TCRLA_Public/070130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, January 30, 2007, Vol. 8, Issue 21

                          Headlines

A R G E N T I N A

ACXIOM CORP: Renews Information Agreement Pact with Affinity
BANCO DE GALICIA: CNV Initiates Investigation Against Firm
CARROTS SA: Last Day for Claims Verification Is on March 14
GC IMPSAT: Commences US$200 Million Senior Notes Offering
GC IMPSAT: Moody's Assigns B3 Corporate Family Rating

HUNTSMAN CORP: UK Unit Completes US$685-Mln Equity Sale to SABIC
TELEFONICA DE ARGENTINA: Inks Telecom Contract with Aerolineas

* ARGENTINA: Paris Club Denies Getting Debt Restructuring Offer

B A R B A D O S

BRITISH WEST: Barbados Stock Exchange De-Listing Firm's Shares

B E R M U D A

GLOBAL CROSSING: Issuing US$200 Million in Senior Notes Due 2017
IPC HOLDINGS: Declares Dividend on Series A Mandatory Shares
SC EQUITY: Final General Meeting Is Set for Feb. 7, 2007

B O L I V I A

MERCANTIL SANTA CRUZ: Posts BOB145 Million 2006 Net Profits

* BOLIVIA: Juan Carlos Ortiz Resigning as State Firm's Head
* BOLIVIA: IDB Discusses Terms for Debt Cancellation

B R A Z I L

BANCO BMC: Acquisition Adding BRL100MM to Bradesco Net Profits
BANCO BMC: Moody's Reviews Ratings for Possible Upgrade
BANCO BRADESCO: Banco BMC Buy Will Add BRL100MM to Net Profits
BANCO DO BRASIL: Works with Banif to Offer Home & Auto Loans
BANCO NACIONAL: Approves Credit Cost Reduction to Infrastructure

BANCO NACIONAL: Grants US$70MM Financing to Rebras Rebocadores
COMPANHIA SIDERURGICA: Assures of Iron Ore Supply from Pedra
COMPANHIA SIDERURGICA: Faces Tata Steel in Final Corus Auction
DURA AUTOMOTIVE: Judge Carey Okays Deloitte & Touche as Auditor
DURA AUTOMOTIVE: Judge Carey Approves Deloitte as Tax Advisor

DURA AUTOMOTIVE: Gets Court Ok to Assume Lear Settlement Pact
JBS SA: Completes Consent Solicitation on Senior Notes
NOVELIS INC: In Talks for Potential Sale of Company
PETROLEO BRASILEIRO: Receiving Vessel from Modec International

C A Y M A N   I S L A N D S

ADAMS STREET: Last Day for Proofs of Claim Filing Is on Jan. 30
ALANCA LIMITED: Creditors Must Submit Proofs of Claim by Jan. 30
AMERADA HESS: Shareholders to Gather for Jan. 30 Final Meeting
AURORE ATLANTIC: Last Day to File Proofs of Claim Is on Jan. 30
BLACK WATCH: Creditors Must Submit Proofs of Claim by Jan. 30

BOERO LIMITED: Proofs of Claim Filing Deadline Is on Jan. 30
EXIS INTEGRATED: Final Shareholders Meeting Is on Jan. 30
HESS SURINAME: Shareholders to Convene for Jan. 30 Final Meeting
HESS VIETNAM: Final General Meeting Is Set for Jan. 30
PARMALAT SPA: Court Extends Temporary Protection to February 27

PLAZA MIDOUSUJI: Deadline for Proofs of Claim Filing Is Jan. 30
PRINCIPAL PROTECTED: Proofs of Claim Filing Deadline Is Jan. 30
PURI INTERNATIONAL: Creditors Have Until Jan. 30 to File Claims
SCOTTISH RE: Rejects Brandes Investment's Proposal
SCOTTISH RE: Won't Remarket HyCUs Convertible Preferred Shares

SENDAI FUNDING: Proofs of Claim Must be Filed by Jan. 30
SIGNUM ASPECT: Last Day for Proofs of Claim Filing Is Jan. 30
SIGNUM DAMASK: Proofs of Claim Filing Is Until Jan. 30
SLC FUNDING: Creditors Must File Proofs of Claim by Jan. 30
SOLON SECURITIES: Last Day to File Proofs of Claim Is on Jan. 30

STONE TOWER: Calls Shareholders for Final Meeting on Jan. 30
SUTTER CBO: Last Day for Proofs of Claim Filing Is Jan. 30
SUTTER REAL: Filing of Proofs of Claim Is Until Jan. 30
TSF NO.4: Creditors Have Until Jan. 30 to File Proofs of Claim
WIZARD FINANCE: Claims Filing Deadline Is on Jan. 30

YELLOW HAMMER: Proofs of Claim Filing Is Until Jan. 30

C H I L E

ARAMARK CORP: Investor Group Completes Merger with Firm
ROCK-TENN: Declares 11% Class A Common Stock Dividend Increase

C O L O M B I A

NOVELL INC: Receives NASDAQ Notice of Non-Compliance

C O S T A   R I C A

COVANTA HOLDING: Prices US$325MM Senior Convertible Debentures

C U B A

* CUBA: CVG Telecom to Install Fiber Optic Cable to Nation

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Special Transactions Spur Withdrawals
FREESTAR: Names J.E. Perez as Rahaxi Processing Managing Dir.

E C U A D O R

BANCO DEL PICHINCHA: Sister Firm Seeking to Boost Sales

* ECUADOR: Banana Exports Drop on NEW EU Tariff System

G U A T E M A L A

BRITISH AIRWAYS: Fails to Reach Agreement with Union

G U Y A N A

* GUYANA: IDB Discusses Terms for Debt Cancellation

H A I T I

* HAITI: IDB Discusses Terms for Debt Cancellation

H O N D U R A S

* HONDURAS: IDB Discusses Terms for Debt Cancellation

J A M A I C A

DIGICEL LTD: Launches Mobile Television Service in Jamaica
GOODYEAR TIRE: Fire at Warehouse Won't Hurt Firm's Performance
KAISER ALUMINUM: Prices Stock Offering at US$61.25 Per Share
NATIONAL COMMERCIAL: Desmond Blades Resigns from Firm's Board
NATIONAL COMMERCIAL: Posts US$1.5B First Quarter Net Profit

M E X I C O

ADVANCED MARKETING: Asks Court to Set Reclamation Claims Process
ALASKA AIR: Incurs US$52.6 Million Net Loss in 2006
CHEMTURA CORP: Names Edward P. Garden to Board of Directors
FORD MOTOR: Exec Bonuses May Hamper Cost-Cutting Deal with Union
GENERAL MOTORS: GMAC's Mortgage Risks May Hit GM, Analysts Say

GENERAL MOTORS: Plans to Sell Allison Transmission to Cut Costs
GENERAL MOTORS: Recalls 100,000 Chevrolet Cobalt Small Sedans
GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings
GRUPO MEXICO: Posts US$447.3MM Fourth Quarter 2006 Net Profit
HC CARRIBEAN: Must File Plan & Disclosure Statement by March 15

NORTEL NETWORKS: Ontario Court Approves US$2.5-Bil. Settlement
VALASSIS COMMS: Names Rob Mason as President of ADVO Inc.

N I C A R A G U A

* NICARAGUA: Launching Power Plants Supplied by Venezuela
* NICARAGUA: Paying US$100 Million of Domestic Debt in February
* NICARAGUA: IDB Discusses Terms for Debt Cancellation

P A N A M A

CABLE & WIRELESS: Philip Green Sells 250,000 Ordinary Shares

P E R U

* PERU: IMF Approves US$258-Million Stand-By Arrangement

P U E R T O   R I C O

ADELPHIA COM: Court Okays Stipulation Resolving FPL Note Claims
ADELPHIA COM: Court OKs Stipulation Resolving U.S. Bank's Claims
BURGER KING: Retiring Additional US$25-Million Debt Today
COOPER COS: Discloses Proposed US$1 Billion Refinancing
GLOBAL HOME: Judge Gross Extends Exclusivity Period to April 5

GLOBAL HOME: Taps Johnson Associates as Compensation Advisor
GLOBAL HOME: Asks Until July 15 to Remove State Court Civil Case
OCA INC: Court Confirms Plan of Reorganization

T R I N I D A D   &   T O B A G O

MIRANT CORP: Mirant Lovett Wants More Time to File Plan

U R U G U A Y

DISCOUNT BANK: Vasco Data Deploys Banking Security System

V E N E Z U E L A

AMERICAN COMMERCIAL: Launches Environmental Consulting Service
ARVINMERITOR INC: Shareholders Elect New Board Members
ARVINMERITOR INC: Declares US$0.10 Per Share Quarterly Dividend

* VENEZUELA: State Telco to Install Fiber Optic Cable to Cuba
* VENEZUELA: Will Pay Reasonable Price for Cantv
* NASDAQ: LSE Fails to Contact Board for Recommended Transaction
* NASDAQ STOCK: Extends LSE Final Offer Expiration Until Feb. 10
* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


ACXIOM CORP: Renews Information Agreement Pact with Affinity
------------------------------------------------------------
Acxiom Corp. renewed a five-year agreement to provide a full
suite of information management solutions to Affinity Group,
Inc.

Acxiom began working with Affinity Group in 2002 to help create
a database marketing solution using analytical tools and methods
to better understand its prospects and customers, including a
state-of-the-art, customized customer marketing database.
Affinity Group has used the database to promote its various
outdoor clubs, to sell its outdoor products and services and to
sell its numerous publications.

"We're excited to continue our strong business relationship with
Affinity Group," said Greg Hogue, Industry Executive for
Acxiom's Travel & Entertainment group.  "With this new
agreement, we'll be working even closer with Affinity Group to
help them better understand, reach and serve their valuable and
important customers throughout North America."

Affinity Group will utilize Acxiom CDI (customer data
integration), AbiliTec and database management services in
managing and updating its 20-million customer database.

"By pairing Acxiom's world-class information solutions with
Affinity Group's strategic vision and loyal customer base, we'll
see new and exciting opportunities in product development,
cross-selling and up-selling and in the development of new
channels for Affinity Group's lifestyle focus," said Mr. Hogue.

"Acxiom is a trusted business partner and an industry leader in
helping companies like Affinity Group, Inc. convert information
into intelligent business solutions," said Prabhuling Patel,
Senior Vice President, Products & Services for Affinity Group,
Inc.  "There's no doubt that the Acxiom team has contributed
greatly to our company's success, and we're proud to extend and
enhance our productive business relationship."

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM) --
http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 6, 2006,
its loan and recovery ratings to Little Rock, Arkansas-based
Acxiom Corp.'s proposed US$800 million secured first-lien
financing.  The first-lien facilities consist of a US$200
million revolving credit facility and a US$600 million term
loan.  They are rated 'BB' with a recovery rating of '2'.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Acxiom
Corp.'s US$800 million senior secured credit facilities, while
affirming its corporate family rating of Ba2.  Moody's said the
rating outlook is stable.


BANCO DE GALICIA: CNV Initiates Investigation Against Firm
----------------------------------------------------------
The Comision Nacional de Valores or CNV of the Republic of
Argentina notified Grupo Financiero Galicia S.A. on
Jan. 18, 2007, of the passage of Resolution No. 15.557 dated
Jan. 11, 2007, regarding the initiation of investigation
proceedings by the Commission against the company, the members
of the board of directors of the company, the members of the
supervisory committee of the company and Banco de Galicia y
Buenos Aires S.A., the main subsidiary of the company, the
members of its board of directors and the members of its
supervisory committee.

Under the Resolution, the Commission has ordered the
commencement of an investigation, with respect to the entities
and persons noted above, with respect to potential violations of
various regulations relating to possible wrong use of
information and the possible insufficient disclosure of
information, in each case, relating to the open market purchases
and sales by the company of notes due 2014 and 2019 held by the
company and issued by the Bank.

Both the company and the Bank believe that the investigation
initiated by the Commission is not supportable by the facts and
that all actions taken by the company, the Bank, their
respective directors and supervisory committee members with
respect to the Purchase and Sale were in accordance with law and
all applicable regulations.  The company believes that the
Commission has made an erroneous interpretation of the
transactions contemplated by the Purchase and Sale, which were
duly informed to the market and the Commission as required and
in accordance with applicable law and regulations.

The company does not believe that these proceedings will have
any material adverse effect on its financial condition or on its
operations or business.  The company intends to promptly respond
to the Commission's pleadings, provide an explanation of the
transactions that are the subject of the investigation and
demonstrate the proper compliance by the company, the Bank,
their directors supervisory committee members with all the
applicable laws and regulations, while vigorously defending its
rights.  The company has until Feb. 14, 2007, to respond to the
Commission's pleadings.  The board of directors regrets not to
have had the chance to provide an explanation of the facts
before the decision of the Commission was taken.

Headquartered in Buenos Aires, Argentina, Banco de Galicia y
Buenos Aires SA -- http://www.e-galicia.com/-- is an
Argentinean private bank that is engaged in commercial banking,
providing general banking services to large corporations, small
and medium-sized companies, agricultural and cattle farms and
individuals.  The company controls an extensive and diverse
network of subsidiaries, which include Banco Galicia Uruguay SA,
Galicia Capital Markets SA, Galicia Factoring y Leasing SA, Agro
Galicia SA, Galicia Administradora de Fondos SA, Galicia Valores
SA, Galicia Warrants SA, Net Investments SA, Sudamericana
Holding SA and Tarjetas Regionales SA.  Through its subsidiaries
the company offers accounting, investment and insurance
services, loans, checks and debit and credit cards.  It also
finances the development of real estate, acts as a fiduciary and
leases properties to interested parties.  It operates over 400
branches across the country and provides e-banking services to
customers via its Internet site.

                        *    *    *

As reported on Apr. 12, 2006, the Argentine arm of Standard &
Poor's assigned these ratings to Banco de Galicia y Buenos
Aires' debts:

   -- Obligaciones negociables, series 6, emitted on July 19,
      2002 for US$73,000,000, emitted under the program for
      US$1000 million

      * Last due: Aug. 3, 2007
      * Rate: raA

   -- Obligaciones Negociables, class 7 for US$43,000,000,
      included under the US$1000 million program

      * Last due: Aug. 3, 2007
      * Rate: raA

   -- Program of obligaciones negociables, media term, for
      US$2,000,000,000

      * Rate: raA

   -- Obligaciones Negociables simples 8-11-93, for
      US$21,400,000

      * Last due: Nov. 1, 2004
      * Rate: raD

   -- Obligaciones negociables simples for US$21,400,000

      * Last due: Nov. 1, 2004
      * Rate: raD

   -- Obligaciones Negociables emitted for US$9,000,000,
      included under the US$1000 million program.

      * Last due: Dec. 20, 2005
      * Rate: raD


CARROTS SA: Last Day for Claims Verification Is on March 14
-----------------------------------------------------------
Francisco Malsenido, the court-appointed trustee for Carrots
SA's reorganization proceeding, will verify creditors' proofs of
claim until March 14, 2007.

Ms. Malsenido will present the validated claims in court as
individual reports on April 25, 2007.  A court in Buenos Aires
will then determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Carrots SA and its creditors.

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

A general report that contains an audit of Carrots SA's
accounting and banking records will follow on June 11, 2007.

The trustee can be reached at:

          Francisco Malsenido
          Calle 28 Numero 518 Mercedes
          Buenos Aires, Argentina


GC IMPSAT: Commences US$200 Million Senior Notes Offering
---------------------------------------------------------
Global Crossing Limited's wholly owned indirect subsidiary, GC
Impsat Holdings I Plc, is offering approximately US$200 million
of its senior notes due 2017.  The proceeds of the offering will
be used to finance a portion of the purchase price (including
the repayment of indebtedness) of Global Crossing's proposed
acquisition of Impsat Fiber Networks, Inc.

IMPSAT Fiber Networks Inc. -- http://www.impsat.com/-- provides
private telecommunications networks and Internet services in
Latin America.  The company owns and operates 15 metropolitan
area networks in some of the largest cities in Latin America and
have 15 facilities to provide hosting services, providing
services to more than 4,500 national and multinational clients.
IMPSAT has operations in Argentina, Colombia, Brazil, Venezuela,
Ecuador, Chile, Peru and the United States.

                        *    *    *

Moody's Investors Service assigned on Jan. 26, 2007, a B3
corporate family rating to GC Impsat Holdings I Plc with a
stable outlook.  The rating agency also assigned a B3 rating to
the proposed US$200 million senior unsecured note issuance.


GC IMPSAT: Moody's Assigns B3 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
to GC Impsat Holdings I Plc with a stable outlook.  The rating
agency also assigned a B3 rating to the proposed US$200 million
senior unsecured note issuance.  The proceeds of the notes will
be used to fund a portion of the roughly US$367 million of total
funding required to consummate the purchase of Impsat Fiber
Networks by Global Crossing, Ltd.

The ratings reflect GC Impsat's exposure to heavy competition
from large incumbent telecommunications providers in the
company's Latin American territories and the company's
relatively weak financial metrics.  In addition, the ratings
reflect the political risks inherent in operating in Pan-Latin
American countries, along with exchange rate risks.

GC Impsat's revenues may be exposed to adverse movements of
local currencies, while a significant portion of the company's
costs -- such as lease payments for satellite and fiber optic
capacity, purchases of capital equipment, and the debt servicing
costs -- will be denominated in U.S. dollars.  The rating is
supported by Moody's expectations that the company will improve
its operating performance driven by realization of cost
synergies and the ownership by Global Crossing.

Moody's has taken these rating actions:

GC Impsat Holdings I Plc:

   -- Corporate Family Rating: Assigned B3
   -- US$200 million Senior Unsecured Notes: Assigned B3; and
   -- Outlook: Stable.

The stable outlook reflects Moody's expectation that despite the
highly competitive operating environment, the company will
improve its financial profile supported by its contract-based
revenues and the realization of cost synergies with its parent
company.

Impsat Fiber Networks, Inc., headquartered in Buenos Aires,
Argentina, is a leading provider of private telecommunications
network and Internet services in Latin America. Global Crossing
provides telecommunications solutions over an integrated global
IP-based network. The company is based in Bermuda.


HUNTSMAN CORP: UK Unit Completes US$685-Mln Equity Sale to SABIC
----------------------------------------------------------------
Huntsman Petrochemicals (U.K.) Holdings, a subsidiary of
Huntsman Corp., completed a sale of all its outstanding equity
interests to SABIC (U.K.) Petrochemicals Holdings Ltd., for
US$685 million in cash plus the assumption by SABIC (U.K.) of
around US$126 million in unfunded pension liabilities.

The sale was completed on Dec. 29, 2006, with Huntsman
International LLC serving as guarantor for Huntsman
Petrochemicals, and SABIC Europe B.V., as guarantor for SABIC
(U.K.).

The final purchase price is subject to adjustments relating to
working capital, investment in Huntsman's LDPE plant currently
under construction in Wilton and unfunded pension liabilities.

Each of Huntsman Petrochemicals (U.K.) Ltd., Huntsman
Petrochemicals (U.K.) Holdings and Huntsman International LLC is
a wholly owned subsidiary of Huntsman Corp.  As a result of this
transaction, SABIC has acquired Huntsman's European base
chemicals and polymers business.  The transaction did not
include Huntsman's Teesside-based Pigments division or the
Wilton-based aniline and nitrobenzene operations of its
Polyurethanes division.

                        About Huntsman

Huntsman Corp. -- http://www.huntsman.com/-- manufactures and
markets differentiated and commodity chemicals.  Its operating
companies manufacture products for a variety of global
industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care, detergent, personal care,
furniture, appliances and packaging.  The company maintains
operations in Argentina, Australia, Brazil, China, Germany, and
the United Kingdom, among others.

                        *     *     *

As reported on Jan. 16, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-' corporate credit rating and other ratings on
Salt Lake City, Utah-based chemicals producer Huntsman Corp. and
its subsidiary Huntsman International LLC.

As reported on Nov. 2, 2006, Moody's Investors Service assigned
a B3 rating to Huntsman International's proposed US$400 million
senior subordinated notes.  Moody's also assigned Loss Given
Default Assessment of LGD6 to these notes in accordance with its
Loss-Given-Default rating methodology that was initially
implemented at the end of September 2006.


TELEFONICA DE ARGENTINA: Inks Telecom Contract with Aerolineas
--------------------------------------------------------------
Telefonica de Argentina said in a statement that it has won a
contract to provide telecommunication services to Aerolineas
Argentinas.

Business News Americas relates that Telefonica de Argentina,
through its corporate services unit Telefonica Empresas, will
provide Aerolineas Argentinas with an Internet protocol network
interconnecting its global sales points and offices in airports.

According to BNamericas, the multi-protocol label-switching
network will connect 38 Aerolineas Argentinas offices in 18
nations in:

          -- Latin America,
          -- North America,
          -- Europe, and
          -- Asia.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating).  The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.


* ARGENTINA: Paris Club Denies Getting Debt Restructuring Offer
---------------------------------------------------------------
A Canadian official contradicted the Argentine government's
statement that it has sent a restructuring proposal for its
US$6.3 billion debt to the Paris Club on December, The
News-International reports.

Argentina's Economy Minister Felisa Miceli said in a statement
that she had sent a proposal to the Paris Club on December 2006
and a department spokesman confirmed that the minister was
already in talks with ambassadors of the creditor nations.

According to the same report, a source from Paris Club denied
Minister Miceli's statement and an official in Canada's
Department of Finance confirmed the source's claim saying, "The
Paris Club has not received any official proposals from
Argentina on the restructuring of its debt."  The official
added, "We do not have any indication from Argentina of when
such a proposal could be made."

Of Argentina's total debt:

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

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

Reports from Argentine media said, citing an official document
that the government proposed to pay off its debt by 2017 at an
interest rate of 1 percentage point over LIBOR rates.  Details
on the offer were not disclosed.

                        *    *    *

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


BRITISH WEST: Barbados Stock Exchange De-Listing Firm's Shares
--------------------------------------------------------------
The removal of British West Indies Airlines aka BWIA from the
Barbados Stock Exchange has received approval from the latter's
directors, the Caribbean Broadcasting Corp. reports, citing the
Malon Yarde, the stock exchange's general manager.

CBC relates that the stock exchange still needs a de-listing
order from the securities commission as required under the
securities act 2001.

Mr. Yarde told CBC that after the stock exchange gets the
commission's authorization, BWIA will be delisted.

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2007, the Trinidad and Tobago Securities and Exchange
Commission authorized the Trinidad and Tobago Stock Exchange to
de-list the shares of BWIA.

British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline had reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management was a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and reopen
the Caribbean Airlines.




