In the first 11 months of
2006, the company achieved over 140% year-on-year sales growth
to become the fastest growing automaker in China.

Mr. Spender led the successful launch of Ford Focus, which is
one of the top selling products in China's C-segment car market.
He also played a key role in the production of Mazda3 and Volvo
S40 at CFMA.

"In representing the board, I would like to extend our sincere
appreciation to Mr. Spender and wish him all the best for his
new position at Ford Motor China," Changan Ford Mazda Automobile
chairman Yin Jiaxu said.

"In the mean time, we are very pleased to have Mr. Shen take
over the president position.  His experiences in the automotive
industry expand across manufacturing, product development,
service, sales & marketing, and overall management.  Mr. Shen
has outstanding results with his leadership on these positions.
We believe he is the right person to lead the fast growing
Changan Ford Mazda Automobile," Yin Jiaxu said.

"Jeffrey has been leading the Ford Lio Ho since December 2001.
He has made great contribution to the continuous development of
Ford Lio Ho.  We believe, with his rich experience at Ford Lio
Ho, Jeffrey will lead Changan Ford Mazda Automobile team to
achieve its aggressive business objectives," Changan Ford Mazda
vice chairman Mei Wei Cheng said.

Kiyoshi Ozaki, Director and Senior Managing Executive Officer of
Mazda Motor Corporation, one of the parent companies of Changan
Ford Mazda Automobile, expressed his welcome to Jeffrey Shen as
well.  "Jeffrey used to be the managing director of Mazda
Taiwan. His experience of working with different partners,
including Mazda Motor Corporation, will enable him to play a
good management and coordination role on his new assignment."
Mr. Ozaki said.

Jeffrey Shen was born in Taiwan in 1951.  He received a
bachelor's degree in Mechanical Engineering from the National
Cheng Kong University, and an EMBA certificate of the Executive
Program from the University of Michigan in 1996.

Jeffrey Shen has been the President of Ford Lio Ho located in
Chung Li, Taiwan, from Dec. 1, 2001.  Before his current
position, he was the Marketing & Sales Vice President of Ford
Lio Ho.  He joined the company as an Engine Engineering
Supervisor in 1976 and held a variety of manufacturing and
product development management positions before being promoted
to Product Development Vice President in May 1990.  In June
1997, he moved from the technical affairs to the field of
customer services as the Vice President of Ford Customer Service
Division.

                     About Ford Motor Co.

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

                        *    *    *

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

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

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


FORD MOTOR: In Talks with Toyota Execs Over Partnership Deals
-------------------------------------------------------------
Ford Motor Co. CEO Alan Mulally met with Toyota Motor Corp.
chairman Fujio Cho to discuss its first potential partnership
deals, CNNMoney.com reports.  Ford Executive VP Mark Fields also
attended the meeting last week.

According to the Japanese business daily newspaper Nihon Keizai
Shimbun, Ford expressed its interest in Toyota's hybrid and
fuel-cell technologies and its work in reducing manufacturing
and parts procurement costs.

Ford Oscar Suris, in an interview with the Japanese newspaper,
said that the automaker would neither confirm nor deny the
report.  Mr. Suris added that the company officials are in talks
with that matter.

Reports show that a Toyota Representative also refused to
comment, saying any remark would have to come from the company's
headquarters in Japan.  However, the Japanese newspaper
discloses that Toyota considered a partnership with Ford as a
way to ease potential friction with the U.S. auto industry.

                    About Ford Motor Co.

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

                        *    *    *

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

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

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


GENERAL MOTORS: Applauds Trade Agency's Ruling to Revoke Duties
---------------------------------------------------------------
The six largest automobile companies -- DaimlerChrysler AG, Ford
Motor Corp., General Motors Corp., Honda, Nissan, and Toyota
Motor North America -- with manufacturing facilities in the
United States has applauded a decision by the U.S. International
Trade Commission to revoke anti-dumping and countervailing duty
orders on "corrosion resistant steel" from Australia, Canada,
France, and Japan.  The ITC left orders in place on imports from
Germany and Korea.

"We are pleased that the ITC revoked most of the duties," said
Stephen E. Biegun, Vice President, International Governmental
Affairs, Ford Motor Company.

"All of these duties are outdated and hurt American
manufacturing competitiveness and U.S. jobs while needlessly
helping a steel industry that is now profitable and healthy."

"[The] decision is a major step forward in restoring needed
competition to the U.S. steel market," Toyota Motor North
America group vice president Josephine Cooper said.

"The ITC's decision supports both a strong steel industry and a
strong auto industry, and we look forward to working with our
colleagues in the steel industry to continue to strengthen
manufacturing in the United States."

The duties on corrosion resistant steel have been in place since
1993 on imports from six countries.  As a result of [the] vote,
duties on imports from Australia, Canada, France, and Japan are
revoked, while duties on imports from Germany and Korea will be
retained until the next review in 2011.

The six auto manufacturers -- DaimlerChrysler, Ford, General
Motors, Honda, Nissan and Toyota -- joined together for the
first time as a group in a trade case to urge revocation of
duties on corrosion-resistant steel because of their serious
concern regarding access to, and availability of, competitively-
priced steel.  During the hearing, the companies demonstrated
that the U.S. steel industry is now profitable, has healthy
long-term prospects, and no longer needs government protection.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 327,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

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


GLOBAL POWER: Bank of America Wants Escrow Funds Released
---------------------------------------------------------
Bank of America, N.A., asks the U.S. Bankruptcy Court for the
District of Delaware for authority to release and distribute the
escrow funds in the Williams Escrow to William Industrial
Services Group, LLC.

                      Escrow Agreement

BoA informs the Court that prior to Global Power Equipment Group
Inc. and its debtor-affiliates' bankruptcy filing, Global Power
entered into a purchase agreement with WISG.

Pursuant to the purchase agreement, Global Power, WISG and BoA,
as escrow agent, entered into an escrow agreement, dated as of
Apr. 11, 2005, in which US$7 million was placed in escrow with
BoA to cover potential purchase price adjustments and Global
Power's potential indemnity claims under the purchase agreement.

Under the Escrow Agreement, WISG and Global Power had an 18-
month period to make demands against the Williams Escrow.  The
Agreement provides that upon the expiration date and in the
absence of any purchase price adjustment or indemnity claims by
Global Power, the remaining funds in the William Escrow are to
be release to WISG, according to BoA.

BoA says that the agreement would have expired in Oct. 10, 2006,
if Global Power did not file for bankruptcy.  However, BoA
concludes that the expiration date was extended to
Nov. 27, 2006, by virtue of the Global Power's commencement of
its chapter 11 case.

                 Escrow Funds Distribution

On Oct. 19, 2006, WISG, unaware of the Debtor's bankruptcy
filing, demanded upon BoA for the release of the escrow funds.
The demand was honored.  However, after it recognized the
Debtor's chapter 11 case and the unintended distribution of the
funds by BoA, WISG promptly returned the escrow funds to BoA.

WISG has renewed its demand for the escrow funds distribution.

BoA asserts that Global Power no longer has any interest in the
Williams Escrow, and the funds don't constitute property of the
Debtor's estate after its filing for bankruptcy.

BoA adds that nothing in the Bankruptcy Code should now stop it
from releasing the Williams Escrow funds consistent with the
Escrow Agreement.  BoA made the request before the Court in an
abundance of caution.

