TCRLA_Public/070131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, January 31, 2007, Vol. 8, Issue 22

                          Headlines

A R G E N T I N A

AUTOPISTAS: Holding Gen. Assembly on Feb. 21 to Discuss New Debt
GETTY IMAGES: Reports Preliminary Fourth Quarter Fin'l Results
HIDROELECTRICA PIEDRA: Fitch Arg Puts BB- Ratings on 8 Notes
IMPSAT: Commences Tender Offer for Sr. Guaranteed Conv. Notes

B E R M U D A

BERMUDA COMMERCIAL: Moody's Extends Review on Ratings
CASTELLUM HOLDINGS: Final Shareholders Meeting Is on Feb. 20
CASTELLUM RE: Final General Meeting Is Set for Feb. 20
GC IMPSAT: Moody's Rates Proposed US$200 Mil. Senior Notes at B3
REFCO INC: Refco LLC Files November 2006 Operating Report

SCOTTISH RE: Shareholders to Vote on MassMutual Deal on Feb. 23
WARNER CHILCOTT: Supplies Zenchent Contraceptive to Watson

B O L I V I A

* BOLIVIA: In Talks to Nationalize Telecom Italia's Local Unit

B R A Z I L

BANCO BRADESCO: Says Retirement Loans to Grow 20% Yearly
BANCO BMC: Ratings Agencies May Upgrade Bank's Ratings
COMPANHIA ENERGETICA: Raises US$350 Million from 8-Year Bonds
COMPANHIA SIDERURGICA: Loses Corus Auction to Tata Steel
COMPANHIA SIDERURGICA: Will Bid for Acerias Paz' 51.89% Stake

DURA AUTOMOTIVE: Court Approves AlixPartners as Fin'l Advisors
DURA AUTO: Judge Carey Okays Kramer Levin as Panel's Counsel
DURA AUTO: Chanin Capital Approved as Panel's Financial Advisor
DURA AUTOMOTIVE: Section 341(a) Meeting Will Resume Today
EMI GROUP: Merges Capitol & Virgin Recording Labels

INDEPENDENCIA ALIMENTOS: Moody's Takes No Action on Upsized Bond
METSO CORP: Paper Unit Inks EUR100-Million Supply Deal in Japan
PETROLEO BRASILEIRO: Unit Inks Oil Tanker Pact with Consortium
TAM SA: Receives New Airbus A320 for Fleet
TIMKEN CO: To Invest US$60 Mil. on Steel Rolling Mill Operations

C A Y M A N   I S L A N D S

BLUEGRASS ABS: Proofs of Claim Filing Deadline Is on Feb. 7
CASTLERIGG GLOBAL: Creditors Must File Proofs of Claim by Feb. 7
CASTLERIGG GO: Last Day to File Proofs of Claim Is on Feb. 7
CGO LTD: Last Day for Proofs of Claim Filing Is on Feb. 7
DRAGON GLOBAL: Creditors Have Until Feb. 7 to File Claims

HANSARD HOLDINGS: Proofs of Claim Must be Filed by Feb. 7
INVESTCORP PRINCIPAL: Proofs of Claim Filing Deadline Is Feb. 5
MACKO INDONESIA: Creditors Must File Proofs of Claim by Feb. 7
PARMALAT SPA: Opens Door to Settlement Negotiations
POST MULTI-STRATEGY: Proofs of Claim Filing Deadline Is Feb. 7

RECON ARBITRAGE: Proofs of Claim Filing Is Until Feb. 7
SOUTH RIVER: Last Day for Proofs of Claim Filing Is on Feb. 7
TERRITORY FUTURES: Creditors Must File Proofs of Claim by Feb. 7
UBS (CAY) ABSOLUTE: Proofs of Claim Filing Deadline Is Feb. 7
UBS (CAY) ONE: Last Day to File Proofs of Claim Is on Feb. 7

C H I L E

ROYAL & SUN: Goldman Sachs Buys Voting Rights in 260-Mln Shares

C O L O M B I A

ARMOR HOLDINGS: Gets US$44 Million Component Order from TACOM
BANCOLOMBIA: Earns COP81.2 Billion in Quarter Ended December 30
BANCOLOMBIA: General Shareholders Meeting Set for March 1
NOVELL INC: Receives NASDAQ Notice of Non-Compliance

C O S T A   R I C A

BANCO DE COSTA RICA: Posts CRC25.0 Billion 2006 Net Profits

C U B A

* CUBA: State Firm Inks Joint Exploration Pacts with PDVSA

D O M I N I C A N   R E P U B L I C

FREESTAR TECHNOLOGY: Focuses Strategy on Revenue Growth

E C U A D O R

DOLE FOOD: Moody's Cuts Ratings on Weak Operating Performance
PHELPS DODGE: Earns US$1.32 Billion in Fourth Quarter 2006

G U A T E M A L A

AFFILIATED COMPUTER: Inks US$8.7-Million Pact with Pennsylvania
BRITISH AIRWAYS: Reaches Agreement with General Workers' Union
BRITISH AIRWAYS: Reinstates All Flights After Crew Strike

G U Y A N A

PETROLEOS DE VENEZUELA: Supplying 50% of Guyana's Petrol Needs

H A I T I

* HAITI: Joins Caribbean Development Bank

H O N D U R A S

LEAR CORP: Cuts Annual Net Loss by Half to US$707.5 Million

J A M A I C A

NATIONAL COMMERCIAL: Issues US$3B in New Loans in Fourth Quarter

M E X I C O

ADVANCED MARKETING: Appoints Marc Ravitz to Board of Directors
ALLIS-CHALMERS: Closes Common Stock Offering at US$17.65 A Share
ALLIS-CHALMERS: Closes US$250MM Senior Notes Private Offering
BALDOR ELECTRIC: Discloses Management Promotions
DELTA AIR: Urges Creditors' Committee to Mull US Airways Offer

FORD MOTOR: US Market Rank May Fall by Two Notches, Mulally Says
FORD MOTOR: Loss Wasn't A Surprise, Says UAW President
FORD MOTOR: Posts US$12.7 Billion 2006 Net Loss
GRUPO MEXICO: Deutsche Reaffirms Buy Recommendation on Firm
GRUPO MEXICO: Paying MXN2.3 Billion Dividend to Shareholders

KANSAS CITY SOUTHERN: S&P Places B Rating on Negative Watch
KRISPY KREME: Becomes Current in Its SEC Filings
NEWPARK RESOURCES: SEC Filing Prompts Moody's Stable Outlook
VALASSIS COMM: Working on Integration Plan for Smooth Transition
WERNER LADDER: US Trustee Appoints Official Creditors Committee

WERNER LADDER: Wants Excl. Plan Filing Period Moved to March 9

N I C A R A G U A

* NICARAGUA: President Reviewing Previous Firm Privatization

P A N A M A

* PANAMA: Canal Authority Reaches Bargaining Accord with Unions

P E R U

HERTZ CORP: Unit Adds 24 Locations as Part of Rental Expansion

P U E R T O   R I C O

DORAL FINANCIAL: May Sell Assets to Reliable Mortgage

T R I N I D A D   &   T O B A G O

* TRINIDAD & TOBAGO: Shutting Down Sugar Industry

V E N E Z U E L A

DAIMLERCHRYSLER: Sells Aviation Unit to ATON Group Subsidiary
PETROLEOS DE VENEZUELA: Inks Joint Exploration Pacts with Cupet
PETROLEOS DE VENEZUELA: Restarting Catalytic Cracker on Feb. 12
PETROLEOS DE VENEZUELA: 3 Workers Hurt in Refinery Accident

* NASDAQ STOCK: Won't Raise "US$24.42 a Share" Offer to LSE
* IDB Launches FINPYME on Feb. 1 to Boost Small-Sized Businesses


                         - - - - -


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


AUTOPISTAS: Holding Gen. Assembly on Feb. 21 to Discuss New Debt
----------------------------------------------------------------
In a filing with the Comision Nacional de Valores, Autopistas
del Sol disclosed that it will hold an extraordinary assembly of
shareholders on Feb. 21 to discuss the issuance of Obligaciones
Negociables for US$220 million.

The company plans to offer Obligaciones Negociables Simples due
in 12 years and not convertible to shares.

In the assemby, the shareholders will also discuss what they'll
do with the proceeds of the sale.

As reported on Dec. 6, 2006, Autopistas del Sol S.A.'s three
debts carry raB+ ratings from Standard and Poor's Rating
Service:

   -- obligaciones negociables at increasing rate, due in 10
      years time for US$215,225,419,

   -- Obligaciones negociable with discount, 5 years time due,
      for US$112,334,466, and

   -- obligaciones negociables, with discount, 5 years due for
      US$49,306,639.


GETTY IMAGES: Reports Preliminary Fourth Quarter Fin'l Results
--------------------------------------------------------------
"Our fourth quarter and full year 2006 results demonstrate Getty
Images' continuing leadership of our dynamic industry," said
Jonathan Klein, co-founder and chief executive officer.
"Continuous and relentless innovation is our overriding
objective for 2007 -- in the way we serve customers, the way we
operate, and the way we grow our business.  In this changing
environment, we remain very well positioned to create and
deliver the broadest range of visual content to our customers in
all segments and markets, at every price point and on all
platforms."

                   Quarterly Highlights

   -- Revenue grew 10% to US$204 million;
   -- Royalty-free imagery revenue grew 15%;
   -- Editorial imagery revenue grew 21%; and
   -- The company generated strong cash from operations of US$87
      million.

For the fourth quarter, revenue grew 9.5% to US$203.5 million
compared to US$185.8 million in the fourth quarter of 2005.
Excluding the effects of changes in currency exchange rates,
revenue grew 6.5%.  As a percentage of revenue, cost of revenue
was 26.3%, consistent with the fourth quarter of the prior year.

For the fourth quarter, selling, general and administrative
expenses were US$77.0 million, including stock-based
compensation of US$3.6 million.  Excluding stock-based
compensation, SG&A was US$73.4 million or 36.0% of revenue
compared to US$63.5 million or 34.2% in the prior year.

Including restructuring charges of US$10.8 million and stock-
based compensation of US$3.6 million, income from operations was
US$43.1 million in the fourth quarter compared to US$58.2
million in the fourth quarter last year.  Excluding these
charges, income from operations was US$57.5 million compared to
US$58.5 million in the fourth quarter of 2005.

Including the restructuring charges and stock-based compensation
noted above, net income for the fourth quarter was US$30.3
million compared to US$42.5 million in the fourth quarter last
year.  Excluding these charges, net income was US$39.5 million
compared to US$42.8 million in the fourth quarter of 2005.

For the fourth quarter, net cash provided by operating
activities was US$87.2 million, compared to US$75.9 million for
the same quarter last year.  The acquisition of property and
equipment was US$11.9 million for the quarter compared to
US$13.0 million in the fourth quarter of 2005.

Full Year Highlights:

   -- Revenue grew 10% to US$807 million;

   -- Royalty-free imagery revenue grew 13 percent compared to
      2005;

   -- Editorial imagery revenue grew 17 percent led by strong
      growth in entertainment; and

   -- The company generated strong cash from operations of
      US$269 million.

For 2006, revenue grew 10% to US$807.3 million compared to
US$733.7 million in the prior year.  As a percentage of revenue,
cost of revenue was 25.6% in 2006 compared to 26.8% in the prior
year.

For 2006, selling, general and administrative expenses were
US$302.7 million, including stock-based compensation of
US$15.1 million.  Excluding stock- based compensation, SG&A was
US$287.7 million or 35.6% of revenue 2006 compared to US$250.8
million or 34.2% in the prior year.

Including restructuring charges noted below and stock-based
compensation, income from operations was US$196.7 million
compared to US$225.9 million last year.  Excluding these
charges, income from operations grew 6 percent to US$241.1
million compared to US$227.2 million in 2005.

Including restructuring charges, investment losses and stock-
based compensation, net income for 2006 was US$129.6 million.
Excluding these charges and the charge incurred in 2005
referenced below, net income grew 5% to US$161.9 million
compared to US$153.6 million in 2005.

During 2006, the company had restructuring related charges of
US$29.4 million for lease losses and employee severance.  Also
during the year, the company sold certain short-term investments
at a loss of US$4.0 million.  In 2005, the company had US$5.0
million of accelerated debt issuance costs.

For the full year, the company generated a record amount of cash
provided by operating activities of US$268.7 million, compared
to US$257.3 million in 2005.  Significant uses of cash during
the year included US$198.3 million for acquisitions, US$207.7
million for share repurchases and US$61.5 million for the
acquisition of property and equipment.  The company finished the
year with a cash balance of US$339 million.

                     Business Outlook

For the first quarter of 2007, the company expects to report
revenue of approximately US$210 million.

For full year 2007, the company expects percentage revenue
growth in the mid-single digit range and percentage growth in
earnings per share of at least one and one-half times the
revenue growth rate.

Company guidance for 2007 includes the impact of stock-based
compensation and assumes just over 60 million fully diluted
shares for both the first quarter and for the full year.

                    Stock Option Review

As previously announced on Nov. 9, 2006, the board of directors
established a special committee to conduct an internal review of
the company's historic stock option grant practices and related
accounting.  The special committee has engaged independent
outside legal counsel to assist in the review.  Because this
review is ongoing, the company has not yet determined if it will
need to record any non-cash adjustments to compensation expenses
related to prior stock option grants, making today's results
preliminary.  Specifically, the company does not know whether
any such non-cash compensation charges would affect the
preliminary financial results for the fourth quarter ended
Dec. 31, 2006, or the full year 2006 being announced today, or
would be deemed material and require the company to restate
previously issued financial statements or would require an
adjustment to the retained earnings balance on the company's
balance sheet.  Until the review is complete, the company will
be unable to file its Quarterly Report on Form 10-Q for the
period ended Sept. 30, 2006, and its Annual Report on Form 10-K
for the year ended Dec. 31, 2006.  The company intends to file
its Form 10-Q and Form 10-K as soon as practicable after the
completion of the special committee's review.

Getty Images Inc. -- http://gettyimages.com/-- (NYSE: GYI)
creates and distributes visual content and the first place
creative professionals turn to discover, purchase and manage
imagery.  The company's award-winning photographers and imagery
help customers create inspiring work which appears every day in
the world's most influential newspapers, magazines, advertising
campaigns, films, television programs, books and Web sites.
Headquartered in Seattle, WA and serving customers in more than
100 countries, Getty Images believes in the power of imagery to
drive positive change, educate, inform, and entertain.  The
company has corporate offices in Australia, the United Kingdom
and Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 11, 2006,
Standard & Poor's Ratings Services lowered its ratings on
Seattle, Washington-based visual imagery company Getty Images
Inc., including lowering the corporate credit rating to 'B+'
from 'BB', and placed the ratings on CreditWatch with developing
implications.


HIDROELECTRICA PIEDRA: Fitch Arg Puts BB- Ratings on 8 Notes
------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo assigned these ratings on
Hidroelectrica Piedra del Aguila S.A.'s debts:

   -- Obligaciones Negociables Series A for US$64,500,000, BB-
   -- Obligaciones Negociables Series B for US$35,600,000, BB-
   -- Obligaciones Negociables Series C for US$39,300,000, BB-
   -- Obligaciones Negociables Series D for US$22,800,000, BB-
   -- Obligaciones Negociables Simples for US$300,000,000, BB-
   -- Program of Obligaciones Negociables for US$300,000,000, B
   -- Class I under the US$300 million program for
      US$97,300,000, BB-
   -- Class II under the US$300 million program for
      US97,300,000, BB-
   -- Clase III under the US$300 illion program for
      US62,500,000, BB-

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


IMPSAT: Commences Tender Offer for Sr. Guaranteed Conv. Notes
-------------------------------------------------------------
IMPSAT Fiber Networks, Inc., has launched a cash tender offer,
consent solicitation and waiver for its Series A 6% Senior
Guaranteed Convertible Notes due 2011 and its Series B 6% Senior
Guaranteed Convertible Notes due 2011.

Impsat is offering to purchase any and all outstanding Notes at
a purchase price of US$1,010 per US$1,000 principal amount plus
all accrued but unpaid interest thereon up to, but not including
the applicable date of payment for the Notes, from holders of
Notes who validly tender their Notes, and deliver consents to
amendments of the indentures governing the Notes and waivers of
certain of its obligations under the indentures governing the
Notes, prior to 5:00 p.m., New York City time, on Feb. 26, 2007,
unless extended or terminated.  The terms and conditions of the
Offer are described in the Offer to Purchase and Consent
Solicitation Statement, dated Jan. 29, 2007.

On Oct. 25, 2006, Impsat entered into an Agreement and Plan of
Merger with Global Crossing Limited and GC Crystal Acquisition,
Inc. pursuant to which Impsat would be acquired by Global
Crossing.  The Offer is being launched in connection with the
proposed merger, and the Offer is conditioned upon the
consummation of the proposed merger.  The consent solicitation
with respect to the Series A Notes is conditioned upon the
receipt by Impsat of valid consents from holders of a majority
in principal amount of the Series A Notes outstanding and
unaffiliated with Impsat.  The consent solicitation with respect
to the Series B Notes is conditioned upon the receipt by Impsat
of holders of a majority in principal amount of the Series B
Notes outstanding and unaffiliated with Impsat.  The waiver with
respect to the Series A Notes is conditioned upon the receipt by
Impsat of valid waivers from holders of two-thirds in principal
amount of the Series A Notes outstanding and unaffiliated with
Impsat.  The waiver with respect to the Series B Notes is
conditioned upon the receipt by Impsat of valid waivers from
holders of two-thirds in principal amount of the Series B Notes
outstanding and unaffiliated with Impsat.

