TCRLA_Public/070103.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

          Wednesday, January 3, 2007, Vol. 8, Issue 2

                          Headlines

A R G E N T I N A

ALL PRO: Asks for Court Approval to Reorganize Business
ANGEL CAPELLI: Claims Verification Is Until March 16
ARGENTINA VENDING: Claims Verification Is Until March 26
BANCO MACRO: Moody's Assigns BB Rating on US$18-Million Notes
BANCO PATAGONIA: Moody's Puts BB+ Rating on US$80-Million Notes

CAEIRO HERMANOS: Seeks Court Approval to Reorganize Business
CASTIMAR SACF: Asks for Court Approval to Reorganize Business
CIA LATINOAMERICANA: Fitch Argentina Rates US$100-Mil Notes at D
EAST INDIANA: Claims Verification Is Until March 7
EMPRESA DISTRIBUIDORA: Fitch Arg Puts D Rating on US$150M Debt

IMAGEN SATELITAL: Moody's Puts D Rating on US$80-Million Debt
INDUSTRIA METALURGICA: Inks Accord to Purchase GE's Hydro Biz
INVERSORA ELECTRICA: Holding Bondholders' Meeting on March 29
LINCALEL SA: Claims Verification Is Until March 21
MARITIMA SAN JOSE: Asks for Court Approval to Restructure Debts

MASTER PLAST: Seeks for Court Approval to Restructure Debts
SAFARAD IMPALA: Asks for Court Approval to Reorganize Business
SIDECO AMERICANA: Fitch Arg Puts B+ Rating on US$13.5MM Notes

* ARGENTINA: Central Bank to Sell Notes for ARS250 Million
* ARGENTINA: Sends Debt Restructuring Proposal to Club of Paris

B R A Z I L

ALCATEL-LUCENT: Closes Senior Debentures Consents Solicitation
BANCO BRADESCO: Approves BRL1 Trillion Capital Stock Increase
BANCO BRADESCO: Paying Interest on Own Capital on February 1
BANCO DO BRASIL: Investing BRL9 Million in Open Source Software
BANCO SANTOS: Brazil's Supreme Court Grants Bail to Former Owner

DURA AUTO: Court Okays Hiring of Ordinary Course Professionals
DURA AUTOMOTIVE: Gets Court Nod on Interim Compensation Scheme
DURA AUTO: Names David Harbert as Interim Chief Fin'l Officer
NOVELIS INC: Appoints Edward Blechschmidt as Chief Executive
PETROLEO BRASILEIRO: To Ink Accords with Petroleos de Venezuela

WEIGHT WATCHERS: Sept. 30 Balance Sheet Upside Down by US$103MM
WEIGHT WATCHERS: Launches Self-Tender Offer for 8.3 Mil. Shares

C A Y M A N   I S L A N D S

AMERADA HESS: Final Shareholders Meeting Is on Jan. 4
AMERADA HESS GABON: Sets Final Shareholders Meeting on Jan. 4
ASSET BACKED: Holding Final Shareholders Meeting on Jan. 10
ASSET (FUNDING): Holding Last Shareholders Meeting on Jan. 10
ASSET BACKED FUNDING CORP: Final Shareholders Meeting on Jan. 10

BGBW FX: Last Day to File Proofs of Claim Is on Jan. 11
BLUE BAY: To Hold Final Shareholders Meeting on Jan. 5
BROAD STREET: Creditors Must File Proofs of Claim by Jan. 5
CITICO INVESTMENT: Creditors Have Until Jan. 11 to File Claims
CONVERTIBLES LTD: Holding Final Shareholders Meeting on Jan. 10

CREDIPIA 2004: Creditors Must File Proofs of Claim by Jan. 4
DESCARTES CDO: To Hold Final Shareholders Meeting on Jan. 10
DESCARTES CDO LTD: Final Shareholders Meeting Is Set for Jan. 10
HESS DRILLING: Will Hold Final Shareholders Meeting on Jan. 4
HMTF POULTRY: Last Day to File Proofs of Claim Is on Jan. 11

LA TOUR: Creditors Must File Proofs of Claim by Jan. 10
MANDARIN INVESTMENTS: Holds Final Shareholders Meeting
MARUBENI LEASING: Proofs of Claim Filing Deadline Is Jan. 10
PACTUAL FIXED: Proofs of Claim Must be Submitted by Jan. 11
RFA HOLDINGS: Holding Final Shareholders Meeting on Jan. 10

U.S. VENTURES: Shareholders Final Meeting Is Set for Jan. 9
YUGOSLAVIAN ASSET: To Hold Final Shareholders Meeting on Jan. 10

C H I L E

GOODYEAR TIRE: Closes Global Tire Fabric Operations Sale

C O L O M B I A

BANCOLOMBIA: Fitch Puts Ratings on Watch Negative

* COLOMBIA: Gov't Extends Deadline for Minercol Liquidation

D O M I N I C A N   R E P U B L I C

AFFILIATED COMPUTER: Holding 2006 Annual Stockholders Meeting

M E X I C O

ALPHARX INC: Schwartz Levitsky Raises Going Concern Doubt
BALLY TOTAL: Generates US$13.5 Million from Sale-Leaseback Deals
GLOBAL POWER: Court Okays Blackstone Group as Financial Advisor
GLOBAL POWER: Equity Panel Hires Houlihan Lokey as Fin'l Advisor
GLOBAL POWER: Wants April 18 Set as General Claims Bar Date

MERIDIAN AUTOMOTIVE: Emerges from Chapter 11 Protection
TANK SPORTS: Forms Strategic Alliance with Long SA de C.V.

P U E R T O   R I C O

DORAL FINANCIAL: Posts US$62.5MM First Nine-Month 2006 Net Loss
PILGRIM'S PRIDE: Closes Tender Offer for 88.87% Gold Kist Shares

V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Ink Agreements with Petrobras
WILLBROS GROUP: Mike Curran Leaving Chief Executive Officer Post

* Large Companies with Insolvent Balance Sheets
* A.M. Best Changes B++ & B+ Rating Descriptor on Insurance Cos.


                         - - - - -


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


ALL PRO: Asks for Court Approval to Reorganize Business
-------------------------------------------------------
Court No. 8 in Buenos Aires is studying the merits of All Pro
Salud SA's petition to reorganize its business after it stopped
paying its obligations in December 2006.

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

Clerk No. 16 assists the court on this case.

The debtor can be reached at:

         All Pro Salud SA
         Llavallol 4585
         Buenos Aires, Argentina


ANGEL CAPELLI: Claims Verification Is Until March 16
----------------------------------------------------
Alberto Buceta, the court-appointed trustee for Angel Capelli e
Hijos SA's bankruptcy proceeding, will verify creditors' proofs
of claim until March 16, 2007.

Under the Argentine bankruptcy law, Mr. Buceta is required to
present the validated claims in court as individual reports.
Court No. 14 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Angel Capelli and
its creditors.

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

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

Angel Capelli was forced into bankruptcy at the behest of Juan
Luis Pasini, whom it owes US$23,209.55.

Clerk No. 28 assists the court in the proceeding.

The debtor can be reached at:

          Angel Capelli e Hijos SA
          Lavalle 1546
          Buenos Aires, Argentina

The trustee can be reached at:

          Alberto Buceta
          Avenida Rivadavia 1342
          Buenos Aires, Argentina


ARGENTINA VENDING: Claims Verification Is Until March 26
--------------------------------------------------------
Marcela Vainberg, the court-appointed trustee for Argentina
Vending SA's bankruptcy proceeding, will verify creditors'
proofs of claim until March 26, 2006.

Under the Argentine bankruptcy law, Ms. Vainberg is required to
present the validated claims in court as individual reports.
Court No. 14 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Argentina Vending
and its creditors.

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

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

Argentina Vending was forced into bankruptcy at the behest of
Chocolates Industriales SA, whom it owes US$4,374.15.

Clerk No. 27 assists the court in the proceeding.

The debtor can be reached at:

          Argentina Vending SA
          San Martin 439
          Buenos Aires, Argentina

The trustee can be reached at:

          Marcela Vainberg
          Lavalle 2024
          Buenos Aires, Argentina


BANCO MACRO: Moody's Assigns BB Rating on US$18-Million Notes
-------------------------------------------------------------
Banco Macro S.A.'s Obligaciones Negociables Subordinadas Serie V
for US$18,000,000 is rated BB by Moody's Investors Service.  The
rating action was based on the company's balance sheet at
Sept. 30, 2006.

The ordinary shares of the bank have been included in category
2.


BANCO PATAGONIA: Moody's Puts BB+ Rating on US$80-Million Notes
---------------------------------------------------------------
Banco Patagonia S.A.'s Serie 3 Obligaciones Negociables for
US$80,000,000 is rated BB+ by Moody's Investors Service.  The
rating action was based on the company's balance sheet at
Sept. 30, 2006.


CAEIRO HERMANOS: Seeks Court Approval to Reorganize Business
------------------------------------------------------------
Court No. 22 in Buenos Aires is studying the merits of Caeiro
Hermanos SACIFIA's petition to reorganize its business after it
stopped paying its obligations.

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

Clerk No. 43 assists the court on this case.

The debtor can be reached at:

         Caeiro Hermanos SACIFIA
         Paraguay 2564
         Buenos Aires, Argentina


CASTIMAR SACF: Asks for Court Approval to Reorganize Business
-------------------------------------------------------------
Court No. 9 in Buenos Aires is studying the merits of Castimar
SACF y S' petition to reorganize its business after it stopped
paying its obligations on Dec. 12, 2005.

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

Clerk No. 17 assists the court on this case.

The debtor can be reached at:

         Castimar SACF y S
         Lavalleja 815
         Buenos Aires, Argentina


CIA LATINOAMERICANA: Fitch Argentina Rates US$100-Mil Notes at D
----------------------------------------------------------------
Compania Latinoamericana de Infraestructura & Servicios S.A.'s
debts are rated by Fitch Argentina:

   -- Obligaciones Negociables with guarantee for
      US$120,000,000, due June 1, 2012, BB+

   -- Obligaciones Negociables, with guarantee for
      US$100,000,000, due June 1, 2014, D.

The rating action was based on the company's balance sheet at
Sept. 30, 2006.


EAST INDIANA: Claims Verification Is Until March 7
--------------------------------------------------
Oscar Epstein, the court-appointed trustee for East Indiana SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until March 7. 2007.

Under the Argentine bankruptcy law, Mr. Epstein 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 East Indiana and its
creditors.

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

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

East Indiana was forced into bankruptcy at the behest of
Chiarito San Luis SA, whom it owes US$3,376.46.

Clerk No. 49 assists the court in the proceeding.

The debtor can be reached at:

          East Indiana SA
          Avenida Rivadavia 1156
          Buenos Aires, Argentina

The trustee can be reached at:

          Oscar Epstein
          Viamonte 1620
          Buenos Aires, Argentina


EMPRESA DISTRIBUIDORA: Fitch Arg Puts D Rating on US$150M Debt
--------------------------------------------------------------
Fitch Argentina assigned a D rating on the Obligaciones
Negociables for US$150 million issued by Empresa Distribuidora
de Electricidad de Mendoza S.A.

The rate shows the failing on the financial commitments since
July 2002.  Also, it considers the significant exposition to the
regulatory risk and the fact of having a debt in dollars with
income in pesos.

In July 2006, the province approved an increase in the average
of the rates applied to the energy sector by 12.94%, which
started to take effect in August 2006 and will last until July
2008.

The rise in the rates will result in an increase in the income
for the electric company.  Despite that, the increase is not
enough for improving the total financial situation of the
company.  But it decreases the level of uncertainty and makes
favorable expectations for the analysis of alternative options
for overcoming the level of failure in the financial
commitments.

At the end of the third trimester, the volume of energy sold was
a 8.1% greater compared with last year.  Its income in September
2006 increased up to US$214.7 million (+17% compared to
September 2005).

Empresa Distribuidora de Electricidad de Mendoza S.A. is in
charge of the distribution of electricity in the province of
Mendoza until the year 2028.  It has 323,000 clients, from which
90% are from the residential sector. Sodemasa, which holds
Inversora Andina de Electricidad S.A., owns 51% of the company.
The province of Mendoza holds 39.9% stake.


IMAGEN SATELITAL: Moody's Puts D Rating on US$80-Million Debt
-------------------------------------------------------------
Imagen Satelital S.A.'s obligaciones negociables for
US$80,000,000 is rated D by Moody's Investors Service.  The
rating action was based on the company's balance sheet at
Sept. 30, 2006.


INDUSTRIA METALURGICA: Inks Accord to Purchase GE's Hydro Biz
-------------------------------------------------------------
GE (NYSE: GE) announced that it has signed a definitive
agreement to sell GE Energy's hydro business to Pescarmona Group
of Companies, a multinational, privately held group with a
strong focus on the hydro industry, in which it has been
operating for 100 years through its company, IMPSA aka
Industrias Metalurgicas Pescarmona.

