TCRLA_Public/070125.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 25, 2007, Vol. 8, Issue 18

                          Headlines

A R G E N T I N A

BANCO FRANCES: Deutsche Bank Places Buy Recommendation on Bank
BANCO MACRO: Deutsche Bank Places Buy Recommendation on Bank
COMPANIA DE ALIMENTOS: Nonpayment Cues Fitch to Put D Rating
FILTEXNA SA: Trustee Verifies Proofs of Claim Until March 15
G&T CONTINENTAL: Group to File for General Banking License

HIDROELECTRICA PIEDRA: Fitch Argentina Places BB- Rating
LOGISTICA TRANSFAN: Claims Verification Deadline Is on Feb. 14
TELECOM ARGENTINA: Argentine Research Raises Share Target Price
VALEANT PHARMA: Files Restated 2005 Financial Statements
YPF SA: Offering 1,117,717 Class D Shares in Local Stock Market

* ARGENTINA: WB Grants US$37MM Loan for Agricultural Development

B A H A M A S

COMPLETE RETREATS: Asks to Extend Plan-Filing Period to April 19

B E R M U D A

REFCO INC: Chapter 7 Trustee Objects to FGS' US$12 Mil. Claims
REFCO INC: Payments to Professionals Reaches US$145.3 Million
SEA CONTAINERS: Panel Taps Houlihan Lokey as Financial Advisor
SEA CONTAINERS: Withdraws Plea for Non-Debtor Asset Sale Rules

B O L I V I A

* BOLIVIA: Franklin Mining Updates Status on Project Summary

B R A Z I L

AFFINIA GROUP: Moody's Lifts Corp. Family Rating to B2 from B3
ALCATEL-LUCENT: Provides Preliminary Unaudited Results for 2006
ALCATEL-LUCENT: Weak Financial Results Cue S&P to Hold Ratings
AMERICAN TOWER: Launches Cash Offer for 5% Convertible Notes
BANCO CRUZEIRO: Offering Retirement Loans with Two Stores

BANCO NACIONAL: Cuts Financing for Infrastructure
COMMSCOPE INC: Introduces Residential Structured Cabling System
DURA AUTOMOTIVE: De Minimis Claims Settlement Protocol Approved
DURA AUTO: Judge Carey Appoints Warren Smith as Fee Auditor
GERDAU SA: Appeals Regulator's Decision on Acerias Auction

GERDAU SA: Fitch Upgrades Issuer Default Rating to BBB- from BB+
GOL LINHAS: E-Commerce Sales Reached BRL3.7 Billion in 2006
PETROLEO BRASILEIRO: Posts 1.92MM Barrels Per Day 2006 Output
PETROLEO BRASILEIRO: Outlines Main Projects in Growth Plan

* BRAZIL: S&P Says Structured Finance Market Grew 121% in 2006

C A Y M A N   I S L A N D S

ALPHA NOVA: Shareholders to Gather for Jan. 29 Final Meeting
CND VOLATILITY: Liquidator to Present Wind Up Account on Jan. 29
DORCHESTER FUND: Final General Meeting Is Set for Jan. 29
INSURCO INT'L: Shareholders to Convene for Jan. 29 Final Meeting
RED METAL: Invites Shareholders for Final Meeting on Jan. 29

SCO PROPERTY: Calls Shareholders for Jan. 29 Final Meeting
TINTIN SPC: Final Shareholders Meeting Is on Jan. 29
TPI REORG 1: Final General Meeting Is Set for Jan. 29

C H I L E

DELL INC: Nasdaq Panel Grants Request for Continued Listing

C O L O M B I A

ADVANCED MICRO: Incurs US$574 Mil. Net Loss in 2006 4th Quarter

C O S T A   R I C A

BANCO BANEX: Posts CRC8.08 Billion Net Profit in 2006
COVANTA HOLDING: Discloses Recapitalization Plan
COVANTA HOLDING: Commences Tender Offer on Various Senior Notes

D O M I N I C A N   R E P U B L I C

AFFILIATED COMPUTER: Unit to Acquire Albion Assets for US$30 Mln
BANCO INTERCONTINENTAL: Defense Wants Audit Report on Bank

E C U A D O R

* ECUADOR: Fitch Downgrades Issuer Default Rating to CCC from B-

G U A T E M A L A

BANCO INDUSTRIAL: Posts BRL104 Million Net Profits in 2006
BANCO INDUSTRIAL: Unaffected by Bancomer Absorption, S&P Says
SBARRO INC: Receives Tenders for US$218.89 Mln in 11% Sr. Notes

J A M A I C A

NATIONAL WATER: Indian Bank Funds Purchase of Supplies for Firm
SUGAR COMPANY: Revealing Bidders for Five Sugar Factories

M E X I C O

ADVANCED MARKETING: US Trustee Appoints 5-Member Creditors Panel
ADVANCED MARKETING: Wants Until March 29 to File Schedules
ALLIS-CHALMERS: Prices Common Stock Offering at US$17.65 A Share
AXTEL SAB: S&P Rates US$250-Mil. Senior Unsecured Notes at BB-
ENESCO GROUP: Inks Asset Sale Agreement with Tinicum Affiliate

FORD MOTOR: Losing US$1 Bil. Annually on Counterfeit Auto Parts
GENERAL MOTORS: Court Dismisses Litigation Against R&SA
GLOBAL POWER: Court Extends Removal Period to March 27
GLOBAL POWER: Walks Away from Heat Recovery Contract
GUESS? INC: Board Approves Fiscal Year End Change

SUNGARD DATA: Fitch Affirms Issuer Default Rating
SWIFT & COMPANY: Moody's Lowers Corporate Family Rating to B3
SWIFT & CO: S&P Says Ratings Unaffected by JPMorgan Retention

P U E R T O   R I C O

COOPER COMPANIES: Discloses Planned US$1 Billion Refinancing
SEARS HOLDINGS: C. Monaghan Resigns as Chief Financial Officer
NEWCOMM WIRELESS: Hires Conde & Associates as Chapter 11 Counsel
NEWCOMM WIRELESS: Hires Sonnenschein Nath as Bankruptcy Counsel
PILGRIM'S PRIDE: Prices US$650 Million of Senior Notes

V E N E Z U E L A

CERRO NEGRO: Fitch Junks Ratings on Debt Obligations
DAIMLERCHRYSLER: Inks Deal Selling 7.5% EADS Stake
DAIMLERCHRYSLER: Chairman Unveils Diesel BLUETEC
PEABODY ENERGY: Declares Quarterly Dividend of US$0.06 Per Share
PETROLERA HAMACA: Fitch Lowers Debt Obligation Ratings to B-

PETROZUATA FINANCE: S&P Lowers Debt Rating to B from B+
PETROZUATA FINANCE: Fitch Junks Ratings on Debt Obligations
SINCRUDOS DE ORIENTE: Fitch Cuts Rating on US$1.2B Loan to B-

* Moody's Reports on LGD Results for Aerospace/Defense Sector
* Pricewaterhousecoopers Recruits Brian Martin as New Head
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BANCO FRANCES: Deutsche Bank Places Buy Recommendation on Bank
--------------------------------------------------------------
Deutsche Bank said in a report that it has started coverage of
BBVA Banco Frances with buy recommendations.

Deutsche Bank told Business News Americas that it is positive
that the Argentine banking sector provides one of the best
prospects for recurring earnings growth this year and next year
as economic growth should remain above regional trends and the
domestic financial sector continues to recover.   However, the
trends are not yet fully reflected in valuations as its price
target of US$13.4/ADR for BBVA Banco Frances provides upside
potential of 28% for each stock.

BBVA Banco Frances will report average earnings per share growth
of 68% in 2007 and 36% in 2008, BNamericas states, citing
Deutsche Bank.

                    About Banco Frances

Headquartered in Buenos Aires, Argentina, BBVA Banco Frances SA
-- http://www.bancofrances.com-- conducts capital markets and
securities operations directly, in the over-the-counter market,
and through a subsidiary, in the Buenos Aires Stock Exchange.
The bank operates 227 branches, 512 automated teller machines
(ATMs), a telephone banking service and an Internet banking
service, called Frances Net.  Banco Frances has a market share
in the mutual fund portfolio management industry in Argentina
through Frances Administradora de Inversiones SA, and in the
pension fund industry through Consolidar AFJP SA.  Banco Frances
is a subsidiary of Banco Bilbao Vizcaya Argentaria.

                        *    *    *

As reported on June 2, 2006, Moody's Investors Service upgraded
the Bank Financial Strength Rating of BBVA Banco Frances SA to
D- from E to reflect:

   -- the bank's improving financial fundamentals,
   -- the relative improvement in the operating environment, and
   -- the recovery of the banking system since the financial
      crisis of 2001-2002.

BBVA Banco Frances long-term bank deposits carries Moody's
Investor Service's Caa1 rating.


BANCO MACRO: Deutsche Bank Places Buy Recommendation on Bank
------------------------------------------------------------
Deutsche Bank said in a report that it has started coverage of
Banco Macro SA, fka Banco Macro Bansud SA with buy
recommendations.

Deutsche Bank told Business News Americas that it is positive
that the Argentine banking sector provides one of the best
prospects for recurring earnings growth this year and next year
as economic growth should remain above regional trends and the
domestic financial sector continues to recover.   However, the
trends are not yet fully reflected in valuations as its price
target of US$41/ADR for Banco Macro provides upside potential of
28% for each stock.

Banco Macro and BBVA Banco Francs will report average earnings
per share growth of 68% in 2007 and 36% in 2008, BNamericas
states, citing Deutsche Bank.

                      About Banco Macro

Headquartered in Buenos Aires, Argentina,
Banco Macro SA -- http://www.macrobansud.com.ar/-- offers
traditional commercial banking products and services to small
and medium-sized companies, companies operating in regional
economies, and to low and middle-income individuals.  Banco
Macro SA offers savings and checking accounts, credit and debit
cards, consumer finance loans, other credit-related products and
transactional services to its individual customers, and small
and medium-sized businesses through its branch network.  It also
offers Plan Sueldo payroll services, lending, corporate credit
cards, mortgage finance, transaction processing and foreign
exchange.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2007, Moody's Investors Service changed its outlook to
positive, from stable, on the Caa1 long-term foreign-currency
deposit ratings and on the the Ba1.ar national scale foreign-
currency deposit ratings of all rated Argentine banks.  These
ratings on Banco Macro SA were affected by the change in rating
outlook:

   -- long-term foreign currency deposit rating of Caa1, outlook
      to positive from stable;

   -- long-term national scale foreign currency deposit rating
      of Ba1.ar, outlook to positive from stable;

   -- long-term foreign currency debt rating of B2, outlook to
      positive from stable;

   -- long-term national scale foreign currency debt rating of
      A3.ar, outlook to positive from stable;

   -- provisional long-term foreign currency debt rating of
      (P)B2, outlook to positive from stable;

   -- provisional long-term national scale foreign currency debt
      rating of (P)Aa3.ar, outlook to positive from stable;

   -- long-term foreign currency subordinated debt rating of B3,
      outlook to positive from stable; and

   -- long-term national scale foreign currency subordinated
      debt rating of A3.ar, outlook to positive from stable.


COMPANIA DE ALIMENTOS: Nonpayment Cues Fitch to Put D Rating
------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo assigned a D rating on
Compania de Alimentos Fargo S.A.'s Obligaciones Negociables for
US$120 million.

The rate is based in the non-payment of the interests of the
Obligaciones Negociables presently rated since February 2002.
The strong weakness on the generation of funds together with a
devaluation of the peso have affected Fargo's capacity to make
payments related to its debt which is denominated in dollars.
As a result, Fargo filed a Concurso de Acreedores in
June 28, 2002, a process that still has to be accepted.

Despite that, an increase has been posted in sales, there still
exists a big risk which would affect the concurso and the
possible liquidation of the company's assets.

Headquartered in Buenos Aires, Argentina, Compania de Alimentos
Fargo, S.A., is controlled by the Mexican investor Chico Pardo
(70%) and the Bimbo group (30%).  The company is currently
restructuring US$185 million in debts, from which US$120 million
belong to Obligaciones Negociables.

Fargo's bondholders comprised of Rainbow Global High Yield Fund,
Argo Capital Investors Fund SPC, The Star Fund and The Rainmac
Fund filed an involuntary chapter 11 case against the company on
Sept. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12128).  David
Eaton, Esq., at Kirkland & Ellis LLP represents the petitioners.
The petitioners hold approximately US$82,390,000 in bonds.


FILTEXNA SA: Trustee Verifies Proofs of Claim Until March 15
------------------------------------------------------------
Mauricio Mudric, the court-appointed trustee for Filtexna SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
March 15, 2007.

A court in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion and
the objections and challenges raised by Filtexna SA and its
creditors.

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

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

The trustee can be reached at:

          Mauricio Mudric
          Tucuman 893
          Buenos Aires, Argentina


G&T CONTINENTAL: Group to File for General Banking License
----------------------------------------------------------
Grupo Financiero G&T Continental, which operates Banco G&T
Continental, said in a document posted on the Panamanian
regulator's Web site that it will file for a general banking
license.

Business News Americas relates that a general license is issued
to banks conducting domestic and international banking.

Financiero G&T submitted the required documents to the
Panamanian regulator through Panama's Finance Development
Holding.

Financiero G&T will operate under the name Banco Financia and
focus on microfinance, according to the document on the Web
site.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Standard & Poor's Ratings Services assigned its
'BB-/B' counterparty credit and CD ratings to Banco G&T
Continental SA.  S&P said the outlook is stable.  At the same
time, Standard & Poor's assigned its 'BBB-' survivability
assessment to G&T Continental.


HIDROELECTRICA PIEDRA: Fitch Argentina Places BB- Rating
--------------------------------------------------------
Fitch Argentina Calificadora de Riesgo placed a BB- rating on
Hidroelectrica Piedra del Aguila S.A.

Hidroelectrica Piedra has a high level of debt and fluctuating
levels on the generation of electricity.  On Sept. 30, 2006, the
company showed good credits quality despite a weak financial
feature.  The company is exposed to big differences between
income in pesos and payments in dollars.

During the first nine months of 2006, changes have occurred
which benefitted the level sales and EBITDA of the company,
registering increases for more than 60%, compared with the same
period in 2005. This was attributed to an increase in energy
prices (+34% on average) and higher productions (+45%).

The higher levels of generation of cash allowed the company to
cancel a debt with the BNA and repurchase before planned notes
Series A, B,C and D for a total of US$23 million.  This was a
positive factor, which was considered in the present rate, with
the total of the cash to be used for covering debt.  Since the
restructuring of the debt, the company cancelled around US$77
million of the total US$85.3 million issued. Fitch considers
that the services of the debt for the next 2 years can be
handled, nevertheless from 2009 more aggresive measures will be
needed.

Hidroelectrica Piedra del Aguila S.A. started its operations in
1993, when obtaining the concession for operating the major
hydraulic complex in the Comahue region, south of Argentina.
The shares are distributed between Hidroneuquen S.A. (59%), the
national government (26%), Province of Neuquen (13%) and the
Programa de Propiedad Participada (2%).


LOGISTICA TRANSFAN: Claims Verification Deadline Is on Feb. 14
--------------------------------------------------------------
Rodolfo Fernando Daniel Torella, the court-appointed trustee for
Logistica Traspan s SA's bankruptcy proceeding, verifies
creditors' proofs of claim until Feb. 14, 2007.

Mr. Torella will present the validated claims in court as
individual reports on April 26, 2007.   A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Logistica Transfan 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 Logistica Transfan's
accounting and banking records will follow on June 11, 2007.

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

The trustee can be reached at:

         Rodolfo Fernando Daniel Torella
         Arcos 3726
         Buenos Aires, Argentina


TELECOM ARGENTINA: Argentine Research Raises Share Target Price
---------------------------------------------------------------
Consultancy firm Argentine Research said in a statement that it
has increased the share target price for Telecom Argentina to
ARS14.80 from ARS11.70, citing a positive outlook.

Telecom Argentina's expansion in the mobile telephony segment is
increasing the firm's operating income.  Meanwhile, Telecom
Argentina shares are being snapped up in both Buenos Aires and
New York, Business News Americas relates, citing Rafael Ber,
Argentine Research's director.

Mr. Ber told BNamericas, "This decision is mainly based on the
company's strong performance in the mobile telephony business
and investments announced for new technologies that will enable
the company to see better margins."

BNamericas underscores that Argentine Research maintained its
recommendation to "accumulate" share value for Telecom
Argentina.

Mr. Ber told BNamericas that one of the factors that could
potentially change Argentine Research's target price would be
exchange rate fluctuations as Telecom Argentina charges in pesos
but has its debt in US dollars.

BNamericas notes that another element that could affect the
target price would be if the government allows telecoms to raise
telephony rates.  However, Mr. Ber is positive that the
increases are likely to be minimal in 2007.

Telecom Argentina disclosed plans to invest ARS1 billion in
expanding broadband infrastructure and services in the fourth
quarter of 2006, BNamericas states.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *    *    *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B', announced on Oct. 2, 2006.


VALEANT PHARMA: Files Restated 2005 Financial Statements
--------------------------------------------------------
Valeant Pharmaceuticals International has filed with the United
States Securities and Exchange Commission an amended annual
report on Form 10-K for the year ended Dec. 31, 2005.  The
company also filed its quarterly report on Form 10-Q for the
quarter ended Sept. 30, 2006.  The company expects to file its
amended quarterly reports on Form 10-Q for the quarters ended
March 31, 2006, and June 30, 2006, in the next few days.

The company has restated its financial statements primarily to
reflect the results of its review of historical stock option
granting practices.  The company recorded a cumulative pretax
charge of US$31.1 million for additional compensation expense on
stock options granted from 1982 through June 2006 as a result of
the completed review.  The company also restated its financial
statements to correct certain additional accounting errors that
were considered immaterial at the time the financial statements
were prepared, and to record the tax effect of these items and
other issues.  The cumulative after-tax impact of all
restatement charges was US$23.5 million.

                    Stock Option Review

The company received a request from the SEC for data on its
stock option granting practices as part of an informal inquiry.
Following this request, a special committee of the board,
comprised solely of independent directors (the Special
Committee), conducted an extensive review of the company's
historical stock option granting practices and related
accounting.

The Special Committee has concluded its comprehensive
investigation and reported its findings to the board of
directors.  For the period between November 1994 and July 2006,
the Special Committee reviewed paper and electronic documents
supporting or related to the company's stock option grants, the
accounting for those grants, compensation-related financial and
securities disclosures and e-mail communications, and conducted
interviews with numerous current and former employees and
current and former members of the board of directors.  The
Special Committee also analyzed supporting documentation for
awards granted between 1982 and 1994.

While the Special Committee concluded that there were some
errors as late as January 2006, the majority of errors in
accounting for options pertained to those options granted prior
to the change in the company's board of directors and management
in mid-2002 or the Change in Control. None of the errors that
occurred in periods after the Change in Control related to
options granted to the chief executive officer, chief financial
officer or members of the board of directors.

The Special Committee found that the recorded grant dates for
the majority of the stock options awarded prior to the Change in
Control differed from the actual grant dates for those
transactions.  In connection with that finding, the Special
Committee concluded that, with respect to many broad-based
grants of stock options prior to the Change in Control, prior
management used a methodology of selecting a recorded grant date
based on the lowest closing price during some time period (e.g.,
quarter, ten trading days) preceding the actual grant date.
While the Special Committee did not reach a conclusion as to how
prior management selected other recorded grant dates for broad-
based or individual grants that did not use the lowest closing
price methodology, there is some evidence that dates were
selected based on the occurrence of an event or when the
company's former chief executive officer, Milan Panic, agreed in
principle to the grant.

The Special Committee also found that, due to flaws in the
processes relied on to make its annual broad-based grants after
the Change in Control, the company did not correctly apply the
requirements of Accounting Principles Board Opinion No. 25.
These option accounting errors, however, differ significantly
from those made prior to the Change in Control.  Unlike the
broad-based grants made prior to the Change in Control, for
which the recorded grant dates were selected from a period prior
to the approval dates, all of the broad-based grants after the
Change in Control were approved either at regularly scheduled
meetings of the compensation committee or at meetings of the
board of directors, and the exercise price for each of these
grants was the closing price on the date of such meetings.

The stock option accounting errors after the Change in Control
resulted from allocation adjustments to the list of grants to
individual rank-and-file employees after the compensation
committee or the board of directors had approved the allocation
of an aggregate number of shares to be available to rank-and-
file employees.  In no event did the adjustments result in
shares being granted in excess of the aggregate number of shares
approved by the compensation committee or the board of
directors.

The Special Committee concluded that there was no evidence that
management operating since the Change in Control were aware that
the processes used to grant and account for broad-based grants
were flawed or that the process employed was for the purpose of
granting in-the-money stock options.  In reaching this
conclusion, the Special Committee took note that that process
had been consistently employed even for the November 2005 grants
in which the process resulted in stock option grants at higher
exercise prices than the closing price of the company's common
stock on the date of finalization of the allocation list for
rank-and-file employees.  The Special Committee also concluded
that there was no evidence that current management was aware of
any financial statement impact, tax consequences or disclosure
implications of its flawed processes.

Based on the findings of the Special Committee, the board of
directors has concluded that the company's consolidated
financial statements as of Dec. 31, 2005, and 2004 and for the
years ended Dec. 31, 2005, 2004 and 2003, and the selected
financial data as of and for the years ended December 31, 2002
and 2001, should be restated to record additional stock-based
compensation expense, correct certain accounting errors, and
record related tax effects.  The impacts of the restatement
adjustments on Valeant's statement of operations for the periods
are presented in Table 10 to this release.  Adjustments for
periods prior to 2003 have been made to the Selected Financial
Data in item 6 of the amended annual report on Form 10-K for the
year ended Dec. 31, 2005, and a cumulative adjustment has been
made to the Dec. 31, 2004, balance sheet for all adjustments for
periods prior to that time.  Valeant has not amended and does
not intend to amend any of its other previously filed annual
reports on Form 10-K for the periods affected by the
restatements or adjustments.

The board of directors also concluded that the company's
condensed consolidated financial statements and related
disclosures for the quarters ended March 31, 2006 and 2005, the
quarters ended June 30, 2006 and 2005 and the quarter ended
Sept. 30, 2005, should be restated.

             Revised Sept. 30, 2006 Results

On Nov. 2, 2006, Valeant released preliminary financial
information for the quarter ended Sept. 30, 2006.  To date, the
company released final financial results for the quarter and
year-to-date periods ended Sept. 30, 2006.  The results were
revised to reflect the effects of the restatement associated
with the stock option review, as well as information that has
subsequently become available which has altered certain
estimates and assumptions used in the preparation of the Sept.
30, 2006, preliminary information.

Income from continuing operations for the Sept. 30, 2006 quarter
improved to US$0.18 per diluted share from the preliminary
US$0.14 per diluted share released earlier, adjusted for non-
GAAP items.  The improvement is due to adjustments made to
certain estimates and assumptions used in the preparation of the
preliminary financial information to recognize new information
received, principally to eliminate an inventory provision for
Infergen for US$4.8 million following positive stability testing
results allowing for extension of the shelf life of the product.

The company also restated its results for the quarter and nine
months ended Sept. 30, 2005, primarily as a result of the stock
option review.

  Revised Third Quarter 2006 vs. Third Quarter 2005 Highlights

   * Revenues increased 7 percent to US$220.0 million, compared
     with US$205.4 million.

   * Product sales increased 8 percent to US$199.0 million,
     compared with US$183.4 million.

   * Ribavirin royalties decreased 4 percent to US$21.0 million,
     compared with US$22.0 million.