The proposed amendments and waivers will not become operative
until the closing of the merger.  There is no separate payment
for the consent solicitation and waiver, and satisfaction of the
consent solicitation and waiver is not a condition for the
closing of the tender offer.  The Offer may be extended or
terminated by Impsat at its option.

The Company has retained Goldman, Sachs & Co. to serve as Dealer
Manager and Solicitation Agent, Georgeson Inc. to serve as
Information Agent and The Bank of New York to serve as
Depositary Agent for the Offer.

Requests for documents may be made directly to:

          Georgeson Inc.
          17 State St. 10th Floor
          New York, NY 10004
          Tel: (212) 440-9800 (banks and brokers)
               (866) 277-5068 (toll free)

Questions regarding the solicitation of consents may be directed
to:

          Goldman, Sachs & Co.
          Attn: Credit Liability Management Group
          One New York Plaza, 48th Floor
          New York, New York 10004
          Tel: (800) 828-3182 (toll free)
               (212) 357-0775 (collect)

                    Going Concern Doubt

In its audit report on the consolidated financial statements for
year ended Dec. 31, 2005, auditors working for Deloitte & Touche
LLP noted that IMPSAT Fiber Networks, Inc.'s current liquidity
position, high debt obligations, and negative operating results
raise substantial doubt as to its ability to continue as a going
concern.

                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
has 15 facilities to provide hosting services, providing
services to more than 4,500 national and multinational clients.
IMPSAT has operations in Argentina, Colombia, Brazil, Venezuela,
Ecuador, Chile, Peru and the United States.




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


BERMUDA COMMERCIAL: Moody's Extends Review on Ratings
-----------------------------------------------------
Moody's Investors Service extended the review for possible
downgrade of Bermuda Commercial Bank Limited's ratings.  Bermuda
Commercial's current ratings are D+ for financial strength and
Baa3 and Prime-3, respectively, for long- and short-term
deposits.

Moody's had placed the ratings on review for downgrade on
Sept. 15, 2006, following the announcement that Bermuda
Commercial's affiliate, First Curacao International Bank or FCIB
was under investigation for money laundering and other illegal
activities.  Moody's said the continuation of the review for
possible downgrade reflects on-going uncertainties about the
credit.  Bermuda Commercial has made it known that it is looking
to be acquired.

Moody's noted that Bermuda Commercial has yet to publish audited
financial statements for the fiscal year ended September 2006.
Moody's believes that the likelihood of negative factors
emerging about Bermuda Commercial's management or the bank's
involvement in improper activities has decreased, but the
emergence of such revelations could prompt a downgrade.

Moody's views the intervention of FCIB by the Central Bank of
the Netherlands Antilles as a positive development in that its
gives the Central Bank effective ownership control of Bermuda
Commercial.  The rating agency said that although Mr. John
Deuss, Ms. Tineke Deuss and Mr. Timothy Ulrich had all resigned
as directors of Bermuda Commercial prior to the intervention,
Mr. Deuss had remained in control of Bermuda Commercial through
his ownership of FCIB until the intervention. Notwithstanding
this development, Bermuda Commercial still faces challenges with
regard to finding a suitable acquirer.

According to Moody's, any potential acquirer would have to be of
sufficient financial strength and strong reputation to be
acceptable to the Bermuda Monetary Authority and the Bermuda
Ministry of Finance. Moody's said a downgrade of Bermuda
Commercial's ratings could result if no buyer were to show
interest, or if interested buyers were found to be unacceptable
to the Bermuda Monetary Authority or Ministry of Finance.  Such
an outcome would cast a pall over the long-term health of
Bermuda Commercial's franchise, according to Moody's.
Meanwhile, the acquisition of Bermuda Commercial by a qualified
institution could lead to an upgrade of Bermuda Commercial's
ratings.

Lastly, the rating agency reiterated that negative pressure on
the bank's ratings could emerge if core profitability were to
decline, such that it weakened the bank's financial flexibility
and capital growth, or if there was more aggressive leverage or
a change in business focus toward higher risk activities.

The ratings that remain under review for possible downgrade are
as:

   -- Financial Strength at D+;
   -- Short-term deposits at Prime-3;
   -- Long-term deposits at Baa3; and
   -- Issuer at Baa3

Bermuda Commercial Bank Limited, headquartered in Hamilton,
Bermuda reported assets of US$859 million in its latest audited
financial statements for the fiscal year-ended Sept. 30, 2005.


CASTELLUM HOLDINGS: Final Shareholders Meeting Is on Feb. 20
------------------------------------------------------------
Castellum Holdings Ltd.'s final general meeting will be at 9:00
a.m. on Feb. 20, 2007, or as soon as possible, at the
liquidator's place of business.

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

The liquidator can be reached at:

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


CASTELLUM RE: Final General Meeting Is Set for Feb. 20
------------------------------------------------------
Castellum Re Ltd.'s final general meeting will be at 9:00 a.m.
on Feb. 20, 2007, or as soon as possible, at the liquidator's
place of business.

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

The liquidator can be reached at:

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


GC IMPSAT: Moody's Rates Proposed US$200 Mil. Senior Notes at B3
----------------------------------------------------------------
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 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.  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

The outlook is 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.


REFCO INC: Refco LLC Files November 2006 Operating Report
---------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee the
liquidation of Refco LLC's estate, filed with the U.S.
Bankruptcy Court for the Southern District of New York a monthly
statement of cash receipts and disbursements for the period from
Nov. 1 to 30, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of Oct. 1, 2006, totals US$616,608,000.  The Debtor's
beginning purchase price account balance totals US$25,038,000,
while its beginning capital account "A" balance totals
US$591,570,000.

The purchase price account includes activity related to Man
Financial Inc. sale proceeds and related disbursements.  Capital
account "A" includes activity related to collection of excess
capital.

Refco LLC received US$7,706,000 and disbursed US$3,864,000.  The
Debtor held US$620,450,000 at the end of the period.

The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 55; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


SCOTTISH RE: Shareholders to Vote on MassMutual Deal on Feb. 23
---------------------------------------------------------------
Scottish Re Group Limited will hold an Extraordinary General
Meeting of Shareholders at 11 a.m. local time on Feb. 23, 2007,
to vote on its agreement between Scottish Re Group Limited and
MassMutual Capital Partners LLC and certain affiliates of
Cerberus Capital Management, L.P.  The meeting will be held at:

          Fairmont Hamilton Princess Hotel
          76 Pitts Bay Road, Pembroke HM11
          Hamilton, Bermuda

Scottish Re set Jan. 19, 2007, as the record date for the
determination of shareholders entitled to vote at the
Extraordinary General Meeting.

                  About Scottish Re Group

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

                        *     *     *

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

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

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

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

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


WARNER CHILCOTT: Supplies Zenchent Contraceptive to Watson
----------------------------------------------------------
Warner Chilcott Company, Inc., a subsidiary of Warner Chilcott
Ltd., and Watson Pharmaceuticals, Inc. disclosed that under a
supply agreement between the companies, Watson has launched
Zenchent (norethindrone and ethinyl estradiol tablets USP), the
generic version of Warner Chilcott's oral contraceptive Ovcon
35.

Under the terms of the agreement, Warner Chilcott will supply
Zenchent to Watson Pharma, which will market, sell and
distribute the generic product in the United States.  Warner
Chilcott will receive a share of the profits from Watson's sales
of the generic product in the U.S. market.  Further details on
the agreement have not been disclosed.

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its
ratings on Warner Chilcott Corp.  The corporate credit rating
was raised to 'B+' from 'B'.  At the same time, the ratings were
removed from CreditWatch, where they were placed with positive
implications on June 13, 2006, following the company's
announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  The rating outlook is
stable.

Moody's Investors Service revised on Oct. 9, 2006, the rating
outlook on Warner Chilcott Company, Inc., and related entities
to positive from stable, and affirmed the existing ratings,
including the B2 corporate family rating.  At the same time,
Moody's upgraded the speculative grade liquidity rating to SGL-2
from SGL-3.  In addition, Moody's withdrew the B1 senior secured
term loan rating on Warner Chilcott Holdings Company III,
Limited following the repayment of this tranche of debt.




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


* BOLIVIA: In Talks to Nationalize Telecom Italia's Local Unit
--------------------------------------------------------------
Bolivian President Evo Morales' government wants to return to
state control the country's major telecommunications company,
Empresa Nacional de Telecomunicaciones de Bolivia -- Entel.

The government has started talks with Telecom Italia SpA, which
owns a majority stake in Entel, the Associated Press reports,
citing Bolivia's Telecom Vice Minister Roy Mendez.  The telecom
official did not provide AP additional details saying that a
"certain level of confidentiality has to be maintained."

The telecom company was partially privatized in 1996 and is
among the top 10 companies in Bolivia that is being targeted by
the administration to nationalize, in a bid to bolster the
Morales' administration's program to redistribute the country's
wealth to the poor.

Separately, President Morales said in published reports that
experts are considering ways of how to take back control of
Entel.  "We're looking at it.  We are obliged to take back those
companies that were formerly run by the state," the Bolivian
leader was quoted by the Financial Times as saying.

Entel, the FT says, has an 80% market share in Bolivia's long-
distance call market and 70% in the mobile telephone sector.
The company has invested about US$700 million in the country for
the past 10 years.  Telecom Italia holds 50% of Entel.  Of the
remaining 50%, private investors control a 6% stake and a public
retirement fund holds the rest.

Telecom Italia is reportedly willing to sell its stake for
US$170 million.

                        *    *    *

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 BRADESCO: Says Retirement Loans to Grow 20% Yearly
--------------------------------------------------------
Banco Bradesco Chief Executive Officer Marcio Cypriano told
Business News Americas that retirement loans in Brazil will
likely increase 20% yearly over the next few years.

According to reports, Mr. Cypriano said that five million out of
a total of 25 million pensioners from the INSS federal social
security system for private sector workers have taken retirement
loans with payments deducted directly from monthly benefit
checks.

Mr. Cypriano commented to BNamericas, "This segment has a strong
appeal, a non-performing loan ratio near zero and immense
potential for growth."

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 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 investor relations manager Milton Vargas said that
the bank's purchase of Banco BMC will likely add around BRL100
million to net profits in 2007.

Mr. Cypriano told BNamericas, "BMC is Bradesco's PAC."

Mr. Cypriano was referring to the federal government's economic
growth acceleration program, BNamericas notes.

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

Mr. Cypriano told BNamericas, "We jumped a few development
stages with this acquisition."

Credit cards and home loans are two main areas for lending
growth for Banco Bradesco in 2007.  The bank has budgeted
BRL3.00 billion for home loans this year after reaching last
year's BRL2.00-billion goal in November, BNamericas says, citing
Mr. Cypriano.

The Banco BMC acquisition is expected to generate BRL500 million
for Banco Bradesco, BNamericas states.

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 BMC: Ratings Agencies May Upgrade Bank's Ratings
------------------------------------------------------
Ratings agencies in and outside Brazil have indicated a possible
upgrade of Banco BMC's ratings after Banco Bradesco acquired it
for BRL800 million in new shares, Business News Americas
reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 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 said that its purchase of Banco BMC would likely add
around BRL100 million to its net profits in 2007.

Banco Bradesco also promised to retain the Banco BMC brand name
as well as the latter's management.

BNamericas relates that the acquisition will allow Banco BMC to
grow by decreasing administrative and funding costs.  It will
also let Banco Bradesco increase payroll loan operations and
further diversify revenues.

Moody's Investors Service said in a report that it placed Banco
BMC's these ratings on review for a possible upgrade:

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

Fitch Ratings said in a report that it placed Banco BMC's issuer
default ratings and national scale ratings on rating watch
positive.

BNamericas underscores that Brazilian ratings agency Austin
placed its Banco BMC rating on rating watch positive.

Austin told BNamericas that increased competition in the payroll
loan segment along with a 2.78% government-imposed monthly
interest rate limit on retirement loans backed by INSS means
banks have to boost scale to make the segment economically
viable.

Banco BMC brings its significant presence in retirement loans
"to the table", while Banco Bradesco will provide access to less
expensive funding, BNamericas states, citing Austin, Fitch and
Moody's.

                    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.


COMPANHIA ENERGETICA: Raises US$350 Million from 8-Year Bonds
-------------------------------------------------------------
Companhia Energetica de Sao Paulo said in a fling with Bovespa,
the Sao Paulo stock exchange, that it has raised US$350 million
from the sale of eight-year bonds on international financial
markets.

Companhia Energetica told Business News Americas that the bonds
will yield 9.75% yearly in six-monthly coupons.

According to BNamericas, the bond sale is part of Companhia
Energetica's ongoing debt restructuring program.

Companhia Energetica said in a statement that it will buy back
on Feb. 27 international bonds that will mature in 2011.

Headquartered in Sao Paulo, Brazil, CESP -- Companhia Energetica
de Sao Paulo is the country's third largest power generator,
majority owned by the State of Sao Paulo.  CESP operates 6
hydroelectric plants with total installed capacity of 7,456 MW
and reported net revenues of BRL1,983 million in the last twelve
months through Sept. 30, 2006.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2007, Moody's Investors Service assigned a Ba3 foreign
currency rating to Companhia Energetica de Sao Paulo aka CESP's
proposed unsubordinated unsecured Real-denominated IPCA linked
notes due in 2015 in the amount of approximately US$250 million
in Real-equivalent.  The 2015 notes shall be issued under the
US$975 million Medium Term Notes Program rated Ba3 by Moody's.
Moody's notes that, although the notes will be denominated in
Brazilian Real, all related payments shall be made in US-
Dollars.  The ratings outlook is positive.


COMPANHIA SIDERURGICA: Loses Corus Auction to Tata Steel
--------------------------------------------------------
Tata Steel Ltd. of India beat Brazilian steelmaker Companhia
Siderurgica Nacional in yesterday's auction for Anglo-Dutch
Corus Group Plc.

According to published reports, the U.K. Takeover Panel said
that Tata's final bid of 608 pence per share or GBP5.75 billion
(US$11.3 billion) ousted Companhia Siderurgica out of the game.
The Brazilian steelmaker finished with 603 pence per share
offer.

Yesterday's result ended a bidding-war that started in October
last year.  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.

With its purchase of Corus, Tata Steel will get immediate access
to the European market.

"Corus will add value to whoever gets it as it would give the
buyer immediate access to the European market," Anup Maheshwari,
a fund manager at Mumbai-based DSP Merrill Lynch Fund Managers
Ltd., which has US$2.65 billion in assets, including Tata Steel
shares, told Bloomberg News in an interview.

Tata Steel is advised by:

         NM Rothschild & Sons Ltd.
         New Court, Saint Swithin's Lane
         London EC4P 4DU United Kingdom

              -- and --

         Deutsche Bank AG
         Taunusanlage 12
         60262 FRANKFURT AM MAIN
         GERMANY

              -- and --

         ABN Amro Holding NV
         Hansalaya Building
         15, Barakhamba Road
         New Delhi 110001

Corus Group is advised by:

         Credit Suisse Group
         One Cabot Square
         London E14 4QJ

              -- and --

         JPMorgan Cazenove
         20 Moorgate
         London
         EC2R 6DA
         UK

             -- and --

         HSBC Holdings Plc
         8 Canada Square, Level 4
         London E14 5HQ

Companhia Siderurgica is advised by:

         Lazard Ltd.
         Signatura Lazard
         Av. Brigadeiro Faria Lima
         2277 8, Andar
         SP 01452-000

             -- and --

         Goldman Sachs Group Inc.
         85 Broad Street
         New York, NY 10004

             -- and --

         UBS AG
         Avenida Brigadeiro Faria Lima
         3729 8 9 e 10, Andar
         Jardim Paulista
         SP 04538-133

                      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: Will Bid for Acerias Paz' 51.89% Stake
-------------------------------------------------------------
Companhia Siderurgica Nacional will bid for the 51.89% stake of
Acerias Paz del Rio, La Republica reports.

However, a press official from Superintendencia de Industria y
Comercio, Colombia's industry and trade regulator, told Business
News Americas that Companhia Siderurgica has not requested
permits from the entity to join the auction.

The official explained to BNamericas, "Parties interested in the
bid must meet this requirement, since it is such a huge sale."

According to BNamericas, other firms interested in the Acerias
Paz auction include:

          -- Votorantim Metais,
          -- Arcelor Mittal,
          -- Grupo Gerdau, and
          -- Techint.

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Gerdau filed an appeal with the Colombian
antitrust authorities' decision to ban the firm from the Acerias
Paz auction.  The Colombian antitrust authorities prevented
Gerdau from participating in the auction of the 51.89% stake in
Acerias Paz.  The antitrust agency said that the potential
integration of Gerdau and Paz del Rio would unduly restrict
competition.  Gerdau already controls Colombian steel firms
Diaco and Siderurgica del Pacifico.

The 51.89% stake will be sold during an auction in March.  The
base price has been set at COP52 per share, BNamericas states.

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

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

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

                        *    *    *

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


DURA AUTOMOTIVE: Court Approves AlixPartners as Fin'l Advisors
--------------------------------------------------------------
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 AlixPartners LLP as their
financial advisors, nunc pro tunc to Nov. 7, 2006.

Keith Marchiando, chief financial officer of Dura Automotive
Systems, Inc., related that AlixPartners has a wealth of
experience in providing financial advisory services in
restructurings and reorganizations.

Since its inception in 1981, AlixPartners, its predecessor
entities, and its affiliate, AP Services, have provided
restructuring services in numerous large cases, including most
recently, the Chapter 11 cases of Dana Corp., Calpine Corp.,
Anchor Glass, Atkins Nutritionals, Refco Inc., among others.

