TCRLA_Public/070118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, January 18, 2007, Vol. 8, Issue 13

                          Headlines

A R G E N T I N A

AGILENT TECH: Names Rodney Gonsalves as Investor Relations Dir.
CAEIRO HERMANOS: Asks for Court Approval to Reorganize Business
CAPEX SA: S&P Places Ordinary Class A Shares Under Category 3
COMPANIA LATINOAMERICANA: S&P Puts D Rating on US$100-Mil. Notes
GRAN TIERRA: Completes Testing on Puesto Climaco-2D Well

SOLGAS SA: Last Day for Claims Verification Is on Feb. 23
TRANSPORTADORES UNIDOS: Claims Verification Deadline Is on May 5
ZUAZO SA: Trustee Verifies Proofs of Claim Until Feb. 6

* ARGENTINA: Moody's Changes Outlook to Positive from Stable

B A H A M A S

HARRAH'S ENT: Inks Joint Venture with Baha Mar to Develop Resort
WINN-DIXIE STORES: Declares 54 Million Shares of Common Stock

B A R B A D O S

INTERPOOL INC: CEO Offers to Buy All Outstanding Common Stock
INTERPOOL INC: Moody's Reviews Ratings for Possible Downgrade
INTERPOOL INC: Purchase Offer Prompts S&P's Rating Watch

B E R M U D A

C TANKER: Liquidator to Present Wind Up Accounts on Feb. 7
CAPCOUNT (BERMUDA): Final General Meeting Is Set for Feb. 12
INTELSAT LTD: Fitch Affirms B Issuer Default Rating
INTELSAT (BERMUDA): Fitch Junks US$600-Mil. Floating Rate Notes
PANOCEAN LTD: Final General Meeting Is Set for Feb. 15

SC EQUITY: Shareholders to Gather for Final Meeting on Feb. 7
SOUTHERN CROSSING: Final Shareholders Meeting Is Set for Feb. 7
REFCO: Examiner Wants Liberty & Andersen to Produce Documents
REFCO: LLC Trustee Wants Until March 9 to Decide on Contracts
VILLAIR LTD: Last Day for Proofs of Claim Filing Is on Feb. 12

B O L I V I A

* BOLIVIA: Franklin & Comibol Review Cerro Rico Operations Plan

B R A Z I L

ADVANCED MEDICAL: Acquires WaveFront Sciences for US$20 Million
BANCO PINE: Secures US$15 Million Subordinated Loan from DEG
DURA AUTOMOTIVE: Inks Pact with American Electric & NIT Co.
SANMINA-SCI: Moody's Confirms Ba3 Corporate Family Rating
TK ALUMINUM: Moody's Lowers Corporate Family Rating to Caa3

C A Y M A N   I S L A N D S

AB (ULTIMATE HOLDINGS): Last Day to File Claims Is on Jan. 27
AMERIQUEST NIM: Last Day to File Proofs of Claim Is on Jan. 27
C-BASS 2003-CB4: Filing of Proofs of Claim Is Until Jan. 27
C-BASS 2003-CB5: Deadline for Proofs of Claim Filing Is Jan. 27
C-BASS 2004-A: Last Day for Proofs of Claim Filing Is on Jan. 27

C-BASS 2004-CB7: Proofs of Claim Must be Filed by Jan. 27
CSPC CO: Creditors Have Until Jan. 27 to File Proofs of Claim
GED ARBITRAGE: Creditors Have Until Jan. 27 to Submit Claims
GLOBAL HOSPITAL: Proofs of Claim Filing Deadline Is on Jan. 27
ISLAMIC FUNDING: Last Day to File Proofs of Claims Is on Jan. 27

NMS EQUIPMENT: Creditors Must File Proofs of Claim by Jan. 27
PARMALAT: Deloitte & Touche Will Pay US$149 Mil. as Settlement

C H I L E

FRESH DEL MONTE: S&P Cuts Corporate Credit Rating to BB- from BB
SHAW GROUP: Posts US$1.27 Bil. Revenue for Quarter Ended Nov. 30

C O L O M B I A

SPECTRUM BRANDS: S&P Says Ratings Unaffected by Default Notice

D O M I N I C A N   R E P U B L I C

VIVA INTERNATIONAL: Closes Purchase of River Hawk Aviation

E C U A D O R

BANCO DEL PICHINCHA: Inks Outsourcing Pact with Tata Consultancy

E L   S A L V A D O R

AES CORP: Partners with GE to Lead in Gas Emission Reduction

G U A T E M A L A

UNIVERSAL CORP: Completes Sale of Barrow, Lane & Ballard

H A I T I

DYNCORP INTERNATIONAL: Mark Ronald Joins Board of Directors

M E X I C O

ALLIS-CHALMERS: Moody's Rates US$225-Million Notes at B3
ADVANCED MARKETING: Wants to Pay US$12 Mil. PGW Publisher Claims
ADVANCED MARKETING: Robert E. Robotti Resigns from Board
AMERICAN TOWER: Earns US$3.5 Mln in Third Quarter Ended Sept. 30
EMPRESAS ICA: ICA Fluor Inks US$276-Million Contract with Pemex

HERBALIFE LTD: Names Charles Sperazza Chief Information Officer
VITRO SAB: Moody's Rates US$750-Mil. Sr. Unsecured Notes at B2
WERNER LADDER: Non-Insider Employee Plan Implementation Okayed
WERNER LADDER: Loughlin's Employment as Consultants Terminated

P A N A M A

HUNTSMAN INTERNATIONAL: Repays US$75 Million of Term Loan

P E R U

GOL LINHAS: Launches Flights to Lima, Peru

P U E R T O   R I C O

ADELPHIA COMM: Court Extends Stay of Confirmation Order
ADELPHIA CO: Has Until Feb. 26 to Object to Joint Venture Claims
ADELPHIA COMMS: Court Approves Pact Resolving Verizon's 4 Claims
ADVANCED CARDIOLOGY: Section 341(a) Meeting Slated for Feb. 12
CARLOS ALBRECHT: Case Summary & 15 Largest Unsecured Creditors

NBTY INC: Reports First Quarter Preliminary Net Sales Results
NEWCOMM WIRELESS: Retains Lugo Mender as Financial Advisor
NEWCOMM WIRELESS: Gets Final Okay to Access US$38M DIP Financing
NEWCOMM WIRELESS: Files Schedules of Assets & Liabilities
PILGRIM'S PRIDE: Gold Kist Buy Prompts Moody's to Cut Ratings

T R I N I D A D   &   T O B A G O

MIRANT CORP: Selling Six US Gas Plants to LS Power for US$1.407B
MIRANT CORP: S&P Says Ratings Unaffected by Power Plant Sale

V E N E Z U E L A

DAIMLERCHRYSLER: Chrysler Will Present Restructuring Plan
ELECTRICIDAD DE CARACAS: Shares Fell on Nationalization Concerns
PEABODY ENERGY: Appoints David James as Director of Trading
PETROLEOS DE VENEZUELA: Gente Balks at US$21MM Summons Spending

* VENEZUELA: DZ Bank Warns Against Country's Eurobonds
* VENEZUELA: Force Majeure at Cerro Negro Confirmed
* VENEZUELA: Orders Orinoco Projects Migration to Joint Ventures
* Fitch Says LatAm Sovereign Credit Improvement to Slow in 2007
* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


AGILENT TECH: Names Rodney Gonsalves as Investor Relations Dir.
---------------------------------------------------------------
Agilent Technologies Inc. named Rodney Gonsalves director of Investor
Relations.  Mr. Gonsalves succeeds Hilliard Terry, who was appointed
Agilent vice president and treasurer in November 2006.

Mr. Gonsalves was most recently controller, corporate governance and
customer financing, in Agilent's Global Infrastructure Organization.  In
his 17 years with the company's controllership function, Gonsalves has
also worked in two of Agilent's key businesses.  He served as controller
for the Photonics Systems Business Unit, and has been business lead on a
number of acquisitions and divestitures throughout his career.  In his new
position, Mr. Gonsalves reports to Adrian Dillon, executive vice
president, finance and administration, and CFO.

"Rodney brings a wealth of domain knowledge as well as deep financial
expertise to his new role," said Mr. Dillon.  "I'm confident he will do an
outstanding job communicating Agilent’s progress in achieving its goals to
the investment community, and in representing the owners' perspectives
within the company."

Mr. Gonsalves is a graduate of California State University, Fresno, and
received his master's degree in business administration from Santa Clara
University.

Agilent Technologies, Inc. -- http://www.agilent.com/-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries.  The company has
operations in India, Argentina and Luxembourg.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 13, 2006,
Moody's Investors Service upgraded both the corporate family
rating and probability of default rating of Agilent Technologies
Inc. to Ba1 from Ba2 and revised the outlook to positive.  In
addition, Moody's also affirmed the company's speculative grade
liquidity rating at SGL-1.


CAEIRO HERMANOS: Asks for Court Approval to Reorganize Business
---------------------------------------------------------------
Court No. 22 in Buenos Aires is studying Caeiro Hermanos Sacifia's
petition to reorganize its business after it stopped paying its
obligations.

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

Clerk No. 43 assists the court in the case.

The debtor can be reached at:

          Caeiro Hermanos Sacifia
          Paraguay 2564
          Buenos Aires, Argentina


CAPEX SA: S&P Places Ordinary Class A Shares Under Category 3
-------------------------------------------------------------
The Argentine arm of Standard & Poor's has included the class A
ordinary shares of Capex S.A. under category 3 from category 4 where it
was placed in April 2006.

Issued debts:

   -- Obligaciones Negociables, public & guaranteed, stage A,
      Serie I for US$18,134,155

      * Last due: no date
      * Rated date: Mar. 28, 2006
      * Rate: raBBB-
      * Date of balance: Jan. 31, 2006

   -- Obligaciones Negociables public & guaranteed, stage B,
      Serie II for US$33,592,081

      * Last due: no date
      * Rated date: Mar. 28, 2006
      * Rate: raBBB-
      * Date of balance: Jan. 31, 2006

   -- Obligaciones Negociables public & guaranteed, Serie V, for
      US$27,225,000

      * Last due: no date
      * Rated date: Mar. 28, 2006
      * Rate: raBBB-
      * Date of balance: Jan. 31, 2006

CAPEX's primary business is generating electricity in the
Comahue region in southwestern Argentina.  Its thermal plant,
with six gas-fired units and one steam unit, has an installed
nominal capacity of 672 MW, representing about 3% of total
installed capacity in the Sistema Argentino de Interconexion.
Although CAPEX engages in nonregulated businesses, such as crude
oil exploration and production as well as liquefied petroleum
gas and gasoline production, power generation continues to be
the company's core business (contributing about 60% of sales).
CAPEX is controlled by Compania Asociadas Petroleras S.A., a
privately owned company that explores for, develops, produces,
and sells oil.


COMPANIA LATINOAMERICANA: S&P Puts D Rating on US$100-Mil. Notes
----------------------------------------------------------------
Compania Latinoamericana de Infraestructura & Servicios S.A. aka Clisa's
debts are rated by Standard and Poor's:

   -- Obligaciones Negociables with guarantee for US$100,000,000

      * last due: June 1, 2004
      * rate: D

   -- Obligaciones Negociables with guarantee for US$15,000,000

      * rate: raBB+

   -- Obligaciones Negociables with guarantee for US$120,000,000

      * last due: June 1, 2012
      * rate: raBB+

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


GRAN TIERRA: Completes Testing on Puesto Climaco-2D Well
--------------------------------------------------------
Gran Tierra Energy Inc. has successfully completed testing of a deeper oil
pool accumulation with the Puesto Climaco-2D (D-2) well, a new sidetrack
well drilled in the Vinalar block, located in the Noroeste Basin of
northern Argentina.  Gran Tierra holds a 50% working interest in this
block.

Puesto Climaco-2D (D-2) reached total measured depth of 3,720 meters
(3,612 true vertical depths) on Jan. 4, 2007.  The well encountered
reservoir with good hydrocarbon shows in five zones.  Three of the zones
are proven reservoirs (22.5 meters of potential net pay); the other two
zones are unproven reservoirs (13 meters of potential net pay).  The hole
was cased and logged, and the Puesto Guardian sandstone was perforated
from 3,650-3662 meters (measured depth).

Four tests were conducted with four choke sizes; a maximum flow rate of
2,825 BOPD (gross before royalty) of light oil was attained through a
35/64" choke.  Flowing tubing pressure measured at the wellhead was
consistent throughout at 1,720 1,750 psi.  Testing is finished and the
drilling rig is being demobilized.

Production and oil sales have begun through infrastructure already in
place; gross production volumes are currently stabilized through a 16/64"
choke at approximately 1,200 BOPD (600 BOPD net before royalty to the
company).  An evaluation of new reserves associated with this reservoir is
pending, as reservoir performance continues to be monitored.  The
shallower formations with hydrocarbon shows are being considered for
testing at a future time.

Dana Coffield, President and Chief Executive Officer of Gran Tierra,
stated, "This is an outstanding success for our first operated drilling
program in Argentina; this well doubles our current net after-royalty
production in Argentina, and establishes a second material production
center in the Noroeste Basin for Gran Tierra Energy.  This is the first of
six wells Gran Tierra Energy will be drilling in the next three months,
and part of a ten well program being drilled in Argentina and Colombia
this year."

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombian and Peru.

                        *    *    *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and had an accumulated deficit of US$4.1 million.


SOLGAS SA: Last Day for Claims Verification Is on Feb. 23
---------------------------------------------------------
Maria del Carmen Massa, the court-appointed trustee for Solgas SA's
reorganization proceeding, will verify creditors' proofs of claim until
Feb. 23, 2007.

Ms. Massa will present the validated claims in court as individual reports
on April 10, 2007.  A court in Salta will determine if the verified claims
are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Solgas SA and its creditors.

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

A general report that contains an audit of Solgas SA's accounting and
banking records will follow on May 23, 2007.

On Nov. 1, 2007, Solgas SA's creditors will vote on a settlement plan that
the company will lay on the table.

The trustee can be reached at:

          Maria del Carmen Massa
          Avenida Belgrano 663
          Salta, Argentina


TRANSPORTADORES UNIDOS: Claims Verification Deadline Is on May 5
----------------------------------------------------------------
Estudio Bottini, Veiras and Tagliaferro, the court-appointed trustee for
Transportadores Unidos de Quilmes SA's reorganization proceeding, will
verify creditors' proofs of claim until May 5, 2007.

Estudio Bottini will present the validated claims in court as individual
reports on July 5, 2007.  A court in Buenos Aires will then determine if
the verified claims are admissible, taking into account the trustee's
opinion and the objections and challenges raised by Transportadores Unidos
and its creditors.

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

A general report that contains an audit of Transportadores unidos'
accounting and banking records will follow on
Sept. 5, 2007.

On March 10, 2008, Transportadores Unidos' creditors will vote on a
settlement plan that the company will lay on the table.

The trustee can be reached at:

          Estudio Bottini, Veiras and Tagliaferro
          Aristobulo del Valle, 135 Dolores
          Buenos Aires, Argentina


ZUAZO SA: Trustee Verifies Proofs of Claim Until Feb. 6
-------------------------------------------------------
The court-appointed trustee for Zuazo SA's bankruptcy proceeding verifies
creditors' proofs of claim until Feb. 6, 2007.

The trustee will present the validated claims in court as individual
reports on March 13, 2007.  A court in Cordoba will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Zuazo SA and its creditors.

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

A general report that contains an audit of Zuazo SA's accounting and
banking records will follow on May 7, 2007.

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

The debtor can be reached at:

          Zuazo SA
          Pueyrredon Esquina 9 de Julio
          Cruz del Eje
          Cordoba, Argentina


* ARGENTINA: Moody's Changes Outlook to Positive from Stable
------------------------------------------------------------
Moody's Investors Service changed the outlook on Argentina's B3 government
foreign- and local-currency bond ratings to positive from stable in light
of continued improvement in the fiscal accounts that, combined with robust
economic growth and substantial accumulation of international reserves,
has contributed to strengthening the government's overall credit profile
and to reducing external vulnerabilities, bringing Argentina's credit
metrics closer to those observed in other B-rated countries.

An outlook change to positive from stable was also made to Argentina's B2
foreign currency country ceiling for bonds and to the Caa1 ceiling for
foreign currency bank deposits

"The improvement registered in the fiscal accounts has been supported by a
solid revenue performance that incorporates the impact of strong economic
growth on government revenues," said Moody's Vice President Mauro Leos.
"An incremental contribution has come in the form of new taxes, which have
become an increasingly important component of the government's revenues."

Mr. Leos said that Argentine economic growth has continued to exceed
original expectations and that near-term prospects indicate that growth is
likely to moderate only slightly during the current year.  The economy's
robust performance has been supported by a steady recovery in investment,
with Argentina's investment and saving ratios reporting an upward trend
that constitutes an important support factor for continued growth
prospects.

Even though medium-term concerns persist about the country's ability to
preserve existing conditions over time, an abrupt reversal of the
indicators that have come to characterize Argentina's recent performance
appears unlikely in the very near-term at least.

Argentina's credit perspective continues to face important challenges,
including those related to relatively high government and external debt
ratios.

"Questions remain about the government's willingness and ability to make
the necessary fiscal adjustments, if and when confronted with adverse
conditions," said Mr. Leos.  "A sign of the authorities' reluctance to
contain spending is the presence of a highly pro-cyclical fiscal policy,
as evidenced by high growth rates in primary spending."

Mr. Leos said the presence of heterodox economic policies, particularly
those associated with increased distortions in relative prices and the
presence of sector-specific taxes, mostly directed to export activities,
represent factors whose medium-term implications may undermine Argentina's
growth perspective.  Mr. Leos also indicated that repressed inflation
resulting from pervasive price controls has led to increased government
transfers and subsidies that, over time, could result in increased budget
pressures.  Finally, Mr. Leos noted that increased dependence of
government revenues on export taxes has introduced an additional element
of vulnerability in the fiscal accounts, as adverse changes in external
conditions could have a larger-than-anticipated fiscal impact in the
future.

Moody's will closely monitor the impact that political events associated
with this year's presidential election could have on the setting of fiscal
priorities.  "If Argentina's credit indicators continue to report a steady
improvement and a restrained fiscal performance translates into improved
credit metrics, the government's ratings might go on review for an
upgrade," said Mr. Leos.  "Because the October 2007 presidential election
may provide clues about how fiscal priorities will be set, we will monitor
this year's events closely."

Unaffected by the rating action is Argentina's Ba1 local currency bond
ceiling, the highest possible rating that could be assigned to obligors
and obligations denominated in local currency within the country remains
stable, as well as the Ba1 local currency deposit ceiling.




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


HARRAH'S ENT: Inks Joint Venture with Baha Mar to Develop Resort
----------------------------------------------------------------
Baha Mar Resorts Ltd. has signed a joint venture agreement with a
subsidiary of Harrah's Entertainment, Inc. to create and develop Baha Mar,
the Caribbean's largest single-phase destination resort.  The joint
venture partners have also signed management agreements with Starwood
Hotels & Resorts Worldwide, Inc.  Establishing a new blueprint for resort
development, Baha Mar represents the largest, single hospitality
investment in the region and a destination resort experience with a range
of accommodations, services and amenities, and Bahamas setting and design.

According to the joint venture agreement, Baha Mar Resorts and a
subsidiary of Harrah's Entertainment will jointly own the previously
announced Baha Mar -- a mixed-use project to be located in Nassau, Bahamas
on a 1,000-acre site -- making it the largest destination resort in the
Caribbean.  Baha Mar represents a unique structure for the hospitality and
gaming industries and calls for a phase one investment of more than US$2
billion.  The joint venture will be 57% owned by Baha Mar Resorts Ltd. and
43% by a subsidiary of Harrah's Entertainment and will become effective
upon confirmation by the Bahamian Government of certain required approvals
and concessions.  The joint venture partners have also signed management
and related agreements, in which Starwood has committed to operate hotels
under its W, St. Regis, Westin and Sheraton brands at Baha Mar, and to
invest US$40 million in mezzanine bonds, subject to certain terms and
conditions, to be issued at the time of project financing (expected in
2008).  Baha Mar Resorts will serve as the developer for the resort.

"The signing of these agreements marks the beginning of a new tourism era
for The Bahamas with the coming together of the most prestigious and
successful companies in lodging, gaming and leisure, most notably,
Harrah's, our preferred gaming partner for this endeavor from the moment
the project was first conceived," said Sarkis Izmirlian, chairman and
chief executive officer of Baha Mar Resorts Ltd.  "With a shared vision
and the combined strength of each partner's respective brands, together
with what we believe is the finest location in the Caribbean -- Nassau,
Bahamas, we look forward to achieving our goal to create one of the
world's leading resort destinations."