This sale includes GE Energy's worldwide hydro business,
excluding GE's hydro operations in Norway and Sweden.  An offer
by PGC to purchase the operations in Norway and Sweden is under
consideration and after due consultation of local works
councils, could result in a subsequent sale agreement.

Terms of the agreement were not disclosed.  The closing of the
transaction is subject to customary conditions, including the
receipt of regulatory approvals, and discussions with works
councils and other third parties, and is expected to occur
during the first quarter 2007.

"We are pleased to enter into this agreement with PGC and
believe this is a positive development for our hydro segment
customers, our employees and our shareholders," said John
Krenicki, President and CEO of GE Energy.  "The move positions
PGC to provide additional value to hydro customers by combining
the tremendous industry expertise of our hydro employees, as
well as GE's hydro technology and assets with PGC's existing
operations, through IMPSA."

"Although GE's hydro team has been delivering solid performance
improvements, the business has re-evaluated the position of the
hydro segment with respect to other growth opportunities.  We
believe the sale of our hydro operations to PGC will position
them to meet hydro customer needs, while structuring the
operations for continued growth and stability over the coming
years, and allow GE Energy to focus on other segments of the
power generation industry," added Mr. Krenicki.

Besides having its main focus on the hydro industry, PGC
maintains a presence in businesses such as wind power generation
and equipment, port systems, automobile parts, control systems,
environmental services and insurance.  It employs more than
6,000 people and operates in 27 countries. IMPSA is a global
provider of integrated solutions for renewable energy generation
through 160 projects in more than 40 countries.  The group
maintains a presence in Argentina, Brazil, Ecuador, China,
India, Malaysia, the Philippines, Venezuela, Columbia, USA,
Spain, South Africa and Indonesia.

"Through this acquisition, PGC enhances its position as a global
player within the hydro industry, with presence and production
facilities in North and Latin America, Europe and Asia," said
Enrique Pescarmona, Chairman, PGC.  "Since GE's hydro business
and IMPSA have complementary operational and technological
footprints, they would be able to cooperate to serve clients in
all major regions of the globe.  New growth opportunities for
the new hydro business are in the Engineering, Procurement,
Construction and Build, Operate, Transfer arrangements. This
acquisition would benefit both companies as it would give them
scale, an integrated team with some of the most qualified
professionals available in the industry, a global low-cost
production footprint, access to financing for growth, and some
of the best and most competitive available technology."

GE Energy's hydro segment is headquartered in Schenectady, NY
and employs approximately 2,000 people globally.

                          About GE

GE (NYSE: GE) -- http://www.ge.com/-- is a diversified
technology and services company dedicated to creating products
that make life better. From aircraft engines and power
generation to financial services, medical imaging, television
programming and plastics, GE operates in more than 100 countries
and employs more than 300,000 people worldwide.

                      About GE Energy

GE Energy -- http://www.ge.com/energy-- is one of the world's
leading suppliers of power generation and energy delivery
technologies, with 2005 revenue of US$16.5 billion.  Based in
Atlanta, Georgia, GE Energy works in all areas of the energy
industry including coal, oil, natural gas and nuclear energy;
renewable resources such as water, wind, solar and biogas; and
other alternative fuels. Numerous GE Energy products are
certified under ecomagination, GE's corporate-wide initiative to
aggressively bring to market new technologies that will help
customers meet pressing environmental challenges.

                   About Pescarmona Group

Pescarmona Group of Companies is a multinational group with
presence in different business areas such as hydro electrical
power generation and equipment, wind power generation and
equipment, port systems, automobile parts, control systems,
environmental services and insurance, among others.  PGC employs
more than 6,000 people and operates in 27 countries in the five
continents.

                        *    *    *

As reported on Dec 15, 2006, Standard & Poor's rates Industrias
Metalurgicas Pescarmona's debts:

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

   -- Obligaciones Negociables Series 2, D;

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

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

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


INVERSORA ELECTRICA: Holding Bondholders' Meeting on March 29
-------------------------------------------------------------
Holders and Beneficiaries of Debt Notes of Inversora Electrica
de Buenos Aires SA, in compliance with the Argentine Bankruptcy
Law, will vote on the proposal for a composition with creditors
filed by Inversora Electrica in a meeting on March 29, 2007, at
12:00 p.m., Buenos Aires time, at:

          Hotel Emperador
          Avenida Del Libertador 420
          Buenos Aires, Argentina

Another meeting will then be held at 11:00 a.m., New York time,
at:

          Baker & McKenzie LLP
          1114 Avenue of the Americas, 4th floor
          New York, USA

Calling of the meeting has been ordered by Judge Rafael Cruz
Martin, who hears the Inversora Electrica de Buenos Aires SA
Concurso Preventivo before the National Court of Original
Jurisdiction in Commercial Matters No. 3, with the assistance of
Clerk's No. 5.

The agenda for the meeting is the consideration of the
reorganization plan filed by Inversora Electrica which consists
of:

             Proposed plan of arrangement: the company proposes
             to fully settle its debt originated prior to the
             reorganization filing by delivering to its verified
             creditors in lieu of payment, in proportion to
             their related verified or allowed claims:

             (1) F/V US$60 million of New Debt Notes with a 10-
                 year maturity as from their issuance date,
                 accruing therefrom an interest at the rate of
                 2% per annum in the first year, 3% in the
                 second year, 4% in the fourth year an 5% in the
                 eighth year.  Interest shall be paid semi-
                 annually in arrears, as from their issuance
                 date.

                 The New Debt Notes shall be issued in two
                 series identified as Notes Class C and Notes
                 Class D.  The first of these series shall be
                 delivered in lieu of payment to the verified
                 creditors who hold the company's existing debt
                 notes.  The second of these series shall be
                 delivered in lieu of payment to the remaining
                 verified creditors.  Both series shall be
                 deemed as direct, unconditional and
                 unsubordinated obligations of the company.  The
                 public offering of Notes Class C and Notes
                 Class D shall be requested and such bonds shall
                 essentially respect the contents of the
                 previous Debt Notes issued, except as herein
                 modified and which may depend on third parties
                 approval.

                 The issuance date of the New Debt Notes shall
                 become effective within 60 business days after
                 the ruling approving the reorganization plan
                 has become final and the trustee may be
                 appointed by the creditors in conformity with
                 the procedure they shall define, from among
                 renowned firms with international experience in
                 this matter.

                 In the event of nonpayment of the New Corporate
                 Bonds, they may be prepaid as an alternative
                 way of payment, out of shares representing 11%
                 of the company's capital stock that shall be
                 allocated by the current Controlling
                 Shareholders according to this procedure:

                 * If the debtor fails to pay such amount within
                   30 days after the maturity of any interest or
                   principal installment, the holders of the New
                   Debt Notes may, at their option, request the
                   prorated delivery of common, registered Class
                   A and B shares with a face value of US$1
                   each, jointly representing 11% of the
                   company's capital stock and votes; in this
                   case, if a creditor held 10% of the total
                   verified debt, he shall receive shares
                   representing 1.1% of the capital stock as
                   payment for his holding of New Debt Notes.

                 * The debtor shall proceed to repay in advance
                   the principal of the New Debt Notes if there
                   were cash surplus.  On June 30 of each year,
                   as from year 2009 onwards, the cash surplus
                   shall be determined.  The cash surplus shall
                   be determined by the company and certified by
                   its Auditor.  The determination made by the
                   company with such certification shall be
                   final and mandatory to all relevant effects,
                   except for evident error, in the event the
                   company has a cash surplus, such amount shall
                   be fully allocated to the early repayment of
                   the principal owed in the New Debt Notes,
                   provided the cash surplus amount for such
                   year is equal to or higher than US$500,000.
                   To determine whether or not there is a cash
                   surplus calculation basis shall be the
                   company's latest quarterly financial
                   statements ended March 31 of each year, as
                   from 2009.  For the purposes of this
                   paragraph, the term cash surplus is the
                   positive amount (higher than US$0) that
                   results from the calculation indicated below
                   on the appropriate amounts of:

                   Company's financial statement accounts:

                   -- cash on hand and bank deposits,
                   -- plus investments,
                   -- less trade receivables,
                   -- less taxes payable, and
                   -- less financial interest on the New Debt
                      Notes, to be accrued in the following 18
                      months.  The payment of the amounts
                      related to the cash surplus shall be made
                      on the following dates of service payments
                      under the New Debt Notes.

             (2) 13,380,536 new common, registered, Class C
                 shares, with a face value of US$1 each,
                 representing 43.33% of the company's capital
                 stock and votes (New Shares), such percentage
                 being calculated once the capital increase
                 has been made.

                 The company shall proceed to issue the New
                 Shares with a capital surplus of US$4.1671 per
                 share and a total capital surplus of
                 US$55,758,006.  The current shareholders shall
                 waive to exercise the pre-emptive right and the
                 right to exercise a purchase option to which
                 they are entitled in connection with the
                 issuance.

                 The debtor commits itself to obtaining from
                 Camuzzi Argentina SA and Buenos Aires Energy
                 Co. SA, in their capacity as holders of Class A
                 and Class B shares (the Controlling
                 Shareholders) in the case the sale of their
                 shares implies a change in control before
                 selling their controlling interests, the
                 irrevocable commitment to offer to the
                 shareholders who hold the New Class C Shares
                 (the New Shareholders), the possibility of
                 participating in the sale of those shares, the
                 New Shareholders adding their relevant
                 interests in Class C shares (the Right to a
                 Joint Sale).

             (3) The debtor commits itself and agrees to obtain
                 from the company's Controlling Shareholders
                 their agreement with the performance of the
                 necessary corporate actions required for the
                 issuance and delivery of the New Debt Notes and
                 New Shares, this failing to ensure or assume
                 any responsibility whatsoever for the
                 fulfillment of this proposal.

                 Formal requirements:

                 a) An ample administration system is proposed,
                    and all acts of disposal of property subject
                    to registration and/or that entail
                    transactions in excess of US$1,000,000 shall
                    be previously approved by the court.

                 b) In accordance with the provisions of section
                    289 of the Law, the appointment of a trustee
                    as controller of the fulfillment of the plan
                    is requested, in the alternative, the
                    appointment of these creditors who hold the
                    most economically significant claims for the
                    purpose of forming the creditors' committee
                    to control the plan:

                    (i) Carmine Place SA,
                   (ii) Banco de la Nacion Argentina, and
                  (iii) Maxima AFJP.

The reorganization plan may be improved by debtor during the
bondholders meeting.

Bondholders interested in participating in the Bondholders'
Meeting shall be registered from Feb. 1 until Feb. 16, 2007,
Monday to Friday from 11:00 a.m. to 5:00 p.m., Buenos Aires
time, in a register book to be kept by The Bank of New York in
its capacity as trustee at:

          Avenida Leandro N. Alem 1110, 13th floor
          Buenos Aires, Argentina

and Monday to Friday from 11:00 a.m. to 5:00 p.m., New York
time, at:

          1114 Avenue of the Americas
          City of New York, 4th Floor, USA.

For registration in the City of New York, call Mattiew Sandiford
at 212-626-4214.  This registration requirement applies to those
Bondholders who have been represented by the trustee in the
proof of claim filed by it and declared admissible for the total
amount of Series "A" and Series "B" debt notes issued and to
those Bondholders whose claims had been proven or declared
admissible in the reorganization proceedings on an individual
basis.  For registration purposes, the Bondholders shall file
the following documentation at any of the Registration
Addresses, to wit:

          i) custody certificate of the relative participation
             in a Global Note, issued in his name by any of the
             securities clearing houses authorized in the
             prospectus that shall contain the blockage of
             certified holdings from the issuance date until the
             end of the "Exclusivity Period".  Should the
             custody certificates be issued in a foreign
             country, they will be filed duly legalized and
             will bear The Hague Apostille duly translated into
             Spanish by a Certified Translator duly admitted in
             the jurisdiction in which the bondholder appears.
             The Apostille will not be required for the
             documentation to be filed in the City of New York;

         ii) the certifications issued by those recorded as
             bondholders in the register book kept by the
             Registrar which will evidence their alleged legal
             standing.

Should the Bondholders be individuals, they shall show their
identity documents; and should they be corporations, their
representatives shall file those documents evidencing their
alleged right to represent.  The relevant powers of attorney or
corporate instruments to be filed, if written in a foreign
language, shall be translated into Spanish and, if issued
abroad, comply with the relevant formalities necessary for their
validity.  Registration failure as and when required, shall
imply the loss of the right to attend and participate at the
Bondholders' Meeting.

Bondholders are given notice that they may attend the
Bondholders' Meeting either personally or by proxy.