   * Income from continuing operations was US$6.2 million, or
     US$0.06 per diluted share, compared with a loss of US$3.8
     million, or US$0.04 per diluted share.

   * Adjusted for non-GAAP items, income from continuing
     operations was US$16.8 million, or US$0.18 per diluted
     share, compared with US$8.2 million, or US$0.09 per diluted
     share.

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/is a
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  The
company has offices in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Standard & Poor's Ratings Services lowered its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International.
The corporate credit rating was lowered to 'B+' from 'BB-'.  The
ratings remain on CreditWatch with negative implications, where
they were placed Oct. 24, 2006, to reflect the ongoing
uncertainty regarding the company's inability to file its Form
10-Q for the third quarter and the consequences if the company
is not able to resolve the situation in 60 days.


YPF SA: Offering 1,117,717 Class D Shares in Local Stock Market
---------------------------------------------------------------
YPF SA will be selling at the Argentine stock market shares
under the Programa de Propiedad Participada.

The company has approximately 3.7 million shares, equivalent to
0.955% of the capital, traded at the Buenos Aires stock market.

Repsol has previously announced the conversion of 1,117,717
million of Class C sharesto Class D shares.  The conversion
would be the preliminary step in the offering to the stock
market.

YPF SA is an integrated oil and gas company engaged in the
exploration, development and production of oil and gas and
natural gas and electricity-generation activities (upstream),
the refining, marketing, transportation and distribution of oil
and a range of petroleum products, petroleum derivatives,
petrochemicals and liquid petroleum gas (downstream). Repsol,
which holds 99.04% of YPF's shares, controls YPF.

                        *    *    *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.


* ARGENTINA: WB Grants US$37MM Loan for Agricultural Development
----------------------------------------------------------------
The World Bank's Board of Directors approved a US$37 million
loan in additional financing for Argentina to support the
Provincial Agricultural Development Project in fully achieving
its development objectives by completing ongoing activities,
restoring the scope of activities designed to eradicate Foot and
Mouth Disease, and initiating new activities related to the
prevention of an Avian Flu pandemic.

The Provincial Agricultural Development Project, originally
supported by a US$125 million World Bank loan approved in
January 1998, provided support to the Government of Argentina to
improve the effectiveness of basic agricultural support services
and to increase the international competitiveness of
agricultural products.

"This loan represents an agile and rapid response by the World
Bank, taking into account the needs of the Argentine productive
sector.  The loan will allow continued financing of a successful
program driven by the Government to increase Argentina's global
competitiveness in the farming and livestock sector," said Axel
van Trotsenburg, World Bank director for Argentina, Chile,
Paraguay and Uruguay.

The additional resources will finance the completion of
activities under the original project, which faced an
unanticipated financing gap and cost overrun, as well as
national-level animal health activities, including those aimed
at preventing the Avian Flu pandemic.

In particular, the additional financing will support the
following activities:

   * Cover the financing shortfall due to cost overruns in 14
     provincial subprojects currently under implementation,
     including a large share of infrastructure works such as
     road construction, rural electrification and irrigation
     works.  The initial cost projection of these subprojects
     has been exceeded due to the increase in construction
     costs in Argentina since 2004 as a result of the strength
     of the country's economic recovery.

   * Restore and complete project activities designed to
     eradicate Foot and Mouth Disease, including the
     construction of a new High Security Regional Reference
     Laboratory, the remodeling of other existing laboratories
     and the strengthening and expansion of Sanitary Barriers
     and Border Control activities.

   * Allow the implementation of animal health-related
     activities of major economic significance with potential
     impact on human health focused on averting an Avian Flu
     pandemic and preventing the introduction of other
     transboundary diseases such as Foot and Mouth Disease,
      among others.

"The project will strengthen Argentina'' monitoring and
surveillance capacity of livestock movement, along with capacity
building among animal health professionals, producers and
livestock/packing industry personnel to ensure the country's
continued access to export markets," said Alvaro Soler, World
Bank task manager for the project.

The US$37 million single currency, fixed-spread loan is
repayable in 15 years, with five years of grace.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

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




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


COMPLETE RETREATS: Asks to Extend Plan-Filing Period to April 19
----------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut to further
extend their exclusive periods to:

   (a) file a plan of reorganization through and including
       April 19, 2007; and

   (b) solicit votes on that plan through and including
       June 18, 2007.

The Debtors have made significant progress toward stabilizing
their business operations, Jeffrey K. Daman, Esq., at Dechert
LLP, in Hartford, Connecticut, relates.  The Debtors have
obtained replacement DIP financing for the duration of their
bankruptcy cases.

In addition, the Debtors have been investigating and pursuing
litigation, with the hope of increasing the ultimate recovery
for creditors, Mr. Daman says.  In particular, the Debtors,
along with the Official Committee of Unsecured Creditors, have
filed numerous motions for examinations pursuant to Rule 2004 of
the Federal Rules of Bankruptcy Procedure; have conducted
interviews with numerous employees and other parties; and have
commenced one, and plan to initiate more, adversary proceedings.

The Debtors have also sought and obtained the Court's permission
to sell substantially all of their assets to Ultimate Resort,
LLC, Mr. Daman points out.  Moreover, the Debtors have filed
motions to sell the properties not included in the Global Asset
Sale, three of which have been granted by the Court.

Once the Global Asset Sale has closed, the Debtors will be in a
position to file a liquidating plan of reorganization, which
will likely include a litigation trust to pursue actions to
recover assets of the Debtors' estates for the benefit of the
creditors and other parties-in-interest, Mr. Daman tells the
Court.  The Debtors have been drafting a liquidating plan that
they intend to negotiate with the Committee, in the hopes of
reaching a consensus.  The Debtors are hopeful that they will
finalize and file a consensual plan prior to April 19, 2007.

The Exclusive Periods should therefore be extended to enable the
Debtors to close the Global Asset Sale and to negotiate,
finalize, and file a consensual liquidating Chapter 11 plan, Mr.
Daman maintains.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.
(Complete Retreats Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).




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


REFCO INC: Chapter 7 Trustee Objects to FGS' US$12 Mil. Claims
--------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of the Refco, LLC estate, asks the U.S. Bankruptcy for the
Southern District of New York to disallow and expunge Claim Nos.
41 and 42 filed by FGS Refco Acquisition Co. against the Debtor,
each asserting approximately US$6,000,000 as administrative
expense and general unsecured claims.

Mr. Togut asserts that the FGS Claims are:

   -- excessive in amount,
   -- legally impermissible, and
   -- not supported by the documentation provided.

Mr. Togut adds that the FGS Claims are virtually identical to,
and thus duplicative of, the administrative expense request
pursuant to Section 503(b) of the Bankruptcy Code made by FGS in
Refco, Inc.'s Chapter 11 cases.

To avoid duplication and promote judicial economy, the Chapter 7
Trustee insists that his objection to the FGS Claims in the
Debtor's case should be consolidated by the Court for hearing
together with the FGS Administrative Expense Request, which is
set for hearing in Refco's Chapter 11 cases at a later date.

                       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. 55; 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 INC: Payments to Professionals Reaches US$145.3 Million
-----------------------------------------------------------
Refco Inc. has paid US$145.3 million of fees and expenses to 34
firms of lawyers and restructuring professionals working for the
company or its creditors committee through the end of 2006, the
Associated Press reports.

Court documents disclose that Skadden, Arps, Slate, Meagher &
Flom, the company's lead counsel, collected US$38.8 million in
fees.  J. Gregory Milmoe, Esq., at Skadden Arps, told AP that
the fees were justified given the complexity of the case.  The
final tab could reach to US$180 million, he said.

AP reveals that the company also paid these firms:

   -- Milbank Tweed Hadley & McCloy LLP for US$17.4 million;
   -- AlixPartners LLC for US$24.4 million;
   -- FTI Consulting for US$11.8 million; and
   -- Goldin Associates for US$10.1 million.

Reports show that in December, the company has rewarded
US$1.81 billion to creditors, with the bulk of that amount going
to Refco Capital Markets Ltd. creditors, Refco's offshore unit.

Refco Capital owns US$83% of the US$670 million Refco still
holds in its safety box.

                      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).

                        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, 2006, 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.


SEA CONTAINERS: Panel Taps Houlihan Lokey as Financial Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers,
Ltd. and its debtor-affiliates' chapter 11 case ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to employ Houlihan Lokey Howard &
Zukin Capital, Inc. as financial advisor, nunc pro tunc to
Oct. 26, 2006.

In addition, the Debtors ask the Judge Carey to approve the
terms of employment and the compensation of Houlihan Lokey at
the expense of the Debtor's estate set forth in an engagement
letter, and approve that Houlihan Lokey be excused from
maintaining time records with respect to the services it will
render in the bankruptcy case.

Before the Debtors filed for bankruptcy, Houlihan Lokey was the
special financial advisor to the ad hoc committee of holders of
public debt securities issued by SCL.  As a result, the firm is
already very familiar with the Debtors' financial and
operational situation, material constituencies, and issues
requiring resolution in order to reorganize, and has become
uniquely situated to increase the likelihood of a successful
restructuring, Andrew B. Cohen, managing director of Dune
Capital LLC, discloses.

Houlihan Lokey is an international investment banking and
financial advisory firm, which provides corporate finance and
financial advisory services, as well as execution capabilities,
in a variety of areas, including financial restructuring.  Mr.
Cohen adds that the firm's financial restructuring group has
advised on over 400 transactions, valued in excess of
US$200,000,000,000, over the past 10 years.

Houlihan Lokey will:

    -- evaluate the assets and liabilities of Sea Containers
       and its subsidiaries;

    -- analyze and review the financial and operating
       statements of the group;

    -- analyze the business plans and forecasts of the Group;

    -- evaluate all aspects of the Group's near-term liquidity,
       including various financing alternatives available to the
       Group and, if required, any exit financing in connection
       with any plan of reorganization filed by the Debtors or
       any other plans and any related budgets;

    -- provide specific valuation or other financial analyses
       as the Creditors' Committee may require;

    -- assist the Creditors Committee in negotiations with
       the Company, its advisors, and other interested third
       parties;

    -- help with the claim resolution process and related
       distributions;

    -- develop, evaluate, and assess the financial issues
       and options concerning any proposed transaction;

    -- prepare, analyze, and explain the Plan and the
       Transaction to various constituencies;

    -- provide testimony in court on behalf of the Creditors
       Committee if necessary or as reasonably requested by the
       Committee; and

    -- undertake any other analysis and advisory work as may be
       requested from time to time by the Creditors Committee,
       Bingham McCutchen LLP or Morris, Nichols, Arsht & Tunnell
       LLP and which are consistent with Houlihan Lokey's
       capabilities.

The Debtors will pay Houlihan Lokey a fee of US$150,000 per
month beginning Oct. 26, 2006, and after that on the 26th day of
each subsequent month until termination or expiration of the
agreement.

Upon consummation of any Transaction, Houlihan Lokey will be
paid in cash an additional fee of US$2,100,000, offset by
US$50,000 of each Monthly Fee, if any, earned and paid on or
after March 26, 2007.

Houlihan Lokey will also seek reimbursement for reasonable
out-of-pocket expenses incurred in connection with its
engagement.

Mr. Cohen tells the Court that the complexity, intense activity,
and speed that have characterized the Debtors' case have
necessitated that Houlihan Lokey focus its immediate attention
on time-sensitive matters, and devote substantial resources to
the Creditors Committee's affairs.

Chris Di Mauro, managing director of Houlihan Lokey, assures the
Court that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.  Houlihan
Lokey does not represent any party with an interest materially
adverse to the Debtors or the estate, Mr. Mauro says.

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Withdraws Plea for Non-Debtor Asset Sale Rules
--------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates filed, but
immediately withdrew, without prejudice, a request for approval
of procedures for selling or transferring certain assets owned
by their various non-debtor subsidiaries without any need for
further Court-approval of the transactions.  The Debtors did not
divulge the reasons for the withdrawal in their notice filed
with the U.S. Bankruptcy Court for the District of Delaware.

              Non-Debtor Asset Sale Procedures

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, said, although those assets do not
constitute property of their estates, (i) the Debtors may be
required by third parties to provide shareholder consent before
consummation of any sale, and (ii) certain buyers may also be
concerned that Court approval is necessary to consummate the
sale.

Under the procedures, the Debtors will notify the U.S. Trustee
and the Official Committee of Unsecured Creditors of any
proposed sale or transfer of the Non-Debtor Subsidiary Assets.
Absent any objections by either party, the Debtors will pursue
the sale without a request for Court-approval of the sale.

Mr. Brady narrated that the Debtors have been working with the
Official Committee of Unsecured Creditors in its bankruptcy case
to craft their proposal in a mutually acceptable manner.
Although no definitive agreement has been reached, the Debtors
continue to work with the Committee and anticipate that the
Committee will support the request, Mr. Brady said in the
Motion.

A non-exhaustive list of various Non-Debtor Assets is available
for free at http://researcharchives.com/t/s?18d5

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


* BOLIVIA: Franklin Mining Updates Status on Project Summary
------------------------------------------------------------
Franklin Mining, Inc., released an updated summary of mining,
oil and gas and other projects and relationships in Bolivia.

Despite changes being faced by other foreign investors in
Bolivia's mining and oil and gas sectors, Franklin Mining was
the first American partnership agreement issued by the Mining
Corporation of Bolivia -- Corporacion Minera aka Comibol since
1952.  The agreement was signed by COMIBOL in early 2006 and
operations were guaranteed by Bolivia's Minister of Mines and
Metallurgy.

Franklin's wholly owned subsidiary, Franklin Mining, Bolivia SA,
is the majority partner with Comibol in multiple mining projects
in the Department of Potosi; included are both mining and
tailings projects.

A 2006 Letter of Guarantee from Walter Villarroel Morochi,
Bolivia's Minister of Mines and Metallurgy, recognized Franklin
as the first foreign owned investor permitted to establish an
operation in the historic Cerro Rico de Potosi, the world's
fifth largest undeveloped silver deposit.

A Report of Operations for Franklin's planned Cerro Rico project
is in final review prior to presentation for Comibol's
acceptance.  This third party review is intended to protect the
interests of Franklin Mining and FMNB shareholders as the
required and final investment is about to be made by Franklin
Mining, Bolivia SA.

As previously announced, an expanded due diligence in nearly
complete prior to the start of processing of the Pulacayo
Tailings.  An initial 100 Kg test produced test results greater
than anticipated and a second, larger sample of 1,000 Kg was
collected and has been sent to a COMIBOL approved laboratory;
results of this confirming analysis are expected in about two
weeks.

With the first delivery of product, cash flow will be realized
for the partnership and the proven values of both mining
projects can be added to Franklin's balance sheet.

Franklin Oil and Gas, Bolivia SA possess a Memorandum of
Understanding dated April 25, 2006, with (Yacimientos
Petroliferos Fiscales Bolivianos, Bolivia's state-owned oil
company, to build Gas-to-Liquid facilities.  The original MOU
was resigned May 25, 2006, for the purpose of confirming that
the relationship was in compliance and understanding of
Bolivia's May 1, 2006, nationalization of the oil and gas sector
and was the first such signing following nationalization.

Franklin Oil and Gas also possess agreements with the city of
Ayo-Ayo and the Department of Tarija (both in Bolivia) to build
smaller GTL facilities for local sales and distribution of
diesel fuel.

Franklin Oil and Gas has finalized a separate partnership
agreement with Ayo-Ayo for development of a small GTL plant and
a free trade zone.

                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
===========


AFFINIA GROUP: Moody's Lifts Corp. Family Rating to B2 from B3
--------------------------------------------------------------
Moody's Investors Service has upgraded Affinia Group Inc.'s
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.  Ratings on the company's first lien bank
obligations and subordinated notes were also raised one notch.

The actions reflect progress Affinia has achieved to date in
restoring its margins from continuing operations, benefits
provided by its liquidity and debt maturity profiles, and lower
volatility in demand associated with the bulk of its product
offering, which address normal service and maintenance
requirements in the automotive aftermarket. While the company's
ongoing results will continue to experience restructuring
charges and related cash expenditures, Affinia will increasingly
realize meaningful savings in operating expenses, and, going
forward, those savings will begin to exceed the remaining cash
disbursements under the program.  Although seasonal working
capital swings may require use of external sources before
unwinding in subsequent periods, internal resources are expected
to finance capital expenditures and restructuring actions over
the intermediate period.  As a result, lower leverage will
evolve and coverage ratios will trend higher, firmly positioning
the company in the B2 rating category.

Moody's upgraded these ratings:

   -- Corporate Family Rating to B2 from B3;

   -- Probability of Default to B2 from B3;

   -- First lien bank debt to Ba3 (LGD2, 27%) from B1
      (LGD2, 27%);

   -- Subordinated Notes to B3 (LGD5, 76%) from Caa1
      (LGD5, 76%); and

   -- Outlook to stable from negative.

Moody's affirmed these ratings:

   -- Senior Unsecured Issuer Rating, B3; and
   -- Speculative Grade Liquidity Rating, SGL-2.

The last rating action was in September 2006 when Affinia's
ratings were adjusted to incorporate Moody's Loss Given Default
Methodology. The company's liquidity rating of SGL-2 was
affirmed in December 2006.

Affinia's debt/EBITDA declined to roughly 4.8x at the end of
September 2006, and its EBITA/interest improved to 1.6x on an
LTM basis at the same date.  While these ratios exclude the
impact of non-recurring charges, principally restructuring costs
associated with its multi-year program, they are considered
reflective of the ongoing return and coverage capacity of the
business.  To date, the cash portion of the restructuring
initiative has not required any external funding.  And, going
forward, the savings generated by the program are anticipated to
reach a point at which they will match or exceed the remaining
cash disbursements.  Consequently, Affinia's quantitative
metrics are anticipated to exhibit improving trends and will be
consistent with peers in the B2 Corporate Family Rating
category.

The stable outlook considers the ongoing level of demand and
market share for Affinia's replacement parts and improving
operating margins. Demand for Affinia's products are correlated
with normal maintenance and wear requirements.  This contrasts
with repair and warranty requirements that are more influenced
by product failure rates which have been affected by general
trends in improved quality of original equipment parts.  It
further recognizes benefits from the company's good liquidity
profile, which is supported by access to substantial amounts of
external liquidity, and anticipates that the company's
restructuring efforts will lead to stronger operating margins
and free cash flow over the intermediate period.

The Ba3 rating on the first lien bank debt reflects its
estimated 26% loss-given-default, which results from the first
priority nature of its secured claims, up-streamed guarantees
from certain material domestic subsidiaries, and considerable
amounts of junior capital.  Those amounts include US$300 million
of senior subordinated notes as well as approximately US$61.5
million of accreted notes at a holding company two levels above
the issuer, which are both structurally and contractually
subordinate to the bank debt.  The B3 rating on the subordinated
notes reflects their 76% loss-given-default, and their junior
status to the bank debt.  The US$300 million of senior
subordinated notes at Affinia benefit from up-streamed
guarantees from material domestic subsidiaries and the
structural subordination of the aforementioned notes at a higher
holding company.  The Senior Unsecured Issuer rating of B3, one
notch below the Corporate Family Rating, reflects its junior
priority to secured bank obligations and its comparable status
to the senior subordinated notes.

Affinia Group Inc., headquartered in Ann Arbor, MI, is a
designer, manufacturer and distributor of aftermarket components
for passenger cars, sport utility vehicles, light, medium and
heavy trucks and off-highway vehicles.  The company's product
range addresses filtration, brake and chassis markets in North
and South America, Europe and Asia. In 2005, the company
reported revenues of approximately US$2.1 billion. Its South
American operation is located in Brazil.


ALCATEL-LUCENT: Provides Preliminary Unaudited Results for 2006
---------------------------------------------------------------
Alcatel-Lucent expects reported revenues for the fourth quarter
of 2006 to be approximately EUR3.87 billion and reported
operating income to be approximately EUR0.12 billion, including
the impact from purchase accounting entries of approximately
EUR(0.23) billion.  Restructuring charges (which consist
primarily of non cash write-offs of intangibles associated with
product rationalization and of a limited impact from headcount
reduction at this point) and asset impairment charges of
capitalized development costs are expected to be approximately
EUR(0.80) billion for the fourth quarter 2006.

Alcatel-Lucent expects on a preliminary basis its full year 2006
reported revenue to be approximately EUR12.3 billion and
reported operating income to be approximately EUR0.71 billion,
including the impact from purchase accounting entries of
approximately EUR(0.23) billion.

The reported results for the fourth quarter 2006 will include
Alcatel stand-alone operations for October and November 2006,
and the combined operations of Alcatel-Lucent for December 2006.
Businesses to be contributed to Thales will be presented as
discontinued activities.

The reported results for the full year 2006 will include Alcatel
stand-alone operations from January to November 2006, and
combined operations of Alcatel-Lucent for December 2006.
Businesses to be contributed to Thales will be presented as
discontinued activities.

These preliminary results are based on unaudited financial
information and on preliminary information reviewed by the
management to date.  These results remain subject to the
completion of the Alcatel-Lucent accounting closing process, and
approval by the Board of Directors. The company will provide its
fourth quarter and full year 2006 results on Feb. 9, 2007.

            Fourth Quarter and Full Year 2006
               Adjusted Pro-Forma Results

In order to provide meaningful comparable information, Alcatel-
Lucent intends to provide adjusted pro-forma financial results,
in addition to reported results for the fourth quarter and full
year 2006, in its Feb. 9, 2007, announcement.  These results
will include combined operations for Alcatel-Lucent as of
Jan. 1, 2006.  Businesses to be contributed to Thales will be
presented as discontinued activities.  These results will
exclude any impact from purchase accounting entries.

On an adjusted pro-forma basis, Alcatel-Lucent expects fourth
quarter 2006 revenue to be approximately EUR4.42 billion,
compared with revenue of EUR5.25 billion in the 2005 fourth
quarter.  Fourth quarter 2006 operating profit is expected to be
approximately at breakeven, compared with EUR0.57 billion profit
for the 2005 fourth quarter.

On an adjusted pro-forma basis, Alcatel-Lucent expects full year
2006 revenue to be approximately EUR18.3 billion, compared with
EUR18.6(3) billion revenue for full year 2005. Full year 2006
operating profit is expected to be approximately EUR1.04
billion, compared with EUR1.41(3) billion in full year 2005.

                     Executive Commentary

"2006 was an extraordinary year in many ways for our company,"
said Patricia Russo, Chief Executive Officer of Alcatel-Lucent.
"We completed the first and largest merger to date in our
industry, we enhanced our wireless portfolio through the
acquisition of Nortel's UMTS radio business and we completed a
substantial part of the transfer of some of our operations to
Thales.

In the past few months, these moves created short-term
uncertainty for our customers and for our people as we worked to
develop the combined company's product portfolio and new
organization structure. This uncertainty together with the work
required to close the merger significantly impacted the
business.  In addition, the last quarter of the year proved to
be challenging from a market perspective, driven by a shift in
spending from some of our large North American customers and
heightened competition in the global wireless market.  Overall,
the 2006 adjusted pro-forma financial results of the combined
company were impacted by the weak performance in the fourth
quarter resulting in cumulative revenues for full year 2006 at a
similar level to full year 2005 revenues.

Despite the challenges we faced during the quarter, considerable
progress was made in planning the convergence of product lines,
the optimization of synergies and the preparation of cost
cutting programs.  As we begin our first year as a combined
Alcatel-Lucent we can now more fully benefit from the impact of
these major strategic moves as well as begin to achieve our
future potential.  Based on our outstanding combined portfolio
of technology and global footprint, we feel confident that
Alcatel-Lucent can resume growth in full year 2007, with growth
gaining momentum throughout the year, and with a growth rate at
least at the carrier market growth rate which today we see in
the mid single digits.  In a market that continues to be highly
competitive, Alcatel-Lucent has decided to take additional
actions to further reduce its cost structure.  Together with the
initial cost synergies plan, we expect to achieve combined cost
savings of at least EUR600 million in full year 2007, which is
EUR200 million higher than our initial synergy target for 2007.