"Caesars Resort Hotel at Baha Mar is an important step in our global
development strategy as well as a true milestone," said Gary W. Loveman,
chairman, chief executive officer and president of Harrah's Entertainment.

"This one-of-a-kind, warm-weather destination resort will not only be a
wonderful addition to our current collection of properties worldwide, but
also give us entree into new markets, while providing our customers with a
place to enjoy the Caesars experience in a truly world-class setting in
the Caribbean's most desirable destination."

"A development of this scale and scope aligns perfectly with Starwood's
strategy to grow its brands in premier locations around the world," said
Steven J. Heyer, chief executive officer, Starwood Hotels & Resorts
Worldwide, Inc.  "This unprecedented project will offer travelers to the
Caribbean a destination and an experience unlike any other."

Baha Mar represents a quantum leap forward in the continued tourism growth
and success of The Bahamas, ushering in a new era for Nassau's Cable Beach
area of New Providence Island.  A recent study conducted by Global
Insight, one of the world's leading companies for economic and financial
analysis and forecasting, revealed that upon completion of the resort,
BahaMar is expected to directly and indirectly sustain over 7,000 jobs,
generate more than US$4.7 billion in incremental tax revenues, and
contribute US$11.2 billion to The Bahamas' Gross Domestic Product over the
next 20 years.

                      Resort Features

In keeping with the goal to create a dynamic resort experience that
captures the true spirit of The Bahamas, Baha Mar design plans call for
lush, natural landscapes and waterscapes and Caribbean-inspired
architectural elements that evoke the area's Colonial, European and
African influences.  Baha Mar will captivate guests from the moment they
arrive on site as they proceed along an expansive water boulevard and
50-foot-high circular waterfall before entering the resort's grand
porte-cochere.

Baha Mar will offer approximately 3,000 guest rooms, with Harrah's
Entertainment operating a new Caesars Resort Hotel at Baha Mar with more
than 1,000 guest rooms and a nearly 100,000-square foot casino -- the
largest in the Caribbean.

The remaining guest rooms at Baha Mar will be offered at the first and
only collection of four Starwood brands at a single resort, consisting of
a W Baha Mar, St. Regis Baha Mar, Westin Baha Mar, and the Sheraton Cable
Beach Resort.  The W, St. Regis and Westin are anticipated to include
residential units.  All four properties will be managed by Starwood.

Under separate agreements between Baha Mar and Starwood, the Sheraton
Cable Beach Resort is anticipated to open in 2007 following an US$80
million property-wide renovation and re-flagging of Baha Mar Resort's
existing Radisson Cable Beach & Golf Resort.

Together, the Caesars Resort and Starwood hotels will provide guests with
exceptional choice and flexibility at a variety of price points.

Other planned amenities at Baha Mar include:

   -- Starwood's Bliss and Remede branded luxury spas at the W
      and St. Regis, respectively;

   -- a third, full-service luxury spa facility -- expected to
      be the largest in the Caribbean;

   -- an 18-hole Jack Nicklaus Signature Golf Course in Nassau;

   -- a show-lake experience;

   -- 200,000 square feet of meeting space;

   -- a 20-acre beach and pool experience with 3,000 feet of
      continuous beachfront; and

   -- a retail village with upscale shopping, chef- branded
      restaurants, and entertainment venues.

Baha Mar Resorts has also assembled a design team that includes some of
the leading firms in the industry, including lead architectural design
firm and Baha Mar Development subsdiary MHA Studio, led by design
principal, Mike Hong; and Executive Architect, Hillier Architecture, among
numerous other notable design and landscape firms.

Construction is scheduled to begin in 2007, with an anticipated opening in
early 2011.  Future phases of Baha Mar will include a variety of
residential offerings, and a second 18-hole championship golf course,
among other attractions.

"This is a defining resort project for The Bahamas and the Caribbean,"
said Rt. Hon. Perry Christie, Prime Minister of The Bahamas.  "Harrah's
Entertainment is by far the largest gaming operator to become involved in
The Bahamas and the arrangement with Starwood is unprecedented in any
destination including primary resort areas like Las Vegas and Orlando.  My
government is very pleased to have attracted and encouraged this historic
and defining development."

                   About Starwood Hotels

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and
leisure companies in the world with approximately 850 properties in more
than 95 countries and 145,000 employees at its owned and managed
properties.

                       About Baha Mar

Baha Mar Resorts Ltd. is the lead partner in the creation and development
of Baha Mar and serves as the management arm for resort and real estate
operations.  Baha Mar Development Company is a subsidiary of Baha Mar
Resorts Ltd. and is responsible for the oversight and execution of all
development- related aspects of the Baha Mar resort project, including MHA
Studio, which is dedicated to the architectural design and execution of
Baha Mar. Baha Mar Resorts Ltd.'s other hotel interests include Cable
Beach Resort & Crystal Palace Casino, which it owns and operates.  Baha
Mar Resorts is headquartered in Nassau.

                About Harrah's Entertainment

Headquartered in Las Vegas, Nevada, Harrah's Entertainment, Inc.
(NYSE: HET) -- http://www.harrahs.com/-- is a gaming corporation that
owns and operates casinos, hotels, and five golf courses under several
brands on four continents.  The company's properties operate primarily
under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns
the London Clubs International family of casinos.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 26, 2006, Standard &
Poor's Ratings Services lowered its ratings on Harrah's Entertainment Inc.
and its subsidiary Harrah's Operating Co. Inc., including its corporate
credit rating to 'BB' from 'BB+.


WINN-DIXIE STORES: Declares 54 Million Shares of Common Stock
-------------------------------------------------------------
Winn-Dixie Stores, Inc., disclosed that, pursuant to its Amended and
Restated Articles of Incorporation, the number of the outstanding shares
of its common stock is 54 million shares.

The company's Amended and Restated Articles of Incorporation provide that,
in certain circumstances, transfers of the company's common stock by
certain stockholders will be subject to advance notice requirements and
possible restriction or prohibition.

The 54 million share count that shareholders should use in determining
their percentage stock ownership of the company for purposes of the
transfer restrictions excludes options to purchase 675,000 shares and
restricted stock units relating to 405,000 shares which have been granted
to Chairman and Chief Executive Officer Peter Lynch under the management
incentive plan.  As reported in the Troubled Company Reporter on
Nov. 24, 2006, the company has authorization to issue a total of 5.4
million shares of common stock under the management incentive plan.

A full-text copy of the Amended and Restated Articles of Incorporation is
available for free at http://ResearchArchives.com/t/s?159d

Headquartered in Jacksonville, Florida, Winn-Dixie Stores Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  The Honorable Jerry A. Funk
confirmed Winn-Dixie's Joint Plan of Reorganization on
Nov. 9, 2006.  Winn-Dixie emerged from bankruptcy on
Nov. 21, 2006.




===============
B A R B A D O S
===============


INTERPOOL INC: CEO Offers to Buy All Outstanding Common Stock
-------------------------------------------------------------
Interpool, Inc.'s board of directors has received a letter from Martin
Tuchman, the company's Chief Executive Officer and Chairman, supported by
other significant Interpool stockholders and an investment fund affiliated
with Fortis Merchant Banking, a division of Fortis, an international
financial services provider engaged in banking and insurance.  The
investor group proposes an acquisition of all of the outstanding common
stock of the company (other than a portion of the shares held by the
proposing stockholders) for US$24.00 per share in cash.

Mr. Tuchman and the other stockholders supporting his letter to
Interpool's Board, together with their families and investment affiliates,
presently beneficially own a total of approximately 18.5 million shares of
the company's 29.3 million shares of common stock currently outstanding.
The 10.8 million balance of the company's shares currently outstanding is
owned by public stockholders not affiliated with the stockholders
supporting the proposal letter.

The proposal letter contemplates that Mr. Tuchman and the other
stockholders supporting the proposal would reinvest approximately 6.2
million of their currently held shares in the proposed transaction and
sell the balance of their holdings (approximately 12.3 million shares) at
the same US$24.00 per share price in cash as the company's non affiliated
public stockholders would receive for their 10.8 million shares currently
outstanding.

In the aggregate, Mr. Tuchman and the stockholders supporting the proposal
would receive approximately US$295 million for the 12.3 million shares
they would sell and the company's non-affiliated public stockholders would
receive approximately US$259 million for their 10.8 million shares, all at
the same US$24.00 per share price.

The company noted that in December 2006, at the company's request, an
affiliate of Fortis Merchant Banking provided commitment letters to the
company for up to US$1.8 billion of debt financing, which could be used
for various purposes, including a sale transaction of the type
contemplated by the proposal letter or to refinance any or all of
Interpool's outstanding indebtedness.  The proposal letter states that the
debt financing for the proposed transaction would utilize the financing
contemplated by these commitment letters.  Affiliates of Fortis Merchant
Banking have been major secured lenders to Interpool since 2004.

The company's Board of Directors has formed a Special Committee of
independent directors to review and evaluate the proposal, consistent with
its fiduciary duties.  The Special Committee has engaged independent legal
counsel and independent financial advisors to assist it with its work.
The board of directors cautions the company's stockholders and others
considering trading in its securities that the board only received the
proposal on Jan. 16, 2007, and that no decisions have been made by the
Special Committee or the Board of Directors with respect to the company's
response to the proposal.

The Special Committee, working with its advisors, intends to proceed in a
timely and orderly manner to evaluate the proposal.  There can be no
assurance that any definitive offer will be made, that any agreement will
be executed, or that this or any other transaction will be approved or
consummated.

The company and its employees remain focused on the company's customers
and business as usual, delivering superior service to customers and
creating value for the company's stockholders.

Interpool, Inc. is one of the world's leading lessors of intermodal dry
containers, and the largest lessor of intermodal container chassis in the
U.S. The company also has operations in Barbados.

                        *    *    *

Standard & Poor's Ratings Services placed on Jan. 16, 2006, its ratings on
Interpool Inc., including the 'BB' corporate credit rating, on CreditWatch
with negative implications.


INTERPOOL INC: Moody's Reviews Ratings for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service placed all ratings of Interpool, Inc. on review
for possible downgrade.   The review was prompted by Interpool's
announcement that its Board of Directors has received an offer from an
investor group to acquire all of the outstanding common stock of the
company, which is not currently held by the investor group.  The investor
group is comprised of Interpool's current chairman and CEO, other
shareholders, and an investment fund affiliated with Fortis Merchant
Banking.

The review will focus on the current proposal that would represent a
change in the corporate and capital structure of the company, if approved
and closed.

As outlined in Moody's published credit opinion on Interpool, an increase
is leverage beyond 3.5 times debt/equity could put pressure on the rating.
In Moody's view, based upon the publicly available information, it
appears the company would operate with leverage metrics beyond that
threshold.

Moody's notes that it will also evaluate the terms and structure of the
transaction in light of Interpool's rated securities' "change of control"
provisions.  These provisions may obligate the firm to offer to repurchase
some or all of the rated securities.

These ratings were placed on review for possible downgrade:

   Interpool, Inc.

   -- Corporate Family B1; and
   -- Senior Unsecured Notes B2.

   Interpool Capital Trust

   -- Capital Trust Securities Caa1.

Interpool, Inc. is one of the world's leading lessors of intermodal dry
containers, and the largest lessor of intermodal container chassis in the
U.S. The company also has operations in Barbados.


INTERPOOL INC: Purchase Offer Prompts S&P's Rating Watch
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Interpool Inc.,
including the 'BB' corporate credit rating, on CreditWatch with negative
implications.

The CreditWatch placement is based on Interpool's announcement that it has
received an offer to be acquired by its non-public stockholders, which
include Martin Tuchman (current Interpool CEO), other significant
stockholders, and their families and investment affiliates, who currently
own 18.5 million of the 29.3 million shares outstanding.  Debt financing
for up to US$1.8 billion has already been committed for the proposed
acquisition, a portion of which could refinance the company's outstanding
debt of approximately US$1.4 billion.  It is intended that current
management would remain in place.

"If an acquisition were to be consummated, by either the non-public
stockholders or another party, it could result in a weaker financial
profile for Interpool," said Standard & Poor's credit analyst Betsy
Snyder.  Standard & Poor's will assess the effect of any such acquisition
on Interpool's pro forma financial profile to resolve the CreditWatch.

Interpool is the largest lessor of chassis in North America, with a fleet
of 236,000 chassis.  Chassis are wheeled frames attached to cargo
containers that, when combined, are equivalent to a trailer that can be
trucked to its destination.  Interpool's only major competitor in this
business is privately held Flexi-Van Leasing Inc.  Interpool also manages
chassis for shipping lines and neutral pools at railroad and marine
terminals.  The chassis leasing business has tended to generate strong and
stable cash flow, even in periods of economic weakness.

Interpool's other major business is marine cargo container leasing, in
which it is one of the larger participants in this market, with a fleet of
749,000 owned and managed TEU's (20-foot equivalent units) at Sept. 30,
2006.  The company focuses on long-term operating and finance leases.
Marine cargo container leasing is a more cyclical business, dependent on
global economic merchandise trends.  However, Interpool's earnings and
cash flow from marine cargo container leasing benefit from the long-term
nature of its leases.

In March 2006, Interpool sold approximately 74% of its dry marine cargo
container fleet, with proceeds used to repay US$462 million of related
debt, and recorded a gain of approximately US$61 million in connection
with the sale.  As a result, the company's debt to capital declined to
around 71% at Sept. 30, 2006 (a lower-than-average level for a
transportation equipment lessor), from 81% at Dec. 31, 2005.  Interpool
will continue to manage the fleet for the new buyers, generating fee
income for this service.  On Oct. 1, 2006, Interpool sold its stake in
Container Applications International Inc. for US$77.5 million, comprised
of a US$40 million cash payment and the balance, a note that matures in
2010.  Interpool expects to record a gain of approximately US$30 million
in the fourth quarter of 2006.

Interpool, Inc. is one of the world's leading lessors of intermodal dry
containers, and the largest lessor of intermodal container chassis in the
U.S.  The company also has operations in Barbados.




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


C TANKER: Liquidator to Present Wind Up Accounts on Feb. 7
----------------------------------------------------------
C Tanker Ltd.'s final general meeting will be at 9:30 a.m. on Feb. 7,
2007, or as soon as possible, at the liquidator's place of business.

C Tanker's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

The liquidator can be reached at:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman,
          Clarendon House, Church Street
          Hamilton, Bermuda


CAPCOUNT (BERMUDA): Final General Meeting Is Set for Feb. 12
------------------------------------------------------------
Capcount (Bermuda) Ltd.'s final general meeting will be at 10:00 a.m. on
Feb. 12, 2007, or as soon as possible, at the liquidator's place of
business.

Capcount (Bermuda)'s shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts and
documents of the company and of the liquidator will be disposed.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


INTELSAT LTD: Fitch Affirms B Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed Intelsat, Ltd.'s Issuer Default Rating at 'B'.
The Rating Outlook is Stable.

Fitch has assigned these new ratings on Intelsat, Ltd. (Bermuda):

   -- US$600 million senior unsecured floating-rate notes due
      2015 'CCC+/RR6'; and

   -- Proposed US$1 billion guaranteed senior unsecured term
      loan due 2014 'BB-/RR2'.

The senior notes will be used to refinance the US$600 million senior
unsecured credit facility of Intelsat Bermuda, which is a subsidiary of
Intelsat, Ltd.  The proceeds from the term loan will be used to refinance
US$1 billion of senior unsecured floating-rate notes due 2012 that had
been issued by Intelsat Subsidiary Holding Company.  The term loan is
guaranteed by Intelsat, Intelsat Sub Holdco and certain Intelsat Sub
Holdco subsidiaries.

Intelsat's ratings reflect the strength and scale of the company, owing to
its position as the largest fixed satellite services operator following
the acquisition of PanAmSat Holding Corporation on July 3, 2006, the high
proportion of revenues from contract services, the company's diverse
revenue base, and strong operating cash flow.  Concerns include the
company's significant leverage following the debt-financed PanAmSat
acquisition, competition from fiber-optic cable providers in certain
legacy portions of the business, and in the longer term, the capital
intensive nature of the satellite business.

As of Sept. 30, 2006, the company's revenue backlog was approximately US$8
billion, or approximately 3.8 times the pro forma last twelve months
revenue.  Approximately 95% of the backlog is related to non-cancellable
contracts or contracts with substantial termination penalties.

In the third quarter 2006, which incorporated nearly a full quarter of
results from PanAmSat, 38% of Intelsat's revenues were derived from the
media sector, 47% from voice and data services provided to corporate
customers, 14% of its revenues were from government services and 1% of its
revenues were from other services.  Geographically, in the third quarter
of 2006, 50% of its revenues came from North American customers, while
Europe and Africa/Middle East each produced 15% of revenues.  The
remaining revenues were divided between Asia and Latin America.

The fixed satellite services segment is characterized by its high
operating EBITDA margins.  Intelsat's EBITDA margins on a quarterly basis
have generally been in the 60-70% range over the past two years.
Following the acquisition of PanAmSat for US$6.4 billion in cash and
assumed debt, Intelsat's debt increased to US$11.3 billion at Sept. 30,
2006.  Debt-to-EBITDA was 7.45 times at Sept. 30, 2006, based on
annualized EBITDA for the third quarter.

Liquidity is provided by cash on hand and two credit facilities.  Cash on
hand amounted to US$497 million at the end of the third quarter of 2006.
Credit facilities consist of an undrawn US$300 million credit facility due
2012 located at Intelsat Sub Holdco and a US$250 million facility due 2012
at indirect subsidiary Intelsat Corporation.

The Intelsat Sub Holdco facility has a financial covenant restricting pro
forma senior secured leverage to no greater than 1.5x at the end of each
fiscal quarter, and the Intelsat Corporation facility requires pro forma
senior secured leverage to be no greater than 4.25x at the end of each
fiscal quarter.   The US$1 billion credit facility at Intelsat (Bermuda)
contains a leverage covenant of 6.75x, as do the senior unsecured notes of
Intelsat (Bermuda) and Intelsat Corporation.

Fitch affirmed these ratings:

Intelsat (Bermuda), Ltd.:

   -- Issuer Default Rating 'B';
   -- Senior unsecured guaranteed notes 'BB-/RR2'; and
   -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd:

   -- Issuer Default Rating 'B'; and
   -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd.:

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1'; and
   -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corp:

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior secured notes 'BB/RR1'; and
   -- Senior unsecured notes 'B/RR4'.

In addition, Fitch has withdrawn these ratings due to its refinancing:

Intelsat (Bermuda), Ltd:

   -- US$600 million senior unsecured credit facility CCC+/RR6'.

Intelsat Holding Corporation (PanAmSat Holding Corporation):

   -- Issuer Default Rating 'B.


INTELSAT (BERMUDA): Fitch Junks US$600-Mil. Floating Rate Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Intelsat, Ltd.'s Issuer Default Rating at 'B'.
The Rating Outlook is Stable.

Fitch has assigned these new ratings on Intelsat, Ltd. (Bermuda):

   -- US$600 million senior unsecured floating-rate notes due
      2015 'CCC+/RR6'; and

   -- Proposed US$1 billion guaranteed senior unsecured term
      loan due 2014 'BB-/RR2'.

The senior notes will be used to refinance the US$600 million senior
unsecured credit facility of Intelsat Bermuda, which is a subsidiary of
Intelsat, Ltd.  The proceeds from the term loan will be used to refinance
US$1 billion of senior unsecured floating-rate notes due 2012 that had
been issued by Intelsat Subsidiary Holding Company.  Intelsat, Intelsat
Sub Holdco and certain Intelsat Sub Holdco subsidiaries guarantee the term
loan.

Intelsat's ratings reflect the strength and scale of the company, owing to
its position as the largest fixed satellite services operator following
the acquisition of PanAmSat Holding Corporation on July 3, 2006, the high
proportion of revenues from contract services, the company's diverse
revenue base, and strong operating cash flow. Concerns include the
company's significant leverage following the debt-financed PanAmSat
acquisition, competition from fiber-optic cable providers in certain
legacy portions of the business, and in the longer term, the capital
intensive nature of the satellite business.

As of Sept. 30, 2006, the company's revenue backlog was approximately US$8
billion, or approximately 3.8 times the pro forma last twelve months
revenue.  Approximately 95% of the backlog is related to non-cancellable
contracts or contracts with substantial termination penalties.