By virtue of the provisions of the court ruling rendered on
July 19, 2006, and to the effects of computing the quorum or
majorities of attendees required by the Argentine Bankruptcy Law
No. 24.522 for the approval of the composition with creditors,
Bondholders absent at the Bondholders' Meeting and those who,
despite being present, refrain from voting, shall be excluded
from computation.


LINCALEL SA: Claims Verification Is Until March 21
--------------------------------------------------
Guido Salvadori, the court-appointed trustee for Lincalel SA's
reorganization proceeding, will verify creditors' proofs of
claim until March 21, 2007.

Under the Argentine bankruptcy law, Mr. Salvadori is required to
present the validated claims in court as individual reports.
Court No. 6 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 Lincalel and its
creditors.

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

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

On Nov. 28, 2007, Lincalel's creditors will vote on a settlement
plan that the company will lay on the table.

Clerk No. 11 assists the court in the proceeding.

The debtor can be reached at:

          Lincalel SA
          Tucuman 834
          Buenos Aires, Argentina

The trustee can be reached at:

          Guido Salvadori
          Junin 55
          Buenos Aires, Argentina


MARITIMA SAN JOSE: Asks for Court Approval to Restructure Debts
---------------------------------------------------------------
Court No. 26 in Buenos Aires is studying the merits of Maritima
San Jose SA's petition to restructure its debts after it stopped
paying its obligations on Dec. 15, 2006.

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

Clerk No. 51 assists the court on this case.

The debtor can be reached at:

         Maritima San Jose SA
         Espinosa 1491
         Buenos Aires, Argentina


MASTER PLAST: Seeks for Court Approval to Restructure Debts
-----------------------------------------------------------
Court No. 23 in Buenos Aires is studying the merits of Master
Plast SA's petition to restructure its debts after it stopped
paying its obligations on Oct. 19, 2006.

The petition, once approved by the court, will allow Master
Plast to negotiate a settlement plan with its creditors to avoid
a straight liquidation.

Clerk No. 45 assits the court on this case.

The debtor can be reached at:

         Master Plast SA
         Lavalle 1567-69
         Buenos Aires, Argentina


SAFARAD IMPALA: Asks for Court Approval to Reorganize Business
--------------------------------------------------------------
Court No. 2 in Buenos Aires is studying the merits of Safarad
Impala SRL's petition to reorganize its business after it
stopped paying its obligations.

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

Clerk No. 3 assists the court on this case.

The debtor can be reached at:

         Safarad Impala SRL
         Gandara 3185
         Buenos Aires, Argentina


SIDECO AMERICANA: Fitch Arg Puts B+ Rating on US$13.5MM Notes
-------------------------------------------------------------
Fitch Argentina assigned a B+ rating on the Obligaciones
Negociables for US$13.5 million issued by Sideco Americana.

The rate responds to the company's high level of debt and the
uncertainty of generating funds.

On Dec. 11, 2006, Sideco announced the sale of 75% of SEPSA; to
which Western Union was its minor shareholder. The operation is
considered to be positive, taking it as an additional income of
money, which can be used for cancelling debts (US$82 million at
September 2006).

In November 2006, Sideco announced that its branch Creaurban SA
created a joint venture called Mulieris SA in equal parts with
the Imega group.  The project includes the construction of two
flats of 44 floors in Puerto Madero, an affluent neighborhood in
Buenos Aires.

In September 2006, Sideco reported US$5 million in revenues.  In
April 2006, Sideco canceled around US$6 million of debt with
Banco Macro.

Sideco Americana S.A. is a construction firm doing business in
Brazil (55% of 2005's income) and Argentina (40%).  Socma SA,
controlled by the Macri family, holds the 92.25% stake in the
company.  Corporacion Financiera Internacional (IFC) holds 4.36%
stake.


* ARGENTINA: Central Bank to Sell Notes for ARS250 Million
----------------------------------------------------------
Banco Central de la Republica Argentina will soon be making a
new offer of titles and papers known as "Letras y Notas" for
ARS250 million.

The Bank will issue ARS200 million in Letras del Banco Central
and ARS50 million in Notas de Banco Central at variable rate.

The offer will be done through the system known as Siopel del
Mercado Abierto Electronico.  For all of the titles, 70% has
been established for the competitive stage, while 30% has been
established for the non-competitive part.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005


* ARGENTINA: Sends Debt Restructuring Proposal to Club of Paris
---------------------------------------------------------------
Argentina sent last month a proposal to the Club of Paris
(France) to renegotiate its debt for US$6.5 billion, which will
include a lower rate than the one present in the market and a
plan for payment which would be completed in 8 years.

Of the total debt:

     -- Germany holds 28%;
     -- Japan holds 17%;
     -- Netherlands holds 16%;
     -- Switzerland holds 7%;
     -- Spain holds 7%; and
     -- USA holds 5%.

The last agreement that Argentina signed with the Club de Paris
was in 1992, when it re-financed a US$9 billion debt in 10
years.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


ALCATEL-LUCENT: Closes Senior Debentures Consents Solicitation
--------------------------------------------------------------
Alcatel-Lucent reported the completion of its solicitation of
consents from holders of Lucent's 2.75% Series A Convertible
Senior Debentures due 2023 and 2.75% Series B Convertible Senior
Debentures due 2025.

As of the expiration of the consent solicitation at 1:00 p.m.
Eastern Standard Time on Dec. 29, 2006, Alcatel-Lucent received
the requisite consents from the holders of a majority in
aggregate principal amount of each series of debentures to amend
the Indenture for the Debentures.

Among other matters, the amendments allow Alcatel-Lucent to
provide the holders of the debentures information, documents and
other reports that are required to be filed by Alcatel-Lucent
pursuant to sections 13 and 15(d) of the US Securities Exchange
Act of 1934, in lieu of providing such information for Lucent.

Bear, Stearns & Co. Inc. acted as the Solicitation Agent, and
D.F. King & Co., acted as the Information Agent for the consent
solicitation.

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  With 79,000 employees and operations in more than 130
countries, including Brazil, Alcatel-Lucent is a local partner
with global reach.  Through its operations in fixed, mobile and
converged broadband networking, Internet protocol (IP)
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable communications services for
people at home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                        *    *    *

As reported on Dec. 14, following the completion of Alcatel
S.A.'s merger with Lucent Technologies Inc., at which time
Alcatel was renamed Alcatel-Lucent, Fitch Ratings downgraded and
removed Alcatel from Rating Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


BANCO BRADESCO: Approves BRL1 Trillion Capital Stock Increase
-------------------------------------------------------------
Banco Bradesco approved during a special stockholders' meeting
on Dec. 28 to increase capital stock by BRL1,200,000,000 to
BRL14,200,000,000, from BRL13,000,000,000, through the
subscription of 21,818,182 new book-entry, registered stocks,
with no par value, being 10,909,152 common stocks and 10,909,030
preferred stocks.

The stocks subscribed and integrated in the capital increase
shall be fully entitled to Dividends and Monthly and possibly
Complementary Interest on Own Capital to be declared as from the
date of their inclusion in the stockholders' position, which
will take place after the approval of the respective process by
the Brazilian central bank, as well as, to other advantages
attributed to the Banco Bradesco stocks.

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

                        *    *    *

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

   -- Foreign currency counterparty credit rating

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

   -- Local currency counterparty credit rating

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

   -- Brazil national scale rating

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

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


BANCO BRADESCO: Paying Interest on Own Capital on February 1
------------------------------------------------------------
Banco Bradesco SA, in conformity with the System for Monthly
Payment to Stockholders, will pay on Feb. 1, 2007, interest on
own capital related to the month of January 2007.

Banco Bradesco will pay BRL0.032775000 per common stock and
BRL0.036052500 per preferred stock to the stockholders
registered in the company's records on Jan. 2, 2007.

The payment, net of the Withholding Income Tax of 15%, except
for legal entity stockholders exempted from the referred
taxation, which will receive for the stated amount, will be made
through the net amount of BRL0.027858750 per common stock and
BRL0.030644625 per preferred stock, in this manner:

    -- credit in the current account informed by the
       stockholder;

    -- the stockholders who do not inform their banking data or
       do not hold a current account in a Financial Institution
       must go to a Banco Bradesco branch on their preference
       having their identification document and the "Notice For
       Receipt of Earnings from Book-Entry Stocks" sent by mail
       to those having their address updated in the company's
       records; and

    -- to those with stocks held on custody with the Companhia
       Brasileira de Liquidacao e Custodia aka CBLC, the
       Brazilian clearing and depository corporation, the
       payment of interest will be made to CBLC, which will
       transfer them to the respective stockholders through the
       depository agents.

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

                        *    *    *

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

   -- Foreign currency counterparty credit rating

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

   -- Local currency counterparty credit rating

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

   -- Brazil national scale rating

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

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


BANCO DO BRASIL: Investing BRL9 Million in Open Source Software
---------------------------------------------------------------
Banco do Brasil is investing BRL9 million in testing and develop
applications running over open source software, Gazeta Mercantil
reports.

According to Gazeta Mercantil, the tests are part of a migration
process to open source.  Banco do Brasil will be able to save
BRL89 million between 2004 and 2007 in software license fees
from firms like Microsoft.

Manoel Gimenes Ruy, vice president for technology at Banco do
Brasil, told Business News Americas, "We have already stopped
using 50,000 licenses of [Microsoft] Office in work stations and
we intend to reach 60,000 by 2007."

Gazeta Mercantil notes that open source software will be used to
run servers, ATMs and work stations in call centers.  The
project will also be implemented in Banco Popular do Brasil, the
micro credit unit of Banco do Brasil.

BNamericas underscores that Banco do Brasil is getting technical
support for the project from US firm Intel's Brazilian unit.

Banco do Brasil has a budget of BRL1.2 billion for information
technology this year, which is similar to the figure for 2006.
The budget is allocated to deliver the infrastructure to handle
a growing number of customers, BNamericas states.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                        *    *    *

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


BANCO SANTOS: Brazil's Supreme Court Grants Bail to Former Owner
----------------------------------------------------------------
The Brazilian Supreme Court posted on its Web site that it has
granted bail to Edemar Cid Ferreira, the former owner of Banco
Santos, and Rodrigo Rodrigues de Cid Ferreira, the former's son.

Business News Americas relates that in December 2006, a federal
court had sentenced Mr. Ferreira to 21 years of confinement,
while his son was sentenced 16 years.  Messrs. Ferreira were
found guilty of money laundering and organized crime, among
other offenses related to the November 2004 intervention in
Banco Santos.

According to BNamericas, Mr. Edemar Ferreira served 88 days in
jail earlier last year.  The Supreme Court, however, had granted
him bail in August 2006.

BNamericas underscores that Mr. Edemar Ferreira was fined over
BRL2.00 million.  The court ordered that Mr. Ferreira's mansion
in Sao Paulo be turned over to the state government's department
of culture.

The sentences are under appeal, BNamericas states.

The Brazilian government took over control of Banco Santos
November 2004 due to financial problems and alleged
irregularities.  Afterwards, the bank was declared bankrupt.
Susep, the insurance regulator of Brazil, ordered the bank's
liquidation in January 2006.


DURA AUTO: Court Okays Hiring of Ordinary Course Professionals
--------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ ordinary course professionals.

The Debtors retain the services of various attorneys,
accountants, and other professionals in the ordinary course of
their business operations.  The OCPs provide services to the
Debtors in a variety of discrete matters unrelated to the
Debtors' Chapter 11 cases, including, but not limited to,
general corporate, accounting, auditing, tax, and litigation
matters.

A 3-page list of the Debtors' Ordinary Course Professionals is
available for free at http://ResearchArchives.com/t/s?1732

The Debtors sought the Court's permission to continue to employ
the OCPs postpetition without each OCP having to file a formal
application for employment and compensation pursuant to Sections
327, 328, 329, and 330 of the Bankruptcy Code.  "Due to the
number and geographic diversity of the OCPs regularly retained
by the Debtors, it would be unwieldy and burdensome both to the
Debtors and to the Court to ask each OCP to apply separately for
approval of its employment and compensation," Mark D. Collins,
Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, says.

The Debtors do not believe that Section 327 of the Bankruptcy
Code requires court approval, but, out of an abundance of
caution, the Debtors sought the permission of the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to employ the OCPs.

The Debtors want to retain the OCPs on terms substantially
similar to those in effect prior to the bankruptcy filing Date.
The Debtors represent that:

    (a) they wish to employ the OCPs as necessary for the
        day-to-day operations of their businesses;

    (b) expenses for the OCPs will be kept to a minimum; and

    (c) the OCPs will not perform substantial services relating
        to bankruptcy matters without the Court's permission.

"Although some of the OCPs may hold minor amounts of unsecured
claims against the Debtors in respect of prepetition services
rendered, the Debtors do not believe that any of the OCPs have
an interest materially adverse to the Debtors, their creditors
or other parties-in-interest.  By this motion, the Debtors are
not requesting authority to pay prepetition amounts owed to
OCPs," Mr. Collins says.