Pursuant to an Engagement Letter dated as of Nov. 6, 2006,
AlixPartners agreed to:

   (a) assist in developing one or more financial models that
       will enable Dura Automotive to better predict its future
       cash flows as well as to model the impact of a number of
       restructuring alternatives under consideration, including
       operational changes that will alter the company's
       operating model;

   (b) assist management with the development of Dura
       Automotive's revised 2007 business plan and forecast, and
       other forecasts as may be required;

   (c) assist management in evaluating profitability on a
       part/product line basis;

   (d) assist management in complying with and administering the
       relief granted by certain "first day" orders relating to
       the payment of prepetition obligations, including, but
       not limited to, those of certain "critical trade,"
       "shipping," and "tooling" claimants;

   (e) assist management in negotiations with Dura Automotive's
       various constituents, including customers, vendors and
       debt holders;

   (f) assist Dura Automotive in managing its bankruptcy process
       including working with and coordinating the efforts of
       other professionals representing various stakeholders of
       the Dura;

   (g) assist Dura Automotive, counsel and other advisors in
       fulfilling financial reporting requirements, including
       but not limited to, development of schedules and
       statements and monthly operating reports in any potential
       Chapter 11 restructuring;

   (h) assist and provide other support to counsel in the
       preparation of any Chapter 11 plan of reorganization,
       related disclosure statement or other offering
       memorandum;

   (i) assist in obtaining and presenting information required
       by parties-in-interest in Dura Automotive's bankruptcy
       case including official committees appointed by the by
       the Court and the Court itself;

   (j) assist management in reviewing and enhancing current cost
       reduction initiatives;

   (k) assist as requested in tasks like reconciling, managing
       and negotiating claims, determining preferences and
       collection of same and the like;

   (l) assist Dura Automotive's investment banker in obtaining
       and compiling information that is needed to present the
       Dura or one or more business units to prospective
       purchasers or investors and to further, support those
       efforts assisting with matters such as due diligence and
       obtaining or preparing supplemental information that may
       be needed to obtain maximum value for its stakeholders;

   (m) assist Dura Automotive in developing a liquidation
       analysis;

   (n) assist the Debtors and their investment banker, Miller
       Buckfire & Co., LLC, in the determination of Dura
       Automotive's valuation;

   (o) assist and provide other support to counsel in the
       preparation of any Chapter 11 plan of reorganization,
       related disclosure statement or other offering
       memorandum;

   (p) assist Dura Automotive in maintaining a 13-week cash
       receipts and disbursements forecasting tool designed to
       provide on-time information related to its liquidity;

   (q) assist Dura Automotive in developing an actual to
       forecast variance reporting mechanism including written
       explanations of key differences;

   (r) work with Dura Automotive's treasury group and management
       of the its foreign operations in facilitating cash
       management and repatriation of cash; and

   (s) assist with other matters as may be requested that fall
       within AlixPartners' expertise and that are mutually
       agreeable.

The standard hourly rates, subject to periodic adjustments,
charged by AlixPartners' professionals are:

         Managing Directors                     US$590 to US$750
         Directors                              US$440 to US$550
         Vice Presidents                        US$330 to US$430
         Associates                             US$260 to US$300
         Analysts                               US$190 to US$220

In addition to hourly compensation, the Debtors will pay a
success fee to AlixPartners upon entry of an order by the
Court confirming a Chapter 11 plan of reorganization.  The
Success Fee will be US$3,000,000 if the Confirmation Order is
entered on or before Sept. 30, 2007, provided, however, that,
if the Confirmation Order is not entered prior to Oct. 31, 2007,
the Success Fee will decrease by US$300,000, and will likewise
decrease by US$300,000 on the last day of each succeeding month
through and including Dec. 31, 2007, if the Confirmation Order
is not entered during that month; provided, further, that the
Success Fee will not be less than US$2,100,000.

Any payments on account of the Success Fee will be subject to a
separate application to the Court.  The parties request that the
Court set a future hearing date for approval of the terms of the
Success Fee.

Moreover, AlixPartners will seek reimbursement for reasonable
and necessary expenses incurred in connection with the Debtors'
Reorganization Cases, including transportation costs, lodging,
food, telephone, copying, and messenger services.

The indemnification provisions contained in the Engagement
Letter are waived pursuant to AlixPartners' Protocol with the
U.S. Trustee.

Anthony C. Flanagan, managing director at AlixPartners, assured
the Court that, except as disclosed, the firm:

   (a) has no connection with the Debtors, their creditors, or
       other parties-in-interest in the Debtors' Chapter 11
       cases,

   (b) does not hold any interest adverse to the Debtors'
       estates, and

   (c) is a "disinterested person" as defined by section 101(14)
       of the Bankruptcy Code.

                 About DURA Automotive Systems

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 AUTO: Judge Carey Okays Kramer Levin as Panel's Counsel
------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized the Official Committee of
Unsecured Creditors in Dura Automotive Systems Inc. and its
debtor-affiliates' chapter 11 cases to retain Kramer Levin
Naftalis & Frankel LLP as its counsel, effective as of
Nov. 7, 2006.

As reported in the Troubled Company Reporter on Jan. 9, 2007, in
addition to acting as primary spokesman for the Committee,
Kramer Framer Levin's services will include, without limitation,
assisting, advising and representing the Committee with respect
to these matters:

    a. The administration of these cases and the exercise of
       oversight with respect to the Debtors' affairs including
       all issues in connection with the Debtors, the Committee
       or the Chapter 11 cases;

    b. The preparation on behalf of the Committee of necessary
       applications, motions, memoranda, orders, reports and
       other legal papers;

    c. Appearances in Court and at statutory meetings of
       creditors to represent the interests of the Committee;

    d. The negotiation, formulation, drafting and confirmation
       of a plan or plans of reorganization and related matters;

    e. The investigation, if any, as the Committee may desire
       concerning, among other things, the assets, liabilities,
       financial condition, sale of any of the Debtors'
       businesses, and operating issues concerning the Debtors
       that may be relevant to the Chapter 11 Cases;

    f. Communications with the Committee's constituents and
       others at the direction of the Committee in furtherance
       of its responsibilities, including, but not limited to,
       communications required under Section 1102 of the
       Bankruptcy Code; and

    g. The performance of all of the Committee's duties and
       powers under the Bankruptcy Code and the Bankruptcy Rules
       and the performance of  other services as are in the
       interests of those represented by the Committee.

Kramer Levin will be paid on an hourly basis based on its
customary rates:

          Professional                    Hourly Rate
          ------------                    -----------
          Partners                       US$500 to US$795
          Counsel                        US$505 to US$855
          Associates                     US$295 to US$545
          Legal Assistants               US$190 to US$220

Kramer Levin will also seek reimbursement of out-of-pocket
expenses.  The firm regularly charges its clients for the
expenses and disbursements incurred in connection with the
client's case, including, inter alia, word processing,
secretarial time, telecommunications, photocopying, postage and
package delivery charges, court fees, transcript costs, travel
expenses, expenses for "working meals" and computer-aided
research.

Thomas Moers Mayer, Esq., a member at Kramer Levin, assured the
Court that:

   (i) the firm is a "disinterested person" within the meaning
       of Section 101(14) of the Bankruptcy Code;

  (ii) neither Kramer Levin nor its professionals have any
       connection with the Debtors, the creditors or any other
       party-in-interest; and

(iii) Kramer Levin does not hold or represent any interest
       adverse to the Committee in the matters for which it is
       to be retained.

               About DURA Automotive Systems

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 AUTO: Chanin Capital Approved as Panel's Financial Advisor
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized the Official Committee of
Unsecured Creditors to retain Chanin Capital Partners as its
financial advisors, nunc pro tunc Nov. 10, 2006, in Dura
Automotive Systems Inc. and its debtor-affiliates' chapter 11
cases.

As reported in the Troubled Company Reporter on Jan. 9, 2007,
the Committee needs Chanin Capital's assistance in collecting
and analyzing financial and other information in relation to the
Debtors' Chapter 11 cases.

The Committee expects the firm to:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   (u) assist with various tax matters;

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

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

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

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

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

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

               About DURA Automotive Systems

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: Section 341(a) Meeting Will Resume Today
---------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
announced that the meeting of creditors required under 11 U.S.C.
Sec. 341(a) will resume on Jan. 31, 2007, at 3:00 p.m.

The Meeting of Creditors will be held at Room 2112 of J. Caleb
Boggs Federal Courthouse, at 844 King Street, in Wilmington,
Delaware.

The U.S. Trustee convened the Meeting of Creditors on
Dec. 7, 2006.  The Meeting was continued pending the Debtors'
filing of their schedules of assets and liabilities, schedules
of current income and expenditures, and statements of financial
affairs.

The Debtors filed their Schedules and Statements on
Jan. 16, 2007.

The Meeting of Creditors offers the opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

              About DURA Automotive Systems

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).


EMI GROUP: Merges Capitol & Virgin Recording Labels
---------------------------------------------------
After a review of EMI Music's American operations, EMI Group PLC
CEO Eric Nicoli disclosed that the company is merging its
Capitol and Virgin labels to form The Capitol Music Group, a
front line pop, rock and urban label group that will comprise
the Capitol and Virgin Records imprints.

Jason Flom has been promoted to lead The Capitol Music Group as
chairman and chief executive officer.  Mr. Flom, who joined EMI
as chairman and chief executive officer of Virgin Records
America in November 2005, reports directly to Nicoli and will
now oversee the combined Capitol and Virgin rosters in the U.S.

"The music business shows exciting growth potential, but the
environment remains extremely challenging," Mr. Nicoli said.
"In order to thrive and meet the demands of a rapidly evolving
and dynamic music market, we must re-think our operations, not
only to make them efficient, but also more effective and focused
on creative excellence.  By bringing Capitol and Virgin into one
label group, we will be better equipped than ever to promote and
nurture artistic talent.  We remain strongly committed to
developing artists in America in all genres as this is a key
repertoire source for the world, and to that end, we will
maintain our A&R focus and keep a presence in both LA and New
York.  This structure will also allow us to further build our
digital capability."

"Jason Flom quickly demonstrated his leadership and artist
development abilities since he has been at Virgin.  I am
confident that he will take us to new levels of success in the
rock, pop and urban genres as leader of the Capitol Music
Group."

Andrew Slater, who has been president and chief executive
officer of Capitol Records in the U.S. since 2001, has stepped
down from his post.

"I would like to thank Andy for his contribution to Capitol and
EMI over the past six years and wish him well in all that he
does in the future," Mr. Nicoli said.

                   Restructuring Program

The formation of the combined U.S. label group is part of EMI
Group's recently announced restructuring program, designed to
deliver GBP110 million (US$217 million) in annual savings across
its business.

Bruce Lundvall, president and CEO of The Blue Note Label Group,
will continue to report directly to Mr. Nicoli, as will EMI
Music North America Chief Operating Officer Ivan Gavin and EMI
Music North America Chief Financial Officer Colin Finkelstein.

EMI Music Marketing President Ronn Werre, Capitol Nashville
President and CEO Mike Dungan, EMI Christian Music Group
Chairman/CEO & President Bill Hearn and Caroline Distribution
General Manager/SVP Bill Hein will all continue to report to
Ivan Gavin.

"The combined Capitol Music Group under Jason Flom will become
part of a portfolio of labels that position us to be best-of-
class in all genres in the U.S. market:  the new Capitol Music
Group, our very successful Capitol Nashville label, the
market-leading EMI Christian Music Group, The Blue Note Label
Group aimed at the adult music buyer, our U.S. Latin label EMI
Televisa Music, EMM's terrific catalog business and Caroline as
a full service distribution and marketing arm for the
independent label area," Mr. Nicoli said.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                        *     *     *

As reported on Jan. 17, 2007, Moody's Investors Service
downgraded EMI Group Plc's Corporate Family and senior debt
ratings to Ba3 from Ba2.  All ratings remain under review for
possible further downgrade.

As reported on Dec. 19, 2006, Standard & Poor's Ratings Services
affirmed its 'BB/B' long- and short-term corporate credit and
'BB' senior unsecured debt ratings on U.K.-based music major EMI
Group PLC.

The long-term and debt ratings were removed from CreditWatch,
where they had been placed with negative implications on
Nov. 28, 2006, when the group reported a takeover approach.  S&P
said the outlook is negative.


INDEPENDENCIA ALIMENTOS: Moody's Takes No Action on Upsized Bond
----------------------------------------------------------------
Moody's Investors Service disclosed that Independencia Alimentos
Ltda.'s upsizing of its senior unsecured notes to US$225 million
from the previously announced US$150 million being issued by
Independencia International Ltd. will have no impact on its
rating or outlook.  The notes have been assigned a B3 global
local currency and B3 foreign currency senior unsecured rating
with a stable rating outlook.  These senior unsecured notes will
be due in 2017 and unconditionally guaranteed by Independencia
Alimentos Ltda.

The decision to take no action related to Independencia's bond
upsize assumes that the additional US$75 million will be used to
repay upcoming debt maturities during 2007 and that total debt
to EBITDA remains below 6.0 times.  More specifically,
Independencia's B3 rating considers that approximately US$175
million of the net proceeds of the issued notes will be used to
repay a portion of indebtedness during 2007, while the remaining
US$50 million will be used for capital expenditures and general
corporate purposes.

Headquartered in Cajamar, Sao Paulo, Brazil, Independencia is
Brazil's fourth largest producer of fresh and frozen beef and
wet blue leather with eight beef slaughtering facilities, one
pork slaughtering facility, a jerked beef plant and three
storage facilities located in the following five Brazilian
States: Mato Grosso do Sul, Minas Gerais, Sao Paulo, Rondonia
and Tocantins.


METSO CORP: Paper Unit Inks EUR100-Million Supply Deal in Japan
---------------------------------------------------------------
Metso Paper, a unit of Metso Oyj, will supply a large
OptiConcept papermaking line to a Japanese paper mill.  The name
of the customer was not disclosed.

The new line will come on stream during the 2nd quarter of 2008.
The order, valued at more than EUR100 million, has been recorded
in the 4th quarter 2006 order intake.

The line will produce more than 400,000 t/y of woodfree-coated
paper.

Metso's scope of supply contains stock preparation equipment; a
1,800 m/min, 10.7-meter-wide OptiConcept paper machine, air
systems, auxiliary systems and automation systems.

                        About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *    *    *

As reported on April 11, 2006, Standard & Poor's Ratings
Services revised its outlook on Finland-based machinery and
engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.




PETROLEO BRASILEIRO: Unit Inks Oil Tanker Pact with Consortium
--------------------------------------------------------------
Petrobras Transporte, a Petrobras subsidiary, will sign today
an agreement with the Atlantico Sul Consortium for the
construction of the 10 first oil tankers included in phase one
of the company's Modernization and Expansion Program.

The ceremony will take place at the Suape Port Industrial
Complex. President Luiz Inacio Lula da Silva; Pernambuco
governor, Eduardo Campos; Petrobras president, Jose Sergio
Gabrielli de Azevedo; and Transpetro president, Sergio Machado,
will attend the event.

The first phase of the Transpetro Fleet Modernization and
Expansion Program, which foresees the construction of 26 oil
tankers, will generate 22,000 new jobs.

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.


TAM SA: Receives New Airbus A320 for Fleet
------------------------------------------
TAM S.A. received this weekend a new Airbus A320 aircraft that
is already operating on domestic routes.  This is the 2nd Airbus
from the A320/319 family incorporated this year into TAM's
operational fleet. The total fleet reaches 97 aircraft, of which
76 are Airbus models -- 14 A319, 52 A320, and 10 A330.  TAM
expects its fleet to have 109 airplanes at the end of 2007.

With this new aircraft the company strengthens its policy of
operating a newer fleet, providing passengers with more comfort.
The average age of TAM's Airbus fleet is 5.7 years.

The aircraft is part of contracts that anticipate the further
acquisition of 56 Airbus aircraft -- 15 A319, 35 A320 and 6 A330
-- to be delivered by 2010.  The contracts include the option of
an additional 20 aircraft.  The company also announced the
acquisition of four new Boeing 777-300ER and four more options,
with deliveries by 2008.  TAM's strategic plan foresees an
operational fleet of 132 Airbus aircraft by the end of 2010.

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM SA.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.


TIMKEN CO: To Invest US$60 Mil. on Steel Rolling Mill Operations
----------------------------------------------------------------
The Timken Company will invest approximately US$60 million in
its steel rolling mill operations to increase the company's
capability to produce differentiated steel products.  The
investment will enable Timken to competitively produce steel
bars down to 1-inch diameter for use in power transmission and
friction management applications for a variety of customers,
including the rapidly growing automotive transplants.

"We are making investments across our company to strengthen the
differentiation of our technology and product portfolio," said
James W. Griffith, Timken president and chief executive officer.
"The expansion of our small-bar steel capabilities is part of
our strategy of managing our company for value and taking
advantage of strong market opportunities to improve our ability
to create shareholder value throughout the economic cycle."

Assisting with the technical aspects of the project will be
Daido Steel Co. Ltd., a Japanese producer that has an
outstanding reputation for manufacturing special quality small-
bar steel and serving demanding customers, including Nissan
Motor Co. Ltd., Honda Motor Co. Ltd. and Toyota Motor Corp.

Daido and Timken also intend to explore other possible areas of
collaboration in connection with the manufacture and supply of
steel and steel-related products and services.

"We recognize Timken as a company with a long history of
steelmaking experience and sophisticated technical performance,"
said Masatoshi Ozawa, president and chief executive officer of
Daido Steel.  "The collaboration with Timken will bring us the
best solution to meet Japanese customers' expectation of success
in transplant projects of special bar-quality steel in the
United States.  Building on this initiative, we also will be
exploring other areas of possible collaboration."

The project will enable Timken to meet demanding requirements
for special bar-quality steel from a wide range of customers in
the bearing, industrial, energy, distribution and automotive
segments, as well as Timken's automotive and industrial groups.
Currently, some of this material is not readily available in the
United States.