With the merger closed and with 2006 behind us, we now look
forward to beginning a new era as a diversified player, well-
positioned with the scale and scope needed to address ongoing
market changes and opportunities," Ms. Russo concluded.

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Brazil and Indonesia.

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

                        *    *    *

As reported on Dec. 14, 2006, following the completion of
Alcatel S.A.'s merger with Lucent Technologies Inc., at which
time Alcatel was renamed Alcatel-Lucent, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative:

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


ALCATEL-LUCENT: Weak Financial Results Cue S&P to Hold Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on equipment supplier Alcatel-Lucent (BB-/Positive/B) remain
unchanged following the group's announcement of poor preliminary
annual and fourth-quarter 2006 sales and operating profit.

The shortfall is within the risks we identified that triggered
our downgrade on Dec. 5, 2006.  Standard & Poor's is also
comforted by the group's cash balances of about EUR7 billion,
which provide headroom for restorative measures.  Standard &
Poor's will closely examine Alcatel Lucent's final and complete
2006 results, to be published on Feb. 9, 2007, to assess in
detail the group's performance, particularly its cash
generation, and any changes in market dynamics that could affect
our expectations for the group's ratings evolution.

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Brazil and Indonesia.


AMERICAN TOWER: Launches Cash Offer for 5% Convertible Notes
------------------------------------------------------------
American Tower Corporation commenced a cash tender offer for its
5% Convertible Notes due 2010.  The tender offer is intended to
satisfy the rights granted to each holder under the indenture
for the Notes to require the company to repurchase on Feb. 20,
all or any part of such holder's Notes at a price equal to the
issue price plus accrued and unpaid interest, if any, up to but
excluding Feb. 20, 2007.

Under the terms of the Notes, the company has the option to pay
for the Notes with cash, Class A common stock, or a combination
of cash and stock. The Company has elected to pay for the Notes
solely with cash.

As of Jan. 16, 2007, approximately US$252.2 million of the Notes
were outstanding.

If all outstanding Notes are surrendered for repurchase, the
aggregate cash repurchase price will be US$252.4 million.  The
company intends to use cash on hand or borrowings under its
credit facilities to finance these repurchases of the Notes.

The company expects to continue to return capital to its
shareholders through its stock repurchase program and
anticipates that it will repurchase or refinance a portion of
its outstanding indebtedness during 2007.  In order to fund such
efforts, the company likely will raise additional capital in
2007, which may include a securitization of certain of the
company's tower assets, new or incremental credit facilities, or
other potential financing transactions.  Consistent with the
company's financial strategy, any such financing activities
would be designed to maintain financial flexibility and reduce
the company's cost of capital.

In order to surrender Notes for repurchase pursuant to the
tender offer and put right, a repurchase notice must be
delivered to The Bank of New York Trust Company, N.A., the
trustee for the Notes, on or before 5:00 p.m., New York City
time, on Feb. 20, 2007.  Holders of Notes complying with the
transmittal procedures of the Depository Trust Company need not
submit a physical repurchase notice to The Bank of New York
Trust Company, N.A.  Holders may withdraw any Notes previously
surrendered for repurchase at any time prior to 5:00 p.m., New
York City time, on Feb. 20, 2007.

The Notes are convertible into 19.4175 shares of Class A common
stock per US$1,000 principal amount of the Notes, subject to
adjustment under certain circumstances.  On Jan. 19, 2007, the
last reported sales price of our Class A common stock on the
NYSE was US$40 per share.

                    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.


BANCO CRUZEIRO: Offering Retirement Loans with Two Stores
---------------------------------------------------------
Banco Cruzeiro do Sul has collaborated with Cybelar and
Comercial Sao Jorge to offer retirement loans, Agencia Estado
reports.

Cybelar is a retailer of electronics, appliances and furniture
that owns 53 stores in Sao Paulo.  Meanwhile, Comercial Sao
Jorge has 25 stores in Sao Paulo and Minas Gerais.

Business News Americas relates that the loan will be offered to
pensioners from INSS, the federal social security system for
private sector workers.

According to Agencia Estado, Banco Cruzeiro will also offer
consumer credit to INSS beneficiaries for purchases in Cybelar
and Comercial Sao.

BNamericas underscores that retirement loan payments are
deducted directly from monthly INSS benefit checks for up to 36
months and for 30% of the check's value.  The Brazilian
government imposes a 2.78% monthly interest rate limit on INSS-
backed loans.

The retirement loans account for 25% of Banco Cruzeiro's loan
book, Agencia Estado notes.

INSS beneficiaries had taken BRL20.2 billion in retirement loans
since May 2004, BNamericas states, citing The social security
ministry.


Banco Cruzeiro do Sul is headquartered in Sao Paulo, Brazil and
had BRL2.6 billion (US$880 million) in total assets and BRL162.6
million (US$84.6 million) in shareholders' equity as of June
2006.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Cruzeiro
do Sul SA's long-term foreign currency deposits to Ba3 from Ba1.
Moody's said the rating outlook is stable.


BANCO NACIONAL: Cuts Financing for Infrastructure
-------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
press release that it has made cuts of between half and one
percentage point in basic spreads on financing for power
generation, transmission and gas production and distribution,
railways, ports, airports, highways, sanitation and urban
transport projects.

Business News Americas relates that the move was part of the
national growth acceleration plan Brazil's President Luiz Inacio
Lula da Silva disclosed.

According to the report, the spreads will be an average of 60%
less than those registered in 2005.  This is the second time in
two years Banco Nacional has decreased the spreads to stimulate
investments in the economy.

Banco Nacional's President Demian Fiocca told the local press,
"We want to accelerate investments in infrastructure."

Banco Nacional's infrastructure investment portfolio is at
BRL90.0 billion, of which BRL79.0 billion is subject to the new
ruling, BNamericas notes, citing Mr. Fiocca.

BNamericas underscores that Banco Nacional sees BRL45.0 billion
being invested in electric power, BRL24.0 billion in logistics
and BRL21 billion in urban development over the coming years.

The report says that of project loans Banco Nacional ratified,
BRL4.30 billion is allotted for electric power, BRL4.00 billion
for logistics and BRL2.40 billion for urban development.

According to BNamericas, the railway development projects will
pay 0% on Banco Nacional loans over the central bank's Selic
benchmark rate.  The long-term interest rate, as well as the
risk spread charges, will not be affected.  Road concessions and
power distribution projects will pay 2% in basic spreads.

BNamericas emphasizes that hydroelectric power plant
construction will get additional incentives in the form of an
extension to the repayment terms.  The term allowed for large
power plants with capacity greater than 1,000 megawatts will
increase to 20 years from 14 years.  Smaller plants' repayment
term will move to 16 years from 14 years.

Banco Nacional will boost investment in the construction of
hydroelectric power plants within its project finance program,
where a firm's energy sales contracts act as loan guarantees,
BNamericas states.

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

                        *    *    *

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

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

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


COMMSCOPE INC: Introduces Residential Structured Cabling System
---------------------------------------------------------------
CommScope, Inc., introduces a new professional connectivity
solution to the residential market with the addition of its
Uniprise Residential Network Solutions portfolio.  Since in-home
networking now means more than simple access to the Internet,
its newest product, the Residential Cabling Distribution Center,
provides simultaneous distribution of high-speed data, voice and
video signals throughout the home, multi-family dwelling or
small commercial building.

"The innovative Residential Network Solution features our
revolutionary structured home and small office cabling system
that we believe will suit the needs of simple to highly complex
residential systems," said Mark Peterson, Senior Vice President,
Enterprise Global Marketing, CommScope.  "Combining our advanced
engineering with a structured cabling approach that supports
virtually all standards and vendor-independent applications,
people can now experience the same networking abilities at home
that they use in their offices."

CommScope's Residential Network Solution supports a fully
incorporated applications environment for current and emerging
communication and video entertainment.  Data, voice and video
signals converge in the residential cabling distribution center
and are then distributed to individual room outlets, allowing
cable, satellite, PCs, printers and fax machines to work in
concert using a single sophisticated system. The cabling
distribution center supports both basic and enhanced systems.
The basic system is pre-designed for voice and data
applications, while the enhanced system provides flexibility for
removing modules and allows plug-and-play simplicity for both
copper and fiber applications.

In addition, an eight-port switch gives users the ability to
network up to seven computers.  Other features include complete
automation capabilities and central control of multiple
integrated home communication and video entertainment
applications, including telephone, video, data, CATV, Satellite,
audio distribution, HDTV, cable modem and even security systems.
The multi-media system supports Cat 5e, Cat 6 and fiber
connectivity while meeting EIA/TIA 60 CEBus and the TIA/EIA 570-
B Residential Wiring Standard.  The fiber- based system accepts
all connector types-SC, ST and LC-and is easily upgradeable with
flexible patch panel modularity.  Added security is available
with an optional locking kit.

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope, to serve the growing Latin American market, has begun
manufacturing coaxial cable for broadband wireless and wireless
networks in its plant in Jaguariuna, Brazil.  It has over
283,000 sq. ft. of manufacturing space.

                        *    *    *

As reported in the Troubled Company reporter on Aug. 23, 2006,
Standard & Poor's Rating Services removed its rating on Hickory,
North Carolina-based CommScope, Inc., from CreditWatch with
negative implications from CreditWatch, where they were placed
with negative implications on Aug. 7, 2006, and affirmed the
existing 'BB' corporate credit rating.  S&P said the outlook is
stable.


DURA AUTOMOTIVE: De Minimis Claims Settlement Protocol Approved
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware approves Dura Automotive Systems Inc.
and its debtor-affiliates' uniform procedures for settling
certain de minimis claims and causes of action brought by or
against them in a judicial, administrative, arbitral or other
proceeding.

The proposed omnibus settlement procedures are modified to
provide that:

   (a) with respect to any settled amount equal to or less than
       US$50,000, the affected Debtor may agree to settle a
       claim or cause of action on any reasonable terms.  The
       Debtor may enter into, execute and consummate a written
       settlement agreement that will be binding on it and its
       estate without notice to any third party or further Court
       action; and

   (b) With respect to any settled amount greater than US$50,000
       but does not exceed US$1,000,000, the Debtor may agree to
       settle the claim or cause of action only if it provides
       written notice to, and the terms are not objected by:

         * the United States Trustee for the District of
           Delaware;

         * counsel to the agent for the Debtors' prepetition
           First Lien Secured Lenders;

         * counsel to the agent for the Debtors' postpetition
           Second Lien Secured Lenders;

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

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

             About DURA Automotive Systems Inc.

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. 10;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: Judge Carey Appoints Warren Smith as Fee Auditor
-----------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware has appointed Warren H. Smith &
Associated, P.C., as fee auditor and as his special consultant
for professional fee and expense review and analysis.

In his administrative order, Judge Carey notes that the size,
complexity and duration of Dura Automotive Systems Inc. and its
debtor-affiliates' jointly administered bankruptcy cases will
result in the filing of a number of interim applications of
professional fees and reimbursement of expenses in significant
amounts.  Hence, he has determined that the appointment of a fee
editor is in the best interests of the Debtors' estates and
parties-in-interest in the Debtors' cases.

The Debtors and the Official Committee of Unsecured Creditors
have conferred and reached agreement with respect to the
appointment of the fee auditor.

Warren H. Smith will review the fee applications of all
professionals employed in the Debtors' bankruptcy cases except
the ordinary course professionals.  However, to the extent that
the fees and expenses of any ordinary course professional exceed
the compensation caps, the Fee Auditor will review the OCPs'
fees and expenses.

Specifically, Warren H. Smith will:

   (a) review all fee applications filed by estate professionals
       in the Bankruptcy Cases;

   (b) review any documents filed in the Bankruptcy Cases;

   (c) serve an initial report on each professional to
       communicate questions, issues or disputes regarding the
       fee applications;

   (d) within 10 days after the service of the initial report,
       engage in an informal process with each professional, to
       resolve matters raised in the Fee Auditor's initial
       report;

   (e) conclude the informal response period by filing with the
       Court a final report with respect to each fee
       application; and

   (f) serve each Final Report to the U.S. Trustee, counsel for
       the Committee and the Debtors, and each professional
       whose fees and expenses are addressed in the Final
       Report.

The total fees paid to Warren H. Smith for its services will be
charged at its ordinary hourly rates for services of the same
nature.  The firm's fees and expenses are subject to
application and review pursuant to Federal Rule of Evidence
706(b) and will be paid from the Debtors' estates as an
administrative expense under Section 503(b)(2).

              About DURA Automotive Systems Inc.

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. 10;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


GERDAU SA: Appeals Regulator's Decision on Acerias Auction
----------------------------------------------------------
Gerdau SA has filed an appeal with the Colombian antitrust
authorities' decision to ban the firm from the Acerias Paz del
Rio auction, Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2007, the Colombian antitrust authorities prevented
Gerdau from participating in the auction of a 51.89% stake in
Acerias Paz.  The antitrust agency said that the potential
integration of Gerdau and Paz del Rio would unduly restrict
competition.  Gerdau already controls Colombian steel firms
Diaco and Siderurgica del Pacifico.

A regulator press official told BNamericas, "The decision is now
in the regulator's hands and it has two months to decide."

According to BNamericas, the shareholder's plan to sell the
51.89% stake in APR at the end of 2006 was moved to March 31.
The other four firms interested in becoming a strategic partner
in APR include:

          -- Europe's Arcelor Mittal,
          -- Argentina's Techint, and
          -- a company from Mexico, and
          -- a company from Brazil.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

Gerdau's four majority-owned Brazilian operating subsidiaries
are:

   -- Acominas,
   -- Gerdau Acos Longos SA,
   -- Gerdau Acos Especiais SA and
   -- Gerdau Comercial de Acos SA;

                        *    *    *

Gerdau SA's US$600 million 8-7/8% perpetual bond is rated Ba1 by
Moody's, BB+ by S&P, and BB- by Fitch.

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social SA to 'BB' with a stable outlook from 'BB-'
with a positive outlook.  The company's local currency credit
rating was also shifted to 'BB+' with a stable outlook from 'BB'
with a positive outlook.


GERDAU SA: Fitch Upgrades Issuer Default Rating to BBB- from BB+
----------------------------------------------------------------
Fitch Ratings has upgraded the foreign currency Issuer Default
Rating of Gerdau S.A. to 'BBB-' from 'BB+'.  In addition, Fitch
has assigned to Gerdau a 'BBB-' local currency IDR and a
'AA+(bra)' national scale rating.  The Rating Outlook is Stable.

Fitch has affirmed the 'BBB-' rating of Gerdau's US$600 million
8.875% guaranteed perpetual senior notes issued in September
2005.  The perpetual notes are unconditionally and irrevocably,
jointly and severally guaranteed by Gerdau and its four
majority-owned Brazilian operating subsidiaries:

   -- Gerdau Acominas S.A.,
   -- Gerdau Acos Longos S.A.,
   -- Gerdau Acos Especiais S.A. and
   -- Gerdau Comercial de Acos S.A.

Fitch has also affirmed the 'BBB-' local and foreign currency
Issuer Default Ratings of Gerdau's Brazilian operating
subsidiary, Acominas and its national scale rating of
'AA+(bra)'.  The Rating Outlook is Stable.

The upgrade of the Gerdau holding company rating reflects the
improved access to cash outside of Brazil via international
credit facilities and the fact that most debt at the Gerdau
level benefits from guarantees by Gerdau's Brazilian operating
subsidiaries.  The rating reflects the favorable business
positions of the company's main steel production subsidiaries,
Acominas and Acos Longos in Brazil and Gerdau Ameristeel Corp.
in North America, as well as the group's strong consolidated
financial profile characterized by low leverage and healthy
liquidity.

In 2006, Gerdau continued its strong performance, generating
consolidated net revenues of US$8.9 billion and operating EBITDA
of US$2.0 billion in the first nine months. Compared with the
prior year, revenues and operating EBITDA increased by 34% and
33%, respectively mainly due to the continuing high spread
between steel prices and scrap prices as well as the inclusion
in consolidated 2006 results of acquired assets, such as
Corporacion Sidenor (Spain) and Siderperu (Peru).  With total
consolidated debt of about US$3.9 billion (including an
adjustment of about US$200 million for operating leases and
guaranteed debt) and cash of US$2.8 billion at Sept. 30, 2006,
Gerdau's leverage, as measured by net debt to operating EBITDA,
decreased to 0.4x from 0.6x at year-end 2005, and the ratio of
total debt to operating EBITDA decreased to 1.5x from 1.8x.
After capital expenditures of close to US$1.0 billion in the
first nine months of 2006, Gerdau generated free cash flow
(defined as EBITDA less capital expenditures, working capital
and interest expense) of US$440 million. Gerdau is expected to
end the year with revenues of approximately US$11 billion,
operating EBITDA of US$2.5 billion and a total debt to operating
EBITDA ratio of 1.4x.

Although Gerdau is geographically well diversified, with 54% of
its total production capacity of 19.5 million tons of crude
steel outside Brazil, approximately two-thirds of the company's
consolidated operating EBITDA is generated by its Brazilian
operating subsidiaries. This exposure, as well as the overall
risk of the cyclical steel industry, is factored into Gerdau's
ratings and those of its operating subsidiaries.

Gerdau's 'BBB-' foreign currency IDR exceeds Brazil's country
ceiling rating of 'BB+' due to the benefits of owning 66.8% of
Ameristeel, the second largest producer of long-steel products
in North America; significant exports by its Brazilian
subsidiaries of approximately US$1.2 billion in 2006; and
substantial cash balances of US$2.8 billion both in Brazil and
outside of the country.  In addition, Gerdau benefits from a
US$400 million liquidity facility obtained in November 2006. The
agreement between GTL Trade Finance Inc., a wholly owned
subsidiary of Gerdau, and several international banks does not
contain a material adverse change clause, which allows Gerdau
more financial flexibility to draw funds in the event of a
liquidity crisis in Brazil. The combination of these factors,
plus management's long-term commitment to maintaining a
conservative credit profile, should allow the company to make
payment on its foreign currency obligations in a timely manner
in the event of capital and exchange controls being imposed by
the Brazilian government during a sovereign crisis.

Headquartered in Porto Alegre, Brazil, Gerdau is a holding
company for the group's steel production facilities in North and
South America and Europe.  The Gerdau companies operate minimill
and integrated-steel facilities in Brazil, Argentina, Chile,
Colombia, Peru, Uruguay, the United States, Canada, and Spain
and have a crude steel production capacity of 19.2 million
metric tons in 2006.  Gerdau owns 89.3% of its Brazilian
operating companies, which consist primarily of Acominas and
Acos Longos and have a combined production capacity of about 9.3
million tons of crude steel.  In North America, Gerdau owns
66.8% of Ameristeel, which ranks as the second-largest minimill
steel producer with an annual manufacturing capacity of 9.0
million short tons of mill finished steel products from a
network of 17 minimills, including the 50%-owned Gallatin Steel
joint-venture.


GOL LINHAS: E-Commerce Sales Reached BRL3.7 Billion in 2006
-----------------------------------------------------------
GOL Linhas Aereas Inteligentes finished 2006 as one of the
largest e-commerce companies in Brazil, effecting BRL3.7 billion
in gross ticket sales through http://www.voegol.com.br

Internet sales accounted for 82% of the company's BRL4.6 billion
total gross sales during 2006.  Gross operating revenues from
passengers flown in 2006 were approximately BRL3.7 billion, and
total net operating revenues were approximately BRL3.8 billion.

GOL revolutionized the Brazilian air transportation market by
eliminating the use of the traditional paper ticket.  Online
ticket sales have not only reduced the company's distribution
costs, but also simplified the travel process for passengers: in
addition to purchasing tickets, passengers can check-in and
change flight reservations online. "Our e-commerce platform is
essential to improving on the low-cost, low-fare concept, and we
will continue to encourage our customers to use our website as a
helpful tool for their travel needs," says Tarcisio Gargioni,
Vice President of Marketing and Services at GOL.

Part of GOL's online sales' success is due to the simplicity and
accessibility of the sales channel.  The Internet is an
economical, practical and fast way to purchase tickets for any
of GOL's destinations in Brazil and South America.  Travel
agencies have also played a large part in the success of the
online sales channel, which offers access to new markets,
increased productivity and reduced costs. In the fourth quarter
of 2006, GOL's website registered an average of 1.5 million
unique visitors per month, a 50% increase over the same period
in 2005.

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.


PETROLEO BRASILEIRO: Posts 1.92MM Barrels Per Day 2006 Output
-------------------------------------------------------------
Brazil's state-owned oil firm Petroleo Brasileiro SA aka
Petrobras said in a statement that its average domestic and
international production increased 3.95% to 1.92 million barrels
per day in 2006, compared with 2005.

Business News Americas relates that Petrobras' domestic output
increased 5.56% to 1.78 million barrels per day.  Its
international production in eight countries decreased 12.7% to
142,200 barrels per day.

According to BNamericas, Petrobras' international output came
from operations in:

          -- Angola,
          -- Argentina,
          -- Bolivia,
          -- Colombia,
          -- Ecuador,
          -- Peru,
          -- Venezuela, and
          -- the US.

BNamericas notes that Argentine production made up the bulk of
the production with 62,059 barrels per day.

Of domestic production, offshore and onshore production was 1.55
million barrels per day and 232,000 barrels per day
respectively, Petrobras said in a statement.

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

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

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

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

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


PETROLEO BRASILEIRO: Outlines Main Projects in Growth Plan
----------------------------------------------------------
Brazil's state-run oil firm Petroleo Brasileiro SA aka
Petrobras, reported that the Brazilian Growth Acceleration Plan
or GAP launched by the federal government includes 183 of
Petrobras' Strategic Plan projects, representing investments in
the order of BRL171.7 billion in oil and gas and in renewable
fuel programs to be made by Petrobras and its partners through
2010.

The BRL171.7 billion investment, to be made through 2010 and
only in Brazil, reflects outlays already included in the 2007-11
Business Plan adjusted for revisions in costs of certain
projects already approved by Petrobras' board of directors,
which include:

       -- Rio de Janeiro State Petrochemical Complex or Comperj,
       -- Abreu e Lima Refinery in Pernambuco,
       -- ethanol export pipelines, and
       -- Gas Production Anticipation Plan or Plangas.

Underpinned by socio-environmental responsibility and
profitability principles, the Strategic Plan is in line with the
GAP's goals.

The GAP's premises for the sector include:

       -- ensuring Brazil's long-term oil self-sufficiency, with
          a minimum production 20% above Brazilian internal
          consumption, with a minimum 15-year reserve/production
          ratio, and heightened light oil production;

       -- boosting and modernizing the refining park, increasing
          Brazilian oil participation in the processed load and
          bettering byproduct quality;

       -- accelerating Brazilian gas production and offer; and

       -- ensuring leadership in the biofuel area.

The wide-ranging project portfolio Petrobras' Business Plan
encompasses for the 2007-2010 period also seeks to grow oil and
gas reserves, to expand transportation and distribution
infrastructure, and to augment alternate and renewable fuel and
energy source research and development.

To keep increasing production in the long-term as well,
Petrobras has been enhancing its exploratory portfolio and
currently has, for future exploration, upwards of a hundred
blocks it has purchased in National Petroleum, Natural Gas and
Biofuel Agency auctions, in addition to several areas overseas.
This allows it to set a production goal of some 4,556,000
barrels a day for 2015.  Meanwhile, for the latter portion of
the decade, it is expected the company's total oil and gas
production will cap at 3,493,000 barrels per day, 2,925,000
lifted from Brazilian fields.