The Debtors propose these uniform procedures for the retention
and compensation of the OCPs:

    (a) The Debtors will be authorized to pay, without formal
        application to the Court by any OCP, 100% of fees and
        disbursements to each of the OCPs retained by the
        Debtors after submission to the Debtors of an Affidavit
        of Disinterestedness, and upon submission to the Debtors
        of an appropriate invoice; provided that those fees,
        excluding costs and disbursements, do not exceed
        US$35,000 per month on average over a rolling three-
        month period while the Debtors' reorganization cases are
        pending.

    (b) Any payments made in excess of the fee cap will be
        subject to prior Court approval.

    (c) Starting Jan. 15, 2007, and on each April 15, July 15,
        Oct. 15 and Jan. 15 of every year thereafter in which
        the Debtors' cases are pending, the Debtors will
        file with the Court and serve on the Office of the U.S.
        Trustee, counsel for any official committees, and
        counsel to the Debtors' secured lenders; a statement
        with respect to the immediately preceding three-month
        period.  The Statement will include the name of the OCP,
        the aggregate amounts paid, and a general description of
        the services rendered.

    (d) Each OCP will file with the Court and serve on the
        Debtors, counsel for the Debtors, the Office of U.S.
        Trustee, and counsel to any official committee, an
        affidavit of disinterestedness at least 14 days before
        submitting an invoice to the Debtors.

    (e) The Notice Parties will have 10 days to object to the
        Affidavit of Disinterestedness.  If objections are not
        timely resolved by the parties, the Court will hear the
        Objections.  If no Objection is received, the Debtors
        will be authorized to retain and pay the OCP.

    (f) The Debtors reserve the right to supplement the OCP
        List.

Mr. Collins notes that some of the Debtors' OCPs may be
unwilling to continue to represent the Debtors on an ongoing
basis if the Debtors cannot pay them on a regular basis.  "If
the background knowledge, expertise and familiarity that the
OCPs have with the Debtors and their operations are lost, the
Debtors will undoubtedly incur additional and unnecessary
expenses in getting replacement professionals 'up to speed.'
The Debtors' estates and their creditors are best served by
avoiding any disruption in the professional services required in
the day-to-day operation of their businesses."

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

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


DURA AUTOMOTIVE: Gets Court Nod on Interim Compensation Scheme
--------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates were
granted authority by the Honorable Kevin J. Carey U.S.
Bankruptcy Court for the District of Delaware to set up interim
compensation procedures.

The Debtors had asked Judge Carey to establish uniform
procedures for the allowance and payment of compensation and
reimbursement for attorneys and other professionals whose
retentions are approved by the Court pursuant to Sections 327 or
1103 of the Bankruptcy Code and who will be required to file
applications for allowance of compensation and reimbursement of
expenses pursuant to Sections 330 and 331.

The Debtors sought to retain:

    (a) Kirkland & Ellis LLP as their bankruptcy counsel,

    (b) Richards, Layton & Finger, P.A., as their Delaware
        counsel,

    (c) Miller Buckfire & Co., LLC, as their investment bankers,

    (d) Kurtzman Carson Consultants, LLC, as their notice,
        claims and balloting agent,

    (e) Baker & McKenzie as their special counsel,

    (f) Togut, Segal & Segal, LLP, as their special conflicts
        counsel,

    (g) Glass & Associates, Inc., as their financial advisors,

    (h) Brunswick Group, LLC, as their corporate communications
        consultants,

    (i) Ernst & Young, LLP, as their internal auditors and
        accountants,

    (j) Deloitte & Touche, LLP, as their independent auditors
        and accountants, and

    (k) Deloitte Tax, LLP, as their tax service providers and
        tax consultants.

The Debtors anticipate they may also retain other professionals
as the need arises.

Professionals, who will be required to submit interim and final
applications in accordance with Sections 330 and 331 of the
Bankruptcy Code, fall under two categories:

    (a) separately retained Chapter 11 professionals under
        Sections 327(a) or 327(e) of the Bankruptcy Code; and

    (b) those ordinary course professionals whose fees and
        expenses are subject to and exceed limitations set.

The Debtors propose the monthly payment of compensation and
reimbursement of expenses of the Professionals be structured
this way:

    (1) Professionals are required to serve month statements on
        the Debtors, counsel for the Debtors, counsel for the
        Official Committee of Unsecured Creditors, and the
        Office of the United States Trustee for the District of
        Delaware.

    (2) The Notice Parties have 20 days to objected to the
        requested fees and expenses.  If there are no
        objections, the Debtors are authorized to pay 80% of the
        fees and 100% of the expenses requested in the Monthly
        Fee Application.

    (3) If the parties can't resolve the Objection, the
        Professional may file a request with the Court for
        payment of the difference between the Maximum Monthly
        Payment and the Actual Monthly Payment made to the
        affected Professional or forego payment of the
        Incremental Amount until the next interim or final fee
        application hearing.

    (4) At four-month intervals, the Professionals are required
        to file and serve a request for interim Court approval
        and allowance of the compensation and reimbursement of
        expenses they sought in their Monthly Fee Applications,
        including any holdbacks.

    (5) The Debtors will ask the Court to schedule a hearing on
        the Interim Fee Application Requests at least once every
        six months.  The Court may grant an Interim Fee
        Application Request without a hearing if there are no
        pending or timely filed Objections.

    (6) All fees and expenses paid to Professionals under the
        Compensation Procedures are subject to disgorgement
        until final allowance by the Court.

The Debtors believe the proposed procedures will enable them to
monitor closely costs of administration, maintain a level of
cash flow availability, and implement efficient cash management
procedures.  Moreover, the Debtors note, the procedures will
allow the Court and key parties-in-interest to ensure the
reasonableness and necessity of the compensation and
reimbursement sought.

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

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


DURA AUTO: Names David Harbert as Interim Chief Fin'l Officer
-------------------------------------------------------------
DURA Automotive Systems Inc. appointed David L. Harbert as its
interim vice president and chief financial officer, effective
immediately, pending approval by the U.S. Bankruptcy Court for
the District of Delaware.

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

Mr. Harbert, 64, brings extensive turnaround and restructuring
experience as a CFO and will help guide the company through
its bankruptcy proceedings.  Mr. Harbert succeeds Keith R.
Marchiando, who has served as DURA's CFO since March 2005.
Mr. Marchiando will remain with the company through February
2007, in order to ensure a smooth transition.

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

                   About Dura Automotive

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

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


NOVELIS INC: Appoints Edward Blechschmidt as Chief Executive
------------------------------------------------------------
Novelis Inc. reported that it has named Edward A. Blechschmidt,
currently a member of its Board of Directors, to become acting
chief executive officer, effective Jan. 2, 2007.

Mr. Blechschmidt succeeds board chairperson William T. Monahan,
who has been interim chief executive officer since August 2006.
Mr. Monahan remains chairperson of the Novelis board.

Mr. Monahan said, "When I assumed the Interim CEO (chief
executive officer) position in August, our ideal goal was to
have a new CEO by year-end, at which time I could return to my
other commitments.  However, finding the right CEO for Novelis
will take a little longer than expected, so I am passing the
baton to Ed Blechschmidt, a Board colleague with significant
management experience and commitment to shareholder value.  Ed
has been part of our three-person Office of the chairman for the
last four months and he is the right person to move the company
forward in a hands-on manner during whatever period of time is
needed to address new day-to-day leadership.  Novelis will
continue its search for a permanent CEO."

Mr. Blechschmidt joined the Novelis board in June 2006.  He is a
former chairperson and chief executive officer of Gentiva Health
Services, Inc., a provider of specialty pharmaceutical and home
health care services that was spun off from Olsten Corporation
and taken public in 2000.  He retired from Gentiva Health in
2002 and remained a director until 2005.  Before joining Gentiva
Health, Mr. Blechschmidt served as president and then chief
executive officer of Olsten.  Prior to that, he served as
president and chief executive officer of Siemens Nixdorf
Americas and Siemens Pyramid Technologies from 1996 to 1998, and
spent more than 20 years with Unisys Corp., where he held
positions of increasing responsibility including chief financial
officer.

"I look forward to working with the talented employees of
Novelis at this exciting time.  We continue to take important
steps forward in developing a world-class organization that
delivers value to both shareholders and customers.  I am happy
to have the opportunity to play a more meaningful role in those
initiatives," Mr. Blechschmidt stated.

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

                        *    *    *

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


PETROLEO BRASILEIRO: To Ink Accords with Petroleos de Venezuela
---------------------------------------------------------------
Brazil's state-oil firm, Petroleo Brasileiro, and Petroleo de
Venezuela SA expect to sign partnership agreements this month
that would cover investments of more than US$2 billion in major
areas, Omar Lugo at El Universal reports.

According Petroleo Brasileiro's International Area Director
Nestor Cervero, the partnership would run from 2007 to 2012, El
Universal says.  The two state firms have been negotiating big
projects for years but none of which has materialized.

The pacts are expected to be signed during the Mercosur summit
in Brazil on the 18th and 19th of this month.

El Universal says the agreements could include joint ventures
for exploitation of Block Carabobo I at Venezuela's Orinoco oil
belt and gas drilling in deep waters and the creation of other
four joint ventures for exploitation of mature wells.

Block Carabobo I is expected to pump over 200,000 barrels of oil
per day in 2008 and 2009.  The oil field has proven reserves of
more than nine billion barrels.

Oil from Block Carabobo I will be refined at the Abreu Lima
refinery, a US$2.8 billion joint venture of Petroleo Brasileiro
and Petroleos de Venezuela, which is expected to begin operatins
in 2011, El Universal relates.

                About Petroleos de Venezuela

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.

                 About Petroleo Brasileiro

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

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

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

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

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


WEIGHT WATCHERS: Sept. 30 Balance Sheet Upside Down by US$103MM
---------------------------------------------------------------
Weight Watchers International, Inc., has filed its financial
statements for the quarter ended Sept. 30, 2006, with the U.S.
Securities and Exchange Commission.

The company reported a US$50,615,000 net income on
US$284,753,000 of net revenues for the three months ended
Sept. 30, 2006, versus a US$49,452,000 net income on
US$257,483,000 of net revenues for the three months ended
Oct. 1, 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$935,098,000 in total assets and US$1,038,367,000 in total
liabilities, resulting in a stockholders' deficit of
US$103,269,000.  At Dec. 31, 2005, the company's stockholders'
deficit was US$80,651,000.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?1777

Headquartered in New York, U.S.A., Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides of weight management services, with a presence in 30
countries provides of weight management services, with a
presence in 30 countries around the world, including Brazil, New
Zealand and Netherlands.  The company serves its customers
through Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Weight
Watchers International, Inc.


WEIGHT WATCHERS: Launches Self-Tender Offer for 8.3 Mil. Shares
---------------------------------------------------------------
Weight Watchers International, Inc., commenced a "modified Dutch
auction" self-tender offer for up to 8.3 million shares of its
common stock at a price per share not less than US$47 and not
greater than US$54.  The tender offer is expected to expire at
12:00 midnight, New York City time, on Jan. 18, 2007.

A "modified Dutch auction" self-tender offer allows shareholders
to indicate how many shares and at what price within the
company's specified range they wish to tender.  Based on the
number of shares tendered and the prices specified by the
tendering shareholders, the company will determine the lowest
price per share within the range that will enable it to purchase
up to 8.3 million shares.  The company will not purchase shares
below a price stipulated by a shareholder, and in some cases,
may actually purchase shares at a price above a shareholder's
indication under the terms of the tender offer.  The company's
directors and executive officers and Artal Holdings Sp., its
majority shareholder, have advised the company that they do not
intend to tender any shares in the tender offer.

Prior to commencing the tender offer, the company also entered
into an agreement to purchase shares from Artal, which owns
approximately 55.2% of the company's outstanding shares of
common stock.  Under the terms of this agreement, Artal agreed
to sell to the company a number of shares of common stock so
that Artal's percentage ownership interest in the company's
outstanding shares of common stock after the tender offer and
such purchase from Artal will be substantially equal to its
current level.  This purchase will be at the same price per
share as paid in the tender offer.  The purchase is scheduled to
occur 11 business days following the expiration date of the
tender offer.

The company anticipates paying for the shares purchased through
the tender offer and from Artal and related fees and expenses
with up to approximately US$1.2 billion in new borrowings it is
currently negotiating.  A portion of these borrowings is also
expected to be used to refinance the indebtedness of its
subsidiary, WeightWatchers.com.  The company has obtained a
commitment from Credit Suisse to provide it with additional
capacity under its senior credit facility to finance the
purchases and such refinancing.  The tender offer is not
conditioned upon the receipt of financing or any minimum number
of shares being tendered, but is subject to other customary
conditions.

