TCRLA_Public/070110.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 10, 2007, Vol. 8, Issue 7

                          Headlines

A R G E N T I N A

BANCO MACRO: Fitch May Put B+ Currency Rating on US$150MM Bonds
CMS ENERGY: Dearborn Industrial Gets US$25 Mln Arbitration Award
CMS ENERGY: Inks MOU to Settle Securities Class Action Suits

B A H A M A S

COMPLETE RETREATS: Court OKs US$98 Mil. Sale to Ultimate Resort
COMPLETE RETREATS: Court Approves US$3.14MM Real Property Sale
GLOBAL ENVIRONMENTAL: Balance Sheet Upside Down by US$55,609,784

B E R M U D A

GLOBAL CROSSING: Gets Bidding Rules for Expansion Projects
GLOBAL CROSSING: Easing Alpine Access' Network Expansion
INTELSAT LTD: Names Michelle Bryan as Human Resources Senior VP
INTELSAT (BERMUDA): Offering US$600MM in Senior Notes Due 2015
REFCO INC: Court Allows Ch. 11 Trustee to Modify Claims vs. RCM

REFCO INC: Files Operating Results Statement for November 2006
SCOTTISH RE: Shareholder Voting Against MassMutual/Cerberus Deal
SEA CONTAINERS: Taps Towers Perrin as Compensation Consultants
SEA CONTAINERS: Wants to Hire Vollman as Special Advisors

B O L I V I A

* BOLIVIA: Moves Bids Submission Deadline for Gas Export Tender

B R A Z I L

AKER KVAERNER: Inks US$105-Mln Power Plant Upgrade Deal in Ohio
AMERICA LATINA: Secures BRL1.1-Billion Loan from Banco Nacional
BANCO DO BRASIL: Brasilprev To Sell Plans Through Fin'l Services
BANCO NACIONAL: Okays BRL1.1 Billion Loan to America Latina
BRASIL TELECOM: Blocks Access to YouTube in Brazil

COMPANHIA PARANAENSE: Inks Power Purchase Accord with Cien
DURA AUTOMOTIVE: Panel Taps Chanin Capital as Financial Advisors
DURA AUTO: Auction Sets Bond Price at 24.125% of Face Value
ENESCO GROUP: Bank Lenders Limit Credit Facility Advances
INDEPENDENCIA ALIMENTOS: S&P Assigns B Corporate Credit Rating

NOSSA CAIXA: State Gov't Nominates New Chief Executive Officer

C A Y M A N   I S L A N D S

ADVISORS: Deadline for Proofs of Claim Filing Is on Jan. 11
AMERADA HESS: Deadline for Proofs of Claim Filing Is on Jan. 29
BLACKSTONE CUSTOMISED: Proofs of Claim Filing Is Until Jan. 11
BLACKSTONE LEXINGTON: Proofs of Claim Filing Is on Jan. 11
CITIGROUP ASSETS: Proofs of Claim Filing Deadline Is on Jan. 11

HARBOR 2006-1: Shareholders to Gather for Jan. 11 Final Meeting
HESS (COTE D' IVOIRE): Proofs of Claim Filing Is Until Jan. 29
HESS (VIETNAM E&P): Proofs of Claim Filing Is Until Jan. 29
KARA INVESTMENTS: Deadline for Proofs of Claim Filing Is Jan. 11
KENMAR STRATEGIC: Deadline for Proofs of Claim Filing Is Jan. 11

LBO PRIVATE: Deadline for Proofs of Claim Filing Is on Jan. 11
MEMBERSHIP SERIES: Proofs of Claim Filing Deadline Is on Jan. 11
NC REALTY: Proofs of Claim Filing Deadline Is on Jan. 11
PARMALAT SPA: Shares Allocation Prompts EUR374,185 Capital Hike
TURNER, LIVINGSTON: Proofs of Claim Filing Is Until Jan. 11

STRATEGIES FUND: Deadline for Proofs of Claim Filing Is Jan. 11

C H I L E

ARAMARK CORP: Shareholders Vote to Approve Merger

C O S T A   R I C A

DIRECTV: Appoints Two Vice Presidents in Advertising Department
DIRECTV: Introducing Portable Satellite & Television System
DIRECTV: Offering 100 National High-Definition Channels in 2007

D O M I N I C A N   R E P U B L I C

AES CORP: Dominican Republic Mulling Settlement with Firm
AES CORP: President Exercises Options for 299,600 Shares

E C U A D O R

ECUADOR: Moody’s Changes Outlook on Caa1 Rating to Stable

E L   S A L V A D O R

SBARRO INC: MidOcean Partners Deal Cues S&P's Developing Watch

G U A T E M A L A

GOODYEAR TIRE: To Discontinue Tire Production at Quebec Facility
GOODYEAR TIRE: Fitch Removes Ratings from Watch Negative

H O N D U R A S

SBARRO INC: Launches Tender Offer for 11% US$255MM Senior Notes

M E X I C O

DIRECTV GROUP: S&P Holds Corporate Credit Rating at BB
FORD MOTOR: Partners with Microsoft on In-Car Digital Systems
FOREST OIL: S&P Affirms BB- Corporate Credit Rating
GENERAL MOTORS: Highland Rival Offer Could Delay Delphi Deal
GENERAL MOTORS: Awards Lithium-Ion Battery Development Contracts

GRUPO TMM: Mexican Supreme Court Rejects Tax Deduction Request
HERBALIFE LTD: Expects Higher Sales for 2006 Fourth Quarter
NEWPARK RESOURCES: Secures New US$100MM Revolving Line of Credit

* LA BARCA: Moody’s Assigns B1 Global & Local Currency Rating
* MEXICO: Ministry Grants Banking License to UBS

N I C A R A G U A

* NICARAGUA: Four Groups Join Exploration & Production Tender

P A N A M A

* PANAMA: Sets Aside US$35 Million for Power Subsidies in 2007

P U E R T O   R I C O

ADELPHIA COMMS: Plan Expected to Become Effective on January 17
ADELPHIA COMMS: Bondholders Object to 5th Amended Plan Changes
ADVANCED CARDIOLOGY: Case Summary & 20 Largest Unsecured Lenders
ADVANCED MEDICAL: S&P Places BB- Corporate Credit Rating
CENTENNIAL COMM: Posts US$33.4MM Net Loss in Qtr. Ended Nov. 30

NEWCOMM WIRELESS: Court Sets Feb. 28 Auction for All Assets
PIER 1: Posts US$72.7 Mil. Net Loss in 3rd Quarter Ended Nov. 25

T R I N I D A D   &   T O B A G O

MIRANT CORP: Has Until February 15 to File Chapter 11 Plan

V E N E Z U E L A

AES CORP: Faces Setback on Venezuela's Planned Nationalization
DAIMLERCHRYSLER AG: Chrysler Arm to Double International Sales
DAIMLERCHRYSLER AG: Plans to Build Assembly Site in India
DAIMLERCHRYSLER: Chrysler '06 Sales Outside North America Up 15%
ELECTRICIDAD DE CARACAS: Sets Shareholders Meeting for Jan. 29

IMPSAT FIBER: Gets Bidding Rules for Expansion Projects
PETROLEOS DE VENEZUELA: No Force Majeure Despite Plant Accident
SILGAN HOLDINGS: Closes Acquisition of White Cap Businesses

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


BANCO MACRO: Fitch May Put B+ Currency Rating on US$150MM Bonds
---------------------------------------------------------------
Fitch is expected to assign a 'B+' foreign currency long-term rating,
'RR4' recovery rating, and 'AA' National long-term rating to Banco Macro
SA's forthcoming US$150 million unsubordinated bonds due 2017.

Fitch currently rates Banco Macro as follows:

   -- Foreign and local currency long-term Issuer
      Default Rating 'B+';

   -- Short-term 'B';

   -- Individual 'D';

   -- Support '5';

   -- National long-term 'AA(arg)';and

   -- National short-term 'A1+(arg)'.

The final ratings on the issue are contingent upon receipt of final
documentation conforming materially to information already received.

Banco Macro's ratings reflect its strong franchise and growth potential,
its good overall performance, and sound liquidity and capital base.  They
also take into account the improvement in the operating environment,
although it remains potentially volatile.

Banco Macro gained its significant position in the Argentine financial
system through various bank acquisitions since 1996.  Its sound
performance is based on strong revenue generation, income from its
securities portfolio, and significant recoveries, mainly from the loan
books of the acquired banks.

Banco Macro's lending has grown strongly and its asset quality has
improved significantly since 2002.  Non-performing loans accounted for
2.3% of total loans at end-September 2006, with loan loss reserve coverage
of 147%.  The exposure to the public sector, excluding central bank
securities held for liquidity management, fell to 10% of assets and around
63% of equity and is almost entirely marked to market.

Banco Macro's main funding source is its large retail deposit base and is
accessing the national and international capital markets in order to
diversify and extend the maturity of its funding.  Its liquidity is strong
and its capital base is ample, boosted by ARL470 million capital increase
done in March 2006.

Banco Macro is 42.5% owned by a group of Argentine individuals leaded by
Jorge Horacio Britto, who is also the bank's chairman and CEO; the balance
is widely held by local and foreign investors.  Banco Macro is the fourth
largest private sector bank in Argentina by assets and deposits, with
market shares of around 6% and 11%, respectively.  With 437 branches it
has the largest network of the private sector banks.


CMS ENERGY: Dearborn Industrial Gets US$25 Mln Arbitration Award
----------------------------------------------------------------
CMS Energy Corp.'s indirect wholly owned subsidiary, Dearborn Industrial
Generation LLC, received a US$25 million award from the American
Arbitration Association regarding disputes with Duke/Flour Daniel and
others pertaining to the construction of the Dearborn Industrial
Generation Project, a 710 megawatt natural gas-fueled cogeneration
facility located in Dearborn, Michigan.

In October 2001, DFD, the primary construction contractor for the DIG
Project, presented the Dearborn Industrial Generation, LLC, developer of
the DIG Project, with a change order to their construction contract and
filed an action in Michigan state court against DIG, claiming contractual
damages in the amount of
US$110 million, plus interest and costs.  DFD also filed a construction
lien for the US$110 million.  DIG contested both of the claims made by
DFD.

The company disclosed that, in addition to drawing down on three letters
of credit totaling approximately US$30 million that it obtained from DFD,
DIG filed an arbitration claim against DFD asserting in excess of an
additional US$75 million.  The judge in the Michigan state court case
entered an order staying DFD's prosecution of its claims in the court case
and permitting the arbitration to proceed and the claims of both parties
to be considered.  The arbitration hearing concluded on
Sept. 28, 2006.

The AAA arbitration panel awarded DIG approximately US$25 million,
including interest, on its various claims against DFD presented in the
arbitration.  The panel also awarded DFD approximately US$5 million on its
claims and credited DFD approximately US$30 million, plus US$2 million in
interest, for the three letters of credit DIG drew against DFD.  The
result is a net amount due DFD, inclusive of interest, in the amount of
approximately US$12 million, which is payable upon entry of judgment in
Wayne County Circuit Court and within the applicable time periods
contained in the Michigan Court Rules.

The company has previously accrued a liability of approximately US$30
million on the matter and has recorded fourth quarter pre-tax earnings of
approximately US$18 million because of the arbitration result.

CMS Energy Corp. -- http://www.cmsenergy.com/-- is a Michigan-based
company that has as its primary business operations an electric and
natural gas utility, natural gas pipeline systems, and independent power
generation.  Through its regulated utility subsidiary, Consumers Energy
Co., the company provides natural gas and electricity to almost 60% of
nearly 10 million customers in Michigan's lower-peninsula counties.  It
has operations in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 16, 2006, Moody's
Investors Service lowered its Corporate Family Rating for CMS Energy Corp.
to Ba2 from Ba1, in connection with its new Probability-of-Default and
Loss-Given-Default rating methodology.


CMS ENERGY: Inks MOU to Settle Securities Class Action Suits
------------------------------------------------------------
CMS Energy Corp.'s special committee of independent directors and its full
board of directors approved a memorandum of agreement regarding the
settlement of shareholder class action lawsuits linked to round-trip
energy trading that took place at CMS Marketing, Services and Trading
Company, its former Texas-based subsidiary.

The lawsuits alleged that the company violated U.S. securities laws and
regulations by making allegedly false and misleading statements about its
business and financial condition, particularly with respect to revenues
and expenses recorded in connection with round-trip trading by CMS
Marketing between 2000 and 2002.

The special committee of independent directors and the company's full
board of directors, both judged that it was in the best interests of
shareholders to eliminate the business uncertainty. The company expects
the MOU to lead to a detailed stipulation of settlement that will be
presented to the assigned federal judge and the affected class in the
first quarter of 2007.

The District Court appointed Andover Brokerage LLC and Herbert Steiger as
lead plaintiffs and the law firms of Entwistle & Cappucci LLP and Milberg
Weiss Bershad Hynes & Lerach LLP as plaintiffs' co-lead counsel, and the
law firms of Mantese, Miller, and Shea, PLLC, and Elwood S. Simon &
Associates as plaintiffs' liaison counsel for the Class action suits.

                      Terms of the MOU

Under the terms of the MOU, the litigation will be settled for a total of
US$200 million, including the cost of administering the settlement and any
attorney fees the court awards.  The company will make a payment of
US$123.5 million plus an amount equivalent to interest on the outstanding
unpaid settlement balance beginning on the date of preliminary approval of
the Court and running until the balance of the settlement funds is paid
into a settlement account.  Of the amount, the company's insurers will pay
US$76.5 million.

The company disclosed that it has established a US$123.5 million reserve
and taken a resulting pre-tax charge to 2006 earnings in the fourth
quarter.

The company says that, in entering the MOU, it makes no admission of
liability under the Actions.

The company further disclosed that the settlement amount can be paid and
its liquidity needs for continuing operations can be met from cash from
operations and available cash.

A full text-copy of the MOU may be viewed at no charge
at http://ResearchArchives.com/t/s?1821

CMS Energy Corporation -- http://www.cmsenergy.com/-- is a Michigan-based
company that has as its primary business operations an electric and
natural gas utility, natural gas pipeline systems, and independent power
generation.  Through its regulated utility subsidiary, Consumers Energy
Co., the company provides natural gas and electricity to almost 60% of
nearly 10 million customers in Michigan's lower-peninsula counties.  It
has operations in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 16, 2006, Moody's
Investors Service lowered its Corporate Family Rating for CMS Energy Corp.
to Ba2 from Ba1, in connection with its new Probability-of-Default and
Loss-Given-Default rating methodology.




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


COMPLETE RETREATS: Court OKs US$98 Mil. Sale to Ultimate Resort
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut has approved an
Asset Purchase Agreement and a Management Contract by and between the
Debtors and Ultimate Resort, LLC.  The Hon. Alan H.W. Shiff authorized the
transfer, conveyance, and assignment of the Acquired Assets to Ultimate,
free and clear of all liens, claims, encumbrances, and other interests on
the closing of the Sale.

Judge Shiff does not exempt the transfer of real estate in Florida from
stamp and similar taxes under Section 1146(a) as per the request of the
Florida Department of Revenue.  The Court explains that it has not found
any authority for a Section 1146(a) exemption in a case where a plan had
not been filed as of the time of the Sale.

           Contracts & Liabilities Assumed by Ultimate

The Court also authorized the Debtors to assume and assign the
Assumed Contracts and the Assumed Liabilities to Ultimate.  Each
of the Assumed Contracts will, upon assignment to Ultimate, be
deemed to be valid and binding on Ultimate and in full force and
effect and enforceable in accordance with their terms, Judge
Shiff says.

The Debtors and the non-Debtor party to an Assumed Contract will
endeavor in good faith to resolve any disputed cure amount
objections, Judge Shiff rules.  If a resolution cannot be
reached, the Court directs the Debtors to promptly schedule a
hearing to address the unresolved Cure Objections.

Pursuant to agreements between the Debtors and the applicable
non-Debtor parties, the cure amounts for the Debtors' contracts
with 16 counterparties are:

    Counterparty                           Cure Amount
    ------------                           -----------
    Akira, LLC                              US$49,503
    Angela Meyer                               13,709
    BDL Associates                             20,587
    Ben and Holly Gill                         30,141
    Chris Laukenmann                           19,193
    Curtis D. Stoldt                           15,080
    David Stephens                             39,205
    Dennis Gurevich                            21,798
    Doug and Cynthia Harmon                    39,508
    F-4 Crystal Springs, LLC                   20,564
    Kiawah Island Golf Resort                  78,451
    Moshe Kedan                                23,208
    Paul J. Morrissey                          13,709
    Susan Bergeron                             31,161
    Thrall Enterprises, Inc.                   13,866
    Trump International Management Corp.      246,994

Except for the right to enforce the Debtors' obligation to pay the Cure
Amounts, each non-Debtor party to an Assumed Contract is forever barred,
precluded, estopped, and permanently enjoined from asserting against the
Debtors or Ultimate any default existing as of the date of the Sale
Hearing.

The Court permits the Debtors to reject certain executory contracts and
unexpired leases since those contracts or leases are not going to be
either assumed by the Debtors or assumed and assigned to Ultimate in
connection with the Sale.

A nine-page list of the Rejected Contracts is available for free
at http://ResearchArchives.com/t/s?1826

A full-text copy of the Ultimate Asset Sale Order is available
for free at http://ResearchArchives.com/t/s?1827

               Debtors File Management Agreement

In connection with the proposed sale of substantially all of
their assets to Ultimate Resort, LLC, the Debtors delivered to
the Court their management agreement with Ultimate.

Pursuant to the Management Agreement, Ultimate will fund
operating disbursements with respect to the Debtors' destination
club business from Dec. 29, 2006, until the Closing Date of
the Ultimate Asset Purchase Agreement.

Specifically, Ultimate will be responsible for funding any
disbursements set forth in the Budget that are up to, but in no
event in excess of:

   -- 10% more than the amount of total disbursements for any
      line item forecasted in the Budget for the applicable time
      period if that forecasted line item disbursement is equal
      to or more than US$50,000 in the forecasted week; or

   -- 20% more than the amount of total disbursements forecasted
      in the Budget for the applicable time period if that
      forecasted line item disbursement is less than US$50,000
      in the forecasted week.

Under the Management Agreement, the Debtors and Ultimate will
continue, consistent with the practices developed in connection
with the execution of the APA, to cooperate with regard to the
day-to-day operations and management of the Business.  Moreover,
the Debtors will continue to own the Acquired Assets and be
responsible for all liabilities they incur, including without
limitation the Assumed Liabilities.

The Management Agreement will commence as of the Funding Date and will
remain in effect until the Management Termination Date,
unless terminated earlier in accordance with its provisions.  The
Management Termination Date will occur on the earliest of:

   (a) the APA Closing Date;

   (b) the date on which the APA terminates by its terms;

   (c) the date on which the Ableco DIP Facility or any
       successor terminates or is accelerated in accordance with
       its terms;

   (d) the date on which the Debtors' bankruptcy case is
       converted to a proceeding pursuant to Chapter 7 of the
       Bankruptcy Code;

   (e) at the option of the non-breaching party, upon a breach
       of the Management Agreement's terms, if that breach is
       not cured within 10 days after notice of the breach is
       given; or

   (f) a later date as the parties may mutually agree in
       writing.

During the term of the Management Agreement, Ultimate is entitled to the
benefits of all the Debtors' licenses, contracts, leases and agreements,
and the Debtors will cooperate in making those licenses, contracts, leases
and agreements available to Ultimate.

The Management Agreement permits Ultimate, in its sole discretion, to
contract with third parties and former employees at its own expense for
assistance.  In addition, Ultimate will have the right to collect amounts
under the Consent Documents on or after the Funding Date.

A full-text copy of the Ultimate Resort Management Agreement is available
for free at http://ResearchArchives.com/t/s?1828

                    Payment to Patriot

On the closing of the Sale, Judge Shiff permits the Debtors to
pay in full all outstanding secured DIP financing obligations
owed to The Patriot Group LLC.

As reported in the Troubled Company Reporter on Nov. 27, 2006, in
connection with the closing of the Debtors' DIP Financing with Ableco
Finance LLC on Nov. 15, 2006, the Debtors paid all of the amounts due and
owing to The Patriot Group LLC except for
US$3,500,000.  Patriot agreed that the Debtors could delay repaying the
remaining DIP amount in exchange for an US$875,000 financing fee.  If the
Debtors pay the DIP Obligation by
Nov. 30, 2006, Patriot agreed that the Debtors would only be obligated to
pay a US$175,000 financing fee.

Ultimate Resort permits the Debtors to utilize US$3,675,000 of the
US$10,000,000 Deposit to pay the outstanding secured DIP financing
obligations owed to Patriot, Mr. Daman states.

In exchange, the Debtors agree to substitute Ultimate Resort for Patriot
with all of the protections and security interests that Patriot currently
has, as a DIP lender, with respect to the amount of the Remaining Patriot
DIP Obligation that will be repaid from the Deposit.  To the extent
Ultimate Resort will be entitled to a return to all or a portion of its
Deposit under the terms and conditions of the APA, Ultimate Resort would
be granted a second priority lien and superpriority administrative expense
claim for US$3,675,000.

At the Closing, the entire amount of the Deposit will be deemed applied to
the final US$98,000,000 Purchase Price.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC operates
five-star hospitality and real estate management businesses.  In addition
to its mainline destination club business, the Debtor also operates an air
travel program for destination club members, a villa business, luxury car
rental services, wine sales services, fine art sales program, and other
amenity programs for members.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq., and Jeffrey K. Daman, Esq., at Dechert LLP
represent the Debtors in their restructuring efforts.  Michael J. Reilly,
Esq., at Bingham McCutchen LP, in Hartford, Conn., serves as counsel to
the Official Committee of Unsecured Creditors.  No estimated assets have
been listed in the Debtors' schedules, however, the Debtors disclosed
US$308,000,000 in total debts.

The Debtors' exclusive period to file a plan expires on
Feb. 18, 2007.  They have until April 19, 2007, to solicit acceptance to
that plan.  (Complete Retreats Bankruptcy News,
Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Court Approves US$3.14MM Real Property Sale
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut authorized
Complete Retreats LLC and its debtor-affiliates to sell the Princeville
Property to Gary P. Siracuse for US$1,290,000, and the Bluffton Property
to Thomas Gibbons for US$550,000, free and clear of all liens, claims, and
encumbrances.

    Property Address            Proposed Buyer    Purchase Price
    ----------------            --------------    --------------
    7447 Royal Street East      Ladd Tanner       US$1,300,000
    Unit 351
    Park City, Utah

    4165 Kamalani Lane          Gary P. Siracuse     1,290,000
    Princeville, Hawaii

    14 West Cottage Circle      Thomas Gibbons         550,000
    Bluffton, South Carolina

The Park City Property includes two 1,475-square foot houses.
Each of the houses has two bedrooms and two bathrooms.

The Princeville Property includes a nearly 2,500-square foot
house with three bedrooms, three and a half bathrooms, and a
nearly 500-square foot garage.  The Princeville Property is
located on the Princeville Mallon Golf Course.

The Bluffton Property, which includes a 2,131-square foot house
with four bedrooms and four bathrooms, is located in a community
resort development known as the Belfair Plantation.  Amenities at the
Bluffton Property and the Belfair Plantation include views of a golf
course and the Colleton River, a health and fitness center, an indoor lap
pool, an outdoor pool, tennis courts, a basketball court, a volleyball
court, and an athletic field.

The Hon. Alan H.W. Shiff directs the Debtors to pay US$25,800 to CIT
Capital USA, Inc., and US$64,500 to Century 21 All Islands, in full
satisfaction of the brokers' fees in connection with the sale of the
Princeville Property.

Judge Shiff also directs the Debtors to pay US$5,500 to CIT Capital and
US$33,000 to Corabett Thomas Realty for the brokers' fees in connection
with the sale of the Bluffton Property.

Pursuant to the Ableco DIP Facility, the Court directs the
Debtors to pay Ableco Finance, LLC, 100% of the Net Cash Proceeds from the
sale of the Princeville Property and the Bluffton Property.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC operates
five-star hospitality and real estate management businesses.  In addition
to its mainline destination club business, the Debtor also operates an air
travel program for destination club members, a villa business, luxury car
rental services, wine sales services, fine art sales program, and other
amenity programs for members.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael J.
Reilly, Esq., at Bingham McCutchen LP, in Hartford, Conn., serves as
counsel to the Official Committee of Unsecured Creditors.  No estimated
assets have been listed in the Debtors' schedules, however, the Debtors
disclosed US$308,000,000 in total debts.

The Debtors' exclusive period to file a plan expires on
Feb.18, 2007.  They have until April 19, 2007, to solicit acceptance to
that plan.  (Complete Retreats Bankruptcy News,
Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


GLOBAL ENVIRONMENTAL: Balance Sheet Upside Down by US$55,609,784
----------------------------------------------------------------
Global Environmental Energy Corp. filed its annual report for the year
ended May 31, 2006, with the U.S. Securities and Exchange Commission.

Salaries and consulting expenses for the year ended
May 31, 2006, were US$15,300,697 as compared to US$16,231,672 for the year
ended May 31, 2005.  In fiscal 2006, the Company awarded its consultants
bonuses and awards of US$1,996,350.  Currently, there are seven contracted
consultants located in the United Kingdom, China and North Africa.  The
Company has yet to pay those consultants on their contracts.