Aside from the several ongoing projects, other relevant work
will be kicked-off in 2007, the highlights of which are the
major investments in view for the downstream area, like the
Abreu e Lima Refinery, in Northeastern Brazil, and the
Petrochemical Complex in Rio de Janeiro.

These are Petrobras System's main investment projects for the
upcoming years -- a few with partners -- that are part of the
Brazilian Growth Acceleration Program:

       -- Gas Production Anticipation Plan or Plangas

          Seeking to raise the natural gas offer in Southeastern
          Brazil, the Plangas' goal is to increase production by
          24 million cubic meters a day by late 2008, and by 39
          million cubic meters a day by the end of 2010, to 40
          million cubic meters and 55 million cubic meters,
          respectively.  With investments of BRL25 billion in
          the period, the plan involves several projects and,
          among other benefits, will improve the national power
          system's reliability by making natural gas available
          for thermal energy generation.

          a) The Plangas project includes:

             1. Mexilhao Field Development:

                located in the Santos Basin, the goal is to
                produce 15 million cubic meters of gas there
                per day.  Operations are expected to go online
                in 2009 and to involve BRL4.4 billion in
                investments.  The project includes building
                and installing a fixed platform at a depth of
                172 meters, a 145-kilometer submarine pipeline
                that will connect the offshore platform to the
                gas treatment unit that will be built in
                Caraguatatuba, from where the gas will flow
                through an onshore pipeline to Taubate, in the
                Paraiba Valley, and then distributed for
                consumption.

             2. Golfinho Field Development

                Located in the Espirito Santo sea, this field
                will be capable of producing 100 thousand
                barrels of oil and 3,5 million cubic meters of
                gas per day through a platform vessel.  With
                operations slated to be kicked off in the first
                quarter of 2007, the project involves BRL2
                billion in investments.

             3. Gas Processing Unit in Cacimbas

                The Cacimbas Pole, located in the Linhares
                municipality, some 200 kilometers away from
                Vitoria, is being revamped to attend to the
                potential natural gas production development in
                Espirito Santo.  To offload production, the
                infrastructure involves building the Cacimbas-
                Vitoria gas pipeline, scheduled to kick
                operations off in the first quarter of 2007, the
                Cabiunas-Vitoria gas pipeline, programmed for
                the Fourth quarter of 2007, and the Cabiunas-
                Reduc gas pipeline expected to be wrapped-up in
                2009.

       -- Gas pipeline construction and liquefied natural gas
          projects

          The gas pipeline network Petrobras is either currently
          constructing or that it plans to build involves total
          investments of BRL15 billion (BRL12.5 billion through
          2010) and deploying liquefied natural gas projects,
          which are budgeted at BRL5 billion (BRL2.9 billion
          through 2010).  The main projects include:

          a) Urucu-Manaus gas pipeline

             Extending for 662 kilometers, this pipeline will
             transport natural gas produced in Urucu to Manaus.
             The project includes building a pipeline between
             Urucu and Coari to flow the liquefied petroleum gas
             production.  It is slated to go online in the first
             quarter of 2008 and to involve investments nearing
             BRL1.26 billion.

          b) Southeast-Northeast Gas Pipeline or Gasene

             Designed to fully interconnect the Southeastern gas
             system to the Northeastern one, the project
             includes the Cacimbas -- Catu, Cacimbas -- Vitoria
             and Cabiunas-Vitoria sections.  Together with the
             gas pipelines in the Northeastern Network, like the
             Catu-Carmopolis (265 kilometers long, with a flow
             of 9,1 million cubic meters a day, and with
             operations foreseen to commence in the second
             quarter 2008), it involves investments of BRL4.6
             billion through 2010.

          c) Southeastern Network

             Campinas-Rio Gas Pipeline construction, which will
             extend for 453.6 kilometers, be capable of
             transporting 5.8 million cubic meters a day of
             natural gas, and involve total investments
             estimated at BRL862.5 million.

          d) Liquefied Natural Gas:

             Projects are being studied to contract converted
             vessels to regasify the liquefied natural gas that
             will be installed in the Guanabara Bay (Rio de
             Janeiro) and in the Pacem Port (Ceara).  This
             project is hoped to go online in the first quarter
             2009, involving investments of some BRL2.0 billion
             through 2010.

       -- Rio de Janeiro Petrochemical Complex

          The biggest individual project ever carried out by
          Petrobras, with total investments topping-out at BRL21
          billion (BRL8.2 billion up to 2010) and undertaken in
          partnership with private partners, the Rio de Janeiro
          Petrochemical Complex (Comperj) will be capable of
          processing 150 thousand barrels of Brazilian heavy oil
          per day.  The Complex will be formed by one Basic
          Petrochemical Product Production Unit and by six
          second-generation petrochemical units.

          The project includes the Sao Goncalo Intelligence
          Center, a logistics base in Sao Goncalo, and the oil
          supply pipeline.  Construction is expected to start
          off in the fourth quarter of 2008 and operations are
          hoped to commence in 2012.  Comperj's production will
          change the Brazilian petrochemical sector from the
          structural standpoint.  The complex's main products
          will include:

          -- in the first generation:

             * diesel fuel,
             * ethane,
             * propene,
             * benzene,
             * paraxylene, and
             * butadiene

          -- in the second generation:

             * polyethylene,
             * polypropylene,
             * PET,
             * PTA,
             * ethylene glycol, and
             * styrene.

       -- Abreu e Lima Refinery (Northeast)

          Designed to process 200 thousand barrels of heavy oil
          per day, the refinery will be constructed in
          association with Petroleos de Venezuela, the
          Venezuelan national oil company, in the state of
          Pernambuco.  Investments are foreseen for port
          infrastructure, water supply, for the construction of
          an effluent tabulation and a power transmission line,
          for oil and byproduct outflow pipelines, over and
          beyond investments in social projects in the region.

          Earthwork will commence in July 2007, deployment is
          expected for the first half of 2008, and, finally,
          operation is hoped to go online in 2012.  Total
          investments will involve some BRL10 billion (BRL5.6
          billion through 2010).  The Abreu e Lima Refinery will
          produce, in produced volume order, diesel fuel, coke,
          naphtha, liquefied natural gas, and bunker.  It will
          be aimed especially at supplying Northeastern state
          demand.

       -- Other petrochemical projects with private partners

          a) Polipropileno Paulinia SA:

             Polypropylene production unit located in Paulinia,
             with initial capacity to produce 300,000 tons a
             year, using propane produced at the Petrobras
             refineries located in the Sao Paulo municipalities
             of Paulinia (Replan) and Sao Jose dos Campos
             (Revap) as raw material.  Total investments will
             reach BRL500 million and operation is expected
             kick-off in the first half of 2008.  Production
             will be destined to the internal market and to
             exports.

          b) REGAP Acrylic Complex-MG

             Designed to produce Acrylic Acid using propene
             produced by Petrobras' refinery located in Betim,
             Belo Horizonte Metro Region.  The investments in
             question for this project are BRL1.3 billion and
             construction is expected to be wrapped-up in 2011.

          c) Petroquimica SUAPE-PE

             Plant to produce 550,000 tons per year of PTA
             (Purified Terephthalic Acid).  With production
             aimed at textile and plastic packaging industries,
             investments there will total BRL1.2 billion and
             operations slated to kick-off in 2009.

          d) Textile Project-CITEPE-PE

             This project is part of a Textile Pole in the
             Northeast, Suape Port, in Ipojuca (PE).
             Investments have been foreseen at BRL678.7 million
             and operations to commence by late 2007.

      -- Refining Park Enhancement and Modernization

         The projects to enhance and modernize Petrobras'
         refineries will broaden the processed load by 100,000
         barrels per day and raise the processed Brazilian oil
         volume by 250,000 barrels per day (from 80% to 90%
         processed load).

         The BRL22.6 billion in investments (by 2010), involving
         work in all Petrobras refineries, also hope to improve
         fuel quality, rendering it cleaner, and to have an
         important socio-environmental effect.  Improved diesel
         fuel quality will prevent emissions calculated at
         upwards of 86,000 tons of SO2 per year, contributing to
         quality of life in the cities.

      -- Vessel construction and acquisition

         Oil tanker fleet renewal foresees the construction, in
         Brazilian shipyards, of 42 units, with an initial order
         for 26 vessels, 15 of which will be delivered by 2010.
         Investments are expected to cap out at BRL4.1 billion,
         with a high rate of nationalization.  Also, two super
         oil tankers (VLCC) will be ordered before 2010.

      -- Biofuels

         a) Biodiesel

            Petrobras' biodiesel program foresees, initially,
            industrial unit installation in Candeias (BA),
            Montes Claros (MG), and Quixada (CE) with capacity
            to produce 50,000 tons per year each and with
            operations slated to begin by late 2007.  The
            program will involve total resources of the order of
            BRL570 million.  Petrobras is also analyzing the
            possibility of building other biodiesel plants, in
            partnership with the private initiative, in several
            places nationwide by 2008.  The foreseen
            availability of 855,000 cubic meters of biodiesel
            per year in 2010 will allow 2.3 million equivalent
            tons a year of carbon emissions to be prevented.

         b) Ethanol

            Initial Ethanol Export Corridor project deployment
            phase, involving the construction of ethanol
            pipelines to transport ethanol for exports.

         c) HBIO

            Technological process Petrobras developed to produce
            diesel using a petroleum and vegetable oil mix at
            conventional refineries.  The process will be
            deployed in four refineries in 2007, in Minas
            Gerais, Parana, Rio Grande do Sul, and Sao Paulo and
            will involve BRL150 million in investments.  The
            demand for vegetable oils will reach 425,000 cubic
            meters in 2010.  By 2011, HBIO will also be produced
            in Petrobras' other refining units in Brazil.

         d) Production -- self-sufficiency maintenance

            Seeking to maintain Brazil's oil self-sufficiency,
            Petrobras has a portfolio that includes dozens of
            projects and will involve BRL81 billion in
            investments in exploration and production through
            2010.  The main projects include:

            1. Marlim Leste Development (P-53)

               Installation of an FPSO-type platform vessel
               (P-53), capable of lifting 180,000 barrels per
               day, expected to go online in the first quarter
               of 2008 in the Campos Basin.

            2. Marlim Sul Development (P-51)

               Installation of a semi-submersible-type platform
               (P-51), the first of the type built entirely in
               Brazil, with operations set to commence in the
               first quarter 2008 and capacity to produce
               180,000 barrels in the Campos Basin.

            3. Roncador Module 1 Development (P-52)

               Installation, in the first quarter of 2007, of a
               semi-submersibletype platform (P-52) with
               capacity to produce 180,000 barrels per day in
              the Campos Basin.

            4. Roncador Module 2 Development (P-54)

               Use of a platform vessel (FPSO), called P-54, to
               be installed during the third quarter 2007 and
               capable of lifting 180,000 barrels per day.
               Campos Basin.

            5. Piranema Field Development (SE)

               Installation of a floating platform to produce
               30,000 barrels of high-quality light oil per day,
               in the second quarter 2007, in the Sergipe Basin.

            6. Frade Field Development (RJ)

               Installation of a floating platform to produce
               100,000 barrels per day in 2009.

            7. Jubarte Field Development Phase 2 (ES)

               Installation of platform P-57, to be contracted,
               with capacity to produce 180,000 barrels per day
               and foreseen to go online in 2010.

            8. Roncador Field Development Phase 2 (RJ)

               Installation of a floating platform, P-55, to be
               contracted, with capacity to produce 180,000
               barrels per day and foreseen to go online in
               2011.

       -- Exploration

          Intensifying the exploratory activity (the search for
          new oil fields) is vital to ensure long-term self-
          sufficiency sustainability.  The exploration
          activities undertaken through 2010 will have special
          impact on production after this period, allowing
          Brazil to maintain production above the country's
          byproduct demand.

          Petrobras will invest BRL15.5 billion in exploration
          through 2010.  Including investments made by other
          companies (partners and third-parties), the resources
          to be invested in oil exploration in the PAC are
          estimated at BRL23.5 billion through 2010.

          The high investments in Brazil, in the coming years,
          will allow Petrobras to maintain the robust growth
          goals the company has taken-on for its several
          activities since 2003, with emphasis on the country's
          industrial development.  Oil production will continue
          on the rise simply with the use of reserves that have
          already been discovered and with the deployment of the
          projects that have already been defined and are
          currently in motion.

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

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

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

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

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


* BRAZIL: S&P Says Structured Finance Market Grew 121% in 2006
--------------------------------------------------------------
The Brazilian structured finance market continued to expand at
an alarming rate last year, to US$8.4 billion from US$3.8
billion in 2005 -- a 121% increase.  New assets and transaction
types are also moving in, which should ensure more impressive
growth in 2007.

"We rated several landmark Brazilian deals in 2006, including
the first collateralized debt obligation or CDO transaction and
the first deal to securitize precatórios, which are court-
ordered debts against government institutions," said Standard &
Poor's Ratings Services' credit analyst Juan P. De Mollein, a
director in the Structured Finance group.

FIDCs or credit receivables funds will continue to show their
strength. "Although the utility and consumer-lending sectors
should remain the most prominent asset classes, we expect a more
diverse base of assets to contribute to the new issuance
amounts," said Mr. De Mollein.  Multiasset and multiseller
structures will debut and advance significantly in 2007 as many
banks are setting up warehousing facilities.  Foreign investors,
credit enhancers, and arrangers, as well as multilaterals, will
be key players in boosting the next phase of the Brazilian
structured finance market.

Commercial mortgages will be securitized more often and in more
significant volumes this year.  There is still promise for a
residential mortgage-backed securities or RMBS market, but the
much needed paradigm shift is still beyond 2007's horizon.
Brazil has a housing deficit of approximately 9 million units,
and mortgage lending has been up for the past few years, despite
relatively high interest rates.  GMAC RFC has recently partnered
with local players to explore the possibilities for RMBS.  "Once
the RMBS market takes off, we expect it to grow as quickly as it
did in Mexico," said credit analyst Pedro Gazoni, an associate
director in the Structured Finance group. "Mortgage-origination
procedures still need to be standardized to make them
securitization-friendly," he added.

Brazil is also waiting on the development of partial credit
guarantees and synthetics.  Previous hopes for these products
haven't been fulfilled, and despite their potential fit in the
market, it's still up in the air whether they'll arrive in 2007.

Along with Brazil's recent increased securitization activity,
Standard & Poor's expects underlying asset performance to be
stable.  Therefore, ratings on most asset classes should also
remain stable.




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


ALPHA NOVA: Shareholders to Gather for Jan. 29 Final Meeting
------------------------------------------------------------
Alpha Nova Offshore Partners, Ltd.'s final shareholders meeting
will be at 1:30 a.m. on Jan. 29, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           John Cullinane
           Derrie Boggess
           Walkers SPV Ltd. Walker House
           87 Mary Street, George Town
           Grand Cayman, Cayman Islands


CND VOLATILITY: Liquidator to Present Wind Up Account on Jan. 29
----------------------------------------------------------------
CND Volatility Opportunity Fund's final shareholders meeting
will be at 2:00 p.m. on Jan. 29, 2007, at the company's
registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           John Cullinane
           Derrie Boggess
           Walkers SPV Ltd. Walker House
           87 Mary Street, George Town
           Grand Cayman, Cayman Islands


DORCHESTER FUND: Final General Meeting Is Set for Jan. 29
---------------------------------------------------------
Dorchester Fund Ltd.'s final shareholders meeting will be at
10:00 a.m. on Jan. 29, 2007, at the company's registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           J C Hendriks
           Attn: John Maher
           00 44 1624 632609
           C/O GAM Administration Ltd.
           11 Athol Street, Douglas, Isle of Man
           British Isles, IM99 1 HH


INSURCO INT'L: Shareholders to Convene for Jan. 29 Final Meeting
----------------------------------------------------------------
Insurco International Ltd.'s final shareholders meeting will be
at 12:00 noon on Jan. 29, 2007, at:

          Ogier, Attorneys
          Queensgate House, South Church Street
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           Ogier
           Attn: Susan Taber
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands
           Tel: (345) 949 1689
           Fax: (345) 949 1986


RED METAL: Invites Shareholders for Final Meeting on Jan. 29
------------------------------------------------------------
Red Metal Ltd.'s final shareholders meeting will be at 4:30 a.m.
on Jan. 29, 2007, at the company's registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           John Cullinane
           Derrie Boggess
           Walkers SPV Ltd. Walker House
           87 Mary Street, George Town
           Grand Cayman, Cayman Islands


SCO PROPERTY: Calls Shareholders for Jan. 29 Final Meeting
----------------------------------------------------------
SCO Property, Ltd.'s final shareholders meeting will be at 1:00
p.m. on Jan. 29, 2007, at the company's registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           John Cullinane
           Derrie Boggess
           Walkers SPV Ltd. Walker House
           87 Mary Street, George Town
           Grand Cayman, Cayman Islands


TINTIN SPC: Final Shareholders Meeting Is on Jan. 29
----------------------------------------------------
Tintin SPC's final shareholders meeting will be at 10:00 a.m. on
Jan. 29, 2007, at:

          Citco Trustees Ltd.
          Windward One, Regatta
          Office Park, West Bay Road
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           CDL Company Ltd.
           P.O. Box 31106 SMB
           Grand Cayman, Cayman Islands


TPI REORG 1: Final General Meeting Is Set for Jan. 29
-----------------------------------------------------
TPI Reorg 1 Ltd.'s final shareholders meeting will be at 1:30
p.m. on Jan. 29, 2007, at the company's registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           John Cullinane
           Derrie Boggess
           Walkers SPV Ltd. Walker House
           87 Mary Street, George Town
           Grand Cayman, Cayman Islands




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


DELL INC: Nasdaq Panel Grants Request for Continued Listing
-----------------------------------------------------------
Dell Inc. disclosed that the NASDAQ Listing Qualifications Panel
has granted the company's request for continued listing on The
NASDAQ Stock Market, subject to these conditions:

   -- the company must provide NASDAQ with certain information
      regarding the previously announced Audit Committee
      investigation by March 1, 2007, and

   -- file its delinquent periodic reports, along with any
      required restatements of prior financial statements, by
      March 14, 2007.

The company anticipates that it will be able to provide NASDAQ
with the requested information by the March 1 deadline.  The
company is working diligently to file the delinquent reports
with the SEC as soon as possible, but does not expect that it
will be able to do so by March 14.  The company plans to ask the
NASDAQ Listing and Hearing Review Council for additional time to
file these periodic reports, but there can be no assurance that
the Council will grant the company's request.

As reported in the Troubled Company reporter on Dec. 19, 2006,
Dell received a NASDAQ Staff Determination letter on
Dec. 15, 2006, indicating that the company is not in compliance
with the NASDAQ continued listing requirements set forth in
Marketplace Rule 4310(c) (14).  The Determination letter relates
to the company's Form 10-Q for the fiscal third quarter ended
Nov. 3, 2006.

Headquartered in Round Rock, Texas, Dell Inc. (NASDAQ: DELL)
-- http://www.dell.com/-- designs, develops, manufactures,
markets, sells, and provides support for various computer
systems and services to customers worldwide.  Dell Inc.'s global
presence includes operations in Chile.




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


ADVANCED MICRO: Incurs US$574 Mil. Net Loss in 2006 4th Quarter
---------------------------------------------------------------
Advanced Micro Devices Inc. reported financial results for the
quarter ended Dec. 31, 2006.  As a result of AMD's acquisition
of ATI, fourth quarter financial results include the results of
the former ATI operations beginning Oct. 25, 2006.  Because
comparison of fourth quarter consolidated financial results to
previous periods do not correlate directly, AMD has provided
non-GAAP financial measures for AMD's historical business
(pre-acquisition AMD).  Management believes this non-GAAP
presentation will aid investors by presenting current and
historical results in a form that makes it easier to compare
current period results with historical results.

AMD reported fourth quarter 2006 revenue of US$1.77 billion, an
operating loss of US$527 million, and a net loss of US$574
million.  These results include acquisition-related and
integration charges of US$550 million and US$27 million of
employee stock-based compensation expense.

"We believe we once again gained microprocessor unit share in
the quarter, as we did in the year, by continuing to execute
against our customer acquisition strategy and our product,
technology and manufacturing plans," said Robert J. Rivet, AMD's
chief financial officer.

Excluding the former ATI operations, acquisition-related and
integration charges, and employee stock-based compensation
expense, AMD reported fourth quarter revenue of US$1.37 billion
and operating income of US$63 million compared with revenue of
US$1.35 billion and operating income of US$272 million for the
fourth quarter of 2005.  Comparable third quarter 2006 revenue
was US$1.33 billion and operating income was US$142 million.

AMD revenue increased 33% to US$5.25 billion and operating
income increased 9% to US$600 million for the year ended
Dec. 31, 2006, excluding the former ATI operations, acquisition-
related and integration charges, and employee stock-based
compensation expense.  This compares with revenue of US$3.94
billion and operating income of US$548 million for the year
ended Dec. 25, 2005.

Fourth quarter 2006 gross margin was 40%, excluding acquisition-
related charges and stock-based compensation expense for the
applicable periods, compared to 52% in the third quarter of 2006
and 57% in the fourth quarter of 2005.  The decrease from the
prior quarter was due largely to significantly lower server
processor average selling prices and the inclusion of the former
ATI operations.

                    Computation Products

Fourth quarter microprocessor unit shipments grew 26% year-over-
year and 19% sequentially as customers continued leveraging AMD
solutions to provide greater choice to the market.

Fourth quarter demand for AMD mobile processors was especially
strong, resulting in record unit shipments and revenue.  Mobile
processor unit shipments and revenue both increased 41 percent
quarter-over-quarter.  Year-over-year, mobile processor unit
shipments increased 76% and revenue increased 85%.  Desktop
processor revenue was also strong in the quarter, led by demand
for AMD Athlon(TM) 64 X2 dual-core processors.  Overall server
processor unit shipments were essentially flat compared to the
third quarter and ASPs were down significantly.

AMD commenced first revenue shipments of 65nm processors in
December as planned.

      Graphics and Chipsets, and Consumer Electronics Segments

Revenue from Graphics and Chipsets, and Consumer Electronics
segments for the period beginning Oct. 25, 2006, was US$398
million.  Solid demand for chipsets contributed to Graphics and
Chipsets segment revenue of US$278 million.  Revenue of US$120
million for the Consumer Electronics segment was driven by
demand for handheld products and game console royalties.

                    Additional Highlights

   -- AMD's acquisition of ATI closed on October 24, joining two
      industry leading technology companies to create a
      processing powerhouse.

   -- AMD demonstrated its next-generation processor code-named
      "Barcelona", the industry's first native quad-core x86
      server processor, in a four-socket system running 64-bit
      Windows(R) Server 2003.  "Barcelona" will deliver
      significant architectural and performance-per-watt
      enhancements inside a consistent thermal envelope.

   -- Customers continued to expand the number of AMD-based
      solutions targeting the commercial market, including:

         * Dell launched two new servers powered by AMD Opteron
           processors and its first AMD-based commercial client
           desktop and notebook systems.

         * Sun announced three Sun Fire X4000 servers.

         * IBM introduced its first AMD-based 1P tower server,
           the IBM System x3105.

         * HP expanded its portfolio of AMD-based servers and
           blades for the datacenter with the addition of the 1U
           2-socket HP ProLiant DL365 server and the 4-socket
           ProLiant BL685c server blade.  HP also introduced the
           HP dx2255 and dx2250 commercial desktops.