Credit Suisse Securities (USA) LLC will serve as dealer manager,
Georgeson Inc. will serve as information agent and Computershare
Trust Company, N.A. will serve as the depositary for the tender
offer.

Shareholders and investors who have questions or need assistance
may call Georgeson Inc. at 866-785-7396 in the United States and
Canada, and 212-440-9800 for all other countries.

Headquartered in New York, U.S.A., Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides of weight management services, with a presence in 30
countries provides of weight management services, with a
presence in 30 countries around the world, including Brazil, New
Zealand and Netherlands.  The company serves its customers
through Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Weight
Watchers International, Inc.




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


AMERADA HESS: Final Shareholders Meeting Is on Jan. 4
-----------------------------------------------------
Amerada Hess Gabon (Tolo), Inc., will hold a final shareholders
meeting on Jan. 4, 2007, at 1185 Avenue of the Americas, New
York.

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.

The liquidator can be reached at:

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


AMERADA HESS GABON: Sets Final Shareholders Meeting on Jan. 4
-------------------------------------------------------------
Amerada Hess Gabon (Otiti), Inc.'s final shareholders meeting
will be on Jan. 4, 2007, at 1185 Avenue of the Americas, New
York.

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.

The liquidator can be reached at:

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


ASSET BACKED: Holding Final Shareholders Meeting on Jan. 10
-----------------------------------------------------------
Asset Backed Funding Corp. NIM 2003-WF1 Ltd. will hold a final
shareholders meeting pursuant to Section 145 of the Companies
Law of the Cayman Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


ASSET (FUNDING): Holding Last Shareholders Meeting on Jan. 10
-------------------------------------------------------------
Asset Backed Funding Corp. NIM 2002-WF2 Ltd. will hold a final
shareholders meeting pursuant to Section 145 of the Companies
Law of the Cayman Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


ASSET BACKED FUNDING CORP: Final Shareholders Meeting on Jan. 10
----------------------------------------------------------------
Asset Backed Funding Corp. NIM 2002-OPT1 Ltd. will hold a final
shareholders meeting pursuant to Section 145 of the Companies
Law of the Cayman Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


BGBW FX: Last Day to File Proofs of Claim Is on Jan. 11
-------------------------------------------------------
BGBW FX Vol. Arb. Fund's creditors are required to submit proofs
of claim by Jan. 11, 2007, to the company's liquidator:

          Quin & Hampson Nominees Ltd.
          Third Floor, Harbour Centre
          P.O. Box 1348
          Grand Cayman, KY1-1108, Cayman Islands

Creditors who are not able to comply with the Jan. 11 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

BGBW FX's shareholders agreed on Nov. 28, 2006, to place the
company in voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Quin & Hampson
          c/o P.O. Box 1348, Grand Cayman
          KY1-1108 Cayman Islands
          Tel: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


BLUE BAY: To Hold Final Shareholders Meeting on Jan. 5
------------------------------------------------------
Blue Bay Marine Management, Ltd.'s final shareholders meeting
will be at 9:00 a.m. on Jan. 5, 2007, at the company's
registered office in George Town, Grand Cayman.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Raymond E. Whittaker
          FCM Ltd.
          P.O. Box 1982
          Grand Cayman KY1-1104
          Tel: 345-946-5125
          Fax: 345-946-5126


BROAD STREET: Creditors Must File Proofs of Claim by Jan. 5
-----------------------------------------------------------
Broad Street Offshore Fund, Ltd.'s creditors are required to
submit proofs of claim by Jan. 5, 2007, to the company's
liquidators:

          Gordon MacRae
          Naul C. Bodden
          Kroll (Cayman) Limited
          4th Floor, Bermuda House
          Dr. Roy's Drive
          Grand Cayman KY1-1102, Cayman Islands

Creditors who are not able to comply with the Jan. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Korie Drummond
          Kroll (Cayman) Limited
          4th Floor, Bermuda House
          Dr. Roy's Drive
          Grand Cayman KY1-1102, Cayman Islands
          Tel: +1 (345) 946-0081
          Fax: +1 (345) 946-0082


CITICO INVESTMENT: Creditors Have Until Jan. 11 to File Claims
--------------------------------------------------------------
Citico Investment Company Ltd.'s creditors are required to
submit proofs of claim by Jan. 11, 2007, to the company's
liquidator:

          Buchanan Limited
          Attn: Francine Jennings
          P.O. Box 1170
          Grand Cayman KY1-1102, Cayman Islands
          Tel: (345) 949-0355
          Fax: (345) 949-0360

Creditors who are not able to comply with the Jan. 11 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Citico Investment's shareholders agreed on Nov. 30, 2006, to
place the company in voluntary liquidation under Section 135 of
the Companies Law (2004 Revision) of the Cayman Islands.


CONVERTIBLES LTD: Holding Final Shareholders Meeting on Jan. 10
---------------------------------------------------------------
Convertibles Ltd. will hold a final shareholders meeting
pursuant to Section 145 of the Companies Law of the Cayman
Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


CREDIPIA 2004: Creditors Must File Proofs of Claim by Jan. 4
------------------------------------------------------------
Credipia 2004 International Ltd.'s creditors are required to
submit proofs of claim by Jan. 4, 2007, to the company's
liquidators:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd., Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands

Creditors who are not able to comply with the Jan. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Credipia 2004 International sole shareholder decided on
Dec. 4, 2006, to voluntarily liquidated the business under
Section 135 of the Companies Law (2004 Revision) of the Cayman
Islands.


DESCARTES CDO: To Hold Final Shareholders Meeting on Jan. 10
------------------------------------------------------------
Descartes CDO Depositor Ltd. will hold a final shareholders
meeting pursuant to Section 145 of the Companies Law of the
Cayman Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DESCARTES CDO LTD: Final Shareholders Meeting Is Set for Jan. 10
----------------------------------------------------------------
Descartes CDO Ltd. will hold a final shareholders meeting
pursuant to Section 145 of the Companies Law of the Cayman
Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HESS DRILLING: Will Hold Final Shareholders Meeting on Jan. 4
-------------------------------------------------------------
Hess Drilling (CI) Ltd.'s final shareholders meeting will be on
Jan. 4, 2007, at 1185 Avenue of the Americas, New York.

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:

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


HMTF POULTRY: Last Day to File Proofs of Claim Is on Jan. 11
------------------------------------------------------------
HMTF Poultry Holdings Ltd.'s creditors are required to submit
proofs of claim by Jan. 11, 2007, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034GT
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 11 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

HMTF Poultry's shareholders agreed on Nov. 22, 2006, to place
the company in voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


LA TOUR: Creditors Must File Proofs of Claim by Jan. 10
-------------------------------------------------------
La Tour Manet Cayman Ltd. will hold a final shareholders meeting
pursuant to Section 145 of the Companies Law of the Cayman
Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MANDARIN INVESTMENTS: Holds Final Shareholders Meeting
------------------------------------------------------
Mandarin Investments Ltd. held its final shareholders meeting on
Jan. 2, 2007.

These agenda were 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 was allowed
to appoint a proxy, who need not be a member, in his stead.

The liquidators can be reached at:

          James Howe
          Roger Bougeard
          Attention: Louise Martin
          Capco Trust Jersey Ltd.
          2nd Floor, Sir Walter Raleigh House
          48-50 the Esplanade, St. Helier
          Jersey, JE2 3QB
          Telephone: 44 1534 709021
          Fax: 44 1534 709090
          Email: louisemartin@capcotrust.com


MARUBENI LEASING: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------------
Marubeni Leasing (Cayman) Ltd.'s creditors are required to
submit proofs of claim by Jan. 10, 2007, to the company's
liquidators:

          Katsuhide Omuro
          c/o Maples and Calder
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 10 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.


PACTUAL FIXED: Proofs of Claim Must be Submitted by Jan. 11
-----------------------------------------------------------
Pactual Fixed Income Fund, Ltd.'s creditors are required to
submit proofs of claim by Jan. 11, 2007, to the company's
liquidators:

          Carolina Tepedino
          Iuri Rapoport
          Avenida Brigadeiro Faria Lima
          3.729 - 8th Floor, Itaim Bibi
          Sao Paulo, Brazil

Creditors who are not able to comply with the Jan. 11 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Pactual Fixed Income's sole shareholder decided on
Nov. 27, 2006, to place the company in voluntary liquidation
under Section 135 of the Companies Law (2004 Revision) of the
Cayman Islands.


RFA HOLDINGS: Holding Final Shareholders Meeting on Jan. 10
-----------------------------------------------------------
RFA Holdings, Ltd., will hold a final shareholders meeting
pursuant to Section 145 of the Companies Law of the Cayman
Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


U.S. VENTURES: Shareholders Final Meeting Is Set for Jan. 9
-----------------------------------------------------------
U.S. Ventures V Ltd.'s final shareholders meeting will be at
3:00 p.m. on Jan. 9, 2007, at the main lobby, Sheraton Amsterdam
Airport Hotel, Schiphol Boulevard 101, Amsterdam, Netherlands.

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.  A proxy can
only be appointed using a proxy form.  The proxy form may be
deposited with the company at any time prior to the time and
date of this meeting.

Parties-in-interest may contact:

          Roderick C.M. Hall
          17 Rue du Chateaux, 91490
          Courances, France
          Tel: +44 2075 81 1273
          Fax: +44 2075 89 3200


YUGOSLAVIAN ASSET: To Hold Final Shareholders Meeting on Jan. 10
----------------------------------------------------------------
Yugoslavian Asset Backed Securities Ltd. will hold a final
shareholders meeting pursuant to Section 145 of the Companies
Law of the Cayman Islands on Jan. 10, 2007, at

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands




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


GOODYEAR TIRE: Closes Global Tire Fabric Operations Sale
--------------------------------------------------------
Goodyear Tire & Rubber Co, has closed the sale of its tire
fabric operations to Hyosung Corp., pending post-closing
adjustments and completion of the sale of its Americana, Brazil,
operation.

As part of the transaction, Goodyear Tire will complete the
previously announced sale of its Brazil operation to Hyosung in
the first quarter of 2007, pending government and regulatory
approvals.  This portion of the transaction represents less than
5% of the sale price.

Goodyear Tire said the decision to sell the operations, which
produce and treat fabric that is used in tires, is part of the
company's strategy to focus activity and investment in its core
consumer and commercial tire businesses.

In addition, the companies have signed a multi-year supply
agreement.

Goodyear said it believes that the supply agreement could
provide it with significant cost savings and improved cash flow.

Robert J. Keegan, Goodyear Tire chairperson and chief executive
officer, said, "We thank our fabric associates for their many
important contributions to Goodyear over the decades.  We look
forward to a long and rewarding relationship with Hyosung."

Goodyear Tire's global tire fabric operation includes plants in:

          -- Americana, Brazil;
          -- Colmar-Berg, Luxembourg;
          -- Decatur, Alabama; and
          -- Utica, New York.

                        About Hyosung

Headquartered in Seoul, South Korea, Hyosung Corp. is one of
Korea's largest industrial conglomerates, with multiple
businesses in textiles, industrial materials, chemicals, power
and industrial systems, construction, information technology and
trading.  Hyosung Tire Reinforcements has produced tire cord
since 1968 and operates globally including North America, Korea
and China.

                     About Goodyear Tire

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

                        *    *    *

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

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




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


BANCOLOMBIA: Fitch Puts Ratings on Watch Negative
-------------------------------------------------
Fitch has placed Bancolombia's 'C' Individual rating and its
'BBB-' and 'F3' local currency long and short term Issuer
Default Ratings on Rating Watch Negative.  This follows the
announcement that Bancolombia will acquire, through its wholly-
owned Panamanian subsidiary, a controlling stake in Banagricola,
the Panamanian holding company of El Salvador's largest bank,
Banco Agricola and its subsidiaries Asesuisa (insurance) and AFP
Crecer (pension fund management), as well as the small-sized
Panamanian bank Banco Agricola Panama. In addition, Banco
Agricola's Support rating at '5' has been placed on Watch
Positive following this announcement.

After receiving regulatory approvals in Panama and El Salvador,
Bancolombia Panama will launch a tender offer to acquire all
outstanding shares of Banagricola; the owners of the controlling
52.9% stake in the latter have already agreed to sell their
shares. Bancolombia will offer roughly US$900 million for all
outstanding Banagricola's shares (2.1 times book value).