After deducting administrative expenses, the Company recognized a loss
from its continuing operations of US$54,931,010 for the year ended May 31,
2006, compared to a loss of US$26,500,084 for the same period in 2005.

In 2005, given the worsening political situation in the Lebanon, the
Company established a US$7,750,000 reserve for the settlement receivable
until such time as it is clear that the Company will receive this amount.

Interest expense for the year ended May 31, 2006, was US$742,621 as
compared to US$491,782 for the same period last year.  During the second
quarter of fiscal year 2004, the Company received a line of credit from
Diamond Ridge Advisors of US$10,160,829.  The line is unsecured and
carries interest of 6.5%.  The interest due on the line will be paid to
the lender upon the installation of the corresponding biosphere unit.

After adding other income and expenses, the Company experienced a loss
from its continuing operations before income taxes and discontinued
operations of US$54,931,010 for the year ended
May 31, 2006, as compared to a loss of US$26,500,084 for the same period
in 2005.

On April 28, 2005, the Company  announced that as of the record date of
May 28, 2005, all shares of common  stock of Global  Environment  Energy
Corp. (Delaware) owned by the registrant were to be distributed as a stock
dividend on a pro-rata basis to all of the  registrants’  shareholders as
of the record date of May 28, 2005.  After the distribution, which had an
anticipated delivery date of June 10, 2005, which delivery has been held
pending approval, the registrant will own no shares of stock or equity in
Global Environmental Energy Corp. (Delaware).

On May 19, 2005, the company’s subsidiary Global Environmental Energy
Corp. (Delaware) filed a voluntary petition and commenced its
reorganization pursuant to section 327(a) of chapter 11 of title 11 of the
United States Code and Federal Rule of Bankruptcy Procedure 2014(a) in the
Eastern District of Louisiana case number 05-142201.  The Company
authorized stock distribution was not completed and awaits a decision of
the bankruptcy court.

The Company recognized a net loss for fiscal 2006 of US$54,931,010 as
compared to a loss of US$26,500,084 for fiscal year 2005.  On a per share
basis, fully diluted, the Company experienced loss per share of US$0.94
for fiscal 2006 as compared to a loss per share of US$0.67 for fiscal
2005.

               Liquidity and Capital Resources

At May 31, 2006, Global Environmental had working capital deficit of
US$146 as compared to a deficit of US$1,677,465 at the end of fiscal year
2005.  Total assets at May 31, 2006, were US$2,500 as compared to
US$27,456,904 at May 31, 2005.  Stockholders’ equity decreased to a
deficit of (US$55,609,784) during fiscal 2006.  During fiscal 2006, the
Company issued 4,861,995 shares of common stock as compensation valued at
US$729,299.  During fiscal 2006, the Company granted options to purchase
up to 14,500,000 shares of common stock as compensation.  These warrants,
based on the Black-Scholes option pricing model were valued at
US$4,081,530.  Finally, the net loss for the year ended May 31, 2006, was
US$54,931,010.

Global Environmental Energy Corp. is a Bahamas company engaged in
traditional oil and gas exploration and production, alternative energy
sources, environmental infrastructure and  electrical micro-power
generation through its subsidiaries, Sahara Petroleum Exploration Corp.
and Biosphere Development Corp.




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


GLOBAL CROSSING: Gets Bidding Rules for Expansion Projects
----------------------------------------------------------
Global Crossing Ltd. has acquired bidding rules for an auction for
infrastructure expansion in several states in Venezuela, Business News
Americas reports.

Conatel, the national telecoms regulator in Venezuela, said in a statement
that 13 operators have acquired the bidding rules for the auction.

BNamericas relates that these firms got the bidding rules:

          -- Omnivision,
          -- Telcel,
          -- CVG Telecomunicaciones,
          -- Impsat,
          -- Net Uno,
          -- IFX Networks Venezuela,
          -- Comsat,
          -- Entel Venezuela,
          -- Digitel,
          -- Procesamiento Electronico de Datos,
          -- Global Crossing,
          -- Cable Axito, and
          -- Cablexpress TV.

According to BNamericas, the deadline for obtaining bidding documents was
on Jan. 3.  Firms have until Jan. 14 to present observations and ask for
explanation on the bidding conditions.

BNamericas underscores that the project stipulates the use of a nationwide
transport network that will expand coverage to:

          -- Zulia,
          -- Tachira,
          -- Merida,
          -- Trujillo,
          -- areas in the north,
          -- south, and
          -- east of Venezuela.

The report says that the project will benefit almost 10.3 million people.

The winning bidder would also be responsible for the infrastructure's
maintenance, BNamericas states.

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

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


GLOBAL CROSSING: Easing Alpine Access' Network Expansion
--------------------------------------------------------
Global Crossing Ltd. is providing converged Internet protocol services to
Alpine Access, Inc., to ease the latter's network expansion, penetrate new
markets and deliver superior customer service.

Alpine Access is using Global Crossing's voice over Internet protocol
local service to expand the reach of their network and to support a
rapidly growing agent workforce.  Alpine Access recently disclosed that it
is adding 500 employees in the Miami, Ft. Lauderdale, and Tampa, Florida,
markets.

Global Crossing's voice over Internet protocol local service is a direct
inward dial service that lets Alpine Access' work-at-home agents receive
calls from customers by calling a local telephone number.  Global
Crossing's voice network accepts the call from the public switched
telephone network, converts it to Internet protocol and transports it to
its final destination via Global Crossing's MPLS Internet protocol-based
network.

Agents also can access the call center's voice over Internet protocol
network via Global Crossing's voice over Internet Toll Free service.
Customer service agents will also be able to handle caller inquiries more
effectively due to more streamlined connections between Global Crossing's
network and Alpine Access' Web hosting facility.

Rick Owens, vice president of technology for Alpine Access, said, "Alpine
Access' home-based employee model has rapidly surfaced as the preferred
customer care option for companies that want to communicate their brand
quality to each customer on the phone.  We support major brands, such as
J. Crew, Office Depot and 1-800-Flowers, in addition to large financial
services and travel organizations.  As our rapid growth continues, we need
a solution that will help us bring our business model to new markets.
Global Crossing's network reach, broad VoIP (voice over Internet protocol)
portfolio and extensive VoIP experience is helping us continue to deliver
superior customer experience to existing and potential clients."

Mike Toplisek, Global Crossing's senior vice president in enterprise
sales, noted, "Alpine Access' business model has attracted widespread
attention from customers and job applicants.   Our global IP (Internet
protocol) network and comprehensive converged IP services portfolio
position us as one of the few service providers in the US that can offer a
VoIP direct inward dial service on a national scale.  That network reach
is proving crucial to the growth strategy of Alpine Access and their foray
into new markets."

Global Crossing offers a complete portfolio of voice over Internet
protocol services, including Global Crossing Voice Over Internet Protocol
Outbound(TM), Voice Over Internet Protocol On-Net Plus(TM), Voice Over
Internet Protocol Toll-Free(TM) and Voice Over Internet Protocol Local
Service(TM).  This portfolio helps customers implement Internet protocol
convergence, maximize telephony cost savings and reduce total cost of
ownership.  Global Crossing promotes the development of voice over
Internet protocol peering solutions and includes Voice Over Internet
Protocol Community Peering as a feature in its outbound voice over
Internet protocol calling plans.  Global Crossing is a leader in fully
interoperable, secure voice over Internet protocol services for enterprise
and carrier customers and supports several access methods to connect to
its voice over Internet protocol service portfolio.  These include Global
Crossing's IP VPN service, Global Crossing Dedicated Internet Access and
standard public Internet access.

Global Crossing was the first service provider to replace legacy switches
with voice over Internet protocol switches in its network core to enhance
the seamless delivery of IP services.  It has replaced more than 25% of
its Time Division Multiplexing (TDM) switches.  By the end of the second
quarter of 2006, Internet protocol interconnected voice over Internet
protocol traffic increased to nearly 300 million minutes per month,
indicating the increase in Internet protocol originated and terminated
traffic traversing Global Crossing's VoIP backbone.  Global Crossing's
voice over Internet protocol platform carries an average of more than 2.5
billion minutes per month.

                     About Alpine Access

Alpine Access -- http://www.alpineaccess.com/provides customers with
premium-quality customer contact services using exclusively home-based
employees.  The company's business model is proven to deliver access to an
elite workforce that Alpine Access recruits, trains and manages on behalf
of its clients.  The company's home-based model delivers unmatched
operational efficiency, including higher occupancy rates, greater
flexibility, and business continuity.  Supported by business processes and
technology developed over years of experience, Alpine Access' solution
results in the greatest financial results for the company's clients and
the highest level of service for their customers.  Alpine Access' publicly
named partners include J.Crew, Office Depot, 1-800- Flowers, Park
University and the Internal Revenue Service.  The company also provides
solutions for other large financial services, retail and public sector
clients.  Alpine Access employs 7,500 distributed home-based agents and
has been included on fastest-growing company lists like the Inc. 500,
Deloitte & Touche Fast 500 and the Denver Business Journal in each of the
past several years.

                    About Global Crossing

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

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


INTELSAT LTD: Names Michelle Bryan as Human Resources Senior VP
---------------------------------------------------------------
Intelsat reported that Michelle V. Bryan has been named senior vice
president of human resources, effective Jan. 16, 2007.

Ms. Bryan brings over 20 years of senior corporate executive experience,
both in human resources and legal affairs.  Reporting directly to Intelsat
chief executive officer Dave McGlade, Ms. Bryan will be responsible for
leading all aspects of Intelsat’s human resources in support of the
company’s business objectives.  These responsibilities include recruiting,
compensation and benefits, diversity, organizational development,
training, and employee relations.

Previously, Ms. Bryan served as the senior vice president for human
resources at US Airways, a major US airline with over 40,000 employees
worldwide.  During her tenure at US Airways, Ms. Bryan also served as
executive vice president for corporate affairs and general counsel.  Ms.
Bryan also served as interim general counsel for Laidlaw International,
helping its board of directors with governance matters and establishing
board and executive compensation programs.

"As Intelsat focuses on staffing and on employing the best talent to
ensure that we meet the needs of our customers and employees, we are
fortunate to have someone of the caliber of Michelle Bryan join our
leadership team.  Michelle’s breadth of skills and wealth of experience
will hold us in good stead as she leads our human resources organization
and supports our business objectives," Mr. McGlade said.

Intelsat, Ltd. - http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

On June 12, 2006, Moody's Investor Service affirms Intelsat
(Bermuda) Ltd.'s ratings:

      -- New Guaranteed Sr. Notes: Assigned B2,

      -- New Sr. Notes: Assigned Caa1, and

      -- Sr. Discount Notes, due 2015: Downgraded to Caa1 from
         B3 (these notes will be moved to Intelsat Intermediate
         Holding Company Ltd. Upon closing of the merger).


INTELSAT (BERMUDA): Offering US$600MM in Senior Notes Due 2015
--------------------------------------------------------------
Intelsat (Bermuda), Ltd., intends to offer US$600 million of senior notes
due 2015.  The net proceeds from the offering will be used, together with
cash on hand, to repay Intelsat (Bermuda), Ltd.’s outstanding US$600
million senior unsecured bridge loan.

The notes will be offered to qualified institutional buyers under Rule
144A and to persons outside the United States under Regulation S.

The notes will not be registered under the Securities Act of 1933, as
amended, and, unless so registered, may not be offered or sold in the
United States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and
applicable state securities laws.

Intelsat (Bermuda), Ltd., is a wholly owned subsidiary of Intelsat, Ltd. -
http://www.intelsat.com/ It offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

As previously reported on Oct. 17, 2006, Fitch Ratings assigned a 'CCC+'
rating and 'RR6' recovery rating to the US$600 million senior unsecured
credit facility of Intelsat (Bermuda), Ltd.,
which is a subsidiary of Intelsat, Ltd.  The proceeds from the facility
were used to fund Intelsat (Bermuda)'s acquisition of PanAmSat Holding
Corp. on July 3, 2006.  Fitch said the rating outlook is stable.


REFCO INC: Court Allows Ch. 11 Trustee to Modify Claims vs. RCM
---------------------------------------------------------------
U.S. Southern District of New York Judge Robert D. Drain authorizes Marc
S. Kirschner, the Chapter 11 Trustee for Refco Capital Markets, Ltd., to
establish and modify, from time to time, the RCM claims reserve in an
amount sufficient to reserve adequate assets to satisfy the Allowed Claims
against RCM.

In addition, Judge Drain:

   (a) allows, disallows and expunges, and classifies certain
       claims, as requested;

   (b) directs the RCM Trustee to effectuate netting and cross-
       margining arrangements on the proposed terms and
       conditions;

   (c) estimates at zero certain claims that are inconsistent,
       filed late, duplicative, and are subject to prior books
       and records objections;

   (d) directs the RCM Trustee to establish and fund the
       Disputed Claims Reserve; and

   (e) authorizes the RCM Trustee to make distributions to
       claims on certain terms and conditions as provided in the
       Distribution Motion.

            RCM Pre-Hearing Claims Resolution Process

At the Dec. 21, 2006, hearing on the RCM Trustee's request,
Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
informed the Court that the RCM Trustee and his advisors at
AlixPartners LLP and Bingham have worked round the clock for the
past three months to return to RCM creditors the maximum amount
of money in the shortest possible time.  Hundreds of claims have
been discussed and reviewed with creditors individually, and many of those
discussions have led to agreed claims resolutions.

In response to the Distribution Motion, 73 objections covering
187 claims were filed.  The objecting parties include:

   * Commonwealth Bank of Australia,
   * Russia Growth Fund, Ltd.,
   * Acies Asset Management,
   * North Hills LP,
   * Inversiones Financieras Del Sur S.A.,
   * Aracamba Israel Ltd.,
   * Invercapital International Ltd.,
   * Hain Capital Holdings, LLC,
   * Bradley C. Reifler,
   * Contrarian Capital Management, LLC,
   * Geshoa Structured Finance, Ltd.,
   * Corporex Investments, LLC,
   * Rovida Holdings Limited,
   * RR Investment Company,
   * Tone N. Grant,
   * James B. Rogers, Jr.,
   * Living Water Fund, L.P.,
   * Bear Stearns Investment Products Inc., and
   * PricewaterhouseCoopers, E.C., Inc.

Mr. DeSieno said the Objections have been sufficiently narrowed
and resolved to enable the proposed initial distribution.
According to him:

   (a) creditors have agreed with the RCM Trustee's views of
       their claims;

   (b) creditors and the RCM Trustee have agreed on a portion of
       asserted claims, so distribution may be made, with the
       difference between the agreed portion and the asserted
       claim benefiting from a reserve;

   (c) creditors have agreed that the Distribution Motion may
       proceed without the need for any reserve for their claim
       at this time;

   (d) creditors did not object to the RCM Trustee's proposed
       treatment of their claims, and they have, thereby,
       effectively agreed to it; or

   (e) a creditor's claim is asserted not against RCM, but
       against another Debtor entity.

The RCM Trustee filed on Dec. 20, 2006, a revised exhibit of the
Claims subject to the Distribution Motion.  The revised exhibit
reflects agreements reached with some of the Claimants.

In many cases, the RCM Trustee has settled with a claimant as to
the classification and treatment of its claim.  Mr. DeSieno also
noted that the RCM Trustee received no objection to the proposed
treatment of a Partially Allowed RCM Securities Customer Claim or
Partially Allowed RCM FX/Unsecured Claim.

            RCM Trustee Addresses Objections

According to Mr. DeSieno, the Objections raised identical issues.

At the hearing, the RCM Trustee presented a consolidated reply to the
objecting parties' concerns:

   A. Creditors want to pursue claims in amounts higher than the
      RCM Trustee has agreed.

      Mr. DeSieno told the Court that it has always been the
      RCM Trustee's intention to preserve a creditor's right,
      even if the Court grants the Distribution Motion, to
      assert a higher claim amount than the RCM Trustee has
      agreed to.  The reserve provided for partially allowed RCM
      Securities Customer Claims and RCM FX/Unsecured Claims is
      in the amount of the claim, including the disputed
      portion.

   B. Objections challenging the 75% allowance and distribution
      scheme applicable to the Partially Allowed RCM Securities
      Customer Claims and Partially Allowed RCM FX/Unsecured
      Claims.

      Mr. DeSieno asserted the proposed treatment is far better
      than the normal treatment of disputed claims, which
      generally receive no distribution until the entire claim
      is finally resolved.  He explained that it is the RCM
      Trustee's business judgment as to those claims that
      material valuation differences may exist which could lead
      to a downward adjustment of the Resulting Securities
      Customer Claim, considering that most cases involved
      illiquid securities.

   C. Objections challenging the allowance and distribution
      scheme applicable to certain claims that contain
      insufficient documentation or are inconsistent with the
      Debtors' books and records.

      Mr. DeSieno informed the Court that only the dispute
      concerning claims filed by Mr. Rogers and Living Water
      Fund remain unresolved.

      Mr. Rogers asserted contingent and unliquidated
      contribution or indemnity claims against RCM and the other
      Debtors' estates.  Mr. Rogers' Claims arose out of
      transactions between Rogers Raw Materials Fund, L.P., and
      Rogers International Raw Materials, Fund, L.P., on one
      hand, and Refco, LLC, and RCM, on the other.

      In October 2005, the Rogers Funds commenced an adversary
      proceeding against RCM.  The Rogers Funds also filed a
      claim against Refco LLC, which was not named in the
      action.

      The Action was later resolved in accordance with the RCM
      Settlement Agreement.  Moreover, following a four-day
      trial of the Rogers Funds' claims against the Refco, LLC
      estate, Rogers Funds and Beeland Capital Management,
      L.L.C., settled and withdrew their claims against Refco
      LLC.  Beeland and its two officers also withdrew their
      Claims against RCM.

      As a result of the settlement, Mr. DeSieno pointed out
      that the Rogers Funds already possess the allowed
      US$30,000,000 claim against Refco LLC and allowed claims
      aggregating US$373,000,000 against RCM.  Mr. DeSieno noted
      that the Rogers Funds stand to receive a recovery in
      excess of 90%, plus a beneficial interest in the
      Litigation Trusts, which could substantially augment that
      recovery.

      Mr. DeSieno argued that the Rogers Claim should be
      disallowed in its entirety because permitting a recovery
      on the Rogers Claim would effect an impermissible double
      recovery.

      Additionally, Living Water Fund filed a proof a claim
      asserting that it had:

         (i) a US$227,670 unsecured non-priority claim based on
             its account balance at RCM as of the Petition Date;
             and

        (ii) a US$1,226,000 postpetition administrative claim
             based on RCM's alleged unlawful postpetition
             termination of Living Water Fund's Euro option
             contracts.

      The RCM Trustee acknowledges that Living Water Fund has a
      valid US$200,000 prepetition claim, and has offered to
      reserve a portion of the remainder of that claim.  As of
      Dec. 20, 2006, Living Water has declined to accept the
      RCM Trustee's reserve offer, Mr. DeSieno said.

      The RCM Trustee maintained that the Court should expunge
      and disallow Living Water Fund's claim.

           Establishment & Modification of RCM Reserve

"The RCM Trustee is authorized to, from time to time, modify the
RCM Reserve in an amount sufficient, in his reasonable business
judgment, in consultation with Alix Partners and his other
advisors, to reserve adequate assets to satisfy Allowed Claims
against RCM.  The RCM Trustee shall file a notice with the
Court notifying the Court of any such modification to the RCM
Reserve," Judge Drain says.

With respect to Related Claims aggregating US$2,679,458,644, Judge Drain
rules that each of the Claims constitutes, and will be reclassified as, a
Class 8 Related Claim under the Plan.
However, allowance of each claim will be deferred at this time,
and no cash contribution will be made to the RCM Disputed Claims
Reserve on account of the claim.

With respect to the FXA Claims aggregating US$4,342,439 asserted
against RCM, Judge Drain rules that allowance of each claim will
be deferred at this time, and no cash contribution will be made
to the RCM Disputed Claims Reserve on account of that claim.

Judge Drain estimates Claim Nos. 10479 and 10491 filed by Mr.
Grant against RCM at US$0 for allowance, reserve and distribution
purposes.  The RCM Trustee will not be required to reserve for any
distributions on account of the Grant Claims.

Judge Drain also estimates the Rogers Claim at US$0.  The RCM
Trustee will not be required to reserve for any distributions on
account of the Rogers Claim.

Claim Nos. 10891 and 10892 filed by Leuthold Funds, Inc., and
Leuthold Industrial Metal Funds, L.P., against RCM will be
treated in accordance with a stipulation and agreed order between the RCM
Trustee and Leuthold.

To effect the Stipulation, Judge Drain authorizes HSBC Bank, U.S.A. London
Branch, and its affiliates to follow the joint written instructions of the
RCM Trustee, Leuthold and Leuthold
Industrial, and to turn over to Leuthold the 1,074,060 ounces of
silver and 16,493 ounces of palladium held by HSBC in respect of
certain Leuthold accounts.

In the event that RCM's Chapter 11 case is at any time converted
to a liquidating case under Chapter 7, all the terms, conditions
and other provisions approved by the Order will, in all events,
be final, valid, binding and enforceable upon any trustee
appointed in a Chapter 7 case, the holders of claims against RCM, and all
other parties-in-interest regardless of a conversion.

The RCM Trustee will not be required to make any Distribution in
respect of a Claim unless and until he is reasonably satisfied
that he possesses all appropriate payee information in respect of that Claim.

             Avoidance Actions & Cross-Margin Claims

The RCM Trustee, and any of his successor-in-interest, will
retain all rights with respect to potential preference and
avoidance actions under Chapter 5 of the Bankruptcy Code against
any claimant.

Moreover, the RCM Trustee will retain all rights with respect to
any other claims that RCM may have related to cross-margin
relationships discovered at a later date.

The Order will not constitute a waiver of the RCM Trustee's
rights to pursue Avoidance Actions and Additional Cross Margin
Claims, or to withhold amounts owed in respect of those claims
from any distributions in respect of allowed claim amounts.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the
Official Committee of Unsecured Creditors.  Refco reported US$16.5 billion
in assets and US$16.8 billion in debts to the Bankruptcy Court on the
first day of its chapter 11 cases.  (Refco Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


REFCO INC: Files Operating Results Statement for November 2006
--------------------------------------------------------------
In lieu of comprehensive financial statements, Refco Inc. and its
debtor-affiliates delivered to the U.S. Bankruptcy Court for the Southern
District of New York a statement of their cash receipts and disbursements
for the period from Nov. 1 to
Nov. 30, 2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,575,010,000 cash balance at the start of the reporting period.
Refco received US$407,890,000 and disbursed US$25,212,000 in cash.
Refco's ending cash balance totals US$1,957,687,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately US$2,100,000.

Mr. James discloses that Refco paid US$381,000 in gross wages, of which
approximately US$167,000 was paid on behalf of and reimbursed by the
Non-Debtors and Refco LLC.  Refco also withheld US$117,000 in employee
payroll taxes, of which US$8,000 was remitted to a third party vendor.

Mr. James states that all taxes due and owing, as well as tax returns,
have been paid and filed for the current period.

Refco paid US$9,331,000 for professional fees for November, and
US$105,008,000 since the Petition Date.  The Debtors did not pay
professional fees on Refco LLC's behalf.

Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the
Official Committee of Unsecured Creditors.  Refco reported US$16.5 billion
in assets and US$16.8 billion in debts to the Bankruptcy Court on the
first day of its chapter 11 cases.  (Refco Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service Inc. 215/945-7000)


SCOTTISH RE: Shareholder Voting Against MassMutual/Cerberus Deal
----------------------------------------------------------------
In a letter to the Board of Directors of Scottish Re Group Limited, Grace
Brothers Ltd. strongly urged the Board to immediately reconsider
alternatives to the transaction disclosed in November between the company,
Mass Mutual Capital Partners LLC, and affiliates of Cerberus Capital
Management, L.P.

Grace Brothers, as beneficial owner of ordinary shares of Scottish Re, has
formally advised the Board that it intends to vote against the
MassMutual/Cerberus transaction when the transaction is submitted for
stockholder approval.

Grace Brothers strongly believes that the value of the company would be
higher without this dilutive transaction, and that meaningful alternatives
exist to maximize stockholder value, including as one example a rights
offering in which all shareholders were allowed to participate in
recapitalizing the Company on a pro rata basis.

Grace Brothers further believes that even if such a rights offering would
only raise enough capital to allow the company to undergo an orderly
liquidation or a runoff of its assets, the value to existing stockholders
would be higher than that resulting from the proposed MassMutual/Cerberus
transaction.

In its letter, Grace Brothers further indicated its disapproval of the
course of action taken by management and its investment bankers.  Instead
of seeking the best value for existing stockholders, management has
accepted a highly dilutive transaction that carries an onerous break-up
fee of over US$30,000,000, with the stated goal of rebuilding Scottish Re
as a "growth" insurance company.  Regardless of whether that can be
achieved, the transaction almost certainly maximizes returns for new
investors at the expense of existing shareholders, and Grace Brothers is
at a loss to understand how this course of action is consistent with
management's fiduciary duties.  The extreme equity dilution as well as
other costs associated with the announced transaction make it highly
unlikely that the current shareholders will benefit from the transaction.

Even with payment of the ill-advised break-up fee, however, Grace Brothers
believes other financing alternatives are a better choice from the point
of view of the company's owners, the current stockholders.