                     About Global Power

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

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


GLOBAL POWER: Committee Hires Chanin Capital as Fin'l Advisors
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware allowed
the Official Committee of Unsecured Creditors appointed in
Global Power Equipment Group Inc. and its debtor-affiliates'
chapter 11 cases, to retain Chanin Capital Partners as its
financial advisors.

Chanin Capital will:

   a) review and analyze the Debtors' operations, financial
      condition, business plan, strategy, and operating
      forecasts;

   b) analyze any merger, divestiture, joint-venture, or
      investment transaction;

   c) assist in the determination of an appropriate go-forward
      capital structure for the Debtors;

   d) assist the Committee in developing, evaluating,
      structuring and negotiating the terms and conditions of a
      restructuring or reorganization plan, including the value
      of the securities, if any, that may be issued to the
      Committee under any restructuring or plan;

   e) provide testimony, as necessary, before the Bankruptcy
      Court; and

   f) provide the Committee with other appropriate general
      restructuring advice and litigation support.

Brent Williams, a Chanin Capitals managing partner, discloses
that his firm will charge the Committee at a standard flat
monthly rate of US$75,000.

Mr. Williams assures the Court that his firm does not hold any
interest adverse to the Debtors or their estates.

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

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


GLOBAL POWER: US Trustee Appoints Three-Member Equity Committee
---------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3
appointed three creditors to serve on an Official Committee of
Equity Security Holders of Global Power Equipment Group Inc. and
its debtor-affiliates' chapter 11 cases:

   1. PPM America Private Equity Fund, L.P.
      Attn: Patrick John Lanigan
      225 W. Wacker, Suite 1200
      Chicago, IL 60606
      Tel: (312) 634-2559
      Fax: (312) 634-0728;

   2. Zesiger Capital Group LLC
      Attn: Robert K. Winters
      320 Park Avenue
      New York, NY 10022
      Tel: (212) 508-6300
      Fax: (212) 508-6329

   3. Frank E. Williams, Jr.
      P.O. Box 4004
      Merrifield, VA 22116
      Tel: (703) 641-4612
      Fax: (703) 641-9082

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

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


GREAT PANTHER: Gets NI43-101 Resource Estimate for Topia Mine
-------------------------------------------------------------
Great Panther Resources Ltd. reported that Wardrop Engineering
of Vancouver, B.C. has delivered a NI43-101 compliant resource
estimate for the company's Topia Silver-Lead-Zinc Mine in
northwestern Durango State, Mexico.

Using a US$60 Gross Metal Value or GMV cut-off grade, Wardrop
Engineering estimates that the Animas, Argentina, La Dura, and
Madre veins, plus several parallel veins together contain a
Measured Mineral Resource of 53,500 tons grading 493g/t silver,
0.882g/t gold, 4.89% lead, and 4.44% zinc, with a GMV of US$256
per ton, an Indicated Resource of 111,500 tons grading 473g/t
silver, 0.860g/t gold, 4.86% lead, and 4.53% zinc, with a GMV of
US$253 per ton, and an Inferred Mineral Resource of 71,700 tons
grading 443g/t silver, 0.686 g/t gold, 4.31% lead, and 4.02%
zinc, with a GMV of US$229 per ton.

GMV was calculated using average October 2006 metal prices as
noted at Kitco.com, an estimated dilution of 33%, and payable
metal recoveries.  The US$60 GMV cut-off grade was derived from
estimated mining and milling costs of US$45 per ton, concentrate
shipping cost of US$5 per ton, and US$10 per ton overhead cost.
The resource was prepared by Ordinary Kriging and carried out in
three passes.  Specific Gravity or SG for the veins was
estimated by inverse distance weighted to the second power.

The resource estimated by Wardrop Engineering was based upon a
combination of surface exploration drilling completed on the
property by Great Panther during 2004 and 2005 (29 diamond drill
holes) and 753 underground samples taken between 2004 and
October 2006, in conjunction with 3,883 underground samples from
the Penoles database.  The complete NI43-101 report on the Topia
Mine will be posted on SEDAR and on the Great Panther web-site
as soon as a final copy is received from Wardrop Engineering.

The three categories of the new resource were defined, in part,
according to sample density and distance between sample points.
Much of the Inferred category comes from widely spaced diamond
drill intercepts and several of Great Panther's holes fall
outside of the search parameters such that more detailed
drilling will be required in order to determine if these blocks
can be included in future resource estimations.  At present,
these areas can only be considered to have geological potential.

Wardrop Engineering used GMV rather than silver equivalents due
to the high value of base metals in the mineralization,
reflecting current commodity prices.  Silver equivalents can be
calculated by dividing the GMV by the silver price of US$11.56
used in the estimation.  Doing this would yield a total Measured
Resource of 1,185,219 ounces of Ag Equivalent, an Indicated
Resource of 2,440,384 ounces of Ag equivalent, and an Inferred
Resource of 1,418,900 ounces of Ag Equivalent.

To bring the resources into a reserve category, Wardrop
Engineering would have to conduct a more detailed analysis of
the costs at the Topia Mine and this will be carried out in
2007.  Given the large difference between the value per ton and
the estimated operating costs, Great Panther expects a very high
conversion rate of resources to reserves once this is completed.

Great Panther commenced production at Topia in December 2005 and
has gradually increased the throughput at the plant to the
current 160 tons per day.  Production in November 2006 was
3,038.02 tons with a head grade of 367g/t Ag, 0.83g/t Au, 3.68%
Pb and 4.3% Zn.  The company expects 2006 Topia mine production
to be approximately 22,500 tons grading 337 g/t Ag, 0.68g/t Au,
3.23% of lead and 3.95% of zinc.  Production projections for
2007 should be ready by the end of January 2007 but they are
expected to be more than double the output of 2006.

The Topia Mining District is one of the oldest in Mexico, with
the discovery of silver in the area dating back to 1538.
Industrias Penoles, now Mexico's largest silver producer,
consolidated the district and built the plant, operating the
mine from 1952 to 1989.  It was then sold to a private company
who operated the mine on a small scale until 1999.  During this
period (1952-1999) recorded production exceeded 15 million
ounces of silver, 18,500 ounces of gold, 48,000 tons of lead and
44,500 tons of zinc.  Total historical production for the
district has been estimated at up to 30 million ounces of
silver.

While Penoles operated the mine, they kept five years of
mineable reserves ahead of them at all times, with mined ore
being replaced by new reserves each year.  This is common in the
industry for vein deposits and Great Panther expects to follow a
similar practice for the mine plan, although continued
exploration drilling is intended to expand the resource beyond
that point.  The new NI43-101 resource at the Topia Mine is a
significant step for Great Panther as it begins to quantify the
potential of the property and to better define mineralized zones
that may be brought into the reserve category with the
application of economic factors.

Great Panther's Topia Mine Property now comprises 6,155 hectares
in the heart of the district.  The mineralization at Topia is
typical for epithermal fissure vein deposits.  Massive galena-
sphalerite-tetrahedrite with quartz, barite, and calcite, make
up the veins, which range in thickness from a few centimeters to
two meters.  They are very continuous along strike, with the
main veins extending more than four kilometers.  The veins
strike N60 degree and dip at an average of 70 degrees and are
hosted by andesites of the Lower Volcanic Series.  Host rocks
are usually competent, making for good ground conditions in the
mine.

In 2007 Great Panther will continue with a concerted underground
and surface drilling campaign focused on expanding the resource
base by testing lateral as well as up and down dip extensions of
the above noted veins as well as new exploration targets.  An
estimated program of 7,000 meters of surface drilling and 3,000
meters of underground drilling is proposed.