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


GLOBAL CROSSING: Issuing US$200 Million in Senior Notes Due 2017
----------------------------------------------------------------
Global Crossing Ltd. said in a statement that it will offer
almost US$200 million in senior notes due 2017 to be issued
through an indirect subsidiary, GC Impsat Holdings I.

Business News Americas relates that the proceeds of the offering
will be used to fund a portion of Global Crossing's proposed
acquisition of Impsat Fiber Networks Inc.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2007, Impsat Fiber shareholders approved Global
Crossing's proposed acquisition for US$9.32 in cash for each
share of Impsat Fiber common stock.  The proposed acquisition
represents a total equity value of approximately $95 million and
includes Global Crossing's assumption, refinancing and repayment
of Impsat Fiber's debt, which was approximately US$222 million
as of Sept. 30, 2006.

Impsat Fiber's merger with Global Crossing will be finalized in
the first quarter of this year, after some regulatory approvals,
BNamericas states.

                About IMPSAT Fiber Networks

IMPSAT Fiber Networks Inc. -- http://www.impsat.com/-- provides
private telecommunications networks and Internet services in
Latin America.  The company owns and operates 15 metropolitan
area networks in some of the largest cities in Latin America and
have 15 facilities to provide hosting services, providing
services to more than 4,500 national and multinational clients.
IMPSAT has operations in Argentina, Colombia, Brazil, Venezuela,
Ecuador, Chile, Peru and the United States.

                   About Global Crossing

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

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
showed a US$131 million stockholders' deficit, compared to a
US$173 million stockholders' deficit at Dec. 31, 2005.


IPC HOLDINGS: Declares Dividend on Series A Mandatory Shares
------------------------------------------------------------
IPC Holdings, Ltd.'s board of directors declared a dividend of
US$0.475781 per share on the company's 7.25% Series A Mandatory
Convertible Preferred Shares, payable on Feb. 15, 2007, to
shareholders of record on Jan. 31, 2007.

IPC Holdings, Ltd., through its wholly owned subsidiary IPCRe
Limited, provides property catastrophe reinsurance and, to a
limited extent, aviation, property-per-risk excess and other
short-tail reinsurance on a worldwide basis.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 6, 2006,
A.M. Best Co. has affirmed the financial strength rating of A
and the issuer credit ratings of "a" for the reinsurance
subsidiaries of IPC Holdings Ltd.  These affirmations apply to
IPCRe Limited and IPCRe Europe Limited.  A.M. Best has also
affirmed the ICR of "bbb", the debt rating of "bb+" on US$236.25
million 7.25% mandatory convertible preferred stock, due 2008
and the indicative ratings for securities available under shelf
registration for IPCRe.  AM Best said the outlook for all
ratings is stable.


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

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

The liquidator can be reached at:

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




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


MERCANTIL SANTA CRUZ: Posts BOB145 Million 2006 Net Profits
-----------------------------------------------------------
Banco Mercantil Santa Cruz's net profits increased 75% to BOB145
million in 2006, compared with 2005, Business News Americas
reports.

BNamericas relates that Mercantil Santa Cruz's performing loans
rose 59% to BOB4.38 billion at the end of 2006, compared with
the same time in 2005.  Its deposits grew 76% to BOB6.69
billion.

Mercantil Santa Cruz's assets increased 72% to BOB8.13 billion
at the end of 2006, compared with the same time in 2005.
Shareholder equity rose 15% to BOB624 million, BNamericas
states.

Banco Mercantil Santa Cruz is the resulting entity of the merger
between Bolivia's second biggest bank Banco Mercantil and Banco
Santa Cruz.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's Investors Service upgraded the bank
financial strength rating of Banco Mercantil Santa Cruz SA, to
E+ from E and assigned a positive outlook to this rating.

Banks rated E display very modest intrinsic financial strength,
with a higher likelihood of periodic outside support or an
eventual need for outside assistance.  One or more of these
factors may limit this institution:

          -- a weak and limited business franchise;

          -- financial fundamentals that are materially
             deficient in one or more respects; and

          -- a highly unpredictable or unstable operating
             environment.


* BOLIVIA: Juan Carlos Ortiz Resigning as State Firm's Head
-----------------------------------------------------------
Juan Carlos Ortiz told BBC News that he is resigning as the
chief of state energy firm Yacimientos Petroliferos Bolivianos.

According to BBC News, Mr. Ortiz is the second Yacimientos
Petroliferos head to resign since Bolivian President Evo Morales
nationalized the nation's gas industry.  Jorge Alvarado, the
firm's head before Mr. Ortiz, had resigned over corruption
allegations.

Mr. Ortiz explained to BBC News that he had disagreed with the
government about Yacimientos Petroliferos' future.

"I have my own vision and what I've done is defend it when I
believe I'm right," Mr. Ortiz told the press.

BBC News relates that Mr. Ortiz was appointed in August 2006.
He was allegedly given the task of smoothing relations with
Brazil, Bolivia's largest customer for natural gas.

President Morales wanted to boost the cost per cubic meter of
natural gas from US$4 to US$5.  He said that Bolivia can no
longer continue subsidizing natural gas to Brazil, BBC News
states.

                        *    *    *

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


* BOLIVIA: IDB Discusses Terms for Debt Cancellation
----------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank discussed terms for granting debt relief to
Bolivia, Guyana, Haiti, Honduras and Nicaragua.

As a result of a meeting held in Amsterdam the Committee, a
working group of the Board of Governors, proposed technical
mechanisms for canceling the balances of loans from the Fund for
Special Operations outstanding on Dec. 31, 2004, for those five
countries.

The Committee's recommendations must be ratified by vote by the
IDB's 47 member countries.  Prior to that, the IDB Board of
Executive Directors must approve a reform proposal presented by
management on the future operation of the FSO, the Bank's
concessional lending window.

                        *    *    *

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
===========


BANCO BMC: Acquisition Adding BRL100MM to Bradesco Net Profits
--------------------------------------------------------------
The purchase of Banco BMC by Banco Bradesco SA will likely add
around BRL100 million to the latter's net profits in 2007,
Business News Americas reports, citing Banco Bradesco's investor
relations manager Milton Vargas.

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Banco Bradesco signed a "Private Instrument for
Commitment of Merger of Stocks and Other Covenants," with the
controlling stockholders of Banco BMC for the acquisition of the
latter and its subsidiaries BMC Asset Management Ltda. --
Distribuidora de Titulos e Valores Mobiliarios, BMC Previdencia
Privada SA and Credicerto Promotora de Vendas Ltda.

Banco Bradesco's chief executive officer Marcio Cypriano told
BNamericas that the bank expects to write off the goodwill
amortization charges this year.

The Banco BMC acquisition will bring Banco Bradesco's payroll
and retirement loan portfolio to BRL4.00 billion, with BRL2.30
billion coming from Banco Bradesco and Banco BMC and the rest
from other loan books acquired in the past by Banco Bradesco,
BNamericas says, citing Mr. Cypriano.

Mr. Vargas told BNamericas that Banco BMC's pro forma profits
were around BRL70 million in the past few years.

According to BNamericas, retirement loans accounted for 58% of
Banco BMC's BRL2.00-billion loan portfolio in September 2006.
Vehicle financing operations represented 18% and commercial
lending to small and medium-sized enterprises was 24%.

Maria Laura Pessoa, an analyst with Banco Fator, told BNamericas
that the Banco BMC acquisition positive, saying that Banco
Bradesco would benefit from Banco BMC's expertise in the payroll
loan segment.

Ms. Pessoa said in a report that the acquisition will also help
Banco Bradesco make cross sales to non-account holders.

BNamericas emphasizes that payroll and retirement loans have
lower default risks, as loan payments are deducted directly from
paychecks or from benefit checks from the INSS federal social
security system for private sector workers.

The report says that about 90% of Banco Bradesco's and 70% of
Banco BMC's payroll and retirement loans are through INSS.

Banco BMC was Brazil's 36th largest bank with BRL2.35 billion in
total assets in the third quarter of 2006.  Meanwhile, Banco
Bradesco is Brazil's largest private sector bank with BRL243
billion in total banking and non-banking assets at in September
2006, BNamericas states.

                    About Banco Bradesco

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 30, 2006,
Moody's Investors Service assigned a bank financial strength
rating of D- to Banco BMC S.A.  Moody's also assigned long- and
short-term foreign- and local-currency deposit ratings of Ba3
and Not Prime, and long- and short-term Brazil national scale
deposit ratings of A3.br and BR-2.  Moody's said the outlook on
all these ratings are stable.


BANCO BMC: Moody's Reviews Ratings for Possible Upgrade
-------------------------------------------------------
Moody's Investors Service placed the ratings of Banco BMC SA
under review for possible upgrade.  These ratings were affected
by this action:

   -- D- bank financial strength;
   -- Ba3/Not Prime global local-currency deposit ratings; and
   -- A3.br/BR-2 Brazil national scale deposit ratings.

Moody's also affirmed BMC's foreign-currency deposit ratings of
Ba3/Not-Prime, with a stable outlook as they are constrained by
the Brazilian country ceiling for deposits.

The rating actions follow the announcement that BMC has signed
an agreement with Banco Bradesco SA to sell 100% of its
outstanding shares valued at R$800 million in an all-stock
transaction.  The deal amounts to approximately 0.94% of Banco
Bradesco's equity, and includes all of Banco BMC's subsidiaries.
The acquisition is subject to a due diligence that will be
concluded during the first half of 2007, as well as to approval
by relevant authorities.

Moody's said that Banco BMC's well-established position in
payroll lending -- where it ranks as the fourth largest
originator of such loans -- should add to Banco Bradesco's
product platform by enhancing its presence in this lucrative and
high-growth segment of consumer lending.

Moody's noted that placing Banco BMC's ratings on review for
possible upgrade reflects the potential benefits of being part
of a large, more diversified, and more highly-rated financial
conglomerate.  The ratings agency said its review will focus on
the benefits to BMC resulting from its expected access to
Bradesco's much less expensive funding sources in order to
expand its operations, as well as from potential cost and
product synergies.

As of September 2006, Banco BMC had total assets of
approximately BRl$2.34 billion and equity of BRL$278million.

These ratings were placed on review for possible upgrade:

   -- Bank Financial Strength Rating: D-;

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

   -- Long- and short-term National Scale Ratings: A3.br / BR-2.

This rating was affirmed:

   -- Long- and short-term foreign currency deposit ratings:
      Ba3/Not-Prime, with stable outlook


BANCO BRADESCO: Banco BMC Buy Will Add BRL100MM to Net Profits
--------------------------------------------------------------
Banco Bradesco SA's investor relations manager Milton Vargas
said in a conference call that the bank's purchase of Banco BMC
will likely add around BRL100 million to net profits in 2007,
Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Banco Bradesco signed a "Private Instrument for
Commitment of Merger of Stocks and Other Covenants," with the
controlling stockholders of Banco BMC for the acquisition of the
latter and its subsidiaries BMC Asset Management Ltda. --
Distribuidora de Titulos e Valores Mobiliarios, BMC Previdencia
Privada SA and Credicerto Promotora de Vendas Ltda.

Banco Bradesco's chief executive officer Marcio Cypriano told
BNamericas that the bank expects to write off the goodwill
amortization charges this year.

The Banco BMC acquisition will bring Banco Bradesco's payroll
and retirement loan portfolio to BRL4.00 billion, with BRL2.30
billion coming from Banco Bradesco and Banco BMC and the rest
from other loan books acquired in the past by Banco Bradesco,
BNamericas says, citing Mr. Cypriano.

Mr. Vargas told BNamericas that Banco BMC's pro forma profits
were around BRL70 million in the past few years.

According to BNamericas, retirement loans accounted for 58% of
Banco BMC's BRL2.00-billion loan portfolio in September 2006.
Vehicle financing operations represented 18% and commercial
lending to small and medium-sized enterprises was 24%.

Maria Laura Pessoa, an analyst with Banco Fator, told BNamericas
that the Banco BMC acquisition positive, saying that Banco
Bradesco would benefit from Banco BMC's expertise in the payroll
loan segment.

Ms. Pessoa said in a report that the acquisition will also help
Banco Bradesco make cross sales to non-account holders.

BNamericas emphasizes that payroll and retirement loans have
lower default risks, as loan payments are deducted directly from
paychecks or from benefit checks from the INSS federal social
security system for private sector workers.

The report says that about 90% of Banco Bradesco's and 70% of
Banco BMC's payroll and retirement loans are through INSS.

Banco BMC was Brazil's 36th largest bank with BRL2.35 billion in
total assets in the third quarter of 2006.  Meanwhile, Banco
Bradesco is Brazil's largest private sector bank with BRL243
billion in total banking and non-banking assets at in September
2006, BNamericas states.

                    About Banco Bradesco

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

                        *    *    *

Fitch Ratings upgraded Banco Bradesco S.A.'s short-term local
currency rating to 'F3' from 'B.'

Fitch has also taken these rating actions on Banco Bradesco:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

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

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.

As reported on Nov. 30, 2006, Moody's Investors Service upgraded
these ratings of Banco Bradesco SA:

   -- long-term foreign currency deposits to Ba3 from B1; and

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

Moody's said the ratings outlook is stable.


BANCO DO BRASIL: Works with Banif to Offer Home & Auto Loans
------------------------------------------------------------
Banco do Brasil has signed an accord with Portuguese financial
group Banif to offer home and auto loans to Brazilian citizens
living in Portugal, Business News Americas reports.

Brazilians can now use Banif's 200 branches in Portugal to send
remittances to Banco do Brasil branches in Brazil, the latter
said in a statement.

                         About Banif

Banif SGPS, SA, is a Portuguese banking services group based in
Funchal.  Its prime activities deal with the retail of banking
products and services.  The company operates in10 international
locations including, locations in Canada, the United States, the
Cayman Islands, Brazil, Caracas, Portugal, Mexico, the United
Kingdom, South Africa, main land Portugal as well as the island
of Funchal.  Their presence in the United States under the
subsidiary Banif Mortgage Company is used to explore
opportunities in the property loans market.  Their clients
include emigrants, private bankers, business bankers, and
international bankers.  The company has also developed a Web-
based application with Internet banking capabilities named
Banif@st

                    About Banco do Brasil

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

                        *    *    *

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


BANCO NACIONAL: Approves Credit Cost Reduction to Infrastructure
----------------------------------------------------------------
As a part of the Growth Acceleration Program or PAC, Banco
Nacional Desenvolvimento Economico e Social aka BNDES approved
the reduction of basic spreads to sectors of:

   -- energy generation, transmission and distribution;
   -- gas production and distribution;
   -- railroad;
   -- ports;
   -- airports;
   -- roads;
   -- sanitation; and
   -- urban transportation.

With this initiative, basic spreads will be, in average, 60%
inferior to the ones of 2005.  It is the second drop of spreads
carried out by BNDES in last two years, the first one was in the
beginning of 2006 that aimed at spurring investments in
Brazilian economy.  BNDES' total loan cost is comprised by the
Long-Term Interest Rate or TJLP plus the basic and risk spreads.

                     BNDES Basic Spread

With the above spread reduction, BNDES will contribute to the
financing of an expressive part of the investments forecast in
PAC.  BNDES has, nowadays, a portfolio amounting BRL90 billion
in infrastructure projects.  Out of this total, BRL10.7 billion
are projects already approved by BNDES, of which BRL4.3 billion
is allocated to Electrical Energy, BRL4 billion in Logistics and
BRL2.4 billion in Urban Development.

Especially for generation structuring projects -- hydroelectric
plants whose power is superior to 2 thousand MW, in average --
BNDES has taken additional steps to assure the energy supply
that supports the economic growth and tariff modicity:

   1. Special reduction in basic spread of 1.5% p.a. to only
      0.5% p.a. (an 80% drop), which minimizes the cost effect
      over tariffs;

   2. Increase of the total term of financing amortization from
      14 years to over 20 years for projects of hydroelectric
      plants whose power is superior to 1,000 MW.  It is the
      longest term ever practiced to the financing of an energy
      generation work in Brazil, thereby surpassing the 20 years
      granted in Itaipu financing (1978 to 1998).  The
      amortization term to projects, which are below 1,000 MW
      goes from 14 to 16 years.

   3. Financing in the project finance modality, it is exempted
      from entrepreneurs' corporate guarantees to the financing.
      That is, the financings will have, as a support,
      contracts of energy sales and risk mitigation insurances
      aiming at assuring the conclusion of the work, which are
      typical from the project finance.  This modality will
      enable private groups to endeavor works without
      encumbering their balances with financial debts.

Jointly, the steps expand the universe of potential interested
parties in the infrastructure projects, which enable the
reduction in tariffs of new energy projects in relation to the
conditions in force in 2005. These steps also aim at spurring
investments in large-sized projects.

Among the works which will be financed by BNDES' special spread
and project finance modality are the hydroelectric plants of
Santo Antonio and Jirau, in Rio Madeira, and the hydroelectric
plant of Belo Monte, in the Xingu River.  These projects will
increase the energy supply by 12,000 MW, which will represent
15% of the installed generation complex in Brazil.

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

                        *    *    *

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

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

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


BANCO NACIONAL: Grants US$70MM Financing to Rebras Rebocadores
--------------------------------------------------------------
Banco Nacional Desenvolvimento Economico e Social aka BNDES
approved a US$70 million financing for Rebras Rebocadores do
Brasil S.A. to acquire 18 tugboats.  Out of the total financing,
US$54.4 million will be transferred directly by BNDES and
US$15.6 million will be transferred through the Caterpillar
Financial S.A.  BNDES's share corresponds to 87% of the total
investment equivalent to US$80.3 million.

The new boats will be constructed by Detroit Brasil Ltda, which
is located in Itajai.

The project will generate 610 direct jobs, and out of this
total, 250 will be for shipyard construction, which is
forecasted to be completed by 2008, and 360 for boat operations.
Besides the direct jobs, about 200 people will be hired for the
construction of part of the hull structures.

The new tugboats have fire fighting system and a state-of-the-
art azimuthal propulsion that enables a higher performance in
maneuvers and agility in operations of docking and undocking of
ships.

Out of the 18 tugboats to be constructed, six will be directed
to the operations of port and ocean towing, docking and
undocking of small, middle and large-sized ships, help and
rescue, fire and environmental accidents caused by oil leakage
in the sea.

The remaining 12 boats will be directed exclusively to docking
and undocking operations of small, middle and large-sized ships.

Rebras Rebocadores do Brasil is a Brazilian navigation
enterprise, which started its operations in 2004.  The company
has as its partner, Smit International Overseas B.V., a Dutch
enterprise that operates roughly 400 boats in over 30 countries,
including Holland, Argentina, Canada, Mexico, Panama, Nigeria,
the United States of America and South Africa.

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/--


COMPANHIA SIDERURGICA: Assures of Iron Ore Supply from Pedra
------------------------------------------------------------
Companhia Siderurgica Nacional dismissed reports that Companhia
Vale do Rio Doce could present a challenge over its Casa de
Pedra iron ore production.

Companhia Vale, a former Companhia Siderurgica subsidiary, has
right of first refusal on any ore produced at Casa de Pedra
beyond Siderurgica's consumption, The Financial Times reports.

Companhia Vale, Corus' main iron ore supplier, said in an
interview with FT last week, that it would question its former
parent's right to provide Corus with iron ore from Case de
Pedra.  In response to that statement, Companhia Siderurgica's
director of mining, Juarez Salipa, told FT that their contract
is clear: CVRD's right does not apply to iron ore "used in the
production of steel by CSN at [its existing steel mill] or at
other units owned by CSN or by companies controlled by CSN."

Companhia Vale previously chose not to exercise its right when
its former parent has sold to other Brazilian steelmakers.  But
when Companhia Siderurgica obtained an order for 5-million tons
per year for over 10.5 years from Mistubishi Materials,
Companhia Vale stepped in and bought the ore for itself, FT
relates.

Companhia Siderurgica's ability to supply Corus plays a major
role in its bid to acquire the Anglo-Dutch steelmaker.  The
Brazilian firm will face Tata Steel of India in today's nine-
round auction.

                      About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                     About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

                 About Companhia Siderurgica

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *    *    *

As reported on Nov. 21, 2006, Standard & Poor's Ratings Services
placed its 'BB' corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional on Credit Watch with
negative implications after the company announced its intention
to acquire Corus Group Plc.


COMPANHIA SIDERURGICA: Faces Tata Steel in Final Corus Auction
--------------------------------------------------------------
Brazilian Companhia Siderurgica Nacional faces Indian Tata Steel
in today's final auction for control of Anglo-Dutch steelmaker
Corus Group PLC.

The U.K. Takeover Panel said in reports that the final takeover
battle for Corus will start at 4:30 p.m. and will consist of up
to nine rounds of bidding, where bids are raised by a minimum of
five pence.  If the bidding reaches the ninth round, the bidders
will have the option of either making a final cash offer or of
making an offer and stating that if the rival bid is higher,
they will exceed it by a certain amount -- but they must state
the maximum price they are prepared to offer, The Wall Street
Journal relates.

Companhia Siderurgica and Tata Steel's competition for Corus is
the latest in the global steel industry where many large players
are buying or merging with competitors to promote greater
efficiency and capture a bigger market share.

Companhia Siderurgica's latest bid is at 515 pence a share,
valuing Corus at US$9.6 billion.  Tata Steel's last offer was at
500 pence per share.  Corus shares traded Friday at 558 pence in
London.

According to Bloomberg News, Corus' sale is expected to fetch at
least US$10.2 billion.

                      About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                     About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

                 About Companhia Siderurgica

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *    *    *

As reported on Nov. 21, 2006, Standard & Poor's Ratings Services
placed its 'BB' corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional on Credit Watch with
negative implications after the company announced its intention
to acquire Corus Group Plc.


DURA AUTOMOTIVE: Judge Carey Okays Deloitte & Touche as Auditor
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Dura Automotive Systems Inc.
and its debtor-affiliates employ Deloitte & Touche LLP as
independent auditors and accountants, nunc pro tunc to
Oct. 30, 2006.

As reported in the Troubled Company Reporter on Jan. 3, 2007,
Deloitte & Touche functioned as the Debtors' independent
auditors and accountants before their bankruptcy filing.

The firm has agreed to:

   (a) audit the consolidated annual financial statements of the
       Debtors and its subsidiaries for the fiscal years ended
       Dec. 31, 2006, and onwards;

   (b) review the Debtors' interim financial information for
       each quarter for the fiscal year ending Dec. 31, 2006,
       and onwards;

   (c) render other audit and accounting services, including
       assistance in connection with reports requested by the
       Court, United States Trustee or parties-in-interest;
       accounting advisory services during the course of
       reorganization; and other similar requested assistance at
       an hourly rate basis; and

   (d) provide additional audit services, should the assumptions
       underlying the fixed fee estimate cost not materialize.