"We welcome this opportunity to work with Daido.  They have an
impressive reputation for manufacturing high-performance
products and for providing customer service," said Salvatore J.
Miraglia, Jr., president of Timken's Steel Group.  "We have
already made investments to expand our large-bar capabilities to
an industry-leading 15-inch outer diameter.  With the new small-
bar project, we will be extending our capabilities down to one-
inch diameter, giving us an unmatched size range of alloy steel
bar products in North America."

A 76,000-square-foot addition will be built at the Harrison
Steel Plant in Canton.  The project will include expanded
rolling, finishing and inspection capabilities.  Construction is
expected to begin in mid-June, with completion expected in mid-
2008.  Once complete, Timken expects to add approximately 30 new
positions to operate the small-bar mill.

                    About Daido Steel Co.

Headquartered in Nagoya, Japan, Daido Steel Co. Ltd.
(TOKYO:DADSF) manufactures specialty steel products and
components for automobiles as well as industrial and electrical
machinery.  Founded in 1916, Daido markets a broad range of
specialty steel products to companies such as Nissan Motor and
Honda Motor.  Daido operates an international network with
locations in North America, China, South Korea, Singapore,
Malaysia, Taiwan, Indonesia, the Philippines and Thailand.

                   About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries.  The Company has
operations in 27 countries, including Brazil, and employs 27,000
employees.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service confirmed The Timken Company's Ba1
Corporate Family Rating and the Ba1 rating on the company's
US$300 Million Unsecured Medium Term Notes Series A due 2028.




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


BLUEGRASS ABS: Proofs of Claim Filing Deadline Is on Feb. 7
-----------------------------------------------------------
Bluegrass ABS CDO I Ltd.'s creditors are required to submit
proofs of claim by Feb. 7, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


CASTLERIGG GLOBAL: Creditors Must File Proofs of Claim by Feb. 7
----------------------------------------------------------------
Castlerigg Global Opportunity Fund Ltd.'s creditors are required
to submit proofs of claim by Feb. 7, 2007, to the company's
liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Recon Arbitrage's shareholders agreed on Dec. 1, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


CASTLERIGG GO: Last Day to File Proofs of Claim Is on Feb. 7
------------------------------------------------------------
Castlerigg Go Holdings, Ltd.'s creditors are required to submit
proofs of claim by Feb. 7, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Castlerigg Go's shareholders agreed on Nov. 30, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


CGO LTD: Last Day for Proofs of Claim Filing Is on Feb. 7
---------------------------------------------------------
CGO, Ltd.'s creditors are required to submit proofs of claim by
Feb. 7, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

CGO, Ltd.'s shareholders agreed on Nov. 29, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


DRAGON GLOBAL: Creditors Have Until Feb. 7 to File Claims
---------------------------------------------------------
Dragon Global Growth Fund Ltd.'s creditors are required to
submit proofs of claim by Feb. 7, 2007, to the company's
liquidators:

          Hinson Ng
          Dragon Global Investors LLC
          Time Warner Center, 25 Columbus Circle
          Unit 54F, New York, NY 10019, USA

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


HANSARD HOLDINGS: Proofs of Claim Must be Filed by Feb. 7
---------------------------------------------------------
Hansard Holdings' creditors are required to submit proofs of
claim by Feb. 7, 2007, to the company's liquidator:

          Bessemer Trust Company Ltd.
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Hansard Holding's shareholders agreed on Dec. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


INVESTCORP PRINCIPAL: Proofs of Claim Filing Deadline Is Feb. 5
---------------------------------------------------------------
Investcorp Principal Protected Fund Ltd.'s creditors are
required to submit proofs of claim by Feb. 5, 2007, to the
company's liquidators:


          Westport Services Ltd.
          P.O. Box 1111
          Grand Cayman, Cayman Islands

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

Investcorp Principal's shareholders agreed on Jan. 9, 2007, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Evania Ebanks
          P.O. Box 1111
          Grand Cayman, Cayman Islands
          Tel: (345)-949-5122
          Fax: (345)-949-7920


MACKO INDONESIA: Creditors Must File Proofs of Claim by Feb. 7
--------------------------------------------------------------
Macko Indonesia Fund's creditors are required to submit proofs
of claim by Feb. 7, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


PARMALAT SPA: Opens Door to Settlement Negotiations
---------------------------------------------------
Parmalat S.p.A. disclosed that, in relation to the press release
published on Nov. 22, 2006, concerning the stay of discovery
through Dec. 31, 2006, for all Parmalat related proceedings
before Hon. Lewis A. Kaplan of the U.S. Southern District of New
York, the Company has not requested an extension of the stay and
it has no knowledge that any parties involved in MDL (Multi
District Litigation) have sought a further stay.

Discovery resumed as of Jan. 1, 2007.

In any case, Parmalat proceeds with actions for settlement
negotiations.

                       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 SpA.  The Finance Companies are
under separate winding up petitions before the Grand Court of
the Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) 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/)


POST MULTI-STRATEGY: Proofs of Claim Filing Deadline Is Feb. 7
--------------------------------------------------------------
Post Multi-Strategy Credit Offshore Fund Ltd.'s creditors are
required to submit proofs of claim by Feb. 7, 2007, to the
company's liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Post Multi-Strategy's shareholders agreed on Dec. 20, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


RECON ARBITRAGE: Proofs of Claim Filing Is Until Feb. 7
-------------------------------------------------------
Recon Arbitrage Master Fund, Ltd.'s creditors are required to
submit proofs of claim by Feb. 7, 2007, to the company's
liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SOUTH RIVER: Last Day for Proofs of Claim Filing Is on Feb. 7
-------------------------------------------------------------
South River, Ltd.'s creditors are required to submit proofs of
claim by Feb. 7, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

South River's shareholders agreed on Dec. 29, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


TERRITORY FUTURES: Creditors Must File Proofs of Claim by Feb. 7
----------------------------------------------------------------
The Territory Futures Fund, SPC's creditors are required to
submit proofs of claim by Feb. 7, 2007, to the company's
liquidators:

          Sophia Dilbert
          Chris Humpories
          c/o Stuarts Walker Hersant, Attorneys-at-law
          Cayman Financial Centre, 36A Dr. Roy's Drive
          George Town, P.O. Box 2510
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


UBS (CAY) ABSOLUTE: Proofs of Claim Filing Deadline Is Feb. 7
-------------------------------------------------------------
UBS (Cay) Absolute Return Bond Plus' creditors are required to
submit proofs of claim by Feb. 7, 2007, to the company's
liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

UBS (Cay) Absolute's shareholders agreed on Dec. 18, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


UBS (CAY) ONE: Last Day to File Proofs of Claim Is on Feb. 7
------------------------------------------------------------
UBS (Cay) One Year Capital Protected Absolute Return Bond's
creditors are required to submit proofs of claim by
Feb. 7, 2007, to the company's liquidators:

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

Creditors who are not able to comply with the Feb. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

UBS (Cay)'s shareholders agreed on Oct. 18, 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
=========


ROYAL & SUN: Goldman Sachs Buys Voting Rights in 260-Mln Shares
---------------------------------------------------------------
Royal & Sun Alliance Insurance Group Plc disclosed that The
Goldman Sachs Group Inc. acquired Jan. 22 the voting rights in
260,415,764 shares of the company.

                About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--  
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                        *     *     *

As reported on Sept. 29, 2006, A.M. Best Co. has placed the
financial strength ratings of C++ (Marginal) and the issuer
credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group Plc (London, England).

As reported on March 27, 2006, Standard & Poor's Ratings
Services lowered its counterparty credit and insurer financial
strength ratings on Royal & Sun Alliance Insurance Group PLC's
U.S. insurance operations (RSA USA) to 'BB' from 'BB+'.  S&P
said the outlook remains negative.  At the same time, the
ratings were withdrawn at the request of the companies'
management.




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


ARMOR HOLDINGS: Gets US$44 Million Component Order from TACOM
-------------------------------------------------------------
Armor Holdings Inc. (NYSE: AH) reported the receipt of a new
delivery order under the previously announced Indefinite
Delivery-Indefinite Quantity contract from the U.S. Army Tank-
automotive and Armaments Command.  The company stated that the
new delivery order was issued for US$44.1 million, bringing the
total order value to US$75.8M of the previously announced
US$93.7M IDIQ contract.  This order is in support of TACOM's
Rock Island Arsenal for production of equipment used in
conjunction with gunner protection kits and supplemental armor
components designed to increase IED protection levels for
fielded tactical wheeled vehicles.  The Armor Holdings Aerospace
and Defense Group will perform production during 2007 at its
facilities located in Fairfield, Ohio.

Robert Schiller, the company's president, said, "We appreciate
Rock Island Arsenal's confidence in our product and delivery
capability and we are proud to be part of this important
program, protecting our soldiers and supporting the tactical
wheeled vehicle fleet."

Headquartered in Jacksonville, Florida, Armor Holdings, Inc. --
http://www.armorholdings.com/-- manufactures and distributes
security products and vehicle armor systems for the law
enforcement, military, homeland security, and commercial
markets.  The company's mobile security division are located in
Mexico, Venezuela, Colombia and Brazil.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.

Additionally, Moody's affirmed its B1 ratings on the company's
2% Convertible Senior Subordinated Notes Due 2024 and 8.25%
Senior Subordinated Notes Due 2013.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 77% loss in the event of default.


BANCOLOMBIA: Earns COP81.2 Billion in Quarter Ended December 30
---------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP81,250
million during the past month of December, accumulating
COP582,365 million for the year 2006.

During December, total net interest income, including investment
securities amounted to COP158,173 million.  Additionally, total
net fees and income from services totaled in the month COP48,094
million.

Total assets amounted to COP26.68 trillion, total deposits
totaled COP18.74 trillion and Bancolombia's total shareholders'
equity amounted to COP3.38 trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans was 2.35% as of Dec. 31, 2006, and the
level of allowance for past due loans was 146.97%.

As previously announced on Dec. 21, 2006, Bancolombia purchased
mortgage-backed TIPS, fixed rate in Pesos, in a public offering
made by Titularizadora Colombiana S.A.  The purchase amounted to
COP223,234.8 million.

Bancolombia sold mortgage loans to Titularizadora Colombiana
amounting to approximately COP318,657 million.  These mortgage
loans were secured by the Titularizadora through the issuance of
securities TIPS.  Bancolombia's profits from the sale of such
interest earning mortgage loans amounted to COP2,720 million.

                        Market Share

According to ASOBANCARIA (Colombia's national banking
association), Bancolombia's market share of the Colombian
Financial System in November 2006 was as follows:

   * 18.7% of total deposits,
   * 20.3% of total net loans,
   * 19.8% of total savings accounts,
   * 21.0% of total checking accounts and
   * 13.8% of total time deposits.

Headquartered in Medellin, Colombia, Bancolombia SA --
http://www.bancolombia.com.co-- operates as a commercial bank.
It organizes its activities into three primary divisions: Retail
and Small and Medium-Sized Enterprises (SMEs) Banking, Corporate
Banking, and Mortgage & Building Banking.  The bank offers
traditional banking products and services, like checking
accounts, saving accounts, time deposits, lending (including
overdraft facilities), mortgage loans, personal and corporate
loans, credit cards and cash management services.  It also
offers non-traditional products and services, like pension
banking, bancassurances, international transfers, fiduciary and
trust services, brokerage services and investment banking.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service placed the D+ bank
financial strength rating of Bancolombia SA on review for
possible downgrade.  Bancolombia's foreign currency deposit
ratings were affirmed at Ba3/Not-Prime.


BANCOLOMBIA: General Shareholders Meeting Set for March 1
---------------------------------------------------------
Bancolombia S.A.'s board of directors, in a meeting held on
Jan. 29, 2007, resolved to call a general shareholders meeting
to take place on March 1, 2007, at 10:00 a.m., at:

          Metropolitan Theater (Teatro Metropolitano)
          Calle 41 No. 57-30
          Medellin, Colombia

          Profits Distribution Proposal

The board also decided to propose to the shareholders at general
shareholders meeting to approve the distribution of dividends on
the 2006 profits, for an amount equivalent to COP133 per share
and per quarter, which will be payable as from the first
business day of each calendar quarter (April 2, July 3, and
Oct. 1, 2007, and Jan. 2, 2008).  The aggregate amount of annual
dividends to be distributed is COP532, which represents an
increase of 4.72% in respect of the dividends paid in 2006.  In
addition, in order to contribute to Bancolombia's growth during
2007, the board also proposed to allocate additional COP564.897
million to increase the legal reserve.

                 Issuance of Preferred Shares

The board approved to submit to the shareholders' consideration,
the proposal of issuing up to 60 million of dividend-preferred
non-voting shares with a par value of COP500 per share.  The
board also proposed that the shareholders' meeting allow the
board to determine particulars of the issuance, the appropriate
of the issuance of the shares, as well as the amounts to be
placed in Colombia and abroad.

                       By-Laws Amendment

The board approved a project of partial amendment to
Bancolombia's by-laws to be submitted to the shareholders'
meeting.  The aim of such amendment is to simplify the
operations of the board.  The amendment will eliminate the
alternate directors, as it is permitted to securities issuers by
Law 964 of 2005, and will increase the number of directors up to
nine, thus preserving the percentage of independent directors
required by the law.

Additionally, the board, according to the recommendation of the
Superintendency of Finance, also proposed that the Board
approves the creation and internal rules of the Ethics
Committee.

Headquartered in Medellin, Colombia, Bancolombia SA --
http://www.bancolombia.com.co-- operates as a commercial bank.
It organizes its activities into three primary divisions: Retail
and Small and Medium-Sized Enterprises (SMEs) Banking, Corporate
Banking, and Mortgage & Building Banking.  The bank offers
traditional banking products and services, like checking
accounts, saving accounts, time deposits, lending (including
overdraft facilities), mortgage loans, personal and corporate
loans, credit cards and cash management services.  It also
offers non-traditional products and services, like pension
banking, bancassurances, international transfers, fiduciary and
trust services, brokerage services and investment banking.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service placed the D+ bank
financial strength rating of Bancolombia SA on review for
possible downgrade.  Bancolombia's foreign currency deposit
ratings were affirmed at Ba3/Not-Prime.


NOVELL INC: Receives NASDAQ Notice of Non-Compliance
----------------------------------------------------
Novell Inc. 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.

On Sept. 14, 2006, Novell received a NASDAQ notice of non-
compliance 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.

                     About Novell Inc.

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
===================


BANCO DE COSTA RICA: Posts CRC25.0 Billion 2006 Net Profits
-----------------------------------------------------------
Banco de Costa Rica's net profits increased 8% to CRC25.0
billion in 2006, compared with 2005, Business News Americas
reports.

BNamericas relates that Banco de Costa Rica's performing loans
increased 19% to CRC565 billion in 2006, compared with 2005.
Its investments in securities dropped 5% to CRC566 billion.

According to BNamericas, Banco de Costa Rica's assets increased
12% to CRC1.45 trillion as of Dec. 31, 2006, from the same time
in 2005.

Banco de Costa Rica's interest bearing liabilities increased 13%
to CRC1.04 trillion in 2006, compared with 2005, BNamericas
notes.  Its non-interest bearing liabilities grew 8% to CRC242
billion.

BNamericas underscores that Banco de Costa Rica's shareholder
equity increased 12% to CRC166 billion a the end of 2006,
compared with the end of 2005.

Banco de Costa Rica's loan market share increased to 15.1% at
the end of 2006, from 14.8% at the end of 2005, BNamericas
states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2006, Fitch Ratings assigned these ratings to Banco de
Costa Rica, with a Stable Rating Outlook:

   -- Long-term foreign currency Issuer Default Rating at 'BB';
   -- Short-term foreign currency rating at 'B';
   -- Long-term local currency Issuer Default Rating at 'BB+';
   -- Short-term local currency rating at 'B';
   -- Individual at 'C/D';
   -- Support at '3';
   -- National-scale Long-term rating affirmed at 'AA+(cri)';
   -- National-scale Short-term rating affirmed at 'F1+(cri)'.




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


* CUBA: State Firm Inks Joint Exploration Pacts with PDVSA
----------------------------------------------------------
Cuba's state-run firm Cupet has signed accords with Petroleos de
Venezuela SA, its Venezuelan counterpart, to conduct joint
hydrocarbons exploration and certification work, the latter said
in a statement.

Business News Americas relates that Petroleos de Venezuela and
Cupet will explore and verify deposits in the Orinoco oil belt
in Venezuela and offshore Cuba in the Gulf of Mexico.

Petroleos de Venezuela said in a statement that the work will
focus on the Boyaca Norte block in:

          -- the Orinoco, and
          -- blocks N53 in Cuban waters:

             * N54,
             * N58, and
             * N59.

The US Energy Information Administration or EIA told BNamericas
that estimates of the recoverable reserves from the Orinoco belt
range from 100 billion barrels to 270 billion barrels.

Industry analysts said that there could be at least 1.6 billion
barrels of crude oil reserves in Cuba's offshore basins in the
Gulf of Mexico, BNamericas states, citing EIA.

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

                        *    *    *

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
===================================


FREESTAR TECHNOLOGY: Focuses Strategy on Revenue Growth
-------------------------------------------------------
FreeStar Technology Corp. said the company is now aggressively
focused on expanding and growing its transaction processing
solutions both domestically in Finland and globally.  Having
invested significant capital to deliver new innovative world-
class products and services for its growing customer base,
FreeStar now expects to deliver significant increases in sales
in calendar year 2007.

The company believes that the recent hiring of industry veterans
combined with substantial investment to date in its technical
infrastructure and its acquisition strategy, is designed to
position FreeStar to drive revenue growth in both our core and
new vertical markets.