Great Panther Resources Ltd. (TSX-V: GPR) through its
acquisition of the Topia and Guanajuato Mines in Mexico has
transformed from a company that was exclusively focused on
mineral exploration to a company involved in the mining of
precious and base metals.

                    Going Concern Doubt

As reported in the Troubled Company Reporter on July 13, 2006,
KPMG LLP in Vancouver, Canada, raised substantial doubt about
Great Panther Resources Limited's ability to continue as a going
concern after auditing the Company's consolidated financial
statements for the years ended Dec. 31, 2005, and 2004.  The
auditors pointed to the Company's recurring losses and operating
cash flow deficiencies.


HERBALIFE LTD: Earns US$26 Million in Quarter Ended September 30
--------------------------------------------------------------
Herbalife Ltd. reported net income of US$26,467,000 on
US$476,374,000 of total revenues for the quarter ended
Sept. 30, 2006, compared to a net income of US$27,137,000 on
US$400,997,000 of total revenues for the same period in 2005.

For the quarter ended Sept. 30, 2006, net sales increased by
18.8%, compared to the same periods in 2005, primarily due to
sales increases in North America, Mexico and Central America,
and Brazil.  Net sales in the European, Middle East, Africa, and
North Asian regions decreased for the three months ended
Sept. 30, 2006, when compared to the same prior year period.
The overall increase in net sales for this quarter reflects the
continued sales momentum generated from the successful
promotions in 2005 and 2006, the company explains.

Net income decreased for the three months ended Sept. 30, 2006
to US$26.5 million, from US$27.1 million for the same period in
2005.  Net income includes the impact of:

   -- a US$14.3 million recapitalization expenses in connection
      with the repayment of the company's US$225 million senior
      secured credit facility, originally entered into on
      Dec. 21, 2004, and its 91/2% Notes due 2011;

   -- a US$2.7 million additional tax benefit from refinancing
      transactions in the third quarter of 2006; and

   -- a US$2.5 million relating to a change in the allowance for
      uncollectible royalty overrides receivables from
      distributors in the third quarter of 2005.

For the three months ended Sept. 30, 2006, as compared to the
same period in 2005, net sales growth and a lower effective tax
rate, partially offset by higher labor costs, and promotional
expenses and professional fees had a net favorable impact to net
income.

At Sept. 30, 2006, the company's balance sheet showed
US$937,644,000 in total assets, US$638,299,000 in total
liabilities, and US$299,345,000 in stockholders' equity,
compared to a US$168,888,000 stockholders' equity at
Dec. 31, 2005.

A full-text copy of the company's financial statements for the
quarterly period ended Sept. 30, 2006, is available for free at

              http://researcharchives.com/t/s?178a

                    About Herbalife Ltd.

Based in Los Angeles, California, Herbalife Ltd. (NYSE: HLF) --
http://www.herbalife.com/-- is a marketing company that sells
weight-management, nutritional supplements and personal care
products intended to support a healthy lifestyle.  Herbalife
products are sold in 62 countries through a network of more than
one million independent distributors.  The company supports the
Herbalife Family Foundation -- http://www.herbalifefamily.org/
-- and its Casa Herbalife program to bring good nutrition to
children.

                        *    *    *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


HOME PRODUCTS: Organizational Meeting Scheduled for January 3
-------------------------------------------------------------
The U.S. Trustee for Region 3 will hold an organizational
meeting to appoint an official committee of unsecured creditors
in Home Products International, Inc., and its debtor-affiliate,
Home Products International-North America, Inc.'s chapter 11
cases at 1:30 p.m., on Jan. 3, 2007, at the J. Caleb Boggs
Federal Building, 844 North King Street, Room 5209 in
Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.  The
meeting is not the meeting of creditors pursuant to Section 341
of the Bankruptcy Code.  However, a representative of the
Debtors will attend and provide background information regarding
the cases.

Creditors interested in serving on a Committee should complete
and return to the U.S. Trustee a statement indicating their
willingness to serve on an official committee.

Official creditors' committees, constituted under Section 1102
of the Bankruptcy Code, ordinarily consist of the seven largest
creditors who are willing to serve on a committee.  In some
Chapter 11 cases, the U.S. Trustee is persuaded to appoint
multiple creditors' committees.

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes that the reorganization of the Debtors is
impossible, the Committee will urge the Bankruptcy Court to
convert the Chapter 11 cases to a liquidation proceeding.

Headquartered in Chicago, Illinois, Home Products International,
Inc. -- http://www.hpii.com/-- designs, manufactures, and
markets ironing boards, covers, and other high-quality, non-
electric consumer houseware products.  The Debtor's product
lines include laundry management products, bath and shower
organizers, hooks, hangers, home and closet organizers, and food
storage containers.  Their products are sold under the HOMZ
brand name, and are distributed to hotels, discounters, and
other retailers such as Wal-Mart, Kmart, Sears, Home Depot, and
Lowe's.  The company has operations in Mexico.

The company and its affiliate, Home Products International-North
America, Inc., filed for chapter 11 protection on Dec. 20, 2006
(Bankr. D. Del. Case Nos. 06-11457 and 06-11458).  Eric D.
Schwartz, Esq., at Morris, Nichols, Arsht & Tunnell, represents
the Debtors.  When the Debtors filed for protection from their
creditors, they listed estimated assets between US$1 million and
US$100 million and debts of more than US$100 million.


KRISPY KREME: Expects US$117 Mil. in Revenues for Third Quarter
---------------------------------------------------------------
Krispy Kreme Doughnuts Inc. reported that on a preliminary basis
it expects to report revenues of approximately US$117 million
for the third quarter of fiscal 2007, which ended Oct. 29, 2006,
compared to revenues of approximately US$129 million for the
third quarter of fiscal 2006.  The decrease in revenues reflects
a decline in the number of company stores as well as lower sales
to franchisees by the company's Manufacturing and Distribution
segment.

Systemwide sales fell approximately 9% in the third quarter of
fiscal 2007 compared to the third quarter of the prior year
primarily due to an approximately 17% decrease in the number of
factory stores to 293 (total stores, including satellites,
decreased approximately 8%).  Average weekly sales per factory
store (which is computed by dividing sales from all factory and
satellite stores by the number of factory stores in operation)
increased approximately 16% and 12% in company stores and
systemwide, respectively, compared to the third quarter of
fiscal 2006.  Average weekly sales per store (which is computed
by dividing sales from all factory and satellite stores by the
aggregate number of all such stores in operation) increased
approximately 14% for company stores and decreased approximately
0.5% systemwide, compared to the third quarter of fiscal 2006.
Systemwide average sales per store decreased slightly while
company average sales per store rose principally because the
growth in satellite stores, which have lower average sales than
factory stores, largely has been concentrated in franchise
stores and not in company stores.  The average sales per unit
data reflect, among other things, store closures and the related
shift in off-premises doughnut production into a smaller number
of stores.  Systemwide sales data include sales at all company
and franchise locations.  Systemwide sales are a non-GAAP
financial measure; however, the company believes systemwide
sales information is useful in assessing the overall performance
of the Krispy Kreme brand and, ultimately, the performance of
the company.

"While we still have a way to go in Krispy Kreme's turnaround,
we are encouraged by our progress in the third quarter," said
Daryl Brewster, President and Chief Executive Officer.  "The
company has agreed to settle the class action lawsuit and most
of the shareholder derivative litigation.  Average unit volumes
rose at company-owned stores. Krispy Kreme continued its
international expansion while filling several key management
positions critical to achieving sustained growth."