As of the Debtors' bankruptcy filing, Deloitte & Touche holds a
minimal retainer of approximately US$5,000, and provides
services upon a fixed fee between US$3,430,000 and US$3,800,000.
The additional services will be billed on an hourly rate basis:

           Designation                       Hourly Rate
           -----------                       -----------
           Partner, Principal, Director    US$460 - US$650
           Senior Manager                  US$390 - US$490
           Manager                         US$320 - US$390
           Senior Accountants              US$200 - US$250
           Staff Accountants               US$135 - US$180
           Paraprofessionals                   US$60

The firm disclosed that from time to time, certain Deloitte &
Touche Tohmatsu member firms will assist it in connection with
its ongoing audit services with approximately US$15,000 in
services that will be included in Deloitte & Touche's fee
applications.  The DTT Member Firms will be retained and paid by
the applicable non-filing Debtor affiliates.

Deloitte & Touche will be reimbursed for reasonable and
necessary expenses incurred in connection with the Debtors
Chapter 11 cases, including costs of transportation, lodging,
working meals, telephone, photocopy and messenger services.

The Debtors have also sought to retain Ernst & Young LLP as
their internal auditors and tax service providers.  Deloitte &
Touche has advised the Debtors that it will make every effort to
avoid duplication of its work and that of Ernst & Young, and
Deloitte Tax.

Christopher A. Swanson, a partner of Deloitte & Touche,
disclosed certain relationships with parties in connection with
matters unrelated to the Debtors' Chapter 11 cases:

   -- the firm provides services to certain of the Debtors'
      largest unsecured creditors, including its lenders GE
      Capital Corp., Goldman Sachs, and Barclays Bank or their
      affiliates; and

   -- certain financial institutions that are prepetition
      lenders of the Debtors, including AXA, Harris Bank,
      Comerica, JPMorgan Chase, Wachovia Bank, Citigroup, Bank
      of America and affiliates of GE are lenders to the firm.

Mr. Swanson assured the Court that the firm will not serve those
entities in the Debtors' Chapter 11 cases.  He attests that his
firm is a disinterested person, as the term is defined in
Section 101(14) of the Bankruptcy Code.

             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. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Judge Carey Approves Deloitte as Tax Advisor
-------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Dura Automotive Systems Inc.
and its debtor-affiliates to employ Deloitte Tax LLP as their
tax service providers and tax consultants, nunc pro tunc to
Oct. 30, 2006.

Judge Carey clarifies that Deloitte Tax is an independent
contractor and is not considered an agent, partner or
representative of the Debtors.

As reported in the Troubled Company Reporter on Jan. 2, 2007,
Deloitte Tax will continue to provide the Debtors with the same
scope of tax consulting services as well as strategic
restructuring and bankruptcy tax advisory services that include:

   (a) assistance with Federal Tax Effects of Bankruptcy Filing/
       Tax Advisory Services related to debt discharge issues,
       including:

       -- computing the Debtors' tax basis to provide management
          with information regarding income from the discharge
          of indebtedness and the tax effect of post-bankruptcy
          distributions to new equity holders;

       -- advising the Debtors in evaluating and modeling
          alternative tax methodologies to assist management in
          understanding post-bankruptcy tax attributes;

       -- advising the Debtors as to the proper tax treatment of
          postpetition interest; and

       -- advising the Debtors on the state tax aspects of the
          post-bankruptcy environment with a focus on the
          Debtors' efforts to optimize the post-bankruptcy tax
          structure for tax purposes.

   (b) general corporate tax advisory assistance, including:

        * tax return review and preparation;

        * Internal Revenue Service or state audit responses;

        * United States, state, and foreign income tax planning;
          and

        * transfer pricing documentation and review.

The Debtors will pay Deloitte Tax according to its
professionals'
customary hourly rates:

           Partner                                US$595
           Senior Manager                         US$485
           Manager                                US$435
           Senior Associate                       US$375

Deloitte Tax will also seek reimbursement for reasonable and
necessary expenses incurred in the Debtors' Chapter 11 cases.

The Debtors will indemnify Deloitte Tax for any claim arising
from Deloitte Tax's performance of the services.  The firm will
not be entitled to indemnification, contribution or
reimbursement for services other than tax services.  The Debtors
will have no obligation to indemnify any person, or provide
contribution to any person for any claim or expense that have
arisen from that person's gross negligence or willful
misconduct.

Scott J. Vickman, a member of the Deloitte Tax, assured the
Court that his firm does not hold any adverse interest to the
Debtors' estates, and is a disinterested person as the term is
defined in Section 101(14) of the Bankruptcy Code.

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


DURA AUTOMOTIVE: Gets Court Ok to Assume Lear Settlement Pact
-------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Dura Automotive Systems Inc.
and its debtor-affiliates to assume their settlement agreement
and purchase orders with Lear Corporation, which was filed under
seal.

As reported in the Troubled Company Reporter on Dec. 26, 2006,
Dura Automotive Systems Inc. supplied component parts that Lear
Corp. used to fulfill manufacturing agreements with General
Motors, Ford, and other original equipment manufacturers,
pursuant to various documents and purchase orders.

Several years before the Debtors filed for bankruptcy, Lear
brought an action in State Court against Dura to recover damages
for claims asserted against Lear by GM and Ford.  Lear sought
(i) damages for alleged defects in goods that Dura sold to Lear,
which Lear in turn used in products that it provided to GM and
Ford, and (ii) injunctive relief to require Dura to continue
shipping to Lear despite Lear's recoupment from amounts due to
Dura.  The State Court granted Lear's injunctive relief and
required Dura to ship goods without payment from Lear.

In the months before their bankruptcy filing, the Debtors and
Lear reached a comprehensive settlement of the Lear Claims and
the Lear Action and the modification of the Lear Contracts.

As a condition to assumption, Lear had required that Dura keep
the terms of the Settlement Agreement confidential, particularly
because certain terms therein are commercially sensitive.  This
confidentiality requirement is memorialized in the Settlement
Agreement.

The automotive industry is highly competitive, and many of the
parties-in-interest in the Debtors' Chapter 11 cases are direct
competitors or customers of the Debtors and Lear.  If the
information contained in the Settlement Agreement is disclosed
pursuant to a public filing, the Debtors' competitors and
customers would gain access to specific confidential and
commercial information related to the Debtors' business
relationship with Lear that could be detrimental to the
Debtors' reorganization efforts.

Notwithstanding their request, the Debtors have provided copies
of the Settlement Agreement and the Lear Motion to Lear, the
Official Committee of Unsecured Creditors, and the Office of the
United States Trustee.

In Dura's Form 10-Q filing with the Securities and Exchange
Commission, Keith R. Marchiando, Dura's vice president and chief
financial officer, said that subsequent to Oct. 1, 2006, Dura
settled the warranty matter, along with a previously outstanding
warranty matter, to Lear for approximately US$9,000,000.

             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. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


JBS SA: Completes Consent Solicitation on Senior Notes
------------------------------------------------------
JBS S.A. has completed a solicitation to seek consents from the
holders of its US$275,000,000 9.375% Senior Notes due 2011 and
its US$300,000,000 10.50% Senior Notes due 2016 in order to

   (1) allow it to transfer all of the assets and certain
       related liabilities of its hygiene and cleaning products
       division, as well as certain other assets that are not
       directly related to its core beef business, to its newly
       created affiliate, Flora Produtos de Higiene e Limpeza
       Ltda., a wholly owned subsidiary of J&F Participacoes
       Ltda., the parent company of JBS, and

   (2) add JBS Finance Ltd., a wholly-owned subsidiary of JBS
       organized as a limited liability company in the Cayman
       Islands, as a co-issuer of the Notes.

JBS received consents from holders representing 87.7% of the
aggregate principal amount of the 2011 Notes and 85.4% of the
aggregate principal amount of the 2016 Notes as of 5:00 pm (New
York City time) on Jan. 26, 2007, the expiration date of the
Consent Solicitation.

Headquartered in Sao Paulo, Brazil, JBS is the fourth largest
beef company in the world in terms of live cattle slaughtering
capacity and the largest beef processor and exporter in Brazil,
Argentina and Latin America.  With operations in Brazil and
Argentina, JBS produces, prepares, packages and delivers fresh,
chilled and processed beef and beef by-products to customers
both in Brazil and abroad.  The group also manufactures and
sells hygiene and cleaning products.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 9, 2007,
Standard & Poor's Ratings Services said that its 'B+' long-term
corporate credit rating on JBS S.A. will not be affected by the
company's proposed spin-off of its hygiene and cleaning unit.
JBS proposes to transfer all assets and liabilities of its
hygiene and cleaning unit, as well as certain other assets that
are not directly related to its core beef business, to a
recently created company, Flora Produtos de Higiene e Limpeza
Ltda (Flora; not rated), which will be controlled by J&F
Participacoes Ltda., the same holding company that controls JBS.


NOVELIS INC: In Talks for Potential Sale of Company
---------------------------------------------------
In response to increased trading volume in its common stock,
Novelis Inc. disclosed that it is currently in discussions with
various parties that could lead to a potential sale of the
company.  There can be no assurance that any transaction will
occur or as to the timing of such a transaction.

"There can be no assurance that any transaction will occur or as
to the timing of such a transaction," Novelis told Business News
Americas.

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

Novelis South America operates two rolling plants and primary
production facilities in Brazil.  The company's Pindamonhangaba
rolling and recycling facility in Brazil is the largest aluminum
rolling and recycling facility in South America and the only one
capable of producing can body and end stock.  The plant recycles
primarily used beverage cans, and is engaged in tolling recycled
metal for its customers.

                        *    *    *

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


PETROLEO BRASILEIRO: Receiving Vessel from Modec International
--------------------------------------------------------------
Japanese oil services firm Modec International said in a
statement that it will send a floating, storage and offloading
vessel or FSO to Brazil's state oil Petroleo Brasileiro this
year.

Modec International told Business News Americas that the FSO
will be delivered by the end of the first quarter 2006.  It has
also began constructing a new floating production, storage and
offloading vessel or FPSO for Petroleo Brasileiro after starting
operations of the Cidade do Rio de Janeiro FPSO on Jan. 9.

The 100,000-barerl-per day Cidade do Rio de Janeiro FPSO was
contracted for eight years and could lead to revenues of US$733
million, BNamericas states, citing Modec International.

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.

Petrobras has operations in China, India, Japan, and Singapore.

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.




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


ADAMS STREET: Last Day for Proofs of Claim Filing Is on Jan. 30
---------------------------------------------------------------
Adams Street Investments, Ltd.'s creditors are required to
submit proofs of claim by Jan. 30, 2007, to the company's
liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


ALANCA LIMITED: Creditors Must Submit Proofs of Claim by Jan. 30
----------------------------------------------------------------
Alanca Ltd.'s creditors are required to submit proofs of claim
by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


AMERADA HESS: Shareholders to Gather for Jan. 30 Final Meeting
--------------------------------------------------------------
Amerada Hess (K&K) Ltd.'s final shareholders meeting will be on
Jan. 30, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           George Barry
           C/O Caledonian House
           P.O. Box 1043, George Town
           Grand Cayman, Cayman Islands
           Tel: 9490050
           Fax: 9498062


AURORE ATLANTIC: Last Day to File Proofs of Claim Is on Jan. 30
---------------------------------------------------------------
Aurore Atlantic Ltd.'s creditors are required to submit proofs
of claim by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


BLACK WATCH: Creditors Must Submit Proofs of Claim by Jan. 30
-------------------------------------------------------------
Black Watch Ltd.'s creditors are required to submit proofs of
claim by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


BOERO LIMITED: Proofs of Claim Filing Deadline Is on Jan. 30
------------------------------------------------------------
Boero Ltd.'s creditors are required to submit proofs of claim by
Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


EXIS INTEGRATED: Final Shareholders Meeting Is on Jan. 30
---------------------------------------------------------
Exis Integrated International Fund, Ltd.'s final shareholders
meeting will be at 10:00 a.m. on Jan. 30, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           Linburgh Martin
           Attn: Thiry Gordon
           Close Brothers (Cayman) Ltd.
           4th Floor Harbour Place, George Town
           Grand Cayman, Cayman Islands


HESS SURINAME: Shareholders to Convene for Jan. 30 Final Meeting
----------------------------------------------------------------
Hess Suriname Ltd.'s final shareholders meeting will be on
Jan. 30, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           George Barry
           c/o Caledonian House
           P.O. Box 1043, George Town
           Grand Cayman, Cayman Islands
           Tel: 345 949 0050
           Fax: 345 949 8062


HESS VIETNAM: Final General Meeting Is Set for Jan. 30
------------------------------------------------------
Hess Vietnam (E&P) Ltd.'s final shareholders meeting will be on
Jan. 30, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

           George Barry
           c/o Caledonian House
           P.O. Box 1043, George Town
           Grand Cayman, Cayman Islands
           Tel: 345 949 0050
           Fax: 345 949 8062


PARMALAT SPA: Court Extends Temporary Protection to February 27
---------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York adjourned the hearing to
consider entry of a permanent injunction in the Foreign Debtors'
Section 304 cases until Feb. 27, 2007.

In the interim, the preliminary injunction is extended until
March 2, 2007.  All persons subject to the jurisdiction of the
U.S. court are enjoined and restrained from engaging in any
action against the Foreign Debtors without obtaining permission
from the Bankruptcy Court.

The Civil and Criminal Court of Parma, in Italy, will continue
to have exclusive jurisdiction to hear and determine any suit,
action, claim or proceeding, other than an enforcement action
initiated by the U.S. Securities and Exchange Commission, and to
settle all disputes, which may arise out of

   -- the construction or interpretations of the Foreign
      Debtors' restructuring plan approved by the Italian Court;
      or

   -- any action taken or omitted to be taken by any person or
      entity in connection with the administration of the
      Italian Plan.

In September 2006, five creditors and parties-in-interest filed
with the U.S. Court their objections to Dr. Enrico Bondi's
request for a permanent injunction order in Parmalat's ancillary
proceedings.

Dr. Bondi is the authorized foreign representative of Parmalat
Finanziaria S.p.A. and certain of its affiliates.

In his request, Dr. Bondi filed with the Court a proposed
permanent injunction order pursuant to Section 304 of the
Bankruptcy Code.  Dr. Bondi also submitted with the Court a
memorandum of law supporting his permanent injunction request.

A full-text copy of the proposed Permanent Injunction Order is
available for free at http://researcharchives.com/t/s?e22

Creditors BankBoston, N.A., FleetBoston Financial, Bank of
America Corp., Bank of America National Trust & Savings
Association, Banc of America Securities, LLC, and Bank of
America, N.A., told the Court that the proposed Permanent
Injunction Order cannot be approved because it would constitute
an inappropriate anti-foreign suit injunction.

BofA, et al. also argued that the Foreign Debtors' request for
extra-territorial application of the Permanent Injunction would
unduly limit the ability of domestic and foreign creditors to
pursue all appropriate remedies outside of the United States in
accordance with applicable foreign law.

The Pension Benefit Guaranty Corp., which provides termination
insurance for all of the Debtors' Pension Plans, said the
proposed Permanent Injunction Order contains illegal discharges,
releases, exculpations and injunctions.

The PBGC said it was willing to withdraw its objections if the
proposed Permanent Injunction Order clarifies that:

   -- no provisions of or proceeding within the Foreign Debtors'
      reorganization cases in Italy and the Section 304 cases
      before the U.S. Bankruptcy Court will in any way be
      construed as discharging, releasing, limiting or relieving
      the Foreign Debtors, or any other party from any liability
      with respect to the Pension Plans or any other defined
      benefit pension plan; and

   -- the PBGC and the Pension Plans will not be enjoined or
      precluded from enforcing liability resulting from any of
      the provisions of the Foreign Debtors' restructuring plan
      approved by the Italian court, or the entry of a Permanent
      Injunction Order.

Grant Thornton International does not want the Permanent
Injunction to apply to it in any manner in the conduct of:

   -- a securities fraud class action pending before the U.S.
      District Court for the Southern District of New York;

   -- three actions initiated by Dr. Bondi against banks and
      accounting firms; and

   -- actions commenced by the trustees of the U.S. Debtors and
      two liquidators of Parmalat SpA's Cayman Islands
      affiliates.

Grant Thornton is a defendant in those actions.

On behalf of Israel Discount Bank of New York, Bruce S. Nathan,
Esq., at Lowenstein Sandler PC, in New York, argued that in
seeking entry of a permanent injunction order, the Foreign
Debtors must demonstrate that claimholders in the Italian
proceedings are receiving "just treatment" and not experiencing
"prejudice and inconvenience" in the claims administration
process.  The Foreign Debtors cannot meet this burden as to IDB,
Mr. Nathan says.

IDB's claims arise from promissory notes totaling US$6,000,000
in principal plus interest, guaranteed by Parmalat S.p.A.

Hermes Focus Asset Management Europe, Ltd.; Cattolica
Partecipazioni, S.p.A.; Capital & Finance Asset Management S.A.;
Societe Monderne des Terrassements Parisiens; and Solarat -- the
lead plaintiffs in a securities class action -- want the
proposed Permanent Injunction Order modified to clarify that it
does not impact their rights to pursue claims against
Reorganized Parmalat.

                       About Parmalat

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

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

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

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

Parmalat has three financing arms: Parmalat Capital Finance
Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd.  Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat S.p.A.

The Finance Companies are under separate winding up petitions
before the Grand Court of the Cayman Islands.  Gordon I. MacRae
and James Cleaver of Kroll (Cayman) Ltd. serve as Joint
Provisional Liquidators in the cases.

On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey,
Gordon, Herlands Randolph, represent the Finance Companies in
the Sec. 304 case.

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

(Parmalat Bankruptcy News, Issue No. 84; Bankruptcy Creditors'
Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/)


PLAZA MIDOUSUJI: Deadline for Proofs of Claim Filing Is Jan. 30
---------------------------------------------------------------
Plaza Midousuji Holding Co. Ltd.'s creditors are required to
submit proofs of claim by Jan. 30, 2007, to the company's
liquidators:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

PRINCIPAL PROTECTED: Proofs of Claim Filing Deadline Is Jan. 30
---------------------------------------------------------------
Principal Protected Notes I, Ltd.'s creditors are required to
submit proofs of claim by Jan. 30, 2007, to the company's
liquidators:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


PURI INTERNATIONAL: Creditors Have Until Jan. 30 to File Claims
---------------------------------------------------------------
Puri International, Ltd.'s creditors are required to submit
proofs of claim by Jan. 30, 2007, to the company's liquidators:

          Simon Wetherell
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SCOTTISH RE: Rejects Brandes Investment's Proposal
--------------------------------------------------
Brandes Investment Partners, L.P., disclosed that on
Jan. 19, 2007, it reviewed the terms of the investment proposed
by Cerberus Capital Management, L.P. and MassMutual Capital
Partners, LLC to Scottish Re Group Limited and agreed to by
Scottish Re's Board of Directors.

In light of objections to the Investment Transaction, on
Jan. 11, 2006, Brandes, on behalf of its clients who own
approximately 2.63% of Scottish Re shares, sent a letter to
Scottish Re asking its Board to consider an alternative
shareholder-backed rights offering.

In response to the Proposal, on Jan. 18, 2007, Brandes received
a letter from Scottish Re indicating that the company did not
consider the Brandes' proposal to be superior to the Investment
Transaction and that it would not be pursuing the Proposal
further.

Brandes believes the objections set forth in the Rejection
Letter are without substance, and that Scottish Re has not
identified genuine impediments to the pursuit of a shareholder-
backed rights offering.

                       About Brandes

Brandes Investment Partners L.P. is a U.S. registered investment
advisor.  Located in San Diego, California, Brandes managed
around US$117 billion on behalf of institutional and individual
investors, as of Dec. 31, 2006.

                     About Scottish Re

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

                        *    *    *

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

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

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

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

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


SCOTTISH RE: Won't Remarket HyCUs Convertible Preferred Shares
--------------------------------------------------------------
Under the terms of a purchase contract agreement entered into by
Scottish Re Group Limited in connection with the issuance of its
5.875% Hybrid Capital Units or HyCUs, and in anticipation of the
upcoming settlement date for purchase contracts on
Feb. 15, 2007, the company sent a notice to the holders of the
HyCUs that it has determined that it is, and expects to continue
to be, unable to satisfy certain conditions precedent to the
Remarketing that are contained in the Remarketing Agreement.

Reference is made to the Purchase Contract Agreement, dated as
of Dec. 17, 2003, by and among the company, The Bank of New York
(successor to JPMorgan Chase Bank, N.A., formerly known as
JPMorgan Chase Bank), as purchase contract agent and collateral
agent.

As a result, pursuant to Section 5.02 of the Purchase Contract
Agreement, a Failed Remarketing will occur and the Convertible
Preferred Shares will not be remarketed. Hybrid Capital Unit
Holders should note these dates:

Feb. 6, 2007     Last day to create Treasury Units from Hybrid
                 Capital Units and recreate Hybrid Capital Units
                 from Treasury Units

Feb. 12, 2007    Company will issue a press release regarding
                 the Failed Remarketing

Feb. 13, 2007    Last day for Hybrid Capital Unit Holders upon a
                 Failed Remarketing to give notice of desire to
                 settle the Purchase Contract in cash

Feb. 14, 2007    Last day for Hybrid Capital Units Holders upon
                 a Failed Remarketing to deliver cash payment to
                 the Collateral Agent for settlement of the
                 Purchase Contract in cash

Feb. 15, 2007    Settlement of Remarketing of Convertible
                 Preferred Shares

                 Purchase Contract Settlement Date

May 18, 2007     Last day for Holders of Convertible Preferred
                 Shares to give notice of conversion

May 21, 2007     Mandatory Redemption Date of Convertible
                 Preferred Shares

In the case of Hybrid Capital Unit Holders who elect not to
settle in cash, the company will, in accordance with applicable
law and as contemplated by the Purchase Contract Agreement,
exercise its rights as secured party to foreclose on its
security interest in the Convertible Preferred Shares in
satisfaction of the holder's obligation to purchase Ordinary
Shares under the Purchase Contract Agreement, and will deliver
to the holders Ordinary Shares pursuant to the Purchase Contract
Agreement.

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

                        *    *    *

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

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

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

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, 2006, due to
concerns regarding the company's ability to repay US$115 million
of senior convertible notes that are expected to be put to the
company on Dec. 6, 2006.  Ratings on Rating Watch Negative
include the company's BB issuer default rating and the BB-
rating on its 4.5% US$115 million senior convertible notes.