Paul Egan, Chief Executive Officer, said, "Major milestones such
as PCI compliance and EMV certifications have been met for 2006.
It is encouraging to see that our strategic focus on investing
in our processing platform is beginning to have a significant
impact on sales. Our 2007 results will be determined by our
success with initiatives to further penetrate our markets,
integrate acquisitions, and establish new standards of customer
satisfaction."

Mr. Egan said goals for 2007, beside business partnerships,
include the company's major lines of revenue including
transaction processing and terminal sales.

After a long and arduous certification processes in 2006 the
company successfully achieved certifications for its suite of
Hypercom and Thyron point of sale terminals, meaning that the
company is beginning to distribute terminals to its new and
existing clients.  Terminal sales will derive additional revenue
for the company in addition to its core processing fees.  The
momentum builds from the increasing demand for its products in
its domestic Finnish market.

"Relationships built in 2006 with acquiring banks across Europe
will build on this momentum throughout this year, as the banks
provide their merchant client bases with attractive new
services," concluded Egan.

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
=============


DOLE FOOD: Moody's Cuts Ratings on Weak Operating Performance
-------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Dole Food Company, Inc. to B2 from B1, its probability of
default rating to B2 from B1, its senior secured bank credit
facilities to Ba3 from Ba2, its senior unsecured notes to Caa1
from B3, and its various shelf registrations to Caa1 from B3.
The outlook is stable.

The downgrade reflects Dole's weaker than expected operating
performance, continuing competitive pressures in its key
European banana markets, and debt protection measures which are
much weaker than those consistent with its prior rating
category.

The company's ratings reflect its high earnings and cash flow
volatility, its high leverage and very weak debt protection
measures, its exposure to commodity markets as well as such
uncontrollable factors as weather or political regulations on
key product markets such as bananas.  These challenges are
partially offset by Dole's strong brand and market position, its
good product diversification, and its solid geographic
diversification of raw material supply.

The stable outlook reflects Moody's expectation that Dole's
operating performance will stabilize, that the company will work
to reduce debt and leverage over the next few years, and that
the company will manage its acquisition activity and financial
policy in such a way that will maintain its debt protection
measures at levels consistent with its rating.

Ratings downgraded are:

Dole Food Company, Inc.

   -- Corporate family rating to B2 from B1;

   -- Probability of Default rating to B2 from B1;

   -- US$225 million senior secured 7-year term loan
      to Ba3 from Ba2;

   -- Senior secured 7-year pre-funded letter of credit
      facility to Ba3 from Ba2;

   -- Senior unsecured notes to Caa1 from B3;

   -- Senior unsecured shelf to Caa1 from B3;

   -- Senior subordinated shelf to Caa1 from B3; and

   -- Junior subordinated shelf to Caa1 from B3.

Solvest, Ltd.

   -- US$750 million senior secured 7-year term loan to
      Ba3 from Ba2.

                      About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.


PHELPS DODGE: Earns US$1.32 Billion in Fourth Quarter 2006
----------------------------------------------------------
Phelps Dodge discloses its financial performance for the fourth
quarter of 2006.

                 Fourth Quarter Highlights

   * Record fourth quarter net income of US$1,324.3 million;
     2005 fourth quarter net income was US$121.3 million

   * Fourth quarter net income included after-tax, net special
     gains of US$364.1 million (US$1.79 per share); 2005 fourth
     quarter net income included after-tax, net special charges
     of US$204.2 million

   * The London Metal Exchange or LME copper price averaged
     US$3.206 per pound in the 2006 fourth quarter, compared
     with US$1.951 in the 2005 fourth quarter and US$3.479 in
     the 2006 third quarter

   * The New York Commodity Exchange or COMEX copper price
     averaged US$3.191 per pound in the 2006 fourth quarter,
     compared with US$2.029 in the 2005 fourth quarter and
     US$3.539 in the 2006 third quarter

   * The Metals Week Dealer Oxide molybdenum price averaged
     US$25.31 per pound in the 2006 fourth quarter, compared
     with US$29.62 in the 2005 fourth quarter and US$26.22 in
     the 2006 third quarter

   * Cash flow from operating activities was US$1,753.0 million
     for the 2006 fourth quarter, compared with US$470.6 million
     in the 2005 fourth quarter and US$1,681.1 million in the
     2006 third quarter

   * Phelps Dodge received an additional US$231 million, net of
     income taxes withheld, in cash from Inco Ltd., related to
     the Combination Agreement termination fee

   * On Dec. 6, 2006, the Phelps Dodge board of directors
     conditionally approved the development of the Tenke
     Fungurume copper/cobalt mining project

   * Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge have
     signed a definitive merger agreement under which Freeport
     will acquire Phelps Dodge for approximately US$26 billion
     in cash and stock

   * In January 2007, Phelps Dodge paid to third parties
     approximately US$801 million related to its 2006
     Zero-Premium Copper Collar Price Protection Program

Phelps Dodge Corp. reported consolidated net income of
US$1,324.3 million for the 2006 fourth quarter, and US$3,017.8
million for the year 2006.  Mark-to-market accounting on its
2006 and 2007 copper collars and copper put options had a
favorable impact of US$156.7 million (after-tax) on 2006 fourth
quarter net income, and an overall negative impact of US$766.8
million (after-tax) on net income for the year 2006.

Net income included after-tax, net special gains totaling
US$364.1 million for the 2006 fourth quarter, and after-tax, net
special gains totaling US$344.2 million, or US$1.69 per share,
for the year 2006.  Net income also included a loss from
discontinued operations of US$0.4 million for the 2006 fourth
quarter, and US$18.1 million for the year 2006.

By comparison, the company reported net income of US$121.3
million for the 2005 fourth quarter, and US$1,556.4 million for
the year 2005.  Net income included after-tax, net special
charges of US$204.2 million for the 2005 fourth quarter, and
after-tax, net special charges totaling US$54.1 million for the
year 2005.  Net income also included a loss from discontinued
operations of US$39.9 million for the 2005 fourth quarter, and
US$17.4 million for the year 2005.

J. Steven Whisler, chairman and chief executive officer, said,
"Our 2006 net income exceeded US$3 billion and set a record for
a third consecutive year.  As a result of actions we took during
the past few years, we are in excellent condition both
operationally and financially.  We continue to benefit from
strong prices for copper and molybdenum, each of which reflects
solid market fundamentals.

"At the Cerro Verde mine in Peru, we made our first shipment
from our new concentrator, approximately 9,500 metric tons of
copper concentrate produced during preoperational trials. The
new concentrator continues to work through normal adjustments
associated with the start-up of a major operation, and we expect
to achieve full production during the first half of 2007.  In
addition to Cerro Verde, we are developing exciting new mining
projects at Safford in Arizona and Tenke Fungurume in the
Democratic Republic of the Congo.

"Mining industry consolidation continues, and in late 2006, we
announced an agreement to be acquired by Freeport-McMoRan Copper
& Gold Inc. This transaction provides Phelps Dodge shareholders
a significant premium for their shares and gives them the
opportunity to participate in the upside potential of a
geographically diverse industry leader possessing the scale and
asset quality to compete on the global stage successfully.  We
are looking forward to working with Freeport-McMoRan to realize
all the benefits and potential created by combining our two
companies."

                           Sales

Consolidated sales and other operating revenues were US$3,235.3
million for the 2006 fourth quarter and US$11,910.4 million for
the year 2006, compared with US$2,255.6 million and US$8,287.1
million in the corresponding 2005 periods.  Sales during the
years ended Dec. 31, 2006, and 2005, were negatively impacted by
net copper pricing adjustments associated with its 2006 and 2007
copper collar price protection programs. These programs
represented approximately 28% of its annual copper sales for
2006 and approximately 20% of its expected annual copper sales
for 2007.  As these sales do not qualify for hedge accounting
treatment, the entire quantity hedged for both years was
adjusted to fair market value based on the forward curve price
at Dec. 31, 2006, with the adjustment recorded in revenues.

The cumulative pre-tax charges for its 2006 zero-premium copper
collar price protection programs and put option premiums,
including amounts recognized in 2005 totaled approximately
US$813 million, of which approximately US$801 million was paid
in January 2007; the remainder (for put option premiums) was
paid at inception.  The actual impact of its 2007 zero-premium
copper collar price protection programs will not be fully
determinable until the maturity of the copper collars at
Dec. 31, 2007, with final adjustments based on the average
annual LME copper price.  The approximate 72% of sales in 2006
and the approximate 80% in 2007 not covered by the copper collar
price protection programs participate fully in LME and COMEX
copper prices.

PDMC operating income before special items and provisions of
US$1,419.8 million for the 2006 fourth quarter increased
US$845.5 million, or 147%, compared with the corresponding 2005
period.  The increase was primarily due to higher average copper
prices (approximately US$722 million) and the favorable impact
associated with lower net copper pricing adjustments for our
copper collars and copper put options (approximately US$452
million); partially offset by:

   (i) higher copper production costs (approximately
       US$129 million),

  (ii) higher other net pricing adjustments (approximately
       US$145 million) mostly for provisionally priced copper
       contracts at Dec. 31, 2006, and

(iii) lower by-product molybdenum revenues (approximately US$48
       million).

Higher copper production costs were primarily due to higher
mining and milling rates (approximately US$83 million), higher
smelting, refining and freight costs (approximately US$21
million), a decrease in work-in-process inventories
(approximately US$18 million) and higher depreciation expense
(approximately US$16 million).

Wire & Cable's sales of US$320.9 million for the 2006 fourth
quarter increased US$0.6 million compared with the corresponding
2005 period primarily due to higher metal prices (approximately
US$95 million) and higher sales volumes (approximately US$32
million) for energy cables and building wire in the
international markets; partially offset by the absence of North
American magnet wire sales (approximately US$99 million) and
High Performance Conductors sales (approximately US$26 million)
due to the sales of these divisions in the 2006 first quarter.

Wire & Cable's operating income of US$20.5 million before
special items and provisions for the 2006 fourth quarter
increased US$17.3 million compared with the corresponding 2005
period primarily due to improved margins and higher sales
volumes (approximately US$13 million) for energy cables and
building wire in the international markets, combined with a
favorable impact associated with the sale of the North American
magnet wire assets in the 2006 first quarter (approximately US$5
million).

                     Corporate Matters

At Dec. 31, 2006, consolidated cash (including restricted cash
of US$25.4 million) totaled US$4,972.8 million, of which
US$1,115.9 million was held at its international operations.

Cash provided by operating activities was US$1,753.0 million in
the 2006 fourth quarter and US$5,079.2 million in the year 2006,
compared with US$470.6 million and US$1,769.7 million in the
corresponding 2005 periods.  The increase of US$3,309.5 million,
or 187%, in the year 2006 compared with the corresponding 2005
period primarily reflected higher earnings (approximately
US$2,500 million) exclusive of minority interests, depreciation,
deferred income taxes, special items and provisions and losses
on 2006 and 2007 copper collars and copper put options, coupled
with lower working capital requirements (approximately US$596
million) and the absence of contributions made to pension plans
and VEBA trusts (approximately US$450 million in 2005);
partially offset by payments for realized losses on the 2005
copper collars (approximately US$187 million).

The company's total debt at Dec. 31, 2006, was US$891.9 million,
compared with US$921.6 million at Sept. 30, 2006, and US$694.5
million at Dec. 31, 2005.  The company's ratio of debt to total
capitalization was 9.1% at Dec. 31, 2006, versus 10.4% at
Sept. 30, 2006, and 9.6% at Dec. 31, 2005.

The company continues to take various actions designed to
achieve its operating and strategic objectives:

   1. In connection with terminating the Combination Agreement
      with Inco Ltd., Phelps Dodge recognized a 2006 pre-tax
      gain of US$435.1 million (US$330.7 million after-tax),
      which was included as miscellaneous income and expense,
      net, in the Consolidated Statement of Income.  This
      termination fee consisted of gross proceeds of
      approximately US$356 million (approximately US$316 million
      net of expenses) received during 2006.  The company also
      recorded an income tax receivable of approximately US$119
      million for the remaining proceeds associated with
      Canadian income taxes withheld that it expects to receive
      in 2007.

   2. On Nov. 18, 2006, Phelps Dodge and Freeport entered into a
      definitive merger agreement under which Freeport will
      acquire Phelps Dodge creating the world's largest publicly
      traded copper company.  The combined company will
      represent one of the most geographically diversified
      portfolios of operating, expansion and growth projects in
      the copper mining industry.  The transaction, which is
      subject to Phelps Dodge and Freeport shareholder approval,
      regulatory approvals and customary closing conditions, is
      expected to close in March 2007.

      Under the terms of the transaction, Freeport will acquire
      all of the outstanding common shares of Phelps Dodge for a
      combination of cash and common shares of Freeport for a
      total consideration, based on the closing price of
      Freeport stock on Nov. 17, 2006, of US$126.46 per Phelps
      Dodge share.  Each Phelps Dodge shareholder will receive
      US$88.00 per share in cash plus 0.67 common shares of
      Freeport for each Phelps Dodge share.  Freeport will
      deliver a total of approximately 137 million shares to
      Phelps Dodge shareholders, resulting in Phelps Dodge
      shareholders owning approximately 38% of the combined
      company on a fully diluted basis.  Based upon the
      closing price of Freeport stock on Jan. 25, 2007, the
      combination of cash and common shares have a value of
      US$127.11 per Phelps Dodge share.

   3. On Dec. 6, 2006, the Phelps Dodge board of directors
      conditionally approved the development of the Tenke
      Fungurume copper/cobalt mining project, with final
      approval contingent upon finalizing a series of agreements
      with a DRC electricity provider.  The initial project will
      include development of the mine as well as copper and
      cobalt processing facilities, and will require a capital
      investment of approximately US$650 million.  Phelps Dodge
      and Tenke Mining Corp. are responsible for funding 70% and
      30%, respectively, of any advances for project
      development.

      Earthwork activity commenced with initial focus on roads,
      plant-site cleaning and construction-camp installation.
      The company anticipates commencement of production
      beginning in late 2008 or early 2009, with production of
      250 million pounds of copper (approximately 144 million
      pounds for PD's share) and 18 million pounds of cobalt
      (approximately 10 million pounds for PD's share) annually
      for the first 10 years.

      On Dec. 1, 2006, Phelps Dodge paid a regular quarterly
      dividend of 20 cents per common share for the 2006 fourth
      quarter (which was declared on Oct. 23, 2006); the amount
      paid for the quarter was US$40.8 million.

Phelps Dodge Corp. (NYSE: PD) http://www.phelpsdodge.com/-- is
one of the world's leading producers of copper and molybdenum
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company employs 15,000 people
worldwide.  Phelps Dodge has mining operations in Chile, Peru,
Colombia, Venezuela and Ecuador, among others.

                        *    *    *

In September 2006, Moody's Investors Service confirmed Phelps
Dodge's Preferred Stock 2 Shelf at (P)Ba1.




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


AFFILIATED COMPUTER: Inks US$8.7-Million Pact with Pennsylvania
---------------------------------------------------------------
Affiliated Computer Services, Inc., has signed a five-year,
US$8.7 million contract with the Pennsylvania Department of
Public Welfare or DPW to provide a three-component Medical
Management Review System or MMRS to manage its care management,
prior authorization, and case management functions.

The ACS SmartPA Tool provides the Commonwealth with the
innovative platform to launch this first-of-a-kind MMRS
solution.  SmartPA has an established and proven track record in
ten other complex state Medicaid programs.

SmartPA is driven by flexible, table-driven criteria that the
Department will use for specific prior authorization, case
management, and review parameters authorized by the
Commonwealth; criteria that can be easily revised over time to
meet needs as they evolve. It will generate immediate cost
savings and quality improvement, provide immediate feedback to
providers on specific claim and clinical issues that result in a
recommendation for approval or denial, and maximize efficiency
and access to data for DPW users.  Additionally, it will provide
web interface for DPW users to access patient-specific
information in order to quickly and accurately process provider
requests.  The result will be a new level of integration and
coordination across all elements of the DPW care management
continuum.

ACS is partnering with CaseNET to deliver its best-in-class case
management solutions to DPW.

"This Medical Management Review System is a first-of-its-kind
system in the market that will allow government and commercial
payors to coordinate and integrate across its enterprise all
phases of a comprehensive care management program; case
management, prior authorization, concurrent review, and issues
and call tracking," said Christopher Deelsnyder, Senior Vice
President, ACS Government Healthcare Solutions.

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

                        *     *     *

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


BRITISH AIRWAYS: Reaches Agreement with General Workers' Union
--------------------------------------------------------------
British Airways Plc has reached an agreement with the cabin crew
committee of the Transport and General Workers' Union on a
settlement.

Strike action was called off.  The agreement follows almost one
week of intensive of negotiations between the cabin crew and the
airline's management.

Tony Woodley, the union's general secretary who led the talks
for the union, described the new package as a significant
improvement for our cabin crewmembers.

Mr. Woodley commented, "One thing is clear -- this deal means
our members regain respect from British Airways.  These hard-
working professionals are loyal to their company and deserve
rightful respect from British Airways for the role they play in
the success of this airline.  We now have an ideal opportunity
for cabin crew and this company to build a better working
relationship and it must be grasped.  This has been a very
difficult negotiation.  We have had to address a multitude of
problems that the company has allowed to build up over a number
of years but that needed to be solved.  I am pleased, therefore,
that there has been significant movement by the company to
resolve this dispute and address these issues."

"We now have a fairer system for managing sickness absence
agreed.  There have been major moves in pay to end the divisive,
unfair two-tier workforce.  We have a significant uplift in
pensionsable pay of 18.75% and an above inflation 4.6% wage rise
effective immediately.  These were the major issues of concern
for our members and they have been dealt with through these
negotiations.  Their committee has taken the view that this
package would not be improved in any shape or form, irrespective
of strike action," Mr. Woodley noted.

Mr. Woodley said the full details of a comprehensive package
would be put to union members by their committee in the next few
days.