The company noted that its financial results continue to be
adversely affected by the substantial costs associated with the
legal and regulatory matters previously disclosed by the
company.  The company expects to report a net loss for the third
quarter of fiscal 2007.

                    Financial Position

The company believes that cash flow from operations and existing
cash balances will be sufficient to meet its liquidity needs. As
of Oct. 29, 2006, the company's cash balance was approximately
US$35 million and its indebtedness was approximately US$119
million (including capital lease obligations), compared to
approximately US$16 million and US$123 million, respectively, at
Jan. 29, 2006.  The January amounts exclude amounts relating to
Glazed Investments, the company's consolidated franchisee at the
time.  As of Oct. 29, 2006, the company had no consolidated
franchisees.

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


KRISPY KREME: Files Delayed First Quarter Financial Results
-----------------------------------------------------------
Krispy Kreme Doughnuts Inc. delivered its first quarter
financial results to the Securities and Exchange Commission on
Dec. 22, 2006.  The company's quarterly filings have been
delayed due to accounting problems.

For the three months ended April 30, 2006, the company reported
a US$6 million net loss on US$119.3 million of net revenues
compared with a US$53.3 million net loss on US$152.5 million of
net revenues for the same period in 2005.

Net cash provided by operating activities was US$7.6 million and
US$11.5 million in the first quarter of fiscal 2007 and 2006,
respectively.  The company's net loss, adjusted for non-cash
charges and credits, declined approximately US$2.0 million in
the first quarter of fiscal 2007 compared to the first quarter
of fiscal 2006.  This improvement in operating cash flow was
offset by increases in accounts receivable and a reduction in
accounts payable and accrued liabilities during the quarter.

The company's balance sheet at April 30, 2006, showed US$393.1
million in total assets, US$282 million in total liabilities and
a US$111.1 million positive stockholders' equity.

Full-text copies of the company's first quarter financials are
available for free at http://researcharchives.com/t/s?17bd

As reported in the Troubled Company Reporter on Dec. 15, 2006,
the company's filing with the Securities and Exchange Commission
on Dec. 11, 2006, disclosed that the company has devoted in
completing its annual report on Form 10-K for fiscal 2006, filed
on Oct. 31, 2006, and its quarterly reports on Form 10-Q for the
first three quarters of fiscal 2006, filed on Nov. 9, 2006.

In addition, the company has also been devoting substantial
resources to complete its quarterly reports on Form 10-Q for the
first two quarters of fiscal 2007.  Due to the substantial
resources devoted to these reports, the Company was unable to
finalize its quarterly report on Form 10-Q for the third quarter
of fiscal 2007 before the filing deadline of Dec. 8, 2006.

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


NORTEL NETWORKS: Inks US$2-Bln Supply Deal with Verizon Wireless
----------------------------------------------------------------
Nortel Networks Corp. signed a US$2-billion supply deal with
Verizon Wireless to help the cellphone company cope with an
explosion in demand for mobile broadband Internet access,
Reuters reports.

According to the companies, the five-year agreement is aimed at
expanding the quality and reach of Verizon's network in the
United States as users clamor for online video, games and music,
Reuters notes.

The report cites Nortel's mobility and converged core networks
president, Richard Lowe, as saying that consumers expect more
from their mobile devices than voice communication and text
messaging.

Mr. Lowe said that Nortel is making it simple for Verizon
Wireless to expand its network to meet this demand and to
competitively drive new services to market, the report relates.

Reuters points out that Nortel is betting that demand for online
media and gaming will push the Internet to the brink in terms of
capacity, prompting both wireline and wireless network
expansions from service providers such as Verizon.

Billions of dollars are at stake for equipment suppliers like
Nortel and its rivals, as users watch movies and download music
on desktops and laptops, as well as on cellphones and portable
e-mail devices, the report says.

                        About Nortel

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

                        *    *    *

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


SENSATA TECH: Completes Purchase of Honeywell's FTAS Business
-------------------------------------------------------------
Sensata Technologies B.V. has closed the acquisition of
Honeywell's First Technology Automotive and Special Products or
FTAS business.

Concurrently, Sensata completed a EUR73 million financing in
support of the transaction through an incremental facility under
its existing Credit Agreement.  Terms were in line with the
original issuance.

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

"We are pleased to have completed the divestiture of both non-
core First Technology businesses in 2006," said Dave Cote,
Honeywell Chairman and CEO.  "With the sale of FTAS today and
First Technology Safety and Analysis earlier this year, we have
finalized acquisition of the First Technology Gas Sensing
business at an attractive valuation in an industry with great
growth prospects.  We continue to execute on integrating the
business into Honeywell Analytics and establishing our position
as a world leader in gas detection technologies."

FTAS was acquired by Honeywell as part of its acquisition of
First Technology plc earlier this year.  Honeywell completed its
acquisition of First Technology plc on March 24, and the sale of
First Technology Safety and Analysis on May 19.

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

                       About Honeywell

Honeywell International is a US$31 billion diversified
technology and manufacturing leader, serving customers worldwide
with aerospace products and services; control technologies for
buildings, homes and industry; automotive products;
turbochargers; and specialty materials.  Based in Morris
Township, N.J., Honeywell's shares are traded on the New York,
London, Chicago and Pacific Stock Exchanges.

                 About Sensata Technologies

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

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 11, 2006,
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family and probability of default ratings.

Moody's rating affirmation pertains to Sensata's pending
acquisition of First Technology Automotive and Special Products
from Honeywell and its subsequent financing via a US$95 million
add-on to Sensata's existing senior secured Term Loan B.

Moody's said the rating outlook remains stable.


SONIC CORP: Completes US$600 Million Securitized Financing
----------------------------------------------------------
Sonic Corp. completed a US$600 million securitized financing by
certain of its subsidiaries of Fixed Rate Series 2006-1 Senior
Notes, Class A-2 in a private transaction.

The Fixed Rate Notes will have an anticipated contract monthly
weighted average fixed interest rate of 5.7%.  The effective
weighted average fixed interest rate on a GAAP basis is
anticipated to be approximately 5.9%, on the Fixed Rate Notes,
after giving effect to hedging arrangements entered into in
contemplation of the transaction.  The Fixed Rate Notes were
issued under an Indenture dated Dec. 20, 2006.  The Fixed Rate
Notes will have an expected life of six years, with a legal
final repayment date in December 2031.

Sonic also completed a securitized financing facility of
Variable Rate Series 2006-1 Senior Variable Funding Notes, Class
A-1 in a private transaction, which allows for the issuance of
up to US$200 million of Variable Funding Notes.  Interest on the
Variable Funding Notes will be payable at per annum rates equal
to LIBOR plus 105 basis points.  No Variable Funding Notes were
issued at closing.  There is a commitment fee on the unused
portion of the Variable Funding Notes facility of 0.5%.

The subsidiaries that issued the Notes are indirect subsidiaries
of Sonic Corp. that hold substantially all of Sonic's
franchising assets and partner drive-in real estate.  The
servicing and repayment of these Notes is expected to be made
solely from the income derived from these indirect subsidiaries'
assets.  Neither Sonic Corp., the ultimate parent of each of the
subsidiaries involved in the securitization, nor any subsidiary
of Sonic other than the subsidiaries involved in the
securitization, guarantee

or in any way are liable for the obligations of the subsidiaries
involved in the securitization under the Indenture pursuant to
which the Notes are issued or the Notes themselves, or any other
obligation of such subsidiaries in connection with the issuance
of the Notes.