                   About Scottish Re Group

Scottish Re Group Limited -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-type
products through its operating companies in Bermuda, Charlotte, North
Carolina, Dublin, Ireland, Grand Cayman, and Windsor, England.  At March
31, 2006, the reinsurer's balance sheet showed US$12.2 billion assets and
US$10.8 billion in liabilities

                        *    *    *

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an agreement to sell
a majority stake to MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group and Cerberus Capital Management, L.P., a
private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt which is rated at Ba3 and preferred stock rated at B2.

Standard & Poor's Ratings Services has also revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.  Scottish Re has a
'CCC' counterparty credit rating, and Scottish Re's operating
companies have 'B+' counterparty credit and financial strength
ratings.  These ratings were placed on CreditWatch negative on
July 31, when Scottish Re announced poor second-quarter results
and that liquidity was tight.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.  SCT's ratings were placed
on Rating Watch Negative on July 31, due to concerns
regarding the company's ability to repay US$115 million of senior
convertible notes that are expected to be put to the company on Dec. 6.
Ratings on Rating Watch Negative include the company's BB issuer default
rating and the BB- rating on its 4.5% US$115 million senior convertible
notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of the primary
operating insurance subsidiaries of Scottish Re Group Limited.  A.M. Best
has also downgraded the ICR of Scottish Re to "b" from "bb-" and all of
Scottish Re's debt ratings.  All ratings remain under review with negative
implications.


SEA CONTAINERS: Taps Towers Perrin as Compensation Consultants
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask permission from the U.S.
Bankruptcy Court for the District of Delaware to employ Towers, Perrin, &
Crosby, Inc., as their compensation consultants, nunc pro tunc to Oct. 15,
2006.

According to Robert D. MacKenzie, president and chief executive officer of
Sea Containers, Ltd., the Debtors selected Towers Perrin based on its
experience in providing advice and analysis with respect to a wide range
of employment and compensation related issues.  Towers Perrin is familiar
with the Debtors' compensation and incentive program.

Mr. MacKenzie adds, since the Petition Date, Towers Perrin's professional
have worked closely with the Debtors' senior management, financial staff,
and other professionals and have become well-acquainted with their
compensation and incentive programs.

Specifically, Towers Perrin will:

   (a) work with management to gather and review information,
       including, current job descriptions, organizational
       charts, compensation program information, and incumbent
       data for these positions:

         -- President;
         -- Chief Financial Officer and Senior Vice President;
         -- Chief Restructuring Officer;
         -- Group Operations Controller;
         -- Financial Controller;
         -- Head of Taxation;
         -- VP Funding;
         -- Commercial Director Ferries;
         -- U.S. Reporting Manager;
         -- Group Financial Planning and Analytical Manager;
         -- Manager, Financial Services;
         -- Group Chief Accountant;
         -- Group Consolidation Manager and AP Manager;
         -- Management Accountant - Ferries;
         -- Payroll Manager;
         -- Treasury Manager;
         -- Human Resources Manager;
         -- Business Analyst;
         -- Container Division;

   (b) work with management to identify a reasonable group of
       peer companies for pay purposes, bearing in mind the type
       of company from which and to which the key executives may
       be hired from or lost to, in recognition of their
       transferable skills;

   (c) perform an independent market analysis of compensation
       levels at peer companies.  To gather market pay levels,
       Towers Perrin will utilize:

       * the Debtors' U.K. Top Executive General Industry Survey
         2006 for senior executives; and

       * Towers Perrin's U.K. General Industry Compensation
         Database 2006 for other key executives;

   (d) independently recommend reasonable incentive payout
       amounts for the specified executives and employee
       groupings, subject to performance outcomes set by
       reference to expected performance ranges delivered to us
       by the Debtors, which arrangements will be discussed with
       and approved by the Official Committee of Unsecured
       Creditors;

   (e) create a summary report combining all of the work and
       setting forth the Debtors' findings, conclusions and
       recommendations; and

   (f) provide, at the Debtors' behest, truthful and independent
       expert witness testimony regarding the Debtors' market
       analysis and assessment of any resulting incentive plan
       payouts in light of the competitive analysis.

Towers Perrin will be paid for its services based on the firm's current
hourly rates:

       Principals                              GBP500
       Senior Consultants                      GBP350
       Consultants                             GBP250
       Associates/Senior Associates            GBP200

The firm will also be reimbursed for necessary and reasonable
out-of-pocket expenses incurred in providing professional services.

Damian Carnell, a consultant at Towers Perrin, assures the Court that his
firm is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.  Towers Perrin has no connection with, and
holds no interest adverse to, the Debtors or their estates in the matters
on which it is to be engaged, Mr. Carnell says.

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection
on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady,
Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from their
creditors, they reported US$1.7 billion in total assets and US$1.6 billion
in total debts.  (Sea Containers Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Wants to Hire Vollman as Special Advisors
----------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask permission from the U.S.
Bankruptcy Court for the District of Delaware to employ Vollman Brothers
Ltd., formerly known as Artemis Corporate Finance, as their special
corporate and financial advisors, nunc pro tunc to Oct. 15, 2006.

Robert D. MacKenzie, president and chief executive officer of Sea
Containers Ltd., discloses that Vollman Brothers is a corporate finance
advisory firm that provides, among others, restructuring and transactions
services to blue-chip clients.  The firm has served as the Debtors'
corporate and financial advisors relating to the sale and disposal of
certain non-core businesses and assets since June 2006.

Mr. Mackenzie says Vollman Brothers is well equipped to represent the
Debtors given that the firm has developed institutional knowledge and an
understanding of their businesses, assets, operations, systems, and
capital structure.

As the Debtors' Special Advisors, Vollman Brothers will:

   (1) advise the Debtors on the disposal of selected
       businesses;

   (2) provide the services of an internal corporate development
       department in relation to Advisory Projects and project
       management, concentrating particularly on the disposal of
       non-core businesses;

   (3) provide project management services in relation to
       certain corporate transactions for which the Debtors have
       appointed other advisers or is running a process
       internally; and

   (4) provide at the Debtors' behest, additional services as
       may be appropriate in its role as the Debtors' financial
       advisor, subject to the parties' agreeing to the basis of
       the additional services.

Specifically, in connection with the Advisory Projects, Vollman
Brothers will:

   (a) assist with bidder identification, assess bidder
       appetite, and communicate with bidders as required;

   (b) coordinate and oversee the running of a disposal process,
       including project management;

   (c) assist with the preparation of an information memorandum;

   (d) illustratively valuate the businesses with reference to
       appropriate parameters;

   (e) review legal and tax structure advice provided by the
       Debtors internally and the Debtors' legal, accounting and
       tax advisers;

   (f) assist with data room preparation and completion of any
       vendor due diligence, if agreed in advance and in
       conjunction with the Debtors' legal, accounting and tax
       advisers;

   (g) assist with management presentations; and

   (h) assist with commercial and legal negotiations.

With regard to the Project Management Projects, Vollman Brothers will
review information memorandum, assist in identifying separation and
consent issues, review and assess bids received, and review financial
advice in connection with the disposals of the Debtors' Australia and New
Zealand operations.

As to the Corporate Development Role, Vollman Brothers will
assist:

   (i) in relation to free cash flow analysis, funding analysis,
       reconciliation of group management accounts to local
       accounts and analysis of local intercompany accounts
       related to the Advisory Businesses;

  (ii) in determining the most effective strategy for maximizing
       value and free cash flows from disposing of the Advisory
       Businesses;

(iii) in the development of revised business plans for the
       Advisory Businesses;

  (iv) in preparation of reports in relation to the non-core
       businesses to be presented to the Court and the Debtors'
       board;

   (v) in preparation of reports for the Official Committee of
       Unsecured Creditors and its advisors and interaction with
       the advisors on matters related to the Advisory
       Businesses;

  (vi) in communication and negotiation with outside
       constituents, including the Debtors, the banks and their
       advisors in relation to the Advisory Businesses; and

(vii) with other matters as may be requested by the Debtors in
       writing that are mutually agreeable to the parties.

Vollman Brothers will be paid for its services based on its customary
billing practices:

    -- a monthly retainer of GBP125,000 payable monthly in
       advance; and

    -- a completion fee, subject to a minimum of GBP100,000 per
       transaction, in connection with any transaction that
       occurs either during the term of the firm's engagement or
       during a period of 12 months following the effective date
       of termination of its engagement.  For each Transaction
       the Completion Fee will be:

       Total Consideration                     Completion Fee
       -------------------                     --------------
        GBP1,000,000 to  GBP5,000,000                  5.0%
        GBP5,000,000 to GBP10,000,000                  3.0%
       GBP10,000,000 to GBP15,000,000                  2.5%
       GBP15,000,000 to GBP20,000,000                  2.0%
       GBP20,000,000 to GBP50,000,000                  1.0%

In addition, for any Transaction relating to Project Management,
Vollman Brothers will receive a Completion Fee of GBP18,000 for each
Transaction involving one of the Debtors' Australia and New Zealand
businesses.  As to any additional work, Vollman Brothers will be entitled
to an agreed upon fee for each piece of work based on standard market
rates for the work completed.

Bill Kendall, managing director of Vollman Brothers, relates that his firm
received payments of GBP1,114,258 within 90 days of the Petition Date.
The firm will hold any amounts received prepetition in excess of fees and
expenses that accrued prepetition, if any, and apply the excess amounts to
postpetition fees and expenses.

The Debtors will indemnify Vollman Brothers in certain circumstances
relating to its engagement.  The firm has agreed not to assert any defense
based on jurisdiction, venue, abstention, or otherwise to the Bankruptcy
Court's jurisdiction and venue to determine any controversy in any way
related to Vollman Brothers' engagement.

Mr. Kendall informs Judge Carey that it is not the general practice of
corporate advisory firms to keep detailed time records; however, the
Vollman Brothers' employees involved in the Chapter 11 cases will keep
time records describing their general daily activities, the identity of
persons who performed the activities, and the estimated amount of time
expended on the activities in half hour increments.

Accordingly, to the extent necessary, the Debtors seek a waiver of the
information requirements of Rule 2016-2(d) of the Local Rules of
Bankruptcy Practice and Procedure of the United States Bankruptcy Court
for the District of Delaware.

Mr. Kendall assures the Court that his firm is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.  Vollman
Brothers has no connection with, and holds no interest adverse to, the
Debtors or their estates in the matters on which it is to be engaged, Mr.
Kendall adds.

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection
on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady,
Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from their
creditors, they reported US$1.7 billion in total assets and US$1.6 billion
in total debts.  (Sea Containers Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000)




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


* BOLIVIA: Moves Bids Submission Deadline for Gas Export Tender
---------------------------------------------------------------
Yacimientos Petroliferos Fiscales Bolivianos, the state-run oil firm of
Bolivia, said in a statement that it has delayed the date to receive bids
from local gas producers for the export of gas to Argentina.

As reported in the Troubled Company Reporter-Latin America on Jan. 9,
2007, Yacimientos Petroliferos said that it would open bids from local gas
producers for gas export to Argentina.  The exports are part of the accord
signed by Yacimientos Petroliferos and Enarsa, its counterpart in
Argentina, in October.  The agreement established a boost in gas export
volumes from 4.5 million cubic meters per day to:

       -- 7.7 million cubic meters per day in 2007,
       -- 16 million cubic meters per day for 2008 and 2009, and
       -- 27.7 million cubic meters per day from 2010 to 2026.

Yacimientos Petroliferos said in a statement that instead of accepting
bids on Jan. 9, the company will receive bids on
Jan. 16.

The gas will be sold to Argentina at US$5 per million British thermal unit
as established in a June bilateral agreement.

The exported gas will provide Yacimientos Petroliferos with US$32.3
billion over the contract's 20 years, and US$7.9 billion from the sale of
hydrocarbons liquids associated with natural gas production.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


AKER KVAERNER: Inks US$105-Mln Power Plant Upgrade Deal in Ohio
---------------------------------------------------------------
Aker Kvaerner signed a US$105-million contract to upgrade the Kyger Creek
power plant in Ohio, Aftenposten English reports.

Aker Kvaerner will build a sulfur dioxide removal facility at the power
plant.  The contract is Aker Kvaerner's third of its type in the U.S.
power market in the last five years, Aftenposten relates.  The company
expects to complete the project in 2009.

"The market for power stations with different energy sources is growing
quickly in the U.S.A., Torbjorn Andersen, Aker Kvaerner Information
Director, said.  "The focus on environmentally friendly technology is
growing, and the possibilities for further activity are good."

                     About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and affiliates,
provides engineering and construction services, technology products and
integrated solutions.

The Aker Kvaerner group is organized into two principal business streams,
namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported on April 26, 2006, Moody's Investors Service upgraded the of
Aker Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to reflect
the sustainable strong recovery in profitability and cash flow generation
of the ring- fenced oil and gas group over the past two years, coupled
with the clear reduction in senior debt, repaid from internally generated
funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AMERICA LATINA: Secures BRL1.1-Billion Loan from Banco Nacional
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social told Business News
Americas that it will provide America Latina Logistica with BRL1.1 billion
over the next three years.

According to BNamericas, the BRL1.1 billion will bring the full amount of
America Latina's investment in the rail sector to BRL2.9 billion by 2009.

BNamericas underscores that of the BRL1.1 billion, BRL985 million will go
directly to America Latina.  The remaining BRL138 million will be
allocated to Brasil Ferrovias, which is controlled by America Latina.

The report says that total overall investment in the sector between 2006
and 2010is expected at BRL12.5 billion, of which Banco Nacional expects to
cover about 50%.

Demian Fioca, the president of Banco Nacional, told BNamericas that the
America Latina loan is the largest that Banco Nacional has ever made to a
Brazilian railroad firm.

BNamericas relates that the investment is aimed at increasing the rail
network by 12,000 kilometers in:

          -- Mato Grosso,
          -- Mato Grosso do Sul,
          -- Sao Paulo,
          -- Parana,
          -- Santa Catarina, and
          -- Rio Grande do Sul.

BNamericas says that with the expansion plans in place, America Latina
will be able to boost the volume of transported cargo by 14%, which is
greater than the 13% expansion volume recorded in recent years.

The report emphasizes that other than extending the lines, America Latina
has these other projects in mind:

          -- upgrading track and signaling systems,
          -- constructing railroad crossings,
          -- refurbishing carriages and locomotives, and
          -- increasing handling capacity of cargo terminals.

BNamericas notes that viaducts will be constructed in the cities:

          -- Paranagua,
          -- Londrina,
          -- Ponta Grossa, and
          -- Piraquara, in the state of Parana.

According to the report, railways will be built to bypass Curitiba in the
Parana state and Joinville in Santa Catarina state.  In Sao Paulo, safety
measures will be introduced on the Baixada Santista line in the form of
fencing and 10 footbridges.

Banco Nacional, through its equity division BNDESPAR, has owned 7.03% of
the America Latina controlling voting capital since the restructuring of
Brasil Ferrovias last year.

                   About Banco Nacional

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

                   About America Latina

Headquartered in Curitiba, Brazil, America Latina Logistica SA aka ALL is
holding company engaged in transport services, like as logistics,
intermodal transport, port operations, movement and storage of
merchandise, administration of storage facilities and general storage.
The company is further active in the acquisition and lease of locomotives,
wagons and other railroad equipment to third parties.  ALL operates in the
railroad sector in South Brazil through ALL Brazil and in Argentina
through ALL Argentina, with further interests in ALL -- America Latina
Logistica-Central SA, ALL-America Latina Logistica-Mesopotamica SA and
Boswells SA.  In addition, the company offers road transport services in
Brazil through America Latina Logistica Intermodal SA.

                        *    *    *

Fitch Ratings assigned these ratings on America Latina Logistica SA:

        -- B+ long-term issuer default rating,
        -- B+ local currency long-term issuer default rating,
           and
        -- BBB+(BRA) national long-term rating.

Fitch said the outlook is stable.


BANCO DO BRASIL: Brasilprev To Sell Plans Through Fin'l Services
----------------------------------------------------------------
Chief Executive Officer Eduardo Bom Angelo of Brasilprev, the private
pension plan provider in Brazil, told Business News Americas that the
company is considering plans to sell its products through financial
services accords that Banco do Brasil has with various retailers.

Brasilprev sells its products at Banco do Brasil branches.
Banco do Brasil controls 49.99% of Brasilprev, while Principal Financial
Group owns 46.01% of the latter.  Sebrae holds the remaining 4.00% in
Brasilprev.

Mr. Angelo told BNamericas, "We're studying two possibilities to sell
private pension plans through BB's (Banco do Brasil) retail partnerships.
I can't say which ones because the deals have not been finalized."

BNamericas relates that Banco do Brasil has several financial accords with
both national and regional retailers, including:

          -- car rental company Localiza,
          -- toy store chain Ri Happy, and
          -- retailer Lojas Maia.

Banco do Brasil also offers credit, bill-paying services and co-branded
international credit cards to clients of Brasil Telecom, BNamericas notes.

Antonio Francisco Lima Neto, chief executive officer of Banco do Brasil,
told reporters that the bank had nine more confirmed partnerships in
December and another eight on the way.

According to BNamericas, Brazilian major banks have looked to such
partnerships as a way to expand within the retail segment or even
increasing product penetration among low-income individuals.

The private pension market remains limited to the country's middle class
and high-income clients, BNamericas says, citing Mr. Angelo.

Commenting about marketing pension products to low-income individuals, Mr.
Angelo told BNamericas, "I don't see it.  They're more worried about
meeting their basic needs and they generally have very little money left
over for savings, if any."

Meanwhile, Brasilprev introduced products for high-income clients in the
middle of 2006, representing 40% of all its pension contributions by the
end of the year, BNamericas relates, citing Mr. Angelo.

Mr. Angelo told BNamericas that total contributions increased 27% to
BRL2.80 billion in 2006 compared with 2005.  Contributions to Vida Gerador
de Beneficios Livres or VGBL plans rose 85%, and a good part of that came
from high-income clients.

VGBL and Plano Gerador de Beneficios Livres or PGBL plans hold savings in
investment funds and allow withdrawals under penalty.  VGBL plans cater to
taxpayers who file simplified returns.  PGBL plans are for those who file
itemized returns.  A holder of any of the plans gets 100% of the fund's
returns but there is no guaranteed minimum.  Private pension providers no
longer offer the traditional plans that predated the 2002 introduction of
VGBL and PGBL plans and guaranteed a minimum pension for holders,
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 NACIONAL: Okays BRL1.1 Billion Loan to America Latina
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social told Business News
Americas that it will provide America Latina Logistica with BRL1.1 billion
over the next three years.

According to BNamericas, the BRL1.1 billion will bring the full amount of
America Latina's investment in the rail sector to BRL2.9 billion by 2009.

BNamericas underscores that of the BRL1.1 billion, BRL985 million will go
directly to America Latina.  The remaining BRL138 million will be
allocated to Brasil Ferrovias, which is controlled by America Latina.

The report says that total overall investment in the sector between 2006
and 2010is expected at BRL12.5 billion, of which Banco Nacional expects to
cover about 50%.

Demian Fioca, the president of Banco Nacional, told BNamericas that the
America Latina loan is the largest that Banco Nacional has ever made to a
Brazilian railroad firm.

BNamericas relates that the investment is aimed at increasing the rail
network by 12,000 kilometers in:

          -- Mato Grosso,
          -- Mato Grosso do Sul,
          -- Sao Paulo,
          -- Parana,
          -- Santa Catarina, and
          -- Rio Grande do Sul.

BNamericas says that with the expansion plans in place, America Latina
will be able to boost the volume of transported cargo by 14%, which is
greater than the 13% expansion volume recorded in recent years.

The report emphasizes that other than extending the lines, America Latina
has these other projects in mind:

          -- upgrading track and signaling systems,
          -- constructing railroad crossings,
          -- refurbishing carriages and locomotives, and
          -- increasing handling capacity of cargo terminals.

BNamericas notes that viaducts will be constructed in the cities:

          -- Paranagua,
          -- Londrina,
          -- Ponta Grossa, and
          -- Piraquara, in the state of Parana.

According to the report, railways will be built to bypass Curitiba in the
Parana state and Joinville in Santa Catarina state.  In Sao Paulo, safety
measures will be introduced on the Baixada Santista line in the form of
fencing and 10 footbridges.

Banco Nacional, through its equity division BNDESPAR, has owned 7.03% of
the America Latina controlling voting capital since the restructuring of
Brasil Ferrovias last year.

                   About America Latina

Headquartered in Curitiba, Brazil, America Latina Logistica SA aka ALL is
holding company engaged in transport services, like as logistics,
intermodal transport, port operations, movement and storage of
merchandise, administration of storage facilities and general storage.
The company is further active in the acquisition and lease of locomotives,
wagons and other railroad equipment to third parties.  ALL operates in the
railroad sector in South Brazil through ALL Brazil and in Argentina
through ALL Argentina, with further interests in ALL -- America Latina
Logistica-Central SA, ALL-America Latina Logistica-Mesopotamica SA and
Boswells SA.  In addition, the company offers road transport services in
Brazil through America Latina Logistica Intermodal SA.

                   About Banco Nacional

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

                        *    *    *

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

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

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


BRASIL TELECOM: Blocks Access to YouTube in Brazil
--------------------------------------------------
Published reports say that Brasil Telecom Participacoes SA has blocked
access to YouTube, a US video download site, in response to the Sao Paulo
state Supreme Court's order, Business News Americas reports.

According to BNamericas, Brasil Telecom started to block access to YouTube
on Jan. 6, with a filter in its international backbone to stop all
Internet Protocol traffic that arrives at YouTube.

The court was reacting to a lawsuit by Renato Malzoni Filho, a businessman
in Brazil, and Daniela Cicarelli, the latter's supermodel girlfriend,
BNamericas says.

The Associated Press relates that the widely viewed video shows Ms.
Cicarelli and Mr. Malzoni in intimate scenes along a beach near the
Spanish city of Cadiz.

According to BNamericas, the video has been downloaded widely through the
Internet.

The video became even more popular after the ban ordered by the court was
reported worldwide, AP underscores.  Also, users posted the video to other
Web sites.

The court's press office reported that Ms. Cicarelli and Mr. Malzoni sued
YouTube in September 2006 and won an injunction for the removal of the
video.  Judge Zuliani expanded his order and included the
telecommunications firms after the clip continued to appear periodically.

AP states that the video kept appearing on YouTube.

Mr. Malzoni requested that YouTube should prevent the video from being
seen by Brazilians, BNamericas notes.

Judge Asnio Santarelli Zuliani supported Mr. Malzoni's request.  He also
demanded fixed line operators that provide a gateway to Internet service
providers need to heed to the ban until YouTube guarantees the video can't
be seen on its Web site in Brazil.

The local press underscores that telecoms operators, besides Brasil
Telecom, have still not stated what steps they will take to meet the
judge's demands.

YouTube said that it took down links to the video, according to AP.  The
Web site was then made unavailable in Brasil Telecom territories from the
capital of Brasilia to the Amazon, though it still worked in Sao Paulo and
Rio de Janeiro, where Internet use is heaviest.

AP emphasizes that Sao Paulo and Rio are served by Empresa Brasileira de
Telecomunicacoes SA.

According to the press office of Judge Zuliani, the judge did not disclose
the names of the telecommunications firms as many case details are sealed.

The judge's order is temporary and will automatically be reviewed by a
three-member judicial panel.  It is yet unknown how long the YouTube ban
would last, AP states.

                        About YouTube

YouTube is an online video-swapping service.  The company was founded in
2005 by Steve Chen and Chad Hurley, who met when they were employees at
PayPal.  YouTube initially received funding from investment firm Sequoia
Capital.  In 2006 the company was purchased by Google for US$1.65 billion.

                    About Brasil Telecom

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

                        *    *    *

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


COMPANHIA PARANAENSE: Inks Power Purchase Accord with Cien
----------------------------------------------------------
Companhia Paranaense said in a filing with Bovespa, the Sao Paulo stock
exchange, that it has signed a contract to purchase 160 megawatts of power
from Cien from 2007 to 2014.

Business News Americas relates the eight-year contract was a result of
power Companhia Paranaense purchased from Cien in a power auction at the
end of 2006.

According to BNamericas, Companhia Paranaense has reduced Cien's supply
commitment to 175 megawatts from 400 megawatts through the end of 2007.

A spokesperson of Companhia Paranaense explained to BNamericas that the
reduction in 2007 commitments shows changes in regulatory rules that cut
the amount of guaranteed power Cien can supply.

Companhia Paranaense said in a statement that the 2007 reduction will
allow the firm to revert to its cash reserves of BRL100 million to pay
Cien from previous obligations.

The Companhia Paranaense told BNamericas, "This [obligation] was left over
from 2003, when Copel (Companhia Paranaense) agreed to pay over a longer
period of time what it hadn't paid then [while contracts were being
renegotiated].  Copel now will pay less for the power from Cien, meaning
it doesn't need to make a provision."

                         About Cien

Cien is a power transmission firm that connects southern Brazil to
Argentina.  It is owned and operated by Spanish power firm Endesa.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Paran and has a generating capacity of nearly 4,600 MW,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitly postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 13, 2006, Moody's
America Latina upgraded the corporate family rating of Companhia
Paranaense de Energia aka Copel to Ba2 from Ba3 on its global scale and to
Aa2.br from A3.br on its Brazilian national scale.