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.


BRITISH AIRWAYS: Reinstates All Flights After Crew Strike
---------------------------------------------------------
British Airways is expecting to operate a full flying program
from Jan. 30, following the calling-off of the threatened cabin
crew strike.

Willie Walsh, the airline's chief executive, today welcomed the
decision by the U.K. cabin crew branch of the Transport and
General Workers' Union to call off the strikes scheduled for
tomorrow and Wednesday and for two 72-hour periods next month.

"We are pleased that our negotiations with the T&G have resulted
in an agreement that removes the threat of strikes.

"We have always said that our cabin crew do an excellent job and
we believe this agreement lays a firm foundation to enable us to
provide even higher standards of onboard service for customers
in the future," said Mr. Walsh.

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
===========


PETROLEOS DE VENEZUELA: Supplying 50% of Guyana's Petrol Needs
--------------------------------------------------------------
Petroleos de Venezuela SA will be delivering about 5,200 barrels
of oil per day to Guyana at concessionary rates under
Venezuela's Petrocaribe program.

The rest of Guyana's oil needs will be supplied by Trinidad and
Tobago.

The first delivery is expected to begin on May 1, 2007, Guyanese
Prime Minister Sam Hinds told Stabroek News.  The accord was
signed last week by Petroleos de Venezuela's marketing and
supply manager Asdrubal Chavez and by Guyana Energy Agency's
chief executive officer Joseph O'Lall.

"We are making headway in the Petrocaribe initiative, which will
give the 16 signatory nations the access to energy sources at
reasonable prices and upon special payment conditions.
Therefore, the governments will be able to redefine their
expenditure schedule, reinforce social actions and bring
increasing well-being to their people," the Venezuelan manager
was quoted by El Universal as saying.

Under the Petrocaribe agreement, Guyana will pay 60% in cash and
the remaining 40% will be paid using promissory notes.

Guyana purchased petroleum products from Venezuela under the San
Jose Accord form 1984 to May 2002, which gave the country the
opportunity to borrow money under the Venezuelan Investment Fund
for the development of its housing sector, Stabroek relates.  A
strike at Petroleos de Venezuela in 2002 ended that agreement.

                About Petroleos de Venezuela

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

                        *    *    *

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




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


* HAITI: Joins Caribbean Development Bank
-----------------------------------------
Haiti has completed arrangements for full membership in the
Caribbean Development Bank ka CDB, becoming the bank's latest
member, Caribbean 360 reports.

CDB is the region's premier development financing institution.
It was established in 1969 to contribute to the economic growth
and development and promote economic cooperation and integration
among the member nations in the Caribbean.

Caribbean 360 relates that with the admission of Haiti, CDB now
has 26 member countries in the Caribbean, Latin America, North
America, Europe and Asia.

Dr. Compton Bourne, CDB's president, told Caribbean 360, "We
have been working assiduously over the past two years to bring
Haiti into the CDB family.  Over the next few months we
anticipate a series of discussions between CDB's technical staff
and Haitian officials to determine how best the Bank can target
its interventions in Haiti."

Haiti is classified as a borrowing member country of CDB, making
it eligible to receive loan and grant funding, as well as
technical assistance, from CDB, Caribbean 360 reports.

                        *    *    *

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
===============


LEAR CORP: Cuts Annual Net Loss by Half to US$707.5 Million
-----------------------------------------------------------
Lear Corp. released its consolidated financial results for the
quarter and year ended Dec. 31, 2006.

Lear posted US$707.5 million in net losses against
US$17.84 billion in revenues for 2006, compared with US$1.38
billion in net losses against US$17.09 billion in revenues for
2005.

The company posted US$645 million in net losses against US$4.26
billion in revenues for the fourth quarter of 2006, compared
with US$602.6 million in net losses against US$4.4 billion in
revenues for the same period in 2005.

The decline in net sales for the quarter reflects primarily
lower production in North America and the divestiture of Lear's
European Interior business.  Operating results also declined,
reflecting the lower production, offset in part by the addition
of new business and cost improvements.

Higher full-year net sales reflects primarily the addition of
new business, partially offset by lower production in North
America and unfavorable platform mix.  Operating results
improved, reflecting the addition of new business and ongoing
cost and efficiency actions, largely offset by lower production
in North America and unfavorable platform mix.

"In a challenging environment last year, we improved our
financial results for the full year, improved our liquidity
position and took a number of important steps to reposition Lear
for future success," Bob Rossiter, Lear Chairman and CEO, said.
"We refocused our strategy to manage our business on a product-
line basis.  We increased our emphasis on new technology and
innovation with our Core Dimension strategy.  We also continued
to make steady progress in diversifying our sales on a customer,
regional and vehicle segment basis."

                   Full-Year 2007 Guidance

The guidance excludes results for Lear's Interior business for
the full year.  On this basis, Lear expects 2007 worldwide net
sales of US$15 billion, reflecting primarily the addition of new
business globally and the positive impact of foreign exchange,
partially offset by unfavorable platform mix.

Lear anticipates 2007 income before interest, other expense,
income taxes, restructuring costs and other special items to be
in the range of US$560 to US$600 million.  The improvement in
core operating earnings reflects the addition of new business
and cost improvements, offset in part by unfavorable platform
mix.

Restructuring costs in 2007 are estimated to be about US$100
million.

Interest expense is estimated to be in the range of US$215 to
US$225 million.  Pretax income before restructuring costs and
other special items is estimated to be in the range of US$270 to
US$310 million.  Tax expense is expected to be between US$100
and US$120 million, depending on the mix of earnings by country.

Capital spending in 2007 is estimated at around US$250 million.
Depreciation and amortization expense is estimated at about
US$310 million.  Free cash flow is expected to be positive at
about US$225 million for the year.

Key assumptions underlying Lear's financial outlook include
expectations for industry vehicle production of approximately
15.3 million units in North America and 19.2 million units in
Europe.  Lear continues to see production for the Big Three in
North America being down slightly.  In addition, we are assuming
an exchange rate of US$1.30/Euro.

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products, electrical distribution systems, and other interior
products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
The Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                        *     *     *

As reported on Nov. 23, 2006, Moody's Investors Service raised
Lear Corp.'s rating outlook to stable from negative and affirmed
all other Lear ratings.

As reported on Nov. 22, 2006, Standard & Poor's Ratings Services
assigned its 'B-' ratings to Lear Corp.'s US$300 million senior
notes due 2013 and its US$400 million senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corp.'s new offering of US$700 million of unsecured notes.
At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.  All other long-term ratings are unchanged.




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


NATIONAL COMMERCIAL: Issues US$3B in New Loans in Fourth Quarter
----------------------------------------------------------------
The National Commercial Bank of Jamaica made almost US$3 billion
in new loans during the fourth quarter of 2006, Radio Jamaica
reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2007, National Commercial 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.  Its 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.

National Commercial said in its financial statements that loans
and advances totaled US$44.9 billion as of Dec. 31, 2006,
compared with US$42.2 billion during the previous quarter.  The
firm's non-performing loans totaled US$1.7 billion as of
Dec. 31, 2006, representing 3.7% of gross loans, compared with
3.6% as of Sept. 30, 2006.

National Commercial told Radio Jamaica that it has made adequate
provisions to cover its bad loans.

About US$2.2 billion had been set aside for credit losses at the
end of 2006, as determined under Bank of Jamaica regulatory
requirements.  This represented an overall coverage of 130% of
non-performing loans, Radio Jamaica 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.




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


ADVANCED MARKETING: Appoints Marc Ravitz to Board of Directors
--------------------------------------------------------------
Advanced Marketing Services, Inc.'s board of directors has
appointed Marc E. Ravitz, CFA, as a director of the company.

Mr. Ravitz is Executive Vice President of Grace & White, Inc.,
an investment advisory firm that, together with certain other
affiliated entities and persons, controls approximately 12% of
the company's common stock.

"Marc's firm has been a stockholder for many years.  We're
pleased that he has joined the Board, and we look forward to his
contributions," said Robert F. Bartlett, the Chairman of the
Board.

Mr. Ravitz stated, "I look forward to working with the other
members of the Board and management to chart a positive course
for the company."

The company filed a petition pursuant to chapter 11 of the
Bankruptcy Code on Dec. 29, 2006, and is conducting business as
a debtor in possession.

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007. (Advanced Marketing Bankruptcy News, Issue
No. 3; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ALLIS-CHALMERS: Closes Common Stock Offering at US$17.65 A Share
----------------------------------------------------------------
Allis-Chalmers Energy Inc. has closed its previously announced
underwritten public offering of 6,000,000 shares of its common
stock at a public offering price of US$17.65 per share.

Net proceeds to Allis-Chalmers, after deducting underwriting
discounts and offering expenses, were approximately US$100.1
million.  Allis-Chalmers plans to use the net proceeds of this
offering to repay a portion of the debt outstanding under its
US$300 million bridge loan facility, which was incurred to
finance Allis-Chalmers' recent acquisition of substantially all
the assets of Oil & Gas Rental Services, Inc., and for general
corporate purposes.

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2007,
Moody's Investors Service placed Allis-Chalmers Energy, Inc.'s
ratings on review for possible upgrade.  At the same time,
Moody's assigned a B3 rating to the proposed US$225 million
senior unsecured notes to be issued by Allis-Chalmers.


ALLIS-CHALMERS: Closes US$250MM Senior Notes Private Offering
-------------------------------------------------------------
Allis-Chalmers Energy Inc. has closed its previously announced
private offering to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, of US$250 million of
its 8.5% Senior Notes due 2017.

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

The notes have been offered to qualified institutional buyers in
accordance with Rule 144A Securities Act of 1933, and outside
the United States to persons other than U.S. persons, in
reliance on Regulation S.  The notes will not be registered
under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2007,
Moody's Investors Service placed Allis-Chalmers Energy, Inc.'s
ratings on review for possible upgrade.  At the same time,
Moody's assigned a B3 rating to the proposed US$225 million
senior unsecured notes to be issued by Allis-Chalmers.


BALDOR ELECTRIC: Discloses Management Promotions
------------------------------------------------
Baldor Electric Co., in anticipation of the upcoming acquisition
of the Reliance Electric business, discloses these management
promotions approved by the Board of Directors and effective
Feb. 1, 2007.

     Ron Tucker -- President and Chief Operating Officer
     Michael Cinquemani -- Executive Vice President - Dodge and
                   International Sales
     Randy Colip -- Executive Vice President - Sales
     Gene Hagedorn  -- Executive Vice President - Materials
     Ed Ralston -- Executive Vice President - Business
                   Integration
     Randy Waltman -- Executive Vice President - Operations
     Jason Green -- Vice President - Human Resources
     Amy Schwan-Burdick -- Vice President - Materials
     Mark Shackelford -- Vice President - Information Services

Ron Tucker has been with Baldor Electric Co. for over 23 years
and has been an officer since 1997.  He has held many management
positions with the company, including Treasurer and Director of
Audit Services.  For an interim period of time, Ron will retain
his current responsibilities as CFO and Secretary.

Michael Cinquemani has been with Reliance Electric Co. for over
20 years, most recently as the Vice President - Global Sales.
During this time, his positions have included General AC Motor
Product Manager, Plant Manager and Manager Inside Sales.  In his
new role, Michael will oversee Dodge and all international sales
and operations.

For the past 10 years, Randy Colip has been an officer of
Baldor, serving most recently as the Vice President - Sales.
During his 18 years with Baldor, he has also had experience as
the company's National Sales Manager and as a Product
Specialist.  With this promotion, Randy will be responsible for
the domestic Sales organization for all Baldor and Reliance
motor products.

Gene Hagedorn has been the Vice President - Materials for Baldor
since 1994.  He has been with Baldor since 1974, and during that
time he held several positions in Finance, Internal Audit and
Materials.  Gene will now be responsible for all Materials and
logistics needs of Baldor Electric Co.

Ed Ralston has been with Baldor since 1995, and was most
recently Baldor's Vice-President - Finance and Treasurer.  Ed
has been an officer since 2003 and was previously Director of
Audit Services. In his new role, Ed will lead the Integration
Team established for the acquisition of the Reliance Electric
business.

Randy Waltman has been an officer of Baldor for over 10 years,
most recently serving as Vice President - Operations.  He has
been with Baldor for over 22 years, and during that time he has
held several positions including Manager of Industrial
Engineering and Plant Manager.  In his new position, Randy will
oversee the manufacturing and quality of all Baldor and Reliance
motors.

Jason Green recently joined Baldor as the Director of Human
Resources.  Jason has an extensive background in Human Resources
Management, and comes to Baldor after 15 years with a Midwest
manufacturing company.

Amy Schwan-Burdick has been with Reliance Electric Co. since
2003, and was most recently their Director of Supply Chain
Management.  Amy has over 10 years of experience in supply chain
management, and she will continue to lead the materials function
at Dodge and Reliance.

Mark Shackelford has been with Baldor for over 25 years, most
recently as the Director of Information Services.  Mark has also
been the company's Electronics Purchasing Manager and Manager of
Systems and Operations.  In his new position, he will be
responsible for integrating the systems of combined businesses.

Baldor Electric Company is a manufacturer of industrial electric
motors, drives and generators.  Baldor is headquartered in Fort
Smith, Arkansas.   Power Systems is a leading provider of Dodge
power transmission products, including mounted bearings and
enclosed gearing, and Reliance Electric industrial motors,
including large AC and custom, variable speed and specialty, and
small and medium AC motors.  The company has offices in Mexico.

                        *    *    *

Moody's Investors Service affirmed on Jan. 26, 2007, the B1
corporate family rating of Baldor Electric Company along with
the Ba3 ratings for the proposed senior secured credit
facilities and B3 ratings for the proposed US$550 million senior
unsecured notes following the company's disclosure that the
company intends to eliminate a preferred stock issuance from its
previously announced financing plans.  The rating outlook is
stable. These first-time ratings are subject to final
documentation.


DELTA AIR: Urges Creditors' Committee to Mull US Airways Offer
--------------------------------------------------------------
Delta Air Lines Inc.'s the Unofficial Committee of Unsecured
Claimholders of urged the Official Creditors' Committee to
carefully consider the meaningfully improved proposal by US
Airways Group, Inc. to merge with Delta and commit an open
process that would allow a full exploration of strategic
alternatives.

The Unofficial Committee believes it is essential that creditors
be given a chance to decide whether to pursue a standalone
reorganization plan or a viable alternative means of maximizing
value.  The US Airways bid is a viable alternative that should
be explored.

The Unofficial Committee believes this proposal provides a
superior recovery for creditors compared to what they would
receive under Delta's standalone Chapter 11 plan.  Investors
have also concluded the US Airways offer is economically
superior, as evidenced by their pricing of Delta bonds in recent
weeks in response to press reports about the improved merger
proposal.

As the largest organized group of unsecured claimholders of
Delta, the Unofficial Committee members are vitally concerned
that creditor recoveries be maximized.  Other creditors agree --
since Thursday, numerous holders of Delta claims have contacted
the Unofficial Committee to register their support for its
position.

While there are risks inherent in any transaction, these risks
have been minimized under the terms of the latest proposal by US
Airways.  The Official Creditors' Committee should urge Delta
management to:

   -- Provide reasonable and customary access for US Airways to
      perform its due diligence in a manner consistent with
      similar transactions;

   -- Fully cooperate with US Airways to make the required
      filings under HSR; and

   -- Agree to a 30-day continuance of the disclosure statement
      hearing to allow for due diligence.

Given the magnitude of creditor support for a complete
evaluation of the US Airways proposal, the Official Creditors'
Committee should take these reasonable steps so that creditors
may have an opportunity to decide for themselves whether they
prefer a merger alternative or standalone reorganization.

Jefferies & Company, Inc., represents the Unofficial Committee
as financial advisor and Paul, Weiss, Rifkind, Wharton &
Garrison LLP represents the Committee as legal counsel.

The financial advisor can be reached at:

          520 Madison Avenue, 12th Floor
          New York, New York 10022
          Tel: 212 284 2300

Counsel can be reached at:

          Paul, Weiss, Rifkind, Wharton & Garrison LLP
          1285 Avenue of the Americas
          New York, New York 10019-6064

Headquartered in Atlanta, Georgia, Delta Air Lines (OTC: DALRQ)
-- http://www.delta.com/-- is the world's second-largest
airline in terms of passengers carried and the leading U.S.
carrier across the Atlantic, offering daily flights to 502
destinations in 88 countries on Delta, Song, Delta Shuttle, the
Delta Connection carriers and its worldwide partners.  The
Company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.


FORD MOTOR: US Market Rank May Fall by Two Notches, Mulally Says
----------------------------------------------------------------
Ford Motor Co. may fall from second to fourth place this year in
the American market, behind General Motors Corp., Toyota Motor
Corp., and DaimlerChrysler AG, Micheline Maynard of The New York
Times reports, citing Alan R. Mulally, the company's president
and chief executive.

Mr. Mulally's forecast of a much smaller Ford follows the
release of the automaker's preliminary financial results for the
year and quarter ended Dec. 31, 2006.

In its financial report, Ford posted US$12.75 billion in losses
against US$160.1 billion in revenues for the full year 2006,
compared with US$1.4 billion in net profit against US$176.9
billion in revenues for 2005.

Ford also posted US$5.76 billion in net loss against US$40.3
billion in revenues for the fourth quarter of 2006, compared
with US$74 million in net loss against US$46.3 billion in
revenues for the same period in 2005.

Full-text copies of Ford Motor Co.'s 2006 results are available
at no charge at: http://researcharchives.com/t/s?190d

Commenting on the results, Mr. Mulally said, "we began
aggressive actions in 2006 to restructure our automotive
business so we can operate profitably at lower volumes and with
a product mix that better reflects consumer demand for smaller,
more fuel efficient vehicles.  We fully recognize our business
reality and are dealing with it.  We have a plan and we are on
track to deliver."