Sonic used approximately US$532 million of the net proceeds from
the sale to repay its existing term loan and amounts outstanding
under its revolving credit facility and approximately US$24
million to pay the costs associated with the securitized
financing transaction.  Sonic intends to use the remaining net
proceeds from the sale for general corporate purposes, including
expansion of its business, acquisitions of franchise drive-ins
and repurchases of Sonic Corp. common stock.

Headquartered in Oklahoma City, Oklahoma, Sonic Corp.,
(Nasdaq: SONC) -- http://www.sonicdrivein.com/-- operates and
franchises the largest chain of drive-in restaurants in the
United States.  As of May 31, 2006, the company owned and
operated 604 restaurants and franchised 2,525 restaurants in 33
U.S. States and in Mexico with significant presence in the
Southern and Midwestern United States.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 26, 2006,
Moody's Investors Service's revised its Corporate Family Rating
for Sonic Corp. to B1 from Ba3.

In addition, Moody's affirmed its Ba3 ratings on the company's
US$100 million Senior Secured Revolver and US$675 million Senior
Secured Term Loan.  Moody's assigned those debentures an LGD3
rating suggesting lenders will experience a 34% loss in the
event of default.


TANK SPORTS: Appoints Dealer Services as Dealer Funding Source
--------------------------------------------------------------
Tank Sports disclosed the appointment of Dealer Services
Corporation as a primary funding source for dealers who wish to
finance their inventory.

"This creates a huge opportunity for our dealers to expand their
inventory without depleting their normal financial resources,"
Mike Turber, National Sales Manager and Marketing Director,
said.

The company also disclosed that by signing up the agreement and
being approved by DSC, TANK dealers can take up to 365 days to
floor their inventory with an area of flexible payment options
not otherwise available through other financing means.

Mr. Turber further stated, "By forming this strategic
partnership with DSC, we are showing our customers we are
interested in developing a long term growth strategy to help
them build their business."

                About Dealer Services Corp.

Located in Carmel, Ind., Dealer Services Corporation is an
inventory finance company with over 60 full service locations
providing national coverage.  Led by industry pioneer John
Fuller, DSC provides flexible and cost effective inventory
financing solutions to dealership operations in the areas of
Salvage, Automotive, Rental, RTO (Rent To Own), Powersports and
Recreational Marine.  Currently, DSC has contract relationships
with over 7,000 dealers nationwide.

                     About Tank Sports

Headquartered in El Monte, California, Tank Sports, Inc.,
(OTCBB:TNSP) -- http://www.tank-sports.com/-- develops,
engineers, and markets high-performance on-road motorcycles &
scooters, off-road all-terrain vehicles (ATVs), dirt bikes and
Go Karts through OEMs in China.  The company's motorcycles and
ATVs products are manufactured in China and Mexico.

                    Going Concern Doubt

Kabani & Company, Inc. in Los Angeles, California, raised
substantial doubt about Tank Sports, Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended Feb. 28, 2006.  The auditor
pointed to the company's net loss and accumulated deficit.


WERNER LADDER: Committee Hires Saul Ewing as Conflicts Counsel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized the Official Committee of Unsecured Creditors
appointed in the bankruptcy cases of Werner Holding Co. (DE),
Inc., aka Werner Ladder Co. and its debtor-affiliates to retain
Saul Ewing LLP as its conflicts counsel, nunc pro tunc to
Aug. 28, 2006.

As reported in the Troubled Company Reporter on Oct. 26, 2006,
Jason D. Schauer of Levine Leichtman Capital Partners, co-chair
of the Committee, related that the Committee's counsel,
Greenberg Traurig, LLP, had determined that it represented
certain creditors or other parties-in-interest in other matters
wholly unrelated to the Debtors' chapter 11 cases.  The firm's
representation of these creditors or parties-in-interest were
previously disclosed to the Court.  Greenberg advised the
Committee that the panel needs to retain a special "conflicts"
counsel to represent the Committee's interests vis-a-vis those
entities in the Debtors' chapter 11 cases or otherwise
investigate and commence any appropriate causes of action
against those entities.

In particular, Mr. Schauer told the Court, Greenberg represented
WXP, Inc., in matters unrelated to the Debtors' bankruptcy
cases.  Thus, the Committee wanted Saul Ewing to advise and
represent the Committee with respect to matters involving WXP as
well as any other matters related to the cases with which
Greenberg has a conflict or otherwise cannot represent the
Committee's interests.

To the extent that Greenberg would not provide services to the
Committee, Saul Ewing, as directed by the Committee, is expected
to:

   (a) advise the Committee with respect to its rights, duties
       and powers in the Debtors' Chapter 11 cases;

   (b) assist and advise the Committee in its consultation with
       the Debtors relative to the administration of the
       Debtors' cases;

   (c) assist the Committee in analyzing the claims of the
       Debtors' creditors and the Debtors' capital structure and
       in negotiating with holders of claims and equity
       interests;

   (d) assist the Committee in its investigation of the acts,
       conduct, assets, liabilities, and financial condition of
       the Debtors and of the operation of the Debtors'
       businesses;

   (e) assist the Committee in its investigation of the liens
       and claims of the Debtors' prepetition lenders and the
       prosecution of any claims or causes of action revealed by
       the investigation;

   (f) assist the Committee in its analysis of, and negotiations
       with, the Debtors or any third party concerning matters
       related to, among other things, the assumption or
       rejection of certain non-residential real property leases
       and executory contracts, asset dispositions, financing of
       other transactions, and the terms of one or more plans of
       reorganization for the Debtors and accompanying
       disclosure statements and related plan documents;

   (g) assist and advise the Committee as to its communications
       to creditors regarding significant matters in the
       Debtors' Chapter 11 cases;

   (h) represent the Committee at hearings and other
       proceedings;

   (i) review and analyze applications, orders, statements of
       operations, and schedules filed with the Court, and
       advise the Committee as to their propriety;

   (j) assist the Committee in preparing pleadings and
       applications as may be necessary in furtherance of the
       Committee's interests and objectives;

   (k) prepare, on the Committee's behalf, any pleadings,
       including without limitation, motions, memoranda,
       complaints, adversary complains, objections or comments;
       and

   (l) perform other legal services as may be required or are
       otherwise deemed to be in the interests of the Committee.

According to Mr. Schauer, the members and associates of Saul
Ewing possess extensive knowledge and considerable expertise in
the fields of bankruptcy, insolvency, reorganizations, debtors'
and creditors' rights, debt restructuring and corporate
reorganizations, among others.

The attorneys and paralegals presently designated to be
primarily responsible for representing the Committee, and their
current standard hourly rates are:

          Domenic E. Pacitti, Esq.   Partner     US$495
          Mark Minuti, Esq.          Partner        475
          Jeremy W. Ryan, Esq.       Associate      330
          Patrick J. Reilley, Esq.   Associate      260
          G. David Dean, Esq.        Associate      235
          Jason E. Kittinger, Esq.   Paralegal      150

The firm's standard hourly rates are:

          Partners                  US$335 - US$650
          Special Counsel           US$250 - US$440
          Associates                US$175 - US$330
          Paraprofessionals          US$95 - US$215

Mr. Minuti disclosed that his firm would not advise the
Committee on matters involving QVC, Inc., Murray Capital
Management, Inc., and Claren Road Asset Management.  Saul Ewing
has represented or represents other significant parties-in-
interest in the Debtors' cases, but only in matters wholly
unrelated to the bankruptcy proceeding.  Mr. Minuti assured the
Court that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

Headquartered in Greenville, Pennsylvania, Werner Holding Co.
(DE), Inc. aka Werner Ladder Co. -- http://www.wernerladder.com/
-- manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).