The impact of this transaction on Bancolombia's consolidated
financial profile will depend on the proportion of shares that
will be successfully acquired.  The capital structure to finance
this purchase and its accounting treatment will be confirmed
upon conclusion of the offer.  However, Fitch considers that the
acquisition will likely affect Bancolombia's overall capital
adequacy.  While the bank expects to comply with Colombian
regulatory capital ratios, in Fitch's view, the proposed
transaction will negatively affect the levels and quality of
Bancolombia's consolidated capital.  As Bancolombia's capital is
currently made up largely by Tier I capital, the financing of
the acquisition will likely involve the issue of Tier II
subordinated debt or hybrid instruments.  The eventual amount to
be issued will be determined in part by the results of the
tender offer, and further terms of the eventual issue are not
yet determined, making it impossible at this time to judge the
debt- or equity-like makeup of the bank's proposed Tier II
securities.  In addition, consolidated capital will be
encumbered to some degree by the potentially hefty goodwill
generated in the transaction (it is important to recall that
unlike most regulators, Colombian bank supervisors do not
require the deduction of goodwill from regulatory capital
ratios).

Fitch believes that Bancolombia's Individual rating would likely
be downgraded to 'C/D' should a large portion of the purchase be
funded through largely debt-like hybrid securities (see Fitch's
criteria piece 'Equity Credit for Hybrids & Other Capital
Securities' dated Sept. 27, 2006, for further details on the
treatment of hybrids for banks' capital assessment).  Since a
downgrade in the Individual rating could potentially drive a
downgrade in Bancolombia's 'BBB-' and 'F3' local currency IDRs,
these were also placed on Watch Negative.  In turn, the bank's
foreign currency ratings at 'BB+' (long-term) and 'B' (short-
term) are not expected to be affected.

Alternatively, upon conclusion of the offer the bank's ratings
could be affirmed and removed from the Negative Rating Watch
under some circumstances, especially if the acquisition is
largely financed with more equity-like funds under Fitch's
criteria, Bancolombia's ability to rapidly rebuild capital is
enhanced, and the acquisition is not seen as negatively
affecting other critical rating factors, namely asset quality,
profitability, liquidity and strategy.

Placing Banco Agricola's '5' support rating on Watch Positive
reflects Fitch's view that, upon conclusion of the purchase,
Agricola will benefit from a moderate possibility to receive
institutional support from Bancolombia, should it be required.
Agricola's IDRs and Individual rating are unlikely to be
affected in the near future by this transaction.


* COLOMBIA: Gov't Extends Deadline for Minercol Liquidation
-----------------------------------------------------------
The government of Colombia has moved to March 31 the deadline to
wrap-up the liquidation of Minercol, the national mining firm,
the office of the president said in a statement.

The Colombian government has decided to extend the deadline as
Minercol has yet to determine who will provide the resources to
cover pension liabilities and choose an entity responsible for
pensions, according to the statement from the office of the
president.

                        *    *    *

On July 25, 2006, Fitch rated the Republic of Colombia's US$1
billion issue of fixed-rate Global Bonds maturing
Jan. 27, 2017, 'BB'.  The rating is in line with Fitch's long-
term foreign currency rating on Colombia.  Fitch said the Rating
Outlook is Positive.




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


AFFILIATED COMPUTER: Holding 2006 Annual Stockholders Meeting
-------------------------------------------------------------
Affiliated Computer Services, Inc., reported that its Board of
Directors has determined that the company's 2006 Annual Meeting
of Stockholders will be held on June 7, 2007, at a time and
place to be disclosed in the company's notice of annual meeting
and proxy statement.

Stockholders of record at the close of business on
April 13, 2007, (the record date established by the Board of
Directors), will be entitled to vote at the 2006 Annual Meeting.

Stockholders are entitled to present proposals for action at
future meetings if they comply with Affiliated Computer's bylaws
and the requirements of the proxy rules promulgated by the US
Securities and Exchange Commission.  To be eligible for
inclusion in Affiliated Computer's proxy statement, which will
be sent to stockholders in connection with the 2006 Annual
Meeting, a stockholder proposal must be sent to:

          William L. Deckelman, Jr.
          Corporate Secretary
          Affiliated Computer Services, Inc.
          2828 North Haskell Avenue
          Dallas, Texas, 75204,

The proposal must be presented no later than Jan. 19, 2007.

A proposal that is not included in the proxy statement to be
properly brought before the 2006 Annual Meeting by a
stockholder, must be delivered to Mr. Deckelman no later than
Jan. 19, 2007.  The foregoing time limits also apply in
determining whether notice is timely for purposes of rules
adopted by the SEC relating to the exercise of discretionary
voting authority with respect to proxies.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company's
global presence include operations in Brazil, China, Dominican
Republic, India, Guatemala, Ireland, Philippines, Poland and
Singapore.

                       *    *    *

Standard & Poor's Ratings Services kept its ratings for
Affiliated Computer Services Inc., including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.




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


ALPHARX INC: Schwartz Levitsky Raises Going Concern Doubt
---------------------------------------------------------
Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada,
expressed substantial doubt about AlphaRx Inc.'s ability to
continue as a going concern after auditing the company's
financial statements for the fiscal years ended Sept. 30, 2006,
and 2005.  The auditing firm pointed to the company's recurring
losses from operations.

AlphaRx Inc. reported a US$2.5 million net loss on US$1 million
of revenues for the year fiscal year ended Sept. 30, 2006,
compared with a US$4.9 million net loss on US$4,302 of revenues
for the same period in 2005.

The majority of revenues for the year ended Sept. 30, 2006 were
derived from license fees received from one of the company's
partners.  For the year ended Sept. 30, 2005, the company
derived revenues from royalties generated by Indaflex sales in
Mexico.

The decrease in net loss is mainly due to the increase in
revenues, the US$739,522 decrease in operating expenses, and the
US$626,735 decrease in loss from operations of discontinued
component, partly offset by the US$90,214 increase in net other
expenses.

At Sept. 30, 2006, the company's balance sheet showed US$1.5
million in total assets, US$1.4 million in total liabilities,
and US$161,283 in minority interest, resulting in a US$54,732
total stockholders' equity.

The company's balance sheet at Sept. 30, 2006, also showed
strained liquidity with US$1.2 million in total current assets
available to pay US$1.4 million in total current liabilities.

Full-text copies of the company's financial statements for the
year ended Sept. 30, 2006, are available for free at:

                http://researcharchives.com/t/s?17c4

                     About AlphaRx Inc.

AlphaRx Inc. (OTC BB: ALRX.OB) -- http://www.alpharx.com/-- is
a clinical stage biopharmaceutical company utilizing proprietary
drug delivery technology to develop novel formulations of drugs
that are insoluble or poorly soluble in water or have yet to be
administrable to the human body with an acceptable delivery
method.  The company's product candidates address various
pharmaceutical markets, including arthritis, tuberculosis,
ocular infection and inflammation, cataracts, hospital acquired
pneumonia and sepsis.

In August 2003, the company licensed Indaflex, its lead
pharmaceutical product under development, to Industria
Farmaceutica Andromaco, S.A. de C.V. for commercialization in
Mexico.


BALLY TOTAL: Generates US$13.5 Million from Sale-Leaseback Deals
----------------------------------------------------------------
Bally Total Fitness Holding Corp. closed on two additional
sale-leaseback transactions of four properties, generating
approximately US$13.5 million in net proceeds.  On
Oct. 25, 2006, the company previously closed on a sale-leaseback
transaction of four properties, generating approximately US$8.9
million in net proceeds.

"With the completion of these transactions, we satisfied the
senior credit facility requirement that Bally raise at least
US$20 million in additional liquidity by year-end," Don R.
Kornstein, Bally's interim Chairman, said.  "These transactions
mark another significant milestone in Bally's ongoing efforts to
recapitalize, and we remain committed to further improving our
financial structure in 2007."

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

                        *    *    *

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


GLOBAL POWER: Court Okays Blackstone Group as Financial Advisor
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Global Power Equipment Group, Inc. and its debtor-
affiliates to employ The Blackstone Group L.P. as their
financial advisor nunc pro tunc to Oct. 16, 2006.

Global Power is expected to:

   a. assist in the evaluation of the company's businesses and
      prospects;

   b. assist in the development of the company's long-term
      business plan and related financial projections;

   c. assist in the development of financial data and
      presentations to the company's Board of Directors, various
      creditors and other third parties;

   d. analyze the company's financial liquidity and evaluate
      alternatives to improve the liquidity;

   e. analyze various restructuring scenarios and the potential
      impact of these scenarios on the recoveries of those
      stakeholders impacted by the restructuring;

   f. provide strategic advice with regard to restructuring or
      refinancing the company's obligations;

   g. evaluate the company's debt capacity and alternative
      capital structures;

   h. participate in negotiations among the company and its
      creditors, suppliers, lessors and other interested
      parties;

   i. value securities offered by the company in connection with
      a restructuring;

   j. advise the company and negotiate with lenders with respect
      to potential waivers or amendments of various credit
      facilities;

   k. assist in arranging debtor-in-possession financing for the
      company, as requested by the company;

   l. provide expert witness testimony in these chapter 11 cases
      concerning any of the subjects encompassed by the other
      financial advisory services;

   m. assist the company in preparing marketing materials in
      conjunction with a possible transaction as requested by
      the company;

   n. assist the company in identifying potential buyers or
      parties in interest to a transaction and assist in the due
      diligence process;

   o. assist and advise the company concerning the terms,
      conditions and impact of any proposed transaction; and

   p. provide other advisory services as are customarily
      provided in connection with the analysis and negotiation
      of a restructuring or a transaction, as requested and
      mutually agreed.

Eric M. Sutty, Esq., one of the Debtors' counsel, disclosed that
pursuant to an Engagement Letter between the Debtors and
Blackstone Group, the firm will receive:

   a. a monthly advisory fee of US$150,000 in cash, with the
      first monthly fee payable upon the execution of the
      Engagement Letter and additional installments of the
      monthly fee payable in advance on each monthly anniversary
      of the retention date;

   b. an additional restructuring fee of US$1,650,000, except as
      provided in the Engagement Letter.  A restructuring will
      be deemed to have been consummated upon the execution,
      confirmation and consummation of a Plan of Reorganization
      pursuant to an order of the Court;

   c. upon the consummation of a transaction, a transaction fee
      payable in cash directly out of the gross proceeds of the
      transaction.

Blackstone will be reimbursed of all reasonable out-of-pocket
expenses and internal charges incurred.

Mr. Sutty assures the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not hold or represent any interest
adverse to the Debtors' 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 file a
chapter 11 plan expires on Jan. 26, 2007.


GLOBAL POWER: Equity Panel Hires Houlihan Lokey as Fin'l Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized, on an interim basis, the Official Committee of
Equity Security Holders appointed in the Chapter 11 cases of
Global Power Equipment Group Inc. and its debtor-affiliates, to
retain Houlihan Lokey Howard & Zukin Capital, Inc. as its
financial advisor, nunc pro tunc Nov. 9, 2006.

Houlihan Lokey is expected to:

   a. perform due diligence on the Debtors' businesses, as well
      as their prospect and the markets in which they compete;

   b. evaluate the assets and liabilities of the Debtors;

   c. analyze and review the financial and operating statements
      of the Debtors;

   d. analyze the business operations, business plans and
      forecasts of the Debtors;

   e. evaluate all aspects of the Debtors' DIP financing; cash
      collateral usage and adequate protection therefor; any
      exit financing in connection with any chapter 11 plan of
      reorganization and any budgets relating thereto; and any
      employee retention programs or similar proposed
      compensation plan or program;

   f. assist the Equity Committee, as needed, in identifying
      potential alternative sources of liquidity in connection
      with any chapter 11 plan or otherwise;

   g. provide specific valuation and other financial analyses as
      the Equity Committee may require in connection with the
      Cases;

   h. represent the Equity Committee in negotiations with the
      Debtors, the official committee of unsecured creditors of
      the Debtors and third parties with respect to any of the
      foregoing;

   i. provide testimony in court on behalf of the Equity
      Committee, if necessary;

   j. assess the financial issues and options concerning:

      * the sale of any assets of the Debtors and/or their non-
        debtor affiliates, either in whole or in part, and

      * the Debtors' chapter11 plan(s) or any other chapter 11
        plan(s); and

   k. provide other customary services as may reasonably be
      requested by the Equity Committee.

Joel L. Klein, Chair of the Committee, discloses that Houlihan
Lokey will be paid post-petition under the terms of the
Engagement Agreement:

   a. US$100,000 per month in cash from the Effective Date
      through termination of the Engagement Agreement.  The
      first Monthly Fees will be paid on the first date
      permitted by the Court, and then, subject to the orders
      governing payment of interim compensation of retained
      professionals in these Cases, on each monthly anniversary
      of the Effective Date; plus

   b. a transaction fee payable upon the consummation of each
      "Transaction" equal to 2% of the first $23,500,000 of the
      "Aggregate Equity Holder Recoveries", 3% of the next
      US$14,100,000 of Aggregate Equity Holder Recoveries and 4%
      of Aggregate Equity Holder Recoveries in excess of
      US$37,600,000.

   c. Houlihan Lokey's monthly fees and transaction fees will be
      payable in cash, provided however that Houlihan Lokey's
      total cash compensation will be capped at US$3,000,000.
      Any amount due to and payable to Houlihan Lokey in excess
      of US$3,000,000 will be payable "In Kind" (i.e., in the
      same manner and currency/form as and when received by
      equity holders).