DURA AUTOMOTIVE: Panel Taps Chanin Capital as Financial Advisors
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in DURA Automotive Systems
Inc. and its debtor affiliates' Chapter 11 cases seek authority from the
U.S. Bankruptcy Court for the District of Delaware to retain Chanin
Capital Partners as its financial advisors, nunc pro tunc to Nov. 10,
2006.

Nicholas W. Walsh, chairperson of the Committee, relates that Chanin
Capital has diverse experience and extensive knowledge in the field of
bankruptcy.  The firm has advised debtors and creditors committees in
numerous restructuring transactions, including some of the largest and
most complicated cases like in ATX Communications, Inc.; Birch Telecom,
Inc.; Cable & Wireless USA, Inc.; Converse, Inc.; and Neoplan USA.

Mr. Walsh tells the Court that the Committee needs Chanin Capital's
assistance in collecting and analyzing financial and other information in
relation to the Debtors' Chapter 11 cases.

Chanin Capital will:

   (a) analyze and evaluate the liquidity position, assets and
       liabilities, and financial condition of the Debtors;

   (b) review and analyze the Debtors' financial and operating
       statement;

   (c) review and analyze the Company's business and financial
       projections;

   (d) evaluate the Company's debt capacity in light of its
       projected cash flows;

   (e) assist in the determination of an appropriate capital
       structure for the Company;

   (f) determine a theoretical range of values for the Company
       on a going concern basis;

   (g) assist the Committee in identifying and evaluating
       candidates for the potential acquisition of certain
       assets of the Company;

   (h) analyze proposed sales of assets of the Debtors, the
       terms and options and related issues, including available
       strategic alternatives;

   (i) review, analyze and monitor the Debtor-In-Possession
       financing and other financing alternatives;

   (j) advise the Committee on tactics and strategies for
       negotiating with the Company and other purported
       stakeholders;

   (k) determine a theoretical range of values for any
       securities to be issued or distributed in connection with
       the Chapter 11 case, including without limitation any
       securities to be distributed under a plan;

   (l) advise and assist the Committee in the review and
       analysis of the Debtors' business plan;

   (m) advise and assist the Committee in the review of all
       plans;

   (n) assist with a review of the Debtors' short-term cash
       management procedures and monitoring of cash flow;

   (o) assist with a review of the Debtors' employee benefit
       programs;

   (p) assist and advise the Committee with respect to the
       Debtors' management of their supply chain, including
       critical and foreign vendors;

   (q) assist with a review of the Debtors' performance of
       cost/benefit evaluations with respect to the affirmation
       or rejection of various executory contracts involving
       vendors and customers;

   (r) assist in the evaluation of the Debtors' operations and
       identification of areas of potential cost savings,
       including overhead and operating expense reductions and
       efficiency improvements;

   (s) assist in the review and preparation of information and
       analysis necessary for the confirmation of a plan;

   (t) assist in the review of potential claims levels and the
       Debtors' reconciliation process;

   (u) assist with various tax matters;

   (v) provide testimony in any proceeding before the Court; and

   (w) provide the Committee with other appropriate general
       restructuring advice.

Chanin Capital will be paid US$150,000 per month and will be reimbursed
for expenses incurred in connection with the engagement.  A US$1,500,000
transaction fee will also be paid to the firm on the effective date of a
plan of reorganization.

Brent Williams, managing director at Chanin Capital, discloses that the
firm represents certain Committee members or parties-in-interest in the
Debtors' Chapter 11 cases.  Chanin Capital, however, has not identified
any material relationships with any party that would otherwise affect its
judgment or ability to perform services for the Committee.

Chanin Capital assures the Court that it has not and will not provide any
professional services to the Debtors, any of the creditors, other
parties-in-interest with regard to any matter related to the Debtors'
Chapter 11 cases.

Mr. Williams assures the Court that Chanin Capital is a "disinterested
person," as that term is defined in Section 101(14) of the Bankruptcy
Code.

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

The Debtors filed for chapter 11 petition on October 30, 2006 (Bankr.
District of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett,
Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy
proceedings.  Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and
Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the
Debtors' co-counsel.  Baker & McKenzie acts as the Debtors' special
counsel.  Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.  Glass &
Associates Inc., gives financial advice to the Debtor.  Kurtzman Carson
Consultants LLC handles the notice, claims and balloting for the Debtors
and Brunswick Group LLC acts as their Corporate Communications Consultants
for the Debtors.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura Automotive
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: Auction Sets Bond Price at 24.125% of Face Value
-----------------------------------------------------------
In an auction held on Nov. 28, 2006, Dura Automotive Systems Inc.'s
US$400,000,000 of 8.625% notes have been given a redemption price of
24.125 cents on the dollar by credit-default swap dealers, Bloomberg News
reports.  The redemption rate will be used by up to 327 banks and
investors to cash-settle credit-default swaps based on the notes.

Another auction set a value of 3.5% of face value for Dura's
US$523,000,000 of 9% subordinated notes, according to Bloomberg's Shannon
D. Harrington

Credit-default swaps are financial instruments based on bonds and loans
that are used to speculate on a company's ability to repay debt.

Twelve dealers participated in the auctions, which were run by
Creditex Group Inc. and Markit Group Ltd.  According to the
International Swaps and Derivatives Association, the bidders were Bank of
America, Barclays, Bear Stearns, Citigroup, Credit
Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill
Lynch, Morgan Stanley, and UBS.

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

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards
Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker &
McKenzie acts as the Debtors' special counsel.  Togut, Segal & Segal LLP
is the Debtors' conflicts counsel.  Miller Buckfire & Co., LLC is the
Debtors' investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of July 2, 2006,
the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in
total liabilities.  (Dura Automotive Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ENESCO GROUP: Bank Lenders Limit Credit Facility Advances
---------------------------------------------------------
Enesco Group Inc. reported that the lenders under its senior credit
facility with Bank of America N.A. and LaSalle Bank N.A. have elected to
allow future advances under the credit facility only on a limited
discretionary basis.

The company continues to seek refinancing for the senior credit facility
and to pursue other restructuring alternatives.  The company said there
could be no certainty as to whether it will be successful in achieving its
goals.

Enesco Group, Inc. --- http://www.enesco.com/-- is a world
leader in the giftware, and home and garden decor industries.
Serving more than 44,000 customers worldwide, Enesco distributes
products to a wide variety of specialty card and gift retailers,
home decor boutiques, as well as mass-market chains and direct
mail retailers.  Internationally, Enesco serves markets
operating in the United Kingdom, Canada, Europe, Mexico,
Australia and Asia.  With subsidiaries located in Europe and
Canada, and a business unit in Hong Kong, Enesco's international
distribution network is a leader in the industry.  Enesco's
product lines include some of the world's most recognizable
brands, including Border Fine Arts, Bratz, Circle of Love,
Foundations, Halcyon Days, Jim Shore Designs, Lilliput Lane,
Pooh & Friends, Walt Disney Classics Collection, and Walt Disney
Company, among others.

                       Credit Default

As reported in the Troubled Company Reporter on Aug. 15, 2006,
Enesco is continuing to aggressively pursue long-term debt financing.
Enesco previously had agreed to obtain a commitment for long-term
financing by Aug. 7, 2006.  Because Enesco has not obtained a commitment,
the company is in default of its current credit facility agreement.

Enesco is working with the lenders for possible additional loans or terms
and conditions, but has been advised that the lenders are not committing
to waive the default.


INDEPENDENCIA ALIMENTOS: S&P Assigns B Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term corporate
credit rating to Brazil-based beef processing company Independencia
Alimentos Ltda.  At the same time, we assigned our 'B' issue credit rating
to the proposed US$150 million notes with target maturity in 2014 offered
by Independencia International Ltd., a wholly owned subsidiary of
Independencia, based in the Cayman Islands.  The notes will be
unconditionally and irrevocably guaranteed by Independencia.  The outlook
on the corporate credit rating is stable.

"The ratings on Independencia reflect its exposure to the volatile and
highly competitive global fresh meat industry; the company's high
dependence on commodity-type products and relatively limited geographic
diversification of production, both representing a relevant exposure to
sanitary and trade barriers; and a highly leveraged capital structure,"
said Standard & Poor's credit analyst Vivian Zietemann.

These negative factors are partly compensated by:

   1) Independencia's low cost position, resulting in good
      profitability levels;

   2) some product diversification that provide for competitive
      advantages both in the local and international markets;
      and

   3) the company's diversified customer base.

Independencia is a limited liability agro-industrial company owned by
members of the Russo family. The company maintains one pork and seven beef
slaughtering units, and two tanneries in the states of Sao Paulo, Mato
Grosso do Sul, Minas Gerais, Rondonia, and Tocantins.  The company also
benefits from a transport company and a port terminal at the Port of
Santos, state of SaoPaulo, both owned by the Russo family.

In the past couple of years, Independencia has experienced an intense
growth cycle prompted by the advantageous position of Brazilian meat
producers.  The company has built an efficient logistic, distribution, and
supply chain structure that supports its cost competitiveness.
Independencia's operations comprise the slaughtering and processing of
fresh beef and pork meats, and the production of leather.

Independencia has a processing capacity of about 4,100 cattle heads, 1,500
hogs, and 7,000 hides on a daily basis.  In 2005, the company produced
155,000 tons of fresh meat, 10,000 tons of pork meat, and 52,000 tons of
hides.  Independencia is the fifth largest Brazilian beef exporter, having
accounted for 9% of the total volumes exported by Brazilian producers in
2005.

Despite the increasing contribution of Brazilian beef exports in global
markets, the credit quality of local beef-processing companies continues
to be significantly exposed to potential trade and sanitary barriers that
may affect these companies' capacity to export.

Despite the significant exposure of Independencia's production facilities
to regions affected by the foot-and-mouth disease outbreak of October
2005, the company managed to overcome initial sanctions to its products by
increasing volumes to countries that did not impose restrictions to
Brazilian beef exports, and by taking advantage of the increase in average
international beef prices during the same period.  Independncia's beef
export revenues increased by about 7.5% in the first half of 2006,
compared to the same period in 2005.

S&P expects Independencia to maintain its focus on international fresh
meat niche markets due to its relative small capacity, which provides the
company with more flexibility to produce tailor-made products reaching
relatively higher historical operating margins.

Independencia's business profile is supported by the low production costs
in Brazil, which results from lower cattle-raising, land, and labor costs
relative to those of international peers.  Independencia's operations also
benefit from international environmental certifications and the
maintenance of high quality standards.

The stable outlook reflects our expectations that Independncia will retain
its competitive position in beef-exporting, supported by the positive
long-term fundamentals for the global beef industry and its focus on niche
markets.  The stable outlook also incorporates the expected improvements
in the company's financial risk profile, including the resolution of
short-term debt maturities, and a gradual recovery of cash flow protection
measures.

The ratings could be revised downward under a negative scenario for both
the local economy and the international markets resulting in lower meat
consumption levels and pressure on prices.  A new beef-related disease
outbreak in Brazil, or in another relevant beef-producing country, could
also jeopardize the company's ability to export its products and its cash
flow generation, preventing the company from delivering the expected
reduction in its debt levels.  The ratings could also be negatively
affected if the company fails to successfully resolve its short-term debt
maturities.

A positive change in the ratings or outlook would depend on a significant
reduction of the company's debt leverage, which resulted in stronger
coverage ratios, with the maintenance of the current strong market
fundamentals for Brazilian beef exports.


NOSSA CAIXA: State Gov't Nominates New Chief Executive Officer
--------------------------------------------------------------
Banco Nossa Caixa said in a filing with Comissao de Valores Mobiliarios,
the securities regulator in Brazil, that the Sao Paulo state government
has nominated central bank executive Milton Luiz de Melo Santos as chief
executive officer for the bank.

Published reports say that Henrique Meirelles, the central bank president,
said that Jose Serra, the Sao Paulo state governor, had invited Mr. Santos
to lead the bank.

Business News Americas relates that Mr. Santos previously served as:

          -- chief financial officer of Caixa Economica Federal,
          -- chief executive officer of Credireal, and
          -- director of Bancoob.

Mr. Santos was linked to lending irregularities during his time at Caixa
Economica from 1990-1992.  He was eventually fined, BNamericas notes.

BNamericas underscores that the nomination central bank still has to
ratify the nomination.

Meanwhile, Jorge Luiz Avila da Silva was appointed interim chief executive
officer after Carlos Eduardo Monteiro resigned.  Mr. Avila previously
served as the product director of Nossa Caixa, according to BNamericas.

BNamericas emphasizes that during Mr. Monteiro's term, Nossa Caixa became
the first bank to list on the Novo Mercado index of the Bovespa after
selling over 25% of its shares in October 2005.

The state government cancelled in October 2006 a public offering of shares
that would have involved 20.25% of Nossa Caixa's capital and raised its
free float to 49%, BNamericas relates.

The report says that Gov. Serra had promised during the 2006 campaign for
governor not to privatize Nossa Caixa, although he said Sao Paulo did not
need a state bank as the state government could raise funds on capital
markets.  He became governor on
Jan. 1.

Gov. Serra told BNamericas that his administration would form a
state-owned development agency to pass along funds from BNDES.

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank offering
banking and financial services through commercial and loan portfolios,
including real estate and foreign exchange, as well as administering
credit cards.  Through its subsidiary, it operates with private pensions.
Nossa Caixa uses demand, saving and time deposits, which include judicial
deposits, to fund its operations.  The main focus of Nossa Caixa is to
attend individuals, especially public employees and small and medium-sized
companies in Sao Paulo, as well as state and municipal government
agencies.  As the official bank for the government of the State of Sao
Paulo, it administers the state's resources and state lotteries and takes
care of the payroll of the indirect state administration and part of the
direct administration.  As of Dec. 31, 2005, the Bank's network consisted
of 2,579 attendance points in its distribution network.

                        *    *    *

On Oct. 19, 2005, Moody's Investors Service upgraded Banco Nossa Caixa
SA's long-term foreign currency deposit rating to B1 from B2 with a
positive outlook.

At the same time, the ratings agency upgraded Banco Nossa Caixa's
long-term foreign currency debt rating to Ba1 with a stable outlook.




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


ADVISORS: Deadline for Proofs of Claim Filing Is on Jan. 11
-----------------------------------------------------------
Advisors for Latinoamerica Inc.'s creditors are required to submit proofs
of claim by Jan. 11, 2007, to the company's liquidators:

          Mrs. Irma Graciela Defensa
          c/o Walkers, P.0. Box 265GT
          Walker House, Mary Street
          George Town, 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.

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

Parties-in-interest may contact:

          Richard Addlestone
          c/o P.O. Box 265GT, Walker House
          Mary Street, George Town
          Grand Cayman, Cayman Islands


AMERADA HESS: Deadline for Proofs of Claim Filing Is on Jan. 29
---------------------------------------------------------------
Amerada Hess (K&K) Ltd.'s creditors are required to submit proofs of claim
by Jan. 29, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Jan. 29 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Amerada Hess' shareholders agreed on Nov. 20, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


BLACKSTONE CUSTOMISED: Proofs of Claim Filing Is Until Jan. 11
--------------------------------------------------------------
Blackstone Customised Low Volatility Offshore Fund Ltd.'s creditors are
required to submit proofs of claim by
Jan. 11, 2007, to the company's liquidators:

          Scott Long
          345 Park Avenue, New York
          NY 0154, USA

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.

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


BLACKSTONE LEXINGTON: Proofs of Claim Filing Is on Jan. 11
---------------------------------------------------------
Blackstone Lexington Avenue Offshore Fund's creditors are required to
submit proofs of claim by Jan. 11, 2007, to the company's liquidators:

          Scott Long
          345 Park Avenue, New York
          NY 10154, USA

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.

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


CITIGROUP ASSETS: Proofs of Claim Filing Deadline Is on Jan. 11
---------------------------------------------------------------
Citigroup Assets Management Strategic Inflation Ltd.'s creditors are
required to submit proofs of claim by Jan. 11, 2007, to the company's
liquidator:

          Cititrust (Bahamas) Ltd.
          C/o Maples and Calder
          P.O. Box 309, George Town
          Ugland House, South Church Street.
          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.

Citigroup Asset's shareholders agreed on Nov. 24, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


HARBOR 2006-1: Shareholders to Gather for Jan. 11 Final Meeting
---------------------------------------------------------------
Harbor 2006-1 Ltd.'s final shareholders meeting will be on
Jan. 11, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


HESS (COTE D' IVOIRE): Proofs of Claim Filing Is Until Jan. 29
--------------------------------------------------------------
Hess (Cote D’ Ivoire) Ltd.'s creditors are required to submit proofs of
claim by Jan. 29, 2007, to the company's liquidator:

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

Creditors who are not able to comply with the Jan. 29 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Hess' shareholders agreed on Nov. 20, 2006, for the company's voluntary
liquidation under Section 135 of the Companies Law (2004 Revision) of the
Cayman Islands.


HESS (VIETNAM E&P): Proofs of Claim Filing Is Until Jan. 29
-----------------------------------------------------------
Hess (Vietnam E&P) Ltd.'s creditors are required to submit proofs of claim
by Jan. 29, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Jan. 29 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Hess (Vietnam) SA's shareholders agreed on Nov. 20, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


KARA INVESTMENTS: Deadline for Proofs of Claim Filing Is Jan. 11
----------------------------------------------------------------
Kara Investments Ltd.'s creditors are required to submit proofs of claim
by Jan. 11, 2007, to the company's liquidator:

          Condor Nominees Ltd.
          C/o Barclays Private Bank & Trust Ltd.
          4th Floor, First Caribbean House, 25 Main Street
          George Town, 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.

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


KENMAR STRATEGIC: Deadline for Proofs of Claim Filing Is Jan. 11
----------------------------------------------------------------
Kenmar Strategic Alpha Fund Ltd.'s creditors are required to submit proofs
of claim by Jan. 11, 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. 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.

Kenmar Strategic's shareholders agreed on Nov. 22, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


LBO PRIVATE: Deadline for Proofs of Claim Filing Is on Jan. 11
--------------------------------------------------------------
LBO Private Participations Ltd.'s creditors are required to submit proofs
of claim by Jan. 11, 2007, to the company's liquidator:

          Cititrust (Bahamas) Ltd.
          P.O. Box N-1576, Citibank Building
          Thompson Boulevard, Oakes Field
          Nassau, Bahamas

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.

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


MEMBERSHIP SERIES: Proofs of Claim Filing Deadline Is on Jan. 11
----------------------------------------------------------------
Membership Series II Corp.'s creditors are required to submit proofs of
claim by Jan. 11, 2007, to the company's liquidator:

          Piccadilly Cayman Ltd.
          c/o BNP Paribas Bank & Trust Cayman Ltd.
          P.O. Box 10632 APO, 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.

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

Parties-in-interest may contact:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Ltd.
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman, Cayman Islands
          Tel: 345 945 9208
          Fax: 345 945 9210


NC REALTY: Proofs of Claim Filing Deadline Is on Jan. 11
--------------------------------------------------------
NC Realty Investment Cayman's creditors are required to submit proofs of
claim by Jan. 11, 2007, to the company's liquidators:

          John Cullinane
          Derrie Boggess
          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. 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.

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


PARMALAT SPA: Shares Allocation Prompts EUR374,185 Capital Hike
---------------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of shares to
creditors of the Parmalat Group, the subscribed and fully paid up share
capital has now been increased by EUR374,185 to EUR1,641,527,456 from
EUR1,641,153,271.  The share capital increase is due to the assignation of
180,328 shares and the conversion of warrants for 193,857 shares.

Approximately 49,520,150 shares representing approximately
3.0% of the share capital are still in a deposit account c/o
Parmalat S.p.A., of which:

   -- 16,852,397 or 1.0% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      16,930,986 shares as at Nov. 23, 2006);

   -- 32,667,753 or 2,0% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

         -- 120,000 shares representing the initial share
            capital of Parmalat S.p.A. (unchanged);

         -- 32,547,753 or 2.0% of the share capital that pertain
            to currently undisclosed creditors (compared with
            33,187,109 shares as at Nov. 23, 2006).

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that can be
stored at room temperature for months.  It also has 40- some brand product
line, which includes yogurt, cheese, butter, cakes and cookies, breads,
pizza, snack foods and vegetable sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on Feb. 24,
2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia
L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors.
When the U.S. Debtors filed for bankruptcy protection, they reported more
than
US$200 million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate petitions for
Extraordinary Administration before the Italian Ministry of Productive
Activities and the Civil and Criminal District Court of the City of Parma,
Italy on Dec. 24, 2003.  Dr. Enrico Bondi was appointed Extraordinary
Commissioner in each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268,
in the United States Bankruptcy Court for the Southern District of New
York.

Parmalat has three financing arms: Parmalat Capital Finance Limited, Dairy
Holdings, Ltd., and Food Holdings, Ltd.  Dairy Holdings and Food Holdings
are Cayman Island special-purpose vehicles established by Parmalat SpA.
The Finance Companies are under separate winding up petitions before the
Grand Court of the Cayman Islands.  Gordon I. MacRae and James Cleaver of
Kroll (Cayman) Limited serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the Southern
District of New York.  In May 2006, the Cayman Island Court appointed
Messrs. MacRae and Cleaver as Joint Official Liquidators.  Gregory M.
Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I.
Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases.

(Parmalat Bankruptcy News, Issue No. 83; Bankruptcy Creditors' Service,
Inc., 215/945-7000, http://bankrupt.com/newsstand/)


TURNER, LIVINGSTON: Proofs of Claim Filing Is Until Jan. 11
-----------------------------------------------------------
Turner, Livingston and Senn Co.'s creditors are required to submit proofs
of claim by Jan. 11, 2007, to the company's liquidators:

          C.I. Directors Ltd.
          P.O. Box 1110, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7212
          Fax: (345) 949 0993

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.

Turner, Livingston's shareholders agreed on Nov. 24, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


STRATEGIES FUND: Deadline for Proofs of Claim Filing Is Jan. 11
---------------------------------------------------------------
Strategies Fund Ltd.'s creditors are required to submit proofs of claim by
Jan. 11, 2007, to the company's liquidators:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd.
          P.O. Box 908, George Town
          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.

Strategies Fund Ltd.'s shareholders agreed on July 28, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.




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


ARAMARK CORP: Shareholders Vote to Approve Merger
-------------------------------------------------
ARAMARK Corp. voted at a special meeting to adopt the merger
agreement entered into on Aug. 8, 2006, providing for the
acquisition of ARAMARK by an investor group led by Joseph
Neubauer and investment funds managed by GS Capital Partners,
CCMP Capital Advisors and J.P. Morgan Partners, Thomas H. Lee
Partners and Warburg Pincus LLC.

Adoption of the merger agreement was subject to two votes.
Under Delaware law, the merger agreement was required to be
adopted by shareholders holding at least a majority in combined
voting power of the company's common stock outstanding on the
record date of Nov. 3, 2006.  In addition to the vote required
under Delaware law, the transaction was required to be approved
by a majority of the combined voting power of the company's
common stock voted at the special meeting.  For purposes of the
second vote, each share of Class A common stock beneficially
owned by Mr. Neubauer and other members of the company's
management committee was counted as only one vote, rather than
the ten votes to which each such share is otherwise entitled.

Based on the preliminary tally of shares voted, for purposes of
the vote required under Delaware law, 606 million votes were
cast at the special meeting, representing 88% of the total
voting power of ARAMARK's outstanding voting shares.  Of those
votes cast, 592 million votes were cast in favor of the adoption
of the merger agreement, representing 86% of the total voting
power of ARAMARK's outstanding voting shares and 97% of the
votes cast.  For the purposes of the second vote, 375 million
votes were cast at the special meeting.  Of those votes cast,
360 million votes were cast in favor of the adoption of the
merger agreement, representing 96 percent of the total votes
cast at the meeting.

Under the terms of the merger agreement, ARAMARK shareholders
will receive US$33.80 in cash for each share of ARAMARK common
stock held.  Subject to the satisfaction of customary closing
conditions, the transaction is anticipated to close at the end
of January 2007.

Headquartered in Philadelphia, ARAMARK Corp. --
http://www.aramark.com/-- is a leader in professional services,
providing food services, facilities management, and uniform and
career apparel to health care institutions, universities and
school districts, stadiums and arenas, and businesses around the
world.  It has approximately 240,000 employees serving clients
in 20 countries, including Belgium, Czech Republic, Germany,
Ireland, UK, Mexico, Brazil, Chile, among others.

                        *    *    *

Standard & Poor's Ratings Services lowered on Aug. 8, 2006, its
ratings on Philadelphia-based ARAMARK Corp. and its subsidiary,
ARAMARK Services Inc., including its corporate credit rating to
'BB+' from 'BBB-'.

Fitch downgraded on Aug. 8, 2006, the Issuer Default Rating and
senior unsecured debt ratings for both ARAMARK Corporation and
its wholly owned subsidiary, ARAMARK Services, Inc., to 'BB-'
from 'BBB'.  The ratings remain on Rating Watch Negative.

Moody's Investors Service downgraded on Sept. 20, 2006, the 5%
senior notes due 2012 of ARAMARK Services, Inc., to B2 from
Baa3, confirmed the Baa3 ratings on the senior notes due 2007
and 2008, and assigned a corporate family rating of Ba3 to
ARAMARK Corp., ARAMARK Services' holding company parent.  The B2
rating on the 5% senior notes due 2012 and the Ba3 corporate
family rating are under review for possible downgrade.