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


SENDAI FUNDING: Proofs of Claim Must be Filed by Jan. 30
--------------------------------------------------------
Sendai Funding Ltd.'s creditors are required to submit proofs of
claim by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SIGNUM ASPECT: Last Day for Proofs of Claim Filing Is Jan. 30
-------------------------------------------------------------
Signum Aspect Ltd.'s creditors are required to submit proofs of
claim by Jan. 30, 2007, to the company's liquidators:

          Simon Wetherell
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SIGNUM DAMASK: Proofs of Claim Filing Is Until Jan. 30
------------------------------------------------------
Signum Damask, Ltd.'s creditors are required to submit proofs of
claim by Jan. 30, 2007, to the company's liquidators:

          Simon Wetherell
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SLC FUNDING: Creditors Must File Proofs of Claim by Jan. 30
-----------------------------------------------------------
SLC Funding's creditors are required to submit proofs of claim
by Jan. 30, 2007, to the company's liquidator:

          Simon Wetherell
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SOLON SECURITIES: Last Day to File Proofs of Claim Is on Jan. 30
----------------------------------------------------------------
Solon Securities, Ltd.'s creditors are required to submit proofs
of claim by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town,
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


STONE TOWER: Calls Shareholders for Final Meeting on Jan. 30
------------------------------------------------------------
Stone Tower CLO Ltd.'s final shareholders meeting will be on
Jan. 30, 2007, at:

          Deutsche Bank (Cayman) Ltd.
          Elizabethan Square, 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:

           David Dyer
           P.O. Box 1984, George Town
           Grand Cayman, Cayman Islands


SUTTER CBO: Last Day for Proofs of Claim Filing Is Jan. 30
----------------------------------------------------------
Sutter CBO 1999-1 Ltd.'s creditors are required to submit proofs
of claim by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SUTTER REAL: Filing of Proofs of Claim Is Until Jan. 30
-------------------------------------------------------
Sutter Real Estate CBO 2000- l Ltd.'s creditors are required to
submit proofs of claim by Jan. 30, 2007, to the company's
liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


TSF NO.4: Creditors Have Until Jan. 30 to File Proofs of Claim
--------------------------------------------------------------
TSF No.4's creditors are required to submit proofs of claim by
Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

TSF No.4's shareholders agreed on Dec. 14, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


WIZARD FINANCE: Claims Filing Deadline Is on Jan. 30
----------------------------------------------------
Wizard Finance Ltd.'s creditors are required to submit proofs of
claim by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


YELLOW HAMMER: Proofs of Claim Filing Is Until Jan. 30
------------------------------------------------------
Yellow Hammer Ltd.'s creditors are required to submit proofs of
claim by Jan. 30, 2007, to the company's liquidator:

          David Dyer
          Deutsche Bank Ltd.
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Jan. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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




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


ARAMARK CORP: Investor Group Completes Merger with Firm
-------------------------------------------------------
ARAMARK Corp. disclosed the completion of the merger in which
the company has been acquired by an investor group led by Joseph
Neubauer, Chairman and Chief Executive Officer of ARAMARK, and
investment funds managed by GS Capital Partners, CCMP Capital
Advisors and J.P. Morgan Partners, Thomas H. Lee Partners and
Warburg Pincus LLC.  Approximately 250 ARAMARK senior managers
will also invest in the transaction.

"We are pleased to complete this transaction," said Mr.
Neubauer, who will remain Chairman and Chief Executive Officer
of ARAMARK.  "I am particularly grateful for the support we have
received from our people who have worked hard to deliver
outstanding performance over many years, and our senior managers
who will further dedicate themselves by making a significant
investment in the company.

"This merger opens a new and exciting chapter in ARAMARK's
history.  The new structure will enable us to fully unleash the
company's potential.  Today, we are positioned to drive greater
innovation, pursue strategic opportunities, and build
sophisticated, long-term solutions that deliver the most value
for our clients and customers around the world.

"As we invest in new strategies that will define the future of
our industry, we will continue to build on our heritage of
delivering value to our employees, our partners, our clients and
our customers.  We remain dedicated to providing outstanding
experiences, environments and outcomes each and every day for
our clients around the world."

On Aug. 8, 2006, ARAMARK disclosed that it had signed a
definitive merger agreement under which the private investor
group would acquire ARAMARK in a transaction valued at
approximately US$8.3 billion, including the assumption or
repayment of approximately US$2.0 billion of debt.

On Dec. 20, 2006, ARAMARK held a special meeting of its
stockholders, at which 86% of the outstanding votes and 97% of
the votes actually cast voted in favor of the adoption of the
merger agreement.

Under the terms of the agreement, ARAMARK shareholders are
entitled to receive US$33.80 in cash for each share of ARAMARK
common stock held.  ARAMARK common stock ceased trading on the
New York Stock Exchange at market close on Jan. 26, 2007, and
will no longer be listed.

ARAMARK stockholders whose shares are held in book entry at
Mellon Investor Services, ARAMARK's transfer agent, will receive
cash for their shares from Mellon Investor Services, which also
will serve as the paying agent.

ARAMARK stockholders who possess physical stock certificates
will receive instructions and a letter of transmittal by mail
from Mellon Investor Services concerning how and where to
forward their certificates for payment.  For shares held in
"street name" by a broker, bank or other nominee, stockholders
will not need to take any action to have shares converted into
cash, as this should be done by the broker, bank or other
nominee.  Questions about the deposit of merger proceeds should
be directed to the appropriate broker, bank or other nominee.

Aramark Corp., headquartered in Philadelphia, Pennsylvania, is
one of the largest U.S. providers of food and support services
to a variety of end markets across the country, including
businesses, the educational and healthcare sectors, sports and
entertainment venues and correctional institutions.  The company
also operates the second largest uniform and career apparel
rental services and sales business in the U.S., catering to a
diversified client portfolio through an extensive national
service network.  For the twelve-month period ending
Sept. 30, 2006, revenues were approximately US$11.6 billion.  It
has approximately 240,000 employees serving clients in 20
countries, including Belgium, Czech Republic, Germany, Ireland,
UK, Mexico, Brazil, Chile, among others.

                        *    *    *

As reported in the troubled Company Reporter on Jan. 17, 2007,
Moody's Investors Service affirmed the Ba3 rating on Aramark
Corp.'s proposed US$4.15 billion secured term loan and the B3
rating on US$1.78 billion of proposed senior notes.  The upsized
term loan and senior note offerings are intended to replace a
US$570 million senior subordinated note offering that was
cancelled.

Concurrently, Moody's withdrew the B3 rating on the US$570
million of proposed senior subordinated notes.  Pro-forma for
the aforementioned capital mix changes, Moody's affirmed the B1
Corporate Family Rating.


ROCK-TENN: Declares 11% Class A Common Stock Dividend Increase
--------------------------------------------------------------
Rock-Tenn Co.'s board of directors declared a dividend of
US$0.10 per share on its Class A Common Stock to shareholders of
record at the close of business on Feb. 6, 2007.  The dividend,
which will be paid on Feb. 19, 2007, represents an increase of
11.1% over the dividend paid to shareholders in the last
quarter.

Headquartered in Norcross, Georgia, Rock-Tenn Company, provides
marketing and packaging solutions to consumer products companies
from operating locations in the United States, Canada, Mexico,
Argentina and Chile.

                        *    *    *

Moody's Investors Service confirmed on Dec. 11, 2006, these
ratings of Rock-Tenn Company:

   * Corporate Family Rating: Confirmed at Ba2
   * Senior Unsecured Bank Credit Facility: Confirmed at Ba2
   * Senior Unsecured Regular Bond/Debenture: Confirmed at Ba3

Moody's restored the outlook to stable.  The rating action
concludes a review initiated on Feb. 13.  In turn, "the review
was prompted by ongoing margin pressure that, given the
background of increased debt levels as a consequence of an
acquisition that was completed last year, has caused credit
protection measures to lag those appropriate for the current
rating."




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


NOVELL INC: Receives NASDAQ Notice of Non-Compliance
----------------------------------------------------
Novell Inc. disclosed that, as expected, it received an
additional notice of non-compliance from the staff of the NASDAQ
Stock Market, pursuant to NASDAQ marketplace rule 4310(c)(14),
due to the delay in filing its annual report on Form 10-K for
the fiscal year ended Oct. 31, 2006.

Novell received a NASDAQ notice of non-compliance on
Sept. 14, 2006, in relation to the delay in filing its report on
Form 10-Q for the quarter ended July 31, 2006.  Novell has
delayed the filing of its Third Quarter Form 10-Q and Form 10-K
filing pending the completion of the review by its Audit
Committee of the company's historical stock-based compensation
practices.  In response to the first notice of non-compliance,
Novell requested a hearing before a NASDAQ Listing
Qualifications Panel.  On Jan. 9, 2007, the Panel granted
Novell's request for continued listing subject to the
requirements that, on or before March 1, 2007, Novell provide
the Panel with certain information relating to the Audit
Committee's review and, on or before March 13, 2007, Novell file
the Third Quarter Form 10-Q and any necessary restatements.

The current NASDAQ notice requests that Novell make a new
submission to the Panel.  Accordingly, Novell intends to provide
the Panel with a submission describing its efforts to file the
Form 10-K and requesting a further extension to make that
filing.

Headquartered in Waltham, Massachusetts, Novell, Inc. --
http://www.novell.com/-- delivers Software for the Open
Enterprise.  With more than 50,000 customers in 43 countries,
Novell helps customers manage, simplify, secure and integrate
their technology environments by leveraging best-of-breed, open
standards-based software.

Novell has sales offices in Argentina, Brazil and Colombia.

                     Waiver of Default

As reported in the Troubled Company Reporter on Sept. 29,2006,
Novell Inc., received a letter from Wells Fargo Bank, NA, the
trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.

On Nov. 10, 2006, Novell completed its consent solicitation with
respect to certain amendments to, and a waiver of rights to
pursue remedies available with respect to certain alleged
defaults under, the provisions of the indenture, governing its
0.50% convertible senior debentures due 2024.

Under the terms of the Consent Solicitation Statement, Novell
will pay an additional 7.33% per annum in special interest on
the Debentures from and after Nov. 9, 2006, to Nov. 8, 2007.




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


COVANTA HOLDING: Prices US$325MM Senior Convertible Debentures
--------------------------------------------------------------
Covanta Holding Corp. has priced its offering of US$325 million
aggregate principal amount of 1.00% senior convertible
debentures due 2027, which amount does not include the
underwriters' option to purchase up to an additional US$48.75
million aggregate principal amount of the Debentures to cover
overallotments, if any.

The Debentures will be convertible under certain circumstances
into Covanta's common stock at a conversion rate of 35.4610
shares per US$1,000 principal amount of Debentures, subject to
adjustment in certain circumstances, which represents a
conversion price of US$28.20 per share.  The conversion price is
a 20.0% premium to the offer price of our common stock in its
concurrent common stock offering described below, which is
approximately a 1.1% discount to the closing price of Covanta's
common stock on Jan. 25, 2007.  Upon conversion, Covanta will
pay cash and, if required, shares of Covanta common stock.  In
addition, the Debentures will accrue contingent interest
commencing with the interest period beginning on Feb. 1, 2012,
under certain circumstances.

The Debentures will be redeemable at Covanta's option on or
after Feb. 1, 2012, at a redemption price equal to 100% of the
principal amount of the Debentures being redeemed, plus accrued
and unpaid interest.  The Debentures will also be subject to
repurchase at the option of the holders on Feb. 1, 2012,
Feb. 1, 2017, and Feb. 1, 2022, and upon the occurrence of
certain fundamental changes at a repurchase price equal to 100%
of the principal amount of the Debentures being repurchased plus
accrued and unpaid interest.

Covanta also priced its offering of 5,320,000 shares of common
stock, which does not include the underwriters' option to
purchase 798,000 additional shares to cover overallotments, if
any, at a price of US$23.50 per share.

These offerings are part of Covanta's previously announced
recapitalization plan, which includes tender offers for any and
all of the approximately US$612 million in principal amount of
outstanding notes issued by certain of Covanta's intermediate
subsidiaries. Assuming that Covanta and its wholly owned
subsidiary, Covanta Energy Corp. are successful in refinancing
Covanta Energy's existing credit facilities with new senior
secured credit facilities in the amount of up to US$1.3 billion,
which are currently being negotiated by Covanta Energy, Covanta
intends to use the proceeds from the concurrent offerings of the
Debentures and the common stock, as well as cash on hand and a
portion of the borrowings under the New Credit Facilities, to
repurchase all of the Notes that are properly tendered pursuant
to Covanta's concurrent tender offers and related consent
solicitations.

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.




=======
C U B A
=======


* CUBA: CVG Telecom to Install Fiber Optic Cable to Nation
----------------------------------------------------------
Venezuela's state-run telecom firm CVG Telecom has signed an
accord to set up an undersea fiber optic cable linking Venezuela
to Cuba, Cuban daily Juventud Rebelde reports.

Business News Americas relates that the agreement is one of
those made during Venezuelan official's visit to Cuba.

The project is aimed at connecting La Guaira, in Vargas state of
Venezuela, to Siboney in Santiago de Cuba.  It is being
evaluated, BNamericas notes.

According to BNamericas, feasibility studies, which included the
possibility of linking the network to other countries, will be
completed by March 31.

CVG Telecom signed in October 2006 an accord to connect
Venezuela to Colombia, BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's had assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


BANCO INTERCONTINENTAL: Special Transactions Spur Withdrawals
-------------------------------------------------------------
Jose Americo Montano, a former senior officer at Banco
Intercontinental SA and a witness for the prosecution in the
bank's fraud case, admitted to Dominican Today that special
transactions in the account of Caribesa intensified the rumors
that led to massive withdrawals.

"People went at three and four at dawn to withdraw their money,"
Mr. Montano told Dominican Today.

Dominican Today relates that Mr. Montano was subpoenaed as a
witness to demonstrate that in Banco Intercontinental important
financial operations or special transactions occurred, and were
not subjected to formal or regular registry in the bank's
existing controls or "made available of the Banks
Superintendence".

The Caribesa account, a checking account, had a balance of DOP30
billion, Dominican Today says, citing Mr. Montano.  However, it
didn't catch his attention, as Banco Intercontinenal handled
accounts with large amounts.

Mr. Montano told Dominican Today that in the procedure to open a
certificate, the customer took a check with funds.  There were
never exceptions of clients who didn't deposit the funds.   He
said, "If the client did not enter the funds, it was not
processed."

Mr. Montano said that he didn't remember certificates in the
name of firms affiliated to Banco Intercontinental, like the
newspaper Listin Diario, Dominican Today notes.

When the balances were negative, certificates were transferred
towards Caribesa, Mr. Montano told Dominican Today.  When the
balance was positive, transfers were not made.

Those were daily operations, Dominican Today states, citing Mr.
Montano, who emphasized that the deposit certificates were all
registered as normal.

Mr. Montano told Dominican Today that when a special transaction
to Caribesa took place, a deposit transaction was never
cancelled.  If the client went to withdraw money there was never
any difficulty.  A check was issued from Caribesa.  Those
special transactions appeared in Banco Intercontinental's books.

All operations in the special transactions were conducted with
the knowledge of the authorities, Dominican Today says, citing
Mr. Montano.  He said he didn't have contacts with Banco
Intercontinental's former vice president Vivian Lubrano in the
exercise of his functions.

Court documents state that the witness to go before the court
include:

          -- Jose Americo Montano,
          -- Priamo Concepcion Rodriguez,
          -- Ivan Ulises Moquete, and
          -- Lionel Miguel Senior.

Dominican Today reports that starting Feb. 1, these persons will
appear before the court to testify:

          -- Benita Ramona Castillo,
          -- Manuel Ramon Ruiz,
          -- Jose Antonio Diaz,
          -- Ramon Mola Manzuela,
          -- Maxima Aracelis Perdomo,
          -- Vicente Meran Zabala,
          -- Ismael de Jesus Gonzalez,
          -- Lleanina del Pilar Mendez,
          -- Laura Guerrero Castellanos,
          -- William Victor Wall,
          -- Zunilda Paniagua,
          -- Jose Clemente Taveras,
          -- Andres Julio Espinal,
          -- Soriana Lopez,
          -- Jedy Yanina Medina,
          -- Freddy Dolores Perez,
          -- Luis Emilio Aurich,
          -- Melania Antonia Paulino,
          -- Mirtha Altagracia Medrano,
          -- Alberto Elias Atallah,
          -- Julio Cross,
          -- Francisco Antonio Diaz, and
          -- Luis Manuel Augusto Piantini.

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.


FREESTAR: Names J.E. Perez as Rahaxi Processing Managing Dir.
-------------------------------------------------------------
FreeStar Technology Corp. named Jose Enrique Perez as managing
director of Rahaxi Processing Oy., a wholly owned subsidiary,
according to President and Chief Executive Officer Paul Egan.

As well as managing the day to day operations of Rahaxi
Processing, in his new position, Perez' responsibilities include
enhancing, developing and implementing the strategic plan for
Rahaxi Processing in the most cost effective and time efficient
manner.  In addition Mr. Perez will be responsible for ensuring
service quality, financial performance, managing new and
existing client relationships and accelerating revenue growth.
Mr. Perez will report directly to the Board of Directors of
FreeStar Technology.  He was promoted from the position of chief
technology officer.

Mr. Egan said, "Enrique's leadership, vision and contribution to
the group in the past four months has enabled FreeStar
Technology's Hypercom offerings to reach the marketplace in a
timely fashion. As a result, we feel it appropriate to appoint
him to this position to further enhance the growth of the
company."

Prior to joining FreeStar Technology, Mr. Perez was senior vice
president, chief of global offshore development and general
manager of SIA Hypercom Latvia.  He was responsible for driving
Hypercom's global offshore software strategy, delivering
competitive software products worldwide, managing its offshore
development centers and managing the SIA Hypercom Latvia
operations.

Mr. Perez is fluent in English, Russian, Spanish and Portuguese.

Mr. Perez said, "This is an opportunity and a challenge for
which I have great enthusiasm, gratitude and commitment.  I see
tremendous opportunities for Rahaxi Processing.  Its innovative
technological approach and highly professional staff provide the
best possible products to its clients and partners worldwide."

FreeStar Technology Corp. -- http://www.freestartech.com/--  
is a payment processing company.  Its wholly owned subsidiary
Rahaxi Processing Oy, based in Helsinki, is a robust Northern
European BASE24 credit card processing platform.  Rahaxi
currently processes in excess of 1 million card payments per
month for those companies as Finnair, Ikea, and Stockman.
FreeStar is focused on exploiting a first-to-market advantage
for its Enhanced Transactional Secure Software, which is a
software package that empowers consumers to consummate e-
commerce transactions with a high level of security using
credit, debit, ATM (with PIN), electronic cash or smart cards.
The company, based in Dublin, maintains satellite offices in
Helsinki, Santo Domingo, Dominican Republic, and Geneva.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on Oct. 16, 2006,
Russell Bedford Stefanou Mirchandani LLP expressed substantial
doubt about FreeStar Technology Corporation's ability to
continue as a going concern after auditing the Company's
financial statements for the fiscal year ended June 30, 2006.
The auditing firm pointed to the Company's difficulty in
generating sufficient cash flow to meet it obligations and
sustain its operations.

At June 30, 2006, the company's balance sheet showed total
assets of US$8,387,891, total liabilities of US$1,071,245, and
stockholders' deficit of US$7,316,646.




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


BANCO DEL PICHINCHA: Sister Firm Seeking to Boost Sales
-------------------------------------------------------
Seguros del Pichincha's chief executive officer Fernando Pozo
told Business News Americas that the firm is seeking to improve
sales through the bancassurance connection with its sister
company, Banco del Pichincha.

BNamericas relates that Seguros del Pichincha and Banco del
Pichincha forms part of Ecuador's largest financial services
group Pichincha, with US$4.05 billion assets and US$323 million
equity as of Nov. 30, 2006.

Mr. Pozo told BNamericas, "The group has not taken advantage of
the synergies between its banking and insurance operations, so
there is certainly the challenge to use cross-selling skills.
There is enormous potential for growth."

Seguros del Pichincha's written premiums increased 18% to
US$14.9 million for the first 11 months of 2006, compared with
the same period in 2005.

                 About Banco del Pichincha

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

                        *    *    *

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


* ECUADOR: Banana Exports Drop on NEW EU Tariff System
------------------------------------------------------
Ecuadorian banana exports to the European Union have tipped 3%
after the bloc implemented a new tariff system last year, El
Comercio reports.  With this, the share of exports in the EU
markets has also declined.

According to the same report, in the last 3 months, from
November to January, the nation's exports accounted for 24.6% of
the EU's imports, which is equivalent to 954,700 tons of
bananas.  This figure is 3.8% less than that of 2005.

It's not only Ecuador who has suffered decreasing shares of
banana exports in the bloc but also other Latin American
nations.  In contrast, exports from African, Caribbean and
Pacific or ACP countries reached 21.76% last year, a 1.4%
increase from 2005, El Comercio relates.

The bloc has given preferential access to bananas from the ACP
group, with banana exports entering the EU markets duty-free
under a quota of 775,000 tons per year.  Meanwhile, Ecuadorian
exports have to be paid EUR176 per ton, El Comercio says.

Ecuador filed a complaint with the World Trade Organization
against the EU in November after Brussels rejected the nation's
plea to lower the tariffs, El Comercio adds.

El Comercio relates that before the tariff system was
implemented on Jan. 1, 2006, exporters from Latin America have
to pay EUR25 per ton of fruit exports established quotas to
enter the EU markets.

Ecuador depends highly on its bananas as the product's exports
account for 25% of all agricultural exports and from which 97%
is targeted to enter Europe, El Comercio adds.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
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, these ratings were 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 also affirmed the Country ceiling rating at 'B-'.




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


BRITISH AIRWAYS: Fails to Reach Agreement with Union
----------------------------------------------------
Negotiations between British Airways Plc and the Transport and
General Workers' Union to prevent a two-day strike by cabin crew
this week ended with no agreement, Agence France-Presse reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 24, 2007, the union threatened to carry out a three-day
strike starting Jan. 29 after talks over sick leave, pay and
staffing issues failed to reach an agreement.

British Airways told AFP that the talks would restart this week.
There was allegedly some progress on some issues like sickness
absence.

According to AFP, British Airways is struggling to head off
having to cancel all flights to and from London's Heathrow
airport on Jan. 30 and Jan. 31 due to the planned protest.  The
action, involving 11,000 stewards and stewardesses, will affect
domestic and European flights from Gatwick and is expected to
cost British Airways millions, other than creating chaos for
passengers.

Unions told AFP that unless the dispute, which also concerns pay
and staffing levels, will not be resolved, there will be two
more three-day strikes in February.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.




===========
G U Y A N A
===========


* GUYANA: IDB Discusses Terms for Debt Cancellation
---------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank discussed terms for granting debt relief to
Bolivia, Guyana, Haiti, Honduras and Nicaragua.