Houlihan Lokey would also seek reimbursement for reasonable out-
of pocket expenses incurred.

Mr. Klein assures the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not hold nor represent any interest
adverse to the Debtors' 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 file a
chapter 11 plan expires on Jan. 26, 2007.


GLOBAL POWER: Wants April 18 Set as General Claims Bar Date
-----------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to set
April 18, 2007, as the deadline for all creditors and
governmental units owed money by the Debtors on the account of
claims arising prior to Sept. 28, 2006.

The Debtors also ask the Court to set May 18, 2007, as the
deadline for all creditors, including the Debtors, owed money by
co-Debtors, sureties or guarantors, on accounts of claims
arising prior to Sept. 28, 2006.

The purpose of the bar date is to provide a deadline to identify
any possible unknown claims against the Debtors' estates and to
give parties additional certainty regarding the magnitude of
claims against the Debtors' estates.

Copies of written proofs of claim must be sent or hand delivered
on or before the April 18 Bar Date to:

          Global Power Equipment Group, Inc.
          c/o Alix Partners LLC
          2100 McKinney Avenue, Suite 800
          Dallas, Texas 75201

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.


MERIDIAN AUTOMOTIVE: Emerges from Chapter 11 Protection
-------------------------------------------------------
Meridian Automotive Systems, Inc., disclosed that its Plan of
Reorganization, previously confirmed by the U.S. Bankruptcy
Court for the District of Delaware, has become effective on
Dec. 29, 2006, and that Meridian has emerged from Chapter 11.
The company also reported, in connection with their emergence
from Chapter 11, it has entered into a US$167 million exit
financing facility with Deutsche Bank.

"This is an exciting day for Meridian Automotive Systems. We are
pleased to have successfully completed our restructuring and to
emerge as a stronger company with significantly less debt and
increased liquidity, two factors which will contribute to our
long-term success in the automotive industry," Richard E.
Newsted, Meridian's President and CEO, said.  "I would like to
again thank all of the Meridian associates for their hard work
and our valued customers, suppliers and creditors for their
unwavering support during our reorganization."

As reported in the Troubled Company Reporter on Dec. 26, 2006,
as of the Effective Date, the Distributions and rights provided
in the Plan and the treatment of claims and interests under the
Plan will be in exchange for and in complete satisfaction,
discharge and release of all claims, and satisfaction or
termination of all Prepetition Meridian Interests, including any
interest accrued on claims from and after the Petition Date.

In addition, all entities will be precluded from asserting
against the Debtors, the Reorganized Debtors, or their
successors or property, any other or further claims, demands,
debts, rights, causes of action, liabilities or equity interests
based upon any act, omission, cause, transaction, state of
facts, or other activity of any kind or nature that occurred
prior to the Effective Date.

Furthermore, all persons who have held, hold, or may hold claims
against or interests in the Debtors will be permanently enjoined
from:

   -- commencing or continuing any action against the
      Reorganized Debtors and their estates

   -- enforcing, attaching, collecting or recovering in any
      manner any judgment, award, decree or order;

   -- creating, perfecting or enforcing any lien or encumbrance
      on the Reorganized Debtors and their estates; and

   -- asserting a set-off or right of subrogation of any kind
      against any debt, liability or obligation due to the
      Debtors.

Any and all professional persons employed by the Debtors or the
Official Committee of Unsecured Creditors will have until
Feb. 12, 2007, to file and serve their applications for final
allowance of fees and expenses.

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck manufacturers.
Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major
Tier One parts suppliers.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 26, 2005 (Bankr. D.
Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan,
Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S.
Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq.,
and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  Eric
E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also
hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding
against Meridian's First Lien Lenders and Second Lien Lenders to
invalidate their liens.  When the Debtors filed for protection
from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  Judge
Walrath has confirmed the Revised Fourth Amended Reorganization
Plan of Meridian.


TANK SPORTS: Forms Strategic Alliance with Long SA de C.V.
----------------------------------------------------------
Tank Sports signed an agreement to form a strategic alliance
with Mexico's Long SA de C.V. for improving competitiveness and
expanding upon the global market.

The cooperative aspects of the alliance between the two firms
include new product developmental research and sharing of
resources, the company also disclosed.

The company further disclosed that after Long's reorganization,
the two firms will start preparing for a merger.

                   About Long SA de C.V.

Long SA de C.V. is a motorcycle manufacturer in Mexico.  With
250 employees, the company is a government approved motorcycle
manufacturer in Mexico and has received zero custom tax
privilege.  Long has over 200 dealerships.

Long has started importing motorcycles into Mexico in 1996 and
started building a factory in 2000.  The company has obtained
two complete production lines that include a metal processing
plant, a welding and chemical processing plant, powder spray
painting, assembling line, quality control, technical and
service department.  Tank Sports chairman Jiangyong Ji and
president Jing Jing Long combined have over 60% ownership of
Long.

                     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.




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


DORAL FINANCIAL: Posts US$62.5MM First Nine-Month 2006 Net Loss
---------------------------------------------------------------
Doral Financial Corp. reported a US$62.5 million net loss for
the first nine months of 2006.

Doral Financial filed its Form 10-Q reports for the third
quarter ended Sept. 30, 2006.  With the filing of this report,
Doral Financial is up to date on its US Securities and Exchange
Commission reporting obligations.

For the first nine months of 2005, Doral Financial had net
income of US$57.4 million.  For the third quarter ended
Sept. 30, 2006, Doral Financial had a net loss of US$28.7
million.  For the quarter endedSept. 30, 2005, Doral Financial
had net income of US$40.9 million.

Glen Wakeman, Doral Financial chief executive officer, said, "As
we have previously stated, Doral is focused on resolving its
issues so that the company is better positioned to realize the
value of the enterprise."

Doral Financial's greatest liquidity challenge continues to be
its ability to refinance its US$625 million floating rate senior
notes that mature in July 2007.  Doral Financial will need
significant outside financing during 2007, principally for the
refinancing of these notes that mature in July 2007 and to meet
certain other working capital and contractual needs of the
holding company.  The capital and liquidity requirements of the
holding company may also increase as a result of transactions
that may be undertaken to restructure the composition of the
company's balance sheet and as a result of the company's ongoing
contingencies.  Doral Financial has selected advisors to assist
in reviewing a number of possible alternatives to refinance this
indebtedness and in examining alternatives to restructure its
balance sheet to enhance future earnings potential and reduce
the high level of interest rate risk and volatility in its
balance sheet.

Doral Financial must undertake a number of initiatives during
2007 to satisfy its capital and liquidity requirements.  These
initiatives could include:

          -- the issuance of significant additional equity,
          -- the issuance of high-yield debt, and
          -- the sale or pledge of assets.

The issuance of additional equity could result in significant
dilution to the existing shareholders.  Doral Financial's
ability to implement the initiatives and the terms may be
adversely affected by:

         -- the company's current credit ratings,

         -- the ongoing shareholder litigation,

         -- the company's deteriorated earnings and balance
            sheet composition,

         -- the firm's holding company structure and
            restrictions under the existing cease and desist
            orders, and

         -- banking regulations on the ability of the company to
            rely on the liquidity of its banking subsidiaries.

Although Doral Financial is taking a number of steps to address
its capital and liquidity needs, it cannot provide assurance
that it will be ultimately successful in executing these
initiatives.

During the fourth quarter of 2006, Doral Financial's banking
subsidiaries sold approximately US$1.7 billion of its available-
for-sale investment securities.  Also as part of this
transaction the company reduced its borrowings by US$1.7
billion.  This transaction is part of the company's ongoing
efforts to restructure its balance sheet to improve its future
earnings potential and reduce the high level of interest rate
risk and volatility inherent in its balance sheet.

Doral Financial's consolidated financial statements for the
third quarter of 2006 continue to reflect the difficult business
environment and challenges faced by the company.  The firm's
financial performance for the third quarter of 2006, compared to
the third quarter of 2005, was principally affected by:

          -- lower net interest income as a result of a decrease
             in net interest spread and margin together with a
             decrease in the balance of interest-earning assets,
             and

          -- non-interest losses driven primarily by losses on
             securities held for trading, a servicing loss and
             lower gains on sales of mortgage loans.

The impact of the factors was offset in part by a US$17.6
million lower-of-cost- or-market positive valuation adjustment
to Doral Financial's loans held for sale portfolio.

Among the key components of Doral Financial's performance for
the quarter ending Sept. 30, 2006, include:

         -- Net loss for the third quarter of 2006 amounted to
            US$28.7 million, compared with a net income of
            US$40.9 million for the third quarter of 2005;

         -- Net interest income for the third quarter of 2006
            was US$44.1 million, compared with US$66.6 million
            for the same period in 2005, resulting from a
            decrease in average interest-earning assets from
            US$19.0 billion for the third quarter of 2005 to
            US$13.1 billion for the comparable period of 2006,
            coupled with a decrease in net interest margin from
            1.39% in the third quarter of 2005 to 1.34% in the
            third quarter of 2006.  This reduction in net
            interest margin resulted from the flattening of the
            yield curve, as on average, Doral Financial's
            interest bearing liabilities, principally wholesale
            funding and loans payable, re-priced at higher
            frequency and rates than the company's interest-
            earning assets.  The reduction in average interest-
            earning assets reflects the sale during the second
            quarter of 2006 of US$2.4 billion in mortgage loans
            as part of a previously reported restructuring of
            loan transfer transactions with a local financial
            institution. It also reflects the discontinuance of
            the practice of purchasing whole loans for
            subsequent securitization into mortgage-backed
            securities;

         -- Non-interest loss for the third quarter of 2006 was
            US$1.5 million, compared with non-interest income of
            US$79.0 million for the same period in 2005.  The
            non-interest loss for the third quarter of 2006 was
            principally driven by losses on trading activities,
            a net servicing loss and lower gains on sales of
            mortgage loans.  The losses on trading activities
            for the third quarter of 2006 were principally due
            to realized and unrealized losses from derivative
            instruments undertaken for risk management purposes,
            as well as realized losses on the sale of securities
            held for trading.  As medium- and long-term rates
            decreased during the third quarter of 2006, the
            company experienced a decrease in the market value
            of its derivative portfolio.  The net servicing loss
            for the quarter reflected principally a decrease in
            Doral Financial's MSRs valuation due in turn to an
            increase in anticipated mortgage prepayment rates.
            This resulted in a temporary net impairment of
            US$4.9 million and amortization of US$9.6 million
            during the third quarter of 2006 compared to a net
            recovery in value of US$20.4 million and an
            amortization of US$6.9 million during the same
            period in 2005.  Lower gains on sales of mortgage
            loans were due to a decrease in the volume of
            mortgage loan sales during the third quarter of
            2006, partially offset by a US$17.6 million lower-
            of-cost -or-market positive valuation adjustment of
            the company's loans held for sale portfolio as a
            result of decreases in long-term interest rates
            during the quarter.  Total loan sales and
            securitizations for the third quarter of 2006
            amounted to US$85.7 million, compared with US$542.0
            million for the third quarter of 2005;

         -- Non-interest expenses for the third quarter of 2006
            were US$60.3 million, compared with US$70.3 million
            for the same period in 2005.  Non-interest expenses
            for the quarter reflect a decrease in expenses for
            professional services associated with the
            restatement Doral Financial's prior period financial
            statements and related legal and accounting matters,
            partially offset by increased expenses associated
            with advisory services relating to the reengineering
            of the company's business and operating practices;

         -- For the third quarter of 2006, Doral Financial
            recorded income tax expense of US$0.8 million,
            compared with income tax expense of US$25.0 million
            for the corresponding period in 2005.  The decrease
            in the tax provision for 2006 is principally due to
            pre-tax losses recognized during 2006, combined with
            an increase in the company's net deferred tax asset
            as a result of the various agreements entered into
            with the Puerto Rico Treasury Department;

         -- During the third quarter of 2006, Doral Financial
            had other comprehensive income of approximately
            US$99.2 million related principally to the positive
            impact of the decrease in long-term interest rates
            on the value of the company's portfolio of available
            for sale securities.  As of Sept. 30, 2006, the
            company's accumulated other comprehensive loss (net
            of income tax benefit) was US$151.4 million,
            compared to US$250.6 million as of June 30, 2006;

         -- Doral Financial's loan production for the third
            quarter of 2006 decreased 76% to US$329.1 million,
            compared with US$1.4 billion for the comparable
            period in 2005.  The decrease in the company's loan
            production is due to a number of factors including
            changes in the underwriting standards, economic
            conditions in Puerto Rico, and competition from
            other financial institutions.  Doral Financial has
            decided to implement uniform, automated and rules-
            based underwriting standards.  The implementation of
            these standards has caused disruption in the
            company's loan originations.  The company, however,
            believes that these changes will allow it to more
            efficiently underwrite assets with better credit
            quality and more appropriately price its loan
            products in the future.  The company anticipates
            that, for the foreseeable future, loan production
            will continue below historical levels as these new
            underwriting standards are implemented and new
            product offerings are developed;

         -- Total assets as of Sept. 30, 2006, decreased 20% to
            US$13.8 billion, compared with US$17.3 billion as of
            Dec. 31, 2005.  The decrease in total assets was
            principally the result of the previously reported
            sale of mortgage loans as part of a restructuring of
            various loan transfer transactions with a local
            financial institution during the second quarter of
            2006 and a reduction of its investment securities
            portfolio; and

         -- Doral Financial and its banking subsidiaries remain
            "well capitalized" for bank regulatory purposes as
            of Sept. 30, 2006.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- a financial holding company,
is a residential mortgage lender in Puerto Rico, and the parent
company of Doral Bank, a Puerto Rico based commercial bank,
Doral Securities, a Puerto Rico based investment banking and
institutional brokerage firm, Doral Insurance Agency, Inc. and
Doral Bank FSB, a federal savings bank based in New York City.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 31, 2006,
Standard & Poor's Ratings Services removed from CreditWatch and
affirmed its ratings on Doral Financial Corp., including its
'B+' counterparty rating.  The ratings were placed on
CreditWatch with negative implications on April 19, 2005.  S&P
said the outlook is negative.