In the third quarter 2006, which incorporated nearly a full quarter of
results from PanAmSat, 38% of Intelsat's revenues were derived from the
media sector, 47% from voice and data services provided to corporate
customers, 14% of its revenues were from government services and 1% of its
revenues were from other services.  Geographically, in the third quarter
of 2006, 50% of its revenues came from North American customers, while
Europe and Africa/Middle East each produced 15% of revenues.  The
remaining revenues were divided between Asia and Latin America.

The fixed satellite services segment is characterized by its high
operating EBITDA margins.  Intelsat's EBITDA margins on a quarterly basis
have generally been in the 60-70% range over the past two years.
Following the acquisition of PanAmSat for US$6.4 billion in cash and
assumed debt, Intelsat's debt increased to US$11.3 billion at Sept. 30,
2006.  Debt-to-EBITDA was 7.45 times at Sept. 30, 2006, based on
annualized EBITDA for the third quarter.

Liquidity is provided by cash on hand and two credit facilities.  Cash on
hand amounted to US$497 million at the end of the third quarter of 2006.
Credit facilities consist of an undrawn US$300 million credit facility due
2012 located at Intelsat Sub Holdco and a US$250 million facility due 2012
at indirect subsidiary Intelsat Corporation.

The Intelsat Sub Holdco facility has a financial covenant restricting pro
forma senior secured leverage to no greater than 1.5x at the end of each
fiscal quarter, and the Intelsat Corporation facility requires pro forma
senior secured leverage to be no greater than 4.25x at the end of each
fiscal quarter.   The US$1 billion credit facility at Intelsat (Bermuda)
contains a leverage covenant of 6.75x, as do the senior unsecured notes of
Intelsat (Bermuda) and Intelsat Corporation.

Fitch affirmed these ratings:

Intelsat (Bermuda), Ltd.:

   -- Issuer Default Rating 'B';
   -- Senior unsecured guaranteed notes 'BB-/RR2'; and
   -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd:

   -- Issuer Default Rating 'B'; and
   -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd.:

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1'; and
   -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corp:

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior secured notes 'BB/RR1'; and
   -- Senior unsecured notes 'B/RR4'.

In addition, Fitch has withdrawn these ratings due to its refinancing:

Intelsat (Bermuda), Ltd:

   -- US$600 million senior unsecured credit facility CCC+/RR6'.

Intelsat Holding Corporation (PanAmSat Holding Corporation):

   -- Issuer Default Rating 'B.


PANOCEAN LTD: Final General Meeting Is Set for Feb. 15
------------------------------------------------------
Panocean Ltd.'s final general meeting will be at 9:30 a.m. on Feb. 15,
2007, or as soon as possible, at the liquidator's place of business.

Panocean Ltd.'s shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

The liquidator can be reached at:

             Robin J. Mayor
             Clarendon House, Church Street
             Hamilton, Bermuda


SC EQUITY: Shareholders to Gather for Final Meeting on Feb. 7
-------------------------------------------------------------
SC Equity Holding Co., Ltd.'s final general meeting will be at 10:00 a.m.
on Feb. 7, 2007, or as soon as possible, at the liquidator's place of
business.

SC Equity's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

The liquidator can be reached at:

             Marco Montarsolo
             Sofia House, 1st Floor
             48 Church Street
             Hamilton, Bermuda


SOUTHERN CROSSING: Final Shareholders Meeting Is Set for Feb. 7
---------------------------------------------------------------
Southern Crossing Pipeline Holding Ltd.'s final general meeting will be at
10:00 a.m. on Feb. 7, 2007, or as soon as possible, at the liquidator's
place of business.

Southern Crossing's shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts and
documents of the company and of the liquidator will be disposed.

The liquidator can be reached at:

             Marco Montarsolo
             Sofia House, 1st Floor
             48 Church Street, Hamilton, Bermuda


REFCO: Examiner Wants Liberty & Andersen to Produce Documents
-------------------------------------------------------------
Joshua R. Hochberg, the duly appointed examiner in Refco Inc. and its
debtor-affiliates' Chapter 11 cases, seeks the United States Bankruptcy
Court for the Southern District of New York's authority pursuant to
Section 1106(b) of the Bankruptcy Code and Rule 2004 of the Federal Rules
of Bankruptcy Procedure, to serve subpoenas for the production of
documents and attendance at examination on each of certain respondents.

The Examiner believes that each of the Respondents is likely in possession
of documents containing information relating to, or has knowledge of facts
concerning, some or all of the matters that are within the scope of his
investigation, because either:

   (i) they were "Round Trip Loan Participants," persons
       affiliated with or employed by those participants, or
       have knowledge of one or more actual or attempted "Round
       Trip Loan Transactions"; or

  (ii) they were accountants for one or more Refco entities
       during time frames pertinent to the areas within the
       scope of the Examiner's investigation, or employed by
       those accountants.

Charles E. Campbell, Esq., at McKenna Long & Aldridge LLP, in
Atlanta, Georgia, relates that Refco, Inc., has disclosed that
Phillip Bennett had caused Refco to engage in a series of transactions
designed to disguise the related-party nature of a
US$430,000,000 receivable owed to one of the Debtors by Refco Group
Holdings, Inc., by:

   -- temporarily paying off the debt and transferring it from
      RGHI to one or more entities unrelated to Refco near the
      end of Refco's accounting periods, for which audits were
      to be performed; and

   -- paying off the debts appearing to be owed by the unrelated
      entities and reinstating the RGHI receivable to Refco
      after the end of the accounting periods.

Mr. Campbell notes that the Round Trip Loan Transactions were engaged in
to create the false impression for financial reporting purposes that the
Round Trip Loan Participants -- not RGHI -- owed receivables to Refco.

The Respondents and the Examiner's designated areas of investigation are:

   A. Liberty Corner Patriot Master Fund, Ltd.; Liberty Corner
      Capital Strategies, LLC; Liberty Corner Capital
      Management, Inc.; Liberty Corner Advisors, LLC; and
      William T. Pigott, Miriam C. Yoshida, Michael Lisi, and
      Michael Saunders

      To date, the Examiner's investigation has revealed that
      several of the Liberty Corner Organization Respondents
      were participants in 11 Round Trip Loan Transactions
      spanning the time-frame February 2001 through September
      2005, and involving loans totaling US$5,240,000,000.

      Mr. Campbell states that transaction documents for one of
      Liberty Corner Round Trip Loans were prepared for
      participation by LCP, and the other 10 sets were prepared
      for participation by LCCS in care of LCCM.  The three
      Liberty Corner Organization Respondents and LCA are
      apparently affiliated with each other.

      Mr. Campbell relates that at the time of each of the
      Liberty Corner Round Trip Loans, Mr. Pigott, Ms. Yoshida,
      Mr. Lisi, and Mr. Saunders were employees or
      representatives of LCP, LCCS, LCCM, and LCA, and had
      involvement in some or all of the Liberty Corner Round
      Trip Loans.

   B. Arthur Andersen LLP and its employees: Cynthia Price
      Arden, Jason Blumkin, William Denehy, Brian Falahee,
      Melissa R. Kesh, Amy Lynn Murphy, and Dara Moore

      Mr. Campbell discloses that Andersen was Refco's outside
      auditing firm from at least 1995 until 2002.  Ms. Arden,
      et al., are believed to be former Andersen employees or
      agents who participated in the conduct of Andersen's Refco
      audits.

      Based on Andersen's role as Refco's longtime outside
      auditor, the Examiner believes that the Andersen
      Respondents are likely in possession of documents or other
      information detailing:

         * the procedures and policies applicable to audits
           performed on Refco's financial statements from the
           period Jan. 1, 1997, to Dec. 31, 2002;

         * Andersen's performance of audits and other work for
           Refco during the same period; and

         * the activities of individual Andersen members,
           professionals, and staff in connection with those
           audits.

Mr. Campbell asserts that the examinations and the requested documents are
clearly within the defined scope of the Examiner's assigned duties and are
within the scope of a Rule 2004 investigation.

                      About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal 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 LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries, along with
Marc S. Kirschner, the Chapter 11 Trustee for the estate of Refco Capital
Markets, Ltd., delivered a Chapter 11 plan of reorganization and
accompanying Disclosure Statement to the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and Disclosure
Statement and on Oct. 13, filed a Modified Amended Disclosure Statement.
On Oct. 16, 2006, the Court gave its tentative approval on the Disclosure
Statement and the Court Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was confirmed by the
Court.  That Plan became effective on
Dec. 26, 2006.


REFCO: LLC Trustee Wants Until March 9 to Decide on Contracts
-------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco
LLC's estate, asks the U.S. Bankruptcy Court for the Southern District of
New York to extend until March 9, 2007, the period to either assume or
reject the Debtor's Remaining Contracts, without prejudice to:

   (i) the rights of any of the non-debtor counterparties to
       seek an earlier date on which the Trustee must assume or
       reject a specific contract; and

  (ii) the Trustee's right to seek further extension if
       necessary and appropriate.

The Chapter 7 trustee tells the Court that he has completed his evaluation
of the Debtor's executory contracts to determine which ones the estate may
need to assume or reject.  To date, the Chapter 7 Trustee has identified,
evaluated and either assumed or rejected approximately 800 executory
contracts.

The Chapter 7 Trustee states that he is now in the process of contacting
and entering into negotiations with eight counterparties to the remaining
executory contracts relating to storage of historic documents and
electronic media:

   * Archives One, Inc. - New York,
   * GRM - Chicago,
   * IPC Information Systems, LLC,
   * Iron Mountain Digital Archives,
   * Iron Mountain Information Management, Inc.,
   * Iron Mountain Records,
   * Speedscan, Inc., and
   * Vanguard Archives, Inc. - Chicago.

The Chapter 7 Trustee is hopeful that any negotiations can be completed
within the next 60 days or so.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York, asserts
that an extension is necessary for the Chapter 7 Trustee to negotiate
modifications to some of the Remaining Contracts, which will assist the
Trustee in the continued administration of the Debtor's estate and in
complying with potentially applicable commodities law.

                      About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal 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 LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries, along with
Marc S. Kirschner, the Chapter 11 Trustee for the estate of Refco Capital
Markets, Ltd., delivered a Chapter 11 plan of reorganization and
accompanying Disclosure Statement to the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and Disclosure
Statement and on Oct. 13, filed a Modified Amended Disclosure Statement.
On Oct. 16, 2006, the Court gave its tentative approval on the Disclosure
Statement and the Court Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was confirmed by the
Court.  That Plan became effective on
Dec. 26, 2006.


VILLAIR LTD: Last Day for Proofs of Claim Filing Is on Feb. 12
--------------------------------------------------------------
Villair Ltd.'s creditors are given until Feb. 12, 2007, to prove their
claims to Alain Audrey, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names
and addresses of their lawyers, if any.

Villair Ltd.'s shareholders agreed on Jan. 3, 2007, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

          Alain Audrey
          c/o Thistle House
          4 Burnaby Street
          Hamilton, Bermuda




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


* BOLIVIA: Franklin & Comibol Review Cerro Rico Operations Plan
---------------------------------------------------------------
Franklin Mining, Inc., CEO Jaime Melgarejo disclosed that in a Jan. 10,
2007 meeting with Comibol, it was agreed that all necessary studies are
being completed.

Both Comibol and Franklin Mining remain fully committed to revitalizing
the historic mining operations of Cerro Rico de Potosi.  As soon as final
study reports are received, they will be presented for Comibol's review.

Bolivia's Cerro Rico Mine was recently estimated to be the world's fifth
largest undeveloped silver deposit.  Owned by the Mining Corporation of
Bolivia or Comibol, Franklin's agreement was signed in 2006 and guaranteed
by Bolivia's Minister of Mines and Metallurgy, Walter Villarroel Morochi
in July.

                About Franklin Mining, Inc.

Franklin Mining, Inc. has interests in the United States, Argentina and
Bolivia which include a wholly owned subsidiary, Franklin Mining, Bolivia,
as well as 51% interest in Franklin Oil & Gas, Bolivia and 51% interest in
Franklin Oil & Gas, Argentina.

                        *    *    *

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
===========


ADVANCED MEDICAL: Acquires WaveFront Sciences for US$20 Million
---------------------------------------------------------------
Advanced Medical Optics, Inc., acquired WaveFront Sciences, Inc., a
provider of proprietary wavefront diagnostic systems for refractive
surgery and medical research.

WaveFront Sciences, Inc. designs and manufactures the industry's highest
resolution Shack-Hartmann-based aberrometer, which precisely measures the
total refractive error and wavefront aberrations of the human eye as part
of the wavefront-guided custom laser vision correction procedure.  The
acquisition expands Advanced Medical's portfolio of industry leading laser
technologies and strengthens its pipeline of new wavefront-guided
diagnostic innovations.

"WaveFront Sciences has earned an excellent reputation in the ophthalmic
industry for its cutting-edge diagnostics," said Advanced Medical
Chairman, President and CEO Jim Mazzo.  "This acquisition represents
another step forward in Advanced Medical's strategy to provide a full
range of products and services that meets the needs of comprehensive
refractive practices.  With this transaction, we secure proprietary
technologies and R&D expertise in wavefront sensing and laser optics,
which we expect will allow us to further strengthen our Advanced CustomVue
laser vision correction technology and accelerate the introduction of
next-generation diagnostics that build on our WaveScan Wavefront systems."

Advanced Medical acquired WaveFront Sciences for approximately US$20
million, including a US$14 million cash payment at closing and an
agreement to make a total of US$6 million in future cash payments
contingent on achievement of certain milestones over the next three years.
Based in Albuquerque, New Mexico, WaveFront Sciences is a privately held
company.

"WaveFront Sciences looks forward to supporting and contributing to
Advanced Medical's growth and business objectives while enabling
practitioners to provide state-of-the-art surgical planning and
diagnostics for their patients," said WaveFront Sciences CEO Tim Turner.

Advanced Medical is the global laser vision correction leader.  Its
Advanced CustomVue procedure provides practitioners the widest
FDA-approved custom LASIK treatment range on the market today.  The
WaveFront Sciences acquisition follows Advanced Medical's January 8
announcement of its intent to acquire IntraLase Corp., the leading
provider of femotsecond laser technology, and define a new standard of
laser vision correction care.  Advanced Medical expects to complete the
Intralase transaction in the second quarter of 2007.

                 About WaveFront Sciences

WaveFront Sciences is the world's leading manufacturer of Shack-Hartmann
based optical metrology with products for customized LASIK surgery,
intraocular and contact lenses as well as conventional optical metrology.
The company employs approximately 50 people.

              About Advanced Medical Optics

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://www.amo-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.

                        *    *    *

In October 2006, Fitch simultaneously affirmed and withdrew its ratings
for Advanced Medical Optics Inc.

Affected ratings include the company's 'B+' Issuer Default Rating and
'BB+/RR1' Senior Secured Credit Facility Rating.

Additionally, Moody's Investors Service confirmed its B1 Corporate Family
Rating for Advanced Medical Optics in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-Default
rating methodology.


BANCO PINE: Secures US$15 Million Subordinated Loan from DEG
------------------------------------------------------------
Banco Pine SA has contracted with DEG -- Deutsche Investitions
und Entwicklungsgesellschaft mbH, a German financial institution promoting
and financing private-sector business initiatives in developing countries
-- a US$15 million subordinated loan.  The loan, in the form of Tier-II
capital, will strengthen the Bank's equity base and enable its further
growth.

In addition to its retail banking activities, Banco Pine specializes in
short and medium-term financings for small and medium-sized industrial
enterprises with annual turnover ranging between US$ 10 and 70 million.
Such niche has not been in the actual focus of other banks with operations
in Brazil.

While Banco Pine directly employs 250 people, it indirectly contributes to
securing jobs through enterprise financing. In view of an unemployment
rate of about 10% in Brazil, such positive employment effects are of
particular importance.  The financing of small and medium-sized companies
plays a major role in terms of the Brazilian development, and DEG
financing is a clear sign towards expanding the offer of subordinated
loans in the country.

The loan to Banco Pine is the first Tier-II capital for a bank in Brazil
provided by DEG, which has been active in the country since 1967 and has
supported a great number of investments with long-term financings --
loans, equity and mezzanine.  The Institution's local representative
office is situated in Sao Paulo.

DEG, member of KfW Bankengruppe, is one of the largest European
Development Finance Institutes for long-term project and corporate
financing.  Investments into local finance markets, e.g. into lease
companies, commercial and mortgage banks and funds, are one of the focus
areas of its business.  DEG has identified the market of medium-sized
commercial banks as an important segment, in which it wishes to enhance
its activities.

Headquartered in Sao Paulo, Brazil, Banco Pine S.A. is a mid-
size bank with over US$1 billion in assets.  It has eleven
branches, located primarily in the south and southeast regions
of Brazil.  The bank provides financial services mainly to
middle market companies and individuals.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 12, 2006,
Moody's Investors Service assigned a bank financial strength
rating of D- to Banco Pine S.A.  Moody's also assigned long- and
short-term foreign- and local-currency deposit ratings of Ba3
and Not Prime, as well as long- and short-term Brazil national
scale deposit ratings of A3.br and BR-2.  Moody's said the outlook on all
these ratings is stable.

Standard & Poor's Ratings Services assigned on Oct. 3, 2006, its
'B+' foreign-currency long-term senior unsecured debt rating to
Banco Pine S.A.'s upcoming issuance of US$150 million notes with
maturity in 2008.


DURA AUTOMOTIVE: Inks Pact with American Electric & NIT Co.
-----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates entered
into agreements with American Electric Power, et al., and Northern Indiana
Trading Co. to resolve the utility companies' objections to the Debtors'
adequate assurance procedures.

As reported in the Troubled Company Reporter on Jan. 5, 2007,
Quest Energy, LLC, Northern Indiana Trading Co., American
Electric, et al., Lawrenceburg Utility and Upper Cumberland
Electric filed their objections to the adequate assurance
procedures of DURA Automotive Systems Inc. and its debtor
affiliates.

                 Stipulations with Utilities

(a) AEP, et al.

As previously reported, American Electric Power, Duke Energy
Indiana, Inc., Exelon Energy Company, The Detroit Edison Company, and the
Michigan Consolidated Gas Company objected to the Debtors' Utility Motion.
After negotiations, the parties have reached an agreement.

Pursuant to a Court approved stipulation, the Debtors will pay AEP and
Exelon a one-month payment in advance each month under these terms and
conditions:

    a. Commencing in December 2006, the Debtors will tender
       these payments to AEP and Exelon on or before the first
       business day of each month:

          i. AEP -- US$175,000

         ii. Exelon -- US$63,000, consisting US$37,000 for
                       electric and US$26,000 for gas.

    b. If payment is not timely received by AEP and Exelon, they
       can terminate service to the Debtors after providing the
       Debtors and their counsel with email and facsimile notice
       of the default and 5 days to cure the default.

The Debtors, and Duke and Detroit Edison/MCG agree that:

   (1) The Debtors will pay Duke a one-month deposit for
       US$10,000 as adequate assurance of payment.  As Duke has
       received a US$6,525 deposit payment from the Debtors,
       Duke can apply the US$6,525 toward the US$10,000 deposit
       and the Debtors have to pay the remaining US$3,475 on or
       before Nov. 22, 2006;

   (2) The Debtors will pay Detroit Edison/MCG a one-month
       deposit in the amount of US$31,000.  As Detroit
       Edison/MC0 has received a US$11,250 deposit payment from
       the Debtors, Detroit Edison/MCG can apply the US$11,250
       to the US$31,000 deposit.  The Debtors have to pay the
       remaining US$19,750 on or before Nov. 22, 2006; and

   (3) The Debtors will pay all future bills from Duke and
       Detroit Edison/MCG by the applicable due date.

The Utilities agree to promptly provide the Debtors with the
amounts of their prepetition claims once they have those figures.

(b) NITCo

On Nov. 19, 1991, Northern Indiana Trading Company entered into a contract
regarding the purchase of natural gas on behalf of Dura Automotive
Systems, Inc., and Universal Tool & Stamping for their Sutler, Indiana,
facility.

Pursuant to the Contract, NITCo is obligated to attempt to
purchase, at Universal's request and as Universal's agent, natural gas
from natural gas producers on Universal's behalf.  Following the purchase,
NITCo arranges for the transportation of purchased natural gas to
Universal's plant in Butler, Indiana, Each month, NITCo arranges, on
Universal's behalf, for the sale of any excess gas purchased by Universal.