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


DIRECTV: Appoints Two Vice Presidents in Advertising Department
---------------------------------------------------------------
DIRECTV reported that there has been two additions to the advertising
sales department with the appointments of John O'Neill as the vice
president of sports sales and marketing and Heather Curatolo as vice
president of direct response.

Mr. O'Neill joins DIRECTV from Fox Sports Net where he served as manager
of media and marketing partnerships, as well as senior account executive
specializing in the sale of network unwired MLB, NHL and NBA networks.
While at Fox Sports Net, Mr. O'Neill consistently posted top sales and
under his leadership, sales quadrupled over a nine year period.  Mr.
O'Neill's extensive background in sports will energize a new DIRECTV
initiative to take a more focused approach to sports marketing.  Prior to
Fox, Mr. O'Neill worked at Jack Nicklaus' Golden Bear International as
corporate marketing manager and for the ABC Television Network as manager
of daytime sales in Chicago.

Ms. Curatolo comes to DIRECTV from Court TV where she served as the vice
president of direct response and paid programming advertising sales.
While at Court TV, Ms. Curatolo set the standard in the sales industry
consistently exceeding aggressive sales goals.  Ms. Curatolo is also known
for developing new and innovative ways to generate additional revenue at
Court TV.

Mr. O'Neill and Ms. Curatolo are part of DIRECTV's strategy to continue
increasing national ad sales and revenue.  As part of this transition,
DIRECTV has combined its existing advertising sales team with a group of
DIRECTV account representatives from DIRECTV's former ad sales vendor,
Twentieth Television.  The newly combined DIRECTV advertising sales team,
operating out of DIRECTV offices in Los Angeles, Chicago, and New York,
are responsible for attracting new national advertisers to DIRECTV while
also working with internal DIRECTV departments to create new partnerships
and revenue sources.

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

                        *    *    *

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


DIRECTV: Introducing Portable Satellite & Television System
-----------------------------------------------------------
DIRECTV is introducing DIRECTV(R) Sat-Go (Satellite-To-Go), the first
fully integrated, portable satellite and television system.  It was
unveiled at the 2007 International Consumer Electronics Show in Las Vegas.

Scheduled to launch in spring 2007, DIRECTV Sat-Go will come in an
easy-to-carry, briefcase-like design that includes a 17-inch LCD monitor
with integrated DIRECTV Receiver, flat antenna and
replaceable/rechargeable laptop-style battery.  Once the DIRECTV Sat-Go
unit is opened, its quick and simple setup makes it easy for customers to
find line-of-sight with DIRECTV satellites and receive DIRECTV(R)
programming within minutes (provided the user is within range of the
DIRECTV signal).

DIRECTV(R) Sat-Go is specifically designed to be compact and highly
portable for a variety of outdoor and indoor settings, including camping
and hiking trips, RVing, tailgating, college dormitories, hospital rooms,
hotels/motels, emergency response, and in-home as a second television set.

DIRECTV(R) Sat-Go is created by DIRECTV and Rick Rosner, a television
producer and writer and the first DIRECTV West Coast customer.  Mr.
Rosner, who was trying to find an alternative to bringing his DIRECTV Dish
and Receiver with him while traveling to different location shoots across
the country, conceived the new product.  He teamed up with DIRECTV
engineer, David Kuether, to develop the DIRECTV Sat-Go prototype.

Eric Shanks, executive vice president of DIRECTV Entertainment, said,
"DIRECTV Sat-Go will revolutionize the way people stay connected to news
and information no matter where they are in the United States.  Not only
is this product a die-hard sports fan's dream and an absolute essential
for the ultimate tailgate party, but it will also provide an important
value for emergency services who need to stay connected to
up-to-the-minute news and information while they are stationed remotely."

Mr. Rosner stated, "Lugging that equipment with me and trying to set it up
in my hotel room was exhausting and I knew there had to be a better way to
bring my DIRECTV service with me everywhere I went.  DIRECTV Sat-Go is the
answer that I, others in the industry, and many travelers have been
searching for.  It delivers everything my DIRECTV System at home gives me
-- the ultimate in TV viewing -- in a portable and affordable travel
system.  Now I can take DIRECTV with me wherever I go and watch television
in minutes."

When not being used as a portable/travel unit, DIRECTV Sat-Go can also be
utilized as a stand-alone, in-home DIRECTV Receiver and television.  The
LCD TV screen has a built-in DIRECTV Receiver, which can be separated from
the DIRECTV Sat-Go antenna casing and connected to a customer's existing
DIRECTV Satellite Dish.

DIRECTV customers can mirror the authorized DIRECTV(R) programming that
they receive at home to their DIRECTV Sat-Go receivers for an additional
US$4.99 per month.  DIRECTV Sat-Go customers will have access to DIRECTV's
programming lineup, including the premium sports subscription packages,
such as NFL SUNDAY TICKET(TM) and MEGA MARCH MADNESS(R).

Key DIRECTV Sat-Go features include:

        -- integrated 17-inch LCD monitor and satellite receiver
           with two speakers,

        -- compact and portable flat antenna and satellite
           receiver,

        -- DIRECTV(R) programming accessed through a platform
           based on DIRECTV's D11 set top box,

        -- small profile IR remote,

        -- component and composite A/V inputs,

        -- composite A/V out,

        -- satellite in connection,

        -- Phone Jack,

       -- USB connection,

       -- AC and DC capable (cigarette lighter adapter
          included), and

       -- Rechargeable, replaceable, laptop-style battery.

DIRECTV(R) Sat-Go will be available through DIRECTV.com and select
retailers across the country.

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

                        *    *    *

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


DIRECTV: Offering 100 National High-Definition Channels in 2007
---------------------------------------------------------------
DIRECTV reported a planned launch and carriage of 100 national
high-definition channels.  With this substantial HD muscle, DIRECTV will
offer three-times more HD programming than any other multi-channel
distributor, with the majority of these channels launching in the third
quarter of 2007.

DIRECTV has also signed agreements, or agreements in principle, with more
than 70 major networks including:

    -- A&E,
    -- National Geographic,
    -- Bravo,
    -- NFL Network,
    -- Cartoon Network,
    -- SciFi Channel,
    -- CNN,
    -- Speed,
    -- Food Network,
    -- TBS,
    -- FX,
    -- The History Channel,
    -- HGTV,
    -- The Weather Channel,
    -- MTV, and
    -- USA Network

DIRECTV will also extend its leadership in HD sports programming by
offering hundreds of games and other HD programming available from
Regional Sports Networks around the country, including YES Network,
Comcast Sports Net, New England Sports Network and FOX Sports.

DIRECTV will offer an expanded line-up of HD programming available from
all premium movie channels.

Chase Carey, president and chief executive officer of DIRECTV, noted,
"This is DIRECTV’s break-out year for HD.  The launch of our two new
satellites will complete the largest capacity expansion in DIRECTV
history, and no other video service will be able to match the sheer volume
and quality of our HD programming.  With HD adoption now reaching critical
mass in the US, and 40 million homes projected to have HD-capable TVs this
year, DIRECTV will be uniquely positioned as the best choice for HD
programming."

With the launch of DIRECTV 10 and DIRECTV 11 satellites in 2007, DIRECTV
will have the ability to deliver more than 1,500 local HD and digital
channels and 150 national HD channels, in addition to new advanced
programming services for customers.

DIRECTV currently offers standard-definition local channels in 142
markets, covering nearly 94% of television households in the country, as
well as local HD broadcast channels in 49 cities, representing more than
65% of US television households.

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

                        *    *    *

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




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


AES CORP: Dominican Republic Mulling Settlement with Firm
---------------------------------------------------------
The Dominican Republic's environmental minister told the Associated Press
that the nation will consider a settlement with AES Corp. regarding the
lawsuit it filed against the firm for allegedly polluting its shores.

As reported in the Troubled Company Reporter-Latin America on April 10,
2006, the Dominican Republic sought for US$80 million in damages from AES
Corp. for 82,000 tons of coal ash dumped on its beaches.  The government
said that the tons of ash were left on the beaches in Manzanillo and the
Samana Bay port town of Arroyo Barril between October 2003 and March 2004
without proper government permits.  These tons of ash were transported
from an AES Plant in Guayama, Puerto Rico.  AES Corp. confirmed that the
ash originated at its plant.  However, the company said that it did
nothing improper and that the dispute is between the Dominican government
and a Florida businessman Roger Charles Fina, chief executive officer of
Silverspot Enterprises, who was hired by AES to transport the ash.  AES
Corp. said that it had proper permits for disposal of the ash and believed
that it was not toxic.

AP underscores that the Dominican nation also sued Roger Charles Fina, the
owner of the firm hired by AES Corp. to transport the ash.

U.S. District Judge Gerald Bruce Lee rejected in December AES Corp.'s
motion to dismiss the Dominican nation's lawsuit, AP says.

Max Puig, the Dominican Republic's environment and natural resources
secretary told the press that representatives from the Dominican nation
and AES Corp. would meet with mediators in Virginia, USA, to discuss
settling the lawsuit.

Minister Puig said in a news conference, "The Dominican government is
always disposed to discuss a possible agreement when the accused assume
their responsibility, remove the material and move forward with repairing
the harm done to the environment."

If no settlement is reached this week, the dispute would go before a
federal jury in the US on March 5, 2007, AP states, citing Minister Puig.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORP: President Exercises Options for 299,600 Shares
--------------------------------------------------------
AES Corp. said in a fling with the US Securities and Exchange Commission
that Paul T. Hanrahan, the firm's president and chief executive, has
exercised options for 299,600 shares of common stock under a prearranged
trading plan.

Mr. Hanrahan said in the filing that he exercised the shares on for
US$2.20 to US$19.50 apiece and then sold them for US$22.03 to US$22.31
apiece.

The Associated Press relates that the stock sale was conducted under a
prearranged 10b5-1 trading plan that lets an AES Corp. insider to set up a
program in advance for such transactions and proceed with them even if he
or she comes into possession of material nonpublic information.

Insiders file Form 4s with the SEC to report transactions in their firm's
shares.  Open market purchases and sales must be reported within two
business days of the transaction, AP states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and hydro.
The group also pursues business development activities in the
region.  AES has been in the region since May 1993, when it
acquired the CTSN power plant in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.




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


ECUADOR: Moody’s Changes Outlook on Caa1 Rating to Stable
---------------------------------------------------------
Moody's Investors Service has changed the outlook on Ecuador's sovereign
ratings to stable from positive in light of increasing concerns regarding
the incoming government's willingness to service debt obligations and
uncertainty about its policy direction.

The outlook change affects Ecuador's Caa1 foreign currency government bond
rating, its Caa1 country ceiling for foreign currency bonds, and its Caa2
country ceiling for foreign currency bank deposits.  Ecuador's other
ratings, including the Ba2 country ceiling for local currency bonds, are
unchanged.

"The high level of uncertainty with respect to the intentions of the
incoming government to service its obligations prompted Moody's to review
the positive outlook and reassess the trajectory of the country's
ratings", said Alessandra Alecci, a Vice President-Senior Analyst at
Moody's.  "While a market-friendly re-profiling of Ecuador's obligations
would be perfectly consistent with a positive outlook, such an outlook is
incompatible with the incoming government's repeated assertions that it
would consider an outright moratorium despite its ability to pay", she
added.

Moody's added that its rating action was also based on rising uncertainty
with respect to the direction of fiscal policy.  While the energy windfall
and expenditure restraint have led to a substantial reduction in public
indebtedness and markedly improved liquidity, the favourable trend in debt
ratios could reverse should fiscal policy be significantly relaxed, either
via lower taxes or higher current expenditures.  This would leave
Ecuador's finances increasingly exposed to the oil cycle.

Finally, she said Moody's would carefully monitor the incoming
government's policy agenda particularly with respect to debt service and
to dollarization, explaining that sustained evidence of capital flight and
stress on the financial system would send alarming signals.

"Given the stated intentions of incoming President-elect Correa to
undertake a sweeping and potentially contentious political reform, we will
continue to analyse the impact political developments might have on
Ecuador's macroeconomic equilibrium," said Alecci.




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


SBARRO INC: MidOcean Partners Deal Cues S&P's Developing Watch
--------------------------------------------------------------
Standard & Poor's Rating Services revised the CreditWatch listing on
Sbarro Inc. to developing from negative.

"The revision comes as the potential for a downgrade has decreased because
the acquisition of the company by MidOcean Partners will not significantly
change the capital structure," said Standard & Poor's credit analyst Diane
Shand.

"In addition, because the company has had positive operating performance
for the past three years an upgrade is a possibility."

The corporate credit rating is 'CCC+'.

The Nov. 29, 2006, CreditWatch listing comes after the company's
report that it had agreed to be acquired by private equity investors,
MidOcean Partners, for an undisclosed sum.

The company announced on June 19, 2006, its international expansion by
opening more than 25 restaurants in Guatemala, El Salvador, Honduras, The
Bahamas and Romania.




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


GOODYEAR TIRE: To Discontinue Tire Production at Quebec Facility
----------------------------------------------------------------
The Goodyear Tire & Rubber Co. plans to discontinue tire production at its
facility in Valleyfield, Quebec.  The company expects to be substantially
complete with a transition of the Valleyfield facility to a materials
mixing center by the end of the second quarter of 2007.

There are around 1,000 hourly and salaried associates at the facility.
The mixing center is expected to employ around 200 associates.

The reduction in both capacity and labor in Valleyfield is related to the
company's ongoing global strategy to reduce excess high cost manufacturing
capacity.

"In today's intensely competitive and increasingly global business
environment, we face some very difficult choices," said Jon Rich,
president of Goodyear's North American Tire business.  "The decision to
discontinue tire production at Valleyfield is one of those necessary steps
to make Goodyear more competitive.  This decision does not reflect on the
commitment or performance of our Valleyfield associates."

The elimination of tire production in Valleyfield will reduce Goodyear's
excess high cost tire manufacturing capacity by an additional 7 million
units.  This brings total reductions under Goodyear's four-point cost
savings plan to 21 million units compared with original targets of 15 to
20 million units by 2008.

This action will result in total charges estimated to be between US$115
million and US$120 million (between US$165 and US$170 million after tax)
for restructuring and accelerated depreciation, of which an expected US$40
million to US$45 million is cash.  The charges associated with the
intended action are expected to be between US$70 million to US$75 million
(US$120 million to US$125 million after-tax) in the fourth quarter of 2006
with the balance of the charges impacting 2007.  When complete, the action
is expected to generate annual cost savings of approximately US$40
million.

This initiative also supports Goodyear's four-point cost savings plan goal
of reducing costs by between US$100 million and US$150 million. With the
already announced closures of tire plants in:

   -- Washington, United Kingdom;
   -- Upper Hutt, New Zealand; and
   -- Tyler, Texas,

the Valleyfield announcement yields a total of US$125 million in projected
annual savings.

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,
Guatemala and Peru in Latin America.  Goodyear employs more than
80,000 people worldwide.  The company's European operations is
headquartered in Belgium.

                        *    *    *

As reported in the Troubled Company Reporter-Europe on Jan. 4, Standard &
Poor's Ratings Services affirmed its 'B+' corporate credit and other
ratings on Goodyear Tire & Rubber Co. and removed them from CreditWatch
where they were placed with negative implications on Oct. 16, 2006, as a
result of the labor dispute at several of the company's North American
plants.


GOODYEAR TIRE: Fitch Removes Ratings from Watch Negative
--------------------------------------------------------
Fitch Ratings affirmed ratings for The Goodyear Tire & Rubber Company and
removed the ratings from Rating Watch Negative.

The ratings were placed on Rating Watch Negative on
Oct. 18, 2006, when the company reported a US$975 million drawdown of its
bank revolver.

These are Goodyear's debt and recovery ratings:

   -- Issuer Default Rating 'B';
   -- US$1.5 billion first lien credit facility 'BB/RR1';
   -- US$1.2 billion second lien term loan 'BB/RR1';
   -- US$300 million third lien term loan 'B/RR4';
   -- US$650 million third lien senior secured notes 'B/RR4';
      and,
   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities
      'BB/RR1'.

The Rating Outlook is Negative.

The removal of Goodyear's ratings from Rating Watch Negative comes after
the ratification of a new union contract by the United Steelworkers on
Dec. 29, 2006.  The new contract runs for three years and covers
approximately 12,600 employees at 12 tire and engineered products plants
in the United States who had been on strike since Oct. 5, 2006.  A
separate contract covering workers in Canada has also been approved.

The Negative Rating Outlook reflects concerns about weak operating results
and higher levels of debt associated with costs of the strike and the new
contract.  Prior to October when Fitch placed the ratings on Negative
Watch, the Rating Outlook had been Stable.  During the strike, Goodyear
borrowed US$975 million under its bank revolver and issued US$1 billion of
senior unsecured notes to support its liquidity and to replace US$515
million of debt scheduled to mature by March 2007.  On a pro forma basis,
proceeds from the new debt increased Goodyear's cash balances from US$1.3
billion at Sept. 30, 2006, to approximately US$2.7 billion.  This amount
is adjusted to exclude cash designated for the US$515 million of near-term
debt maturities and does not reflect the impact of strike-related costs
that Goodyear previously estimated at up to US$35 million per week.

Goodyear's cash balances would be available to fund a US$1 billion
Voluntary Employees' Beneficiary Association trust to be implemented under
the new master contract.  The VEBA trust will be funded with US$700
million in cash and US$300 million in cash or common stock at the
company's option.  Goodyear will transfer to the trust all USW retiree
medical obligations, thereby reducing its projected benefit obligation for
post-retirement benefits by more than half.  It expects the VEBA trust
arrangement to improve cash flows related to these benefits by US$145
million annually.

Goodyear's operating results and cash flow have been pressured by high raw
material costs and by declining tire volumes in North America.  The
company is addressing these trends through better pricing and by
transitioning toward a more favorable product mix. Volume declines in
original equipment tires reflect lower vehicle production, while lower
volumes for consumer replacement tire volumes include the impact of weaker
demand as well as Goodyear's decision to exit certain segments of the
low-margin private label tire business.  The planned closure of the Tyler
Texas plant after 2007, along with three other announced closures, should
allow Goodyear to reach its targeted capacity reduction for private label
tires and support its focus on higher-margin premium tires.

The Rating Outlook could eventually be changed to Stable once Goodyear
returns to normal operations and begins to realize expected cost
reductions.  Any upward revisions in the ratings and/or Outlook over the
longer term would also depend on the company's ability to generate
sufficient cash flow to reduce debt and leverage and its ability to
maintain its competitive position.  Cash flow should benefit from
Goodyear's expected cost savings that were announced concurrently with the
new labor union agreement.

However, ongoing cash requirements for capital expenditures and pension
contributions are substantial, and Goodyear's capacity to reduce debt may
be limited until market conditions improve and Goodyear makes further
progress in realizing projected cost savings.  The company estimates that
contributions to funded pension plans will total US$550 million to US$575
million in 2006, US$550 million to US$600 million in 2007 and US$200
million to US$250 million in 2008.  These cash requirements will be partly
offset by a reduction in OPEB cash outflows estimated by Goodyear at
US$145 million annually.

Goodyear's ongoing cost reduction efforts will be facilitated by its new
agreement with the USW.  The company has scheduled a conference call on
Jan. 9 in which it will address specifics of the new contract.  Under
Goodyear's cost reduction plan initiated in 2005, the company targeted
cost savings in excess of US$1 billion by 2008.

By comparison, the company estimates the new labor contract will support
savings, relative to costs in 2006, of US$610 million through 2009.  The
contract provides for a lower wage structure for new hires and more
flexibility in making productivity improvements.  These benefits should
support stronger operating results, but Goodyear still faces a highly
competitive environment in which its North American cost structure may
leave it at a disadvantage relative to its peers despite expected cost
reductions.  The new contract provides more job security for union workers
and provides for the closure of the Tyler, Texas plant at the end of 2007.
Goodyear will be required to make capital investments in USW plants of at
least US$550 million during the life of the labor contract.




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


SBARRO INC: Launches Tender Offer for 11% US$255MM Senior Notes
---------------------------------------------------------------
Sbarro, Inc., is offering to purchase for cash any and all of the
outstanding US$255,000,000 principal amount at maturity of 11% Senior
Notes due 2009 issued by it, on the terms and subject to the conditions
set forth in the Offer to Purchase and Consent Solicitation Statement
dated Jan. 8, 2007.

Sbarro is also soliciting consents to eliminate most of the restrictive
covenants in the indenture under which the Notes were issued.

On Nov. 22, 2006, Sbarro and its shareholders entered into a definitive
agreement with MidOcean SBR Holdings LLC -- an affiliate of MidOcean
Partners III, LP, aka MidOcean -- whereby MidOcean will acquire Sbarro.
In connection with the acquisition, Sbarro expects to enter into a new
US$150.0 million senior secured term loan facility and a new US$25.0
million senior secured revolving facility.  Sbarro expects to raise
US$150.0 million through the issuance of new senior unsecured notes.

Sbarro intends to use US$300.0 million of the additional cash available
from its new senior secured credit facilities and the issuance of new
senior unsecured notes to finance the acquisition and the tender offer.

The total consideration for each US$1,000 principal amount of the Notes
tendered and accepted for purchase pursuant to the tender offer will be
US$1,020.83.  Sbarro will pay accrued and unpaid interest up to, but not
including, the applicable payment date.  Each holder who validly tenders
its Notes and delivers consents on or prior to Jan. 22, 2007, shall be
entitled to a consent payment, which is included in the total
consideration above, of US$10 for each US$1,000 principal amount of Notes
tendered by such holder if such Notes are accepted for purchase pursuant
to the tender offer.  Holders who tender after the Consent Date, but prior
to the Expiration Date, shall receive the total consideration minus the
consent payment.  Holders who tender Notes are required to consent to the
proposed amendments to the indenture.

The tender offer by Sbarro will expire at midnight, New York City time, on
Feb. 6, 2007, unless extended or earlier terminated by Sbarro.  The
consent solicitation will expire on the Consent Date, unless extended.

Tenders of Notes prior to the Consent Date may be validly withdrawn and
consents may be validly revoked at any time prior to the Consent Date, but
not thereafter unless the tender offer and the consent solicitation are
terminated without any Notes being purchased.  Sbarro reserves the right
to terminate, withdraw or amend the tender offer and consent solicitation
at any time subject to applicable law.

Sbarro expects to pay for any Notes purchased pursuant to its tender offer
and consent solicitation in same-day funds on a date promptly following
the Expiration Date.  Sbarro may accept and pay for any Notes tendered
prior to the Consent Date at any time after the Consent Date, in its sole
discretion.

Sbarro's tender offer is subject to the conditions set forth in the Offer
Document, including the receipt of consents of the holders representing at
least a majority in aggregate principal amount of the Notes outstanding
under the indenture, consummation of the acquisition of Sbarro by MidOcean
and Sbarro obtaining the financing necessary to pay for the Notes and
consents in accordance with the terms of the tender offer and consent
solicitation.

Sbarro has retained Credit Suisse Securities (USA) LLC and Banc of America
Securities LLC to act as Dealer Managers and Solicitation Agents in
connection with the tender offer and consent solicitation.  Questions
about the tender offer and consent solicitation may be directed to:

           Credit Suisse Securities (USA) LLC
           Phone: (800) 820-1653 (toll free)
                  (212) 325-7596 (collect)

                        or

           Banc of America Securities LLC
           Phone: (888) 292-0070
                  (704)-388-9217 (collect).

Copies of the Offer Document and other related documents may be obtained
from the information agent for the tender offer and consent solicitation
at:

           DF King & Co., Inc.
           Phone: (800) 290-6426 (toll free)
                  (212) 269-5550 (collect).

Headquartered in Melville, New York, Sbarro, Inc. is a quick
service restaurant chain that serves Italian specialty foods.  As of Oct.
8, 2006, the company owned and operated 479 and franchised 476 restaurants
worldwide under brand names such as "Sbarro," "Umberto's," and "Carmela's
Pizzeria".  The company also operated 25 other restaurant concepts and
joint ventures under various brand names.  The company announced on
June 19, 2006, its internationalexpansion by opening more than 25
restaurants in Guatemala, El Salvador, Honduras, The Bahamas and Romania.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 30, 2006, Moody's
Investors Service affirmed Sbarro Inc.'s Caa1 corporate family and senior
unsecured ratings and changed the outlook to developing from positive3
following the announcement that it had entered into an agreement to be
acquired by private entity firm, MidOcean Partners, LLC for cash
consideration of US$417 million less adjusted debt.




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


DIRECTV GROUP: S&P Holds Corporate Credit Rating at BB
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on satellite
direct-to-home TV provider The Directv Group Inc., including the 'BB'
corporate credit rating.

The outlook is stable.

The affirmation comes after the recent report that Liberty Media LLC would
be acquiring News Corp.'s 38.4% interest in El Segundo, California-based
Directv, in a transaction valued at approximately US$11 billion.

"Liberty's CEO has publicly stated that Directv's balance sheet, currently
modestly leveraged and having US$2.3 billion in cash and short-term
investments, could handle more debt," said Standard & Poor's credit
analyst Naveen Sarma.