PILGRIM'S PRIDE: Closes Tender Offer for 88.87% Gold Kist Shares
----------------------------------------------------------------
Pilgrim's Pride Corp. disclosed that the expiration of its
initial offer to acquire all of the outstanding shares of Gold
Kist Inc. common stock for US$21 per share in cash and the
commencement of a subsequent offering period.  Pilgrim's Pride
has accepted all shares validly tendered and not properly
withdrawn and expects to complete the transaction in early
January 2007.  The subsequent offering period will expire at
5:00 p.m., New York City Time, on Friday, Jan. 5, 2007, unless
extended.

As reported in the Troubled Company Reporter on Dec. 13, 2006,
the initial offer and withdrawal rights expired at 5:00 p.m.,
New York City Time, on Wednesday, Dec. 27, 2006, at which time a
total of 45,343,812 shares of Gold Kist common stock, or
approximately 88.87% of Gold Kist's outstanding shares, had been
tendered and not withdrawn.  Of those shares tendered, 2,366,878
shares of Gold Kist's outstanding common stock were tendered
subject to guaranteed delivery.  All shares validly tendered and
not properly withdrawn prior to the expiration of the offer have
been accepted for payment by Pilgrim's Pride.

"The completion of this tender offer is a significant milestone
for Pilgrim's Pride," said O.B. Goolsby, Jr., Pilgrim's Pride
president and chief executive officer.  "We look forward to
beginning 2007 as a much stronger company, with industry-leading
market share, a broad and growing customer base and a balanced
portfolio of fresh chicken and value-added products.  We are now
ready to begin realizing the compelling strategic value and
benefits we envisioned from this acquisition and look forward to
setting a new standard in the chicken industry."

As of 9:00 a.m., New York City Time, on Dec. 28, 2006, Pilgrim's
Pride has commenced the subsequent offering period for all
remaining shares that have not yet been tendered.  The purpose
of the subsequent offering period is to enable Gold Kist
stockholders who did not tender during the initial offering
period to participate in the offer and receive the all-cash
US$21 offer price on an expedited basis.  Pilgrim's Pride urges
Gold Kist stockholders to tender their shares during the
subsequent offering period. Pilgrim's Pride will immediately
accept all shares validly tendered during the subsequent
offering period as they are tendered, and will pay for such
shares promptly.

Stockholders who tender their shares during the subsequent
offering period will receive the same US$21 all-cash per share
consideration paid during the initial offering period.
Procedures for tendering shares during the subsequent offering
period are the same as during the initial offering period,
except

   (i) shares cannot be delivered through the guaranteed
       delivery procedure and

  (ii) shares tendered during the subsequent offering period may
       not be withdrawn.

As previously reported, Pilgrim's Pride and Gold Kist entered
into a definitive merger agreement on Dec. 3, 2006, under which
Pilgrim's Pride agreed to acquire all of the outstanding shares
of Gold Kist common stock for US$21 per share in cash.  The
transaction was unanimously approved by the boards of directors
of both Pilgrim's Pride and Gold Kist and has a total equity
value of approximately US$1.1 billion, plus the assumption or
refinancing of approximately US$144 million of Gold Kist's debt.
Upon expiration of the subsequent offering period, Pilgrim's
Pride intends to complete the acquisition of Gold Kist through a
merger of its acquisition vehicle, Protein Acquisition Corp.,
into Gold Kist, in which all Gold Kist shares not tendered into
Pilgrim's Pride's offer (other than shares held in the treasury
of Gold Kist or held by Pilgrim's Pride or any of its
subsidiaries) will be converted into the right to receive US$21
per share.  Following the merger, Gold Kist will be a wholly
owned subsidiary of Pilgrim's Pride.

The company also completed its tender offer to purchase and
related consent solicitation for Gold Kist's outstanding 10-1/4%
Senior Notes due March 15, 2014.  The debt tender offer was made
in connection with Pilgrim's Pride's acquisition of Gold Kist.
As of 5:00 p.m., New York City Time, Dec. 27, 2006, the company
had received tenders and related consents with respect to 100%
of the aggregate principal amount of the outstanding Gold Kist
Notes, all of which were accepted for payment.

Baker & McKenzie LLP and Morris, Nichols, Arsht & Tunnell, LLP
are acting as legal counsel and Credit Suisse, Legacy Partners
Group LLC and Lehman Brothers Inc. are acting as financial
advisors to Pilgrim's Pride.  Innisfree M&A Incorporated is
acting as information agent for Pilgrim's Pride's offer.

                       About Gold Kist

Based in Atlanta, Georgia, Gold Kist Incorporated (NASDAQ: GKIS)
-- http://www.goldkist.com/-- operates a fully integrated
chicken production, processing and marketing business.  Gold
Kist's production operations include nine divisions located in
Alabama, Florida, Georgia, North Carolina and South Carolina.

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corp.
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the
United States, Mexico and in Puerto Rico.  Pilgrim's Pride
employs approximately 40,000 people and has major operations in
Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North
Carolina, Pennsylvania, Tennessee, Virginia, West Virginia,
Mexico and Puerto Rico, with other facilities in Arizona,
Florida, Iowa, Mississippi and Utah.

                        *    *    *

Moody's Investors Service's held its Ba2 Corporate Family Rating
for Pilgrim's Pride Corp.  In addition, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on the company's note issues, including an LGD6
rating on its US$100 million 9.25% Sr. Sub. Global Notes Due
Nov. 15, 2013, suggesting noteholders will experience a 95% loss
in the event of a default.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Standard & Poor's Ratings Services reported that its 'BB'
corporate credit rating and other ratings on the second-largest
U.S. poultry processor, Pilgrim's Pride Corp., remain on
CreditWatch with negative implications, where they were
originally placed Aug. 21, 2006.




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


PETROLEOS DE VENEZUELA: To Ink Agreements with Petrobras
--------------------------------------------------------
Brazil's state-oil firm, Petroleo Brasileiro, and Petroleo de
Venezuela expect to sign partnership accords this month that
would cover investments of more than US$2 billion in major
areas, Omar Lugo at El Universal reports.

According Petroleo Brasileiro's International Area Director
Nestor Cervero, the partnership would run from 2007 to 2012, El
Universal says.  The two state firms have been negotiating big
projects for years but none of which has materialized.

The pacts are expected to be signed during the Mercosur summit
in Brazil on the 18th and 19th of this month.

El Universal says the agreements could include joint ventures
for exploitation of Block Carabobo I at Venezuela's Orinoco oil
belt and gas drilling in deep waters and the creation of other
four joint ventures for exploitation of mature wells.

Block Carabobo I is expected to pump over 200,000 barrels of oil
per day in 2008 and 2009.  The oil field has proven reserves of
more than nine billion barrels.

Oil from Block Carabobo I will be refined at the Abreu Lima
refinery, a US$2.8 billion joint venture of Petroleo Brasileiro
and Petroleos de Venezuela, which is expected to begin operatins
in 2011, El Universal relates.

                About Petroleo Brasileiro

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

                About Petroleos de Venezuela

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2006, Fitch affirmed the local and foreign currency
Issuer Default Ratings of Petroleos de Venezuela S.A. at 'BB-'.
Fitch also affirmed the 'AAA(ven)' national scale rating of the
company.  Fitch said the Rating Outlook is Stable.


WILLBROS GROUP: Mike Curran Leaving Chief Executive Officer Post
----------------------------------------------------------------
Michael F. Curran has decided to retire as chief executive
officer of Willbros Group, Inc.  Mr. Curran will remain as
chairperson of the Board of Willbros Group.

Willbros Group disclosed in June 2006 that Randy Harl would
succeed Mr. Curran as chief executive officer beginning
Jan. 1, 2007.

Mr. Curran has also entered into a consulting agreement to
provide his expertise to the Willbros Group for two years,
starting Jan. 1, 2007.

Mr. Curran will provide to Willbros Group a broad range of
consulting services including business development, operations
reviews and interface with the investment community.

With over 44 years of experience, Mr. Curran is one of the most
experienced executives in the global pipeline construction
industry.  He has participated in many of the advances in
technology and process developed by the industry and in the
opening of new markets in the past 30 years, including frontier
projects in Saudi Arabia, the Alaskan arctic and north and west
Africa.

Willbros Group, Inc. (NYSE:WG) -- http://www.willbros.com/-- is
an  independent contractor serving the oil, gas and power
industries, providing engineering and construction, and
facilities development and operations services to industry and
government entities worldwide.  The company has been active in
South America since 1939.  Its subsidiary, CAMSA, provides
construction services to Venezuela and monitors activities
elsewhere in South America.

                  Long-Term Debt Waivers

During the period from Nov. 23, 2005, to June 14, 2006, the
Company entered into four additional amendments and waivers to
the 2004 Credit Facility with its syndicated bank group to waive
non-compliance with certain financial and non-financial
covenants.  Among other things, the amendments provided that:
(1) certain financial covenants and reporting obligations were
waived and/or modified to reflect the Company's current and
anticipated future operating performance; (2) the ultimate
reduction of the facility to US$70,000 for issuance of letter of
credit obligations only; and (3) a requirement for the Company
to maintain a minimum cash balance of US$15,000.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Kuala                    ARTE3     (33.57)      11.86
Kuala-Pref               ARTE4     (33.57)      11.86
Bombril                  BOBR3    (781.53)     473.67
Bombril-Pref             BOBR4    (781.53)     473.67
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Holding       CITI   (1,010.00)     861.00
Telefonica Holding       CITI5  (1,010.00)     861.00
SOC Comercial PL         COME     (732.78)     461.86
CIMOB Partic SA          GAFP3     (44.38)     121.74
CIMOB Part-Pref          GAFP4     (44.38)     121.74
DOC Imbituba             IMBI3     (19.84)     192.80
DOC Imbitub-Pref         IMBI4     (19.84)     192.80
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Paranapanema SA          PMAM3     (53.36)   3,268.96
Paranapanema-PREF        PMAM4     (53.36)   3,268.96
Telebras-CM RCPT         RCTB30    (59.79)     228.35
Telebras-PF RCPT         RCTB40    (59.79)     228.35


* A.M. Best Changes B++ & B+ Rating Descriptor on Insurance Cos.
----------------------------------------------------------------
A.M. Best Company is changing the Financial Strength Rating
Descriptor for B++ and B+ ratings on insurance companies,
effective Jan. 2, 2007.

The reason for the changes is to make the Rating Descriptor
consistent with the existing Rating Definition across all rating
categories.

A Best's Financial Strength Rating (FSR) is an opinion as to an
insurer's financial strength and ability to meet its ongoing
obligations to policyholders.

              Old         New
  Rating   Descriptor  Descriptor  Definition
  ------   ----------  ----------  ----------
  B++, B+  Very Good      Good     Assigned to companies that
                                   have a good ability to meet
                                   their ongoing obligations to
                                   policyholders.

The change in the Rating Descriptor for insurance companies also
applies to the corresponding Best's Long-Term Issuer Credit
Rating of bbb+, bbb, and bbb-.

The changes to the Rating Descriptor do not represent a change
in A.M. Best's opinion of the relative financial strength of any
insurer or issuer.  The B++ and B+ FSRs, and bbb+, bbb, and bbb-
ICRs on insurers, are still considered Secure ratings.

The updated Financial Strength Rating Descriptors on insurance
companies will be reflected in all electronic and print
publications released on or after January 2, 2007.


                         ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
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