As compensation for these services, Universal pays NITCo an
"agency fee" each month.

To provide adequate assurance of payment to NITCo for the Debtors'
continued use of its services, the parties had agreed to these terms:

    1. On or before 4:00 p.m. (Eastern Time) on Dec. 1, 2006,
       the Debtors will pay NITCo, via wire transfer, these
       amounts:

          i. a security deposit of US$11,734 for postpetition
             services; and

         ii. charges for postpetition utility services that have
             accrued but have not been paid as of December 1,
             2006, in an amount to be identified in writing by
             NITCo by the close of business on Nov. 30, 2006,
             and agreed upon by the Debtors;

    2. Commencing on Dec. 10, 2006, on or before 4:00 p.m.
       (Eastern Time) and continuing monthly on the 10th day of
       each calendar month, NITCo will send the Debtors, via
       facsimile, an invoice for the Debtors' estimated usage
       for the following month based upon Debtors' historical
       usage for that month;

    3. Commencing on Dec. 20, 2006, on or before 4:00 p.m.
       (Eastern Time) and continuing monthly on the 20th day of
       each calendar month, the Debtors will pay NITCo the
       Prepayment Amount, via wire transfer, as payment in
       advance for service to be rendered during the following
       month; and

    4. If the Debtors fail to make any of the agreed payments
       when due, NITCo may provide notice of default to the
       Debtors.  If the Debtors fail to cure the specified
       default within five days after the effective date of the
       notice, NITCo will be authorized to suspend or terminate
       all services as of the close of business on the last day
       of the month in which the default occurs.

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. 5;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SANMINA-SCI: Moody's Confirms Ba3 Corporate Family Rating
---------------------------------------------------------
Moody's has confirmed the Ba3 corporate family rating for Sanmina-SCI
Corp. its recent filing of its fiscal 2006 Form 10-K with the U.S.
Securities and Exchange Commission.  At the same time, Moody's has revised
the outlook to stable and lowered the company's liquidity rating to SGL-2.

The filing has brought Sanmina in compliance with covenants per its
borrowing program and removed Moody's concern over the company's
liquidity, caused by the delay of filing of its financial statements.  As
part of the filing, Sanmina restated financial statements for the past 9
fiscal years for a cumulative amount of US$224 million due to backdating
of stock options.

However, Moody's understands that cash impact is minimal from the
restatement.  The stable outlook reflects our expectation that potential
liability, if any, that may arise from derivative lawsuits surrounding the
options backdating should be sufficiently covered by the company's
insurance policies as well as the expectation that Sanmina should be at
least free cash flow neutral in fiscal 2007.  Deviations from such
expectations may cause Moody's to re-examine Sanmina's outlook.  This
concludes the review process on Sanmina's rating commenced in August 2006.

The recent downgrade of Sanmina's corporate family rating to Ba3 from Ba2
reflects the uncertainty surrounding the company's evolving business
model, its weak financial performance, and deterioration in credit
metrics.  Sanmina generated negative free cash flow of US$470 million in
fiscal 2006 as a result of declining funds from operations and a sizable
increase in working capital.  Given the contraction in cash flow
generation and significant reduction in its cash balance, Moody's revised
Sanmina's liquidity rating to SGL-2 from SGL-1.

Sanmina's business model appears to be in transition as the company
searches for a more sustainable and profitable model in terms of product
mix and strategic initiatives.  Sanmina recently announced scaling back
its ODM initiative, which caused inventory write-off for Q4 2006 further
impacting profitability.  Factors supporting Sanmina's Ba3 rating include
Sanmina's size, its tier one status in the EMS industry, generally
favorable outsourcing trend by the OEMs, growing diversity in Sanmina's
end markets served, and the company's strength in some of the newer
industries such as medical and defense industries.

The stable outlook reflects Moody's expectations that Sanmina's credit
profile is unlikely to change significantly over the intermediate term.

These ratings were confirmed;

   -- Corporate family rating at Ba3;

   -- Probability-of-default rating at Ba3;

   -- US$400 million senior subordinated notes due 2013 at B2;

   -- US$600 million senior subordinated notes due 2016 at B2;
      and

   -- US$600 million senior unsecured term loan due 2008 at Ba3;

This rating was revised;

   -- Speculative grade liquidity rating to SGL-2 from SGL-1.

Headquartered in San Jose, California, Sanmina-SCI Corp. is one
of the largest electronics contract manufacturing services companies
providing a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland, Germany,
Sweden, Hungary, and Spain.  In Latin America, it operates in Brazil and
Mexico.


TK ALUMINUM: Moody's Lowers Corporate Family Rating to Caa3
-----------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of Teksid
Aluminum Ltd. aka TK Aluminum to Caa3 from Caa1 and the senior unsecured
rating of Teksid Aluminum Luxembourg Sarl SCA to Ca from Caa3.  The
ratings remain on review with an uncertain direction; the rating review
was initiated on
Nov. 3, 2006.

The downgrade of the Corporate Family Rating by two notches reflects the
company's announcement that it did not make the interest payment due on
Jan. 15, 2007, on the 11-3/8% Senior Notes maturing in 2011 issued by
Teksid Aluminum Luxembourg Sarl and that it will not be in compliance with
certain financial covenants of its bank facility in the fourth quarter of
2006 and remaining uncertainty about the ultimate recovery value that
might be achieved.  The downgrade of the senior unsecured rating from Caa3
to Ca incorporates Moody's expectation that the recovery value for the
notes could be significantly higher than the recovery of a "C" -- rated
instrument (recovery for a C-rated instrument is expected to be less than
20%).

In November 2006 the company announced that it had entered into a
definitive agreement to sell certain core assets to Tenedora Nemak, S.A.
de C.V and that it intended to redeem its outstanding liabilities with the
proceeds of the asset disposal.  The deal, which is expected to be closed
in the first quarter of 2007, is subject to various conditions, including
the receipt by the seller of certain consents and waivers from TK
Aluminum's bondholders as well as other customary conditions, including
regulatory approvals.  In addition, the company is in negotiations with
other investors to dispose of its remaining operations.

Moody's understands that, given the continuous need to fund ongoing losses
of the underlying operations, working capital needs, capital expenditures
and restructuring of the remaining businesses until closing of the deal,
the company has initiated additional measures to avoid disruptions of the
ongoing operations, namely negotiations of a bridge financing.

Moody's rating review with direction uncertain reflects the possibility
that prospective recovery values for the bondholders may be higher than
would typically be expected for the current rating category, provided in
particular that the Tenedora Nemak deal is closed on time under the
conditions agreed.  However, the review also takes into account the
uncertainty regarding final recovery values given that closing of the deal
is subject to various conditions, the challenge to fund continuous
liquidity needs of the operations until the deal is closed and final
payments will be received.  In addition, the review considers potential
additional liquidity needs for operating and restructuring needs of the
remaining operations until final agreements for their disposal will be
made.

Moody's downgraded these ratings:

   TK Aluminum Ltd

   -- Corporate Family Rating, Downgraded to Caa3 from Caa1

   Teksid Aluminum Luxembourg Sarl SCA

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
      from Caa3.

Headquartered in Turin, Italy, TK Aluminum Ltd. --
http://www.teksidaluminum.com/-- manufactures light metal
castings for the automotive industry.  The company's core
products are cylinder heads and blocks, and transmission and
suspension components produced with a wide range of
technologies: semipermanent mold gravity casting, high-pressure
die casting, low pressure, precision sand core and lost foam.

The company also operates in France, Poland, U.S.A., Mexico,
Brazil, Argentina and China.




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


AB (ULTIMATE HOLDINGS): Last Day to File Claims Is on Jan. 27
-------------------------------------------------------------
AB (Ultimate Holdings) Ltd.'s creditors are required to submit proofs of
claim by Jan. 27, 2007, to the company's liquidators:

          Mark Wanless
          Liam Jones
          Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

AB (Ultimate Holdings) Ltd.'s shareholders agreed on
Dec. 13, 2006, for the company's voluntary liquidation under Section 135
of the Companies Law (2004 Revision) of the Cayman Islands.


AMERIQUEST NIM: Last Day to File Proofs of Claim Is on Jan. 27
--------------------------------------------------------------
Ameriquest NIM 2004-FRN1's creditors are required to submit proofs of
claim by Jan. 27, 2007, to the company's liquidators:

          Karen Ellerbe
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


C-BASS 2003-CB4: Filing of Proofs of Claim Is Until Jan. 27
-----------------------------------------------------------
C-BASS 2003-CB4 NIM Ltd.'s creditors are required to submit proofs of
claim by Jan. 27, 2007, to the company's liquidators:

          Mora Goddard
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

C-BASS 2003-CB4's shareholders agreed on Dec. 12, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


C-BASS 2003-CB5: Deadline for Proofs of Claim Filing Is Jan. 27
---------------------------------------------------------------
C-BASS 2003-CB5 NIM Ltd.'s creditors are required to submit proofs of
claim by Jan. 27, 2007, to the company's liquidators:

          Mora Goddard
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

C-BASS 2003-CB5's shareholders agreed on Dec. 12, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


C-BASS 2004-A: Last Day for Proofs of Claim Filing Is on Jan. 27
----------------------------------------------------------------
C-BASS 2004-A NIM Ltd.'s creditors are required to submit proofs of claim
by Jan. 27, 2007, to the company's liquidators:

          Mora Goddard
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

C-BASS 2004-A's shareholders agreed on Dec. 12, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


C-BASS 2004-CB7: Proofs of Claim Must be Filed by Jan. 27
---------------------------------------------------------
C-BASS 2004-CB7 NIM Ltd.'s creditors are required to submit proofs of
claim by Jan. 27, 2007, to the company's liquidators:

          Mora Goddard
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

C-BASS 2004-CB7's shareholders agreed on Dec. 12, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


CSPC CO: Creditors Have Until Jan. 27 to File Proofs of Claim
-------------------------------------------------------------
CSPC Co. Ltd.'s creditors are required to submit proofs of claim by Jan.
27, 2007, to the company's liquidators:

          Mark Wanless
          Liam Jones
          Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


GED ARBITRAGE: Creditors Have Until Jan. 27 to Submit Claims
------------------------------------------------------------
Global Hospital Ltd.'s creditors are required to submit proofs of claim by
Jan. 27, 2007, to the company's liquidators:

          Mark Wanless
          Liam Jones
          Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


GLOBAL HOSPITAL: Proofs of Claim Filing Deadline Is on Jan. 27
--------------------------------------------------------------
Global Hospital Ltd.'s creditors are required to submit proofs of claim by
Jan. 27, 2007, to the company's liquidators:

          Mark Wanless
          Liam Jones
          Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Global Hospital's shareholders agreed on Dec. 7, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


ISLAMIC FUNDING: Last Day to File Proofs of Claims Is on Jan. 27
----------------------------------------------------------------
Islamic Funding Corp.'s creditors are required to submit proofs of claim
by Jan. 27, 2007, to the company's liquidators:

          Mark Wanless
          Liam Jones
          Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Islamic Funding's shareholders agreed on Dec. 7, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


NMS EQUIPMENT: Creditors Must File Proofs of Claim by Jan. 27
-------------------------------------------------------------
NMS Equipment Co. Ltd.'s creditors are required to submit proofs of claim
by Jan. 27, 2007, to the company's liquidators:

          Mark Wanless
          Liam Jones
          Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE

Creditors who are not able to comply with the Jan. 27 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


PARMALAT: Deloitte & Touche Will Pay US$149 Mil. as Settlement
--------------------------------------------------------------
Parmalat SpA and Deloitte & Touche SpA and Dianthus SpA (the firm that
operated in Italy under the Deloitte & Touche name until July 2003)
communicate that the damages actions filed by Parmalat SpA against
Deloitte & Touche SpA and Dianthus SpA have been settled, as have the
counterclaims filed by Deloitte & Touche SpA and Dianthus SpA against
Parmalat SpA.

Deloitte & Touche SpA and Dianthus SpA have committed to provide Parmalat
SpA with total consideration valued at US$149,000,000.

After the settlement, Parmalat SpA and Deloitte & Touche SpA and Dianthus
SpA have undertaken to withdraw all pending actions and allegations
between them.

The settlement follows years of investigation by Parmalat SpA, and
extensive civil discovery by the parties in connection with actions
pending in the United States, and was facilitated by various judicial and
regulatory authorities.

Under the settlement Deloitte & Touche SpA and Dianthus SpA have an option
upon the payment to Parmalat SpA of US$15 million to terminate the
agreement within 60 days if they do not obtain a contribution bar pursuant
to the Illinois Joint Tortfeasor Contribution Act.

Both Parmalat SpA and Deloitte & Touche SpA express their satisfaction at
the settlement, which will set in place the conditions for a mutually
beneficial future relationship.

Parmalat SpA and Deloitte & Touche SpA look forward to working together.

                       About Parmalat

Headquartered in Wallington, New Jersey, Parmalat USA Corp.
-- http://www.parmalatusa.com/-- together with Milk Products
of Alabama, LLC, and Farmland Dairies, LLC filed Chapter 11 petitions 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 U.S. 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.

The U.S. Debtors' parent company, Parmalat SpA 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.  Dr. Bondi is represented by Mr. Holtzer and Ms.
Goldstein at Weil Gotshal & Manges LLP in the Sec. 304 case.

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.




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


FRESH DEL MONTE: S&P Cuts Corporate Credit Rating to BB- from BB
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Cayman
Islands-based Fresh Del Monte Produce Inc.  The corporate credit rating
was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were placed with
negative implications on Nov. 1, 2006, after the company's third-quarter
earnings release and continued weak operating performance.

The rating outlook is negative.  About US$399 million of total debt was
outstanding at Sept. 29, 2006.

"The downgrade reflects Fresh Del Monte's ongoing weak performance and
significantly higher-than-expected leverage," explained Standard & Poor's
credit analyst Alison Sullivan.

"The company has been negatively affected by difficult industry
conditions, including competitive pressures and higher fuel
and production costs, and we expect these challenges will continue into
2007.  On Dec. 27, 2006, Fresh Del Monte received its second amendment in
2006 to relax its leverage covenant on its secured bank facilities."

The 'BB-' rating reflects Fresh Del Monte's participation in the highly
variable, commodity-oriented fresh fruit and vegetable industry, which is
affected by uncontrollable factors such as global supply, political risk,
weather, and disease.  Mitigating these concerns are the company's leading
positions in the production, marketing, and distribution of fresh produce.

Product concentration remains a rating concern due to the high sales and
earnings concentration from bananas and pineapples.  However, Fresh Del
Monte is looking for ways to diversify within the produce industry, for
example, by expanding into branded fresh-cut fruit and vegetables, and
growing internationally.  Sales outside North America represented about
52% of 2005 consolidated sales.

Standard & Poor's expect Fresh Del Monte to continue investing in
diversification without adding significant debt.

For the nine months ending Sept. 29, 2006, sales declined slightly, yet
adjusted EBITDA declined 54% because of difficulties in the company's
prepared food business, competitive pressures in the European banana
market, and lower profitability in the other fresh produce segment because
of adverse weather conditions.  Higher costs related to fuel, raw
materials, packaging, labor, and transportation also hurt financial
results.

As a result, credit measures have weakened further than Standard & Poor's
had expected.  Lease- and pension-adjusted debt to EBITDA increased to
4.8x for the 12 months ended Sept. 29, 2006 from about 2.3x at Dec. 31,
2005.

Although the company has implemented cost saving initiatives, given
expected ongoing difficult industry conditions,
Standard & Poor's believes Fresh Del Monte will be challenged
to improve performance in the near term.

Del Monte Fresh Produce Company has 3 distribution centers in
Latin America (Argentina, Brazil, Chile) that provide a variety
of services including ripening, sorting, repacking, fresh-cut
processing, and delivery.


SHAW GROUP: Posts US$1.27 Bil. Revenue for Quarter Ended Nov. 30
----------------------------------------------------------------
The Shaw Group Inc. has filed its quarterly report on Form 10-Q for the
quarter ended Nov. 30, 2006.  Consolidated financial results for the three
months ended Nov. 30, 2006 included charges totaling US$49.3 million,
US$35.3 million after tax, or US$0.44 per diluted share, related to Shaw's
20% investment in Westinghouse.

The pre-tax charges related to Shaw's 20% investment in Westinghouse
include US$4.6 million of accrued interest on the Yen-denominated bonds,
US$30.6 million for non-cash foreign currency translation losses on the
Yen-denominated bonds, US$1.6 million of amortization of the commercial
relationship agreement, US$5.8 million of amortization of Shaw’s put
option to sell its ownership interest in Westinghouse to Toshiba, and a
US$6.7 million non-cash charge to mark-to-market the foreign currency
financial instrument embedded in the put option. Not including the
Westinghouse related charges, net income was US$15.0 million, or US$0.19
per diluted share.  For the three months ended Nov. 30, 2005, Shaw
reported net income of US$32.7 million, or US$0.41 per diluted share.  For
the three months ended Nov. 30, 2006, Shaw’s consolidated results,
including the charges related to the investment in Westinghouse, was a net
loss of US$20.3 million, or US$0.26 per diluted share.

Revenues were a record US$1,273.9 million for the quarter ended Nov. 30,
2006, compared with US$1,135.5 million in the prior year period which
included approximately US$300 million of revenue from hurricane response
activities.  Net cash provided by operating activities for the first
quarter of fiscal 2007 was US$134.8 million compared with net cash used in
operating activities of US$112.3 million in the prior year period, an
improvement of over US$247 million.  Shaw's backlog at
Nov. 30, 2006, was a record US$9.5 billion, up from US$9.1 billion at Aug.
31, 2006, excluding the recently announced China nuclear projects.

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in Venezuela, Chile, North America,
Europe, the Middle East and the Asia-Pacific region.

                        *    *    *

As reported on the Troubled Company Reporter on Oct 06, 2006,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.

"The CreditWatch placement followed the company's announced
agreement to take a 20% ownership interest in the US$5.40
billion acquisition, led by Toshiba Corp. (BBB/Watch Neg/A-2),
of Westinghouse Electrical Company Co. from British Nuclear
Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.




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


SPECTRUM BRANDS: S&P Says Ratings Unaffected by Default Notice
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Spectrum Brands
Inc. (B-/Negative/--) is not currently affected by the company's
announcement that it received a purported notice of default from entities
claiming to be the holders of its 8.5% subordinated notes due 2013.

The notice claims that because Spectrum was not in compliance with the
minimum requirement of 2 to 1 for the fixed-charge coverage ratio, the
company exceeded its capacity for senior secured debt borrowings under the
subordinated note indenture.  Spectrum and its advisors believe that all
existing indebtedness incurred was in compliance with the provisions of
the indenture and that no event of default has occurred. While the company
would have 60 days to cure such a default, Standard & Poor's would place
its ratings for Spectrum on CreditWatch with negative implications in the
event that a notice of default is received from either the trustee or
holders representing 25% or more of the aggregate principal amount of the
notes then outstanding.

The 'B-' rating on Spectrum already reflects our concerns regarding the
company's ability to stabilize its operations, including improving its
operating performance (which deteriorated over the past year), improving
its liquidity position, and reducing leverage.  The company has engaged
Goldman Sachs & Co. as financial advisor to evaluate potential selective
asset sales, which, if implemented, could help reduce leverage.

Spectrum Brands, Inc. -- http://www.spectrumbrands.com/-- is a
global consumer products company with a diverse portfolio of
world-class brands, including Rayovac, Varta and Remington.  The
Company manufactures and sells batteries, lawn and garden care
products, specialty pet supplies, shaving and grooming products,
household insecticides, personal care products and portable
lighting.  The Company's manufacturing and product development
facilities are located in the United States, Europe, China and
Latin America.  The company operates in 13 Latin American
nations including El Salvador, Guatemala, Costa Rica, Colombia
and Nicaragua.




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


VIVA INTERNATIONAL: Closes Purchase of River Hawk Aviation
----------------------------------------------------------
Viva International, Inc., closed its purchase and acquisition of all of
River Hawk Aviation, Inc.'s assets.

Assets of River Hawk included in the purchase are, among other things, all
tangible personal property and all inventories, including a SAAB 340A
Aircraft and aircraft engines and other mechanical aviation components and
parts, contracts, customer lists and contacts, governmental authorizations
and pending applications therefore or renewals thereof, in each case to
the extent transferable, data and records related to the operations of
River Hawk and all of the intangible rights and property of River Hawk
including its trade name.

Excluded from the Assets purchased are, among other things, cash, cash
equivalents, and accounts receivable, and real property interests of River
Hawk.