         * Gateway became the latest global computer
           manufacturer to offer AMD Opteron-based servers,
           debuting three new rack mount servers.

         * Samsung introduced the DB-V60 commercial desktop in
           Korea.

   -- AMD continues to be a technology partner of choice for an
      increasing number of enterprises.  M&T Bank,
      ServiceMaster, Sutter Health, and Wyeth Pharmaceuticals,
      among others, joined the growing ranks of enterprise
      customers adopting AMD64 technology.

   -- AMD Opteron processor-based systems remained the fastest
      growing platform on the TOP500 Supercomputing list.  There
      are 113 AMD Opteron processor-based systems on the list,
      including three of the top 10, as reported by the TOP500
      Organization.

   -- Nintendo launched the Wii, featuring an ATI graphics
      processor code-named "Hollywood", helping to enable a
      next-generation gaming experience for the innovative new
      gaming console.

   -- AMD's industry-leading Imageon(TM) family of media
      processors from ATI for handsets continued to gain
      momentum in the quarter with more than ten new phone
      introductions from Motorola, Panasonic Mobile
      Communications, HTC, O2, Vodaphone, Cingular, Softbank,
      DoComo, and Chungwa Telecom.  New devices include RIZR Z3,
      the SLVR L7e, Palm Treo 750v, and several Windows Mobile
      5.0 based devices launched by global carriers.

   -- AMD brought multi-GPU technology to the masses with the
      introduction of the ATI Radeon(TM) X1650 XT featuring
      CrossFire(TM) technology.  With its incredible image
      quality and strong performance, the ATI Radeon X1650 XT
      delivers-class features at a mainstream price point.

                         About AMD

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries.  The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations include those in Bolivia, Chile, Colombia and
Ecuador, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 31, 2006,
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. technology semiconductor and
distributor sector, the rating agency affirmed its Ba3 corporate
family rating on Advanced Micro Devices, Inc.

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on AMD.  The rating agency also assigned its 'BB-'
bank loan rating, one notch above the corporate credit rating,
and a '1' recovery rating to the company's proposed US$2.5
billion senior secured term loan, to be used as partial funding
of the acquisition.  S&P further raised its rating on the
company's US$600 million (US$390 million outstanding) senior
notes to 'B+' from 'B'.




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


BANCO BANEX: Posts CRC8.08 Billion Net Profit in 2006
-----------------------------------------------------
Net profits of Banco Banex SA, UK financial services group
HSBC's Costa Rican banking unit, decreased 6.7% to CRC8.08
billion in 2006, compared with 2005, Business News Americas
reports.

BNamericas relates that Banco Banex's performing loans increased
15% to CRC320 billion in 2006, compared with 2005.  Investments
in securities dropped 42% to CRC28.5 billion.

Banco Banex's assets rose 7% to CRC441 billion in Dec. 31, 2006,
compared with Dec. 31, 2005, BNamericas notes.  Interest bearing
liabilities stayed flat at CRC338bn, while non-interest bearing
liabilities grew 62% to CRC58.8 billion.

According to BNamericas, Banco Banex's shareholder equity
increased 12% to CRC44.1 billion in 2006, from 2005.

Banco Banex was the sixth largest bank in Costa Rica by assets
and ranked fifth in terms of loans in December 2006.  It had a
loan market share of 8.6%, BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2007, Moody's Investors Service changed its outlook to
positive, from stable, on the Caa1 long-term foreign-currency
deposit ratings and on the the Ba1.ar national scale foreign-
currency deposit ratings of all rated Argentine banks.  These
ratings on Banco Banex SA were affected by the change in rating
outlook:

   -- long-term foreign currency deposit rating of Caa1, outlook
      to positive from stable; and

   -- long-term national scale foreign currency deposit rating
      of Ba1.ar, outlook to positive from stable.


COVANTA HOLDING: Discloses Recapitalization Plan
------------------------------------------------
Covanta Holding Corp. intends to implement a comprehensive
recapitalization plan through a series of equity and debt
financings. The proposed plan includes these components:

   -- refinancing of all credit facilities of Covanta's
      principal subsidiary, Covanta Energy Corp., with new
      Covanta Energy credit facilities comprised of a US$300
      million revolving credit facility, a US$320 million funded
      letter of credit facility, and US$680 million first lien
      term loan facility;

   -- an underwritten public offering of approximately US$125
      million of Covanta's common stock;

   -- an underwritten public offering of approximately US$325
      million of Covanta's convertible debentures;

   -- the repurchase of outstanding notes at Covanta Energy's
      intermediate subsidiaries of approximately US$612 million
      in principal amount.

The financings are expected to close in February 2007.

As part of the financings, Covanta also intends to use a portion
of the proceeds of its offerings and cash on hand to permit
certain intermediate subsidiaries to commence tender offers to
repurchase any and all outstanding notes previously issued by
those subsidiaries, consisting of outstanding 8.50% senior
secured notes due 2010 of MSW Energy Holdings LLC, outstanding
7.375% senior secured notes due 2010 of MSW Energy Holdings II
LLC, and outstanding 6.26% senior notes due 2015 of Covanta ARC
LLC.

The Company also updated its full year 2006 guidance and issued
full year 2007 guidance on Covanta Energy's adjusted EBITDA (as
calculated for financial covenant purposes under Covanta
Energy's credit agreements), Covanta Energy's free cash flow,
and Covanta's diluted earnings per share.

                        2006 Guidance

   -- Confirming prior guidance for Covanta Energy Adjusted
      EBITDA in the range of US$535 million to US$545 million;

   -- Increasing prior guidance for Covanta Energy free cash
      flow to a range of US$250 million to US$260 million, from
      approximately US$235 million, primarily due to the impacts
      of tax refunds and lower than expected tax payments, as
      well as favorable changes in working capital; and

   -- Confirming prior Covanta guidance for diluted earnings per
      share of approximately US$0.75.

                        2007 Guidance

Assuming that

   (i) the recapitalization plan as described above is fully
       implemented as anticipated, without taking into account
       the potential exercise of any over-allotment options that
       may be available to underwriters in the public offerings
       of common stock and convertible debentures, and

  (ii) that the company has recorded an aggregate of
       approximately US$680 million of indebtedness at Covanta
       Energy under the new credit facilities, and subject to
       the further assumptions set forth in Exhibit A hereto,
       the company is projecting the following for the full 2007
       calendar year:

       -- Covanta Energy Adjusted EBITDA in the range of US$545
          million to US$565 million;

       -- Covanta Energy free cash flow in the range of US$290
          million to US$320 million, which includes the impact
          of US$39 million in interest expense savings
          associated with the financings described above; and

       -- Covanta diluted earnings per share in the range of
          US$0.65 to US$0.75, which includes the impacts of
          US$38 million in estimated expenses and US$39 million
          in estimated interest expense savings associated with
          the financings described above.

To the extent that any of its assumptions prove to be incorrect,
the company's actual results will differ, perhaps materially.

Headquartered in Fairfield, New Jersey, Covanta Energy Corp.
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad.  Covanta has operations in the
Philippines, China, Costa Rica, India, and Bangladesh.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 24 2007,
Standard & Poor's Ratings Services assigned a 'BB-' corporate
credit rating to Covanta Holding Corp. and a 'B' issue rating to
the company's US$325 million senior unsecured convertible bonds.
At the same time, Standard & Poor's also raised the corporate
credit rating on subsidiary Covanta Energy Co., to 'BB-' from
'B+' and assigned a 'BB-' issue rating, with a '2' recovery
rating (reflecting 80% to 100% of recovery in a default
scenario) to its proposed US$1.3 billion credit facilities
consisting of a US$680 million, first-lien secured term loan,
US$320 million in funded LOCs, and US$300 million in revolving
credit facilities.  The outlook remains stable.

Moody's Investors Service also assigned a Ba2 rating to Covanta
Energy Corp.'s new US$1.3 billion senior secured credit facility
and a B1 rating to Covanta Holding Corp.'s US$325 million
convertible debentures.  The Ba2 rating assigned to the new
credit facility is effectively a two-notch upgrade from the B1
rating assigned to Covanta's current first lien credit facility.
With the convertible debenture offering, Moody's has reassigned
the Corporate Family Rating to Covanta Holding Corp. from its
subsidiary, Covanta Energy Corp.  Concurrently, the CFR has been
upgraded to Ba2 from Ba3.


COVANTA HOLDING: Commences Tender Offer on Various Senior Notes
---------------------------------------------------------------
Covanta Holding Corp. has commenced cash tender offers for:

   (a) any and all of the outstanding 8-1/2% Senior Secured
       Notes due 2010 issued by MSW Energy Holdings LLC and
       its wholly owned subsidiary, MSW Energy Finance Co. Inc.;

   (b) any and all of the outstanding 7-3/8% Senior Secured
       Notes due 2010 issued by MSW Energy Holdings II LLC and
       its wholly owned subsidiary, MSW Energy Finance Co. II,
       Inc.; and

   (c) any and all of the outstanding 6.26% Senior Notes due
       2015 of Covanta ARC LLC.

The tender offers are being launched as part of Covanta's
recapitalization plan.

Under the terms of the MSW I Tender Offer, Covanta is offering
to purchase the outstanding MSW I Notes for a total
consideration, for each US$1,000 principal amount of MSW I Notes
validly tendered and accepted for payment, equal to the present
value on the date of purchase of all future payments on the MSW
I Notes to Sept. 1, 2007, based on the assumption that the MSW I
Notes will be redeemed in full at US$1,042.50 per US$1,000
principal amount on the MSW I Target Redemption Date and that
the yield to the MSW I Target Redemption
Date is equal to the sum of

   (a) the bid-side yield on the 4% U.S. Treasury Note due
       Aug. 31, 2007, plus

   (b) 50 basis points (such price being rounded to the nearest
       US$0.01 per US$1,000 principal amount of MSW I Notes),
       minus accrued but unpaid interest to, but not including,
       the date of purchase.

Under the terms of the MSW II Tender Offer, Covanta is offering
to purchase the outstanding MSW II Notes for a total
consideration, for each US$1,000 principal amount of MSW II
Notes validly tendered and accepted for payment, equal to the
present value on the date of purchase of all future payments on
the MSW II Notes to Sept. 1, 2007, based on the assumption that
the MSW II Notes will be redeemed in full at US$1,036.88 per
US$1,000 principal amount on the MSW II Target Redemption Date
and that the yield to the MSW II Target Redemption
Date is equal to the sum of

   (a) the bid-side yield on the 4% U.S. Treasury Note due
       Aug. 31, 2007, plus

   (b) 50 basis points (such price being rounded to the nearest
       US$0.01 per US$1,000 principal amount of MSW II Notes),
       minus accrued but unpaid interest to, but not including,
       the date of purchase.

Under the terms of the ARC Tender Offer, Covanta is offering to
purchase the outstanding ARC Notes for a total consideration,
for each US$1,000 original principal amount of ARC Notes validly
tendered and accepted for payment, equal to the present value of
all remaining interest and principal payments, discounted at a
yield equal to the sum of

   (a) the bid-side yield on the 4-5/8% U.S. Treasury Note due
       Dec. 31, 2011, plus

   (b) 50 basis points (such price being rounded to the nearest
       US$0.01 per US$1,000 original principal amount of the ARC
       Notes), minus accrued but unpaid interest to, but not
       including, the date of purchase.

In connection with each of the tender offers, Covanta is
soliciting the consents of the holders of each of the Notes to
certain proposed amendments to the indentures governing such
Notes.  The primary purpose of the solicitations and the
proposed amendments is to eliminate from the indentures
substantially all of the restrictive covenants and certain
events of default provisions contained therein.

In connection with each of the tender offers, holders who
validly tender (and do not validly withdraw) their Notes prior
to 5:00 p.m., New York City time, on Feb. 5, 2007, will be
eligible to receive the total consideration.  Holders who
validly tender their Notes after the Consent Payment Deadline
and prior to 5:00 p.m., New York City time, on Feb. 21, 2007,
will be eligible to receive the tender offer consideration,
which equals the total consideration minus the consent payment
of US$30.00 per US$1,000 principal amount of the MSW I and MSW
II Notes and US$30.00 per US$1,000 original principal amount of
the ARC Notes.  The price determination date for each of the
tender offers will be at 2:00 p.m. on Feb. 5, 2007.

Subject to the terms and conditions of each of the tender
offers, Covanta will, at the time after the Expiration Date,
accept for purchase all the Notes validly tendered prior to the
Expiration Date. Covanta will pay the total consideration or the
tender offer consideration, as applicable, for the Notes
accepted for purchase at the Acceptance Time on such date
promptly following the Acceptance Time.  Also, on the Payment
Date, Covanta will pay accrued and unpaid interest up to, but
not including, the Payment Date, on the Notes accepted for
purchase at the Acceptance Time.

The consummation of the tender offers is conditioned upon, among
other things,

   (1) the receipt of proceeds sufficient to finance the tender
       offers and related solicitations of consents from
       Covanta's proposed new financings, consisting of
       Offerings of common stock and convertible debentures and
       new senior secured first lien credit facilities of
       Covanta's wholly owned subsidiary, Covanta Energy Corp.,
       which proceeds, together with cash on hand, are
       sufficient to fund the tender offers, and

   (2) for each Issuer, the consent of the holders of a majority
       in aggregate principal amount of that Issuer's notes to
       the proposed amendments to the applicable indentures
       governing such notes.

The tender offers are also subject to customary closing
conditions.  If any of the conditions are not satisfied, Covanta
is not obligated to accept for payment, purchase or pay for, or
may delay the acceptance for payment of, any tendered Notes, and
may terminate the tender offers.  Full details of the terms and
conditions of the tender offers will be included in the Offer to
Purchase.

Holders who validly tender their notes and deliver consents may
revoke the consents and withdraw such notes at any time prior to
the Consent Payment Deadline, upon compliance with the
procedures in the Offer to Purchase.  Notes tendered pursuant to
the tender offers and consents delivered pursuant to the
solicitations may not be validly withdrawn after the Consent
Payment Deadline, except upon limited circumstances as are set
in the Offer to Purchase.

Lehman Brothers Inc. is acting as exclusive dealer manager and
solicitation agent for each of the tender offers and related
solicitations of consents.  The information agent and tender
agent for each of the tender offers is D.F. King & Co., Inc.

Questions regarding the tender offers and related solicitations
of consents may be directed to:

          Lehman Brothers Inc.,
          Tel: (800) 438-3242 (toll free)
               (212) 528-7581 (call collect)

Requests for copies of the Offer to Purchase and related
documents may be directed to:

          D.F. King & Co., Inc.
          Tel: (800) 758-5378 (toll free)
               (212) 269-5550 (banks and brokerage firms)

Detailed contact information for D.F. King & Co., Inc. is also
provided in the Offer to Purchase.

Headquartered in Fairfield, New Jersey, Covanta Energy Corp.
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad.  Covanta has operations in the
Philippines, China, Costa Rica, India, and Bangladesh.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 24 2007,
Standard & Poor's Ratings Services assigned a 'BB-' corporate
credit rating to Covanta Holding Corp. and a 'B' issue rating to
the company's US$325 million senior unsecured convertible bonds.
At the same time, Standard & Poor's also raised the corporate
credit rating on subsidiary Covanta Energy Co., to 'BB-' from
'B+' and assigned a 'BB-' issue rating, with a '2' recovery
rating (reflecting 80% to 100% of recovery in a default
scenario) to its proposed US$1.3 billion credit facilities
consisting of a US$680 million, first-lien secured term loan,
US$320 million in funded LOCs, and US$300 million in revolving
credit facilities.  The outlook remains stable.

Moody's Investors Service also assigned a Ba2 rating to Covanta
Energy Corp.'s new US$1.3 billion senior secured credit facility
and a B1 rating to Covanta Holding Corp.'s US$325 million
convertible debentures.  The Ba2 rating assigned to the new
credit facility is effectively a two-notch upgrade from the B1
rating assigned to Covanta's current first lien credit facility.
With the convertible debenture offering, Moody's has reassigned
the Corporate Family Rating to Covanta Holding Corp. from its
subsidiary, Covanta Energy Corp.  Concurrently, the CFR has been
upgraded to Ba2 from Ba3.




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


AFFILIATED COMPUTER: Unit to Acquire Albion Assets for US$30 Mln
----------------------------------------------------------------
Affiliated Computer Services, Inc., disclosed that its wholly
owned subsidiary, ACS State and Local Solutions, Inc., has
signed a definitive agreement with Cambridge Solutions Limited
to acquire certain assets of Albion, Inc., a company
specializing in integrated eligibility software solutions for
the health and human services market.  The assets of Albion will
be purchased for approximately US$30 million, subject to certain
adjustments, through a combination of cash and borrowings under
ACS' existing credit facility.  This acquisition is subject to
customary closing conditions, including the consent of current
Albion customers.

ACS has long been a leader in the HHS market and recognizes that
state and local governments are faced with expensive legacy
systems, a need for cost effectiveness, and a client-centered
approach to service delivery.  ACS believes that Albion's
proprietary @Vantage software addresses these needs while
meeting Federal requirements for a commercial off-the-shelf or
COTS solution.

"As a founder of Albion, I am thrilled about the fit between the
@Vantage solution and ACS' focus on delivering world-class
services to the state and local market," said Rob Marchant,
Albion's President. "Joining ACS will enable our organization to
continue focusing on our existing customers while expanding the
breadth of our services for the future."

The addition of @Vantage to ACS' other BPO service offerings
will enable ACS to offer an end-to-end integrated eligibility
offering across multiple HHS programs including temporary
assistance for needy families, food stamps, Medicaid, and child
care.

"Health and Human Services agencies are calling for a COTS
solution as a standard for federal financial support," said Tom
Burlin, Executive Vice President and Chief Operating Officer of
ACS Government Solutions. "Our acquisition of Albion's
proprietary @Vantage solution, combined with our extensive
experience in eligibility determination, should provide ACS with
another technology platform to support states' needs in the
growing eligibility services market."

Founded in 1994, Albion is headquartered in Atlanta, Georgia,
with additional operations in Massachusetts, Minnesota, New
Mexico, Tennessee, and Wyoming.

                 About Affiliated Computer

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

                        *    *    *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services kept its ratings for
Affiliated Computer Services Inc. including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  Fitch said the rating outlook is
negative.


BANCO INTERCONTINENTAL: Defense Wants Audit Report on Bank
----------------------------------------------------------
The legal representatives of Ramon Baez Figueroa, the former
Banco Intercontinental chief, filed before the National District
1st Collegiate Court a demand that the Dominican Republic's
central bank hand over an audit report conducted on Banco
Intercontinental, Dominican Today reports.

Dominican Today relates that BBO, Ortega & Asociados conducted
an audit on Banco Intercontinental at the central bank's
request.

However, Mr. Figueroa's attorneys argued that the central bank
refuses to give them a copy of the audit in relation to the
liquidation process of Banco Intercontinental's assets,
Dominican Today notes.

According to Dominican Today, Mr. Figueroa's attorneys asked on
Dec. 20, 2006, copies of the audit.  The central bank, however,
allegedly refused to provide the document.

The audit is an important piece for the proceedings, Dominican
Today states, citing Mr. Figueroa's legal representatives.

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




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


* ECUADOR: Fitch Downgrades Issuer Default Rating to CCC from B-
----------------------------------------------------------------
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, the following ratings are downgraded:

   -- Uncollateralized foreign currency bonds to
      'CCC/RR4' from 'B-/RR4';

   -- Collateralized foreign currency Par and Discount
      Brady bonds to 'CCC+/RR3' from 'B/RR3'; and

   -- Short-term foreign currency IDR to 'C' from 'B'.

Fitch has also affirmed the Country ceiling rating at 'B-'.

The Brady Pars and Discounts have collateral that raises likely
recovery above that which is expected for the uncollateralized
obligations.

Fitch has likewise placed the IDR and debt ratings on Rating
Watch Negative to reflect a reasonable probability of near-term
rating downgrades.

These rating actions are based on pronouncements by the
Ecuadorian authorities expressing a high likelihood that they
will seek a debt exchange implying a material loss to
bondholders or will fail to make timely debt service payments in
full.

Incoming Finance Minister Patino's reported statement to
investors on Jan. 17, 2007, that much of Ecuador's sovereign
debt is illegitimate and that the government may seek a 60% NPV
haircut suggests that a payment default or distressed debt
exchange is likely near-term.  He has also reportedly stated
that the Feb. 15, 2007, US$135 million coupon payment on the
2030 Global bonds would depend on the availability of
unrestricted cash on hand, which is reported to be considerably
less.

Willingness to pay, already one of the key weaknesses in
Ecuador's credit profile, has obviously deteriorated and is, at
this stage, the key credit concern.  Paradoxically,
macroeconomic stability and high oil prices have improved the
government's financial position in recent years, leaving it
better able to pay than it has been since the 2000 default.
Oil-related trust accounts have accumulated balances in excess
of US$1 billion.

The central government ran a surplus in each of the last two
years and is expected to do so again this year based on a
revenue boost from higher taxes on the oil sector and the
government's broader ownership following its early termination
of leases to Occidental Petroleum.  External bond debt service
of US$459 million amounts to a mere 1.1% of estimated GDP and
total central government financing requirements are estimated at
about 5% of GDP, lower than many other speculative grade
sovereigns.  Public and external debt ratios have declined
markedly in recent years and are also now lower than speculative
grade peers'.

Nevertheless, public sector liquidity remains constrained, with
US$2.3 billion in year-end 2006 official reserves covering 2007
government public external debt service of US$1.5 billion.  A
more constructive relationship with creditors could open up
short-term financing possibilities in order to stay current on
debt service. Instead, authorities appear to have chosen to
emphasize their present liquidity constraints in order to gain
leverage vis-a-vis bondholders.

Fitch will continue to monitor the government's communications
with respect to its intentions to service or restructure its
debt.  In the event the government misses the February 15, 2007
coupon payment and announces a distressed debt exchange or DDE,
the IDR would be downgraded again to indicate probable and
imminent losses in NPV terms to bondholders.

At the time of a payment default or the consummation of a DDE,
the long-term foreign currency IDR would fall to 'RD',
indicating the sovereign is in default.  Individual securities'
ratings will reflect both default risk and recovery prospects,
and would not fall below 'C'.  Assuming an average recovery rate
of between 31% and 50%, ratings on defaulted securities would
fall to either 'CC' or 'CCC-' upon a payment default or the
consummation of a distressed debt exchange.

In the event of a DDE, the new debt instruments created would be
assigned a non-default rating based on Fitch's assessment of the
terms of the new debt as well as the capacity, and importantly,
the willingness to meet these obligations going forward.




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


BANCO INDUSTRIAL: Posts BRL104 Million Net Profits in 2006
----------------------------------------------------------
Banco Industrial e Comercial SA said in its financial statements
that its net profits increased 26.8% to BRL104 million in 2006,
from BRL82.1 million in 2005.

Banco Industrial's Vice President Milto Bardini told Business
News Americas that the bank's return on equity was 20.2% in
2006, compared with 17.2% in 2005, marking the first time since
2004 the bank has recorded return on equity above 20%.

Mr. Bardini commented to BNamericas, "Our loan portfolio was the
fundamental part of our growth last year."

According to BNamericas, Banco Industrial's total lending
increased 59.7% to BRL4.43 billion in 2006, compared with
BRL2.78 billion in 2005.

Banco Industrial's commercial lending grew 41.1% to BRL2.70
billion as trade funding operations increased 87% to BRL1.12
billion in 2006, compared with 2005.

Mr. Bardini told BNamericas that Banco Industrial's export
financing represented 80% of all trade financing operations in
2006, while import financing represented 20%.