As a result of a meeting held in Amsterdam the Committee, a
working group of the Board of Governors, proposed technical
mechanisms for canceling the balances of loans from the Fund for
Special Operations outstanding on Dec. 31, 2004, for those five
countries.

The Committee's recommendations must be ratified by vote by the
IDB's 47 member countries.  Prior to that, the IDB Board of
Executive Directors must approve a reform proposal presented by
management on the future operation of the FSO, the Bank's
concessional lending window.




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


* HAITI: IDB Discusses Terms for Debt Cancellation
--------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank discussed terms for granting debt relief to
Bolivia, Guyana, Haiti, Honduras and Nicaragua.

As a result of a meeting held in Amsterdam the Committee, a
working group of the Board of Governors, proposed technical
mechanisms for canceling the balances of loans from the Fund for
Special Operations outstanding on Dec. 31, 2004, for those five
countries.

The Committee's recommendations must be ratified by vote by the
IDB's 47 member countries.  Prior to that, the IDB Board of
Executive Directors must approve a reform proposal presented by
management on the future operation of the FSO, the Bank's
concessional lending window.

                        *    *    *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructure will be alleviated with
increased international assistance.




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


* HONDURAS: IDB Discusses Terms for Debt Cancellation
-----------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank discussed terms for granting debt relief to
Bolivia, Guyana, Haiti, Honduras and Nicaragua.

As a result of a meeting held in Amsterdam the Committee, a
working group of the Board of Governors, proposed technical
mechanisms for canceling the balances of loans from the Fund for
Special Operations outstanding on Dec. 31, 2004, for those five
countries.

The Committee's recommendations must be ratified by vote by the
IDB's 47 member countries.  Prior to that, the IDB Board of
Executive Directors must approve a reform proposal presented by
management on the future operation of the FSO, the Bank's
concessional lending window.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


DIGICEL LTD: Launches Mobile Television Service in Jamaica
----------------------------------------------------------
Digicel Ltd. has launched its Digicel Mobile TV service in
Jamaica, the Jamaica Observer reports.

According to The Observer, the Mobile TV service is powered by
Vimio Plc and is available to Digicel's post-paid and pre-paid
clients in Jamaica.

The Observer underscores that Digicel is the first mobile
operator in Jamaica to offer all live, all local television
programming through its GSM/GPRS network.  The company will
expand its mobile television offering across its network of 22
markets later in 2007, in addition to including 'made for
mobile' channels that will feature regularly updated blocks of
programming and live television streaming.

The report says that due to Digicel's collaboration with CVM TV
-- one of Jamaica's national stations -- and music channel Hype
TV, Jamaican clients can enjoy 24-hour live local programming,
including:

          -- soap operas,
          -- news bulletins,
          -- music videos, and
          -- sports programs.

Mobile TV is accessible on a wide range of top brand Nokia and
Sony Ericsson GPRS-enabled handsets.  The service can be
accessed by selecting the Mobile TV link within the mobile
content service Digicel Live on their handset, according to The
Observer.

Digicel's group products director Ralf Ohlhausen told The
Observer, "In order to provide our customers with an excellent
and valued TV experience, it was important that we provide local
TV content.  Mobile television is a great example of the
exciting innovative services we're able to offer with our world-
class GSM/GPRS network."

The Observer underscores that Digicel clients can roam with the
service in over 50 nations, allowing them to stay updated with
their local television programs when traveling.

CVM TV's director of sponsorship Ronnie Sutherland commented to
The Observer, "Digicel is one of the most innovative and admired
brands in Jamaica so we are thrilled to extend our relationship
with them.  As a national TV station, we always strive to be the
ones to get information out there first and the fastest.  To
that end, the idea of live broadcasting to the mobile handsets
through Digicel Mobile TV is a fantastic proposition, delivering
local news, sport updates and entertainment wherever and
whenever people want it."

"By offering this service, Digicel is once again playing an
important role in supporting the promotion of Caribbean talent
and entertainment," HYPE TV managing director Johann Dawes told
The Observer.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *    *    *

On July 12, 2006, Moody's Investors Service assigned a B3 senior
unsecured rating to the US$150 million add-on Notes offering of
Digicel Ltd. and affirmed Digicel's existing B3 senior unsecured
and B1 Corporate Family Ratings.  Moody's changed the outlook to
stable from positive.

                        *    *    *

Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel
Ltd's proposed add-on offering of US$150 million 9.25% senior
notes due 2012.  These notes are an extension of the US$300
million notes issued in July 2005.  In addition, Fitch also
affirms Digicel's foreign currency Issuer Default Rating and the
existing US$300 million senior notes due 2012 at 'B'.  Fitch
said the rating outlook is stable.


GOODYEAR TIRE: Fire at Warehouse Won't Hurt Firm's Performance
--------------------------------------------------------------
Goodyear Jamaica Ltd., The Goodyear Tire & Rubber Co.'s Jamaican
subsidiary, told Radio Jamaica that the recent fire at its
Spanish Town Road warehouse won't negatively affect the firm's
strategic and performance objectives for this year.

As reported in the Troubled Company Reporter-Latin America on
Jan. 24, 2007, a fire at Goodyear Tire stopped operations at its
distribution center in Kingston, Jamaica.  Investigators had not
yet determined the cause of the fire.  Damien Satterthwaite --
Goodyear Tire's consumer tire manager in Jamaica -- said that
the company relocated its administrative and sales office to 248
Spanish Town Road after a fire destroyed its distribution center
at 230 Spanish Town Road.

Radio Jamaica underscores that Tyre Sales Ltd. managed and
operated the warehouse, which housed the majority of tyre
inventory for Goodyear Jamaica.

Goodyear Tire told Radio Jamaica that the fire disrupted tyre
shipments to clients for one week and destroyed a large
percentage of its inventory.  However, several containers of
tyres were already at Kingston Wharf and in transit before the
fire.

Radio Jamaica relates that due to significant forward-buying
from tyre dealers before price increase, client inventories were
higher than average when the fire occurred.

Though Goodyear Tire's administrative offices were damaged, all
customer, vendor and employee files, as well as the firm's
financial data, were unaffected by the fire, Radio Jamaica
states.

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

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 9, Fitch
Ratings affirmed its ratings on Goodyear Tire & Rubber Co. and
removed them from Rating Watch Negative where they were placed
on Oct. 18, 2006, when the company announced a US$975 million
drawdown of its bank revolver.  Fitch affirmed Goodyear's Issuer
Default Rating at B.  Fitch said the Rating Outlook is Negative.


KAISER ALUMINUM: Prices Stock Offering at US$61.25 Per Share
------------------------------------------------------------
Kaiser Aluminum Corp. disclosed the pricing of an offering of
5,461,870 shares of common stock, all of which are being offered
by existing stockholders, at US$61.25 per share.  One selling
stockholder, a voluntary employees' beneficiary association
trust that provides benefits to eligible retirees represented by
certain unions, has agreed to sell 2,517,955 shares and has
granted the underwriters a 30-day option to purchase up to
819,280 additional shares, to cover over-allotments, if any.

The company will not sell any shares in, and will not receive
any of the proceeds from, this offering.

UBS Securities LLC and Bear, Stearns & Co. Inc. acted as joint
book-running managers and Lehman Brothers Inc. and Lazard
Capital Markets LLC acted as co-managers of the offering.

The offering of these securities will be made only by means of a
prospectus, copies of which may be obtained by contacting:

          UBS Securities LLC
          Attn: Prospectus Department
          299 Park Avenue, New York, NY 10171

                 -- or --

          Bear, Stearns & Co. Inc.
          c/o Prospectus Department
          383 Madison Avenue, New York, NY 10179

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading producer
of fabricated aluminum products for aerospace and high-strength,
general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican
subsidiaries, filed for chapter 11 protection on Feb. 12, 2002
(Bankr. Del. Case No. 02-10429), and has sold off a number of
its commodity businesses during course of its cases.  Corinne
Ball, Esq., at Jones Day, represents the Debtors in their
restructuring efforts.  Lazard Freres & Co. serves as the
Debtors' financial advisor.  Lisa G. Beckerman, Esq., H. Rey
Stroube, III, Esq., and Henry J. Kaim, Esq., at Akin, Gump,
Strauss, Hauer & Feld, LLP, and William P. Bowden, Esq., at
Ashby & Geddes represent the Debtors' Official Committee of
Unsecured Creditors.  The Debtors' Chapter 11 Plan became
effective on July 6, 2006, and the company emerged from Chapter
11.  On June 30, 2004, the Debtors listed US$1.619 billion in
assets and US$3.396 billion in debts.


NATIONAL COMMERCIAL: Desmond Blades Resigns from Firm's Board
-------------------------------------------------------------
National Commercial Bank's chairperson Michael Lee Chin told the
Jamaica Gleaner that Desmond Blades has resigned from the
company's board.

The Gleaner relates that Mr. Blades' resignation took effect on
Dec. 31, 2006.  He spent nine years on National Commercial's
board, exclusively as the chairperson of the bank's credit
committee.  Mr. Blades was the longest serving board member.

Mr. Blades is the principal owner and chairperson and managing
director of Musson (Jamaica) Ltd.  He also chairs several other
firms like T. Geddes Grant, Seprod Ltd., Lannaman's Holdings,
Stanley Motta, Jamaica Detergents and Industrial Sales.  His
other board memberships include Allied Stores Ltd., Facey
Commodity and Jamaica Feeds.

Mr. Lee Chin told The Gleaner, "We want to thank Mr. Blades for
the time he spent on the board; he did a remarkable job."

"I enjoyed my stint on the board. I am the longest serving
director by far [but] I left purely because of advancing age,"
Mr. Blades told The Gleaner.

Meanwhile, Mr. Lee Chin will still appoint a new chairperson of
National Commercial's credit committee, The Gleaner states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2006, Fitch initiated rating coverage on Jamaica's
National Commercial Bank Jamaica, Ltd., by assigning 'B+'
ratings on the bank's long-term foreign currency.  Other ratings
assigned by Fitch include:

   -- Long-term local currency 'B+';
   -- Short-term foreign currency 'B';
   -- Short-term local currency 'B';
   -- Individual 'D';
   -- Support '4'.

Fitch said the ratings have a stable rating outlook.


NATIONAL COMMERCIAL: Posts US$1.5B First Quarter Net Profit
-----------------------------------------------------------
Jamaica's National Commercial Bank's net profit increased US$1.5
billion in the first quarter of fiscal year 2007, compared with
US$1.1 billion in the same quarter in 2005.

National Commercial's operating revenue for the three months
ended Dec. 31, 2006, increased US$586 million or 14% to US$4.8
billion, from the same period in 2005.

The increase in revenue is due to a boost in net interest
income, net fees and commissions as well as trading income,
National Commercial told Radio Jamaica.

National Commercial's loan income and securities income rose
US$167 million and US$410 million respectively, mainly due to
the sustained growth in loans and advances, as well as
investment securities.

National Commercial's dividend income decreased 13% to US$35
million in dividend income in the quarter ended Dec. 31, 2006,
compared with the same period in 2005.

National Commercial's loan portfolio increased 13% to US$45
billion in the quarter ended Dec. 31, 2006, compared with the
quarter ended Dec. 31, 2005.  Its interest revenues from loans
rose 10% to US$1.88 billion.

However, National Commercial concentrated more on increasing its
investment securities.  The portfolio value rose 44% over 12
months, but only resulted to interest revenue from securities to
increase 10% to US$4.32 billion.

National Commercial retained 50 cents out of every dollar earned
from interest income during the quarter ended Dec. 31, 2006,
about 53% less compared with the same time in 2005.  It largely
indicated tighter interest spreads caused by lowered yields on
government securities.

National Commercial's net trading income and net fees and
commission increased 48% to US$704 million and 25% to US$890
million, respectively.

National Commercial's Chief Executive Officer Patrick Hylton
said that the bank had gained five E grades, the Jamaica Gleaner
notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2006, National Commercial's audited year-end results
indicated that the bank's net profit for the financial year
ended Sept. 30, 2006, increased 23% to US$5.4 billion, compared
with the US$4.4 billion recorded in the same period of 2005.

For the 2006 financial year, National Commercial's net interest
income rose US$1.1 billion or 10% to US$11.7 billion, compared
with the 2005 financial year.   During the year National
Commercial's loan portfolio grew 17% to US$42.2 billion.  Its
deposits increased 16% to US$99 billion.  The bank's assets
total US$223 billion.

Mr. Hylton told The Gleaner that National Commercial had
launched the NCB e-campus, complete with its e-library and e-
books, from which the 240 enrolled bank staff members can access
from their workstation.  He said, "If we don't have the right
people in the right position we will not maximize our
potential."

Acknowledging the complaints from clients about access to
National Commercial through telephone, Mr. Hylton told The
Gleaner that he wants to increase customer satisfaction by 90%.
He said that problem should be solved with bank's planned
implementation of a new telephone system.

National Commercial expanded its ABM machines over the past year
with the addition of 25 machines to bring the total to 151 in
Jamaica.

Mr. Hylton told The Gleaner that National Commercial had done a
fairly decent job in managing its expense to continue to boost
its profits.  However, there is more to achieve like lowering
cost to income ratio, which is at 60% -- a record low for
National Commercial.

"Our revenue growth has outpaced expense growth year over year
-- but I am still not satisfied with this [and] we are looking
to cutting electricity, stationery costs as well as employing
cash forecasting tools," Mr. Hylton commented to The Gleaner.

However, the absence of a Credit Bureau prevented bankers from
pricing their loans, The Gleaner states, citing Mr. Hylton.  The
shareholders had questioned why banks have not worked with the
central bank in decreasing interest rates.

Mr. Hylton told The Gleaner, "The reduction in interest rates
across the banking sector is perhaps not as dramatic as a lot of
people would like [but with a] Credit Bureau bankers can price
risks and make better informed decisions."

National Commercial told the Jamaica Observer that it could
become a market leader in the country's insurance sector.

Ingrid Chambers, National Commercial unit NCB Insurance's
managing director, told The Observer, "We have entered the group
insurance market and we have expanded our product base to seven
products: Omni, Omni Educator, ProVision, ProCare, Employee Care
(group life), Group Creditor Life and Group Annuities.  We have
made sure that with this diversification our income is less
vulnerable to falling interest rates."

About 10,581 individual life policies were sold in 2006, which
is 35% more than the previous year, The Observer notes, citing
Mr. Chambers.  The company's new individual premium sales also
increased 37% to US$2.6 billion in 2006, from US$1.9 billion in
2005.  Total assets rose 39% to US$13.9 billion while
investments have risen 34% to US$12.3 billion.  The firm's
Minimum Continuing Capital Surplus Ratio -- the test of solvency
in the insurance industry -- increased to 561% from 378%, way
ahead of the regulatory benchmark standard of 150%.  Net profit
after tax rose 103% to US$423 million.  The numbers are
indicative of the firm's emergence in the industry.

Mr. Chambers commented to The Observer, "I am happy to report
that the company is increasing market share and aggressively
moving toward its relentless goal of being number one.  Relative
to the major players in the insurance industry our company had a
39% rate of growth for the period January to September last
year.  NCB Insurance is in good hands.  We have the people, the
policies, the strategies and most of all the vision to take us
where we want to go -- and this is right to the top."

Mr. Chambers emphasized to The Observer that NCB Insurance is
preparing to enter the corporate pensions market and has applied
for Administrator and Investment Manager Licenses with the
Financial Services Commission.  NCB Insurance is wants to be
fully e-services oriented by the end of 2007, which will give
clients timely access to information on their individual life
policies and pension membership information.  The company will
also be investing in new tools to enhance the effectiveness of
its 100-member sales team.

"As we continue to increase our product offerings we are
investing heavily in implementing new technologies that empower
our sales teams with tools that will allow more effective needs
analysis and financial planning," Mr. Chambers commented to The
Observer.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2006, Fitch initiated rating coverage on Jamaica's
National Commercial Bank Jamaica, Ltd., by assigning 'B+'
ratings on the bank's long-term foreign currency.  Other ratings
assigned by Fitch include:

   -- Long-term local currency 'B+';
   -- Short-term foreign currency 'B';
   -- Short-term local currency 'B';
   -- Individual 'D';
   -- Support '4'.

Fitch said the ratings have a stable rating outlook.




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


ADVANCED MARKETING: Asks Court to Set Reclamation Claims Process
----------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to enter
a ruling establishing procedures for reconciliation of
reclamation claims.

Section 546(c)(1) of the Bankruptcy Code authorizes vendors who
have delivered goods to a debtor in the ordinary course of
business to reclaim those goods, subject to certain limitations,
if:

    (a) the debtor was insolvent when the goods were received;

    (b) the goods were received by the debtor within 45 days
        before the Petition Date;

    (c) the seller demanded reclamation in writing; and

    (d) the demand was made within 45 days after the debtor
        received possession of the goods or within 20 days if
        the 45-day period would expire after the Petition Date.

The Debtors estimate that as of the Petition Date, as many as
US$24,457,822 in goods may be subject to reclamation claims.  As
a distribution company, these goods are essential to the
Debtors, Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, notes.  The Debtors' business
will be severely disrupted if vendors are allowed to exercise
their rights to reclaim goods without a uniform procedure that
is fair and applicable to all parties, Mr. Collins explains.

Mr. Collins says that given the high volume of merchandise they
received daily, the Debtors anticipate that a number of vendors
will attempt, pursuant to Section 546(c), to assert their right
to reclaim goods delivered to the Debtors shortly after the
Petition Date.  In the week since the Petition Date, the Debtors
have already received numerous demands for reclamation, many of
which have threatened suit or requested that the Debtors take
drastic and disruptive steps as physically segregating
inventory, freezing sales and permitting physical investigation
by the publishers.  Any of these remedies threaten to seriously
disrupt the Debtors' operations at this crucial time.

Mr. Collins asserts that absent the establishment of an orderly
process for the determination of reclamation claims, the
Debtors' business operations will suffer and management's
attention will be diverted from important issues to deal with
reclamation claims.

The inventory subject to reclamation is also subject to a
floating lien asserted by the Senior Lenders, which takes
priority over any reclamation claims, Mr. Collins relates.
Similarly, premature payment of reclamation claims could
constitute an event of default under the Debtors' debtor-in-
possession credit agreement.  Hence, if and to the extent that
publishers' reclamation claims are valid, the value of claims
can be more than adequately protected by the granting of an
administrative claim.  Like the reclamation claims, replacement
administrative claims are and will be subject and subordinate to
the liens of the Senior Lenders.

Furthermore, Mr. Collins continues, the Debtors are more than
capable of preserving the reclamation claims of their inventory
suppliers without the need to disrupt the Debtors' operations.

In the ordinary course of their business, in addition to general
purchasing and sales information, the Debtors track and record
in their centralized computer database the locations of pallets
and cartons of books not only geographically but also by shelf
location within each distribution center.  By gathering this and
other data concerning the number of books purchased, moved, or
sold, the Debtors can determine -- without requiring any
physical segregation of goods or manual inventory count or
examination -- which units of inventory were purchased and
received within the 45-day period before the Petition Date that
remain unsold as of any date, Mr. Collins tells the Court.  From
this, the Debtors are and will remain in possession of the
information needed to describe the validity and extent of any
reclamation claim.

Hence, the Debtors propose these procedures for processing and
treatment of reclamation claims:

    (a) any vendor asserting a claim for reclamation under
        Section 546(c) must satisfy all requirements entitling
        It to have a right of reclamation under Section 546(c)
        and will send a written reclamation claim demand to:

          -- Advanced Marketing Services, Inc.
             5880 Oberlin Drive
             San Diego, California 92121
             Attention: Gary Lloyd,

          or directly to the Debtors' counsel:

          -- Richards, Layton & Finger, P.A.
             One Rodney Square, 920 King Street
             Wilmington, Delaware 19899
             Attn: Mark Collins, Esq.

          -- O'Melveny & Myers, LLP
             275 Battery Street
             San Francisco, California 94111
             Attn: Suzzanne S. Uhland, Esq.,
                   Austin K. Barron, Esq., and
                   Alexandra B. Feldman, Esq.

    (b) after receipt of all demands and an opportunity to
        review the demands, the Debtors will file a report, on
        notice to parties-in-interest, listing those claims, if
        any, that the Debtors deem to be valid pursuant to the
        Court approval of the request;

    (c) absent further Court ruling, the Reclamation Claims
        Report will be filed by the Debtors within 180 days
        after a final Court ruling for the request;

    (d) if the Debtors fail to file the Reclamation Claims
        Report within the required period of time, any holder of
        a reclamation claim may commence an adversary proceeding
        on its own behalf but no action may be commenced or
        filed earlier than 180 days after the Court's final
        ruling for the request;

    (e) all parties-in-interest will have the right and
        opportunity to object to the inclusion or omission of
        any asserted reclamation claim in the Reclamation Claims
        Report; and

    (f) all reclamation claims allowed by the Court pursuant to
        the Reclamation Claims Report will receive either an
        administrative expense claim or a replacement lien, to
        the extent allowed by law, or will receive treatment
        otherwise agreed upon.  Provided, however, nothing will
        be deemed to be a finding or determination that a
        reclamation claim is valid or entitled to the treatment.

To allay concerns of reclamation claimants, to avoid unnecessary
disruption of the Debtors' business, and to minimize or
eliminate needless litigation, the Debtors will not take the
position that an otherwise valid reclamation demand is rendered
invalid by:

    (1) a reclamation claimant's failure to take any or all
        possible "self-help" measures with respect to the goods
        subject to reclamation demand; or

    (2) the failure of a reclamation claimant to institute a
        adversary proceeding against the Debtors seeking to
        enjoin them from using or selling the goods subject to
        the reclamation demand or any other similar request.

Mr. Collins further notes that reclamation claims that are
determined in accordance with the procedures to be valid
reclamation claims will be paid pursuant to the Debtors'
Reorganization Plan.

                         Responses

(A) Hachette Book

Hachette Book Group USA, Inc., formerly known as Time Warner
Book Group, has been a supplier of books to AMS over the past 20
years.  The Debtors have listed Hachette Book as their fourth
largest unsecured creditor, holding an unsecured claim for
US$22,569,624.

Jeffrey A. Marks, Esq., at Squire, Sanders & Dempsey L.L.P, in
Cincinnati, Ohio, says that during the 45 days before the
Petition Date, Hachette Book sold books to AMS for which it has
not yet been paid.  Accordingly, Hachette Book has the right to
reclaim the books sold to AMS during that period under Section
546(c), and to an administrative expense claim for those books
sold to AMS during the 20-day period before the Petition Date
under Section 503(b)(9).