River Hawk is an aviation parts and components supplier specializing in
Saab and other commuter aircraft parts and components as well as a
provider of consulting services, marketing and appraisals to the aviation
community.  The sole shareholder of River Hawk, Calvin Humphrey, is a
member of the board of directors of the Viva, having been appointed in
August 2006 and is also the company's Chief Executive Officer, having been
appointed to that role in September 2006.  River Hawk forecasts revenues
for 2007 of approximately US$1.8 to US$2.2 million.

In an effort to communicate this change in the company's focus and its new
corporate identity, Viva intends to change its corporate name to
"Riverhawk Aviation, Inc." within the next 15 days.  Upon effectuation of
the name change, the company will issue a follow-up press release
announcing its new trading symbol.

Robert Scott, Chief Financial Officer of Viva, stated, "The closure of
this agreement with River Hawk reaffirms the Company's decision to move
towards a holding company that seeks out and acquires aviation-related
businesses that are profitable operating entities with strong upside
potential.  As we move our new plan forward, we will review the best
options and alternatives for continuing the development and placing our
Caribbean subsidiaries into operational status."

Calvin Humphrey, Chief Executive Officer of Viva, added, "This agreement
sends the message that we are going forward and that we are committed to
making this organization grow and prosper.  Under my direction, this
Company has embarked towards acquisitions already in operation that have
quality management, make profits and have the ability to achieve
substantial growth in contrast to a company concentrating on stage
development or start ups.  I believe that our Company has a number of
exiting developments and achievements that have occurred or will soon do
so that we will be able to soon share with our shareholder base and the
investment community and I look forward to doing so."

Viva International has a number of airline and aviation-related
interests including two developmental-stage carriers being
readied to operate in regional markets from hubs in Puerto Rico
and Santo Domingo, Dominican Republic.

The Company plans to create a network of regionally based
airlines across the Caribbean, eventually to be linked to key
points in the United States, Latin America, South America, and
Europe.

At present, the Company maintains executive offices in Michigan.

At June 30, 2006, Viva International's balance sheet showed a
stockholders' deficit of US$4,167,988, compared to a deficit of
US$4,116,893 at March 31, 2006.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on May 26, 2005,
Kempisty & Company CPAs, P.C., raised substantial doubt about
Viva International Inc.'s ability to continue as a going concern
after it audited the Company's financial statements for the
fiscal year ended Dec. 31, 2004.  The auditors cite Viva's
US$14.9 million net loss for the period from April 18, 1995, to
Dec. 31, 2004, and zero operating revenue for the two-year
period ended Dec. 31, 2004.




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


BANCO DEL PICHINCHA: Inks Outsourcing Pact with Tata Consultancy
----------------------------------------------------------------
Tata Consultancy Services had signed an agreement with Banco Pichincha,
Ecuador's largest private bank, to provide a comprehensive outsourcing
solution valued at over US$140 million over a period of five years.

Banco del Pichincha, a renowned regional leader in adopting innovation and
new technology, has over 1.5 million clients, a loan portfolio of over
US$1.5 billion and over 232 branches spanning Ecuador, Peru, Colombia,
Panama, Spain and the United States.  "This initiative will be a critical
part of our business strategy as we continue to create excellent results
in improving our business efficiency ratios," said Antonio Acosta, joint
president of Banco del Pichincha.  The General Manager of the bank,
Fernando Pozo added,  "We chose Tata Consultancy as our strategic partner
on the strengths of its end to end technology capabilities, reputation in
providing certainty of results, deep domain expertise in banking &
committed scale of operations in this region."

The comprehensive solution being developed for the bank will include a
complete renewal of the banks core banking solution with a Tata
Consultancy' BANCS solution followed by IT & BPO outsourcing of the banks
operational processes.

"This is the first BANCS implementation in Latin America and indeed the
first ever strategic outsourcing of such comprehensive nature in this
region, demonstrating Banco del Pichinchas clear vision to play on the
same level as the best run banks in the world," said Gabriel Rozman,
president of Tata Consultancy Iberoamerica.

Tata Consultancy will set up a new company in Ecuador, which will comprise
over 500 personnel in the country supported by its offshore Business
Process outsourcing center in Chile and Global Delivery centers across the
world.

"Our entry in Ecuador is part of a long term plan to invest in and grow in
the country.  We will retain all of Banco del Pichincha's current staff
engaged in these processes and bring in our best human resources and
practices worldwide to train our employees in Ecuador," said Henry
Manzano, CEO of Tata Consultancy' BPO unit in South America.

In 2005 Tata Consultancy acquired Comicrom, the leading BPO firm in Chile.
"Having successfully integrated the acquisitions we had invested in last
year, we are able to offer a complete end to end outsourcing solution to
our banking clients.  This strategic engagement with Banco del Pichincha
validates our strategy and marks Tata Consultancy clear arrival as a full
services player in the Banking sector," said N. Chandrasekaran, head of
global sales and operations for Tata Consultancy.

                   About Tata Consultancy

Tata Consultancy Services Limited is the world leading information
technology consulting, services, business process outsourcing and
engineering services organization that envisioned and pioneered the
adoption of the flexible global business practices that today enable
companies to operate more efficiently and produce more value.

                About Banco del Pichincha

Banco del Pichincha was founded in 1906 and has 232 branches spanning
Ecuador, Peru, Colombia, Panama, Spain and the United States.

                        *    *    *

Fitch Ratings revised on Feb. 23, 2006, its rating outlook on Banco del
Pichincha's B- long-term foreign currency rating to negative.  The rating
agency affirmed the bank's B short-term rating.




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


AES CORP: Partners with GE to Lead in Gas Emission Reduction
------------------------------------------------------------
In a breakthrough toward US leadership in carbon reduction, the AES Corp.
and GE Energy Financial Services, a unit of General Electric, intend to
create a partnership to develop greenhouse gas emission reduction projects
in the United States.

The partnership would seek to create an annual production volume of 10
million tons of greenhouse gas offsets by 2010, primarily through the
reduction of emissions of methane -- a potent greenhouse gas with a
warming potential 21 times greater than carbon dioxide.  Projects to
capture and destroy methane emissions would include agricultural waste,
landfills, coal mines and wastewater treatment.  In addition to
methane-based projects, the partnership may also pursue development of
offsets through energy efficiency projects and electricity generation from
renewable sources.  The partnership would sell offsets from these projects
to commercial and industrial customers seeking to reduce the environmental
impact of their operations or to provide climate-friendly products or
services to their customers.

"AES is committed to helping address climate change as part of our broader
alternative energy strategy," said Paul Hanrahan, President and CEO of
AES.  "Our partnership with GE will enhance the ability of the United
States to expand energy resources while mitigating the negative
environmental impacts of growth. We are pleased to team with GE because
the combination of our skills will allow us to lead the development of the
US market for carbon offsets."

The partnership would invest in projects using equipment from a variety of
manufacturers, potentially including GE products certified by its
ecomagination program.  GE Energy Financial Services and AES are taking
this step with an immediate focus on voluntary demand for greenhouse gas
reductions but with an eye toward possible future mandatory emissions
limits.

"This initiative will help GE Energy Financial Services double its already
sizeable US$1.5 billion portfolio of investments in renewable energy
projects by the end of 2008, and will contribute to GE's ecomagination
program," said Alex Urquhart, President and CEO of GE Energy Financial
Services.

Through its ecomagination program, GE has committed to help its customers
meet their environmental challenges while reducing its own greenhouse gas
emissions.  GE has pledged to more than double its investment in the
development of cleaner energy technologies, from US$700 million to US$1.5
billion by 2010, reduce its greenhouse gas emissions 1% by 2012, reduce
the intensity of its greenhouse gas emissions 30% by 2008, and improve the
company's energy efficiency 30% by the end of 2012.

Kevin Walsh, Managing Director and leader of renewable energy at GE Energy
Financial Services, added, "Our capital, sales channels and risk
management -- along with AES' expertise in project development -- make for
a powerful combination that will lead the US carbon market."

Last April, AES announced formation of its alternative energy group,
making a US$1 billion commitment to investments in wind, LNG, and climate
change sectors.  Last December, AES adjusted its guidance on investment in
this sector to potentially as much as US$10 billion over the next 5-10
years.  It has already announced a target to produce up to 40 million tons
of greenhouse gas emission offsets per year by 2012, through development
projects under the Clean Development Mechanism of the Kyoto Protocol in
Asia, Africa, Europe and Latin America.

"Carbon offsets play an important role in the fight against global
warming," said William Luraschi, Executive Vice President, Business
Development and leader of AES's Alternative Energy business.  "AES began
investing in greenhouse gas reduction projects in the late 1980's.  With
our 25 years of experience in energy and a presence in virtually every
region of the world, AES is well positioned to play a leading role in this
sector."

The AES/GE partnership would establish strict standards for the creation,
certification and registration of US greenhouse gas emissions credits.  It
plans to have internationally accredited and independent environmental
organizations assure that each carbon offset meets the highest scientific
and technical standards.

             About GE Energy Financial Services

GE Energy Financial Services' 300 experts invest globally with a long-term
view, across the capital spectrum and the energy and water industries, to
help their customers and GE grow.  With US$13 billion in assets, GE Energy
Financial Services, based in Stamford, Connecticut, invests more than US$5
billion annually in two of the world's most capital-intensive industries,
energy and water.  In renewable energy, GE Energy Financial Services has
developed a strong record investing in wind, solar, biomass, hydro and
geothermal power, and is growing its portfolio of US$1.5 billion in
renewable energy assets.

                       About AES Corp.

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.




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


UNIVERSAL CORP: Completes Sale of Barrow, Lane & Ballard
--------------------------------------------------------
Universal Corp. has completed the sale to management of its interest in
Barrow, Lane & Ballard Ltd.  The company, established in 1864 in London,
is an international merchant of edible nuts and dried fruits. It sources
primarily peanuts, cashew nuts, brazil nuts, dried dates, apricots, and
figs for processors and packers around the world.  Through its subsidiary,
Plasto Food Services Ltd., it also processes and packs dried fruit for the
U.K. market in its facility in London. Products include retail bags, diced
fruits, and fruit pastes, which the company packs for both retailers and
industrial users.

The transaction was completed on Jan. 15, 2007, and marks the first step
toward completing the plan announced last month.  In December 2006,
Universal announced that it had adopted a plan to sell its remaining
non-tobacco businesses.  The company will use the proceeds from the sale
to strengthen its balance sheet. The divestiture plan, which is expected
to be completed within the next six to twelve months, will allow Universal
to focus its financial and management resources on its core tobacco
business.

Allen B. King, Chairman and Chief Executive Officer of Universal
Corp., stated, "This sale furthers our plan to focus on our tobacco
business.  We thank the management team of Barrow, Lane, & Ballard for
their contributions to the Universal group and wish them well in their new
undertaking.  They have successfully run this business for a long time,
and we trust that they will have a bright future."

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV) --
http://www.universalcorp.com/-- has operations in tobacco and
agri-products.  The company, through its subsidiaries, is one of
two leading independent tobacco merchants in the world.
Universal Corp.'s gross revenues for the fiscal year that ended
on March 31, 2006, were approximately US$3.5 billion, which
included US$1.4 billion related to operations that were sold on
Sept. 1, 2006.

Universal Corp. has operations in India, Brazil, Argentina, the
United States, Guatemala, Brazil, the Netherlands, Belgium and
other countries in Europe.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Moody's assigned an LGD5 rating to the debt obligation,
suggesting noteholders will experience a 73% loss in the event
of a default.




=========
H A I T I
=========


DYNCORP INTERNATIONAL: Mark Ronald Joins Board of Directors
-----------------------------------------------------------
DynCorp International Inc. named Mark Ronald, former president and CEO of
BAE Systems Inc., to its board of directors.  Until his retirement at the
end of 2006, Mr. Ronald was COO of BAE Systems plc as well as president
and CEO of BAE Systems Inc., the company's wholly owned U.S. subsidiary.

"We are extremely fortunate to have someone of Mark's experience and
ability joining our board at this time in our company's history," said
DynCorp International chairman Robert B. McKeon.  "Mark's performance at
BAE is truly impressive.  During the twelve years of his leadership, he
guided the company to tremendous growth, increasing BAE's North American
business US$250 million of annual revenue to greater than US$10 billion of
revenue this year, with 45,000 employees around the world.  DynCorp
International is a global business, and Mark's experience on both sides of
the Atlantic will be invaluable to us as we continue to grow DynCorp
around the world."

Mr. Ronald remains a member of the board of directors of BAE Systems Inc.,
and serves on the boards of directors of Cobham plc and Alliant Tech
Systems.  He was awarded the title of Honorary Commander of the Most
Excellent Order of the British Empire in recognition of his services to
promote closer transatlantic cooperation in the U.S. and U.K. defense
industries.  In 2005, he was honored by the Marine Corps Scholarship
Foundation with the Semper Fidelis Award for his support of the members of
the U.S. Armed Forces and their families.

Before joining BAE Systems, Mr. Ronald was president, chief operating
officer, and a member of the board of directors of AEL Industries in
Lansdale, Pa., where he was responsible for overseeing the design and
manufacture of complex electronic systems and subsystems for military,
aerospace, and telecommunications.  He previously spent ten years with
Litton Industries, Amecon Division in College Park, Md., rising to the
position of vice president.

Mr. Ronald is a graduate of Bucknell University, where he received a
Bachelor of Arts and a Bachelor of Science in electrical engineering.  He
received his Master of Science in electrical engineering from the
Polytechnic Institute of New York. He has received the Distinguished
Engineering Alumni Award from both institutions.

Mr. Ronald replaces Marc Grossman, who resigned effective
Jan. 16.  DynCorp International has engaged the Cohen Group, of which Mr.
Grossman is a vice-chairman, as a consultant.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Haiti.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.




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


ALLIS-CHALMERS: Moody's Rates US$225-Million Notes at B3
--------------------------------------------------------
Moody's Investors Service placed Allis-Chalmers Energy, Inc.'s ratings on
review for possible upgrade.  At the same time, Moody's assigned a B3
rating to the proposed US$225 million senior unsecured notes to be issued
by Allis-Chalmers.  Proceeds from the notes will be used to refinance a
portion of the US$300 million senior unsecured bridge loan the company
used to finance the cash portion of its acquisition of Oil & Gas Rental
Services Inc.  The Oil & Gas acquisition, which closed on Dec. 18, 2006,
was for US$291 million in cash and 3.2 million shares of Allis-Chalmers's
common stock.  Allis-Chalmers anticipates issuing 4.5 million shares of
common stock to refinance the remainder of the US$300 million bridge loan.

The review for possible upgrade reflects:

   (1) the company's strong financial performance, particularly,
       its acquired companies having success in meeting
       forecasted expectations; and

   (2) its increased scale and diversification, both by product
       line and geographically, which has been primarily
       achieved through acquisitions.

The ratings will likely be upgraded to B2 if:

   (1) Allis-Chalmers successfully completes its planned equity
       offering and de-leveraging, which will provide a degree
       of financial cushion supportive of a higher rating in
       light of the expectation that management will continue to
       be acquisitive and the potential for a cyclical slowdown
       over the near to medium term;

   (2) Moody's sector outlook at the time remains adequate; and

   (3) a review of the company's year-end 2006 audited financial
       statements raises no unanticipated issues.

Historically robust industry fundamentals and Allis-Chalmers' success thus
far in integrating its acquisitions have resulted in the company
generating strong financial results commensurate with forecasts.
Allis-Chalmers generated pro-forma EBITDA of US$158 million over the last
twelve months ending
Sept. 30, 2006, with EBITDA margins of approximately 34%, which compares
favorably to its higher rated peers and represents substantial growth
versus pro-forma EBITDA levels of US$38 million for the prior year period.

Management's growth strategy has expanded the company's product and
service capabilities, enhanced its market positions in several of its
product lines, increased its geographic diversification, and provided for
greater economies of scale.  The OGR acquisition, in particular,
strengthens Allis-Chalmers' market position in the domestic rental tools
markets, further diversifies its revenues into the Gulf of Mexico, both on
the shelf and deepwater, and provides the company with organic growth
opportunities.

Given the risks associated with Allis-Chalmers' aggressive acquisition
strategy and the possibility that the company could be facing a sector
softening during the course of 2007 and into 2008, Moody's believes that a
material degree of common equity funding is required before a higher
rating can be achieved.  Moody's expects that Allis-Chalmers will remain
acquisitive, which could result in increased leverage levels.  While
management has stated that it intends to issue equity to fund a meaningful
portion of material acquisitions, equity market access may not be as
supportive during weaker points in the cycle.

The B3 rating on the unsecured notes reflects an LGD 4 loss given default
assessment as secured debt represents only a moderate amount of the
company's total capital structure.  The unsecured notes are contractually
subordinated to the company's US$25 million secured bank credit facility,
under which all domestic assets are pledged.

The notes are guaranteed by Allis-Chalmers's current and future domestic
subsidiaries but not its Argentine-based drilling subsidiary DLS Drilling
Logistics and Services Corporation; however, debt at DLS is expected to
remain modest.  The indenture limits debt at foreign subsidiaries to 15%
of tangible assets.  Pro-forma for the new notes, Allis-Chalmers will have
zero drawings under its US$25 million secured bank credit facility, US$480
million in senior notes, US$8 million of bank debt at DLS, and
approximately US$6 million of existing private debt.

Moody's placed these ratings of Allis-Chalmers on review for possible
upgrade:

   -- B3 Corporate Family Rating;
   -- B3 Probability of Default Rating;
   -- B3 rated US$255 million senior unsecured notes due 2014;
      and
   -- B3 rated US$225 million senior unsecured notes due 2017.

The company's SGL-2 speculative grade liquidity rating was not affected by
the rating actions.

Based in Houston, Texas, Allis-Chalmers Energy Inc. (AMEX: ALY)
-- http://www.alchenergy.com/-- provides oilfield services and equipment
to the oil and gas exploration and development companies primarily in
Texas, Louisiana, New Mexico, Colorado, and Oklahoma; offshore in the
United States Gulf of Mexico; and offshore and onshore in Mexico.  The
company offers directional drilling, compressed air drilling, casing and
tubing, rental tools, and production services.


ADVANCED MARKETING: Wants to Pay US$12 Mil. PGW Publisher Claims
----------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to pay, in the
ordinary course of business, up to US$12,000,000 in prepetition claims of
publishers who supply goods and credit critical to the continued operation
of Publishers Group West, Incorporated's business.

The Debtors want to make the payments to minimize disruption and
possible "domino effect" of further insolvencies that could be
caused if PGW immediately ceased all payments with respect to the PGW
Publisher Claims.

The Debtors estimate that PGW owed approximately US$36,009,556 to PGW
Publishers as of Dec. 31, 2006.  Unlike majority of
Advanced Marketing Services, Inc.'s publisher creditors, PGW's
publisher clients are smaller, independent producers.

The Debtors relate that the Distribution Agreements with the PGW
Publishers are not "consignments" governed by Article 9 of the
Uniform Commercial Code, but rather are true bailments governed
by common law.

The Debtors tell the Court that they will seek the most
advantageous of credit terms possible from each PGW Publisher as
a condition of making the payments.  At minimum, the Debtors will seek
trade credit for postpetition transactions for PGW, on not less than
30-day terms, for new postpetition purchases at least equal to the amount
of the PGW Publisher Claims paid.

The Debtors also propose that payments made be credited against
the ultimate distributions that would otherwise be paid to the
PGW Publisher in order of priority -- that is, first, against any allowed
administrative claim under Section 503(b)(1) of the
Bankruptcy Code; second, against any allowed administrative
claims under Section 503(b)(9); and, against any allowed general
unsecured claims.

If a PGW Publisher refuses to sell books to the Debtors on terms
agreed by the parties following payment of any portion of its PGW
Publisher Claim, or fails to comply with any trade agreement, the Debtors
will seek authority to:

   -- declare that the parties' trade agreement is terminated;

   -- declare that any payments made on account of the PGW
      Publisher Claims be deemed to have been in payment of then
      -outstanding postpetition claims of that PGW Publisher,
      without further Court order; and

   -- recover any payment made to the PGW Publisher, without
      giving effect to any rights of set-off, claims, provision
      for payment of reclamation or trust fund claims, or other
      defense.

PGW acts as a warehouser, marketer, and distributor of books for
the PGW Publishers pursuant to a series of written marketing and
distribution agreements.  Upon receipt of an order for certain
titles, PGW purchases the books from the PGW Publishers on credit terms
and sells them to the third party retailers.