The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel.  Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq.,
and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor,
LLP, represents the Debtors as its co-counsel.  The Debtors have
retained Rothschild Inc. as their financial advisor.  Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors.  Jefferies & Co serves as the Committee's financial
advisor.

At March 31, 2006, the Debtors reported total assets of
US$201,042,000 and total debts of US$473,447,000.




=================
N I C A R A G U A
=================


GREENSTONE RESOURCES: Court Grants Two Orders Under CCAA & CBCA
---------------------------------------------------------------
The Ontario Superior Court of Justice granted, on Dec. 14, 2006,
two orders in connection with the reorganization of Greenstone
Resources Ltd. pursuant to the Companies' Creditors Arrangement
Act (Canada) and Canada Business Corporations Act (Canada).

Both orders were obtained by Shimmerman Penn Title & Associates
Inc., in its capacity as trustee of the bankruptcy estate of
Greenstone Resources, in accordance with an order made by the
Court on Dec. 1, 2006, authorizing and directing the Trustee to
the take the steps required to reorganize the company pursuant
to a common plan of compromise and arrangement made under both
the CCAA and the CBCA.

The Dec. 14, 2006, order made by the Court under the CCAA:

   (a) authorizes the Trustee to present a plan of compromise or
       arrangement to the company's creditors;

   (b) authorizes the Trustee to terminate or repudiate
       agreements entered into by the company including warrants
       or options exchangeable for shares of the company;

   (c) authorizes and directs the trustee to provide notice of
       the Plan to the company's creditors by publishing two
       notices in The Globe and Mail (National Edition) and
       sending an information package containing information
       with respect to the Plan to all of the known creditors of
       the company and any other creditor who requests such
       information package;

   (d) establishes a procedure for the company's creditors to
       prove their claims against the company; and

   (e) establishes the date and location for the holding of a
       meeting of the company's creditors to consider the Plan.

The Meeting will be held at 10:00 a.m. (Toronto time) on
Jan. 25, 2007, at Suite 1600, 1 First Canadian Place, 100 King
Street West, Toronto, Ontario.  If the required majority of the
Company's creditors present and voting at the Meeting accept the
Plan, the Trustee is required to bring a motion to the Court
seeking an order sanctioning the Plan under the CCAA on
Jan. 30, 2007.

The Dec. 14, 2006, order made by the Court under the CBCA:

   (a) declares the Plan to be a plan of arrangement under the
       CBCA as well as the CCAA;

   (b) orders that no holder of the shares of the company or
       persons holding options or rights to acquire shares of
       the company are entitled to notice of the Plan or any
       application or motion to approve the Plan, other than as
       provided in the Authorization Order;

   (c) orders that no meeting of the shareholders of the company
       or of the holders of options or rights to acquire shares
       of the company need be held with respect to the Plan; and

   (d) orders that a motion to the Court seeking an order
       sanctioning and approving the Plan under the CBCA will
       be heard at the same time as the motion seeking to
       sanction the Plan under the CCAA.

The Authorization Order authorized and directed the Trustee to
deliver to the registered shareholders of the company certain
information in relation to the proceedings.

The Trustee has published the required notices in The Globe and
Mail and is in the process of mailing information packages to
the creditors and registered shareholders of the company.

A full-text copy of the Interim Order under the CBCA in
connection with the company's Plan of Arrangement is available
for free at http://ResearchArchives.com/t/s?17a5

A full-text copy of the Initial Order Under the CCAA in
connection with the company's Plan of Compromise is available
for free at http://ResearchArchives.com/t/s?17a6

Headquartered in Toronto, Ontario, Greenstone Resources Ltd.
(Nasdaq:GRERF.PK) owns gold operations, located in Honduras and
Nicaragua.




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


BANCO LATINOAMERICANO: Paying US$0.1875 Per Share Dividend
----------------------------------------------------------
Banco Latinoamericano de Exportaciones, SA, aka Bladex reported
that the US$0.1875 per share quarterly cash dividend
corresponding to the fourth quarter of 2006 and approved by the
Board of Directors on Jan. 31, 2006, is payable on Jan. 18,
2007, to stockholders of record as of Jan. 8, 2007.

As of Nov. 30, 2006, Bladex had 36,329,071.53 common shares
outstanding of all classes.

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex -- http://www.bladex.com-- is a
supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade
finance in the Region.  The bank's shareholders include central
banks and state- owned entities in 23 countries in the Region,
as well as Latin American and international commercial banks,
along with institutional and retail investors.  Through
Dec. 31, 2005, Bladex had disbursed accumulated credits of over
US$135 billion.

                        *    *    *

As reported on April 7, 2006, Moody's affirmed these ratings for
Bladex:

   -- Bank Financial Strength Rating: D-minus, change to
      positive outlook from stable;

   -- Long Term Foreign Currency Deposit Rating: Baa3, with
      stable outlook;

   -- Short Term Foreign Currency Deposit Rating: Prime-3;

   -- Foreign Currency Senior Unsecured Rating: Baa3, with
      stable outlook; and

   -- Foreign Currency Issuer Rating: Baa3, with stable outlook.


* PANAMA: Reaches Free Trade Agreement with US
----------------------------------------------
Panama has reached a free trade accord with the United States,
after two years of negotiations, the Financial Times reports.

Financial Times relates that the agreement will allow US firms
to participate in the US$5.3 billion expansion of the Panama
Canal.  The agreement is mainly aimed at enhancing the terms of
trade for US producers.  The terms will allow the Panama Canal
to increase its capacity so more and bigger ships could cross
between the Atlantic and Pacific oceans and increase the
Panamanian government's revenues.

A US trade official told Financial Times that the accord would
also spur reforms of Panama's domestic legal and business
environment that are important to encourage investment.

According to Financial Times, the deal indicates the
determination of the US government to push ahead with its trade
agenda, despite resistance in its congress, where the Democratic
majority is pressing for tougher labor standards.

However, the agreement still needs the approval of the US
congress, Financial Times notes.

"We have reached this agreement with the understanding that it
is subject to additional discussions on labor.  Before
submitting the agreement to congress, we will work with both
sides of the aisle to ensure strong bipartisan support for the
agreement," Susan Schwab, the US trade representative, told
Financial Times.

                        *    *    *

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+'.  Fitch said the rating outlook is
stable.




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


ADELPHIA COMMS: Hires Fisher & Phillips as Special Counsel
----------------------------------------------------------
Adelphia Communications Corporation obtained approval from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Fisher & Phillips LLP as special counsel, nunc pro tunc
to June 1, 2006, the date the firm exceeded the ordinary course
professionals cap.

The Adelphia and its debtor-affiliates employed, in May 2004,
Fisher & Phillips LLP as an ordinary course professional.  The
ACOM Debtors determined that it is necessary to employ F&P as
special counsel because the firm has exceeded the aggregate OCD
cap and they intend to continue to use the services that F&P
provides them.