Hachette Book objects to the Debtors' request because:

    (1) the proposed procedures requires the Debtors to file a
        report listing those reclamation claims that they deem
        to be valid, but does not require the Debtors to provide
        any explanation or detail supporting their conclusions.
        Hachette Book asserts that the Debtors should be
        required to provide sufficient explanation and support
        to enable reclamation and administrative claimants to be
        reasonably informed as to the basis for the Debtors'
        conclusions;

    (2) it is premature at this point to establish a 180-day
        deadline without knowing the extent and nature of the
        reclamation and administrative claims in question.
        Hachette Book asserts that the appropriate amount of
        time within which the Debtors must analyze the
        reclamation and administrative claims depends on the
        amount and complexity of the reclamation and
        administrative claims actually received;

    (3) the proposed procedures provides that all parties-in-
        interest will have the right and opportunity to object
        to the inclusion or omission of any asserted reclamation
        claim in the Reclamation Claims Report but does not set
        a deadline for doing so.  A reasonable deadline should
        be established in order to enhance the efficiency of the
        process;

    (4) at this nascent stage of the Debtors' bankruptcy cases,
        there is no legitimate basis to conclude that payment of
        reclamation claims should be delayed until Plan
        confirmation.  Hachette Book asserts that the Debtors'
        first-day filings indicate that there is value and
        working capital substantially in excess of the
        prepetition and projected postpetition secured debt.
        Hence, payment of reclamation claims may be justifiable
        and appropriate well before Plan confirmation; and

    (5) the Debtors assert in the request that they will not
        take the position that an otherwise valid reclamation
        demand is rendered invalid by a reclamation creditor's
        failure to (a) exercise self-help remedies, or
        (b)institute an adversary proceeding to enjoin the use
        or sale of goods subject to reclamation by the creditor.

Accordingly, Hachette Book asks the Court to enter a ruling
sustaining its objection.

Furthermore, Hachette Book asks the Court that any ruling on the
Debtors' request contain a provision that any creditor's rights
to reclaim goods under Section 546(c) will not be prejudiced or
limited in any way by the creditor's failure to (a) take any and
all possible "self-help" measures with respect to the goods
subject to the creditor's reclamation demand, or (b) to
institute an adversary proceeding or contested matter against
the Debtors seeking to enjoin them from using or selling the
goods subject to the creditor's reclamation demand or any other
similar relief.

Seven other creditors essentially join Hachette Book's
objection:

    (1) Random House, Inc.;

    (2) Trinity University Press;

    (3) Meredith Corp.;

    (4) Barron's Educational Series, Inc.;

    (5) Global Book Publishing and Design Eye, Ltd., both
        divisions of Quarto Publishing PLC;

    (6) Mascot Books, Inc.; and

    (7) Penguin Group (USA) Inc.

Random House, the Debtors' largest creditor, also asserts that
the holders of the reclamation claims should be entitled to
notice of the sale of their goods, which sale should not be
allowed without Court approval.

Trinity University further asks the Court to:

    (a) reduce the amount of time sought to reconcile the
        reclamation claims; and

    (b) provide some form of adequate assurance that if the
        goods subject to its reclamation demand are or have been
        sold, Trinity will be paid in full for the goods within
        30 days of the reconciliation.

Quarto Publishing contends that the Debtors' request has no
basis for being granted under applicable law.

(B) Wells Fargo

The Debtors and Wells Fargo Foothill, Inc., along with other
lender parties, are parties to a Loan and Security Agreement
dated April 27, 2004.

On the Petition Date, the Court issued an interim ruling
authorizing the Debtors' DIP financing agreement with Foothill.

In connection with the Prepetition and DIP Loan Agreements, the
Debtors granted the Lenders security interests in substantially
all of the Debtors' pre- and postpetition assets.

To the extent, if any, that the reclamation procedures seek to
affect any of the Lender Liens in the Debtors' inventory, the
Lenders object to the reclamation procedures and will argue at
the hearing, among other things, that there should be no
reclamation procedures if the evidence establishes that the
reclamation claims are "valueless" under the applicable case
law.

(C) Simon & Schuster

Simon & Schuster, Inc., objects to the Debtors' request because,
if granted, the request will eliminate its statutory right to
specific performance under Section 546(c) to reclaim its goods.

Since the Petition Date, Simon & Schuster has worked diligently
to enforce its statutory right to specific performance under
Section 546(c), including:

    (a) sending a written demand for reclamation of its goods on
        the Petition Date;

    (b) filing a complaint for reclamation of the Goods on
        Jan. 5, 2007; and

    (c) seeking a temporary restraining order to protect its
        reclamation rights on January 11.

Accordingly, Simon & Schuster asks the Court to deny the
Debtors' request and maintain status quo until it has an
opportunity to rule on the merits of Simon & Schuster's
complaint to reclaim goods.  Alternatively, Simon & Schuster
asks the Court that the approved request will not apply to it.

                  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
about 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. (Advanced Marketing Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ALASKA AIR: Incurs US$52.6 Million Net Loss in 2006
---------------------------------------------------
Alaska Air Group, Inc., reported a full year net loss of US$52.6
million, compared with a net loss of US$5.9 million.  The 2006
results include charges related to the transition to an all-
Boeing 737 fleet at Alaska Airlines and for voluntary severance
programs related to new labor contracts, as well as mark-to-
market fuel hedging adjustments.

The 2005 results similarly include mark-to-market fuel hedge
adjustments, voluntary severance program charges, a refund of
Mexico navigation fees and the cumulative effect of a change in
the company's maintenance accounting policy. Excluding the
impact of these items, 2006 net income would have been US$137.7
million compared with US$55.0 million.

The company reported a fourth quarter net loss of US$11.6
million compared with a net loss of US$33.0 million in the
fourth quarter of 2005.  Similar to the items noted for the full
year, both the 2006 and 2005 quarterly results include mark-to-
market fuel hedge accounting adjustments and restructuring-
related items.  Excluding the impact of these items, the company
would have reported a fourth quarter net loss of US$3.4 million
compared with net income of US$0.6 million in the fourth quarter
of 2005.

"While unit revenue growth slowed somewhat during the fourth
quarter, our full year adjusted earnings show steady improvement
over the last five years," said Bill Ayer, the company's
chairman and chief executive officer.  "This positive trend
reflects the commitment of employees at Alaska and Horizon to
achieve our customer, operational and financial goals.  Alaska's
transition by the end of 2008 to an all-737 fleet will further
our efforts to reduce costs while delivering a compelling
customer value."

Because they achieved a number of financial and operational
goals, Air Group employees have earned US$36.8 million of
incentive pay.  This is the highest incentive payout in the
company's history.  In addition, the marked improvement in
operating cash flows allowed the company to contribute nearly
US$122 million to its defined benefit pension plans in 2006,
bringing the funded percentage to nearly 80% based on the
projected benefit obligation of the plans.

Alaska Airlines' passenger traffic in the fourth quarter
increased 3.4% on a capacity increase of 3.6%. Alaska's load
factor decreased 0.2 percentage points to 73.7%, compared with
the same period in 2005.  Alaska's operating revenue per
available seat mile increased 3.9%, and its operating costs per
ASM excluding fuel and adjustments related to restructuring
activities increased 2.0%.  Alaska's pretax loss for the quarter
was US$12.1 million, compared with a pretax loss of US$46.3
million in 2005.  Excluding the restructuring adjustments and
fuel-hedging items referenced above, Alaska's pretax loss was
US$1.9 million for the quarter, compared with pre-tax income of
US$0.5 million in the fourth quarter of 2005.

Horizon Air's passenger traffic in the fourth quarter increased
4.3% on a 5.2% capacity increase.  Horizon's load factor
decreased by 0.7 percentage points to 73.0%.  Horizon's
operating revenue per ASM increased 7.1%, and its operating
costs per ASM excluding fuel increased 6.8%. Horizon's pretax
loss for the quarter was US$3.5 million, compared with a pretax
loss of US$6.6 million in 2005. Excluding the fuel-hedging
adjustments referenced above, Horizon's pretax loss was US$0.5
million for the quarter, compared with pretax income of US$0.4
million in the fourth quarter of 2005.

Alaska Air Group had cash and short-term investments at Dec. 31,
2006, of approximately US$1.0 billion, compared with US$983
million at Dec. 31, 2005.  The company's debt-to-capital ratio,
assuming aircraft operating leases are capitalized at seven
times annualized rent, improved to 72% as of Dec. 31, 2006.

Seattle, Wash.-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger
trip length of 1,009 miles.  Alaska principally serves
destinations in the state of Alaska and North/South service
between cities in the Western United States, Canada, and Mexico.
Horizon operates jet and turboprop aircraft with average
passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 6, 2006,
Moody's Investors Service affirmed the corporate family rating
of Alaska Air Group, Inc. and the Equipment Trust Certificate
rating of Alaska Airlines, Inc. at B1, and changed the outlook
to stable from negative.


CHEMTURA CORP: Names Edward P. Garden to Board of Directors
-----------------------------------------------------------
Chemtura Corp. has appointed Edward P. Garden, a principal and
co-founder of Trian Fund Management, L.P., to the Board of
Directors, effective immediately, to serve until the company's
annual meeting of stockholders in 2009.  Mr. Garden will fill
recently vacated positions on two Chemtura Board committees: the
Finance and Pension Committee; and the Organization,
Compensation and Governance Committee.  Trian manages investment
funds and accounts that recently acquired a beneficial ownership
interest of slightly less than 5% of the company's common stock.

Mr. Garden is a founding partner and principal of Trian as well
as vice chairman and a director of Triarc Companies, Inc.  He
has significant investment banking experience, having previously
been employed as a senior investment banker at Credit Suisse
First Boston.  He holds a B.A. in Economics from Harvard
College.

"The Board and I welcome Ed and look forward to working closely
with him and adding his considerable financial expertise to our
Board as we work together to improve our businesses and maximize
shareholder value," said Robert L. Wood, Chairman and CEO.

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global supplier of
plastic additives, including flame-retardants.  The company also
manufactures and markets pool and spa products and seed
treatment and miticide in the agricultural market.  Chemtura
has more than 6,500 employees in research, manufacturing, sales
and administrative facilities in every major market of the
world.  In Latin America, Chemtura has facilities in Brazil and
Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family
Rating for Chemtura Corp., in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. chemicals and allied products sectors.
Additionally, Moody's held its Ba1 probability-of-default rating
on the company's US$500 Million 6.875% Guaranteed Senior Notes
due June 2016.


FORD MOTOR: Exec Bonuses May Hamper Cost-Cutting Deal with Union
----------------------------------------------------------------
Ford Motor Co.'s potential plan to offer bonuses to some white-
collar workers risks undermining an effort to persuade the
United Auto Workers union to accept some concessions in factory-
level and national contract talks this year, The Wall Street
Journal reports.

The plan, according to the Journal, is already angering rank-
and-file workers and undermining UAW leaders' efforts to work
with management to push through cost-cutting agreements with
local unions which Ford executives say are critical to the
company's turnaround plan.

The automaker was likely to have met or exceeded certain targets
related to cost-cutting and vehicle quality in 2006, the Journal
said, citing people familiar with the matter.

As Ford meets these targets, employees at a certain leadership
level and above, including manufacturing-plant managers, may be
in line for bonuses, Reuters relates.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
the United Auto Workers reached an agreement on voluntary,
system-wide buyouts for more than 75,000 UAW-represented hourly
workers at Ford Motor.

The buyouts are part of Ford's move to accelerate its "Way
Forward" turnaround plan initiated early last year.

No UAW Ford hourly worker will have his or her contractual
rights compromised as a result of these buyout packages, and no
worker will be involuntarily separated from the company, the
union disclosed.

A summary of the terms and conditions of the packages is
available for free at http://researcharchives.com/t/s?11ad

Headquartered in Dearborn, Michigan, Ford Motor Co. (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: GMAC's Mortgage Risks May Hit GM, Analysts Say
--------------------------------------------------------------
General Motors Corp.'s decision of its delayed fourth quarter
earnings filing could reflect in part the toll U.S. mortgage
market has taken on its recently divested GMAC Financial
Services lending unit, John D. Stoll of the Wall Street Journal
reports citing industry watchers.

In a statement made by Lehman Brothers auto analyst Brian
Johnson, WSJ relates that complications in connection to
estimating the value of GMAC's ResCap mortgage unit could cost
the company US$300 million to US$400 million in cash charges in
the first half.

According to WSJ, GMAC portfolio viewed ResCap as its crown
jewel but has fallen under industrywide pressure that has hurt
traditionally strong lenders and might have diminished ResCap's
value.

Mr. Johnson further said in the report that potential provisions
for loan losses from subprime mortgages in GMAC's case, might
need growth, and residual interest in trading securities might
need mark-to-market modifications.

GMAC and Cerberus must sort out issues related to ResCap, said
GM Chief Financial Officer Fritz Henderson.  He concluded that
settlements related to the changes in the mortgage industry
should be established.

GMAC officials were unavailable for comment and Cerberus
spokesman Peter Duda refused to comment, WSJ says.

GM, as reported in the Troubled Company Reporter last week,
expected to have been profitable in the fourth quarter with
record revenue, but did not provide figures.  GM said it will
provide further information on the progress of its financial
reporting on Feb. 5, 2007.  The company currently anticipated
that it will file its annual report on Form 10-K by its due date
of March 1, 2007.

In addition, GMAC has informed GM that it continues to finalize
its financial statements for 2006 and its balance sheet as of
Nov. 30, the date of the sale of 51% of the equity of GMAC.  As
a result, GMAC advised GM that it is not yet able to provide the
financial information needed to complete GM's fourth quarter
financial results.

GM would also restate its financial statements for 2002 through
the third quarter of 2006 as a result of these anticipated
adjustments related to the deferred tax liabilities, hedging
activities and other miscellaneous items.

                 About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 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.


GENERAL MOTORS: Plans to Sell Allison Transmission to Cut Costs
---------------------------------------------------------------
General Motors Corp. is considering strategic options for
subsidiary Allison Transmission, including a possible sale, in
an effort to boost liquidity, Reuters reports.

The company, Reuters says, is in the middle of a restructuring
effort that focuses on cutting costs and improving cash flow.

"This process is another potential step in GM's plan to improve
liquidity through the assessment of strategic options for a
business that is not central to GM's mission of designing,
manufacturing and selling cars and light trucks globally," GM
said in a statement cited by Reuters.

Indianapolis-based Allison makes transmissions and hybrid
propulsion systems for commercial trucks and buses and military
vehicles and employs more than 4,000 workers.

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.


GENERAL MOTORS: Recalls 100,000 Chevrolet Cobalt Small Sedans
-------------------------------------------------------------
General Motors Corp. told the Associated Press that it was
taking back almost 100,000 Chevrolet Cobalt small sedans to
upgrade their head impact protection.

The recall affects 98,707 vehicles from the 2005-2006 model
years not equipped with optional roof-mounted side impact air
bags, AP relates, citing General Motors.

According to AP, General Motors found out the lack of impact air
bags during compliance testing.

General Motors told AP that dealers will install energy
absorbing plastic to the area.

The head impact protection would only be a problem for motorists
not wearing a seat belt.  Belted motorists would not be
affected, AP reports, citing General Motors spokesperson Alan
Adler.

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

                        *    *    *

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

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


GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said that General Motors
Corp.'s (GM; B/Negative/B-3) announcement that it is restating
financial results from 2002 through the third quarter of 2006
raises new concerns about the integrity of the company's
financial reporting and internal controls, but has no immediate
effect on the ratings on GM, GMAC LLC (BB+/Developing/B-1), or
GMAC unit Residential Capital LLC (ResCap; BBB/Negative/A-3).
The accounting issues GM is working to resolve encompass several
areas, including FAS 133 hedge accounting and accounting for
deferred tax liabilities.

In addition, GMAC has not yet finalized its financial statements
for 2006, after GM sold a majority stake in the finance unit to
an investor group in November.  GM still expects to file its
10-K by the March 1, 2007, deadline.  S&P does not believe these
errors will affect cash and cash equivalents, which were US$26.4
billion at the end of 2006. However, the ratings could be placed
on CreditWatch with negative implications if GM were to miss the
March 1 filing date with the SEC, even with the brief and
normally available extension period.  The heavy ongoing funding
requirements of GMAC and ResCap add particular significance to
the timely filing of financial statements.  The ratings could
also be placed on CreditWatch if additional serious concerns are
uncovered or if there is any other material near-term effect on
GM's liquidity, neither of which we currently anticipate.

As with the early 2006 restatement, this current restatement
could raise potential issues regarding GM's access to its
US$4.48 billion revolving credit facility.  At a minimum, GM,
GMAC, and ResCap could have to seek waivers on financial
reporting requirements from lenders. However, in contrast to the
circumstances surrounding the 2006 restatement, GM's current
bank revolving credit facility is secured, and lenders may be
more inclined to provide accounting-related waivers. In
addition, the GMAC sale has closed, GM's cash position is
larger, some progress has been made in the North American
restructuring plan, and we believe that that resolution of GM's
operational and financial exposure to bankrupt former unit
Delphi Corp. is well within the scope of GM's liquidity.

Still, the need to attend to these accounting issues adds to the
various challenges that management continues to face on a number
of non-operating issues, including the Delphi situation.

GM still faces SEC investigations into certain accounting
practices, including its pension and OPEB assumptions.  These
investigations remain concerns, although the magnitude of their
effect is uncertain.

Prospects for GM's automotive operations remain clouded. The
ratings could be lowered further if S&P came to expect that GM's
substantial cash outflow would fail to moderate because of
setbacks, whether GM-specific or stemming from market
conditions.

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.


GRUPO MEXICO: Posts US$447.3MM Fourth Quarter 2006 Net Profit
-------------------------------------------------------------
Grupo Mexico SA de CV told Dow Jones Newswires that its net
profit increased 49.9% to US$447.3 million in the fourth quarter
of 2006, compared with the same quarter in 2005.

Grupo Mexico said in a press release that its sales in the
fourth quarter of 2006 rose 37.4% to US$1.88 billion, compared
with the fourth quarter of 2005.  Its earnings before interest,
taxes, depreciation and amortization, or Ebitda, increased 51.9%
to US$1.13 billion.

Grupo Mexico told Dow Jones that it had record sales and net
profit in 2006.  Sales increased 23.4% to US$6.37 billion and
net profit grew 43.3% to US$1.52 billion, compared with 2005.

Average copper prices in the fourth quarter of 2006 increased
57.3% to 319.12 cents a pound, compared with 2005.  Gold, silver
and zinc prices also rose, while molybdenum prices declined, Dow
Jones notes, citing Grupo Mexico.

Grupo Mexico told Dow Jones that copper sales by volume in the
fourth quarter of 2006 dropped 6.2% to 183,356 metric tons,
compared with the fourth quarter of 2005.  Full-year sales
volume decreased 10% to 628,770 metric tons.

According to Dow Jones, Grupo Mexico said that railway load
volumes declined 0.7% in 2006, compared with 2005.  Meanwhile,
sales increased 10% due to higher prices and improved freight
traffic.

Grupo Mexico told Dow Jones that it will pay a dividend of
MXN0.90 per share on Feb. 15.

Grupo Mexico B shares trading on the Mexican Stock Exchange
increased 3% to MXN44.85, Dow Jones states.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Rating Outlook is Stable.


HC CARRIBEAN: Must File Plan & Disclosure Statement by March 15
---------------------------------------------------------------
In a Dec. 18, 2006, status hearing on HC Carribean Chemicals
Inc.'s chapter 11 case, the United States Trustee for Region 21
told the U.S. Bankruptcy Court District of Puerto Rico that the
Sec. 341 meeting of the Debtor's creditors was held and closed
on Dec. 14, 2006.

Pursuant to that meeting, the Trustee discloses that the Debtor
was requested to amend its statement of financial affairs for
these reasons:

   a) the Debtor's case is a borderline to chapter 7 since the
      Debtor does not have any money in the bank;

   b) no tax returns were filed since 1997; and

   c) the Debtor has attempted to sell its property seven times
      without success.

In this regard, the Court directs the Debtor to file disclosure
statement and plan on or before March 15, 2007.  The hearing on
the disclosure statement will be determined at a later date.
The Debtor is also expected to file a corporate resolution.

Headquartered in Ponce, Puerto Rico, HC Caribbean Chemicals Inc.
sells chemical, industrial, and janitorial cleaning products.
The company is the exclusive distributor for Zep Products in
Puerto Rico.  HC Caribbean filed a chapter 11 petition on
Oct. 16, 2006 (Bankr. D. P.R. Case No. 06-03960).  Nydia
Gonzalez Ortiz, Esq. at Santiago & Gonzalez represents the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it disclosed more than US$100
million in assets and more than US$100 million in debts.


NORTEL NETWORKS: Ontario Court Approves US$2.5-Bil. Settlement
--------------------------------------------------------------
The Honorable Warren K. Winkler of the Ontario Superior Court of
Justice approved an estimated settlement of US$2.5 billion
that resolves seven lawsuits in the United States, Ontario,
Quebec and British Columbia, as to whether Nortel Networks Corp.
misled investors during two separate class periods.

The decision follows the approval of the settlement in the two
U.S. class actions on Dec. 26, 2006, by the Honorable Richard
Berman and Loretta Preska of the U.S. District Court of the
Southern District of New York, and moves the settlement one step
closer to final approval.

The Honorable Harvey M. Groberman of the Supreme Court of
British Columbia also approved the settlement on behalf of
British Columbia shareholders for the Nortel I class action.
The settlement still requires approval by the Quebec Superior
Court.

Under the settlement, Nortel has agreed to pay US$575 million in
cash and issue common shares representing 14.5% of its current
equity, worth approximately US$1.7 billion based on Nortel's
current share value.  The settlement also includes US$228.5
million in payments from Nortel's insurers.

Nortel further agreed to contribute one half of any recovery in
existing litigation by Nortel against former senior officers who
were terminated for cause in April 2004 and to implement certain
corporate governance enhancements and to consider others.

In approving the settlement, Judge Winkler concluded that the
settlement was "fair, reasonable and in the best interests of
the class (of Nortel investors)" and provides "the maximum
available amount for satisfaction of the claims in total, short
of trial".

Joel Rochon, Esq., co-lead counsel for the Ontario national
class, said, "This settlement represents the largest securities
class action settlement in Canadian history and will provide a
measure of protection for Canadian shareholders in the future."
He added, "We look forward to the rulings by the Quebec Superior
Court and to an efficient and timely distribution of cash and
shares to all class members thereafter".

Peter Jervis, Esq. and George Glezos, Esq., co-counsel in the
Ontario class action, commented, "This decision confirms that
Ontario courts will protect both the investing public and the
integrity of the Canadian capital markets in Canadian securities
class actions."

Shareholders who purchased Nortel securities during the relevant
time periods in Canada outside of Quebec (and in the case of
Nortel I, British Columbia) are represented by the Toronto law
firms of Rochon Genova LLP and Lerners LLP.