                        Deep Trouble

Analysts, however, are skeptical that Ford's products are strong
enough to turn the company around, AFX News relays.

"There is no question that Ford is in deep trouble -- probably
the worst trouble they have been in since the Depression,"
Gerald Meyers, a University of Michigan business professor and
former chief executive of American Motors Corp, told Bloomberg
News.  "It is going to be a while before it gets out."

"The basic story of Ford's stunning collapse in its home-market
profitability remains the same," David Healy, Burnham Securities
analyst, told Reuters.  "Ford's finances were wrecked by the
collapse in volume and pricing of its most profitable truck
models."

Ford's losses are likely to have huge impact on its Credit-
default swaps -- financial instruments based on bonds and loans
that are used to speculate on a company's ability to repay debt,
Mark Altherr, a Credit Suisse Group analyst in New York, said.

Credit-default swap prices for Ford debt will continue to
tighten "unless there are big negative surprises to the
downside, in this market," Mr. Altherr stressed.

                    About Ford Motor Co.

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
Corporation.

                        *     *     *

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.


FORD MOTOR: Loss Wasn't A Surprise, Says UAW President
------------------------------------------------------
United Auto Workers President Ron Gettelfinger said Monday that
Ford Motor Co.'s loss didn't come as a surprise, Bryce G.
Hoffman at The Detroit News reports.

Ford released preliminary financial results disclosing US$12.75
billion in losses for the full year 2006 compared to a US$1.4
billion net profit in 2005.

Detroit News adds that speaking to Detroit radio station WJR,
Mr. Gettelfinger said that he knew Ford was "headed down a bad
road" after reviewing the company's books a year ago.

"That's why we made the movement that we did on healthcare,"
Detroit New quotes Mr. Gettelfinger, referring to an agreement
between the company and UAW to cut some retiree healthcare
benefits.  However, he added that Ford "is in a pretty strong
position right now. They've got financing behind them.  We're
looking forward to them pulling this thing out."

The union is currently in talks with the company regarding its
planned bonuses for white-collar employees, the same report
adds.

"We have discussed the fact that we would be making concessions
and (salaried workers) would be getting bonuses.  The
discussions that we have with the corporation are between us and
them," Detroit News relates quoting Mr. Gettelfinger.

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.


FORD MOTOR: Posts US$12.7 Billion 2006 Net Loss
-----------------------------------------------
Ford Motor Co. reported a 2006 full-year net loss of US$12.7
billion, or US$6.79 per share.  In 2005, the company reported
net income of US$1.4 billion, or 77 cents per share.

Excluding special items, Ford's 2006 full-year after-tax loss
from continuing operations totaled US$2.8 billion, or US$1.50
per share.  This compares to year-ago earnings from continuing
operations of US$1.9 billion, or US$1.00 per share.

Special items, which primarily reflected costs associated with
restructuring efforts and fixed asset impairments, reduced full-
year results on an after-tax basis by a total of US$9.9 billion
or US$5.29 per share.  The total pre-tax effect of full-year
special items was US$11.9 billion.

Full-year sales and revenue for 2006 was US$160.1 billion,
compared to US$176.9 billion a year ago.

Ford Motor highlights in 2006 included:

    -- Alan Mulally joining Ford as president and chief
       executive officer in September 2006.

    -- An accelerated Way Forward plan to return North America
       to profitability no later than 2009 that calls for idling
       and ceasing operations at 16 manufacturing facilities
       through 2012, including seven vehicle assembly plants.
       The plan also calls for achieving a cumulative US$5
       billion in reduced operating costs by 2008, compared to
       2005, and for 70% of Ford Motor, Lincoln, and Mercury
       products by volume to be new or significantly upgraded by
       2008.

    -- The idling of St. Louis Assembly in March and Atlanta
       Assembly in October 2006, consistent with the North
       America restructuring plan.

    -- An agreement with the UAW to extend a variety of
       voluntary buyout offers to all US Ford Motor and
       Automotive Component Holdings, LLC (ACH) hourly
       employees.  Through Dec. 31, 2006, more than 38,000
       hourly employees had accepted offers.  Many of the offers
       include an employee's opportunity to rescind acceptance
       up until the time of separation from the company.  In
       addition, Ford Motor realized cost savings from the
       implementation of its health care agreement with the UAW.

    -- Efforts to reduce North America salaried-related costs by
       a third, which will reduce the salaried work force by the
       equivalent of 14,000 positions.  In addition, Ford Motor
       implemented cost-saving revisions to salaried benefit
       plans.

    -- Agreement in principle to sell three facilities now
       operated by ACH.  Ford Motor will sell or close all ACH
       facilities by the end of 2008.

    -- Plans to sell Automobile Protection Corporation (APCO), a
       subsidiary that offers vehicle service contracts to
       dealers of all makes and models, and all or part of Aston
       Martin.

    -- Launching new products that received strong initial
       feedback, including the Ford Edge and Lincoln MKX, Ford
       Expedition and Lincoln Navigator in North America, the
       Ford S-MAX, Ford Galaxy and Ford Transit in Europe,
       the Jaguar XK, Land Rover LR2, Volvo S80 and C30 and
       Mazda CX9.

    -- Ford S-MAX being named European Car of the Year 2007 and
       Ford Transit receiving International Van of the Year
       2007.  Ford Motor also won the 2006 FIA World Rally
       Championship Manufacturers' Trophy.

    -- Record sales in China and India.

    -- A corporate realignment in December that streamlined the
       organization and formed a Global Product Development
       team, to better integrate and leverage global resources
       across the automotive business units.

    -- Obtaining US$23.5 billion of new liquidity in December
       2006, including a convertible debt offering of about US$5
       billion, a secured term loan of US$7 billion and a
       secured revolving credit facility of US$11.5 billion.

This resulted in total automotive liquidity of US$46 billion at
year-end 2006.

"We began aggressive actions in 2006 to restructure our
automotive business so we can operate profitably at lower
volumes and with a product mix that better reflects consumer
demand for smaller, more fuel efficient vehicles.  We fully
recognize our business reality and are dealing with it.  We have
a plan and we are on track to deliver," said Ford Motor's
president and chief executive officer Alan Mulally.

In the fourth quarter, Ford Motor reported a net loss of US$5.8
billion, or US$3.05 per share.  This compares to a fourth-
quarter net loss of US$74 million, or four cents per share, in
2005.  Excluding special items, the fourth-quarter after-tax
loss from continuing operations totaled US$2.1 billion, or
US$1.10 per share, compared to a profit of US$285 million, or 15
cents per share, a year ago.

Special items in the quarter included the costs associated with
North America restructuring efforts. On an after-tax basis,
special items reduced fourth-quarter earnings by a total of
US$3.7 billion or US$1.95 per share.  The total pre-tax effect
of fourth-quarter special items was US$3.8 billion.

Total sales and revenue in the fourth quarter were US$40.3
billion, compared to US$46.3 billion in the year-ago period.

For the full year, Ford Motor's worldwide Automotive sector
reported a pre-tax loss of US$5.2 billion, compared to a pre-tax
loss of US$993 million a year ago.  The decline primarily
reflected unfavorable volume and mix, unfavorable net pricing
and currency exchange, partially offset by favorable cost
performance and higher interest income.

For the fourth quarter of 2006, Ford Motor's worldwide
Automotive sector reported a pre-tax loss of US$2.5 billion,
compared to a pre-tax loss of US$109 million a year earlier.
The decline primarily reflected adverse volume and mix and
higher incentives in North America.

Worldwide Automotive revenue for 2006 was US$143.3 billion,
compared to US$153.5 billion a year ago.  Total fourth-quarter
Automotive revenue was US$36 billion, a decrease from US$40.7
billion a year ago.

Total company vehicle wholesales in 2006 were 6,597,000, a
decrease from 6,767,000 in 2005.  Fourth-quarter 2006 vehicle
wholesales totaled 1,568,000, compared with 1,737,000 units a
year ago.

Automotive cash at Dec. 31, 2006, totaled US$33.9 billion of
cash, net marketable securities, loaned securities and short-
term Voluntary Employee Benefits Association (VEBA) assets.

For 2006, Ford Motor's North America Automotive operations
reported a pre-tax loss of US$6.1 billion, compared with a loss
of US$1.5 billion in 2005.  The increased losses primarily
reflected unfavorable net pricing, largely reflecting higher
incentive spending, unfavorable mix, lower market share and a
reduction of dealer stocks, partially offset by cost reductions.
For the year, North America's sales totaled US$69.4 billion,
compared with US$80.6 billion a year ago.

For the fourth quarter 2006, North America Automotive operations
reported a pre-tax loss of more than US$2.8 billion, compared
with a pre-tax loss of US$217 million in 2005.  The increased
losses primarily reflected unfavorable net pricing, largely
reflecting higher incentive spending, a reduction in dealer
stocks, unfavorable mix, and lower market share, partially
offset by cost reductions.  Fourth-quarter 2006 sales were
US$15.1 billion, compared to US$21.4 billion in 2005.

Ford Motor's South America Automotive operations reported a
full-year pre-tax profit of US$551 million, a US$152 million
increase from 2005.  The improvement primarily reflected higher
volumes, partially offset by unfavorable currency exchange.
Full-year sales improved to US$5.7 billion from US$4.4 billion
in 2005.

In the fourth quarter 2006, Ford Motor's South America
Automotive operations posted a pre-tax profit of US$114 million,
compared to a pre-tax profit of US$131 million in 2005.  The
change was more than explained by unfavorable currency exchange.
Fourth-quarter 2006 sales were US$1.7 billion, an improvement
from US$1.3 billion a year ago.

Ford Europe posted a full-year pre-tax profit of US$469 million
in 2006, an improvement of US$396 million from a year ago.
Sales for the year totaled US$30.4 billion, compared with
US$29.9 billion in 2005.

For the fourth quarter 2006, Ford Europe reported a pre-tax
profit of US$232 million, an improvement from US$24 million a
year ago.  This improvement primarily reflected higher volume.
Fourth-quarter 2006 sales totaled US$8.8 billion, an increase of
US$900 million, compared with a year ago.

For 2006, Premier Automotive Group or PAG reported a full-year
pre-tax loss of US$327 million, compared with a pre-tax loss of
US$89 million a year ago.  The decline is more than explained by
prior model warranty accrual adjustments at Jaguar and Land
Rover and unfavorable currency exchange rates, partially offset
by other cost reductions and favorable mix and pricing.  Full-
year sales for the group in 2006 totaled US$30 billion, compared
with US$30.3 billion in 2005.

In the fourth quarter 2006, PAG reported a pre-tax profit of
US$191 million, an improvement of US$129 million compared with
the year-ago period.  This improvement primarily reflected
favorable volume and mix at Volvo due to the introduction of new
products, and favorable pricing at Jaguar and Land Rover,
partially offset by the effect of a weaker US dollar against key
European currencies.  Fourth-quarter 2006 sales totaled US$8.6
billion, compared to US$8 billion a year ago.

For full-year 2006, Asia Pacific and Africa reported a pre-tax
loss of US$185 million, compared to a pre-tax profit of US$61
million a year ago.  The results primarily reflected adverse
volume and mix and exchange rates, partially offset by cost
reductions.  Full-year sales totaled US$6.5 billion, a decline
from US$7.7 billion in 2005.

For the fourth quarter 2006, Asia Pacific and Africa reported a
pre-tax loss of US$135 million, compared with a pre-tax loss of
US$39 million in the year-ago period.  The increased losses
primarily reflected adverse volume and mix and exchange rates,
partially offset by cost reductions.  Fourth-quarter sales 2006
totaled US$1.4 billion, compared with US$1.8 billion in 2005.

For full-year 2006, Ford Motor's share of the pre-tax profit of
Mazda and associated operations was US$168 million, compared
with US$255 million a year ago.  The decline was more than
explained by the non-recurrence of gains on Mazda convertible
bonds in 2005.

For the fourth quarter 2006, Ford Motor's share of the pre-tax
profit of Mazda and associated operations was US$51 million,
compared with US$32 million a year ago, which primarily
reflected favorable operating performance.

Full-year 2006 results included a pre-tax profit of US$247
million, compared with a loss of US$207 million a year ago,
reflecting primarily higher interest income.  Fourth-quarter
results included a pre-tax loss of US$59 million, an improvement
of US$43 million that primarily reflected higher interest
income.

For the full year 2006, the Financial Services sector earned a
pre-tax profit of more than US$1.9 billion, compared with US$3.5
billion the prior year.

For the fourth quarter 2006, the Financial Services sector
earned a pre-tax profit of US$416 million, compared with US$626
million the prior year.

Ford Motor Credit Co. reported net income of US$1.3 billion in
2006, down US$621 million from earnings of US$1.9 billion a year
earlier.  On a pre-tax basis from continuing operations, Ford
Motor Credit earned more than US$1.9 billion in 2006, down
US$970 million from 2005.  The decrease in full-year earnings
primarily reflected higher borrowing costs, higher depreciation
expense and the impact of lower average receivable levels.
These were partially offset by market valuations primarily
related to non- designated derivatives and reduced operating
costs.

In the fourth quarter of 2006, Ford Motor Credit's net income
was US$279 million, down US$26 million from a year earlier.  On
a pre-tax basis, Ford Motor Credit earned US$406 million in the
fourth quarter, compared to US$482 million in the previous year.
The decrease primarily reflected higher borrowing costs and
higher depreciation expense, partially offset by market
valuations primarily related to non-designated derivatives.

Ford Motor Credit ended the year with total Automotive cash, net
marketable securities, loaned securities and short-term
Voluntary Employee Beneficiary Association assets at
Dec. 31, 2006, of US$33.9 billion, an increase from US$23.6
billion at the end of the previous quarter.  Total Automotive
liquidity at Dec. 31, 2006, was US$46 billion including credit
facilities.  The company's automotive operating-related cash
flow was US$1.8 billion negative for the fourth quarter.

"We're pleased the financial markets expressed confidence in our
turnaround plan by providing us with the additional liquidity we
will need to fund our operations as we restructure to deliver
sustainable profitability.  We will deploy this capital wisely
to ensure we earn returns for our shareholders and deliver
products our customers prefer," said Mr. Mulally.

Ford Motor Credit shared its financial outlook for 2007 and,
consistent with previous guidance, expects market share and most
earnings comparisons to remain challenging for the next two to
three quarters.

US market share is expected to be down through the third quarter
of 2007, primarily due to lower fleet sales.

Production is expected to be down through the first half of
2007, but is expected to increase on a year-over-year basis in
the second half of the year.

Year-over-year third quarter comparisons will be impacted by the
non-recurrence of tax-related interest income in 2006.

Essentially no tax offsets to losses will be recognized -
negatively impacting the first nine months of comparisons.

Ford Motor Credit's structural cost reductions will continue to
grow during the year as personnel are separated, plants are
idled and capacity is reduced.

As previously stated, from 2007 through 2009 cumulative
Automotive operating-related cash outflows will be about US$10
billion, and cumulative restructuring expenditures will be about
US$7 billion.  The company expects more than half of this US$17
billion outflow will occur in 2007.  These outflows also reflect
plans to invest in new products at levels comparable to previous
years, or about US$7 billion annually.

Special charges in 2007 are expected to be significantly lower
than in 2006.

"While challenges lie ahead for us in 2007, we're focused on
making continuous improvements to our plan, so we can capitalize
on opportunities to create and sell more products and save more
costs.  Our priorities, combined with our sense of urgency, will
continue to transform Ford Motor Co.," said Mr. Mulally.

Also shared were planning assumptions regarding the industry,
operating metrics and profit outlook by business unit.

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 Co. 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.


GRUPO MEXICO: Deutsche Reaffirms Buy Recommendation on Firm
-----------------------------------------------------------
Deutsche Bank has reaffirmed its buy recommendation on Grupo
Mexico SA de CV after stock prices increased 4% on news that
Asarco, the firm's US subsidiary, may be sold, Business News
Americas reports.

BNamericas relates that Glencore International, a Private Swiss
commodities trader, confirmed that it is keen on acquiring a
large part, or possibly all of Asarco's assets.

Jorge Beristain, an analyst with Deutsche Bank, said in a report
that an outright sale of Asarco would be good for Grupo Mexico.
It would increase its share price by 10% and in turn assist in
decreasing discount to Grupo Mexico's Net Asset Value or NAV.

Deutsche Bank estimates around US$1 billion of its US$4.5
billion discount to NAV is connected to Asarco, which filed for
bankruptcy in August 2005, BNamericas 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.


GRUPO MEXICO: Paying MXN2.3 Billion Dividend to Shareholders
------------------------------------------------------------
Grupo Mexico SA de CV told Reuters that the firm will give
MXN2.3 billion in profits, or MXN0.90 per share, as a dividend
to its shareholders.

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2007, Grupo Mexico's 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 stock exchange filing that it will hand
out the dividend on Feb. 15.

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.


KANSAS CITY SOUTHERN: S&P Places B Rating on Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed most of its ratings on
Kansas City Southern, including the 'B' corporate credit rating,
on CreditWatch with negative implications.  The 'D' rating on
the preferred stock is not on CreditWatch.

The CreditWatch placement follows the railroad company's
announcement that it is seeking consents to amend certain
definitions in the indentures related to its 9 % notes due 2008
and its 7-1/2% notes due 2009 and to waive defaults which may
have arisen in conjunction with a covenant violation.  The
consent solicitation expires on Feb. 9, 2007, but the company is
offering special incentives for consents to be delivered by 5
p.m. on Feb. 5, 2007.