"However, our affirmation of the ratings on Directv is based on our belief
that, though Liberty will be Directv's largest shareholder and will have
board representation, it will only have influence over, not direct control
of, Directv's financial policy."

Conversely, although the rating agency recognizes that Directv is a
significant investment for Liberty, Standard & Poor's views it as only
part of Liberty's investment portfolio.

Accordingly, Standard & Poor's does not impute credit support to Directv
from its higher rated, prospective major shareholder.

Despite modest leverage, the 'BB' corporate credit rating on Directv is
constrained by business risk.  The rating reflects the intensely
competitive U.S. pay-TV industry and some concern about the company's
longer-term competitive position arising from its inability to provide the
high-speed data, voice, and advanced two-way video services available from
cable TV companies and likely to be offered by telephone companies over
the next few years.

Tempering factors include healthy subscriber growth, scale advantages from
the company's position as the second-largest multichannel TV provider,
modest leverage, significant cash and growing, sizable discretionary cash
flow.


FORD MOTOR: Partners with Microsoft on In-Car Digital Systems
-------------------------------------------------------------
Ford Motor Company has launched a new factory-installed, in-car
communications and entertainment system that is designed to change the way
consumers use digital media portable music players and mobile phones in
their vehicles.

The Ford-exclusive technology based on Microsoft Auto software, called
Sync, provides consumers the convenience and flexibility to bring into
their vehicle nearly any mobile phone or digital media player and operate
it using voice commands or the vehicle's steering wheel or radio controls.

Sync offers consumers two ways to bring electronic devices into their
Ford, Lincoln, and Mercury vehicles and operate them seamlessly through
voice commands or steering wheel controls:

   * Bluetooth, for wireless connection of phones and phones
     that play music.

   * A USB 2.0 port for command and control and charging of
     digital media players -- including the Apple iPod and
     Microsoft Zune -- as well as PlaysForSure music devices and
     most USB media storage devices.  Supported formats include
     MP3, AAC, WMA, WAV, and PCM.

Sync will debut this calendar year on the 2008 Ford Focus, Fusion, Five
Hundred, Edge, Freestyle, Explorer, and Sport Trac; Mercury Milan,
Montego, and Mountaineer; and Lincoln MKX and MKZ.  The technology will be
on all Ford, Lincoln, and Mercury vehicles in the near future.

"Ford and Microsoft share a vision for a future where drivers are safely
connected to the people, information and entertainment they care about
while they are on the road," Microsoft Corporation Chairman Bill Gates
said.

                    About Ford Motor Co.

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

                        *    *    *

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

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

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


FOREST OIL: S&P Affirms BB- Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit
rating and 'B-2' short-term rating on oil and gas exploration and
production company Forest Oil Corp. following the company's announcement
that it is acquiring The Houston Exploration Co. for US$1.5 billion plus
US$100 million of assumed net debt.  The outlook remains negative. Pro
forma for the financing of the acquisition, Denver, Colorado-based Forest
will have US$1.8 billion in debt.

"We continue to view Forest's business risk profile as weak," said
Standard & Poor's credit analyst David Lundberg.  "While the pro forma
company will be large relative to its 'BB-' rated peers, we have had
concerns with both Forest's and Houston Exploration's operating
performance," Mr. Lundberg continued.

The outlook is negative.  While Forest's operations did improve in 2005
and 2006, its financial leverage measures continue to be a concern.  For
the outlook to be revised to stable, we would need to see the proceeds of
the expected Alaska subsidiary sale used to pay down debt, satisfactory
year-end operational results for Forest, and satisfactory operating
performance for the combined company following the consummation of the
Houston Exploration acquisition.

A negative rating action could result if the sale of the Alaska
subsidiary becomes unduly prolonged or if sale proceeds are not used to
pay down debt.  Poorer-than-expected operating results could also pressure
ratings.

Forest Oil Corp. -- http://www.forestoil.com/-- is engaged
in the acquisition, exploration, development, and production of
natural gas and crude oil in North America and selected
international locations.  Forest's principal reserves and
producing properties are located in the United States in the Gulf of
Mexico,Alaska, Louisiana, Oklahoma, Texas, Utah, and Wyoming, and in
Canada. Forest's common stock trades on the New York Stock Exchange under
the symbolFST.


GENERAL MOTORS: Highland Rival Offer Could Delay Delphi Deal
------------------------------------------------------------
Delphi Corp. and General Motors Corp.'s reorganization deal with Appaloosa
Management LP and Cerberus Capital Management could be delayed by a rival
offer from Highland Capital Management LP, Reuters quotes Rick Wagoner,
GM's CEO, as saying.

Under Appaloosa and Cerberus' US$3.4 billion offer, GM will receive 7
million shares of Reorganized Delphi's common stock, US$2.63 billion in
cash, and a release of claims by Delphi against GM.

Highland's proposed funding fund, on the other hand, amounts to
approximately US$4.7 billion.

Delphi became a fully independent company on May 28, 1999, after it was
spun-off from GM.

                     About Delphi Corp.

Troy, Mich.-based Delphi Corp. -- http://www.delphi.com/--
is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The Company's technology and
products are present in more than 75 million vehicles on the road
worldwide.  The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr., Esq., John
K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represent the Debtors in their restructuring efforts.  Robert
J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at
Latham & Watkins LLP, represents the Official Committee of Unsecured
Creditors.  As of Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total debts.

                About General Motors Corp.

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

                        *    *    *

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

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


GENERAL MOTORS: Awards Lithium-Ion Battery Development Contracts
----------------------------------------------------------------
General Motors Corp. has awarded advanced battery development contracts to
two suppliers to design and test lithium-ion batteries for use in the
Saturn Vue Green Line plug-in hybrid SUV.

One contract has been awarded to Johnson Controls - Saft Advanced Power
Solutions LLC, a joint venture between Tier 1 automotive supplier Johnson
Controls and Saft.

Another agreement was signed with Cobasys, in partnership with
A123Systems.  Cobasys, based in Orion, Mich., is a joint venture between
Chevron Technology Ventures LLC, a subsidiary of Chevron Corp., and Energy
Conversion Devices Inc.  A123Systems, based in Watertown, Mass., is a
manufacturer of high power lithium-ion batteries.

The two test batteries, one from Cobasys - A123Systems and the other from
Johnson Controls - Saft, will be evaluated in prototype Saturn Vue Green
Line plug-in hybrids beginning later this year.  While both are
lithium-ion batteries, the chemistry differs significantly.  The suppliers
also use unique methods in the design and assembling of the battery packs.

GM announced in November at the 2006 Greater Los Angeles Auto Show its
intention to produce a Saturn Vue Green Line plug-in hybrid that has the
potential to achieve double the fuel efficiency of any current SUV.

In addition to plug-in technology and a lithium-ion battery pack when
ready, the Vue Green Line will use a modified version of GM's 2-mode
hybrid system, powerful electric motors and highly efficient electronics
to achieve significant increases in fuel economy.

GM is co-developing the 2-mode hybrid system with DaimlerChrysler and BMW
Group for use in front-, rear- and four-wheel drive applications in an
array of car and truck models.  The 2-mode system debuts later this year
in the Chevrolet Tahoe/GMC Yukon Hybrid SUVs.

                 About Johnson Controls Inc.

Johnson Controls Inc., headquartered in Milwaukee, Wis., had sales of
US$32 billion in fiscal year 2006 and employs approximately 136,000
people.  Johnson Controls' power solutions business provides more than 110
million starter batteries globally each year.

             About Saft Advanced Power Solutions

Saft Advanced Power Solutions LLC, headquartered in Paris, employs 4,000
people and had annual sales of more than US$700 million in 2005.  Saft is
a world leader in high performance batteries and has a decade of
experience in lithium-ion development and manufacturing.  Saft provided
lithium-ion batteries for the Chevrolet Sequel fuel cell concept vehicle.

             About Johnson - Saft Joint Venture

Saft and Johnson Controls formed the battery joint venture last year.
Now, more than 150 people work for the joint venture, based also in
Milwaukee.

                        About Cobasys

Cobasys has facilities in both Michigan and Ohio with approximately 400
employees to the design, manufacture and integrate advanced energy storage
systems for both transportation and stationary power markets.  It's
headquarters features one of the world's largest Energy Storage System
development and test facilities required for the validation of battery
systems.  Cobasys is presently supplying nickel-metal hydride systems for
the Saturn Vue Green Line hybrid SUV and will be supplying NiMH systems
for the 2007 Saturn Aura Green Line hybrid sedan.

                     About A123Systems

A123Systems, which employs 250 people, was started in 2001 to
commercialize technology developed at the Massachusetts Institute of
Technology.  A123Systems has quickly grown to be one of the world's
largest suppliers of high power lithium-ion batteries.  By the end of
2007, A123Systems will have the annual capacity to make 20 million
lithium-ion batteries for use in power tools.  It also sells batteries for
stationary backup power, jet engine auxiliary power units, and hybrid
trucks and buses.

                 About General Motors Corp.

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

                        *    *    *

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

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


GRUPO TMM: Mexican Supreme Court Rejects Tax Deduction Request
--------------------------------------------------------------
Published reports say that Mexico's Supreme Court has rejected Grupo TMM's
request for MXN589 million in tax deductions.

Business News Americas relates that Grupo TMM claimed that the fines it
had to pay to foreign investors over the last year for non-compliance were
tax-deductible operating expenses.

According to BNamericas, Grupo TMM's non-compliance fines were the result
of neglecting dividend payments on bonds that it emitted on the New York
Stock Exchange, due to a lack of liquidity.

BNamericas underscores that the Supreme Court disagreed with Grupo TMM's
argument, saying that the finance and public credit ministry was entitled
to the revenue.  Under a bill introduced by finance minister Jose Ramon
Cossio, fines and penalties for non-compliance could not be considered
operating expenses.  The court said that costs emanating from penalties of
contractual nature are not necessarily linked with the generation of
income.

"Thus we cannot deduce [from the law] the need for them to be recognized
as deductible expenditures," BNamericas says, citing the court.

BNamericas emphasizes that in September 2005, Grupo TMM reached an accord
with the Mexican government, in which the group received MXN2.11 billion
in value-added deductions.

Meanwhile, Grupo TMM received 1.5 million shares of Kansas City Southern
aka KCS in exchange for its stake in TFM, which is now KCS's Mexican
subsidiary KCSM.  KCS filed with US Securities and Exchange Commission to
register these shares with Grupo TMM, BNamericas states.

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX VALORIS: TMMA)
-- http://www.grupotmm.com/-- is a Latin American multimodal
transportation and logistics company.  Through its branch offices and
network of subsidiary companies, TMM provides a dynamic combination of
ocean and land transportation services.

                        *    *    *

Moody's Investors Service placed these ratings on Grupo TMM:

          -- Caa1 long-term foreign currency corporate family
             rating, and

          -- Caa1 long-term foreign currency issuer rating.

Moody's sad the outlook is negative.

                        *    *    *

Standard & Poor's Ratings Services raised its corporate credit rating on
Grupo TMM SA to 'B-' from 'CCC.'  S&P said the outlook is positive.


HERBALIFE LTD: Expects Higher Sales for 2006 Fourth Quarter
-----------------------------------------------------------
Herbalife Ltd. anticipates reporting record net sales between US$482.7
million and US$484.7 million for its fourth quarter ended Dec. 31, 2006,
when it files its annual report on Form
10-K in late February 2007, reflecting a year-over-year increase between
18.0% and 18.5%.

The expected net sales results reflect strong double-digit growth in the
U.S., Mexico and several South American and Southeast Asian markets.

"Our distributors had a tremendously successful year expanding their
businesses into new markets and more deeply penetrating existing markets,"
said Michael O. Johnson, the company's chief executive officer.  "As a
result, we believe the 2006 goal of exceeding US$3.0 billion in retail
sales has been achieved," he continued.

Based on its expected net sales growth, the company anticipates that
fourth quarter 2006 diluted earnings per share will be within its
previously announced range of US$0.52 to US$0.55, excluding expenses
associated with its realignment for growth initiative.

                       2007 Guidance

Based upon its preliminary fourth quarter 2006 financial results, the
company is updating its full year 2007 guidance to reflect current
business trends and is also providing first quarter 2007 guidance.

For the full year 2007, the company is reaffirming its previously
announced diluted earnings per share guidance of US$2.40 to US$2.47,
excluding expenses associated with its realignment for growth initiative.
This guidance reflects net sales growth of between 6.0% and 10.0%
(compared with 10.0% to 15.0% initially issued on Nov. 6, 2006), coupled
with improved operating margins and a lower effective tax rate.

The company's outlook for net sales growth in 2007 reflects current
business trends, primarily slower than expected net sales growth in
Mexico.  The company expects the adverse impact on overall 2007 net sales
growth from this recent trend in Mexico will be partially offset by net
sales growth in several other countries, primarily the U.S.

The company is also providing first quarter 2007 guidance with expected
net sales growth in the range of between 6.0% and 10.0%, an effective tax
rate between 35.0% and 36.0% and diluted earnings per share guidance in
the range of US$0.50 to US$0.55, excluding expenses associated with its
realignment for growth initiative.

                    About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                        *    *    *

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


NEWPARK RESOURCES: Secures New US$100MM Revolving Line of Credit
----------------------------------------------------------------
Newpark Resources Inc. has secured a new US$100 million revolving line of
credit with its current bank group led by JP Morgan Chase Bank, N.A.

The new facility replaces the company's current revolving credit facility
of US$70 million.  The maturity date of the new facility is June 25, 2011,
which is a three-year extension of the current facility.  Additionally,
the company may elect to increase the facility, subject to approval by the
board of directors and the bank group, by US$30 million.

Paul Howes, president and chief executive officer, stated, "This new
revolving credit facility gives us the liquidity and flexibility to
capitalize on the robust drilling market and pursue opportunities in our
businesses, both domestically and internationally, over the next several
years."

Additionally, the company disclosed that all items voted upon at its Dec.
28, 2006, shareholder meeting were approved.  The items were the election
of nine directors, approval of the 2006 Equity Incentive Plan, approval of
an amendment to the 1999 Employee Stock Purchase Plan and ratification of
the appointment of Ernst & Young LLP as the company's independent auditor
for 2006.

Newpark Resources, Inc., (NYSE: NR) -- http://www.newpark.com/
-- is a worldwide provider of drilling fluids,environmental
waste treatment solutions, and temporary worksites and access
roads for oilfield and other commercial markets in the United
States Gulf Coast, west Texas, the United States Mid-continent,
the United States Rocky Mountains, Canada, Mexico, and areas of
Europe and North Africa.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service confirmed Newpark Resources Inc.'s B1 Corporate
Family Rating and its B2 rating on the company's Senior Secured Guaranteed
Term Loan B in connection with the rating agency's implementation of its
new Probability-of-Default and Loss-Given-Default rating methodology.


* LA BARCA: Moody’s Assigns B1 Global & Local Currency Rating
-------------------------------------------------------------
Moody's assigned issuer ratings of Baa2.mx and B1 Global and local
currency Ratings to the Municipality of La Barca.  The ratings are based
on the city's weak financial performance and growing debt levels.

The ratings also reflect the application of Moody's Joint Default Analysis
rating methodology for regional and local governments, and include the
following inputs:

   1) Baseline Credit Assessment of 14 on a scale of 1 to 21,
      where 1 represents the lowest credit risk;

   2) The credit risk profile of the State of Jalisco;

   3) 90% default dependence; and

   4) 20% probability that the state government would act
      to prevent a default by the city.

Located southeast of the city of Guadalajara, state capital of Jalisco,
the city of La Barca is adjacent to Chapala Lake, one of the largest lakes
in Mexico.  In terms of employment, the trade and services sector
predominates, accounting for 54% the active population, followed by the
primary sector at 23%.

In the last three years La Barca has recorded financing deficits averaging
10% of total revenues, mainly as a result of the large share of revenues
absorbed by operating costs.  In 2005, the financing deficit -- 8% of
total revenue -- was covered by borrowing, as in previous years.

Operating results were negative in 2003 and 2005.  Operating revenues in
2005 of MXN$74 million pesos were not sufficient to cover current
expenditures that totaled MXN$76 million pesos.  This same fiscal
imbalance was posted in 2003 when an operating deficit equal to 2% of
operating revenues was recorded.

Own-source revenue has been growing well, accounting for 28% of the total
in 2005, up from 22% in 2003.  This reflects water fee collection
increases and payments received from the beneficiaries of public works.
Nevertheless, the property tax contribution to own-source revenues has
been limited as La Barca is below the median for cities rated by Moody's
in this category.

A portion of retirement benefits is paid by the city and the remainder by
the Instituto Mexicano del Seguro Social (IMSS).  In 2005, municipal
payments for retirement benefits — including contributions to IMSS —
absorbed 2% of total revenues, a manageable figure.

The municipal water system represents a significant financial burden for
the city.  The water company, SIBAPAS, is not self-supporting: water fees
have been insufficient to cover operating expenditures, much less capital
needs.

The municipality's debt has increased notably over the last three years,
reflecting the cost of its capital program as well as operating margins,
which were negative in two years and narrow in one.  The debt balance at
year-end 2005 accounted for 42% of total revenues, in comparison to 25% in
2003.  At year-end 2006, the debt balance is expected to increase to
MXN$42 million pesos, equal to 52% of budgeted revenues.  This high level
of public debt reduces the ability of future administrations to borrow.
Moreover, it commits a significant amount of resources to debt service,
which is difficult to cover with the city's narrow operating margins.
Debt service, which in 2003 was 4% of total revenues, increased
significantly to 8% in 2005.  With the borrowing authorized for 2006 -- to
be used to refinance current debt, create a reserve fund, and make
acquisitions -- projected debt service would reach about 9% of revenues in
2007.

The operating environment in Mexico is characterized by low GDP per
capita, high economic volatility and a low ranking on the World Bank's
Government Effectiveness Index, typical of many emerging markets countries
and suggesting elements of systemic risk.  In Mexico, most municipal
government revenues are derived from fiscal transfers, fostering an
institutional framework under which revenue flexibility is limited: most
municipalities exercise only limited discretion over the types of revenue
collected and the applicable rates.  In contrast to state governments,
whose spending flexibility is limited by the extensive earmarking of
federal transfers for education and health, municipalities are able to
exercise broader discretion over spending. As a result, most
municipalities borrow small or moderate amounts, and relatively few engage
in substantial borrowing.

Default dependence of 90% reflects the municipality's reliance on revenue
transfers from the federal government which flow through the state and
comprise more than half of operating revenues, own-source revenues
distinct from the higher level government's, and an economy integrated
with the state's.  The 20% probability of extraordinary support from the
state government reflects Moody's assessment of the tendency of state
governments to advance liquidity to their municipalities in times of need.


* MEXICO: Ministry Grants Banking License to UBS
------------------------------------------------
The Mexican ministry of finance has granted license to UBS, allowing the
firm to offer banking services in Mexico.  The firm will begin operations
early in the first quarter of this year.

Initially, UBS will offer cash, foreign exchange and debt products to
institutional investors in Mexico.  Additional products and services may
be offered in the future, both to institutional as well as individual
clients.

Andre Esteves, chairperson and chief executive of UBS Latin America, said,
"This license represents a significant step for UBS. Having operations in
Mexico and serving clientele here is an integral component of UBS’s
expansion into Latin America, and we are excited and optimistic about the
future of UBS in this country."

                         About UBS

UBS is one of the world’s leading financial firms, serving a discerning
global client base. As an organization, it combines financial strength
with an international culture that embraces change. As an integrated firm,
UBS creates added value for clients by drawing on the combined resources
and expertise of all its businesses.  UBS is present in all major
financial centers worldwide.  It has offices in 50 countries, with about
39% of its employees working in the Americas, 36% in Switzerland, 16% in
the rest of Europe and 9% in Asia Pacific.  UBS's financial businesses
employ around 75,000 people around the world.  Its shares are listed on
the SWX Swiss Stock Exchange, the New York Stock Exchange and the Tokyo
Stock Exchange.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating with stable outlook on the state of Mexico.




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


* NICARAGUA: Four Groups Join Exploration & Production Tender
-------------------------------------------------------------
Geothermal Director Ariel Zuniga at Instituto Nicaraguense de Energia, the
Nicaraguan energy regulator, told Business News Americas that four groups
have presented offers for an international geothermal exploration and
production tender.

Mr. Zuniga said that bidders include US geothermal power company Ormat and
Italian power firm Enel, BNamericas says.

According BNamericas, Instituto Nicaraguense has tendered these blocks:

          -- Volcan Casita-San Cristobal,
          -- Caldera de Apoyo, and
          -- Volcan Mombacho.

BNamericas underscores that the blocks have combined potential to generate
1.5 gigawatts.

Offers will be accepted until Feb. 15.  Instituto Nicaraguense will award
the contract in April, BNamericas states.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


* PANAMA: Sets Aside US$35 Million for Power Subsidies in 2007
--------------------------------------------------------------
The Panama presidential Web site posted that the government has allocated
US$35 million for power subsidies in 2007 for the nation's lowest income
groups.

Panamanian President Martin Torrijos told Business News Americas that the
current power subsidy is not fair, as it covers all consumers.

Of the 684,800 users that received subsidies last year, 66% were covered
100%.  The 66% represents customers that use up to 200 kilowatt per hour,
according to the Web site.

                        *    *    *

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




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


ADELPHIA COMMS: Plan Expected to Become Effective on January 17
---------------------------------------------------------------
The Honorable Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York has entered an order confirming the first
modified fifth amended joint Chapter 11 plan of reorganization of Adelphia
Communications Corp. and Certain Affiliated Debtors.

Under the Federal Rules of Bankruptcy Procedure, the order is subject to a
stay pending appeal, which will expire on
Jan. 16, 2007.  If no additional stay is issued, the ACOM Debtors expect
the Plan to become effective on Jan. 17, 2007.

The Plan was jointly proposed by the ACOM Debtors, the Official Committee
of Unsecured Creditors, and bank lender agents Wachovia Bank, N.A., the
Bank of Montreal, and the Bank of America, N.A.

The ACOM Debtors intend to set the close of business on
Jan. 10, 2007, as the record date for distributions for holders of claims
in the Bank Claims Classes, Trade Claims Classes, and Other Unsecured
Claims Classes.

The ACOM Debtors also intends to set the record date for holders of claims
in Notes Claims Classes and holders of Equity Interests as the close of
business on Jan. 17, 2007.

The record dates are subject to change if the Plan is not effective on or
about Jan. 17, 2007.

Judge Gerber had said, in a 267-page bench decision, that he is confirming
the Plan.

The Plan will distribute the approximately US$15,000,000,000 in value
remaining after the ACOM Debtors sold substantially all of their assets to
Time Warner and Comcast, and after the distribution of the first
US$2,600,000,000 in value under the confirmed Joint Venture Plan of
Reorganization for the Century-TCI and the Parnassos Debtors.

The Debtors' counsel -- Marc Abrams, Esq., at Willkie Farr & Gallagher
LLP, in New York -- and the Creditors Committee's counsel -- David
Friedman, Esq., at Kasowitz, Benson, Torres & Friedman LLP, in New York --
advised the Court that creditors have overwhelmingly voted to accept the
Fifth Amended Plan.

Judge Gerber accedes that the Fifth Amended Plan has secured the assent of:

   (a) over US$10,000,000,000 in claims, representing
       approximately 84% of the claims in the ACOM Debtors'
       Chapter 11 cases;

   (b) in both number and amount, of "30 of the 30 classes" who
       voted on the Plan.

After having reviewed all of the requirements of Section 1129, the
reasonableness of the settlement of the interdebtor disputes, Judge Gerber
has determined that the Plan fully conforms to the requirements of the
Bankruptcy Code.

                   No Cramdown Situation

Judge Gerber notes that satisfaction of some of the Section 1129(a)
requirements is disputed in connection with the Plan. Section 1129(a),
Judge Gerber explains, has two requirements for ensuring that the Plan has
the requisite support:

   (a) Section 1129(a)(10) provides that if any class of claims
       is impaired under the Plan, at least one class of claims
       has accepted it, without including any acceptance by an
       insider; and

   (b) Section 1129(a)(8) requires that all of the classes of
       impaired claims and interests have accepted the Plan.

However, Section 1129(b) states that if the only deficiency in the plan is
the inability to satisfy Section 1129(a)(8), the plan can be confirmed if
the additional requirements of Section 1129(b) are satisfied.  Those
requirements include, most significantly, that the plan "does not
discriminate unfairly," and that it be "fair and equitable", Judge Gerber
states.  This scenario is colloquially referred to as "cramdown."

In accordance with the decision in Heins v. Ruti-Sweetwater, Inc. (In re
Ruti-Sweetwater, Inc.), 836 F.2d 1263 (10th Cir. 1988), Judge Gerber rules
that the 30 of 30 accepting classes satisfy Section 1129(a)(8).  Thus, a
cramdown situation does not exist, and the additional requirements of
Section 1129(b) are inapplicable, Judge Gerber declares.

                  Propriety of Settlement

Judge Gerber notes that Section 1123(b)(3), which describes what a plan
may contain, expressly includes settlements.

The Settlement of Intercreditor Issues that the Plan contains is one of
its most important, and controversial features, Judge Gerber says.  All
parties agree that while a plan may contain a settlement, that settlement
must pass muster for fairness, under standards articulated by the Supreme
Court, the Second Circuit and lower courts.