The report says that Banco Industrial focuses its commercial
lending operations on middle market firms with yearly revenues
from BRL30 million to BRL300 million.

Mr. Bardini told BNamericas that within the retail segment,
Banco Industrial's payroll lending grew the most, increasing
155% to BRL545 million.  However, the bank's lending policies do
not allow payroll lending to exceed 10% of total lending.

Banco Industrial's focus on middle-market lending, together with
the fact that 16.7% of loans are at terms beyond a year, allowed
the bank to report a non-performing loan ratio of 1.20%,
counting loans overdue for more than 15 days, BNamericas says.

Mr. Bardini told BNamericas, "Our non-performing loan ratio is
extremely low, but it has always been like that."

Banco Industrial expects to increase lending at least 30% in
2007, which is higher than an expected market average closer to
20%, BNamericas notes, citing Mr. Bardini.

Mr. Bardini commented to BNamericas, "I doubt you could find
anybody here at the bank who says lending will rise less than
30%.  Interest rates are going down, which makes lending
cheaper. Lending in Brazil is only around 33% of GDP (Gross
Domestic Product), while in Chile it's above 60%, but that means
there's huge room for growth."

Banco Industrial sought funding on international markets last
year.  Mr. Bardini told BNamericas that a US$120-million
subordinated debt issue in March 2006 let the bank increase its
capital base and raise lending during the year.

BNamericas underscores that Banco Industrial secured in 2006
US$1.00 billion in funding on international markets to expand
lending and trade financing.

Mr. Bardini told BNamericas that Banco Industrial received
US$411 million in foreign trade financing from almost 60 banks
in 2006, along with US$142 million from the International
Finance Corp. and the Inter-American Investment Corp.

BNamericas reports that Banco Industrial raised US$340 million
through bond issues on the international markets.

Banco Industrial will continue with international issues in
2007, with its next issue coming some time in the first quarter,
BNamericas says, citing Mr. Bardini, who denied press
speculation that the bank planned an international public
offering for this year.

Mr. Bardini told BNamericas, "Those press reports do not name
Banco Industrial as a source.  Our current capitalization levels
are perfectly adequate for our growth plans this year."

BNamericas notes that Banco Industrial posted an efficiency
ratio of 52.9% in 2006, compared with 55.4% in 2005.  Mr.
Bardini expects efficiency to improve below 50% by the end of
2008.

Banco Industrial had BRL7.29 billion in total assets in 2006,
BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2006, Moody's Investors Service assigned a Ba3 long-
term foreign currency rating to Banco Industrial e Comercial
S.A. aka BICBANCO's US$100,000,000 senior unsecured notes, with
final maturity in 2009.  The outlook on the rating is stable.


BANCO INDUSTRIAL: Unaffected by Bancomer Absorption, S&P Says
-------------------------------------------------------------
Standard & Poor's Ratings Services said that that the absorption
of Banco de Comercio aka Bancomer (not rated) by Banco
Industrial (; BB-/Stable/B) will not affect the ratings on the
latter.

In S&P's opinion, Bancomer's operations can be easily absorbed
by Banco Industrial, due to the size of Bancomer, and Banco
Industrial's capabilities to shut down redundant operations.
S&P expects Banco Industrial to capitalize on Bancomer's
diversified deposit base; Banco Industrial's leading market
share is expected to increase by 100 basis points to 25%.
Bancomer was intervened by local regulators, and ceded to Banco
Industrial.  A depuration of the system is on its way, as the
noninstitutionalized banks are being intervened, and relatively
successful, smaller players are being absorbed by the leading
banks.  As long as no major stress event occurs and adequate
capitalization plans support inorganic growth, these events
should be viewed as positive for the Guatemalan banking system.


SBARRO INC: Receives Tenders for US$218.89 Mln in 11% Sr. Notes
---------------------------------------------------------------
Sbarro, Inc., disclosed that, as of 5:00 p.m., New York City
time, on Jan. 22, 2007, a total of approximately US$218,898,000
in aggregate principal amount of its 11% Senior Notes due 2009
were tendered pursuant to its tender offer for any and all of
the outstanding US$255,000,000 principal amount at maturity of
Notes.

Holders who validly tendered their Notes prior to 5:00 p.m., New
York City time, on Jan. 22, 2007, unless extended or earlier
terminated, are entitled to receive the total consideration of
US$1,020.83, payable in cash, for each US$1,000 principal amount
of Notes accepted for payment, which amount includes a consent
payment of US$10 per US$1,000 of Notes accepted for payment.
Holders who validly tender their Notes after the
Consent Date but prior to the Expiration Date will receive the
total consideration minus the consent payment.  Accrued and
unpaid interest up to, but not including, the applicable payment
date will be paid in cash on all validly tendered and accepted
Notes.  Holders who tender Notes are required to consent to the
proposed amendments to the indenture.

The tender offer will expire at midnight, New York City time, on
Feb. 6, 2007, unless extended or earlier terminated by Sbarro.
Withdrawal rights with respect to tendered Notes have expired.
Accordingly, holders may not withdraw any Notes previously or
hereafter tendered, except as contemplated in the offer.

Notwithstanding any other provision of the offer, Sbarro's
obligation to accept for purchase, and to pay for, securities
validly tendered pursuant to the offer is conditioned upon
satisfaction or waiver of the conditions set forth in the offer,
including the receipt of consents of the holders representing at
least a majority in aggregate principal amount of the Notes
outstanding under the indenture, consummation of the acquisition
of Sbarro by MidOcean Partners III, L.P. and Sbarro obtaining
the financing necessary to pay for the Notes and consents in
accordance with the terms of the tender offer and consent
solicitation.

The terms and conditions of the tender offer are set in Sbarro's
Offer to Purchase and Consent Solicitation Statement dated
January 8, 2007.  Sbarro, in its sole discretion, may amend,
extend or waive any of the conditions of the offer in whole or
in part, at any time or from time to time.  In addition, Sbarro
may amend, extend or, subject to certain conditions, terminate
the tender offer.

Sbarro has retained Credit Suisse Securities (USA) LLC and Banc
of America Securities LLC as the dealer managers and
solicitation agents in connection with the tender offer and
consent solicitation.

Questions regarding the tender offer and consent solicitation
may be directed to:

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

                     -- or --

          Banc of America Securities LLC
          Tel: (888) 292-0070 (toll-free)
               (704) 388- 9217 (collect)

Copies of the Offer to Purchase and Consent Solicitation
Statement can also be obtained from the information agent at:

          D.F. King & Co., Inc.
          Tel: (800) 290-6426 (toll-free)
               (212) 269-5550 (collect)

Sbarro Inc. headquartered in Melville, New York, is a leading
quick service restaurant chain that serves Italian specialty
foods.  As of Oct. 8, 2006, the company owned and operated 479
and franchised 476 restaurants worldwide under brand names such
as "Sbarro," "Umberto's," and "Carmela's Pizzeria."  The company
also operated 25 other restaurant concepts and joint ventures
under various brand names.  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on June 19,
2006, its internationalexpansion by opening more than 25
restaurants in Guatemala, El Salvador, Honduras, The Bahamas and
Romania.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 12, 2007,
Moody's Investors Service assigned a B3 corporate family rating
to Sbarro, Inc. while at the same time assigned Ba3 senior
secured ratings to the company's proposed bank facility
consisting of a US$25-million 1st lien revolver and a US$150-
million 1st lien term loan.




=============
J A M A I C A
=============


NATIONAL WATER: Indian Bank Funds Purchase of Supplies for Firm
---------------------------------------------------------------
The EXIM Bank of India has granted a US$7.5-million loan to the
Jamaican government to fund the acquisition of pipes and other
supplies for the National Water Commission, Radio Jamaica
reports.

The 12-year loan has a grace period of four years, the Jamaican
finance ministry told Radio Jamaica.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


SUGAR COMPANY: Revealing Bidders for Five Sugar Factories
---------------------------------------------------------
Jamaica's agriculture minister Roger Clarke told RJR News that
the ministry will disclose this week the bidders for the Sugar
Company's five factories.

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, pre-qualification bids for the five sugar
factories of the Sugar Company increased to nine.  The Sugar
Company has put up these assets for sale:

          -- Frome in Westmoreland,
          -- Monymusk in Clarendon,
          -- Bernard Lodge in St. Catherine,
          -- Long Pond and Hampden in Trelawny, and
          -- the Duckenfield estate in St. Thomas.

The Sugar Company reportedly received several offers for its
five sugar factories since it decided to extend the deadline for
the submission of proposals from investors.  However, the
government was disappointed with the proposals it received and
decided to extend the deadline for submissions until the end of
December.  The Sugar Enterprise Team, which is overseeing the
divestment of the factories, is assessing the bids.

The ministry will make a decision on the next phase of the
divestment process, RJR News relates, citing Minister Clarke.

Sugar Company of Jamaica registered a net loss of almost US$1.1
billion for the financial year ended Sept. 30, 2005, 80% higher
than the US$600 million reported in the previous financial year.
Sugar Company blamed its financial deterioration to the
reduction in sugar cane production.




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


ADVANCED MARKETING: US Trustee Appoints 5-Member Creditors Panel
----------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
has appointed five creditors to the Official Committee of
Unsecured Creditors in Advanced Marketing Services Inc. and its
debtor-affiliates Chapter 11 cases.

The Creditors Committee members are:

   (1) Random House, Inc.
       400 Hahn Road
       Westminster, MD 21157
       Attn: William C. Sinnott
       Tel: (410) 386-7480
       Fax: (410) 386-7439

   (2) Penguin Group USA Inc.
       375 Hudson Street
       New York, NY 10014
       Attn: Alexander Gigante
       Tel: (212) 366-2959
       Fax: (212) 366-2867

   (3) Hachette Book Group USA
       3 Center Plaza
       Boston, MA 02108
       Attn: Dennis J. Balog
       Tel: (617) 263-1880
       Fax: (617) 263-2852

   (4) Grove/Atlantic
       841 Broadway
       New York, NY 10003
       Attn: E. Morgan Entrekin, Jr.
       Tel: (212) 614-7975
       Fax: (212) 529-9725

   (5) Wisdom Publications, Inc.
       199 Elm Street
       Somerville, MA 02144
       Attn: Timothy McNeill
       Tel: (617) 776-7416
       Fax: (617) 776-7841

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

                 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., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as 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.
3; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Wants Until March 29 to File Schedules
----------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to extend
to March 29, 2007, their deadline to file:

  -- schedules of assets and liabilities;
  -- a schedule of current income and expenditure;
  -- a schedule of executory contracts and unexpired leases; and
  -- a statement of financial affairs.

Under Rule 1007(b) of the Federal Rules of Bankruptcy Procedure
and Rule 1007-1(b) of the Local Rules of Bankruptcy Practice and
Procedure of the U.S. Bankruptcy Court for the District of
Delaware, the Debtors are required to file their Schedules and
Statements within 30 days after filing their chapter 11
petitions.

Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, however, tells Judge Christopher S.
Sontchi that because of the substantial size and scope of the
Debtors' business, the complexity of their financial affairs,
the limited staffing available to perform the required internal
review of their accounts and affairs, and the press of business
incident to the commencement of their cases, the Debtors were
unable to assemble, prior to Dec. 29, 2006, all of the
information necessary to complete and file the Schedules and
Statements.

The Debtors will not be in a position to complete the Schedules
and Statements within the time specified in Bankruptcy Rule 1007
and Local Rule 1007-1(b), Mr. Heath relates.  Completing the
Schedules and Statements for each of the Debtors, Mr. Heath
explains, will require the collection, review and assembly of
information from multiple locations throughout the United
States.

                   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., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as 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.
3; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ALLIS-CHALMERS: Prices Common Stock Offering at US$17.65 A Share
----------------------------------------------------------------
Allis-Chalmers Energy Inc. has priced a public offering of 6.0
million shares of its common stock at US$17.65 per share.
Allis-Chalmers has granted the underwriters a 30-day option to
purchase up to an additional 900,000 shares of Allis-Chalmers
common stock to cover over-allotments, if any.

Allis-Chalmers plans to use the net proceeds of this offering to
repay a portion of the debt outstanding under its US$300 million
bridge loan facility, which was incurred to finance Allis-
Chalmers' recent acquisition of substantially all the assets of
Oil & Gas Rental Services, Inc., and for general corporate
purposes.

RBC Capital Markets Corp. is serving as lead underwriter and
sole book-running manager of the offering.  The co-managers of
the offering are Johnson Rice & Company L.L.C., Morgan Keegan &
Company, Inc. and Pritchard Capital Partners, LLC.

The offering of these securities will be made only by means of a
prospectus and related prospectus supplement.  When available,
copies of the prospectus and prospectus supplement relating to
this offering may be obtained from:

          RBC Capital Markets Corporation
          60 South 6th Street, 17th Floor
          Minneapolis, MN 55402
          Tel: (612) 371-2818
          Fax: (612) 371-2837)

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.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2007,
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.


AXTEL SAB: S&P Rates US$250-Mil. Senior Unsecured Notes at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Axtel SAB de CV's US$250 million Senior Unsecured Notes due
January 2017.  It also affirmed its 'BB-' long-term corporate
credit rating on Axtel.  The outlook is negative.

Proceeds from the issuance will be used to refinance most of the
bridge loan used to acquire Avantel.  Standard and Poor's
currently rated approximately US$412.5 million of Axtel's debt
securities, comprised of its 11% senior notes due 2013 plus the
notes being rated.

Avantel is a group of affiliated companies that represents
Mexico's second-largest long-distance service provider.  In
early December 2006, Axtel acquired Avantel from its previous
stockholders, Banamex/Citigroup and MCI Telecommunication Corp.,
owners of 90% and 10% of these firms, respectively.

"The ratings on Monterrey, Mexico-based telecommunications
service provider Axtel reflect the company's financial profile,
despite its increased indebtedness to fund Avantel's
transaction; its broad telecommunications products portfolio;
its flexible and advanced network with several access
technologies; and its experienced equity partners," said
Standard & Poor's credit analyst Raul Marquez.

Tempering factors include:

   1. the strong competition  from Mexico's
      telecommunications incumbent and from mobile telephony;

   2. a TDMA wireless local loop-based model for most of its
      current local telephony, for which longer-term viability
      has yet to be proved, same as its incoming WiMax offering;

   3. potential overruns associated with Avantel's integration
      cost and pace; and

   4. Axtel's potential appetite to further participate in
      the consolidation of the Mexican telecommunication
      industry.

Axtel has built one of the largest fixed wireless networks of
its kind in the world, though it offers its customers a wide
variety of access technologies for its facilities-based voice,
data, Internet, integrated solutions, IP-based virtual private
networks, hosting, security, and other value-added
communications services.

The company provides telecom services to more than 750,000
business and residential customers and has local presence in 17
of the largest metropolitan areas in the country, which
represent approximately 34% of the total population of Mexico,
and where Axtel's active lines represent about 10% of these
populations' total.

Axtel's last-mile access network includes 31 digital switches,
396 fixed wireless access sites, and 1,080 kilometers of
metropolitan fiber optic rings, among others means, plus
Avantel's IP-based nationwide 7,700 kilometers of fiber optic
long-haul network, with links to terminate long-distance traffic
in more than 200 cities; as most of these links are leased to
other telecom operators, the economic evaluation of these
routes' traffic could yield important cost-cutting measures and
even additional profits for Axtel in the future.

Practically doubling its sales to US$1 billion due to the
acquisition, Axtel is diversifying its revenue mix by adding new
business lines to its portfolio.   For example, its voice-
related share of revenues will be approximately 40%, down from
two-thirds before the transaction. While this service's margin
is still attractive in the Mexican market, we expected
technology to eventually take its prices down, as is happening
in other markets, so Axtel is being proactive in this respect.

This is also the case with respect to its historical customer
concentration, as NII Holding Inc.'s Mexican operations' 17%
weight in Axtel's revenues is being taken down to less than 10%.
Despite Avantel's important presence in the corporate,
government, and banking sectors in the country, no customer will
account for more than 10% of Axtel's revenues.

Although the company offers a differentiated service, this alone
is not likely to offset a number of competitive advantages that
incumbent Telefonos de Mexico SA de CV has, including
significant financial resources and economies of scale,
negotiating power with vendors, brand awareness, and operating
experience.  Nevertheless, Axtel and its flexible pricing
schemes represent an attractive viable option to those who
choose not to be customers of the incumbent.

The transaction's financing will increase Axtel's debt to
approximately US$740 million, from September 2006's US$180
million.  This translates into a debt-to-EBITDA of almost 2.2x,
from its current 0.9x.  Nevertheless, Axtel's year-end 2006
figures will show a higher relation as the acquisition took
place in December, therefore incorporating all of the debt and
only some days of Avantel's operations.

Despite Avantel's lower EBITDA margin, Standard and Poor's
expects the combined operation and its synergies to gradually
take this ratio below 2x, an important threshold for the rating
level.  How soon the company gets back to this benchmark will
also be considered in relation to the company's debt maturity
schedule, though the issuance of the notes being rated, if
successful, will offset this concern.

The outlook is negative.  Standard and Poor's is concerned about
the pace and synergies achieved during the integration of
Avantel within Axtel, as its increased indebtedness will limit
the financial flexibility for the rating level.  This is
especially so if, in addition to the planned investments, the
company accelerates its local access outreach, further
leveraging itself, and if its margins and cash flows fail to
help it to gradually but consistently return to a debt-to-EBITDA
ratio below 2.0x in the next four to five quarters.


ENESCO GROUP: Inks Asset Sale Agreement with Tinicum Affiliate
--------------------------------------------------------------
Enesco Group, Inc., and an affiliate of Tinicum Capital Partners
II, L.P., a private investment partnership, have entered into a
definitive asset purchase agreement, which provides for the
Tinicum affiliate to purchase substantially all of the assets of
Enesco and to assume certain of Enesco's unsecured liabilities.
Under the agreement, the purchase price for Enesco's business,
operations and assets would be paid by the repayment of all or
substantially all of Enesco's senior secured debtor-in-
possession financing facility, the forgiveness of certain
obligations owed to Tinicum or its affiliates, the assumption of
certain of Enesco's liabilities, and the payment in cash of
US$600,000.

After the transaction, substantially all of Enesco's assets
would be owned by the Tinicum affiliate, a private company.  As
previously announced, Enesco does not anticipate there would be
any distribution to its stockholders from the transaction, which
remains subject to approval by the U.S. Bankruptcy Court.  On
Jan. 22, 2007, the U.S. Bankruptcy Court entered an order
establishing certain procedures to govern the sale process and
setting a hearing for Feb. 15, 2007, to consider the proposed
Tinicum transaction.

Enesco also disclosed that the U.S. Bankruptcy Court gave
interim approval to its Debtor-In-Possession financing
arrangement with Wells Fargo Foothill, part of Wells Fargo &
Company.  The financing arrangement, in which Tinicum has
purchased a 100% participation interest, provides for a
revolving loan facility of up to US$65 million, the proceeds of
which will be used to pay off Enesco's existing senior secured
debt and to provide working capital for the period prior to the
closing of the sale to the Tinicum affiliate.  Final approval of
the facility is expected to come at a hearing before the U.S.
Bankruptcy Court on Feb. 7, 2007.

Basil Elliott, President and CEO of Enesco Group, Inc., said,
"This transaction with Tinicum will represent a new era for
Enesco.  Smooth and continuous operations are critical to
Enesco's success and we greatly appreciate the efforts of all
our employees and partners through this transitional phase.  We
look forward to continuing this strong relationship with all our
partners.  The employees of Enesco, our retail customers and
vendors are eagerly anticipating the partnership with Tinicum to
springboard us into a profitable, innovative and exciting
future."

Terence M. O'Toole, co-managing partner of Tinicum added, "The
passion, loyalty, and determination of the employees, vendors
and licensors have been both compelling and overwhelming.  We
are looking forward to becoming an integral part of the Enesco
family and the future growth trajectory of the company."

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home d,cor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, Australia, Mexico, Asia and the Pacific
Rim.  With subsidiaries in Europe, Canada and a business unit in
Hong Kong, Enesco's international distribution network leads the
industry.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


FORD MOTOR: Losing US$1 Bil. Annually on Counterfeit Auto Parts
---------------------------------------------------------------
Ford Motor Co. loses about US$1 billion annually from
counterfeit auto parts, according to a study by the U.S. Chamber
of Commerce.

"The growing problem of counterfeiting and piracy threatens
businesses and consumers in nearly every region of the world,"
according to the study, which will be released this week.

The study also looked at counterfeiting problems for office
equipment company Xerox Corp., pharmaceutical company Merck &
Co. Inc., athletic shoe maker New Balance, and brake and
friction material supplier Bendix Commercial Vehicle Systems
LLC, Reuters says.

                   About Ford Motor Co.

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

                        *     *     *

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

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

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


GENERAL MOTORS: Court Dismisses Litigation Against R&SA
-------------------------------------------------------
Royal & SunAlliance USA welcomes the Michigan Circuit Court's
ruling that General Motors is not entitled to coverage for its
asbestos and environmental liabilities dating back as far as 30-
45 years.

The Court's decision to dismiss the complaint confirms R&SA
USA's long-held resolve that GM's case was completely without
foundation and that the claims presented to R&SA were under
policies that had long since expired.

"We have always been confident that GM's suit was without merit
and should never have been brought before the Court," said R&SA
USA President and CEO John Tighe.  "Today's ruling validates our
position, and we are pleased that the case has been dismissed."

General Motors sued R&SA USA in 2005.  GM mounted a legal and
public relations campaign beginning in 2005 to seek to have R&SA
USA cover these claims despite having disclosed for decades to
the federal government and others that it had no such coverage,
according to Tighe. R&SA USA successfully argued that GM has
known for years Royal's view that there was no coverage
available for such claims.

Judge John McDonald of the Michigan Circuit Court in Oakland
County dismissed the action after two years of intense
litigation.

R&SA USA is represented in the litigation by Simpson Thacher &
Bartlett LLP and, locally, by Plunkett & Cooney.

R&SA USA's counsel can be reached at:

          Simpson Thacher & Bartlett LLP
          425 Lexington Ave.
          New York, NY 10017

                   -- and --

          Plunkett & Cooney
          38505 Woodward Ave.
          Suite 2000
          Bloomfield Hills, MI 48304
          Tel: (248) 901-4000
          Fax: (248) 901-4040

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                        *    *    *

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

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


GLOBAL POWER: Court Extends Removal Period to March 27
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
until March 27, 2007, the period within which Global Power
Equipment Group and its debtor-affiliates can remove civil
actions.

As reported in the Troubled Company Reporter on Jan. 4, 2007,
the Debtors told the Court that they are currently focusing on
responding to information requests submitted by the Official
Committee of Unsecured Creditors, preparing schedules of assets
and liabilities and statements of financial affairs and other
critical issues relating to its chapter 11 case.

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

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


GLOBAL POWER: Walks Away from Heat Recovery Contract
----------------------------------------------------
The U.S Bankruptcy Court for the District of Delaware gave
Global Power Equipment Group and its debtor-affiliates
permission to reject certain executory contracts and unexpired
leases of real property.

As reported in the Troubled Company Reporter on Jan. 4, 2007,
the Debtors  experienced considerable losses from its Heat
Recovery Steam Generation business and predict a future negative
cash usage of approximately US$22 million for the completion of
the business.

The Debtors also tell the Court that they will have no further
use of the property covered by the lease after Dec. 31, 2006.

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

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


GUESS? INC: Board Approves Fiscal Year End Change
-------------------------------------------------
Guess?, Inc.'s board of directors has approved a change in the
company's fiscal year end from Dec. 31 to the Saturday nearest
Jan. 31 of each year.