PGW is under no obligation to purchase the books held in its
warehouses if it receives no orders for those books from third
party retailers.  For a fee, PGW returns to the PGW Publisher or
destroys any books that have become old or unmarketable.

A substantial number of PGW Publishers provide PGW with
significant trade credit -- up to 90 days between the time PGW
purchases the products for further sale, and the time PGW is
required to pay the PGW Publishers for the purchase.

                  About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services, Inc. --
http://www.advmkt.com/-- provides customized merchandising, wholesaling,
distribution and publishing services, currently primarily to the book
industry.  The company has operations in the U.S., Mexico, the United
Kingdom and Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated and
Publishers Group West Incorporated filed for chapter 11 protection on Dec.
29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482).  Suzzanne
S. Uhland, Esq., Austin K. Barron, Esq., and Alexandra B. Feldman, Esq.,
at O'Melveny & Myers, LLP, represent the Debtors.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., are the Debtors' local counsel.  When the Debtors filed for
protection from their creditors, they listed estimated assets and debts of
more than US$100 million.  The Debtors' exclusive period to file a chapter
11 plan expires on
Apr. 28, 2007.  (Advanced Marketing Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ADVANCED MARKETING: Robert E. Robotti Resigns from Board
--------------------------------------------------------
Advanced Marketing Services, Inc., disclosed that Robert E. Robotti has
resigned as a director of the company.  Mr. Robotti, who was appointed as
a director in November 2006, is a Managing Member of Ravenswood Management
company, L.L.C., the General Partner of Ravenswood Investment company,
L.P.

In resigning as a director, Mr. Robotti stated that he disagreed with the
Board's decision to proceed with the annual meeting of stockholders on
Jan. 24, 2007, as previously scheduled.  Mr. Robotti expressed his concern
that, given the advance notice requirements in the company's bylaws, the
opportunity has passed for stockholders to nominate director candidates or
to bring other business before the meeting.  Mr. Robotti instead sought to
postpone the annual meeting until a later date.

Robert F. Bartlett, Chairman of the Board of Directors, stated, "The
company originally announced the Jan. 24 meeting date back on Oct. 3,
2006, and the Board has determined that it is in the best interests of the
company and its stockholders to proceed with the meeting as scheduled.  We
regret that Bob has decided to resign from the Board, but we respect his
viewpoint, and we thank him for his contributions during his period of
service."

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


AMERICAN TOWER: Earns US$3.5 Mln in Third Quarter Ended Sept. 30
----------------------------------------------------------------
American Tower Corp. reported US$3.5 million of net income on
US$333.5 million of total revenues for the third quarter ended
Sept. 30, 2006, compared with a US$22.1 million net loss on
US$264.7 million of total revenues for the same period in 2005.

Total revenues for the quarter ended Sept. 30, 2006, were
US$333.5 million, an increase of US$68.7 million from the same period in
2005.  Approximately US$45.9 million of the increase was attributable to
revenues generated by communications sites acquired from SpectraSite.  The
balance of the increase resulted from an increase in other rental and
management revenue of
US$19.7 million and network development services revenue of
US$3.1 million.

Total operating expenses for the quarter ended Sept. 30, 2006, were
US$261.5 million, an increase of US$33.9 million from the same period in
2005.  The increase was attributable to an increase in depreciation,
amortization and accretion expense of US$14.6 million, an increase in
expenses in the rental and management segment of US$14.8 million, an
increase in selling, general, administrative and development expense of
US$9.8 million, and an increase in expenses in the network development
services segment of US$597,000.

These increases were offset by a decrease in impairments, net loss on sale
of long-lived assets, restructuring and merger related expense of US$5.9
million.

Interest expense for the quarter ended Sept. 30, 2006, was
US$54.4 million, a decrease of US$3.2 million from the same period ended
Sept. 30, 2005.

The company recorded a loss on retirement of long-term obligations of
US$893,000 related to amounts paid in excess of the carrying value for the
American Tower Inc. 7.25% Notes and the write-off of related deferred
financing fees.

This compares with a US$14.4 million charge in the 2005 quarter related to
the redemption of US$141.9 million of its 9-3/8% senior notes due 2009,
and US$15 million of American Tower Inc. 12.25% senior subordinated
discount notes due 2008.

Other expense for the quarter ended Sept. 30, 2006, was
US$5.4 million, an increase of US$6.5 million from the same period in
2005.  The increase was primarily attributable to an increase of
approximately US$6.8 million in expense due to a decrease in the fair
market value of the interest rate swap agreements assumed from
SpectraSite.

The income tax provision for the quarter ended Sept. 30, 2006, was US$13.4
million, an increase of US$21 million from the income tax benefit of
US$7.7 million for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$8.6 billion in
total assets, US$4.2 billion in total liabilities, and US$4.4 million in
total stockholders' equity.

The company's balance sheet at Sept. 30, 2006, also showed strained
liquidity with US$400.8 million in total current assets available to pay
US$554.4 million in total current liabilities.

Full-text copies of the company's consolidated financial statements for
the quarter ended Sept. 30, 2006, are available for free at
http://researcharchives.com/t/s?1888

                  Cash and Cash Equivalents

At Sept. 30, 2006, the company had approximately approximately US$207.2
million in cash and cash equivalents and the ability to borrow
approximately US$282.2 million under the American Tower credit facility
and approximately US$245.4 million under the SpectraSite credit facility.

                       Free Cash Flow

During the nine months ended Sept. 30, 2006, free cash flow was US$384.5
million.  Free cash flow was comprised of US$475.2 million of cash
provided by operating activities, less US$90.7 million of payments for
purchase of property and equipment and construction activities.  The
company completed the construction of 149 towers and the installation of
19 in-building systems during the nine-month period.

                    About American Tower

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an independent owner,
operator and developer of broadcast and wireless communications sites in
the United States, Mexico and Brazil.  American Tower owns and operates
over 22,000 sites in the United States, Mexico, and Brazil.  Additionally,
American Tower manages approximately 2,000 revenue producing rooftop and
tower sites.

                        *    *    *

As reported in Troubled Company Reporter Dec. 13, 2006, Moody's
Investors Service placed American Tower Corp.'s Ba2 corporate family
rating under review for possible upgrade.


EMPRESAS ICA: ICA Fluor Inks US$276-Million Contract with Pemex
---------------------------------------------------------------
ICA Fluor, the industrial engineering and construction company jointly
owned by Fluor Corp. and Empresas ICA signed a contract for the
engineering, procurement, construction and start-up support services for
two modular cryogenic plants for Pemex Gas y Petroquimica Basica.  The
total contract value is US$276 million.  The contract will be booked in
fourth quarter 2006 and the value will be split evenly between Fluor and
Empresas ICA.

The consortium formed by ICA Fluor and Linde Process Plants Inc., will
develop the project, which is scheduled to be completed in approximately
24 months.

Located in the gas processing center of Reynosa, Tamaulipas, Mexico, the
cryogenic plants will have a total capacity of 200 million standard cubic
feet-per-day capacity and will be based on state-of-the art turbo-expander
technology.

Pemex Exploration and Production is a subsidiary of Pemex, Mexico's
state-owned integrated oil and gas company.

ICA Fluor is the leading industrial engineering company in Mexico,
dedicated to the engineering, procurement, construction and maintenance of
industrial facilities in the oil and gas, chemical, petrochemical,
automotive, electricity, mining and telecommunication industries.

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

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

                        *    *    *

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


HERBALIFE LTD: Names Charles Sperazza Chief Information Officer
---------------------------------------------------------------
Herbalife Ltd. appointed Charles A. Sperazza as chief information officer
with responsibility to provide strategic direction to develop, maintain
and facilitate the implementation of an integrated IT infrastructure for
use by Herbalife, its affiliates and independent distributors.  He will
report to Chief Financial Officer Richard Goudis.

Mr. Sperazza is a seasoned IT professional who joined the company from
Agere Systems, Inc., a NYSE-listed designer, developer and manufacturer of
integrated circuits, where he served as vice president and chief
information officer.  There, he directed 200 technology professionals as
well as all aspects of IT including data center operations, networks,
telecommunications and software development, as well as supporting 20
engineering design centers on three continents.

Previously, Mr. Sperazza was senior vice president of information systems
at Liberty Travel, Inc. where his accomplishments included implementing a
migration to the Oracle 11i E-Business suite in parallel with a
multi-million dollar infrastructure platform upgrade.

Earlier roles include positions at EMC Corp., which provides enterprise
storage systems, software and services, and Oracle Corporation, where Mr.
Sperazza was responsible for managing the successful implementation of
full Oracle ERP solutions for a variety of clients.

Mr. Sperazza has competed in numerous triathlons including the famed
Hawaiian Ironman World Championship in 2002 in Kona, Hawaii, where he
placed first in his age group.  He holds a master's degree from Syracuse
University and earned his Bachelor's of Arts degree from University of
Connecticut.

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+.


VITRO SAB: Moody's Rates US$750-Mil. Sr. Unsecured Notes at B2
--------------------------------------------------------------
Moody's Investors Service assigned a global foreign currency rating of B2
to Vitro, SAB de CV's proposed US$750 million senior unsecured guaranteed
notes due 2012 and 2017, which are being offered in the context of a major
financial restructuring initiative the company announced on Jan. 11, 2007.
  Vitro intends to use the offering proceeds to refinance certain
third-party debt at its holding company and substantially all external
debt at its subsidiary Vitro Envases Norteamerica, SA de CV aka Vena.

Vitro's corporate family rating as affirmed and all other ratings of Vitro
and Vena were also affirmed but could change or be withdrawn, as discussed
below, if the Notes Offering is consummated as planned.  The Notes
Offering is subject to consummation of VENA's tender offer and consents
solicitation, announced on Jan. 10, 2007, for its US$250 million 10.75%
senior secured guaranteed notes due 2011.  Vitro's and VENA's rating
outlooks are stable.

All ratings are subject to the conclusion of the Notes Offering and Tender
Offer, the execution and enforceability of the proposed guarantee
structure and the absence of any material amount of senior secured debt
and commitments for the consolidated entity.

This rating was assigned:

   Vitro, SAB de CV:

   -- Proposed US$750 million senior unsecured guaranteed notes
      due 2012 and 2017, at 2.

These ratings were affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

  -- US$225 million 11.75% senior unsecured notes due 2013, at
     Caa1, with the possibility of upgrade to B2 upon
     execution of the proposed guarantee structure consistent
     with the proposed notes;

  -- US$152M 11.375% senior unsecured notes due 2007, at Caa1,
     and withdrawn upon successful conclusion of the Tender
     Offer.

The ratings outlook changed to stable from negative.

Vitro Envases Norteamerica, SA de CV:

   -- Corporate family, at B2, and withdrawn upon conclusion
      joy of the proposed transactions; and

   -- US$250 million 10.75% senior secured notes due 2011,
      at B2, and withdrawn upon successful conclusion of
      the Tender Offer.

The rating outlook remains stable until such time that the ratings are
withdrawn.

Vitro's B2 CFR reflects the key factors outlined by Moody's Rating
Methodology for Packaging Manufacturers for Metals, Glass and Plastic
Containers.  Pro forma for the intended debt restructuring, which is
viewed positively by Moody's, Vitro's CFR balances the company's single-B
type competitive position and borderline B/Ba margin and asset efficiency
measures with a single-B financial profile.  Moody's believes that the
recently announced refinancing initiative would significantly improve the
company's liquidity position but should only modestly help in
strengthening its credit metrics in the near term. While we expect
EBIT/Interest to move to the upper end of the single-B category in 2007
because of the anticipated lower cost of debt, we anticipate that adjusted
Debt/EBITDA and Free Cash Flow/Debt will remain unchanged at the Ba and
borderline Caa/Ca levels, respectively.  Vitro's current CFR is in line
with the B2 yielded by Moody's Packaging Rating Methodology.

The change in the ratings outlook for Vitro to stable from negative
reflects the improvement in Vitro's liquidity profile pro forma for the
proposed transactions.  In addition, the stable rating outlook
incorporates our expectation of i) solid operating performance in 2007,
evidenced by stable margins, ii) sustainable improvements in interest
coverage and cash flow from operations because of anticipated lower cost
of debt pro forma for the proposed refinancing transaction, and iii) the
absence of any material use of cash outside of current expectations.

The (P)B2 ratings for Vitro's proposed senior unsecured notes due 2012 and
2017 reflect the benefit of having full guarantees by the majority of
operating companies and the sizable reduction in senior secured debt pro
forma for the proposed transactions. Thus, the ratings are at the same
level as Vitro's CFR.  There is an expectation of recovery in the event of
default.

The affirmation of the Caa1 rating for Vitro's existing 11.75% senior
unsecured notes due 2013 and the 11.375% senior unsecured due 2007 notes
reflects the continued structural subordination of these notes at least
until the conclusion of the Tender Offer and the Notes Offering.  Upon
successful conclusion of these events, Moody's anticipates that Vitro will
extend guarantees to the 2013 notes that are identical to those
anticipated for the proposed notes.  Moody's could upgrade the 2013 notes
to B2 from Caa1, the same level as the proposed notes, if and when such
guarantees become effective because of the resulting equal ranking of the
notes in the capital structure and their similar levels of covenant
protection.  Moody's expects Vitro to redeem the 2007 notes upon
successful conclusion of the Tender Offer and the Notes Offering, and will
withdraw the rating of those notes if and when fully redeemed.

In line with our treatment of Vitro's existing notes ratings, Moody's
affirmed all of Vena's ratings because the current debt structure and
terms will temporarily remain unchanged until successful consummation of
the Tender Offer and the Notes Offering.  If and when all of Vena's 10.75%
senior secured notes due 2011 will be tendered, Moody's will withdraw the
rating on VENA's 2011 notes as well as Vena's corporate family rating. If
a material amount of the Vena notes remains outstanding after the tender
offer, Moody's will only withdraw VENA's corporate family rating but
maintain and downgrade the 2011 stub notes rating to reflect the covenant
defeasance, lack of guarantees and unsecured status resulting from the
Tender Offer.

Headquartered in Monterrey, Mexico, Vitro, SAB de CV, through its two
subsidiaries, Vitro Envases Norteamerica, SA de C.V (VENA) and Vimexico,
SA de CV, is a leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food, beverage,
wine, liquor, cosmetics and pharmaceutical industries.  For the twelve
months ended


WERNER LADDER: Non-Insider Employee Plan Implementation Okayed
--------------------------------------------------------------
Werner Holding Co. (DE) Inc. aka Werner Ladder Company and its
debtor-affiliates obtained authority from the U.S. Bankruptcy Court for
the District of Delaware to implement an incentive plan for certain of
their employees who are not part of the executive leadership but have the
ability to impact the company's performance and business initiatives.

The Debtors' management, with the approval of the Board of
Directors, has determined that it is critical to implement an
adequate incentive program for eligible employees to stabilize
turnover rate and increase morale.

According to Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, in Wilmington, Delaware, the Non-Insider Employee
Incentive Plan is substantially based on the Business
Optimization Bonus Plan adopted by the Debtors in January 2006.

Under the Non-Insider Employee Incentive Plan, Non-Insider
Employees will be eligible to earn incentive payments in the same amounts
for which they were eligible to earn as incentive
payments pursuant to the terms of the BOB Plan.  The individual
performance criteria on which they will evaluate will also remain the same
as those established under the BOB Plan.

Each Non-Insider Employee will be eligible to earn an Incentive
Payment on Nov. 30, 2006, or on a later date as the Court may approve the
program, and on March 31, 2007.

However, 50% of each Incentive Payment will be withheld and paid
on or before July 15, 2007.  To receive any payment, including
the release of the holdback, a Non-Insider Employee must either
be employed by the Debtors at the time of the scheduled payout or have
been without cause after the Incentive Payment had been
earned but not paid.

Mr. Brady notes that the lenders under the First Lien Credit
Agreement dated June 11, 2003, and the Second Lien Credit
Agreement dated May 10, 2005, have agreed to "carve out" of their
collateral and superiority claims the amount of any Incentive Payment
earned but not yet paid with respect to the Non-Insider Employees.  He
says that the amounts will not reduce any "carve outs" provided for in the
Debtors' Chapter 11 cases.

The Debtors have identified around 94 of their employees to be
eligible participants of the Non-Insider Employee Incentive Plan.  The
total maximum cost of the Non-Insider Employee Incentive Plan for the
payments is US$1,280,000.  Pursuant to the Non-Insider Employee Incentive
Plan, no Non-Insider Employee can earn more than 37.5 % of his or her
annual base salary.

The Debtors believe that adoption and implementation of the Non-
Insider Employee Incentive Plan is supported by sound business
judgment because the continued stability of their business and
preservation of the value of their estates is dependent on the
continued employment and dedication of the employees.

Additionally, to successfully complete their operational
restructuring and position themselves, ultimately, for emergence
from Chapter 11 protection, the Debtors must retain the employees who are
primarily responsible for implementing the operational restructuring plan.

According to Mr. Brady, the Non-Insider Employee Incentive Plan
provides the most cost-effective method to help the Debtors
retain important employees and motivate these employees to remain
committed to a successful outcome in the Debtors' Chapter 11 cases.

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc. aka Werner
Ladder Co. -- http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories.  The company and three
of its affiliates filed for chapter 11 protection on June 12, 2006 (Bankr.
D. Del. Case No. 06-10578).  The Debtors are represented by the firm of
Willkie Farr & Gallagher LLP as lead counsel and the firm of Young,
Conaway, Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured Creditors
is represented by the firm of Winston & Strawn LLP as lead counsel and the
firm of Greenberg Traurig LLP as co-counsel.  Jefferies & Company serves
as the Creditor Committee's financial advisor.  At March 31, 2006, the
Debtors reported total assets of US$201,042,000 and total debts of
US$473,447,000.  The Debtors's exclusive period to file a plan expires on
Jan. 15, 2007.  (Werner Ladder Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-7000)


WERNER LADDER: Loughlin's Employment as Consultants Terminated
--------------------------------------------------------------The U.S.
Bankruptcy Court for the District of Delaware authorized Werner Holding
Co. (DE) Inc. aka Werner Ladder Company and its debtor-affiliates to
terminate James J. Loughlin, Jr.'s employment as their restructuring
consultants as of Dec. 4, 2006.

The Honorable Kevin J. Carey permitted the Debtors to employ:

   (a) Mr. Loughlin as their Interim Chief Executive Officer and
       Vice President and Chief Restructuring Officer;

   (b) certain officers; and

   (c) additional temporary staff.

Judge Carey directed Mr. Loughlin and other parties-in-interest to file a
final fee application no later than Thursday,
Jan. 18, 2006.

A retainer will be available to Mr. Loughlin with respect to the
Debtors' allowed obligations.  Any unearned portion of the
Retainer will be returned to the Debtors at the conclusion of the
engagement under a letter agreement between the Debtors and
Loughlin.

Judge Carey also authorized and directed the Debtors to reimburse Loughlin
for all costs incurred by Loughlin in procuring insurance coverage for Mr.
Loughlin, the Officers, and any other Temporary Staff eligible to be
indemnified, if first dollar D&O insurance coverage of at least
US$10,000,000 is not available under the Debtors' current D&O insurance
policies.

Judge Carey further amended the Original Engagement Agreement,
effective as of Dec. 1, 2006, to increase Loughlin's monthly
fee cap from US$250,000 to US$400,000.

Any party-in-interest in the Debtors' cases may file a motion to
reconsider the provisions of the Order on a prospective basis
after June 30, 2007.

        Request for Approval of New Letter Agreement

In October and November 2006, the Debtors started negotiating the
extensions of their exclusivity periods with the agent for the First Lien
Credit Agreement dated June 11, 2003, and the Ad Hoc Committee of Second
Lien Lenders under the Credit Agreement dated May 10, 2005.

The Senior Lenders advised the Debtors that as a condition for
their support for granting the extensions, the Senior Lenders
required the designation and employment of James J. Loughlin,
Jr., as the Debtors' chief restructuring officer.

In November 2006, Steven Richman resigned as the Debtors' chief
executive officer.  To satisfy the request of the Senior Lenders
and to replace Mr. Richman, the Debtors selected Mr. Loughlin as
their interim CEO and chief restructuring officer, and Edward
Gericke as their president.  Messrs. Loughlin and Gericke are
connected with Loughlin Meghji + Company Associates, Inc., the
Debtors' restructuring consultants.

According to Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
LLP in Wilmington, Delaware, the most appropriate way to transition Mr.
Loughlin and other Loughlin employees to their
roles as executive officers and employees of the Debtors, is to
terminate Loughlin Meghji's retention effective contemporaneously with the
Court's approval of the Firm's new role in the Debtors' Chapter 11 cases.