The Plan has been vigorously opposed by a group of bondholders of Senior
Notes of Adelphia Communications Corp. who "vociferously" oppose the
Settlement, Judge Gerber notes.  The ACC Bondholders have argued that the
Plan is unconfirmable notwithstanding the overwhelming support for it.

The Plan Proponents have contended that months of exposure to the Motion
in Aid litigation in connection to the Intercreditor Issues, and the
events that preceded it, dramatically increased Judge Gerber's ability to
understand the issues and to form informed views as to the MIA's outcome
possibilities and settlement fairness.

In response, the ACC Bondholders asserted that Judge Gerber must examine
the controversy as if he was a "visiting judge" who had come in to the
case as an outsider, and had read only the record.

The ACC Bondholders are:

        -- Aurelius Capital Management, LP,
        -- Catalyst Investment Management Co., LLC,
        -- Drawbridge Global Macro Advisors LLC,
        -- Drawbridge Special Opportunities Advisors LLC,
        -- Elliott Associates, LP,
        -- Farallon Capital Management LLC,
        -- Noonday Asset Management LP, and
        -- Perry Capital LLC;

Judge Gerber disagrees with the ACC Bondholders' argument because it runs
flatly inconsistent with the long-time practice in judicial consideration
of settlements and if ever accepted, would represent a sea of change in
the manner in which settlements are evaluated -- requiring the individual
with more knowledge than anyone of the propriety of the settlement to
abandon the benefits of his or her expertise with respect to the matter to
be decided.

According to Judge Gerber, the approval of settlements is a matter within
the discretion of the bankruptcy court.  The exercise of discretion, at
least in the context of settlements, typically involves consideration of
the applicable law with respect to the underlying issues to be litigated,
the facts that are put forward or alleged with respect to the underlying
controversy, and the consideration of judicially prescribed factors to be
taken into account in exercising one's discretion for considering approval
of the settlement.

In the bankruptcy context, Judge Gerber adds, it also includes judicial
experience, knowledge of the past proceedings in the case and the
alternatives for its future, and consideration of what is best for the
future of the parties and the estate.

Judge Gerber states that there is nothing in the law that requires a court
approving a settlement to approach the case with blinders, and to
disregard its knowledge of the case, and the litigants' "strategies,
positions and proofs."

A. Assent to Settlement

Judge Gerber rejects the ACC Bondholders' contentions that:

   (a) only the now-dormant ACC Senior Notes Committee was
       empowered to propose the Settlement;

   (b) only an "independent fiduciary" could propose the
       Settlement; or

   (c) nobody could propose the Settlement.

Judge Gerber further rejects the ACC Bondholders' argument that the ACOM
Debtors, with the assent of the affected classes, did not have the power
to propose the Settlement.

Judge Gerber contends that the ACOM Debtors have always had the rights of
debtors and debtors-in-possession, which include the right to propose
settlements in a reorganization plan, under Section 1123(b)(3), or under
Rule 9019 of the Federal Rules of Bankruptcy Procedure.

Judge Gerber also notes that Tudor Investment Corporation and Highfields
Capital originally were designated by the ACC Senior Noteholders Committee
to be its representatives in the MIA negotiations, and were the earliest
members of the ACC Senior Noteholders Committee to negotiate a settlement
of MIA issues.
They had participated in the settlement discussions with the knowledge of
most of the other members of the ACC Senior Noteholders Committee.

However, Tudor and Highfields executed a Plan Agreement with, among
others, the ACOM Debtors.  Tudor and Highfields each were acting in its
individual capacity, and not in a fiduciary capacity as an authorized
representative of any other ACC senior bondholders -- including the ACC
Senior Noteholders Committee.

"[W]ith the ACC Senior Noteholders Committee having split and become
disabled, and with at least some members now believing that the Settlement
would be a good thing, it is ludicrous to believe that dissenters on that
committee could prevent ACC Senior Noteholders from considering the
Settlement proposal,"
Judge Gerber says.

Judge Gerber relates that counsel for Tudor and Highfields determined at
closing arguments during the Confirmation Hearing that the ACC
Bondholders, the objectors to the Settlement, are not an official
committee and "do not have ... standing to hold the majority of the ACC
noteholders hostage to their own desires..."

With regards to the ACC Bondholders' argument that only an independent
ACOM fiduciary could propose the Settlement if the now-paralyzed ACC
Senior Noteholders Committee didn't support it, Judge Gerber asserts that
it misses the mark in several respects:

   (a) he has previously ruled that it was unnecessary to
       appoint trustees or nonstatutory fiduciaries to deal with
       the conflicts resulting from the MIA; and

   (b) the ACC Senior Noteholders Committee, before it split,
       had taken exactly the opposite position.

B. Settlement Analysis

In reviewing a compromise, a bankruptcy court need not be aware of or
decide the particulars of each individual claim resolved by the settlement
agreement, or "assess the minutia of each and every claim," Judge Gerber
explains.  Rather, the court "need only canvass the issues and see whether
the settlement falls 'below the lowest point in the range of
reasonableness.'"

The expense and delay occasioned by a continued litigation of the MIA
would prejudice many parties-in-interest, most particularly, the creditors
of ACOM.  As the MIA continued, administrative expenses would continue to
accrue or have to be paid in cash.  Interest on secured bank debt would
have to continue to be paid.

After looking initially solely at the Settlement's economic terms, Judge
Gerber finds that the Settlement is plainly reasonable, well within the
range of reasonableness, fair and equitable, and in the best interests of
the ACOM estate.

              Classification of Certain Claims

The ACC Bondholders have objected to classification of ACC Trade Claims
and Allowed Other Unsecured Claims in two separate classes, arguing that
creditors comprising either class are general unsecured creditors of equal
rank and priority.  The ACC
Bondholder Group further argued that the placement of the those claims in
two separate classes is arbitrary, and suggested that the only reasonable
conclusion for segregating these substantially similar claims into two
classes is the Plan Proponents' desire to gerrymander an accepting
impaired class of ACC claims.

In response, the Plan Proponents ask the Court to reject allegations of
gerrymandering, arguing that Claims and Equity Interests were not
classified separately "solely to create an impaired assenting class".
Rather, they argue, the Plan's classification structure was created with a
view towards recognizing and respecting legal rights and obligations, and
maximizing and protecting value for all creditors of each of the Debtors.

Judge Gerber points out that although Section 1122(a), by its terms,
doesn't require that all similarly situated claims be classified together,
rulings in In re One Times Square Assocs. Ltd. P'ship, 159 B.R. 695, 703
(Bankr. S.D.N.Y. 1993), has made clear that separate classification of
substantially similar unsecured claims is permissible only when there is a
reasonable basis for doing so or when the decision to separately classify
"does not offend one's sensibility of due process and fair play."

When considering assertions of gerrymandering, courts in the Second
Circuit in Boston Post Rd. Ltd. P'ship v. FDIC (In re Boston Post Rd. Ltd.
P'ship), 21 F.3d 477, 483 (2d Cir. 1994), have inquired whether a plan
proponent has classified substantially similar claims in separate classes
for the sole purpose of obtaining at least one impaired assenting class,
Judge Gerber states.

Judge Gerber notes that the classification structure in the Plan is based
on the requirement that the ACOM Debtors recognize:

   (a) the similar legal character of the claims and equity
       interests grouped together; and

   (b) the different legal character of those Claims and Equity
       Interests that are classified separately.

Accordingly, Judge Gerber finds that the Plan complies with Section 1122
of the Bankruptcy Code and relevant Second Circuit case law.

               Plan Proposed in Good Faith

Judge Gerber finds that the Plan plainly satisfies Section 1129(a)(3),
which requires the Plan to have been proposed in good faith and not by any
means forbidden by law.

"I have seen, first hand, how [the ACOM Debtors and the Creditors
Committee] have balanced . . . their responsibilities as fiduciaries to
maximize value and bring these cases to a successful end, with the demands
that have been placed upon them by feuding individual creditor groups with
parochial desires to maximize the return on their individual investments
in these cases," Judge Gerber relates.  "Likewise, the bank agents acted
vigorously, but always properly, in addressing the concerns in their
domain."

              Equal Treatment Under the Plan

The ACC Noteholders have argued that the solicitation process has been
irreparably tainted by offers of special consideration to some, but not
all members of the Senior Notes class.  Thus, they say, the Plan violates
Section 1123(a)(4).

Judge Gerber contends that neither the Bankruptcy Code nor its legislative
history precisely defines the standards of "equal treatment."  However,
courts in See In re AOV Industries Inc.,
792 F.2d 1140, 1154 (D.D.C. 1986), have held that the statute does not
require identical treatment for all class members in all respects under a
plan, and that the requirements of Section 1123(a)(4) apply only to a
plan's treatment on account of particular claims or interests in a
specific class -- not the treatment that members of the class may
separately receive under a plan on account of the class members' other
rights or contributions.

Judge Gerber notes that the exculpation and release provisions of the Plan
are separate and independent provisions negotiated and agreed to as part
of the Settlement -- available to any and all who also support the
Settlement.  All holders of ACC Senior Notes, including members of the ACC
Bondholders, were entitled to avail themselves of the protection afforded
by the release and exculpation provisions.

Thus, Judge Gerber finds that the exculpation and release provisions under
the Plan have no bearing on the Plan's treatment of claims.

Equal treatment of claims is all that is required by Section 1123(a)(4),
Judge Gerber explains.  "I hold that the treatment of each ACC Senior Note
claim under the Plan is the same whether the holder of [that] claim voted
to accept or to reject the Plan, and that the requirements of section
1123(a)(4) are satisfied."

                 Best Interests of Creditors

As opposed to the ACC Bondholders' contentions, Judge Gerber finds that
the Plan easily meets the requirements of the Best Interests test.

"No dissenting creditor is receiving less than it would receive in the
event of a liquidation of the Debtor against whom that creditor has a
claim," Judge Gerber states.

             Possible Payment More Than In Full

The bulk of the consideration that was paid for the Time Warner/Comcast
acquisition was in cash, but a major portion of it was in TWC stock --
whose value is in some respects subjective, and which is subject to
fluctuations in value.  Most unsecured creditors will be paid at least in
part in TWC stock.

Judge Gerber disagrees with the ACC Bondholders' contentions that some
creditors might be getting paid more than par plus accrued, due to the
increased value of TWC stock since the Sale Transaction, will be contrary
to law, and makes the Plan unconfirmable.

Among others, Judge Gerber points out that the "fair and equitable"
requirement of Section 1129(b) of the Code prohibits payment of more than
par plus accrued in any instance where Section 1129(b) applies, that is
any situation where cramdown is proposed.  However, there is no cramdown
situation in the ACOM Debtors' cases.

Judge Gerber adds that at the US$6,500,000,000 valuation for TWC stock
that he has found, dissenting creditors do much better under the Plan than
they would under a liquidation proceeding.

               Classes Where No Creditor Voted

Judge Gerber disagrees with the ACC Bondholders' argument that the Plan
Proponents had to proceed by cramdown because there were classes for six
ACOM Debtors wherein no creditor voted and they cannot be said to have
accepted the Plan.

Judge Gerber notes that the Plan adopts a presumption that if no holders
of Claims or Equity Interests eligible to vote in a particular Class vote
to accept or reject the Plan, the Plan will be deemed accepted by the
holders of those Claims or Equity Interests in that Class.  The
presumption was explicit and well advertised, appearing in both the Plan
and the Second Disclosure Statement Supplement.  Judge Gerber upholds the
Plan presumption with respect to the non-voting creditors in those
classes.

Judge Gerber points out that case law at the Circuit Court of Appeals
level -- "the only law at that high a level" -- supports the presumption.
He refers to the Ruti-Sweetwater case, in where the Tenth Circuit affirmed
a bankruptcy court's decision that "a non-voting, non-objecting creditor
who is the only member of a class . . . is deemed to have accepted the
Plan for purposes of [Section] 1129(b)."

                  Forfeited Rigas Sub Debt

The Plan cancels US$567,000,000 in Subordinated Note Claims purportedly
purchased by James Rigas and Michael Rigas that they later forfeited to
the U.S. Government under the ACOM Debtors' court-approved settlement with
the U.S. Department of Justice.  The Sub Debt class under the Plan covers
bona fide third-party holders of Sub Debt, but expressly excludes the
Rigas Sub Debt.  In connection with the confirmation of the Plan, Judge
Gerber has been asked to decide on the issue.

In a separate opinion, Judge Gerber has determined that the Rigas Sub Debt
was never validly issued, and was not the subject of an allowed claim and
to subordination provisions that would make it subject to turnover to more
senior debt.

Thus, Judge Gerber concludes, the Rigas Sub Debt was properly cancelled
under the Plan, and was not subject to turnover to holders of ACC Senior
Notes.

            Equity Committee's Objection to CVV

Judge Gerber finds that the Official Committee of Equity Security Holders'
various objections to confirmation, principally with respect to the
Contingent Value Vehicle, are without merit and will be overruled.

Judge Gerber disagrees, among others, with the Equity Committee's
arguments that:

   (a) the Court "lacks jurisdiction" to remove the Equity
       Committee as a plaintiff in the Bank Litigation, to
       transfer the Equity Committee claims to the CVV, or to
       substitute the CVV Trustees as plaintiffs, because the
       reference has been withdrawn;

   (b) the ACOM Debtors can't transfer the Equity Committee
       claims to the CVV; and

   (c) the Plan's proposed distribution of proceeds from the CVV
       violates the Absolute Priority Rule.

The Equity Committee also objects to the Plan provision providing that the
Equity Committee will terminate on the Plan's effective date, except for
the narrow purpose of final applications for fees.  Judge Gerber, however,
rules that the provision is entirely appropriate.

Judge Gerber says, "[t]he Equity Committee served responsibly and well.
But now its job is done."

                       Calyon Issues

Under the Bank Lenders' loan agreements, the secured bank lenders are
entitled to the repayment of their principal, interest, and attorneys
fees.  They also have a contractual right under their loan agreements to
indemnification for losses they may suffer in connection with their loans,
unless they are judicially determined to have acted in a way that would
disqualify them from that entitlement.

The Plan offers the bank lenders that are a party to the Bank Lenders
Action an additional US$80,000,000 -- which totals US$90,000,000 if
coupled with the Joint Venture Plan for the Parnassos and the Century-TCI
Debtors -- to pay their post-effective date indemnification claims.  The
amount is in addition to upwards of US$170,000,000 that has been paid to
the banks for their expenses through the effective date.  The amount is
satisfactory to all except for one of the approximately 400 bank lenders.

Calyon New York Branch has voted against the Plan and raised objections to
confirmation, notwithstanding the acceptance of the Plan by each of the
classes in which it is a member.

Calyon asserts that the amount it would get is insufficient to fund its
desired expenditures in its litigation defense, and that it must be
provided the funds, which would range from US$4,000,000 to US$39,000,000,
that it wishes to spend on the defense of the Bank Lenders Action.

Judge Gerber says that consistent with past practice in the Court and
elsewhere, he estimating Calyon's future expenses for the purposes of
establishing a fair reserve, and not for the purposes of ultimate
allowance.

With respect to estimation and the means to do it, Judge Gerber states
that he takes guidance from the decision in Ralph Lauren Womenswear, 197
B.R. 771 (Bankr. S.D.N.Y. 1996).  Neither the Bankruptcy Code nor the
Federal Rules of Bankruptcy Procedure prescribes any method for estimating
a claim.

"Here we are talking about a prediction as to the future, where the fact
that some future fees will have to be paid is certain (or nearly so), but
the amount is highly uncertain," Judge Gerber explains.  "There is also
uncertainty as to whether the future fees, to the extent incurred, will be
reasonable."

Judge Gerber states that Section 506(b) limits oversecured lenders' claims
for fees and costs to an amount sufficient to pay "reasonable" expenses.

The Plan Proponents propose to estimate Calyon's post-effective date
indemnification claims against the ACOM Debtors in an amount not to exceed
approximately US$632,000, which represents Calyon's pro rata share of the
US$12,000,000 LIF that was consensually established under the Plan for
Calyon and the other non-administrative agent banks.  However, Calyon
objects to its US$632,000 pro rata share of that US$12,000,000 fund.

After analyzing the record to determine a reasonable amount to reserve to
award Calyon for its LIF, Judge Gerber estimates Calyon's claim for
post-effective date indemnification claims to US$700,000, bringing its LIF
to a total of approximately US$1,330,000.

A full-text copy of Judge Gerber's 267-page Decision is available for free
at http://ResearchArchives.com/t/s?1823

A full-text copy of the proposed Confirmation Order is available for free
at http://ResearchArchives.com/t/s?1822

A full-text copy of Judge Gerber's Decision on Rigas Sub Debt is available
for free at http://ResearchArchives.com/t/s?1824

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates,
collectively known as Rigas Manged Entities, are entities that were
previously held or controlled by members of the Rigas family.  In March
2006, the rights and titles to these entities were transferred to certain
subsidiaries of Adelphia Cablevision, LLC.  The RME Debtors filed for
chapter 11 protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos.
06-10622 through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue No. 160; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ADELPHIA COMMS: Bondholders Object to 5th Amended Plan Changes
--------------------------------------------------------------
The ACC Bondholders Group objects to the proposed modifications to
Adelphia Communications Corp. and its debtor-affiliates' Fifth Amended
Plan of Reorganization.

The ACC Bondholders ask the U.S. Bankruptcy Court for the Southern
District of New York, based on the material nature of the modifications,
to either:

   (a) deny the proposed modifications and confirmation of the
       Plan; or

   (b) direct the Plan Proponents to re-solicit the votes of all
       ACOM creditors based on the modified form of Plan.

The ACC Bondholders are:

        -- Aurelius Capital Management, LP,
        -- Catalyst Investment Management Co., LLC,
        -- Drawbridge Global Macro Advisors LLC,
        -- Drawbridge Special Opportunities Advisors LLC,
        -- Elliott Associates, LP,
        -- Farallon Capital Management LLC,
        -- Noonday Asset Management LP, and
        -- Perry Capital LLC;

During the course of the confirmation hearing for the Fifth Amended Plan
of Reorganization, the Plan Proponents announced, "in various formats and
guises", several material modifications to the Plan that adversely impact
the ACOM creditors, relates Sylvia A. Mayer, Esq., at Weil, Gotshal &
Manges LLP, in New York, on behalf of a group of Adelphia Communications
Corp. bondholders.

Ms. Mayer asserts that the ACOM creditors who voted to accept the Plan
should be notified of the proposed Plan modifications, informed of the
higher valuation and intent to determine contractual subordination rights,
and afforded an opportunity to reconsider their acceptance.

Ms. Mayer argues that the modifications:

   (a) further reduce funds originally promised to be made
       available for the ACOM creditors, rather than set aside
       for various litigation indemnification funds, from
       US$175,000,000 to US$77,000,000 million;

   (b) continue to force the ACOM creditors to pay, out of the
       residual value otherwise available to them, the
       professional fees of other creditors whose interests are
       adverse to those of the ACOM creditors, and with no
       notice or opportunity to reconsider their vote, increase
       this requirement by US$4,175,000;

   (c) recognize the material undervaluation of the TWC Stock
       and attempt a purely cosmetic fix to bring the highest
       point under the collar in line with the Plan Proponents'
       own expert's valuation -- a valuation known by the
       Debtors, yet not disclosed, before the vote was complete;
       and

   (d) potentially strip all holders of ACOM Senior Notes of the
       benefit of contractual subordination provisions, without
       notice and an opportunity to be heard, in the context of
       the Plan.

Ms. Mayer asserts that other than announcements in open court and certain
Court filings, no notice has been given to the ACOM creditors, especially
to accepting ACC creditors, of the proposed modifications to the Plan,
which adversely impact their recoveries.

Ms. Mayer contends that while the ACC Bondholder Group actively
participated in the Confirmation Hearing as an objecting party and made
clear that each of its members voted to reject the Plan, other ACC
creditors -- particularly the ACC Accepting Creditors -- have not been
similarly involved.

Ms. Mayer points out that pursuant to Sections 1125 and 1127(a) of the
Bankruptcy Code and Rule 3019 of the Federal Rules of Bankruptcy
Procedure, those ACC creditors who voted to accept the Plan -- 10 to 20
days prior to any public announcement of the materially adverse Plan
modifications -- must be re-solicited.

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates,
collectively known as Rigas Manged Entities, are entities that were
previously held or controlled by members of the Rigas family.  In March
2006, the rights and titles to these entities were transferred to certain
subsidiaries of Adelphia Cablevision, LLC.  The RME Debtors filed for
chapter 11 protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos.
06-10622 through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue No. 160; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ADVANCED CARDIOLOGY: Case Summary & 20 Largest Unsecured Lenders
----------------------------------------------------------------
Debtor: Advanced Cardiology Center Corp.
        P.O. Box 1838
        Mayaguez, PR 00681-1838

Bankruptcy Case No.: 07-00061

Type of Business: The Debtor filed for chapter 11 protection on
                  April 2, 2004 (Bankr. D. P.R. Case No.
                  04-03656).

Chapter 11 Petition Date: January 8, 2007

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 607-3436

Estimated Assets: US$10 Million to US$50 Million

Estimated Debts:  US$10 Million to US$50 Million

Debtor's 20 Largest Unsecured Creditors:

  Entity                        Nature of Claim     Claim Amount
  ------                        ---------------     ------------
Department of Treasury of PR     Taxes, Interest    US$4,680,445
P.O. Box 9022501                 and Penalties
San Juan, PR 00902-2501

Internal Revenue Services        FICA- FUTA         US$2,236,501
Philadelphia, PA 19255

Guidant PR Sales Corp.           Trade                US$807,129
P.O. Box 916
San Juan, PR 00978

COSVI-Medicare                   Cost Report for      US$617,691
P.O. Box 363428                  2004, 2005, 2006
San Juan, PR 00936-3428

National Outpatient Resources    Collections from     US$522,630
Two Sound View Drive             Services provided
Suite 100
Greenwich, CT 06830

State Insurance Fund             Workmens' Compensation
P.O. Box 355028                  Insurance            US$446,503 San Juan,
PR 00936-5028

Western Medical Alliance         Trade                US$413,500
P.O. Box 195562
San Juan, PR 00936

Johnson & Johnson Med.           Trade                US$369,162
Caribbean
P.O. Box 4987
Caguas, PR 00726

JM Blanco, Inc.                  Trade                US$349,562
P.O. Box 71480
San Juan, PR 00936-8580

Info Medika Inc.                                      US$273,502
P.O. Box 11095
Caparra Heights Sta.
San Juan, PR 00922

Deya Elevator Services           Trade                US$255,342
P.O. Box 362411
San Juan, PR 00936

Boston Scientific                Trade                US$250,130
BBVA Building
1738 Amarillo Street, Suite 310
San Juan, PR 00926

Inst. Medicina De Emergencia     Services Provided    US$229,150
Urb. Borinquen Gardens

Atlantis Healthcare Group        Trade                US$203,114

Grupo Quirurgico Betances        Services Provided    US$190,000

Abbott Vascular                  Trade                US$135,168

Liberty Finance                  Insurance Financing  US$122,129

Pedro Ortiz Alvarez Law Office   Services Provided    US$118,216

Triple S, Inc.                   Group Health Insurance
                                                       US$94,648

The Loyalty Consulting Service   Services Provided     US$72,300


ADVANCED MEDICAL: S&P Places BB- Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings for Advanced Medical
Optics Inc., including the 'BB-' corporate credit rating, on CreditWatch
with negative implications, reflecting the company's intention to acquire
IntraLase Corp. for US$808 million.

"While the acquisition is strategically attractive, AMO is paying a high
multiple and using debt to finance the transaction," said Standard &
Poor's credit analyst Cheryl Richer.  "The company's limited debt capacity
within constraints of the current rating reflects the issuance of US$500
million of convertible debentures in mid 2006 to finance a share
repurchase program."

IntraLase provides a complementary technology to AMO's LASIK business: It
designs, develops, and manufactures a computer-controlled femtosecond
laser that replaces the hand-held microkeratome blade used during LASIK
surgery.  IntraLase's proprietary laser and disposable patient interfaces
are presently marketed throughout the US and 32 other countries.

AMO's largely stock-financed acquisition of VISX Inc. for US$1.4 billion
in May 2005 transformed it into the No. 1 laser vision correction (LVC)
player.  While LVC revenue growth has been bolstered by custom procedures,
AMO believes it can reinvigorate stagnant LASIK demand by providing the
more advanced femtosecond technology.

AMO holds leading positions in its three business
Segments -- cataract/implants, eye care, and LVC -- which accounted for
52%, 25%, and 23% of revenues for the first half of 2006, respectively.
Geographic diversity is demonstrated by the 57% of sales derived outside
the U.S.

Standard & Poor's will meet with management to review AMO's prospects for
success in the LASIK area and its ability to reduce debt in a timely
manner following the IntraLase acquisition to determine if a downgrade is
warranted. We anticipate that the rating, if lowered, would not fall by
more than one notch.

               About Advanced Medical Optics

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://wwwamo-inc.com/-- develops, manufactures
and markets ophthalmic surgical and contact lens care products.
AMO employs approximately 3,600 worldwide.  The company has
operations in 24 countries and markets products in 60 countries including
Puerto Rico and Brazil.