The fiscal year end change will align the company's reporting
cycle with the National Retail Federation fiscal calendar and is
expected to provide for more consistent quarter-to-quarter
comparisons.  The change will be effective with the company's
2008 fiscal year, which will begin Feb. 4, 2007, and end
Feb. 2, 2008, and will result in a one-month transition period
beginning Jan. 1, 2007, and ending Feb. 3, 2007.

The company plans to provide recast historical financial
information for the first three quarterly periods of 2006 (ended
April 29, July 29 and Oct. 28) on Feb. 14, 2007, when it
releases its results for the fourth quarter and year ended
Dec. 31, 2006.  Results for the one-month January 2007
transition period are expected to be reported when the company
releases its results for the first quarter ending May 5, 2007.

Guess?, Inc., -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 8, 2006, Standard & Poor's Ratings Services raised its
ratings on Los Angeles-based specialty apparel retailer Guess?
Inc. to 'BB' from 'BB-'.  S&P said the outlook is positive.


SUNGARD DATA: Fitch Affirms Issuer Default Rating
-------------------------------------------------
Fitch has affirmed these ratings for SunGard Data Systems Inc:

   -- Issuer Default Rating at 'B';

   -- US$1 billion senior secured revolving credit facility due
      2011 at 'BB-/RR2';

   -- US$3.9 billion senior secured term loan due 2013 at
      'BB-/RR2';

   -- US$250 million 3.75% senior notes due 2009 at 'B/RR4';

   -- US$250 million 4.875% senior notes due 2014 at 'B/RR4';

   -- US$2 billion senior unsecured notes due 2013 at
      'B-/RR5'; and

   -- US$1 billion 10.25% senior subordinated notes due 2015 at
      'CCC+/RR6'.

The Rating Outlook is Stable.

The ratings reflect:

   -- SunGard's significant debt levels and debt service
      requirements;

   -- Fitch's expectation that meaningful debt reduction is
      unlikely over the foreseeable future, given limited debt
      amortization requirements over the next few years;

   -- pressured operating EBITDA margins due in part to
      aggressive pricing related to retaining long-term
      customer contracts; and

   -- integration risks resulting from the company's historical
      bias toward augmenting mature organic revenue growth rates
      with acquisitions.

The ratings are supported by SunGard's:

   -- leading positions in each of its businesses with
      significant scale and product breadth;

   -- strong recurring revenue profile driven by longer-term
      contracts and significant switching costs;

   -- consistent free cash flow; and

   -- well-diversified customer portfolio.

The Stable Rating Outlook reflects Fitch's expectations that,
despite the aforementioned margin erosion, SunGard's operating
performance and credit protection measures should remain
consistent, driven primarily by higher revenues.  SunGard's
longer-term customer contracts (typically three to five years)
and a recurring revenue stream that represents almost 90% of
total revenues are also expected to continue contributing to its
consistent operating performance.  Total adjusted leverage
(adjusted for rent expense and A/R securitizations) should
remain above 6.5x with interest coverage at just under 2.0x.
While organic growth rates for all three of its segments --
financial systems, availability services, and higher education
and public sector systems -- are anticipated to be in the low-
to mid-single digits over the next several years, SunGard will
continue to augment more mature market growth rates via smaller
tuck-in acquisitions, particularly in the more fragmented FS and
HEPS segments, and some share gains.  Fitch believes SunGard
will continue to generate free cash flow approximating US$150
million annually, of which the company is required to use 50% of
these annual amounts not reinvested as of year end for reducing
term loan balances.

The Recovery Ratings reflect Fitch's belief that SunGard would
be reorganized rather than liquidated in a bankruptcy scenario,
given Fitch's estimates that the company's ongoing concern value
of US$5.7 billion is significantly higher than its projected
liquidation value of approximately US$251 million, due mostly to
the significant value associated with SunGard's intangible
assets.  In estimating ongoing concern value, Fitch assumes a 7x
multiple and discounts SunGard's normalized operating EBITDA by
30%, reflecting some concentration to FS and annual rollover
risk of 25% of the company's long-term contract portfolio.
After reductions for administrative and cooperative claims,
Fitch arrived at an adjusted reorganization value of
approximately US$4.9 billion.  Based upon these assumptions, the
senior secured debt, including US$1 billion revolving credit and
nearly US$4 billion of term loan facilities recover 88%,
resulting in 'RR2' ratings for both tranches of debt.  The
senior notes' 'RR4' recovery rating reflects the partial
security these notes received during the leveraged buyout
process and Fitch's belief that the secured bank debt is in a
superior position due to its right to the company's intellectual
property.  The 'RR5' recovery rating for the US$1.6 billion
senior unsecured debt reflects Fitch's estimate that 11%-30%
recovery is reasonable, while the 'RR6' recovery rating for the
US$1 billion of subordinated debt reflects Fitch's belief that
negligible recovery would be achievable due to its deep
subordination to other securities in the capital structure.

As of Sept. 30, 2006, Fitch believes SunGard's liquidity
position was sufficient and supported by:

   -- approximately US$268 million of cash;

   -- US$1 billion of senior secured revolving credit facilities
      expiring 2011 (of which US$23 million of letters of credit
      was outstanding and, therefore, unavailable for borrowings
      as of Sept. 30, 2006); and

   -- a US$450 million accounts receivable securitization
      program expiring 2011 (of which approximately US$371
      million was outstanding at Sept. 30, 2006).

As of Sept. 30, 2006, total on-balance-sheet debt was
approximately US$7.4 billion and consisted primarily of:

   -- US$3.9 billion of senior secured term loans expiring 2013;

   -- approximately US$250 million of 3.75% senior notes due
      2009;

   -- approximately US$250 of 4.875% senior notes due 2014;

   -- US$1.6 billion of 9.125% senior unsecured notes due 2013;

   -- US$400 million of floating-rate senior unsecured notes due
      2013; and

   -- US$1.0 billion of 10.25% of senior subordinated notes due
      2015.

Debt amortization requirements under the term loans are only
US$40 million in each of the next two fiscal years.

Headquartered in Wayne, Pennsylvania, SunGard Data Systems
provides business continuity and business processing services.
The company has operations in Mexico.


SWIFT & COMPANY: Moody's Lowers Corporate Family Rating to B3
-------------------------------------------------------------
Moody's Investors Service lowered the ratings of Swift &
Company, including its corporate family rating that was
downgraded from B2 to B3, and assigned a stable outlook.  The
downgrade reflected Moody's concern that the challenges in the
US beef industry are likely to preclude material improvement in
the company's weak debt protection measures, in the near term,
to levels consistent with its prior rating, which Moody's had
previously expected to be achieved by this time.  This rating
action concludes the review for possible downgrade begun on
Dec. 19, 2006.

Moody's lowered these ratings:

   -- Corporate family rating to B3 from B2;
   -- Probability of default rating to B3 from B2; and
   -- Senior unsecured notes to Caa1 from B3.

Moody's confirmed this rating:

   -- Senior subordinated notes at Caa1.

Swift & Company's B3 corporate family reflects the company's
highly volatile earnings and cash flow, very high enterprise
leverage, low margins and weak credit metrics, and the
continuing challenging conditions in the volatile US beef
industry overall.  Swift & Company's ratings are supported by
its scale as the third largest beef and pork processor in the
US, by its strong Australian operations, and by the company's
comfortable liquidity.

Moody's analyzes Swift& Company's operations in the context of
the Rating Methodology for Global Natural Product Processors --
Protein and Agriculture.  Using the 22 rating factors cited in
this methodology, Swift's rating would score a B2 -- one notch
higher than the company's actual B3 rating.  The company's
actual rating reflects the significant weight that Moody's
placed on Swift & Company's very high leverage and continuing
weak operating performance.

The stable rating outlook is based on Moody's expectation that
earnings will modestly rebound as beef volumes continue to
recover in the US and Australia, and that the company's
liquidity position remains strong during this difficult period.
The rating outlook anticipates no further labor disruption at
Swift.

Given the recent downgrade, an upgrade is unlikely in the near
term.  Over the longer term, an upgrade would require that Swift
& Company sustain three-year average Debt to EBITDA below 5
times, and LTM Debt to EBITDA below 6 times in a downturn; and
maintain three-year average EBIT to Interest above 1.5x, and LTM
EBIT to Interest above 1 time in a downturn.  Ratings could be
lowered should liquidity be seriously eroded, should the
company's financial flexibility become limited or should LTM
Debt to EBITDA likely to be sustained above 9x.

Swift & Company, headquartered in Greeley, Colorado, is a major
processor of beef and pork, with operations in the US and
Australia.  It has sales offices in Mexico.


SWIFT & CO: S&P Says Ratings Unaffected by JPMorgan Retention
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Swift & Co. (B/Negative/--) will not be affected
following the company's announcement that is board of directors
had engaged JP Morgan to assist in a review of strategic and
financial alternatives.

During the review, Swift's board will consider a full range of
possible alternatives, including, but not limited to, a
refinancing and public equity offering, a possible sale, a
merger, or a strategic partnership. Standard & Poor's will
monitor the situation and, if a transaction is announced, will
determine at that time what effect (if any) there would be on
the rating or outlook.

Swift & Company, headquartered in Greeley, Colorado, is a major
processor of beef and pork, with operations in the US and
Australia.  It has sales offices in Mexico.




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


COOPER COMPANIES: Discloses Planned US$1 Billion Refinancing
------------------------------------------------------------
The Cooper Companies, Inc. disclosed a proposed refinancing
which includes a US$650 million revolving credit facility and a
proposed private offering of US$350 million aggregate principal
amount of senior notes due 2015.

Cooper intends to use borrowings under the new revolving credit
facility and the net proceeds of the notes offering to repay in
full its US$250 million term loan and all outstanding borrowings
under its existing US$750 million syndicated bank credit
facility, which will be terminated.  The new revolving credit
facility will be unsecured and will include customary guarantees
from domestic subsidiaries and negative pledges on assets.

The exact terms and timing of the new financing will depend on
market conditions and other factors.

Cooper's proposed new financing is designed to:

   * lock in long-term capital with attractive pricing;

   * provide enhanced strategic and operational flexibility with
     fewer and less restrictive covenants;

   * generate greater borrowing capacity with lower pricing and
     lower fees and eliminate existing debt amortization.

"This new financing is intended to serve our financing needs for
the foreseeable future," Steven M. Neil, Cooper's Chief
Financial Officer said.  "We are pleased to be working with a
bank syndicate that recognizes our improving financial position,
our favorable operational outlook and the significant progress
we have made integrating Ocular Sciences into CooperVision."

                   About Cooper Companies

The Cooper Companies, Inc. (NYSE:COO) --
http://www.coopercos.com/-- manufactures and markets specialty
healthcare products through its CooperVision and CooperSurgical
units. Corporate offices are in Lake Forest and Pleasanton,
Calif.

CooperVision -- http://www.coopervision.com/-- manufactures and
markets contact lenses and ophthalmic surgery products.
Headquartered in Lake Forest, Calif., it manufactures in
Albuquerque, N.M., Juana Diaz, Puerto Rico, Norfolk, Va.,
Rochester, N.Y., Adelaide, Australia, Hamble and Hampshire
England, Ligny-en-Barrios, France, Madrid, Spain and Toronto.

CooperSurgical -- http://www.coopersurgical.com/-- manufactures
and markets diagnostic products, surgical instruments and
accessories to the women's healthcare market. With headquarters
and manufacturing facilities in Trumbull, Conn., it also
manufactures in Pasadena, Calif., North Normandy, Ill., Fort
Atkinson, Wis., Montreal and Berlin.

Proclear(R) and Biomedics(R) are registered trademarks and
Biomedics XC(TM) and Biofinity(TM) are trademarks of The Cooper
Companies, Inc., and its subsidiaries or affiliates.


SEARS HOLDINGS: C. Monaghan Resigns as Chief Financial Officer
--------------------------------------------------------------
Sears Holdings Corp. disclosed that Craig T. Monaghan, executive
vice president and chief financial officer, will leave the
company at the end of the month to return to Florida where his
family still resides.

William C. Crowley, chief administrative officer, executive
vice president and a director, will assume the additional
responsibility of interim chief financial officer until a
replacement can be named.  Mr. Crowley had served as chief
financial officer of the company prior to the arrival of
Mr. Monaghan in September 2006.

The company will commence a search to fill the chief financial
officer position immediately.

Hoffman Estates, Illinois-based Sears Holdings Corp.
(NASDAQ: SHLD) -- http://www.searsholdings.com/-- is the
nation's third largest broadline retailer, with approximately
US$55 billion in annual revenues, and with approximately 3,800
full-line and specialty retail stores in the United States,
Canada and Puerto Rico.  Sears Holdings is a home appliance
retailer as well as a retailer of tools, lawn and garden, home
electronics, and automotive repair and maintenance.  Key
proprietary brands include Kenmore, Craftsman and DieHard, and a
broad apparel offering, including well-known labels as Lands'
End, Jaclyn Smith, and Joe Boxer, as well as the Apostrophe and
Covington brands.

                        *    *    *

As reported in the Troubled Company Reporter on June 23, 2006,
Standard & Poor's Ratings Services revised its outlook on Sears
Holdings Corp. to stable from negative.  All ratings, including
the 'BB+' corporate credit rating, and the 'B-1' short-term
rating for Sears Roebuck Acceptance Corp., are affirmed.

As reported in the Troubled Company Reporter on Jun 22, 2006,
Fitch affirms its ratings of Sears Holdings Corp. including its
Issuer Default Rating (IDR) at 'BB'; Senior notes at 'BB'; and
Secured bank facility at 'BBB-'.


NEWCOMM WIRELESS: Hires Conde & Associates as Chapter 11 Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
approved the retention of Carmen D. Conde, Esq., at C. Conde &
Associates, as Newcomm Wireless Services Inc.'s chapter 11
counsel.

Ms. Torres will:

   a. advise debtor with respect to its duties, powers and
      responsibilities in this case under the laws of the United
      States and Puerto Rico in which the debtor in possession
      conducts its operations, do business, or is involved in
      litigation;

   b. advise debtor in connection with a determination whether a
      reorganization is feasible and, if not, helping debtor in
      the orderly liquidation of its assets;

   c. assist the debtor with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets and/or for proposing a viable plan
      of reorganization;

   d. prepare on behalf of the debtor the necessary complaints,
      answers, orders, reports, memoranda of law and/or any
      other legal papers or documents;

   e. appear before the bankruptcy court, or any court in which
      debtors assert a claim interest or defense directly or
      indirectly related to this bankruptcy case;

   f. perform such other legal services for debtor as may be
      required in these proceedings or in connection with the
      operation  and involvement with debtor's business,
      including but not limited to notarial services; and

   g. employ other professional services, if necessary.

Newcomm Wireless will pay Ms. Torres US$250 per hour for her
services.  The legal representative disclosed that her firm's
associates are paid US$225 per hour, junior lawyers get US$150
an hour and paralegals are paid US$75 per hour.  She also
declared that her firm received a US$45,000 retainer.

Ms. Torres assured the Court that she's disinterested as that
term is defined in Section 101(14) of the Bankruptcy Code.

The Debtor's counsel can be reached at:

          Carmen D. Conde
          C. Conde & Associates
          254 San Jose Street
          5th Floor Old
          San Juan, PR 00901
          Tel: (787) 729-2900, (787) 756-0094

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: Hires Sonnenschein Nath as Bankruptcy Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico puts
its stamp of approval on Newcomm Wireless Services, Inc.'s
petition to employ Sonnnenschein Nath & Rosenthal LLP as its
general reorganization and bankruptcy counsel.

The Debtor told the Court it chose Sonnenschein Nath because of
its extensive experience in handling troubled companies in the
telecom industry.

Sonnenschein Nath will:

   a) provide legal advice with respect to the Debtor's powers
      and duties as a debtor-in-possession in the continued
      operation or liquidation of its business and management or
      disposition its property;

   b) take all necessary action to protect and preserve the
      Debtor's estate, including the prosecution of actions on
      behalf of the Debtor, the defense of any actions commenced
      against the Debtor, negotiations concerning all litigation
      in which the Debtor is involved, and the objection to
      claims filed against the Debtor's estate;

   c) prepare on behalf of the Debtor all necessary motions,
      answers, orders, reports and other legal papers in
      connection with the administration of its estate;

   d) perform any and all other legal services for the Debtor in
      connection with this chapter 11 case and with the
      formulation and implementation of the Debtor's plan of
      reorganization;

   e) advise and assist the Debtor regarding all aspects of the
      plan confirmation process, including, but not limited to,
      securing the approval of a disclosure statement by the
      Bankruptcy Court and the confirmation of a plan at the
      earliest possible date; and

   f) provide other legal services that may necessary in this
      case.

Peter D. Wolfson, Esq., will be the lead counsel for Newcomm's
case.  He will bill an hourly rate of US$780.  Mr. Wolfson
disclosed his firm's professionals hourly rates:

         Partners      US$450 - US$885
         Associates    US$260 - US$500
         Paralegals    US$165 - US$265

Newcomm disclosed it paid the firm a US$150,000 retainer.

Mr. Wolfson assured the Court of his disinterestedness as that
term is defined in Section 101(14) of the Bankrutpcy Code.

The Debtor's counsel can be reached at:

          Peter D. Wolfson, Esq.
          Sonnenschein Nath & Rosenthal LLP
          Cook County
          Chicago, Illinois

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: Prices US$650 Million of Senior Notes
------------------------------------------------------
Pilgrim's Pride Corporation priced the sale of US$400 million of
its 7-5/8% senior notes due 2015 and US$250 million of its 8-
3/8% senior subordinated notes due 2017.  The US$650 million
aggregate principal amount of the notes is an increase from the
US$450 million offering amount by Pilgrim's Pride.

The closing of the offering of the notes is expected to occur
today, Jan. 24, 2007, subject to customary conditions.
Pilgrim's Pride plans to use the net proceeds from the offering
to refinance indebtedness incurred in connection with the
acquisition of Gold Kist Inc. and to repurchase certain of its
outstanding senior subordinated notes.

Lehman Brothers Inc. and Credit Suisse Securities (USA) LLC are
joint book running managers for this offering. BMO Capital
Markets Corp., Deutsche Bank Securities Inc. and J.P. Morgan
Securities Inc. are senior co-managers, and Banc of America
Securities LLC, Stephens Inc. and Stifel, Nicolaus & Company,
Incorporated are co-managers for the offering.

     ADP Prospectus Services
     Attn:  Shawn Leandre
     Lehman Brothers
     1155 Long Island Avenue
     Edgewood, NY 11717
     Toll-Free 1-888-603-5847

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.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2007,
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
PPC'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.

Standard & Poor's Ratings Services reported that the corporate
credit rating on the largest U.S. poultry processor, Pilgrim's
Pride Corp., was lowered to 'BB-' from 'BB'.




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


CERRO NEGRO: Fitch Junks Ratings on Debt Obligations
----------------------------------------------------
Fitch has downgraded the ratings that apply to the respective
senior secured debt obligations of the four extra heavy crude
oil strategic associations in Venezuela -- Petrozuata, Cerro
Negro, Sincor and Hamaca. The ratings remain on Rating Watch
Negative.

The ratings of these debt obligations of Cerro Negro Finance,
Ltd. are downgraded to CCC from B+:

   -- US$200 million 7.33% bonds due 2009;
   -- US$350 million 7.90% bonds due 2020; and
   -- US$50 million 8.03% bonds due 2028.

On Jan. 9, 2007, Venezuelan Ministry of Energy and Petroleum
instructed the projects to limit sales of Syncrude produced by
the upgraders.  The order was ostensibly issued to implement
Venezuela's OPEC quota reduction commitments agreed last October
and December.  The 195,000 bpd production cut will affect the
projects in varying degrees.

Cerro Negro must reduce output by 1.1 million barrels per month,
which translates into daily production of approximately 77,000
barrels of Syncrude, a 15% shortfall in the project's commitment
with the Chalmette refinery on the US Gulf Coast under an
Association Supply Agreement.  Under this off-take obligation,
Cerro Negro must supply the refinery 90,000 bpd of Syncrude.

The ratings downgrade considers that lower output will have a
material impact on project revenue and reduce debt service
margins, particularly for Petrozuata and Cerro Negro.  The lower
production order will heighten the potential of payment defaults
in the near- to medium-term.

Under Fitch's oil price assumptions for rating and modeling
purposes that compared with current levels can be viewed as a
price stress scenario, the debt-repayment capacity for
Petrozuata and Cerro Negro is significantly diminished.  These
projects produce Syncrudes comparable in quality to Maya and
Merey 16 crudes, which are priced lower than WTI.  Sincor and
Hamaca will be affected less severely by the output cut as their
higher-grade Syncrudes are priced closer to WTI and Light
Louisiana crudes and their production capacity is 40% greater
than those of Petrozuata and Cerro Negro.

In May 2006, Fitch downgraded the outstanding obligations of the
four projects in recognition of the impact of a revised, more
burdensome fiscal regime.  At that time, the Rating Watch
Negative signaled credit deterioration associated with the
government's announced intention to assume greater ownership
control of the projects.

The government's production cut order represents, effectively,
an exercise of control in the operations of the projects.  Of
note, the project operator's inability to comply with the Cerro
Negro Supply Agreement engenders a force majeure event.

Fitch expects that as the government tightens its grip on the
projects, whether through acquisition or nationalization or by
regulating Syncrude exports, the operating characteristics and
financial profile of the projects will continue to deviate
substantially from expectations at the time the projects were
initially financed.

Petrozuata, Cerro Negro, Sincor and Hamaca are all domiciled in
Venezuela and are key to the development of the Orinoco Basin's
extra heavy crude oil reserves.  Debt holders rely solely on the
ability of each project to generate sufficient cash flow from
operations to meet scheduled debt service.  Revenues are largely
derived from the sale of Syncrude exports.

Petrozuata is owned 50.1% by a ConocoPhillips subsidiary and
49.9% by a PDVSA subsidiary. Cerro Negro is owned 41.67% by an
ExxonMobil subsidiary, 41.67% by a PDVSA subsidiary and 16.67%
by a BP subsidiary.

Sincor is owned 47% by a TOTAL subsidiary, 38% by a PDVSA
subsidiary and 15% by a Statoil subsidiary.

Hamaca is owned 40% by a ConocoPhillips subsidiary, 30% by a
ChevronTexaco subsidiary, and 30% by a PDVSA subsidiary.


DAIMLERCHRYSLER: Inks Deal Selling 7.5% EADS Stake
--------------------------------------------------
DaimlerChrysler AG will sign this month a contract to sell its
7.5% stake in European Aeronautic Defence & Space Co. to a
consortium of financial institutions organized by the German
government, WirtschaftsWoche reports.

In a TCR-Europe report on Jan. 16, the consortium -- comprising
of Credit Suisse Group, Morgan Stanley, Goldman Sachs Group
Inc., Deutsche Bank AG and Commerzbank AG, insurer Allianz SE,
government-backed KfW Banking Group and banks of German federal
states -- would buy the stake using derivatives for EUR1.5
billion based on EADS's stock-market value, the Wall Street
Journal relates.

The 7.5% stake would be carved into:

   -- 60% for Credit Suisse, Morgan Stanley, Goldman Sachs,
      Deutsche Bank and Commerzbank;

   -- 13% for KfW Group;

   -- 10% for Hamburg;

   -- 5% for Baden-Wuerttemberg;

   -- 5% for Bavaria;

   -- 5% for Lower Saxony; and

   -- 2% for Bremen.

Daimler, which repurchased the stake after four years, would
remain a shareholder and keep its voting rights for the entire
stake of 22.5%, WSJ cites a source privy to the matter.