                   About Nortel Networks

Based in Ontario, Canada, Nortel Networks Corp. (NYSE/TSX: NT)
-- http://www.nortel.com/-- is a recognized leader in
delivering communications capabilities that enhance the human
experience, ignite and power global commerce, and secure and
protect the world's most critical information.

Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.

                        *     *     *

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

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares


VALASSIS COMMS: Names Rob Mason as President of ADVO Inc.
---------------------------------------------------------
Valassis disclosed that Rob Mason, Valassis Senior Vice
President, Retail and Services, will be promoted to President,
ADVO Inc., effective at the close of the Valassis-ADVO
transaction.  Mr. Mason will assume general management and
profit & loss responsibilities while focusing on sales and
marketing efforts. He will also provide strategic direction for
ADVO, working closely with leaders across both ADVO and
Valassis.

"Rob is a proven leader with an outstanding reputation in the
media services industry," said Alan F. Schultz, Valassis
Chairman, President and CEO.  "His outstanding leadership
skills, sales prowess and integrity make him the ideal person to
serve as President, ADVO Inc. I am confident Rob will be as
successful a leader at ADVO as he has been at Valassis."

Under Mr. Mason's leadership in his current role, the Retail and
Services division has grown to represent nearly US$600 million
in revenue.  In the last two years, his division brought in over
50 percent of all new customers to Valassis.  His division has
also seen significant growth within the preprint segment from
the retail, food service, telecommunications and manufacturer
customer verticals.

Prior to his recent role within Valassis, Mr. Mason was a
successful Account Executive and Director of Sales for the
company, and has been recognized as Sales Person of the Year and
Team Player of the Year.  Before joining Valassis in 1995, he
held a variety of positions within the newspaper and printing
industries.

Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.  Valassis' products
and services portfolio includes: newspaper-delivered promotions
and advertisements such as inserts, sampling, polybags and on-
page advertisements; direct-to-door advertising and sampling;
direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning
and analytic services.  Valassis subsidiaries include Valassis
Canada, Promotion Watch, Valassis Relationship Marketing
Systems, LLC and NCH Marketing Services Inc.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 1, 2006,
Moody's Investors Service downgraded Valassis Communications,
Inc.'s senior unsecured note ratings to Ba1 from Baa3.  Moody's
also assigned a Ba1 Corporate Family Rating, Ba1 Probability of
Default Rating, and LGD4 loss given default assessments to
Valassis' debt securities.  The ratings remain on review for
downgrade.




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


* NICARAGUA: Launching Power Plants Supplied by Venezuela
---------------------------------------------------------
Nicaragua's President Daniel Ortega told Prensa Latina that the
first power plants supplied by Venezuela will be operational in
two weeks.

Venezuela provided the plants to Nicaragua to alleviate the
latter's energy crisis, Prensa Latina notes, citing President
Ortega.  The generators will produce 15 megabytes.

President Ortega told Prensa Latina that other plants will be
launched within four weeks, which will generating a total of 60
megabytes to cover half of the current deficit.

However, Nicaragua is facing a total collapse in the energy
sector.  The power cuts affecting a large part of Nicaragua will
continue for a while, Prensa Latina says, citing President
Ortega.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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


* NICARAGUA: Paying US$100 Million of Domestic Debt in February
---------------------------------------------------------------
Nicaraguan President Daniel Ortega told Reuters that his
government would reluctantly pay US$100 million of domestic debt
in February.

President Ortega commented to Reuters, "How terrible it is to
have to honor this payment but we have to because it is a
commitment of the Nicaraguan state.  We wish there had been more
time to open a negotiation, to renegotiate, but time is up."

According to Reuters, President Ortega's comments implied that
he might look to renegotiate other debt obligations.  However,
he said that he won't let Nicaragua default on its debt.

"The government declares its commitment to honor all the state's
debt," President Ortega told Reuters.

Meanwhile, Nicaragua's central bank Atenor Rosales told Reuters
that the Inter-American Development Bank aka IDB could forgive
over 50% of the more than US$1.5 billion that Nicaragua owes.

The IADB proposed a plan to pardon US$786 million of Nicaragua's
debts at a meeting in Amsterdam, Reuters says, citing Mr.
Rosales.

IDB's board of governors will vote on whether to approve the
move in March, reporters say, citing Mr. Rosales.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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


* NICARAGUA: IDB Discusses Terms for Debt Cancellation
------------------------------------------------------
The Committee of the Board of Governors of the Inter-American
Development Bank discussed terms for granting debt relief to
Bolivia, Guyana, Haiti, Honduras and Nicaragua.

As a result of a meeting held in Amsterdam the Committee, a
working group of the Board of Governors, proposed technical
mechanisms for canceling the balances of loans from the Fund for
Special Operations outstanding on Dec. 31, 2004, for those five
countries.

The Committee's recommendations must be ratified by vote by the
IDB's 47 member countries.  Prior to that, the IDB Board of
Executive Directors must approve a reform proposal presented by
management on the future operation of the FSO, the Bank's
concessional lending window.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


CABLE & WIRELESS: Philip Green Sells 250,000 Ordinary Shares
------------------------------------------------------------
On Jan. 24, Philip Green, a person discharging managerial
responsibility, exercised an option over 250,000 Ordinary Shares
in Cable and Wireless plc and subsequently disposed of his
interest in these shares at a price of 164 pence per Ordinary
Share.

Following this disposal, Mr. Green holds a total of 40,882
Ordinary Shares of the Company.

                  About Cable & Wireless

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.

                        *    *    *

Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service

   -- Long-Term Corporate Family Rating: Ba3
   -- Senior Unsecured Debt: B1
   -- Short-Term: NP
   -- Outlook: Negative

    * Standard & Poor's

   -- Long-Term Foreign Issuer Credit Rating: BB-
   -- Long-Term Local Issuer Credit Rating: BB-
   -- Short-Term Foreign Issuer Credit Rating: B
   -- Short-Term Local Issuer Credit Rating: B
   -- Outlook: Negative




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


* PERU: IMF Approves US$258-Million Stand-By Arrangement
--------------------------------------------------------
The Executive Board of the International Monetary Fund approved
a 25-month SDR172.4 million (about US$257.7 million) Stand-By
Arrangement for Peru to support the country's economic program.
The Peruvian authorities have indicated their intention to treat
the arrangement as precautionary.

The main objectives of the Fund-supported program are to
consolidate macroeconomic stability, tackle high poverty levels,
strengthen the resilience and depth of the financial system, and
press ahead with growth-enhancing reforms.

Following the Executive Board discussion, Murilo Portugal,
Deputy Managing Director and Acting Chair, said, "Over the past
several years, Peru has implemented sound economic policies
which, in the context of a favorable external environment, have
resulted in the longest economic expansion on record, low
inflation, a robust external position, and declining
vulnerabilities.  The new authorities are taking measures to
further improve this excellent performance during 2007-08.

"At the same time, Peru still faces important challenges. Half
of the population lives in poverty, and structural weaknesses
continue to constrain growth.  To address these challenges, the
authorities' program for 2007-08 aims at consolidating
macroeconomic stability and implementing reforms to boost growth
prospects, while tackling high poverty.  To support the program,
the authorities have requested a successor 25-month Stand-By
Arrangement.

"Fiscal prudence remains the backbone of the authorities'
program. Following a strong surplus in 2006, the public sector
result in 2007-08 is expected to remain below the deficit
ceiling set out in the Fiscal Responsibility and Transparency
Law.  This will help ensure that pressing social and
infrastructure needs are addressed while the public-debt-to-GDP
ratio remains on a downward path.

"Monetary policy continues to be guided by the inflation
targeting framework, aimed at keeping inflation within the 1-
3% official range.  The authorities intend to gradually
introduce more flexibility in exchange rate management in order
to further enhance the credibility of the inflation targeting
framework, help economic agents better internalize currency
risks, and provide more incentives for hedging. This will reduce
dollarization and help develop the domestic capital market.

"Structural reforms remain an important building block of the
authorities' program.  Reforms will aim, inter alia, at
strengthening the effectiveness of the tax system, improving the
quality of public spending, and providing a legal framework for
public-private partnerships.  The effectiveness of social
assistance programs is to be enhanced in the context of a
comprehensive anti-poverty strategy. Decentralization would
proceed in a manner consistent with the implementation of high-
quality investment projects under the auspices of the National
System of Public Investment and with sound public finances.
Other reforms will aim at reducing risks associated with
financial dollarization, strengthening the financial regulatory
framework, improving the business environment, reducing the size
of the informal labor market, and sustaining trade
liberalization," Mr. Portugal said.

                    Recent Developments

Supported by a favorable external environment, the Peruvian
economy has continued to expand at a rapid pace during 2006,
with inflation well contained and an improved external position.
During January-November 2006, real GDP grew by 7-1/2% year-on-
year, propelled by a sharp increase in the terms of trade and
strong domestic demand, which has been underpinned by growing
investment as well as higher incomes and rising employment.
After peaking at 2.9% in April, 12-month inflation abated to
around 1.1% in December 2006.  Strong export performance,
including for nontraditional exports, has boosted the current
account surplus, while net international reserves have reached
US$17.3 billion at end-2006, about 150% of foreign currency
deposits at commercial banks.

Fiscal policy has continued to strengthen, and the combined
public sector is estimated to have recorded a surplus of about
1% of GDP in 2006.  On the back of buoyant revenues,
expenditure growth has been strong, estimated to have risen by
9% in real terms.  Public sector debt is estimated to have
declined to 31% of GDP by end-2006, about 15%age points below
its 2002 levels.

Notwithstanding this strong economic performance, the challenges
faced by Peru are significant and pressing.  Half the population
lives in poverty and structural weaknesses need to be addressed
to lower underemployment and continue to boost employment
creation in the formal sector, as well as economic growth, while
reducing poverty decisively. To achieve these objectives,
maintaining an environment favorable to foreign direct
investment and trade openness will be critical to growth
prospects in the mining sector and to help diversify the
productive structure toward nontraditional labor-intensive
sectors.  Enhancing the provision and quality of services to the
poorest areas of the country would be fundamental to tackle
poverty decisively, while more flexible labor regulations would
help absorb a growing labor force into the formal sector and
strengthen anti-poverty efforts.

                       Program Summary

The 2007-08 program is based on the policies needed to address
Peru's key challenges and aims at consolidating macroeconomic
stability, reducing poverty swiftly, strengthening the
resilience and depth of the financial system, and advancing
other reforms to enhance the business environment.

The most important objectives of the authorities' new program
are:

   -- Consolidation of macroeconomic stability.  Fiscal targets
      for 2007-08 are well within the 1% of GDP deficit ceiling
      in the Fiscal Responsibility and Transparency Law, helping
      entrench macroeconomic stability and keep the public
      debt-to-GDP ratio on a downward path. The government
      intends to adopt measures to lower distortionary taxes and
      exemptions and to improve the quality of public spending.
      Greater exchange rate flexibility will solidify the
      credibility of the inflation targeting framework.

   -- Tackling high poverty. An action plan to strengthen
      current efforts at poverty alleviation will be elaborated,
      mainly to enhance the effectiveness and scope of social
      assistance programs, as these programs are numerous and to
      ensure that the resources reach the targeted population.

   -- Strengthening and deepening the financial system.
      Reducing dollarization, particularly of mortgage loans is
      a critical objective, as this will help to fortify the
      resilience of the banking system.  These efforts will be
      assisted by measures to allow for a better internalization
      of risks and to further develop domestic capital markets.

   -- Growth-enhancing reforms. Reforms will focus on continuing
      to improve the business environment, including by
      simplifying regulatory requirements and extending
      commercial courts nationwide.  Efforts will also be made
      to enhance labor market flexibility and to further
      liberalize external trade, critical for boosting
      competitiveness.  In late December, the authorities
      lowered average import tariff rates from 10.1% to 8.3%,
      effective Jan. 1, 2007.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Standard & Poor's Ratings Services raised its long-term foreign
currency sovereign credit rating on the Republic of Peru to
'BB+' from 'BB' and its long-term local currency sovereign
credit rating to 'BBB-' from 'BB+'.  Standard & Poor's also
raised its short-term local currency sovereign credit rating to
'A-3' from 'B', and affirmed its 'B' short-term foreign currency
sovereign credit rating on the republic.  The outlook on the
ratings was revised to stable from positive.  Standard & Poor's
also raised its assessment of the risk of transfer and
convertibility to 'BBB' from 'BBB-'.




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


ADELPHIA COM: Court Okays Stipulation Resolving FPL Note Claims
---------------------------------------------------------------
The Honorable Robert E. Gerber of the U.S. Bankruptcy Court for
the Southern District of New York approved a stipulation between
Adelphia Communications Corp. and its debtor-affiliates and the
noteholders of Fort Myers Acquisition L.P., concerning 10 proofs
of claim arising from a US$108,000,000 term note issued on
Oct. 1, 1999 by Fort Myers.

In accordance with the Bar Date Order dated Oct. 24, 2003,
West Boca Security Inc. filed these 10 proofs of claim.  Ft.
Myers is an indirect, wholly owned subsidiary of Olympus
Communications, L.P.  Olympus pledged certain collateral to
secure Ft. Myers' obligations under the Note.

The ACOM Debtors' First Modified Fifth Amended Chapter 11 Plan
classifies the Note as Claim Class SD 7 -- FPL Note Claims.

The FPL Note was assigned to West Boca and subsequently
transferred to Lehman Commercial Paper, Inc.

On May 17, 2005, the ACOM Debtors sought to disallow nine of the
FPL Note Claims on the grounds that they were duplicative.

On June 21, 2005, the Court disallowed Claim Nos. 16069, 16072,
16077, 16076, and 16111.  The hearing to the ACOM Debtors'
objection to Claim Nos. 16078, 16070, 16071, and 16112 was
adjourned to a date to be determined.

Pursuant to the Plan, as confirmed, the FPL Note Claims will be
allowed for US$127,435,663, in aggregate, comprising:

   (a) US$108,000,000 initial principal; and
   (b) US$19,435,663 represents additional amounts accrued
       through the Petition Date.

In the Court-approved Stipulation, the ACOM Debtors and the Ft.
Myers noteholders agree that:

   (1) Claim No. 16068 will:

         * be allowed for US$127,435,663, in aggregate;

         * be deemed to have been filed against both Ft. Myers
           and Olympus; and

         * otherwise receive the treatment provided for the FPL
           Note Claim in the Plan.

   (2) upon the occurrence of the Effective Date of the Plan,
       Claim Nos. 16078, 16070, 16071, and 16112 will be
       disallowed and expunged; and

   (3) the Stipulation will have no force or effect if the
       Effective Date of the Plan does not occur.

                    About Adelphia Comms

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.  (Adelphia Bankruptcy News, Issue No. 162; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

As reported in the Troubled Company Reporter on Jan. 9, 2007,
the Honorable Robert E. Gerber of the U.S. Bankruptcy Court for
the Southern District of New York has entered an order
confirming the first modified fifth amended joint Chapter 11
plan of reorganization of Adelphia Communications Corporation
and Certain Affiliated Debtors.


ADELPHIA COM: Court OKs Stipulation Resolving U.S. Bank's Claims
----------------------------------------------------------------
The Honorable Robert E. Gerber of the U.S. Bankruptcy Court for
the Southern District of New York approved a stipulation between
the U.S. Bank National Association, FrontierVision Holdings,
L.P. and its affiliates, Arahova Communications, Inc., and
Adelphia Communications Corp. and its debtor-affiliates relating
to U.S. Bank's alleged tort claims.

Under the Court-approved stipulation, U.S. Bank's claims will be
deemed allowed pursuant to the ACOM Debtors' First Modified
Fifth Amended Plan Chapter 11 Plan of Reorganization.

U.S. Bank National Association is the indenture trustee under:

   (i) seven different series of notes issued by Arahova
       Communications, Inc.,

  (ii) a series of notes issued by FrontierVision Holdings,
       L.P. and FrontierVision Holdings Capital Corporation,

(iii) a series of notes issued by FrontierVision Holdings,
       L.P. and FrontierVision Holdings Capital II Corporation;
       and

  (iv) a series of notes issued by FrontierVision Operating
       Partners, L.P. and FrontierVision Capital Corporation.

As the indenture trustee, U.S. Bank had filed proofs of claim,
some of which are duplicative, against:

   (a) Arahova Communications, Inc., FrontierVision Holdings,
       L.P., FrontierVision Holdings Capital Corporation,
       FrontierVision Holdings Capital II Corporation,
       FrontierVision Operating Partners, L.P. and
       FrontierVision Capital Corp., as issuers, for principal
       and interest, indenture trustee fees and expenses and
       indemnification owed under the Arahova Notes, the
       FrontierVision Holdco Notes, and the FrontierVision Opco
       Notes; and

   (b) multiple Debtors for, among other things, alleged
       wrongdoing by the Debtors under theories of veil-
       piercing, agency, alter ego, and various torts or other
       claims.

Pursuant to the ACOM Debtors' Amended Plan, these claims will be
deemed allowed in these principal amounts, and interest accrued
through the Debtors' date of bankruptcy:

Claims                Principal     Interest     Total Amount
------                ---------     --------     ------------
Arahova Notes   US$1,712,003,697  US$31,513,889 US$1,743,517,586

FrontierVision       200,000,000      4,277,778      204,277,778
Opco Notes

FrontierVision       328,658,000     10,841,149      339,499,148
Holdco Notes

The Plan also provides for the allowance of the Trustee Fee
Claims and indemnification rights of U.S. Bank.

The Plan provides that claims filed by an indenture trustee for
tort or claims other than for principal, interest, fees and
expenses against the issuers and guarantors of the respective
debt securities under the indentures will be deemed disallowed.

Pursuant to the Plan's provisions, the ACOM Debtors desire to
clean up the claims register maintained in their Chapter 11
cases.

In the Court-approved stipulation, the parties agree that:

   (a) these U.S. Bank Claims will be allowed pursuant to the
       Plan:

       A. Arahova Notes Claims Class (Class SD 6)

          Claim No.         Claim Amount
          ---------         ------------
           494900         US$104,420,139
           495000            369,994,768
           495100            105,118,056
           495200            257,520,833
           495300            259,861,111
           495600            229,593,750
           495700            417,008,929
                          --------------
          Total           US$1,743,517,586
                          ==============

       B. FrontierVision Holdco Notes Claims Class
          (Class SD 8)

          Claim No.         Claim Amount
          ---------         ------------
           494400          US$94,216,596
           494700            245,282,552
                          --------------
          Total           US$339,499,148
                          ==============

       C. FrontierVision Opco Notes Claims Class
          (Class SD 9)

          Claim No.         Claim Amount
          ---------         ------------
           495400         US$204,277,778
                          --------------
          Total           US$204,277,778
                          ==============

   (b) 18 Claims filed by U.S. Bank are disallowed for being
       duplicative with respect to the allowed U.S. Bank Note
       Claims, including:

          Claim No.         Claim Amount
          ---------         ------------
           494500       US$1,373,531,620
           494600            207,978,431
           494800            245,410,758
           494300             94,279,450

   (c) disallow U.S. Bank's more than 3,100 claims for tort or
       claims other than for principal, interest, fees and
       expenses against the issuers and guarantors of the
       respective debt securities under the Indentures; and

   (d) the Stipulation will not be effective until the Effective
       Date of the Plan and will be deemed null and void if:

         * the Effective Date does not occur; or

         * the Plan or the order confirming it is reversed or
           vacated, or is modified in a manner adverse to the
           treatment of the U.S. Bank Note Claims.

                    About Adelphia Comms

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.  (Adelphia Bankruptcy News, Issue No. 162; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

As reported in the Troubled Company Reporter on Jan. 9, 2007,
the Honorable Robert E. Gerber of the U.S. Bankruptcy Court for
the Southern District of New York has entered an order
confirming the first modified fifth amended joint Chapter 11
plan of reorganization of Adelphia Communications Corp. and
Certain Affiliated Debtors.


BURGER KING: Retiring Additional US$25-Million Debt Today
---------------------------------------------------------
Burger King Holdings Inc., will retire an additional US$25
million in debt on Jan. 30, using cash generated from
operations.  During the first seven months of the company's
current fiscal year, it has retired US$125 million in debt.

Chief Financial Officer Ben Wells said, "Our operational cash
flow remains strong, which has allowed us to pay debt in order
to reduce interest expense.  We intend to continue reducing our
debt, as long as it best serves the interest of our business
and, in turn, our shareholders and investors."

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

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

                        *    *    *

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

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


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

The company 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.

The company'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" Commenting on the proposed transactions,
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.

                        *     *     *

As reported in Troubled Company Reporter on Jan. 24, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lake Forest, California-based Cooper Companies Inc.
to 'BB-' from 'BB'.


GLOBAL HOME: Judge Gross Extends Exclusivity Period to April 5
--------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware extended, until Apr. 5, 2007, Global Home
Products LLC and its debtor-affiliates' exclusive period to file
a chapter 11 plan of reorganization.

The Court also extended, until June 6, 2007, their exclusive
period to solicit acceptances of that plan.

As reported in the Troubled Company Reporter on Jan. 5, 2007,
the Debtors told the Court that they are currently devoting
a significant amount of time to the potential sale or
reorganization of Anchor Hocking, their only remaining
operating business group.  The Debtors reminded that Court
that they have previously sold substantially all of the
assets of:

    * Burnes Group to Gibson, Inc.; and
    * WearEver businesses to SEB, S.A. and Groupe SEB USA.

In addition, the Debtors related that they are continuing their
analysis and litigation of administrative and reclamation claims
asserted by a number of claimants.  They have also rejected a
number of burdensome leases and executory contracts which
included their former headquarters' lease in Westerville, Ohio.

The Debtors assured the Court that the extension is not meant to
pressure creditors and in fact, they have begun discussions with
the Official Committee of Unsecured Creditors concerning the
outline of an exit plan for their chapter 11 cases.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


GLOBAL HOME: Taps Johnson Associates as Compensation Advisor
------------------------------------------------------------
Global Home Products LLC and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for
permission to employ Johnson Associates Inc. as their
compensation advisor nunc pro tunc Jan. 9, 2007.

Johnson Associates is expected to:

   a) perform an analysis of the Debtors' proposed management
      incentive plan and sales bonus plan;

   b) provide expert testimony, at one or more depositions or
      hearings related to their chapter 11 cases, regarding
      their proposed plans, or any modifications to that plans;
      and

   c) provide other advisory services as necessary by the
      Debtors.

Jeff Visithpanich, Esq., at Johnson Associates, will bill the
Debtors US$300 per hour for his work.  Mr. Visithpanich
discloses that the firm's other professionals bill:

        Professional                Hourly Rate
        ------------                -----------
        Alan Johnson                   US$575
        Staff and Associates        US$155 - US$300

Mr. Visithpanich assures the Court that Johnson Associates is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


GLOBAL HOME: Asks Until July 15 to Remove State Court Civil Case
----------------------------------------------------------------
Global Home Products LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
until July 15, 2007, the period within which they can remove
state court civil actions.