Thus, the Debtors asked the Court to:

   (1) terminate Loughlin Meghji's employment as the Debtors'
       restructuring consultants in their Chapter 11 cases; and

   (2) pursuant to Sections 105 and 363 of the Bankruptcy Code,
       approve the letter agreement between Loughlin Meghji and
       the Debtors, under which the Firm has agreed to (i) make
       Mr. Loughlin available to serve as the Debtors' Interim
       CEO/CRO, and (ii) provide additional temporary staff to
       serve as the Debtors' executive officers and employees.

The Temporary Staff, initially anticipated to consist of nine
people, includes Patrick J. Fodale, Tom Hsien-Chieh Wang and
Orlando C. Taylor, who will each hold the title of vice president and
assistant restructuring officer.

Mr. Brady assured the Court that Mr. Loughlin and the Temporary
Staff are qualified to serve as officers and employees since they have
been assisting the Debtors in their restructuring efforts.

Pursuant to the Letter Agreement between the Debtors and Loughlin Meghji,
Mr. Loughlin will perform the ordinary course duties as the interim
CEO/CRO.  Mr. Loughlin, the Officers and the other Temporary Staff will
also:

   (1) analyze, develop and implement all aspects of the
       Debtors' operational turnaround plan, including:

       (a) expansion and improvement of the Debtors'
           manufacturing capabilities in Juarez, Mexico;

       (b) customer pricing, product and service strategies to
           improve performance, including the SKU profitability
           improvement and reduction;

       (c) corporate-wide expense management and reduction
           initiatives; and

       (d) vendor and other supplier issues, and employee-
           related matters;

   (2) monitor the progress being made to achieve the
       operational restructuring plan and report the results to
       the Debtors' management and board of directors;

   (3) develop the Debtors' 2007 operating business plans and
       budget;

   (4) develop the underlying assumptions for the short-term
       business plans and financial forecasts, including sales
       plans by customer and product, manufacturing costs and
       efficiency improvements, working capital requirements and
       cash flow forecasts, and analyses of various alternative
       operating scenarios;

   (5) prepare and update financial forecasts relative to the
       Debtors' financing requirements in Chapter 11; and

   (6) develop a long-term strategic business plan and financial
       forecast, by:

       (a) reviewing various operating alternatives and
           analyzing alternative operating scenarios;

       (b) developing and leading the implementation of customer
           and product sales and margin plans; and

       (c) developing a detailed assessment of the Debtors'
           operations, a detailed action plan to reduce costs
           and restructure operations, and pro-forma projections
           premised upon the assumptions.

The Loughlin Meghji Agreement provides that the Debtors will
provide Mr. Loughlin, the Officers, and any other Temporary Staff eligible
to be indemnified under the Debtors' by-laws and other applicable
organizational documents with first dollar director and officer insurance
coverage.  Mr. Loughlin, the Officers, and the Temporary Staff will be
entitled to the benefit of the most favorable indemnities provided by the
Debtors to their officers and directors.

Pursuant to the terms in the Loughlin Meghji Agreement, the
hourly rates for the Firm's professionals are:

     Designation          Hourly Rate
     -----------          -----------
     Partners             US$595
     Managing Directors   US$475 - US$575
     Directors            US$375 - US$450
     Associates           US$295 - US$350

Professional fees incurred by Loughlin Meghji personnel on
matters related to the Debtors' Chapter 11 cases are subject to
an average monthly cap of US$400,000.  Loughlin Meghji will also
receive reimbursement of all reasonable out-of-pocket expenses
incurred in connection with the Loughlin Meghji Agreement.

Additionally, Loughlin Meghji will be entitled to a contingent
value added fee of US$500,000, to be awarded and paid upon the
earlier of: (i) the consummation of a plan of reorganization for
the Debtors, or (ii) the consummation of a sale of all or
substantially all of the Debtors' assets through one or a series
of sale transactions.

Loughlin Meghji will file with the Court quarterly statements for services
rendered and expenses incurred, and the Debtors will be authorized to pay
the Firm without a Court order.  But the U.S. Trustee and the Official
Committee of Unsecured Creditors have the right to object to Loughlin
Meghji's fees and expenses.

                    About Werner Ladder

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc. aka Werner
Ladder Co. -- http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories.  The company and three
of its affiliates filed for chapter 11 protection on June 12, 2006 (Bankr.
D. Del. Case No. 06-10578).  The Debtors are represented by the firm of
Willkie Farr & Gallagher LLP as lead counsel and the firm of Young,
Conaway, Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured Creditors
is represented by the firm of Winston & Strawn LLP as lead counsel and the
firm of Greenberg Traurig LLP as co-counsel.  Jefferies & Company serves
as the Creditor Committee's financial advisor.  At March 31, 2006, the
Debtors reported total assets of US$201,042,000 and total debts of
US$473,447,000.  The Debtors's exclusive period to file a plan expires on
Jan. 15, 2007.  (Werner Ladder Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-7000)




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


HUNTSMAN INTERNATIONAL: Repays US$75 Million of Term Loan
---------------------------------------------------------
Huntsman International LLC, completed a US$75 million equivalent voluntary
principal repayment of its term loan B under its senior secured credit
facilities.  This repayment is in addition to repayments of debt that
Huntsman made on Dec. 29, 2006, using net proceeds Huntsman received from
the sale of its European commodity chemicals business to Saudi Basic
Industries Corporation aka SABIC.  Proceeds from the Dec. 29 sale were
used to repay US$400 million equivalents of its term loan B under its
senior secured credit facilities, and to repay by means of defeasement the
remaining US$250 million of its 9.875% senior unsecured notes due 2009 by
depositing sufficient funds with the notes' trustee for redemption of the
notes, which the trustee is scheduled to complete on March 1, 2007.

Peter Huntsman, President and CEO of Huntsman, commented, "We enter 2007
with a demonstrated commitment to delivering on our plan to make strategic
divestitures and pay down debt, even as we continue to grow our
differentiated businesses."

Huntsman globally manufactures and markets differentiated and commodity
chemicals.  Its operating companies manufacture products for a variety of
global industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture, appliances
and packaging.

Originally known for pioneering innovations in packaging, and later, for
rapid and integrated growth in petrochemicals, Huntsman has 15,000
employees and 78 operations in 24 countries including Argentina, Brazil,
Chile, Colombia, Panama, Mexico and Guatemala.  The company had 2005
revenues of US$13 billion.

As reported in the Troubled Company Reporter on Nov. 6, 2006, Moody's
Investors Service assigned a B3 rating to Huntsman International LLC's, a
wholly owned subsidiary of Huntsman Corp., proposed US$400 million senior
subordinated notes.  Moody's also assigned Loss Given Default Assessment
of LGD6 to these notes in accordance with its Loss-Given-Default rating
methodology that was initially implemented at the end of September 2006.
Proceeds from the private offering of the proposed US dollar and euro
denominated notes will be used to redeem part of the company's outstanding
10-1/8% senior subordinated notes due 2009.  The corporate family ratings
of B1 for both Huntsman International and Huntsman Corp. were affirmed and
the rating outlooks for both companies remain developing.

Moody's assigned these ratings:

   -- Proposed Sr. Sub Notes, US$400 million, due 2013 and 2014:
      B3, LGD6, 91%.




=======
P E R U
=======


GOL LINHAS: Launches Flights to Lima, Peru
------------------------------------------
GOL Linhas Aereas Inteligentes began ticket sales to Lima, Peru.  The
Peruvian capital is GOL's eighth international destination
-- the company currently flies to:

   -- Buenos Aires, Argentina;
   -- Rosario, Argentina;
   -- Cordoba, Argentina;
   -- Montevideo, Uruguay;
   -- Asuncion, Paraguay;
   -- Santa Cruz de la Sierra, Bolivia; and
   -- Santiago, Chile.

Two daily flights will depart to Lima, one from Sao Paulo and one from
Santiago, Chile.

The Brazilian National Civil Aviation Agency or ANAC has authorized GOL to
operate 14 regular flights per week to Lima on its Boeing 737-800 NG
aircraft.

Peru, whose economy grew 6.7% in 2005, is home to 27.9 million residents
and is one of the fastest-growing economies in Latin America.  According
to information from the Office of the Ministry of Foreign Affairs,
business between Brazil and Peru has increased from US$1.4 billion in 2005
to US$2 billion in 2006 (January to November 2006). Exports from Brazil to
Peru have increased from US$933 million to US$1.3 billion in the same
period and imports from US$459 million to US$706 million.  Last November,
Brazil and Peru signed 12 bilateral agreements to further strengthen
relationships between the two countries.

The World Tourism Organization estimates that approximately 80,000
Brazilians visited Peru in 2005, while more than 60,000 Peruvians traveled
to Brazil over the same period.

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

                        *    *    *

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

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

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

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




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


ADELPHIA COMM: Court Extends Stay of Confirmation Order
-------------------------------------------------------
Adelphia Communications Corp. disclosed that the United States District
Court for the Southern District of New York has temporarily extended the
10-day stay of the order confirming the Adelphia Plan of Reorganization to
a day early next week in order to give the District Court adequate time to
adjudicate a pending motion for a stay of the Confirmation Order pending
appeal.  The Confirmation Order confirming the First Modified Fifth
Amended Joint Chapter 11 Plan for Adelphia Communications Corporation and
Certain of its Affiliated Debtors, dated as of Jan. 3, 2007, as Confirmed
was entered by the United States Bankruptcy Court for the Southern
District of New York on
Jan. 5, 2007.

The occurrence of the Effective Date of the Adelphia Plan of
Reorganization is subject to conditions, many of which are outside the
control of Adelphia, including that the Effective Date occur by Jan. 19,
2007.  The Settlement Parties may extend the Outside Date. There can be no
assurance as to whether the Settlement Parties will extend the Outside
Date, or whether or when the Effective Date will occur.

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 CO: Has Until Feb. 26 to Object to Joint Venture Claims
----------------------------------------------------------------
Adelphia Communications Corp., as the plan administrator for the Parnassos
Debtors and Century-TCI Debtors, obtained authority from the U.S.
Bankruptcy Court for the Southern District of New York to extend the time
by which it may object to claims pursuant to the Joint Venture Plan for
the Parnassos Debtors and Century-TCI Debtors, through the later of:

    (i) Feb. 26, 2007; or

   (ii) the claims objection deadline set in the ACOM Debtors'
        Fifth Amended Plan of Reorganization if that plan is
        confirmed before Feb. 26, 2007.

Shelley C. Chapman, Esq., at Willkie Farr & Gallagher LLP, in New York,
relates that as of Aug. 31, 2006, approximately 19,600 proofs of claim
asserting approximately US$3,980,000,000,000 in claims have been filed
against the ACOM Debtors, including the JV Debtors.

As of Sept. 28, 2006, the ACOM Debtors have sought to disallow and
expunge, reduce and allow, or subordinate nearly US$3,900,000,000,000 of
the claims through omnibus objections already filed with the Court.

Ms. Chapman relates that while the ACOM Debtors continue to engage in the
process of reviewing, analyzing, and reconciling the scheduled and filed
claims against the JV Debtors, ACOM believes that certain of the claims
that were filed against affiliated Debtors, and that have not yet been
reviewed, may be obligations of a JV Debtor.

The ACOM Debtors believe that the requested extension of the Claims
Objection Deadline is a protective measure that will permit them to:

    (i) continue to properly reconcile and adjust certain
        claims; and

   (ii) fully and finally evaluate all claims against the JV
        Debtors to ensure that all non-meritorious claims have
        been included in the Claims Objections.

With respect to the Administrative Expense Claims, approximately
140 claims were filed as a result of the JV Debtors' administrative
expense bar date on Sept. 14, 2006.

Ms. Chapman maintains that ACOM has yet to complete its evaluation of the
Administrative Expense Claims, and requires additional time to evaluate
those claims and to file any required objections.

Ms. Chapman notes that because of the complicated relationship between the
cases of the JV Debtors and the cases of the remaining ACOM Debtors, the
claims review process is particularly complex.

ACOM seeks to extend the Claims Objection Deadline to:

    (a) ensure that there has been no oversight or omission in
        the claims review process and that all non-meritorious
        claims filed against the JV Debtors have been included
        on a Claims Objection;

    (b) ensure that the JV Debtors are not obligors on any of
        the remaining claims filed against the Affiliated
        Debtors, which have not yet been included on a Claims
        Objection; and

    (c) evaluate the recently filed Administrative Expense
        Claims.

Ms. Chapman asserts that the extension is not sought for purposes of delay
and will not prejudice any claimants or other parties-in-interest.

Based in Coudersport, Pennsylvania, 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. 154; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

As reported in the Troubled Company Reporter on Jan. 9, 2007, 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 Corporation and Certain Affiliated Debtors.  The Plan is
expected to effective on Jan. 17, 2007.


ADELPHIA COMMS: Court Approves Pact Resolving Verizon's 4 Claims
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York approved
the settlement agreement resolving Verizon Media Ventures Inc.'s claims
against Adelphia Communications Corp.

On Dec. 17, 2001, the Debtor and Verizon entered into three asset purchase
agreements for the sale of substantially all of Verizon's cable television
assets in:

    Location                     Transaction Valued at:
    --------                     ----------------------
    Ventura County, California              US$46,000,000
    Cerritos, California, and               US$32,000,000
    Pinellas County, Florida                US$58,000,000

On Jan. 9, 2004, Verizon filed four proofs of claim:

    (i) Claim No. 16383 for at least US$48,013,284 against ACOM,
        relating to the Ventura Agreement;

    (2) Claim No. 16382, a duplicate claim, against California
        Cablevision, an ACOM Debtor, relating to the Ventura
        Agreement;

    (3) Claim No. 16380 for US$26,107,262 against ACOM, relating
        to the Cerritos Agreement; and

    (4) Claim No. 16381 for US$87,567,978 against ACOM, relating
        to the Pinellas Agreement.

On Jan. 17, 2006, the ACOM Debtors asked the Court to disallow the Verizon
Claims.  Verizon objected and the hearing on the Debtors' request has
since been adjourned.

On April 21, 2006, the ACOM Debtors asked the Court to establish
supplemental procedures for estimating certain disputed claims under
Section 502(c) of the Bankruptcy Code.  The ACOM Debtors noted that they
intend to seek to estimate the Cerritos Claim and the Pinellas Claim at
US$15,000,000 each.  On May 4, 2006, the Court approved the Supplemental
Estimation Procedures.

The Debtors do not dispute the amounts owed in connection with the Ventura
Claim as they have determined that the Ventura assets were, in fact,
transferred to them prior to the Petition Date in accordance with the
Ventura Agreement but no payment was made to Verizon.

Shelley C. Chapman, Esq., Willkie Farr & Gallagher, in New York, relates
that over the past several months, the ACOM Debtors and Verizon have
engaged in negotiations regarding the Cerritos and Pinellas Claims.
Notwithstanding that Verizon asserts that it terminated the Agreements in
accordance with their terms as a result of the ACOM Debtors' purported
material breach, the ACOM Debtors contend that the proper measure of
Verizon's damages is determined "by the loss sustained or gain prevented
at the time and place of breach."

The ACOM Debtors and Verizon have fully and finally resolved their
disputes relative to the Verizon Claims.

The principal terms of the parties' settlement agreement are:

    (a) Claim Nos. 16380 and 16381 will be disallowed;

    (b) Verizon will have one allowed unsecured claim against
        ACOM for US$39,000,000 on account of the Cerritos and
        Pinellas Claims;

    (c) Claim No. 16383 will be allowed as an unsecured claim
        against California Cablevision for US$48,013,284, plus
        postpetition interest at the rate provided for in the
        Debtors' proposed Modified Fourth Amended Joint
        Plan of Reorganization, on account of the Ventura Claim;

    (d) Claim No. 16382 will be allowed as an unsecured claim
        against ACOM in the amount equal to the difference, if
        any, between:

        -- the face amount of Claim No. 16383, and
        -- the amount Verizon receives on account of Claim No.
           16383 when distributions are made under a confirmed
           plan or are otherwise made pursuant to a Court order;
           and

    (e) Verizon will vote in favor of ACOM Debtors' plan of
        reorganization, provided that it does not materially
        adversely impact the treatment of allowed unsecured
        claims against California Cablevision including the
        interest rate to be paid on those claims.

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

As reported in the Troubled Company Reporter on Jan. 9, 2007, 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 Corporation and Certain Affiliated Debtors.  The Plan is
expected to effective on Jan. 17, 2007.


ADVANCED CARDIOLOGY: Section 341(a) Meeting Slated for Feb. 12
--------------------------------------------------------------
The United States Trustee for Region 21 will convene a meeting of Advanced
Cardiology Center Corp.'s creditors at 1:30 p.m., on
Feb. 12, 2007, at the 341 Meeting Room, Ochoa Building, 500 Tanca Street,
First Floor in San Juan, Puerto Rico.

This is the first meeting of creditors under Section 341(a) of the U.S.
Bankruptcy Code.

All creditors are invited, but not required, to attend. This Meeting of
Creditors offers the one opportunity in a bankruptcy proceeding for
creditors to question a responsible office of the Debtor under oath about
the company's financial affairs and operations that would be of interest
to the general body of creditors.

Based in Mayaguez, Puerto Rico, Advanced Cardiology Center Corp. filed for
chapter 11 protection on Jan. 8, 2007 (Bankr. D. P.R. Case No. 07-00061).
Alexis Fuentes Hernandez, Esq., in San Juan, represents the Debtor.  When
the Debtor filed for protection from its creditors, it listed estimated
assets and debts between US$10 million and US$50 million.


CARLOS ALBRECHT: Case Summary & 15 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Carlos Cusnier Albrecht
        62 Betances Street
        Urban Floral Park
        San Juan, PR 00917
        Tel: (787) 922-1622

Bankruptcy Case No.: 06-05221

Chapter 11 Petition Date: December 21, 2006

Court: District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 607-3436

Estimated Assets: US$100,000 to US$500,000

Estimated Debts:  US$1 Million to US$10 Million

Debtor's 15 Largest Unsecured Creditors:

   Entity                          Nature of Claim  Claim Amount
   ------                          --------------   ------------
Banco Popular De Puerto Rico       Line of Credit   US$2,600,000
P.O. Box 362708                    and Business
San Juan, PR 00936-2708            Loans

Popular Auto, Inc.                 Equipment Lease    US$164,205
P.O. Box 50045
San Juan, PR 00902-6245

Maritza Zavala Vazquez             Lawsuit             US$70,000
1735 Pineview Avenue
Longwood, FL 32750

San Juan Star                      Advertising         US$47,973
P.O. Box 364187
San Juan, PR 00936-4187

F.A.O., S.E.                       Rent in Arrears     US$41,652
P.O. Box 302B-5
Calle Tabonuco, Suite 216
Guaynabo, PR 00968-3029

Gelattos Supply                    Sale of Goods       US$32,000

Caribbean Cinemas                  Rent in Arrears     US$24,355

Development & Engineering Corp.    Construction        US$22,981

Facobra, Inc.                      Rent in Arrears     US$12,351

Banco Bilbao Vizcaya              Credit Card Purchases US$8,743

Banco Popular, Credit Card         Credit Card          US11,496
Div. Tarjeta De Credito            Purchases

Sylvia Villanova, Esq.             Legal Services       US$5,000

Crim                               Real Estate Taxes    US$4,544

Sears                              Credit Card          US$3,500
                                   Purchases

Firstbank-Firstleasing                                 US$17,712
                                                        Secured:
                                                       US$16,000
                                                      Unsecured:
                                                        US$1,712


NBTY INC: Reports First Quarter Preliminary Net Sales Results
-------------------------------------------------------------
NBTY, Inc., disclosed preliminary unaudited net sales results for the
fiscal first quarter ended Dec. 31, 2006, by segment:

                           Net Sales
                    (Preliminary and Unaudited)
           For The Fiscal First Quarter Ended December 31
                        (US$ In Millions)

                                 2006          2005   % Change

Wholesale / US Nutrition         $247          $224       10%

North American Retail /
Vitamin World                     $55           $58       -6%

European Retail /
Holland & Barrett / GNC (UK)     $153          $140       10%

Direct Response/
Puritan's Pride                  $52           $33       56%

Total                            $506          $455       11%

European Retail net sales in local currency were unchanged from the prior
like period.

Vitamin World same store sales increased 2% for the fiscal first quarter
ended Dec. 31, 2006.