The German government has been looking for a solution to
safeguard its interest in EADS as well as to allow Daimler to
cut its stake without risking the balance between German and
French interests in the aeronautics firm, WSJ relays.

                    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.


DAIMLERCHRYSLER: Chairman Unveils Diesel BLUETEC
-------------------------------------------------
At the Washington (D.C.) Auto Show, Dr. Dieter Zetsche, Chairman
of the Board of Management of DaimlerChrysler AG and the Head of
Mercedes Car Group, called the nation's attention to the new
generation of clean diesels -- branded BLUETEC -- while
encouraging U.S. lawmakers to set regulations that support a
diversity of approaches to reducing the country's dependence on
foreign oil.

To emphasize the point, he introduced the 2007 Dodge Ram 2500
and 3500 with 6.7-liter Cummins turbodiesel engine offered with
B5 and B20 biodiesel, available to consumers in March.

The first to do so and three years before the deadline, the
heavy-duty truck will meet stringent 2010 truck emissions
standards in all 50 states.

He also announced the Dodge Ram clean, light-duty turbodiesel
engine that will provide up to 30% improved fuel economy, meet
50-state, 2010 emissions standards, available after 2009.

With fuel economy improvements of 20% to 40% and a reduction of
oxides of nitrogen by as much as 90%, Dr. Zetsche stressed that
clean diesel technology is a viable solution to reducing
dependence on oil and improving air quality.

Dr. Zetsche also urged U.S. policymakers to stimulate greater
demand and consumer choice for fuel-saving technologies -- such
as diesel -- by providing equal incentives on powertrains that
achieve lower fuel consumption with clean emissions.

"American policy-makers must adopt a new and unique formula ...
that encourages more technologies and more (customer) choice,"
Dr. Zetsche said.

"I've always thought CAFE -- in the country that is the world's
model for a free-market economy -- to be a bit of a
contradiction.  It's an attempt to regulate supply and not to
use market forces to stimulate demand for more fuel-efficient
vehicles."

Dr. Zetsche reasoned that "trying to sell people what they don't
want is not a winnable business proposition.  And it is that
'anti-free market element' of CAFE that makes life difficult for
us. We've learned to live with CAFE and its modest increases."

He added that we would be open to revisiting the CAFE discussion
for cars, as they did recently for trucks and make the
regulation "size based" and not "fleet based."

Zetsche offered that the automotive companies should "look to
innovation, and to increasingly substituting petroleum products
with biofuels."  He pointed to the modern diesel engine which
has "plenty of the former, and great potential for the latter."

He mentioned a current study that expects diesel takes rates in
the U.S. to hit 15% by 2015.  Dr. Zetsche also detailed the
significant advantages of modern diesel engines where the ultra-
modern BLUETEC diesel vehicles provide their owners with clean
and economical performance.

The Mercedes brand has been pioneering BLUETEC in Europe, where
it's been on the road for several years.  Since 2005, the
company has sold more than 40,000 BLUETEC Mercedes-Benz trucks
and buses in Europe, "where they've performed exceptionally well
in everyday heavy-duty service," Dr. Zetsche added.

Mercedes-Benz intends to systematically broaden its BLUETEC
portfolio.  In addition to the recently introduced Mercedes E
320 BLUETEC, three additional BLUETEC models will join the line-
up, the R-Class, the ML-Class and the GL Class that will all be
assembled at the company's plant in Alabama.

He also submitted that DaimlerChrysler "is not pursuing diesel
to the exclusion of other alternate fuel technologies."  Dr.
Zetsche listed many on-going initiatives including the company's
fuel cell activities where DaimlerChrysler has invested more
than US$1 billion and has more fuel-cell vehicles on the road
today than any other manufacturer.

The company also has about 1,500 Orion VII diesel-electric buses
in service or on order for municipal fleets in Toronto, San
Francisco and New York City/New Jersey.

And, working with General Motors Corp. and BMW, DaimlerChrysler
is jointly developing a state-of-the-art, two-mode, full hybrid
propulsion architecture for applications in Chrysler Group,
Mercedes Car Group, GM, and BMW vehicles.  The first
DaimlerChrysler vehicle to use this system will be the Dodge
Durango, coming in 2008.

Unveiled during Dr. Zetsche's keynote address, and available in
dealerships next month, was the new Dodge Ram Heavy Duty BLUETEC
featuring an all-new 6.7-liter Cummins turbodiesel engine, the
first to meet 2010 truck emissions standards in all 50 states.
It is the first BLUETEC vehicle from the Chrysler Group.

"Several years ago, when the EPA set stringent 2010 diesel
emissions standards for heavy-duty pickup trucks, we didn't
shake our heads and say 'no'," Dr. Zetsche said.

"We went to work with Cummins, the long-time diesel engine
partner for Dodge Ram heavy-duty three-quarter and one-ton
pickup trucks, to meet the challenge."

The new 2007 Dodge Ram Heavy Duty engine uses a diesel
particulate filter to virtually eliminate particulate matter
emissions and an absorber catalyst to reduce NOx by as much as
90% and virtually eliminate particulate matter emissions.

In addition to the heavy-duty pick up truck, DaimlerChrysler
revealed another addition to its diesel lineup.  Tom LaSorda,
Chrysler Group President and CEO, announced an all-new diesel
engine for its light duty Dodge pickup trucks that will be
available after 2009.

Armed with new Cummins clean-diesel technology, the new engine
will provide a dramatic increase in low-end torque, up to a 30%
improvement in fuel efficiency and a 20% reduction in carbon
dioxide emissions when compared to an equivalent gasoline
engine.  The new clean turbodiesel engine will meet 50-state
emissions standards for 2010.

Mr. LaSorda also announced pricing on the 2007 Jeep(R) Grand
Cherokee, 3.0-liter common rail turbodiesel that will begin to
arrive at Jeep dealerships in March.  The Manufacturer's
Suggested Retail Price for the Jeep Grand Cherokee Limited CRD
will begin at US$38,475, including US$695 destination.  The 3.0-
liter CRD engine will be available on the Jeep Grand Cherokee
Limited and Overland 4x2 and 4x4 models.

BLUETEC represents the cleanest diesel vehicles in the world.
These next-generation vehicles meet the most stringent emissions
regulations worldwide, including emissions standards in all 50
U.S. states.

BLUETEC is the DaimlerChrysler-owned brand name that stands for
the cleanest diesel engines in their respective classes, i.e.,
those that meet 50-state emissions standards.

BLUETEC is just one of the many fuel saving technologies from
DaimlerChrysler, including advanced gasoline, Flex-Fuel, hybrids
and zero-emission fuel-cell vehicles.

                   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.


PEABODY ENERGY: Declares Quarterly Dividend of US$0.06 Per Share
----------------------------------------------------------------
Peabody Energy's board of directors today declared a regular
quarterly dividend on its common stock of US$0.06 per share.
The dividend is payable on Feb. 27, 2007, to holders of record
on Feb. 6, 2007.

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.


PETROLERA HAMACA: Fitch Lowers Debt Obligation Ratings to B-
------------------------------------------------------------
Fitch has downgraded the ratings that apply to the respective
senior secured debt obligations of the four extra heavy crude
oil strategic associations in Venezuela -- Petrozuata, Cerro
Negro, Sincor and Hamaca.  The ratings remain on Rating Watch
Negative.

The following debt obligations are downgraded to B- from 'B+':

Fitch downgraded to B- from B+ the ratings on Petrolera Hamaca,
SA's senior project loans of US$1.1 billion, consisting of:

   -- US$627.8 million senior agency loan due 2018; and

   -- US$470 million senior bank loan due 2015, borrowed on
      a several basis 30% by Corpoguanipa, SA, a subsidiary
      of PDVSA, and 70% by Hamaca Holdings LLC.

On Jan. 9, 2007, Venezuelan Ministry of Energy and Petroleum
instructed the projects to limit sales of Syncrude produced by
the upgraders.  The order was ostensibly issued to implement
Venezuela's OPEC quota reduction commitments agreed last October
and December.  The 195,000 bpd production cut will affect the
projects in varying degrees.

Cerro Negro must reduce output by 1.1 million barrels per month,
which translates into daily production of approximately 77,000
barrels of Syncrude, a 15% shortfall in the project's commitment
with the Chalmette refinery on the US Gulf Coast under an
Association Supply Agreement.  Under this off-take obligation,
Cerro Negro must supply the refinery 90,000 bpd of Syncrude.

The ratings downgrade considers that lower output will have a
material impact on project revenue and reduce debt service
margins, particularly for Petrozuata and Cerro Negro.  The lower
production order will heighten the potential of payment defaults
in the near- to medium-term.

Under Fitch's oil price assumptions for rating and modeling
purposes that compared with current levels can be viewed as a
price stress scenario, the debt-repayment capacity for
Petrozuata and Cerro Negro is significantly diminished.  These
projects produce Syncrudes comparable in quality to Maya and
Merey 16 crudes, which are priced lower than WTI.  Sincor and
Hamaca will be affected less severely by the output cut as their
higher-grade Syncrudes are priced closer to WTI and Light
Louisiana crudes and their production capacity is 40% greater
than those of Petrozuata and Cerro Negro.

In May 2006, Fitch downgraded the outstanding obligations of the
four projects in recognition of the impact of a revised, more
burdensome fiscal regime.  At that time, the Rating Watch
Negative signaled credit deterioration associated with the
government's announced intention to assume greater ownership
control of the projects.

The government's production cut order represents, effectively,
an exercise of control in the operations of the projects.  Of
note, the project operator's inability to comply with the Cerro
Negro Supply Agreement engenders a force majeure event.

Fitch expects that as the government tightens its grip on the
projects, whether through acquisition or nationalization or by
regulating Syncrude exports, the operating characteristics and
financial profile of the projects will continue to deviate
substantially from expectations at the time the projects were
initially financed.

Petrozuata, Cerro Negro, Sincor and Hamaca are all domiciled in
Venezuela and are key to the development of the Orinoco Basin's
extra heavy crude oil reserves.  Debt holders rely solely on the
ability of each project to generate sufficient cash flow from
operations to meet scheduled debt service.  Revenues are largely
derived from the sale of Syncrude exports.

Petrozuata is owned 50.1% by a ConocoPhillips subsidiary and
49.9% by a PDVSA subsidiary. Cerro Negro is owned 41.67% by an
ExxonMobil subsidiary, 41.67% by a PDVSA subsidiary and 16.67%
by a BP subsidiary.

Sincor is owned 47% by a TOTAL subsidiary, 38% by a PDVSA
subsidiary and 15% by a Statoil subsidiary.

Hamaca is owned 40% by a ConocoPhillips subsidiary, 30% by a
ChevronTexaco subsidiary, and 30% by a PDVSA subsidiary.


PETROZUATA FINANCE: S&P Lowers Debt Rating to B from B+
-------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
rating on Petrozuata Finance Inc.'s debt to 'B' from 'B+'.  The
company's debt includes:

   -- US$170 million due 2009;
   -- US$625 million due 2017; and
   -- US$75 million due 2022.

The outlook is negative.  Petrozuata Finance's bonds are
guaranteed by Petrolera Zuata, Petrozuata CA aka Petrozuata.
Petrozuata is a heavy oil production and upgrading project in
Venezuela owned by ConocoPhillips Petrozuata BV, a subsidiary of
ConocoPhillips, and PDVSA Petroleo aka Gas, a subsidiary of
Petroleos de Venezuela SA.

"The potential for government interference in the Petrozuata and
other heavy oil projects continues to rise," said Standard &
Poor's credit analyst Terry Pratt.  "The Venezuelan government
appears to be continuing along a path to restructure the
Petrozuata and other joint venture agreements with the other oil
majors to give PDVSA a majority share in their respective
projects."

The negative outlook on Petrozuata reflects the uncertainty of
the government's actions regarding changing the project's
ownership structure and the continuing potential for the
government to present additional tax bills to the project.

The rating could fall further if the government presents
additional material tax bills to Petrozuata, the government
takes actions that erode ConocoPhillips share of the project
without assurance of full compensation to lenders, or production
curtailments continue for an extended time.


PETROZUATA FINANCE: Fitch Junks Ratings on Debt Obligations
-----------------------------------------------------------
Fitch has downgraded the ratings that apply to the respective
senior secured debt obligations of the four extra heavy crude
oil strategic associations in Venezuela -- Petrozuata, Cerro
Negro, Sincor and Hamaca.  The ratings remain on Rating Watch
Negative.

These debt obligations of Petrozuata Finance, Inc. are
downgraded to 'CCC' from 'B+':

   -- US$300 million 7.63% series A bonds due 2009;
   -- US$625 million 8.22% series B bonds due 2017;and
   -- US$75 million 8.37% series C bonds due 2022.

On Jan. 9, 2007, Venezuelan Ministry of Energy and Petroleum
instructed the projects to limit sales of Syncrude produced by
the upgraders.  The order was ostensibly issued to implement
Venezuela's OPEC quota reduction commitments agreed last October
and December.

The 195,000 bpd production cut will affect the projects in
varying degrees.  Cerro Negro must reduce output by 1.1 million
barrels per month, which translates into daily production of
approximately 77,000 barrels of Syncrude, a 15% shortfall in the
project's commitment with the Chalmette refinery on the US Gulf
Coast under an Association Supply Agreement.  Under this off-
take obligation, Cerro Negro must supply the refinery 90,000 bpd
of Syncrude.

The ratings downgrade considers that lower output will have a
material impact on project revenue and reduce debt service
margins, particularly for Petrozuata and Cerro Negro.  The lower
production order will heighten the potential of payment defaults
in the near- to medium-term.

Under Fitch's oil price assumptions for rating and modeling
purposes that compared with current levels can be viewed as a
price stress scenario, the debt-repayment capacity for
Petrozuata and Cerro Negro is significantly diminished.  These
projects produce Syncrudes comparable in quality to Maya and
Merey 16 crudes, which are priced lower than WTI.  Sincor and
Hamaca will be affected less severely by the output cut as their
higher-grade Syncrudes are priced closer to WTI and Light
Louisiana crudes and their production capacity is 40% greater
than those of Petrozuata and Cerro Negro.

In May 2006, Fitch downgraded the outstanding obligations of the
four projects in recognition of the impact of a revised, more
burdensome fiscal regime.  At that time, the Rating Watch
Negative signaled credit deterioration associated with the
government's announced intention to assume greater ownership
control of the projects.

The government's production cut order represents, effectively,
an exercise of control in the operations of the projects.  Of
note, the project operator's inability to comply with the Cerro
Negro Supply Agreement engenders a force majeure event.  Fitch
expects that as the government tightens its grip on the
projects, whether through acquisition or nationalization or by
regulating Syncrude exports, the operating characteristics and
financial profile of the projects will continue to deviate
substantially from expectations at the time the projects were
initially financed.

Petrozuata, Cerro Negro, Sincor and Hamaca are all domiciled in
Venezuela and are key to the development of the Orinoco Basin's
extra heavy crude oil reserves.  Debt holders rely solely on the
ability of each project to generate sufficient cash flow from
operations to meet scheduled debt service.  Revenues are largely
derived from the sale of Syncrude exports.

Petrozuata is owned 50.1% by a ConocoPhillips subsidiary and
49.9% by a PDVSA subsidiary.

Cerro Negro is owned 41.67% by an ExxonMobil subsidiary, 41.67%
by a PDVSA subsidiary and 16.67% by a BP subsidiary.

Sincor is owned 47% by a TOTAL subsidiary, 38% by a PDVSA
subsidiary and 15% by a Statoil subsidiary.

Hamaca is owned 40% by a ConocoPhillips subsidiary, 30% by a
ChevronTexaco subsidiary, and 30% by a PDVSA subsidiary.


SINCRUDOS DE ORIENTE: Fitch Cuts Rating on US$1.2B Loan to B-
-------------------------------------------------------------
Fitch has downgraded the ratings that apply to the respective
senior secured debt obligations of the four extra heavy crude
oil strategic associations in Venezuela -- Petrozuata, Cerro
Negro, Sincor and Hamaca.  The ratings remain on Rating Watch
Negative.

Sincrudos de Oriente Sincor, CA aka Sincor's rating on its
US$1.2 billion senior bank loan is downgraded to B- from B+.

On Jan. 9, 2007, Venezuelan Ministry of Energy and Petroleum
instructed the projects to limit sales of Syncrude produced by
the upgraders.  The order was ostensibly issued to implement
Venezuela's OPEC quota reduction commitments agreed last October
and December.  The 195,000 bpd production cut will affect the
projects in varying degrees.

Cerro Negro must reduce output by 1.1 million barrels per month,
which translates into daily production of approximately 77,000
barrels of Syncrude, a 15% shortfall in the project's commitment
with the Chalmette refinery on the US Gulf Coast under an
Association Supply Agreement.  Under this off-take obligation,
Cerro Negro must supply the refinery 90,000 bpd of Syncrude.

The ratings downgrade considers that lower output will have a
material impact on project revenue and reduce debt service
margins, particularly for Petrozuata and Cerro Negro.  The lower
production order will heighten the potential of payment defaults
in the near- to medium-term.

Under Fitch's oil price assumptions for rating and modeling
purposes that compared with current levels can be viewed as a
price stress scenario, the debt-repayment capacity for
Petrozuata and Cerro Negro is significantly diminished.  These
projects produce Syncrudes comparable in quality to Maya and
Merey 16 crudes, which are priced lower than WTI.  Sincor and
Hamaca will be affected less severely by the output cut as their
higher-grade Syncrudes are priced closer to WTI and Light
Louisiana crudes and their production capacity is 40% greater
than those of Petrozuata and Cerro Negro.

In May 2006, Fitch downgraded the outstanding obligations of the
four projects in recognition of the impact of a revised, more
burdensome fiscal regime.  At that time, the Rating Watch
Negative signaled credit deterioration associated with the
government's announced intention to assume greater ownership
control of the projects.

The government's production cut order represents, effectively,
an exercise of control in the operations of the projects.  Of
note, the project operator's inability to comply with the Cerro
Negro Supply Agreement engenders a force majeure event.

Fitch expects that as the government tightens its grip on the
projects, whether through acquisition or nationalization or by
regulating Syncrude exports, the operating characteristics and
financial profile of the projects will continue to deviate
substantially from expectations at the time the projects were
initially financed.

Petrozuata, Cerro Negro, Sincor and Hamaca are all domiciled in
Venezuela and are key to the development of the Orinoco Basin's
extra heavy crude oil reserves.  Debt holders rely solely on the
ability of each project to generate sufficient cash flow from
operations to meet scheduled debt service.  Revenues are largely
derived from the sale of Syncrude exports.

Petrozuata is owned 50.1% by a ConocoPhillips subsidiary and
49.9% by a PDVSA subsidiary. Cerro Negro is owned 41.67% by an
ExxonMobil subsidiary, 41.67% by a PDVSA subsidiary and 16.67%
by a BP subsidiary.

Sincor is owned 47% by a TOTAL subsidiary, 38% by a PDVSA
subsidiary and 15% by a Statoil subsidiary.

Hamaca is owned 40% by a ConocoPhillips subsidiary, 30% by a
ChevronTexaco subsidiary, and 30% by a PDVSA subsidiary.


* Moody's Reports on LGD Results for Aerospace/Defense Sector
-------------------------------------------------------------
Application of Moody's new loss-given-default or (LGD
methodology for the Aerospace/Defense sector has led to rating
changes in line with expectations, Moody's Investors Service
says in a new report. During the September rollout of the
methodology, Moody's applied its loss-given-default methodology
to 27 US based speculative-grade aerospace and defense companies
comprising nearly 80 rated debt instruments.  The purpose of the
report is two-fold:

   1. Summarize and detail broad sector ratings changes
      resulting from LGD implementation and,

   2. Highlight analytic considerations which are unique and
      key to the construction of the Aerospace/Defense sector
      LGD liability waterfalls.

For the most part, rating changes from applying the new LGD
assessment methodology were in line with expectations for both
this sector and the overall speculative grade population.

The overall impact of these LGD assessments on Aerospace/Defense
sector ratings, with a comparison to the overall, Corporate
Finance Group LGD results for North America (overall LGD results
in parentheses), has been:

   * Ratings rose on average +0.71 (+.56) rating notches,
     with 49% (46%) of the instruments being upgraded, 6%
     (8%) being downgraded, and 44% (46%) experiencing no
     rating change;

   * There were no two-notch downgrades, versus 14 CFG-wide;

   * As expected, upgrades were more common among secured
     classes of debt, with 69% (68%) of first lien debt
     instruments being upgraded and ratings on average
     increased +1.26 (+1.00) notches in the
     Aerospace/Defense sector;

   * More senior unsecured debt ratings were changed in this
     sector than CFG-wide.  Approximately 36% (24%) of these
     instruments were upgraded and 24% (16%) were downgraded,
     while only 43% (60%) remained unchanged;

   * Changes in subordinated debt ratings were approximately the
     same as that experienced CFG-wide: 36% (37%) were upgraded,
     none (3%) were downgraded, and 64% (60%) remained
     unchanged;

   * In terms of key rating transitions, no (3%) single-B
     instruments were downgraded into Caa; 2 of 10, or 20% (21%)
     of Caa ratings were upgraded into single-B; 4 of 20, or
     20% (34%) of B1 rated instruments being upgraded into Ba3,
     and 2 of 24, or 8% (9%) of Ba-rated debt instruments being
     upgraded into investment-grade.

David Berge, vice president/senior analyst, said, "trends in the
Aerospace/Defense sector were slightly more positive than the
trends for all of CFG and that there were essentially no LGD
analytical issues that varied from the general LGD guidelines".
Analytical highlights in the Aerospace/Defense sector included:

   * The B1 mean CFR for the Aerospace/Defense sector is the
     same for CFG overall;

   * 11% of the companies in the Aerospace/Defense sector had a
     family-level LGD rate other than 50%, compared to 14% for
     all of CFG;

   * Advance payment liabilities, although an important source
     of funding in this sector, were not included in the LGD
     waterfall;

   * Of the nine companies with CFR of B2 or B3 (there were no
     Caa-rated companies at that time), in no case was
     fundamental analysis used to calculate the family
     recovery rate.

Moody's began applying the LGD methodology to all new issuers on
Sept. 6 and began transitioning the ratings of existing
companies and their debt instruments to the methodology on Sept.
18.  The new Moody's report is on the individual assessments
comprising the broad Aerospace/Defense sector published in the
period Sept. 18 to Sept. 29.


* Pricewaterhousecoopers Recruits Brian Martin as New Head
----------------------------------------------------------
Brian Martin has been recruited by accountancy firm
PricewaterhouseCoopers to spearhead growth at its industrial
arm.

Mr. Martin, who has also worked for ICI and Accenture, is the
first full-time head of PwC's performance improvement
consultancy division in Scotland.

He will be unveiled this month as the head of the firm's 40-
strong team, most of whom have also worked in industry, advising
companies on how to change the way they work to become more
profitable.

               About PricewaterhouseCoopers

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 130,000 people in 148 countries work
collaboratively across our network using Connected Thinking to
develop fresh perspectives and practical advice.

PricewaterhouseCoopers Corporate Advisory & Restructuring LLC
is owned by PricewaterhouseCoopers LLP, a member firm
of the PricewaterhouseCoopers network and is a member of the
NASD and SIPC.  PwC CAR is not engaged in the practice of public
accountancy.  "PricewaterhouseCoopers" refers to the network of
member firms of PricewaterhouseCoopers International Ltd.,
each of which is a separate and independent legal entity.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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 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-Latin America each Thursday.
Submissions via e-mail to conferences@bankrupt.com are
encouraged.



                         ***********


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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