Shelley C. Chapman, Esq., at Willkie Farr & Gallagher LLP, in
New York, disclosed that F&P provides representation to its
clients in numerous areas, including labor, employment, benefits
and immigration law, representing companies and management
exclusively.

F&P will provide legal representation to the ACOM Debtors in
their Chapter 11 cases, regarding, but not limited to, labor and
employment matters.

F&P's will bill:

      Professional                  Hourly Rates
      ------------                  ------------
      Attorneys                    US$170 to US$445
      Paralegals                   US$110 to US$180

The firm will also be reimbursed for actual and necessary
expenses incurred.

F&P has received US$624,502 and is owed US$109,327 in payment
for services rendered and expenses incurred in the ACOM Debtors'
Chapter 11 cases.

Theresa M. Gallion, Esq., a member of the firm, assures the
Court that F&P does not hold or represent an interest adverse to
the estates.

            Ms. Gallion's Supplemental Affidavit

Ms. Gallion disclosed that F&P currently handles employment
matters for companies insured by Travelers, a bank lender in the
ACOM Debtors' Chapter 11 cases.  The employment matters are
unrelated to the Chapter 11 cases.

"Our representation of Travelers matters does not involve any
adverse interest to the [ACOM] Debtors," Ms. Gallion tells the
Court.  In any event, should the ACOM Debtors be in a position
in which they are adverse to Travelers, the firm will not
represent the ACOM Debtors or Travelers in those matters, Ms.
Gallion adds.

                About Adelphia Communications

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is a cable
television company.  Adelphia serves customers in 30 states and
Puerto Rico, and offers analog and digital video services,
Internet access and other advanced services over its broadband
networks.  The Company and its more than 200 affiliates filed
for Chapter 11 protection in the Southern District of New York
on June 25, 2002.  Those cases are jointly administered under
case number 02-41729.   Willkie Farr & Gallagher represents the
Debtors in their restructuring efforts.  PricewaterhouseCoopers
serves as the Debtors' financial advisor.  Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases. (Adelphia Bankruptcy News, Issue No. 159; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


BURGER KING: Ban on Children's Ad Won't Affect Earnings Much
------------------------------------------------------------
Peter Robinson, president of Burger King Holdings Inc., said
that the company expects minimal impact to its earnings as a
result of the UK government's ban on children's advertising.

"Our target consumer for many years has been 18 to 34 years old,
and we remain on course with our current strategy to market
high-quality beef to this core customer.  We expect the
advertising ban to have a far greater impact on our competitors
who have previously targeted children as a core consumer," Mr.
Robinson stated.

As of the end of the first quarter of its 2007 fiscal year,
Burger King owns and operates 76 Burger King restaurants in the
UK.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


DEVELOPERS DIVERSIFIED: Declares Class H & Class I Dividends
------------------------------------------------------------
Developers Diversified has declared its fourth quarter 2006
Preferred Class H and Class I stock dividends.

    -- Fourth Quarter Preferred Class H Stock Dividend:
       US$0.460938 per depository share.

Each Class H Depositary Share is equal to one twentieth of a
share of Developers Diversified's 7.375% Class H Cumulative
Redeemable Preferred Stock.  This dividend covers the period
beginning on Oct. 15, 2006, and ending on Jan. 14, 2007.  The
declared Preferred Class H Dividend is payable Jan. 16, 2007,
to shareholders of record at the close of business on
Dec. 29, 2006.

    -- Fourth Quarter Preferred Class I Stock Dividend:
       US$0.46875 per depository share

Each Class I Depositary Share is equal to one twentieth of a
share of Developers Diversified's 7.5% Class I Cumulative
Redeemable Preferred Stock.  This dividend covers the period
beginning on Oct. 15, 2006, and ending on Jan. 14, 2007.  The
declared Preferred Class I Dividend is payable Jan. 16, 2007, to
shareholders of record at the close of business on
Dec. 29, 2006.

Based in Beachwood, Ohio, Developers Diversified Realty
Corporation -- http://www.ddr.com/-- currently owns and manages
over 500 retail operating and development properties in 44
states, plus Puerto Rico and Brazil, totaling 118 million square
feet.  The Company is a self-administered and self-managed real
estate investment trust operating as a fully integrated real
estate company which acquires, develops and leases shopping
centers.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 31, 2006,
Fitch Ratings affirmed Developers Diversified Realty Corp.'s BB+
preferred stock rating.


R&G FINANCIAL: Gets Regulatory Approval for Dividend Payment
------------------------------------------------------------
R&G Financial Corp. has requested and received regulatory
permission to pay its dividend obligations for both January and
February on its four outstanding series of preferred stock and
three of its trust preferred securities issues, which have
payments due in January and February.

Regulatory approvals are necessary as a result of R&G
Financial's Previously announced agreements with the Board of
Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation and Commissioner of Financial Institutions
of the Commonwealth of Puerto Rico.

Headquartered in Hato Rey, Puerto Rico, R&G Financial Corp.
(NYSE: RGF) -- http://www.rgonline.com/-- is a diversified
financial holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the Company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the Company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                        *    *    *

Fitch Ratings lowered on Oct. 30, 2006, these ratings of R&G
Financial Corp. and its subsidiaries:

  R&G Financial Corp.

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Preferred stock to 'B' from 'BB'; and
      -- Individual to 'D' from 'C'.

   R-G Premier Bank

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Short-term issuer to 'B' from 'F3';
      -- Long-term deposit obligations to 'BB+' from 'BBB';
      -- Short-term deposit obligations to 'B' from 'F3'; and
      -- Individual to 'C/D' from 'C'.

  R-G Crown Bank

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Short-term issuer to 'B' from 'F3';
      -- Long-term deposit obligations to 'BB+ from 'BBB'; and
      -- Individual to 'C/D' from 'C'

  R&G Mortgage

      -- Long-term IDR to 'BB' from 'BBB-'.

Fitch said the rating outlook is negative.




=============
U R U G U A Y
=============


NAVIOS MARITIME: Warrants Holders May Buy Shares of Common Stock
----------------------------------------------------------------
Navios Maritime Holdings Inc. is offering, for a limited time,
the holders of all 49,571,720 outstanding, publicly traded
warrants the opportunity to acquire shares of common stock.

Navios Maritime is modifying the terms of the Warrants to:

          (1) temporarily increase the number of shares of
              Common Stock to be received upon exercise of a
              Warrant from one share to 1.16 per share in
              consideration of US$5.00, and

          (2) permit the exercise of a Warrant so that the
              Holder will receive one share of Common Stock in
              exchange for every 5.25 Warrants surrendered.

Warrant holders may use one or both methods in exercising the
warrants for Common Stock.

The offer was launched on Dec. 28, 2006, at 4:01 p.m., New York
City time.  It will continue for 20 business days, expiring on
Jan. 26, 2007, at 5:00 p.m., New York City time.  Upon
termination of the offer, the original terms of the Warrants
will be reinstituted and the Warrants will expire according to
their terms on Dec. 9, 2008.  This expiration could be
accelerated by a redemption as outlined in Navios Maritime's
filings with the US Securities and Exchange Commission related
to the original issuance of the Warrants.

Angeliki Frangou, chairperson and chief executive officer of
Navios Maritime, said, "The purpose of the offer is to raise
additional capital and reduce the number of Warrants
outstanding.   We believe that we have crafted a program that is
attractive to our Warrant holders and hope that the program
results in a substantial number of Warrants being exercised."