Headquartered in Bohemia, New York, NBTY, Inc. (NYSE: NTY) --
http://www.NBTY.com/-- manufactures, markets and distributes
nutritional supplements in the United States and throughout the
world.  As of Sept. 30, 2005, it operated 542 Vitamin World
and Nutrition Warehouse retail stores in the United States,
Guam, Puerto Rico, and the Virgin Islands.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Standard & Poor's Ratings Services raised its bank loan rating
for NBTY Inc., to 'BB+' from 'BB', and raised the recovery
rating to '1' from '2'.  At the same time, Standard & Poor's
revised its outlook to stable from negative and affirmed the
'BB' corporate credit rating and all other ratings on NBTY.

The '1' recovery rating indicates the expectation of a full
recovery of principal in the event of a default.  Approximately
US$227.4 million of total debt was outstanding at June 30, 2006.


NEWCOMM WIRELESS: Retains Lugo Mender as Financial Advisor
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico gave its stamp
of approval to Newcomm Wireless Services, Inc.'s request to retain and
employ Lugo Mender & Co. as its financial advisor effective Dec. 18, 2006.

Lugo Mender will:

  -- advise and assist in the preparation of the Debtor's
     monthly operating reports to ensure that they comply with
     the Operating Guidelines and Reporting Requirements
     followed in this District;

  -- advise and assist with respect to the Debtor's compliance
     with applicable and accounting procedures; and

  -- provide other financial and restructuring consulting
     services as may be necessary in connection with any of the
     foregoing.

Although the Debtor employs, other financial and restructuring advisors in
this case, namely, Jefferies and Company, Inc., and Ironbank Associates
LLC, the accounting and related financial advice Lugo Mender will provide
will in no way be duplicative of the services offered by the other
advisors.

The services provided by Jefferies and Ironbank relate to valuation and
restructuring matters.

The Firm's professionals bill are based at these hourly rates:

   Designation                  U.S. (in US$)
   -----------                  -------------
   Wigberto Lugo Mender             200
   Accounting Supervisors           120
   Senior Accountants               100
   Staff Accountants                 70

Wigberto Lugo Mender, a Certified Public Accountant who will have primary
responsibility for this engagement, assured the Court that his Firm does
not hold any interest adverse to the Debtors or their estates.

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.


NEWCOMM WIRELESS: Gets Final Okay to Access US$38M DIP Financing
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Puerto Rico
approved Newcomm Wireless Services, Inc.'s petition to obtain US$38
million debtor-in-possession financing from a consortium of lenders led by
D.B. Zwim Special Opportunities Fund, L.P.

The Debtor will use the fund to continue operating under Chapter 11 and to
pay its vendors, suppliers and employees.

More importantly, the Debtor will use the money to:

   -- upgrade its network; and

   -- satisfy license-related obligations for US$7.8 million
      owed to the U.S. Federal Communications Commission.

To secure the DIP lenders' interest, they will be given perfected,
first-priority security interests and liens upon all unencumbered Newcomm
property.

The lenders can be reached at:

   M/C Venture Partners
   Attn: James F. Wade
      Brian M. Clark
   75 State Street, Suite 2500
   Boston, MA 02109
   Telecopy: 617-345-7201

         -- and --

    Columbia Capital LLC
    Attn: Harry Hopper
    Reservoir Palace
    1601 Trapelo Road, Suite 268
    Waltham, MA 02451

The DIP lenders' agent can be reached at:

   D.B. Zwirn Special Opportunities Fund, L.P.
   c/0 D.B. Zwirn & Co., L.P.
   Attn: David C. Lee
   745 Fifth Avenue
   18th Floor
   New York, NY 10151
   Telecopy: 646-720-9077

The agent is represented by:

   Martinez Odell & Calabria
   San Juan, PR

            -- and --

   Sonnenschein Nath & Rosenthal LLP
   1221 Avenue of the Americas
   New York, NY

Headquartered in Guaynabo, PR, 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.  When the
Debtor filed for protection from its creditors, it reported assets and
liabilities of more than US$100 million.


NEWCOMM WIRELESS: Files Schedules of Assets & Liabilities
---------------------------------------------------------
Newcomm Wireless Services, Inc., delivered its Schedule of Assets and
Liabilities to the U.S. Bankruptcy Court for the District of Puerto Rico,
disclosing:

Name of Schedule             Assets                 Liabilities
----------------             ------                 -----------
A. Real Property
B. Personal Property       US$111,652,190.48
C. Property Claimed
    as Exempt
D. Creditors Holding                           US$72,641,052.56
    Secured Claims
E. Creditors Holding                               1,382,367.41
    Unsecured Priority
    Claims
F. Creditors Holding                             116,672,139.58
    Unsecured Nonpriority
    Claims
                         -----------------     -----------------
                  Total  US$111,652,190.48     US$190,695,559.55

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.


PILGRIM'S PRIDE: Gold Kist Buy Prompts Moody's to Cut Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured credit rating
for Pilgrim's Pride Corp. to B1 from Ba3, its senior subordinated notes to
B2 from B1, and its corporate family ratings to Ba3 from Ba2.  Moody's
also assigned a B1 rating to Pilgrim's Pride's planned new US$250 million
senior unsecured notes and a B2 to its new US$200 million senior
subordinated notes.  The outlook on all ratings is stable.

This rating action follows the company's announcement that it has
completed the acquisition of Gold Kist, Inc., for approximately US$1.1
billion in cash plus the assumption of Gold Kist debt.  The rating on Gold
Kist's debt (B1 under review for upgrade) will be withdrawn upon Pilgrim's
Pride's repayment of this debt.

The downgrade reflects the increase in Pilgrim's Pride's debt and
leverage, and the weakening of its debt protection measures following its
debt-financed acquisitions of Gold Kist for US$1.1 billion in cash and
assumed debt.  It also reflects the challenges the company faces in
integrating Gold Kist's operations into its own.

"While the acquisition makes strategic sense and is a good addition to
Pilgrim's portfolio, the transaction will add a significant amount of
leverage to the company and at a time when Pilgrim's earnings have been
under a lot of pressure," stated Moody's Senior Vice President Peter
Abdill.

The stable outlook reflects Moody's expectation that Pilgrim's Pride will
effectively integrate Gold Kist's operations into its own, and will seek
to improve debt protection measures and financial flexibility in the years
following the acquisition.

Pilgrim's Pride's ratings reflect the company's narrow product mix, highly
volatile earnings stream, and history of periodic debt-financed
acquisitions.  The ratings also reflect the recent severe earnings
pressure in the overall poultry industry, the possibility that earnings
and margins could remain under pressure due to continuing industry
challenges, and the integration risk of the debt funded Gold Kist
acquisition. The ratings are supported by Pilgrim's Pride's strong market
position in the U.S. chicken industry, its attractive returns on assets,
as well as its historically conservative capital structure and financial
policy.

The ratings assigned are:

   -- New US$250MM Sr. Notes of B1 (LGD5/79%); and
   -- New US$200MM Sr. Sub Notes of B2 (LGD6/94%)

Ratings downgraded are:

   -- Corporate family rating to Ba3 from Ba2;

   -- Probability of default rating Ba3 from Ba2;

   -- Senior unsecured notes at to B1 (LGD5/79%) from Ba3
      (LGD5/82%); and

   -- Senior subordinated notes to B2 (LGD6/94%) from B1
      (LGD6/95%).

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




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


MIRANT CORP: Selling Six US Gas Plants to LS Power for US$1.407B
----------------------------------------------------------------
Mirant Corp. has entered into a definitive purchase and sale agreement
with LS Power Equity Partners, a member of the LS Power Group, for the
sale of six U.S. natural gas fired plants for a purchase price of US$1.407
billion, which includes estimated working capital.  The net proceeds to
Mirant from the sale after extinguishing US$83 million of project-level
debt are expected to be US$1.324 billion.  The company does not expect to
recognize any significant tax or book gain on the transaction.

The U.S. plants being sold are:

   -- Zeeland (903 MW),
   -- West Georgia (613 MW),
   -- Shady Hills (469 MW),
   -- Sugar Creek (561 MW),
   -- Bosque (546 MW) and
   -- Apex (527 MW),

constituting a total of 3,619 MW.  The transaction is expected to close by
the second quarter of 2007 after the satisfaction of certain customary
conditions to closing.

"Although these plants do not fit within our business strategy, they are
excellent facilities," said Edward R. Muller, Chairman and Chief Executive
Officer of Mirant Corporation.  "We wish LS Power great success with
them."

Mirant plans to continue returning cash to its shareholders upon
completion of its planned asset and business sales.  The amount of cash
returned will be determined based on the outlook for the continuing
business

   (1) to preserve the credit profile of the continuing
       business,

   (2) to maintain adequate liquidity for expected cash
       requirements including, among other things, capital
       expenditures for the continuing business, and

   (3) to retain sufficient working capital to manage
       fluctuations in commodity prices.

Proceeds from the sales of the Zeeland and Bosque plants, expected to be
approximately US$500 million, will be reinvested in Mirant North America,
a subsidiary of Mirant Americas Generation, and used to retire debt at
Mirant North America.

Mirant Corporation was advised in the transaction by J. P. Morgan
Securities Inc., as financial advisor, and King & Spalding, as legal
counsel.  LS Power Equity Partners was advised by Barclays Capital, as
financial advisor, and Latham & Watkins, as legal counsel.

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.


MIRANT CORP: S&P Says Ratings Unaffected by Power Plant Sale
------------------------------------------------------------
Standard & Poor's Ratings Services said that merchant power company Mirant
Corp.'s announcement that it has reached an agreement to sell six
U.S.-based natural gas-fired power plants to LS Power Equity Partners does
not immediately affect the issuer credit ratings on Mirant (B+/Watch
Neg/--) and its U.S. subsidiaries Mirant North America LLC, (B+/Watch
Neg/--), and Mirant Americas Generating LLC (B+/Watch Neg/--).

The U.S. plant sale is part of Mirant's program to sell U.S., Asian, and
Caribbean assets and use most of the proceeds to buy back stock.  In
December, Mirant announced an agreement to sell its Philippine assets to a
consortium for US$3.4 billion.  Standard & Poor's continues to monitor
Mirant's asset sale program and assess the company's capitalization plan
after completing the sales.  Mirant's ability to maintain current ratings
will rely on the financial performance of its U.S. merchant market
operations under reasonable stress cases and liquidity adequacy to support
capital expenditures and trading and marketing activities.

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).




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


DAIMLERCHRYSLER: Chrysler Will Present Restructuring Plan
---------------------------------------------------------
DaimlerChrysler AG's Chrysler Corp. will present a restructuring plan due
to a possible US$1.3 billion net loss for the year ended Dec. 31, 2006,
the American Bankruptcy Institute reports.

According to ABI, analysts expect that Chrysler will close factories and
lay off employees.

Between 2000 and 2001, Chrysler closed 13 car and components plants.

                   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.


ELECTRICIDAD DE CARACAS: Shares Fell on Nationalization Concerns
----------------------------------------------------------------
La Electricidad de Caracas' shares plunged 15% Tuesday at the Caracas
Stock Exchange over investors' fears resulting from the recently announced
nationalization of the firm, El Universal reports.

According to Reuters, Electricidad de Caracas' shares traded at 21 cents
-- its lowest price for the last 10 months.

Traders voiced fear after Venezuelan Energy Minister Rafael Ramirez
announced that the government would take 87% of the power firm.

Electricidad de Caracas is the largest privately owned electric
utility company in Venezuela.  Electricidad de Caracas
transmits, distributes and markets electricity to the
metropolitan Caracas area.  In June 2000, Arlington, Virginia-
based AES Corporation acquired an 87% interest in Electricidad
de Caracas for US$16 billion in a public-tender offer.

                        *    *    *

As reported in the Troubled Company Reporter-Latin American on
Jan. 12, 2007, Fitch Ratings downgraded the senior unsecured
foreign and local currency debt ratings and Issuer Default
Ratings of C.A. La Electricidad de Caracas to 'B+'.  Fitch said
the rating outlook is negative.  The rating action followed
Venezuelan President Hugo Chavez's announcement of nationalizing
the country's power sector.


PEABODY ENERGY: Appoints David James as Director of Trading
-----------------------------------------------------------
Peabody Energy disclosed that its Coaltrade, LLC, subsidiary has named
David A. James as Director of Trading, reporting to COALTRADE President
Stephen Miller.  Mr. James will be responsible for developing and
implementing coal trading strategies, coordinating the corporate emission
allowance position, and developing structured transactions.  He will be
based in Peabody's St. Louis office.

Mr. James spent more than 17 years with Ameren, including the last seven
years in coal procurement and trading in the Ameren Fuels and Services
Department.  He holds a Bachelor of Science from Illinois State
University, Normal, Ill., and a Master of Business Administration from
Southern Illinois University Edwardsville.  Mr. James currently serves as
a director of the Coal Trading Association.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 21, 2006,
Moody's Investors Service assigned Peabody Energy Corporation's
proposed US$500 million convertible junior subordinated
debentures a rating of Ba2.  Moody's also revised Peabody's
outlook to stable from negative.  At the same time, Moody's
affirmed Peabody's Ba1 corporate family rating and the Ba1
senior unsecured rating on its existing revolver, term loan and
notes.


PETROLEOS DE VENEZUELA: Gente Balks at US$21MM Summons Spending
---------------------------------------------------------------
Civil group Gente del Petroleo complained that state-oil firm Petroleo de
Venezuela SA has spent US$21.3 million in summons on the press to 60
former workers "illegally laid off" from the company, El Universal
reports.

"Interestingly, Mr. Raul A. Soto M. has made them publish in four
newspapers.  This has a total cost of US$21.3 million," the group's
spokesman Eddy Ramirez told El Universal.

Mr. Ramirez underscored that the amount of money spent summoning people is
ridiculously high.  He asserted that Raul Soto incurred "serious
negligence that has cost the country plenty of money."

               About Petroleos de Venezuela

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

                        *    *    *

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


* VENEZUELA: DZ Bank Warns Against Country's Eurobonds
------------------------------------------------------
Germany's DZ Bank AG said in a special report that the socialist
revolution of President Hugo Chavez represents an enormous risk for
investors of Venezuelan Eurobonds, El Universal reports.

"We recommend at this moment not to bind to Venezuelan Eurobonds and wait
for the evolution in upcoming days.  The risks for a placement with losses
are simply very high," DZ Bank said in its report, accordig to AFP.

El Universal says the bank told customers that the Venezuelan president's
political agenda includes "more power for the Executive, removal of
autonomy from the Central Bank, continued nationalization of major
companies and a strong influence on press reports."

                        *    *    *

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


* VENEZUELA: Force Majeure at Cerro Negro Confirmed
---------------------------------------------------
Force majeure at crude oil enhancer Cerro Negro, one of the four
heavy-crude operations at Venezuela's Orinoco oil belt, was confirmed
after commercial obligations were not met, El Universal reports.

Cerro Negro, run by Exxon Mobil, British Petroleum and Petroleos de
Venezuela, failed to meet supply agreements with Chalmette refinery in the
United States as a result of the Venezuelan government's order to reduce
production in order to stop oil prices from falling.

                        *    *    *

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


* VENEZUELA: Orders Orinoco Projects Migration to Joint Ventures
----------------------------------------------------------------
"Now there is no negotiation whatsoever.  Nationalization will be
implemented under a law -the draft of which has been completed already-
under which a schedule has been outlined for strategic partnerships to
conform to the law in force," Venezuelan Minister of Energy and Petroleum
Rafael Ramirez was quoted as saying by Marianna Parraga at El Universal.

State-oil firm Petroloes de Venezuela SA will hold majority stakes at the
Orinoco oil projects, while foreign firms will become minority holders.
In April last year, 32 oil operating contracts were also migrated into
joint ventures, giving the state oil firm at least 60% stake in each
venture.

"We stressed they (strategic partnership) needed to abide by the Organic
Law on Hydrocarbons, particularly following the reports we submitted to
the National Assembly rejecting a number of violations to the laws that
left partnership agreements on the fringe of the current legislation," the
energy minister added.

Negotiations for the foreign company's minority stakes would be done
separately, Mr. Ramirez told El Universal.

The four projects at the Orinoco oil belt are: Sincor, Ameriven,
Petrozuata and Cerro Negro.

The energy minister explained that the government aims to achieve synergy
and prevent problems when implementing important oil decisions, like
production cuts, El Universal relates.

Additionally, the minister said in the same report that commercialization
of crude from the oil belt will be fully controlled by the state firm.

                        *    *    *

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


* Fitch Says LatAm Sovereign Credit Improvement to Slow in 2007
---------------------------------------------------------------
In its semi-annual regional report, Fitch Ratings explores the likely
impact of the current economic and political environment on the credit
outlook for Latin American sovereigns this year.  In addition, there is a
special section that evaluates the potential for 'BB' category Latin
American sovereigns to reach investment grade.

The report outlines Fitch's latest views on sovereign credit trends in the
region and includes country commentary as well as updated aggregate
economic projections through 2008.  Though softening, external conditions
remain generally favorable for the region, as commodity prices remain high
by historical standards, global growth is still relatively robust and
emerging market bond spreads have reached new historic lows.  These
factors should continue to underpin steady, albeit decelerating, GDP and
export growth across the region.  However, electoral outcomes over the
past 20 months, which in many cases resulted in electorates choosing a
shift to the left, a weak mandate for the executive and/or a divided
Congress, suggest that gradualism on key structural reforms that would
ensure the sustainability of healthy medium-term growth prospects is
likely to prevail.  Furthermore, only three of the eighteen Latin American
sovereigns that Fitch rates are on positive outlook now.  With this as a
backdrop, Fitch expects credit improvement to slow in 2007.

In addition, the report explores constraints that are likely to hinder
some of the higher rated speculative grade Latin American sovereigns from
reaching investment grade status over the near term.  Although these
sovereigns each face challenging constraints to achieving this coveted
designation, Fitch concludes that a more rapid fiscal consolidation than
anticipated, further improvements in external solvency and liquidity
ratios, progress on structural reforms that address fiscal weaknesses or
improve investment climates, and greater integration with the global
economy could offset these constraints.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

January 19-21, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Corporate Restructuring Competition
         Kellogg School of Management, Chicago, IL
            Contact: http://www.abiworld.org/

January 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2007 Outlook on Healthcare Restructuring
         Center Club, Baltmore, MD
            Contact: http://www.turnaround.org/

January 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Year 2007 Kick-Off Party
         Oak Hill Country Club, Rochester, NY
            Contact: 716-440-6615 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800 or http://www.abiworld.org/

January 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Men's College Basketball & Networking
         Wachovia Center, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

January 30-31, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Korea Securitisation and Structured Credit Summit
         JW Marriott Hotel, Seoul, South Korea
            Contact: http://www.euromoneyplc.com/

January 31 to February 1, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia M&A Forum
         Island Shangi-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800 or http://www.abiworld.org/

February 5, 2007
   STRATEGIC RESEARCH INSTITUTE
      3rd Annual Tranche B & 2nd Lien Financing Summit
         Scottsdale, AZ
            Contact: http://www.euromoneyplc.com/

February 8-9, 2007
   EUROMONEY CONFERENCES
      2nd Philippine Investment Conference
         Cebu Convention Center, Cebu, Philippines
            Contact: http://www.euromoneyplc.com/

February 8-9, 2007
   EUROMONEY
      Leverage Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Men's College Basketball & Networking
         Wachovia Center, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

February 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wharton Restructuring Conference
         The Wharton School
            Philadelphia, PA
               Contact: http://www.turnaround.org/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
         Perceptions & Realities
            Marriott Hotel, Islamabad, Pakistan
               Contact: http://www.euromoneyplc.com/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Devil Rays Turnaround
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

February 27-28, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      5th Annual Corporate Restructuring Summit
         Sheraton Park Lane Hotel, London, UK
            Contact: http://www.euromoneyplc.com/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 18-21, 2007
   INSOL
      Annual Europe, Africa & Middle East Conference
         Cape Town, South Africa
            Contact: http://www.insol.org/CapeTown07/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 22-23, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Euromoney Indonesian Financial Markets Congress
         Bali, Indonesia
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11–15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa, Atlantic City, NJ
            Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6–8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

TBA 2008
   INSOL
      Annual Pan Pacific Rim Conference
         Shanghai, China
            Contact: http://www.insol.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

    BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers — the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

The Meetings, Conferences and Seminars column appears in the Troubled
Company Reporter each Wednesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.


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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
photocopying) is strictly prohibited without prior written permission of
the publishers.

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

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


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