CENTENNIAL COMM: Posts US$33.4MM Net Loss in Qtr. Ended Nov. 30
---------------------------------------------------------------
Centennial Communications Corp. reported a US$33.4 million net loss for
the second fiscal quarter ended Nov. 30, 2006, compared with US$8.2
million of net income for the same period in 2005.

Centennial Communications Corp. reported income from continuing operations
of US$1 million for the second fiscal quarter of 2007 as compared to
income from continuing operations of US$9.9 million in the second fiscal
quarter of 2006.  The second fiscal quarter of 2007 included US$2.9
million of stock-based compensation expense.   Consolidated adjusted
operating income from continuing operations for the second fiscal quarter
was US$88.2 million, as compared with US$87.7 million for the prior-year
quarter.

"We have a strong history of growing retail cash flow in each of our
businesses, and continue to take important steps to reassert our market
leadership in both the U.S. and Puerto Rico," Centennial chief executive
officer Michael J. Small said.

"We operate great networks, have recently enhanced our direct distribution
channels and continue to showcase the continuity and power of our brand.
Our successful unlimited offering in Puerto Rico builds on our heritage of
bringing simplicity and value to our customers."

Centennial reported fiscal second-quarter consolidated revenue from
continuing operations of US$229.2 million, which included US$121.5 million
from U.S. wireless and US$107.7 million from Puerto Rico operations.
Consolidated revenue from continuing operations grew 6 percent versus the
fiscal second quarter of 2006.  The company ended the quarter with
1,058,700 total wireless subscribers, which compares with 992,200 for the
year-ago quarter and 1,041,500 for the previous quarter ended
Aug. 31, 2006.  The company reported 387,500 total access lines and
equivalents at the end of the second fiscal quarter, which compares with
324,100 for the year-ago quarter.

U.S. wireless operations revenue was US$121.5 million, a 10% increase from
last year's second quarter.  Retail revenue increased 17% from the
year-ago period primarily driven by a 9% increase in total retail
subscribers, and supported by strong feature, data and access revenue.
Roaming revenue decreased 21% from the year-ago quarter as a result of a
20% decline in total roaming traffic.

Puerto Rico wireless operations were US$78.9 million, unchanged from the
prior-year second quarter.

Puerto Rico broadband operations were US$31.8 million, an 11%
year-over-year increase.

               About Centennial Communications

Headquartered in Wall, New Jersey, Centennial Communications Corp.
(NASDAQ: CYCL) -- http://www.centennialwireless.com/-- provides  regional
wireless and integrated communications services in the United States and
the Puerto Rico with approximately 1.1 million wireless subscribers and
387,500 access lines and equivalents.  The U.S. business owns and operates
wireless networks in the Midwest and Southeast covering parts of six
states.  Centennial's Puerto Rico business owns and operates wireless
networks in Puerto Rico and the U.S. Virgin Islands and provides
facilities-based integrated voice, data and Internet solutions.  Welsh,
Carson, Anderson & Stowe and an affiliate of the Blackstone Group are
controlling shareholders of Centennial.

                        *    *    *

As reported in the Troubled Company Reporter on July 3, 2006,
Fitch assigned Centennial Communications Corp.'s issuer default
rating at 'B-' and senior unsecured notes rating at 'CCC/RR6'.
Fitch said the rating outlook is stable.


NEWCOMM WIRELESS: Court Sets Feb. 28 Auction for All Assets
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico authorized
NewComm Wireless Services Inc. to sell substantially all of its assets to
PR Wireless Inc. for US$103.2 million, subject to higher and better
offers.

Under the asset purchase agreement, PR Wireless is liable to pay US$3
million if it wins the bidding but fails to consummate the sale, while it
stands to get US$3.3 million break-up fee if it loses to another bidder.

Proceeds from the sale will be used to pay NewComm's secured prepetition
debt and fund its network upgrade project that would give it a competitive
advantage.

Interested parties have until Jan. 28, 2007, to submit bidder
qualifications, and until 4:00 p.m. Eastern Time on
Feb. 21, 2007, to submit bids.

Auction is scheduled on Feb. 28, 2007, at 9:00 a.m. Eastern Time, with
location to be determined in or around San Juan, Puerto Rico.

The Court will convene a hearing to consider the sale on
March 7, 2007, 9:30 a.m. Atlantic Time, at Jose V. Toledo Federal Bldg.
and United States Courthouse, 300 Calle Del Recinto Sur, in San Juan,
Puerto Rico.

Objections to the proposed sale are due Feb. 21, 2007, at
3:00 p.m. Eastern Time.

For questions and copies of the bidding procedures and the order approving
it are available upon faxed or written request made to counsel to the
Debtor:

     Sonnenschein Nath & Rosenthal LLP
     1221 Avenue of the Americas
     New York City 10020-1089
     Fax: 212-768-6800

Based in Guaynabo, Puerto Rico, NewComm Wireless Services Inc.
is a PCS company that provides wireless service to the Puerto Rico market.
The company is a joint venture between ClearComm, L.P. and Telefonica
Larga Distancia.  The company filed for chapter 11 protection on Nov. 28,
2006 (Bankr. D. P.R. Case No. 06-04755).  Carmen D. Conde Torres, Esq., at
C. Conde & Assoc. and Peter D. Wolfston, Esq., at Sonnenschein Nath &
Rosenthal LLP represent the Debtor in its restructuring efforts.  On
Dec. 6, 2006, the United States Trustee for Region 21 appointed a
five-member committee of unsecured creditors.  When the Debtor filed for
protection from its  creditors, it reported assets and liabilities of more
than US$100 million.


PIER 1: Posts US$72.7 Mil. Net Loss in 3rd Quarter Ended Nov. 25
----------------------------------------------------------------
Pier 1 Imports Inc. filed its fiscal third quarter financial reports for
the period ended Nov. 25, 2006, with the U.S. Securities and Exchange
Commission on Jan. 3. 2007.

For the three months ended Nov. 25, 2006, Pier 1 reported a US$72,718,000
net loss on US$402,714,000 of net sales, compared with a US$7,181,000 net
loss on US$456,690,000 of net sales for the same period in 2005.

During the third quarter, the company continued to experience a decline in
sales.  The company has seen a persistent weakness in customer traffic
throughout the year as retailers in its sector are competing for market
share and consumers' discretionary funds.  To stay with the competition,
the company has struggled to find the right marketing programs and media
that will drive traffic to its stores and increase sales.

During the third quarter, the company slightly shifted its focus to gifts
and decorative items for the holiday season, adding more unique
merchandise that was exclusive, value-priced and had both a traditional
and contemporary appeal to meet customers' decorating needs.

At Nov. 25, 2006, the company's balance sheet showed US$1,017,881,000 in
total assets, US$608,346,000 in total liabilities, and US$409,535,000 in
total stockholders' equity.

Full-text copies of the company's third quarter financials are available
for free at http://ResearchArchives.com/t/s?1838

                       December Sales

Pier 1 reported that sales for the five-week period ended
Dec. 30, 2006, aggregated US$242,541,000, a decrease of 10.9% from
US$272,296,000 last year, and comparable store sales declined 10.7%.
Year-to-date sales of US$1,392,045,000 were down 9.8% from
US$1,542,976,000 last year, and comparable store sales declined 11.4%.

Marvin J. Girouard, Pier 1's chairman and chief executive officer,
commented, "Although early December sales trends, driven primarily by
holiday-related items, were better than we had experienced in prior
months, sales of our core home furnishing related items did not improve.
Overall, sales were very promotional, resulting in the strong sell-through
of seasonal merchandise and continued inventory control.

"Our January clearance has begun and our focus remains on keeping
inventory levels on plan as we begin to receive the new spring
merchandise."

Based in Fort Worth, Texas, Pier 1 Imports Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico, and Pier 1
kids(R) stores in the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service downgraded Pier 1's corporate family
rating to B3 from B1 after continued degradation in same store
sales, which have resulted in modest operating results and
negative free cash flow.  Moody's said the rating outlook is stable.




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


MIRANT CORP: Has Until February 15 to File Chapter 11 Plan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas extends the
exclusive periods within which the Excluded
Mirant Corp. and its debtor-affiliates may:

     (i) adopt Mirant Corporation's Plan of Reorganization or
         file their own plan until Feb. 15, 2007; and

    (ii) solicit acceptances of their plan or plans until
         April 14, 2007.

The Excluded Debtors are:

   -- Mirant NY-Gen, LLC
   -- Mirant Bowline, LLC
   -- Mirant Lovett, LLC
   -- Mirant New York, Inc., and
   -- Hudson Valley Gas Corporation.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces and sells
electricity in North America, the Caribbean, and the Philippines.  Mirant
owns or leases more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corporation filed for chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03- 46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E. Lauria, Esq., at
White & Case LLP, represented the Debtors in their successful
restructuring.  When the Debtors filed for protection from their
creditors, they listed US$20,574,000,000 in assets and US$11,401,000,000
in debts.  The Debtors emerged from bankruptcy on Jan. 3, 2006.  (Mirant
Bankruptcy News, Issue No. 111; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *    *    *

Moody's Investors Service assigned its B2 corporate family rating,
effective July 13, 2006, on Mirant Corp.




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


AES CORP: Faces Setback on Venezuela's Planned Nationalization
--------------------------------------------------------------
Dow Jones Newswires reports that AES Corp. faced a setback in its
Venezuelan operations when the nation's President Hugo Chavez disclosed
plans to nationalize the electricity sector.

President Chavez said in his televised speech, "All those strategic
sectors like electricity -- all those things that were privatized,
nationalize them."

The Associated Press relates that President Chavez didn't specify whether
he meant complete nationalization, but said any vestiges of private
control over the energy sector should be undone.

The nationalization appeared likely to affect Electricidad de Caracas --
owned by AES Corp. -- and CA Nacional Telefonos de Venezuela, aka CANTV,
AP notes.

Dow Jones underscores that AES Corp. owns 86% of C.A. La Electricidad de
Caracas, the largest electricity utility in Venezuela with over a million
customers in Venezuela, mainly in Caracas.

According to Dow Jones, AES Corp. paid US$1.6 billion in June 2000 to
purchase 82% of the shares in Electricidad de Caracas.  The Venezuelan
Supreme Court was probing the acquisition of Electricidad de Caracas.  The
court had said that it would review a lawsuit filed in 2000 alleging that
AES Corp.'s acquisition of the Venezuelan electricity utility was invalid,
as it lacked the approval of the National Assembly.

Meanwhile, AES Corp. said in its third quarter report that it believes
that it fulfilled all existing laws with respect to the acquisition of
Electricidad de Caracas and that there are meritorious defenses to the
allegations in the lawsuit.

Dow Jones underscores that AES Corp.'s third quarter results didn't
provide details of the finances for its Venezuelan operations.

Dow Jones says that when AES Corp.'s first tender offer for Electricidad
de Caracas was first disclosed in April 2000, President Chavez said it was
a clear sign of investors' trust in Venezuela.

"They (AES Corp.) didn't think twice about investing in Venezuela.  The
president of this company told me a lot of foreign investors are
interested in Venezuela," Dow Jones states, citing President Chavez.

Dennis Bakke was the head of AES Corp. at the time of the sale, Dow Jones
states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and hydro.
The group also pursues business development activities in the
region.  AES has been in the region since May 1993, when it
acquired the CTSN power plant in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


DAIMLERCHRYSLER AG: Chrysler Arm to Double International Sales
--------------------------------------------------------------
Chrysler Group, DaimlerChrysler A.G.'s U.S. unit, aims to double its
international sales in the next five years, following a decline in its
U.S. results in 2006, Bloomberg News reports.

Chrysler CEO Tom LaSorda said the unit wants to be less dependent on its
U.S. sales, which fell seven percent in 2006.  The U.S. accounts for
around 80% of Chrysler sales.

Mr. LaSorda said the company would focus on increasing sales outside North
America adding vehicle features like right-hand drive and diesel engines.
The company sold 200,000 vehicles outside North America in 2006.

Chrysler's plans also include:

   -- adding a Taiwan-built cargo van in Mexico; and
   -- manufacturing Sebring sedans in China for domestic sale.

In a TCR-Europe report on Jan. 5, Chrysler has signed a deal with Chery
Automobile Co. under which the Chinese automaker will produce small cars
known in the industry as "B-cars" to be distributed worldwide bearing the
Chrysler brand.

DaimlerChrysler has decided to partner with Chery Auto because higher
costs such as labor and healthcare make it difficult for the company to
build small cars profitably in the U.S., Bloomberg News reports.

"Their plan is realistic," John Novak, an analyst at Morningstar Inc. in
Chicago, told Bloomberg.  "I think they are a little late to the game, but
they can catch up."

                    About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures, distributes,
and sells various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide. It primarily operates in four
segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up trucks, sport
utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand
names.  It also sells parts and accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in the United
States with excess inventory, non-competitive legacy costs for employees
and retirees, continuing high fuel prices and a stronger shift in demand
toward smaller vehicles.  At the same time, key competitors have further
increased margin and volume pressures -- particularly on light trucks --
by making significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group as
quickly and comprehensively, measures to increase sales and cut costs in
the short term are being examined at all stages of the value chain, in
addition to structural changes being reviewed as well.

                          Outlook

As reported in the TCR-Europe on Oct. 30, 2006, DaimlerChrysler said it
expects a slight decrease in worldwide demand for automobiles in the
fourth quarter and thus slower market growth than in Q4 2005.  For
full-year 2006, the company anticipates market growth of around 3%.  It
expects unit sales in 2006 to be lower than in the previous year (4.8
million units).

On Sept. 15, 2006, DaimlerChrysler reduced the Group's operating- profit
target for 2006 to an amount of US$6.3 billion.  Although the company now
has to assume that the profit contribution from EADS will be US$0.3
billion lower than originally anticipated because of the delayed delivery
of the Airbus A380, DaimlerChrysler is maintaining this earnings target
due to very positive business developments in the divisions Mercedes Car
Group, Truck Group and Financial Services.


DAIMLERCHRYSLER AG: Plans to Build Assembly Site in India
---------------------------------------------------------
DaimlerChrysler AG will construct a new assembly site in Chakan, India to
cater to the increasing demand for cars, Bloomberg News reports.

The company will shift the production of its Mercedes-Benz
C-Class, E-Class and S-Class brand to its Indian site.  The site will have
annual production capacity of 5,000 cars, double DaimlerChrysler's sales
figure in 2006, Bloomberg News relays.

"There is room for more cars from our range, but we will decide on that in
due course," Thomas Weber, DaimlerChrysler's Research and Development
chief, said.  "We are confident of the potential that the Indian market
can generate."

DaimlerChrysler joins Volkswagen AG, General Motors Corp. and other
automakers in building production sites in India, where expanding economy
and rising incomes spurred growing demand for vehicles, Bloomberg News
adds.

Carmakers announced in 2006 a combined US$5 billion of investments in new
factories in India by 2012.

                    About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures, distributes,
and sells various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide. It primarily operates in four
segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up trucks, sport
utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand
names.  It also sells parts and accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in the United
States with excess inventory, non-competitive legacy costs for employees
and retirees, continuing high fuel prices and a stronger shift in demand
toward smaller vehicles.  At the same time, key competitors have further
increased margin and volume pressures -- particularly on light trucks --
by making significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group as
quickly and comprehensively, measures to increase sales and cut costs in
the short term are being examined at all stages of the value chain, in
addition to structural changes being reviewed as well.

                          Outlook

As reported in the TCR-Europe on Oct. 30, 2006, DaimlerChrysler said it
expects a slight decrease in worldwide demand for automobiles in the
fourth quarter and thus slower market growth than in Q4 2005.  For
full-year 2006, the company anticipates market growth of around 3%.  It
expects unit sales in 2006 to be lower than in the previous year (4.8
million units).

On Sept. 15, 2006, DaimlerChrysler reduced the Group's operating- profit
target for 2006 to an amount of US$6.3 billion.  Although the company now
has to assume that the profit contribution from EADS will be US$0.3
billion lower than originally anticipated because of the delayed delivery
of the Airbus A380, DaimlerChrysler is maintaining this earnings target
due to very positive business developments in the divisions Mercedes Car
Group, Truck Group and Financial Services.


DAIMLERCHRYSLER: Chrysler '06 Sales Outside North America Up 15%
----------------------------------------------------------------
Chrysler Group's sales continued to gain momentum outside North America
and increased 15% over 2005.  It was the highest amount of growth in the
last 10 years, and the total sale of almost 207,000 vehicles made it the
number-two sales year during that same time period.

"It is clear that the road to long-term health for our company must
include an aggressive strategy for international expansion," Chrysler
Group president and chief executive officer Tom LaSorda said.

By the end of 2007, Chrysler Group will have doubled the number of
vehicles available outside North America when compared with 2003, tripled
the number of right-hand-drive offerings and quadrupled the number of
models with a diesel option.

Supported by the strategy to offer more vehicles that meet the needs of
global customers, each of Chrysler Group's three brands outperformed 2005
sales totals.  Chrysler brand sales increased 6% with a total of 90,807
units, while the Jeep(R) brand was up 2% to 85,591 units.  The expansion
of the Dodge brand in markets outside North America helped raise its
year-over-year sales 185% and close the year with 30,527 units.

For the month of December, International sales were up 25% (20,845 units)
compared with the same month in 2005 (16,667 units), and the year finished
upholding the trend of monthly year-over-year sales gains, now at 19
consecutive months.

Additionally, for the month of December, all major regions posted sales
gains.  Western European sales, which account for more than half of
Chrysler Group's global sales, increased 20% for the year, and all markets
in that region made gains over 2005.  Sales in Italy, the top-selling
market with 21,260 units sold in 2006, increased 12%; while the U.K. sales
growth of 40% was the most significant of all International markets, and
secured it as the number-two selling market outside North America.

Jeep Grand Cherokee was the highest volume vehicle outside North America
in 2006 with 39,208 units sold; and much like in the U.S., Chrysler Group
minivans contributed to a significant portion of the year's sales (35,716
units), making it the second-best seller.  New models were also an
important factor in the sales success.  After being on the market only
seven full months, Dodge Caliber sold 17,722 units and accounted for
roughly 9% of all Chrysler Group sales outside North America.

"Many of Chrysler Group's new vehicles are beginning to make their way to
International markets," Chrysler Group Executive Director for
International Sales and Marketing Thomas Hausch said.

"This arrival of the product offensive, along with the investment that the
Company and our dealers made to continuously improve facilities, vehicle
quality and increase customer satisfaction are drivers of this year's
sales accomplishments.  And we will keep working on these areas to support
our continued profitable growth moving into 2007."

Chrysler Group sells and services vehicles in more than 125 countries
around the world, and Chrysler Group sales outside North America currently
account for approximately 8% of the company's total global sales.
Vehicles available range across all three Chrysler Group brands, with
limited availability on some trucks and SUV models.  The Company's
operations outside North America have been experiencing year-over-year
sales increases since 2004, and will continue to increase the number of
product offerings, powertrain options, and RHD availability through 2007.

                   About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE: DCX) --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and
Dodge brand names.  It also sells parts and accessories under the MOPAR
brand.

The Chrysler Group is facing a difficult market environment in the United
States with excess inventory, non-competitive legacy costs for employees
and retirees, continuing high fuel prices and a stronger shift in demand
toward smaller vehicles.  At the same time, key competitors have further
increased margin and volume pressures -- particularly on light trucks --
by making significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and cut costs
in the short term are being examined at all stages of the value chain, in
addition to structural changes being reviewed as well.


ELECTRICIDAD DE CARACAS: Sets Shareholders Meeting for Jan. 29
--------------------------------------------------------------
Electricidad de Caracas said in a statement that is has scheduled an
extraordinary shareholders' meeting for
Jan. 29, 2007.

Business News Americas relates that Electricidad de Caracas wants
shareholders to ratify the presentation of the 2005 financial statements
according to international accounting and financial information norms.

Officials of Electricidad de Caracas told BNamericas that the firm began
trading on Spain's Latibex in 2006.  It plans extra share issues for this
year.

Electricidad de Caracas is a vertically integrated utility in Venezuela,
operating in electricity distribution, transmission, and generation in the
capital city of Caracas and its metropolitan area.  It is the largest
private electric utility in the country and is owned by US-based AES Corp.
(B+/Positive/--).  Electricidad de Caracas reported net profits of US$20.6
million from January to March, versus net losses of US$26.9 the same
period in 2005.

                        *    *    *

On Feb 9, 2006, Standard & Poor's Ratings Services affirmed its 'B'
long-term corporate credit rating on C.A. La Electricidad de Caracas and
its 'B' rating on Electricidad de Caracas Finance BV's US$260 million
senior unsecured notes.  S&P said the outlook is stable.

On Feb. 3, 2006, S&P raised the long-term local and foreign currency
sovereign credit ratings on the Bolivarian Republic of Venezuela to 'BB-'
from 'B+'.  The decision to raise the ratings on Venezuela was supported
by the continued sharp improvements in Venezuela's external indicators,
which are attributable to a large current account surplus, a high level of
international reserves, and lower external debt in addition to buoyant
economic growth and the potential buyback of external debt.


IMPSAT FIBER: Gets Bidding Rules for Expansion Projects
-------------------------------------------------------
Impsat Fiber Networks Inc. has acquired bidding rules for an auction for
infrastructure expansion in several states in Venezuela, Business News
Americas reports.

Conatel, the national telecoms regulator in Venezuela, said in a statement
that 13 operators have acquired the bidding rules for the auction.

BNamericas relates that these firms got the bidding rules:

          -- Omnivision,
          -- Telcel,
          -- CVG Telecomunicaciones,
          -- Impsat,
          -- Net Uno,
          -- IFX Networks Venezuela,
          -- Comsat,
          -- Entel Venezuela,
          -- Digitel,
          -- Procesamiento Electronico de Datos,
          -- Global Crossing,
          -- Cable Axito, and
          -- Cablexpress TV.

According to BNamericas, the deadline for obtaining bidding documents was
on Jan. 3.  Firms have until Jan. 14 to present observations and ask for
explanation on the bidding conditions.

BNamericas underscores that the project stipulates the use of a nationwide
transport network that will expand coverage to:

          -- Zulia,
          -- Tachira,
          -- Merida,
          -- Trujillo,
          -- areas in the north,
          -- south, and
          -- east of Venezuela.

The report says that the project will benefit almost 10.3 million people.

The winning bidder would also be responsible for the infrastructure's
maintenance, BNamericas states.

IMPSAT Fiber Networks Inc. -- http://www.impsat.com/-- provides
private telecommunications networks and Internet services in Latin
America.  The company owns and operates 15 metropolitan area networks in
some of the largest cities in Latin America and has 15 facilities to
provide hosting services, providing services to more than 4,500 national
and multinational clients.  IMPSAT has operations in Argentina, Colombia,
Brazil, Venezuela,
Ecuador, Chile, Peru and the United States.


PETROLEOS DE VENEZUELA: No Force Majeure Despite Plant Accident
---------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of Venezuela, did not
declare force majeure despite an accident at the fluid catalytic cracking
unit at the firm's El Palito refinery in Carabobo, Business News Americas
reports.

A spokesperson of Petroleos de Venezuela told BNamericas, "The company has
not declared force majeure as El Palito mostly makes fuel for the domestic
market and only sporadically sends shipments to clients abroad."

BNamericas did not say further what the accident was.

According to published reports, three contract workers were injured in the
accident.

Union Radio relates that one of the injured suffered burns to 70% of his
body.  One suffered first-degree burns and another was treated and
released from the hospital.

Eight employees died in between 2005 and 2006 due to on-the-job accidents
at different Petroleos de Venezuela installations, BNamericas states.

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

                        *    *    *

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


SILGAN HOLDINGS: Closes Acquisition of White Cap Businesses
-----------------------------------------------------------
Silgan Holdings Inc. reported, as part of its previously disclosed
acquisition of Amcor Ltd.’s White Cap closures businesses in Europe, Asia
and South America, the completion of three delayed closings in China, the
Philippines and Venezuela.

Silgan White Cap, the firm formed through Siligan Holdings' acquisition of
White Cap, is a leading worldwide supplier of an extensive range of metal,
composite and plastic vacuum closures to consumer goods packaging
companies in the food and beverage industries.

The addition of the three operations provides Silgan Holdings with a
position in the rapidly growing Asian and Latin American markets.

Headquartered in Stamford, Connecticut, Silgan Holdings Inc. --
http://www.silganclosures.com/-- is a leading North American
manufacturer of consumer goods packaging products with annual
net sales of US$2.5 billion in 2005.  Silgan operates 64
manufacturing facilities in the U.S., Canada and Europe.  In
North America, Silgan is the largest supplier of metal
containers for food products and a leading supplier of plastic
containers for personal care products.  In addition, Silgan is a
leading supplier of metal, composite and plastic vacuum closures
for food and beverage products in North America and Europe.

                        *    *    *

As reported in the Troubled Company Reporter on May 24, 2006,
Moody's Investors Service raised the Corporate Family Rating for
Silgan Holdings Inc. and ratings on Silgan's senior secured
first lien credit facilities from Ba3 to Ba2 and changed the
outlook from positive to stable.


* 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)     192.8
DOC Imbitub-Pref         IMBI4     (19.84)     192.8
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3      (22.2)     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


                        ***********


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

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

Copyright 2076.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
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Information contained herein is obtained from sources believed to be
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via e-mail.  Additional e-mail subscriptions for members of the same firm
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           * * * End of Transmission * * *