The terms and conditions of the offer are as set forth in the
documentation distributed to record holders of Navios Maritime
warrants as of Dec. 28, 2006.  One of the conditions to closing
will be that at least 50% of the outstanding warrants
participate in this offer.

A copy of the offering document relating to the offer may be
obtained from Morrow & Co., the Information Agent for the
offering.  Morrow's telephone number for bankers and brokers is
(203) 658-9400 and for all other security holders is (800)
607-0088.

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW) --
http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *    *    *

In November 2006, Standard & Poor's Ratings Services assigned
its 'BB-' long-term corporate credit rating to Greece-based
dry-bulk shipping company Navios Maritime Holdings Inc.  At the
same time, Standard & Poor's assigned its preliminary 'B' debt
rating to Navios' proposed US$300-million senior unsecured
bonds.  S&P said the outlook is stable.




=================
V E N E Z U E L A
=================


FERRO CORP: Board Elects James F. Kirsch as Chairman & CEO
----------------------------------------------------------
The Board of Directors of Ferro Corp. has elected James F.
Kirsch as Chairman, President and Chief Executive Officer.  Mr.
Kirsch had been President and Chief Executive Officer at the
Company since December 2005.  He joined Ferro in 2004 as
President and Chief Operating Officer.

Before coming to Ferro, Mr. Kirsch served as President of Premix
Inc. and Quantum Composites, Inc.  From 2000 through 2002, he
served as President and Director of Ballard Generation Systems
and Vice President for Ballard Power Systems in Burnaby, British
Columbia, Canada.  Mr. Kirsch launched his career at The Dow
Chemical Company, where he spent 19 years in a variety of roles,
culminating in the position of Global Vice President of
Electrochemicals.

                      About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corp. (NYSE:FOE) --
http://www.ferro.com/-- supplies technology-based performance
materials for manufacturers.  Ferro materials enhance the
performance of products in a variety of end markets, including
electronics, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  The Company has approximately 6,800
employees globally.  In Latin America, the company has
operations in Argentina, Brazil, Mexico and Venezuela.

                        *    *    *

Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remains on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.


FERRO CORP: Discloses Removal from NYSE's Late Filer List
---------------------------------------------------------
Ferro Corp. has received notice from the New York Stock Exchange
acknowledging its current filing status for its SEC reporting.
Accordingly, Ferro has been removed from the late filers' list
maintained by the Exchange, and the late filer indicator has
been removed from the Exchange's profile, data and news
descriptions related to the Company.

Ferro Corp. (NYSE: FOE) -- http://www.ferro.com/-- is a global
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
telecommunications, pharmaceuticals, building and renovation,
appliances, automotive, household furnishings, and industrial
products.  Headquartered in Cleveland, Ohio, the Company has
approximately 6,800 employees globally and reported 2005 sales
of US$1.9 billion.  In Latin America, the company has operations
in Argentina, Brazil, Mexico and Venezuela.


FERRO CORP: S&P Retains Negative Watch on Low-B Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services reported that its 'B+'
long-term corporate credit and 'B' senior unsecured debt ratings
on Ferro Corp. remain on CreditWatch with negative implications,
where they were placed Nov. 18, 2005.

"The CreditWatch will be resolved after we review with
management the business prospects for each of its major product
lines and earnings and cash flow forecasts," said Standard &
Poor's credit analyst Wesley Chinn.

"This discussion is expected to occur within the next two
months, with our assessment of Ferro's credit quality also
taking into consideration the significant asset restructurings
under way, management's continuing pursuit of portfolio actions
that are focused on the company's core strengths, and clarity on
prospective use of debt leverage."

Importantly, Ferro is now current on its financial filings,
delays of which were caused by the lengthy accounting
investigation and restatement process.  The return to a normal
reporting schedule addresses previous limited transparency on
business conditions and operating performance.

The ratings on Ferro reflect its aggressive debt leverage,
cyclicality of its markets, vulnerability to raw material costs,
lackluster operating margins and return on capital, and
ineffectiveness of the design and operation of disclosure
controls and procedures.

These negatives are partially offset by a significant initiative
to improve the cost structure, recent higher earnings, and
likely debt reduction from eventual asset sales.

Standard & Poor's expects that deficiencies in the company's
internal controls regarding financial reporting or other
accounting areas are being addressed and will not hamper Ferro's
ability to strengthen profitability and its financial condition.


PETROLEOS DE VENEZUELA: Moving London Office to Madrid
------------------------------------------------------
Sources told Expansion that Petroleos de Venezuela SA, the
state-run oil firm of Venezuela, will move its European office
to Madrid from London, due to its good relationship with Spanish
company Repsol YPF SA.

Expansion notes that Petroleos de Venezuela will supervise the
market development in Europe, Middle East and Asia from its
Spanish office.

According to Expansion, Petroleos de Venezuela won't be
marketing hydrocarbons from its Madrid headquarters.

However, some analysts told Expansion that Petroleos de
Venezuela's move will imply an increase in crude oil sales to
Spain.

Petroleos de Venezuela exports 7% of its output to Europe, and
supplies 5% of Spain's oil consumption, Dow Jones Newswires
states.

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *    *    *

Standard & Poor's Ratings Services revised the CreditWatch
implications on its 'B+' long-term foreign currency corporate
credit rating on Petroleos de Venezuela SA to positive from
developing.

The revision of the CreditWatch status on Petroleos de Venezuela
reflects S&P's expectations that downgrade risk has receded, and
the issuer credit rating will either be raised and equalized
with the rating on Petroleos de Venezuela's owner, the
Bolivarian Republic of Venezuela (BB-/Positive/B), or affirmed
at 'B+'.


* VENEZUELA: Fails to Abide by OPEC's Oil Output Reduction Rule
---------------------------------------------------------------
Venezuela has failed to comply with the production reduction
rule set by the Organization of Petroleum Exporting Countries or
OPEC, El Universal.

El Universal relates that as a member of OPEC, Venezuela was
supposed to cut 138,000 barrels per day of oil production under
the organization's reduction of 1.2 million barrel per day as of
November.

However, Venezuela was able to reduce 75,700 barrels per day of
oil in November, OPEC said in its monthly report on world oil
markets.

Information from OPEC indicated that Venezuela drilled about
2.52 million barrels per day in October and 2.44 million barrels
per day in November.  For the second consecutive month,
Venezuela then failed to meet its promised oil output reduction,
El Universal notes.

According to El Universal, Venezuela reduced 15,000 barrels per
day of its output in October, compared with September.  The
country willingly undertook to cut 50,000 barrels per day of
oil.

In the operational drills, Venezuela dropped four to 75 in
November, Baker Hughes International told El Universal.

                        *    *    *

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.


* BOOK REVIEW: American Arbitration
-----------------------------------
Title: American Arbitration - Its History, Functions and
       Achievements
Author:     Frances Kellor
Publisher:  Beard Books
Paperback:  280 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122581/internetbankru
pt

Francis Kellor's American Arbitration: Its History, Functions
and Achievements covers the rise of the Armerican Arbitration
Association and the beginneings of the important role that
arbitration has come to play in the commercial arena.

This book makes for interesting reading as it traces the two
pioneer organizations that consolidated in 1926 to form the
American Arbitration Association.

The role and influence of the Association in its first twenty
years of existence are noteworthy as the book covers the
practice of American arbitration and the American concept and
organization of international commercial arbitration.

The final chapter is devoted to the builders of American
arbitration.


                         ***********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, Francois Albarracin, and Christian Toledo,
Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


           * * * End of Transmission * * *