Since the Debtors filed for bankruptcy, the Debtors have
pondered their efforts to:

   a) obtain Court approval for the sale of the Burnes Group
      assets and WearEver assets;

   b) address issues attendant to that sales;

   c) consider going forward alternatives for the Anchor Hocking
      business;

   d) extend and modify their dip financing; and

   e) work with key constituencies on issues relating to their
      cases.

Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, tells the Court that the Debtors did not
have the opportunity to thoroughly review actions that may be
need to be removed from other jurisdictions.

The extension, Ms. Laura says, will allow the Debtors to make
fully informed decisions in removing each action and will assure
that the Debtors won't forfeit valuable rights under Section
1452 of the Bankruptcy Code.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


OCA INC: Court Confirms Plan of Reorganization
----------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana
has entered an order confirming OCA, Inc.'s Plan of
Reorganization.

The Court ruled that OCA had met all of the statutory
requirements to confirm its Plan.  OCA will complete its
restructuring and exit bankruptcy today.

"Thanks to the support and loyalty of our affiliated
orthodontists, our employees, our vendor community and our
lenders, a new OCA is emerging from this restructuring process
with a stable platform of affiliated orthodontists and a sound
balance sheet," Michael F. Gries, OCA's Chief Restructuring
Officer and Interim Chief Executive Officer, said.  "The new OCA
is well positioned to provide improved services to its clients
and to expand its network of affiliated practices."

A spokesperson for Silver Point Capital, the new owner of OCA,
commented, "OCA provides valuable services that enable
orthodontists to focus on their patients and expand their
practices.  We are pleased to have supported OCA in
expeditiously navigating a difficult period.  OCA's strong
relationships with outstanding orthodontists, coupled with an
excellent management team, are among the reasons that we look
forward to continuing to actively support OCA's efforts to
improve and grow."

The action represents a major milestone in OCA's restructuring.
As part of the confirmation process, the Court approved OCA's
form of new Support Services Agreement that has already been
signed by many of its affiliated orthodontists.

                     Terms of the Plan

Under the terms of the Plan, the amount of outstanding senior
secured indebtedness held by OCA's Senior Lenders will be
reduced from approximately US$93 million to a US$50 million
secured term loan.  In addition, the Senior Lenders will provide
an initial Working Capital Facility of US$25 million to OCA,
thus ensuring that OCA has additional capital to fund its
ongoing operations and business.  The Senior Lenders will also
receive under the Plan all of the equity of reorganized OCA.
The company's unsecured creditors will receive, under the Plan,
a cash payment of US$3 million and will be eligible to receive
additional deferred cash payments up to the full amount of their
allowed claims after certain conditions have been satisfied.

                       About OCA Inc.

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Debtor's client practices provide
treatment to patients throughout the United States and in Japan,
Mexico, Spain, Brazil and Puerto Rico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No.
06-10179).  Three debtor-affiliates also filed for bankruptcy
protection on June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).
William H. Patrick, III, Esq., at Heller Draper Hayden Patrick &
Horn, LLC, represents the Debtors.  Patrick S. Garrity, Esq.,
and William E. Steffes, Esq., at Steffes Vingiello & McKenzie
LLC represent the Official Committee of Unsecured Creditors.
Carmen H. Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B.
Cheatham, Esq., at Adams and Reese LLP represent the Official
Committee of Equity Security Holders.  When the Debtors filed
for protection from their creditors, they listed US$545,220,000
in total assets and US$196,337,000 in total debts.




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


MIRANT CORP: Mirant Lovett Wants More Time to File Plan
-------------------------------------------------------
Mirant Lovett LLC asks the Hon. Barbara J. Houser of the U.S.
Bankruptcy Court for the Northern District of Texas to further
extend its exclusive periods to:

     (i) adopt Mirant Corp.'s Plan of Reorganization or to
         file its own plan until May 16, 2007; and

    (ii) solicit acceptances of its plan or plans until
         July 16, 2007.

According to Jeff P. Prostok, Esq., at Forshey & Prostok LLP, in
Fort Worth, Texas, Mirant New York, Inc., Mirant NY-Gen, LLC,
Mirant Bowline, LLC, and Hudson Valley Gas Corporation
anticipate meeting the February 15, 2007 Plan-filing Deadline.

Mirant Lovett, LLC, however, needs more time to file a plan, Mr.
Prostok tells the Court.

In July 1999, Mirant Lovett, LLC, purchased three power
productions units -- Unit 3, Unit 4, and Unit 5 -- from Orange
and Rockland Utilities, Inc.

In October 2006, the Bankruptcy Court entered an order
authorizing Mirant Lovett and Mirant New York, under certain
conditions, to discontinue operations at the Lovett Facility.

Subsequently, Mirant New York and Mirant Lovett entered into
discussions with the state of New York concerning, among other
things, Mirant Lovett's options by which to reduce the maximum
emissions of sulfur dioxide and nitrogen oxide to either:

    (a) discontinue the operations of the Lovett Facility Unit 5
        by April 30, 2007, and Lovett Unit 4 by April 30, 2008;
        or

    (b) invest in the technology required to reduce the
        emissions so that the various units at the Lovett
        Facility are in compliance with the 2003 Consent Decree
        Mirant Lovett entered into with the New York Attorney
        General's office and the New York State Department of
        Environmental Conservation, resolving certain alleged
        violations of the "new source view" provisions of the
        Clean Air Act, and certain "repair or replacement"
        actions taken by Orange and Rockland while it owned the
        Lovett Facility.

The 2003 Consent Decree and the October 2006 Order provide
Mirant New York and Mirant Lovett with the flexibility to make
alternative decisions in connection with the contained operation
of Units 3, 4 and 5 at the Lovett Facility.

Currently, Mr. Prostok says, Mirant Lovett is continuing to
explore options that would allow Unit 5 to remain in operation
past April 30, 2007.  Until the likelihood of continued
operation has been resolved, Mirant Lovett has difficulty
finalizing a plan of reorganization.  Mirant Lovett does not
anticipate that the issue of continued operation of Unit 5 will
be resolved by Feb. 15, 2007 Plan-filing Deadline, Mr. Prostok
explains.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant owns or leases more than 18,000 megawatts
of electric generating capacity globally.  Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D.
Tex. 03-46590), and emerged under the terms of a confirmed
Second Amended Plan on Jan. 3, 2006.  Thomas E. Lauria, Esq., at
White & Case LLP, represented the Debtors in their successful
restructuring.  When the Debtors filed for protection from their
creditors, they listed US$20,574,000,000 in assets and
US$11,401,000,000 in debts. The Debtors emerged from bankruptcy
on Jan. 3, 2006.  Mirant NY-Gen, LLC, Mirant Bowline, LLC,
Mirant Lovett, LLC, Mirant New York, Inc., and Hudson Valley Gas
Corporation, were not included and have yet to submit their
plans of reorganization.  (Mirant Bankruptcy News, Issue No.
112; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


DISCOUNT BANK: Vasco Data Deploys Banking Security System
---------------------------------------------------------
Internet security company Vasco Data Security International said
in a statement that it has deployed an online banking security
solution for Discount Bank Latin America SA.

Business News Americas relates that Discount Bank will use Vasco
Data's Digipass GO3 electronic solution, which generates a
unique one-time password every 36 seconds.

Security Advisor, as Vasco Data's partner in Uruguay, handled
the implementation and integration of the solution, BNamericas
states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Oct. 2, 2006, Standard & Poor's Ratings Services raised its
long-term counterparty credit and CD ratings on:

   -- Banco Bilbao Vizcaya Argentaria Uruguay,
   -- Discount Bank Latin America SA, and
   -- Citibank NA (Uruguay Branch)

to 'B+' from 'B' as a direct result of the upgrade of the
Oriental Republic of Uruguay.  The short-term ratings on the
three Uruguayan banks remain at 'B'.  The outlook on all three
banks is stable.




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


AMERICAN COMMERCIAL: Launches Environmental Consulting Service
--------------------------------------------------------------
American Commercial Lines Inc. has established an environmental
and regulatory consulting service to include environmental
compliance auditing, regulatory training, and general consulting
in environmental and safety management.  Sam George, Vice
President of Environmental Compliance, will lead the company's
efforts. Mr. George stated "ACL has a wealth of expertise and
experience in these areas.  Offering the talents of our
employees to others reflects our company's commitment to our
industry and the environment."

Commenting on the newly established consulting service, Norb
Whitlock, Executive Vice President, Governmental Affairs stated,
"Our strategy going forward will be to leverage the talents of
our employees to provide comprehensive environmental regulatory
consulting services related to inland marine operations.
Because we comply with these regulations, we have developed
considerable expertise and have established the best safety
record in the industry.  Our people are well qualified to assist
others, including shippers and vendors, in the transportation
marketplace.  As we work together with others in the industry,
we raise the environmental and safety standard for barge
transportation, which is already the safest mode of
transportation in the United States."

The company also disclosed that ACL was recently accepted for
membership in the Responsible Care Partnership program of the
American Chemistry Council.  Responsible Care Partnership is a
global chemical industry performance initiative and is the
largest and most comprehensive environmental, health, safety,
and security initiative in American industry.  Since 1988,
members of the American Chemistry Council have significantly
improved their environmental, health, safety and security
performance through the Responsible Care initiative.

Headquartered in Jeffersonville, Indiana, American Commercial
Lines Inc. -- http://www.aclines.com/-- is an integrated marine
transportation and service company operating in the United
States Jones Act trades, with revenues of more than US$740
million and approximately 2,600 employees as of Dec. 31, 2005.

The company filed for chapter 11 protection on Jan. 31, 2003
(Bankr. S.D. Ind. Case No. 03-90305).  Suzette E. Bewley,
Esq., at Baker & Daniels represented the company in its
successful restructuring efforts.  The Bankruptcy Court approved
the company's Plan of Reorganization on Dec. 30, 2004, which
allowed the company to emerge from bankruptcy on Jan. 11, 2005.

American Commercial has operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 11, 2006,
Moody's Investors Service raised American Commercial Lines LLC's
Corporate Family Rating to B1 from B2, and affirmed the B3
senior unsecured and the SGL-2 Speculative Grade Liquidity
ratings.  Moody's said the rating outlook is stable.


ARVINMERITOR INC: Shareholders Elect New Board Members
------------------------------------------------------
ArvinMeritor, Inc., held its annual shareowners meeting on
Jan. 26, 2007, at its corporate headquarters.  At the meeting,
shareowners voted to elect Rhonda L. Brooks, Ivor J. Evans,
Charles G. McClure and William R. Newlin, to the Board of
Directors with terms expiring in 2010.  In addition, the
shareowners approved the selection of Deloitte & Touche LLP, as
the company's auditors, and approved the adoption by the Board
of Directors of the 2007 Long-Term Incentive Plan.

ArvinMeritor Chairman, Chief Executive Officer and President,
Charles McClure presented the company's vision for growth and
profitability, and highlighted the company's recently launched
global transformation program, Performance Plus.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. --
http://www.arvinmeritor.com/-- is a premier US$8.8 billion
global supplier of a broad range of integrated systems, modules
and components to the motor vehicle industry.  The company
serves light vehicle, commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets.
ArvinMeritor employs approximately 29,000 people at more than
120 manufacturing facilities in 25 countries.  It maintains 23
facilities in Venezuela, Brazil and Argentina.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 26, 2007,
Standard & Poor's Ratings Services lowered its ratings on
automotive components supplier ArvinMeritor Inc., including its
long-term corporate credit rating to 'BB-' from 'BB'.

In addition, Standard & Poor's removed the ratings from
CreditWatch, where they had been placed on Sept. 26, 2006, with
negative implications.  The 'B-1' short-term corporate credit
rating on the Troy, Michigan-based company was affirmed.


ARVINMERITOR INC: Declares US$0.10 Per Share Quarterly Dividend
---------------------------------------------------------------
ArvinMeritor, Inc.'s board of directors declared a quarterly
dividend of US$0.10 per share on the company's common stock,
payable March 12, 2007, to holders of record at the close of
business on Feb. 20, 2007.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. --
http://www.arvinmeritor.com/-- is a premier US$8.8 billion
global supplier of a broad range of integrated systems, modules
and components to the motor vehicle industry.  The company
serves light vehicle, commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets.
ArvinMeritor employs approximately 29,000 people at more than
120 manufacturing facilities in 25 countries.  It maintains 23
facilities in Venezuela, Brazil and Argentina.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                        *    *    *

As reported in the troubled Company Reporter on Jan. 26, 2007,
Standard & Poor's Ratings Services lowered its ratings on
automotive components supplier ArvinMeritor Inc., including its
long-term corporate credit rating to 'BB-' from 'BB'.

In addition, Standard & Poor's removed the ratings from
CreditWatch, where they had been placed on Sept. 26, 2006, with
negative implications.  The 'B-1' short-term corporate credit
rating on the Troy, Michigan-based company was affirmed.


* VENEZUELA: State Telco to Install Fiber Optic Cable to Cuba
-------------------------------------------------------------
Venezuela's state-run telecom firm CVG Telecom has signed an
accord to set up an undersea fiber optic cable linking to Cuba,
Cuban daily Juventud Rebelde reports.

Business News Americas relates that the project is being
evaluated.  It is aimed at connecting La Guaira, in Vargas state
of Venezuela, to Siboney in Santiago de Cuba.

According to BNamericas, feasibility studies, which included the
possibility of linking the network to other countries, will be
completed by March 31.

CVG Telecom signed in October 2006 an accord to connect
Venezuela to Colombia, BNamericas states.

                        *    *    *

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


* VENEZUELA: Will Pay Reasonable Price for Cantv
------------------------------------------------
"It will depend a lot on the attitude of the owners,"
Telecommunications Minister Jesse Chacon said during a televised
news conference in Caracas, Bloomberg News reports.  "If we
don't reach an agreement with the owners, we'll apply the
expropriations law and declare it a public utility.  If the
owners are willing to sell at reasonable terms, we're open to
that possibility."

The telecoms minister didn't define what a reasonable offer is.

In a separate report, experts quoted by El Universal estimate
Cantv's price at US$2.3 billion.

Also in that same report from El Universal, it cited a former
Cantv employee as saying that the network became modernized in
the hands of private investors on top of cutting costs and
solving many problems that the firm had while still in the hands
of the state.

Venezuela President Hugo Chavez announced the nationalization of
Cantv early this month, taking everyone by surprise.  The
country's leader later added that he won't pay the market price
for the network's shares.  American company Verizon
Communications Inc. holds 28.5% of Cantv.

Compania Anonima Nacional Telefonos de Venezuela, CANTV, offers
telecommunications services.  The Company provides domestic and
international long distance telephone services throughout
Venezuela, wireless telephone services, and Internet access, and
publishes telephone directories.

                        *    *    *

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


* NASDAQ: LSE Fails to Contact Board for Recommended Transaction
----------------------------------------------------------------
The Nasdaq Stock Market, Inc.'s board of directors disclosed
that it has not been contacted by the London Stock Exchange
Group plc's board with respect to a recommended transaction.  In
NASDAQ's view, there is now insufficient time to effect any
revision of the Final Offers via constructive dialogue with LSE
and an LSE Board recommendation by the deadline of midnight
(London time) on Jan. 27, 2007.  Accordingly, NASDAQ announces
that the Final Offers can no longer be revised upon the
recommendation of the LSE Board.

LSE Shareholders who have not yet accepted the Final Offers and
who hold LSE Shares in certificated form (that is, not through
CREST) should complete, sign and return the relevant Form of
Acceptance in accordance with the instructions thereon and the
instructions in the Offer Document as soon as possible.

LSE Shareholders who have not yet accepted the Final Offers and
who hold LSE Shares in uncertificated form (that is, through
CREST), should submit a TTE instruction in accordance with the
instructions in the Offer Document for settlement as soon as
possible.

Copies of the Offer Document, the First Response Document, the
Second Response Document and Forms of Acceptance are available
for collection (during normal business hours only) from:

          Capita Registrars
          The Registry
          34 Beckenham Road, Beckenham
          Kent BR3 4TU, United Kingdom

                   -- and --

          Greenhill & Co. International LLP
          Lansdowne House, 57 Berkeley Square
          London W1J 6ER, United Kingdom

The Nasdaq Stock Market Inc. -- http://www.nasdaq.com/-- is the
largest electronic equity securities market in the United States
with approximately 3,200 companies.

                        *     *     *

In December 2006, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on The Nasdaq Stock Market
Inc. to 'BB' from 'BB+'.  The 'BB+' rating on Nasdaq's existing
bank loan facility, which financed the initial 29% stake in the
London Stock Exchange, is affirmed, while the Recovery Rating is
revised to '1' from '2'.  The ratings were removed from
CreditWatch Negative where they were placed on Nov. 20, 2006.
S&P said the outlook is stable.

At the same time, Standard & Poor's has assigned its 'BB+' bank
loan rating to US$750 million senior secured Term Loan B, US$2
billion senior secured Term Loan C, and US$75 million revolver
issued by Nasdaq, as well as the US$500 million senior secured
Term Loan C issued by Nightingale Acquisition Ltd., a U.K.-based
subsidiary of Nasdaq.

The rating agency has assigned a Recovery Rating of '1', which
indicates full recovery of principal in the event of default.

In addition, Standard & Poor's has assigned its 'B+' rating to
US$1.75 billion senior unsecured bridge loan issued by Nasdaq
and NAL.

Moody's Investors Service assigned in April 2006 ratings to
three bank facilities of The Nasdaq Stock Market Inc.: a
US$750 million Senior Secured Term Loan B, a US$1.1 billion
Secured Term Loan C, and a US$75 million Senior Secured
Revolving Credit Facility.  Moody's said each facility is rated
Ba3 with a negative outlook.


* NASDAQ STOCK: Extends LSE Final Offer Expiration Until Feb. 10
----------------------------------------------------------------
The Nasdaq Stock Market, Inc.'s board of directors disclosed
that its Final Offers for London Stock Exchange Group plc have
been extended and will remain open for acceptance until 1.00
p.m. (London time) on Feb. 10, 2007, being the last time and
possible date allowed under the Code. No further extension will
be possible unless the Final Offers are unconditional as to
acceptances at that time.

As of Jan. 26, 2007, Nightingale Acquisition Limited aka NAL, a
wholly owned subsidiary of NASDAQ, owns 61,291,389 LSE Ordinary
Shares, representing approximately 28.75% of the existing issued
ordinary share capital of LSE.

As at 3.00 p.m. (London time) on Jan. 16, 2007, being the second
closing date, valid acceptances have been received by NAL in
respect of a total of 1,322,193 LSE Ordinary Shares,
representing approximately 0.62% of the existing issued ordinary
share capital of LSE and 34,626, LSE B Shares, representing
approximately 0.44% of the existing issued B share capital of
LSE.

Accordingly NAL owns, or has received valid acceptances in
respect of, a total of 62,613,582 LSE Ordinary Shares
representing approximately 29.37% of the existing issued
ordinary share capital of LSE.

LSE Shareholders who have not yet accepted the Final Offers and
who hold LSE Shares in certificated form (that is, not through
CREST) should complete, sign and return the relevant Form of
Acceptance in accordance with the instructions thereon and the
instructions in the Offer Document as soon as possible and, in
any event, so as to be received no later than 1.00 p.m. (London
time) on Feb. 10, 2007.

LSE Shareholders who have not yet accepted the Final Offers and
who hold LSE Shares in uncertificated form (that is, through
CREST), should submit a TTE instruction in accordance with the
instructions in the Offer Document for settlement as soon as
possible and, in any event, by no later than 1.00 p.m. (London
time) on Feb. 10, 2007.

Copies of the Offer Document, the First Response Document, the
Second Response Document and Forms of Acceptance are available
for collection (during normal business hours only) from:

          Capita Registrars
          The Registry
          34 Beckenham Road, Beckenham
          Kent BR3 4TU, United Kingdom

                   -- and --

          Greenhill & Co. International LLP
          Lansdowne House, 57 Berkeley Square
          London W1J 6ER, United Kingdom

The Nasdaq Stock Market Inc. -- http://www.nasdaq.com/-- is the
largest electronic equity securities market in the United States
with approximately 3,200 companies.

                        *     *     *

In December 2006, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on The Nasdaq Stock Market
Inc. to 'BB' from 'BB+'.  The 'BB+' rating on Nasdaq's existing
bank loan facility, which financed the initial 29% stake in the
London Stock Exchange, is affirmed, while the Recovery Rating is
revised to '1' from '2'.  The ratings were removed from
CreditWatch Negative where they were placed on Nov. 20, 2006.
S&P said the outlook is stable.

At the same time, Standard & Poor's has assigned its 'BB+' bank
loan rating to US$750 million senior secured Term Loan B, US$2
billion senior secured Term Loan C, and US$75 million revolver
issued by Nasdaq, as well as the US$500 million senior secured
Term Loan C issued by Nightingale Acquisition Ltd., a U.K.-based
subsidiary of Nasdaq.

The rating agency has assigned a Recovery Rating of '1', which
indicates full recovery of principal in the event of default.

In addition, Standard & Poor's has assigned its 'B+' rating to
US$1.75 billion senior unsecured bridge loan issued by Nasdaq
and NAL.

Moody's Investors Service assigned in April 2006 ratings to
three bank facilities of The Nasdaq Stock Market Inc.: a
US$750 million Senior Secured Term Loan B, a US$1.1 billion
Secured Term Loan C, and a US$75 million Senior Secured
Revolving Credit Facility.  Moody's said each facility is rated
Ba3 with a negative outlook.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Kuala                    ARTE3     (33.57)      11.86
Kuala-Pref               ARTE4     (33.57)      11.86
Bombril                  BOBR3    (781.53)     473.67
Bombril-Pref             BOBR4    (781.53)     473.67
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Holding       CITI   (1,010.00)     861.00
Telefonica Holding       CITI5  (1,010.00)     861.00
SOC Comercial PL         COME     (743.79)     459.53
CIMOB Partic SA          GAFP3     (44.38)     121.74
CIMOB Part-Pref          GAFP4     (44.38)     121.74
DOC Imbituba             IMBI3     (19.84)     192.80
DOC Imbitub-Pref         IMBI4     (19.84)     192.80
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Paranapanema SA          PMAM3     (53.36)   3,268.96
Paranapanema-PREF        PMAM4     (53.36)   3,268.96
Telebras-CM RCPT         RCTB30    (59.79)     228.35
Telebras-PF RCPT         RCTB40    (59.79)     228.35


                        ***********


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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