"If Kansas City Southern fails to get the consent solicitations
needed to resolve the defaults, ratings could be lowered," said
Standard & Poor's credit analyst Lisa Jenkins.  Standard &
Poor's believes that the company is also in default under its
bank agreement as a result of this situation.  While we do not
expect the banks or bondholders to demand immediate repayment of
their loans, Kansas City Southern will likely be precluded from
borrowing additional amounts until the matter is resolved.  We
will continue to monitor the situation and take rating actions
as required.  If Kansas City Southern cures its defaults,
ratings will be removed from CreditWatch.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the US, Mexico
and Panama.  Its primary US holdings include The Kansas City
Southern Railway Co., serving the central and south central US.
Its international holdings include Kansas City Southern de
Mexico, SA de CV, serving northeastern and central Mexico and
the port cities of Lazaro Cardenas, Tampico and Veracruz, and a
50% interest in Panama Canal Railway Company, providing ocean-
to-ocean freight and passenger service along the Panama Canal.
KCS' North American rail holdings and strategic alliances are
primary components of a NAFTA Railway system, linking the
commercial and industrial centers of the US, Mexico and Canada.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's Ratings Services assigned its 'B-' rating to
the US$150 million senior unsecured notes being issued by Kansas
City Southern de Mexico SA de CV (B/Negative/--), the Mexican
subsidiary of Kansas City Southern (B/Negative/--).

Fitch Ratings assigned a 'B+' foreign currency rating and an
'RR4' recovery rating to the US$175 million 7.625% senior notes
due 2013 to be issued by Kansas City Southern de Mexico, SA de
CV.

Fitch also maintains 'B+' foreign currency ratings and 'RR4'
recovery ratings on KCSM's US$178 million 12.50% senior notes
due 2012 and the US$460 million 9.375% senior notes due 2012.


KRISPY KREME: Becomes Current in Its SEC Filings
------------------------------------------------
Krispy Kreme Doughnuts Inc. has filed with the U.S. Securities
and Exchange Commission its Form 10-Q for the fiscal quarter
ended Oct. 31, 2004, the third quarter of its 2005 fiscal year.
The filing follows the filings of the company's Form 10-Qs for
the first, second and third quarters of fiscal 2007, filed on
Dec. 22, 2006, Jan. 19, 2007, and Jan. 19, 2007, respectively.
This brings the company current with all of its SEC periodic
reporting obligations.  The filings can be found on the SEC's
website at http://www.sec.gov/

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


NEWPARK RESOURCES: SEC Filing Prompts Moody's Stable Outlook
------------------------------------------------------------
Moody's Investors Service affirmed Newpark Resources, Inc.'s
ratings and changed the rating outlook to stable from negative.

The outlook change follows the company's filing of its restated
financial statements with the SEC and becoming current on its
quarterly financial statement filings.

Moody's had maintained a negative outlook on Newpark's ratings
due to the concern that the time to complete the financial
restatements could be considerable and the possibility that
additional issues and concerns would be identified during the
process.

Newpark restated its financial statements for the last five
fiscal years, as well as for the fiscal quarters within 2004 and
2005, due to accounting irregularities related to transactions
at Soloco, Inc., one of the company's subsidiaries in its mat
and integrated services segment, and improper stock option
granting practices.

Moody's downgrade of Newpark's Corporate Family Rating to B1
from Ba3 in July 2006 largely reflected its concern that the
restatements stemmed from weak corporate governance and internal
controls.  Moody's notes that Newpark has taken a number of
steps to address these governance and internal control failures;
however, it is too early to determine the effect of the internal
control improvements implemented to date.  Moody's also
recognizes that the financial impact of the restatements was
modest and that no other matters surfaced during the restatement
process.

The stable rating outlook reflects Moody's expectation that
management will grow the company at a measured pace, with
capital spending maintained within cash flow, and that market
conditions for oilfield services will be supportive over the
near-term, albeit weaker than the past two years.  Newpark's
profitability levels and returns have remained lower than
certain key peers during up cycle conditions and its financial
leverage exceeds the average of its B1-rated peers.  In order
for Newpark to strengthen within the B1 rating, the company will
need to improve its operating and financial performance through
continued focus on cost control and alleviating material
weaknesses in internal controls and reduce its financial
leverage prior to a cyclical downturn.

While a ratings upgrade is unlikely in the near-term, Newpark's
ability to demonstrate strong operating performance, fund growth
conservatively, reduce financial leverage, and successfully
remediate material weaknesses in internal controls could be
positive for the rating outlook.

On the other hand, Newpark's ratings could come under pressure
if the company is unable to sufficiently reduce debt prior to a
severe contraction in market demand or is unable to maintain
sufficient liquidity in down cycle conditions.  The ratings
could also be pressured if the company faces material fines or
legal liabilities.

Newpark's B1 Corporate Family Rating reflects:

   -- the company's relatively small scale;

   -- the inherent volatility of the oilfield services sector
      and the sensitivity of the company's drilling fluids
      business to the level of drilling activity;

   -- its continued, albeit improving, geographic concentration
      in the mature US Gulf Coast market;

   -- the highly competitive nature of the oilfield service
      industry;

   -- the challenges management faces to in order to improve
      both its profitability and its governance and internal
      control environment; and,

   -- the risk of changes in the oilfield waste regulatory
      environment and potential environmental liability
      exposure.

The B1 rating is supported by:

   -- the company's product diversification across drilling
      fluids, mat sales and rentals, and E&P waste treatment;

   -- its sound and growing market position in drilling fluids;

   -- the company's relatively low maintenance capital needs;
      and,

   -- the company's substantial knowledge and operating
      experience in the oilfield waste disposal business.

Moody's affirmed these ratings of Newpark with a stable outlook:

   -- B1 Corporate Family Rating;
   -- B1 Probability of Default Rating; and,
   -- B2 LGD4, 58% rated senior secured term.

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


VALASSIS COMM: Working on Integration Plan for Smooth Transition
----------------------------------------------------------------
Valassis Communications Inc.'s management is actively working on
integration planning to ensure a smooth transition upon the
close of the ADVO transaction.  Management noted they are
pleased with the integration planning progress as well as the
cooperation from ADVO management since the settlement of the
litigation.

"The integration planning process has further strengthened our
belief in the strategic rationale of this acquisition," said
Alan F. Schultz, Valassis Chairman, President and CEO.  "We
clearly see a path to provide optimized media planning for our
customers.  The combined company will be positioned for growth
and will create a competitive advantage in the marketplace."

The ADVO transaction is subject to certain closing conditions,
including the approval of ADVO's shareholders.  The company
anticipates the transaction to close in the first half of March
2007.

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.


WERNER LADDER: US Trustee Appoints Official Creditors Committee
---------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
informed the U.S. Bankruptcy Court for the District of Delaware
that Levine Leichtman Capital Partners III L.P. has resigned
from the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Werner Holding Co. (DE) Inc. and its debtor-
affiliates.

The Creditors Committee is now comprised of:

   (1) The Bank of New York, as Successor Trustee
       Attn: Kenny Tang
       101 Barclay Street, 8 West Corporate Trust
       New York, NY 10286
       Tel: (212) 815-2816
       Fax: (212) 815-5131

   (2) Saint-Gobain Corporation
       Attn: Thomas L. Fitzpatrick
       1 New Bond Street,
       Worcester, Massachusetts 01615
       Tel: (508) 795-5409
       Fax: (508) 795-5266

   (3) Venture Plastics
       Attn: Steve Trapp
       P.O. Box 249, 4000 Warren Road
       Newton Falls, Ohio 44444
       Tel: (330) 872-5774
       Fax: (330) 872-3597

   (4) WXP, Inc.
       Attn: John E. Thigpen
       93 Werner Road, Building A
       Greenville, Pennsylvania 16125
       Tel: (724) 588-2000
       Fax: (724) 589-4286

   (5) ReCap International (BVI) Ltd.
       c/o Murray Capital Management, Inc.
       Attn: Joseph Galzerano
       26th Floor, 680 Fifth Avenue
       New York, NY 10019
       Tel: (212) 582-5505
       Fax: (212) 582-5525

   (6) Pension Benefit Guaranty Corporation
       Attn: Adi Berger
       1200 K Street
       Washington, D.C. 20005
       Tel: (202) 326-4000
       Fax: (202) 842-2643

   (7) Claren Road Asset Management
       Attn: Trent Roderick Porter
       Suite 1401
       900 3rd Avenue
       New York, NY 10022
       Tel: (212) 310-5805
       Fax: (212) 888-1033

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

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--  
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).  The Debtors are represented by the firm of
Willkie Farr & Gallagher LLP as lead counsel and the firm of
Young, Conaway, Stargatt & Taylor LLP as co-counsel.  Rothschild
Inc. is the Debtors' financial advisor.  The Official Committee
of Unsecured Creditors is represented by the firm of Winston &
Strawn LLP as lead counsel and the firm of Greenberg Traurig LLP
as co-counsel.  Jefferies & Company serves as the Creditor
Committee's financial advisor.  At March 31, 2006, the Debtors
reported total assets of US$201,042,000 and total debts of
US$473,447,000.  (Werner Ladder Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


WERNER LADDER: Wants Excl. Plan Filing Period Moved to March 9
--------------------------------------------------------------
Werner Holding Co. (DE) Inc. aka Werner Ladder Company and its
debtor-affiliates ask the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to extend their
exclusive periods to file a plan of reorganization through
March 9, 2007, and to solicit acceptances of that plan through
May 8, 2007.

The Debtors' exclusive period to file a plan expired on
Jan. 15, 2007.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the Debtors' Chapter 11
cases are large and complex, with a prepetition capital
structure that includes two secured prepetition credit
facilities, a public bond issuance, thousands of trade
creditors, and several classes of stock.  He adds that the
Debtors have prepetition debts of more than US$1,100,000,000
listed on their scheduled liabilities.

Mr. Brady tells the Court that the Debtors have delivered to
parties-in-interest an operating budget for 2007, and have
recently begun negotiations with their creditors in formulating
a consensual plan of reorganization.

The Debtors anticipate delivering to the parties-in-interest the
long-term budget that will form the predicate for a valuation of
their business before the end of January.

Mr. Brady asserts that termination of the Debtors' Exclusive
Periods will adversely impact their business operations and the
progress of their Chapter 11 cases because it could result in
any party-in-interest being free to propose a competing plan,
which could result in a chaotic environment with no central
focus.

Mr. Brady assures Judge Carey that the requested extension will
not prejudice the creditors' legitimate interests because the
Debtors continue to pay their entire undisputed postpetition
obligations as they become due.

The Court will convene a hearing tomorrow, Jan. 31, 2007, to
consider the Debtors' request.  By application of Rule 9006-2 of
the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
Debtors' Exclusive Periods is automatically extended through the
conclusion of that hearing.

                         Responses

1. Second Lien Committee

An ad hoc committee of second lien claimholders believes that
maintenance of the Debtors' exclusive right to file a plan
should facilitate an orderly marketing, auction, and sale
process that is part and parcel of an investor group's offer to
purchase substantially all of the Debtors' assets for
US$175,000,000, and to act as stalking horse bidder in a Court-
approved auction process.

The Second Lien Committee even suggests that the Debtors'
Exclusive Period should be extended until May 8, 2007, and their
Solicitation Period should be extended until July 6, 2007, to
allow for an orderly marketing and auction process that
culminates with a sale hearing on April 26, 2007.

However, the Second Lien Committee reserves its right to have
the extended periods reduced if the Debtors fail to timely
pursue the Investor Group's proposed Section 363 Sale Process.

The Second Lien Committee consists of holders of a majority in
amount of a Second Lien Credit Facility entered into by the
Debtors in May 2005, as well as holders of a substantial
portion, but less than a majority in amount, of a June 2003
First Lien Credit Facility.

2. Creditors Committee

The Creditors Committee complains that the Debtors have not yet
delivered their 2007 Budget as of Jan. 25, 2007, even though
the first exclusivity order required them to deliver their long-
term business plan by Jan. 7.

Victoria W. Counihan, Esq., at Greenberg Traurig, LLP, in
Wilmington, Delaware, relates that on January 24, the Committee
received from the Debtors a revised proposed order extending
their Exclusive Period, provided that if by the date the Debtors
seek approval of bid procedures for the sale of all of their
assets, then the period will extend to March 9.  The Revised
Order also extends the Solicitation Period to April 16, and
provides a further extension to May 8 if the Debtors file a
Procedures Motion.

The Creditors Committee is willing to support any Chapter 11
plan or sale transaction proposed by the Debtors as part of the
Procedures Motion.  However, the Committee insists that the
transaction must provide, at a minimum:

   (a) an opportunity for the general unsecured creditors to
       invest 9.9% of the equity of the new company for
       US$12,000,000;

   (b) the general unsecured creditors' right to appoint one
       member of the Debtors' board of directors;

   (c) payment of all administrative claims incurred through the
       closing date of the sale, including any transaction fees
       owed to estate-retained professionals;

   (d) a US$3,000,000 wind-down fund for (i) fees and expenses
       of Loughlin Meghji, Greenberg Traurig and Willkie Farr to
       complete a liquidating plan, and (ii) a litigation trust;

   (e) waiver by all participants in the stalking horse bid of
       any unsecured, deficiency, superpriority, adequate
       protection, and Section 507(b) claims at closing of the
       sale; and

   (f) consideration for unsecured creditors with regard to bid
       procedures.

The Committee reserves its right to seek termination of the
Exclusivity Periods for cause, including if any transaction
proposed by the Debtors fails to meet those minimum terms.

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--  
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).  The Debtors are represented by the firm of
Willkie Farr & Gallagher LLP as lead counsel and the firm of
Young, Conaway, Stargatt & Taylor LLP as co-counsel.  Rothschild
Inc. is the Debtors' financial advisor.  The Official Committee
of Unsecured Creditors is represented by the firm of Winston &
Strawn LLP as lead counsel and the firm of Greenberg Traurig LLP
as co-counsel.  Jefferies & Company serves as the Creditor
Committee's financial advisor.  At March 31, 2006, the Debtors
reported total assets of US$201,042,000 and total debts of
US$473,447,000.  (Werner Ladder Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000)




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


* NICARAGUA: President Reviewing Previous Firm Privatization
------------------------------------------------------------
Published reports say that Nicaragua's President Daniel Ortega
will review the privatization of state firms conducted under the
previous administrations.

President Ortega told the Associated Press that corruption might
have been involved in the privatization of the telephone and
electricity sectors.  He promised to go after any officials,
national or foreign firms involved in illegal transactions.

Many state-run firms during Violeta Chamorro's term from 1990-
1996 were worth 10 times more than the price they were sold for,
AP says, citing President Ortega.

According to AP, President Ortega questioned the selling off of
state firms under Arnoldo Aleman, Ms. Chamorro's successor who
was convicted in 2003 of money laundering and embezzlement.
Former president Enrique Bolanos, who handed power over to
President Ortega in January, didn't privatize any firms.

AP underscores that President Ortega promised to take a moderate
economic and social stance rather than returning to the forceful
policies of the Nicaraguan government in the 1980s, when
officials suppressed the press and confiscated many properties.

President Ortega and his Sandinista party told AP that they want
to implement changes to relieve poverty in Nicaragua.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


* PANAMA: Canal Authority Reaches Bargaining Accord with Unions
---------------------------------------------------------------
The Panama Canal Authority, which is handling the expansion of
the Panamanian waterway, has reached a collective bargaining
agreement with three workers' unions, after three years of
negotiations, La Prensa reports.

Alberto Aleman, the canal authority's director, told BNamericas,
"It took some time, but [the agreement] was made in good faith,
looking out for the best interests of all parties."

Business News Americas relates that under the agreement, 8,000
of the canal authority's workers this year will have a 2% salary
increase, plus a 1.5% annual raise in the following years until
2015.

The canal authority will call for bids between April and June on
several projects to lay groundwork for the US$5.25-billion
expansion of the Panama Canal, BNamericas states.

                        *    *    *

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




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


HERTZ CORP: Unit Adds 24 Locations as Part of Rental Expansion
--------------------------------------------------------------
Hertz Equipment Rental Corp. or HERC, Hertz Corp.'s industrial
equipment rental unit, added 24 General Rental locations in 2006
as part of its planned expansion in that line of equipment
rental.

Grand opening celebrations were held for all 24 locations in a
year that saw some of HERC's most well-attended events,
including the April 21, 2006, opening in Oklahoma City, which
drew more than 1,400 people; and the Oct. 13, 2006 opening in
Bakersfield, CA, which drew more than 1,200 people.
Cumulatively, the 2006 events, held between the months of March
and October, attracted more than 14,000 attendees.

"The success of our 2006 general rental events underscores the
importance of HERC's strategic growth as a full-service
equipment rental company," says Gerry Plescia, President of
Hertz Equipment Rental Corporation.

HERC began its general rental program during 2003, in support of
its commitment to increase services and products available for
small to medium-sized contractors and homeowners.  The company
has since opened 55 general rental facilities, including 20 in
2005.  Currently, HERC has 115 locations in the U.S. and Canada
operating in the General Rental program.

HERC's general rental locations offer a broad range of products,
including lawn mowers, floor sanders and buffers, trenchers,
paint sprayers, ladders, pumps and scaffolding, as well as a
wide assortment of construction and industrial equipment from
manufacturers such as:

          -- Case,
          -- Genie,
          -- Ingersoll-Rand,
          -- JLG,
          -- John Deere,
          -- Wacker and
          -- Stihl.

Hertz Corp. -- https://www.hertz.com/ -- a global car rental
company, participates primarily in the on-airport segment
of the car rental industry.  This segment, which generates
approximately 69% of Hertz's consolidated revenues, is heavily
reliant on airline traffic.  Demand tends to be cyclical, and
can also be affected by global events such as wars, terrorism,
and disease outbreaks.  Hertz has also grown its off-airport
business (12% of consolidated revenues), the segment of the car
rental business that is less cyclical and more profitable, but
which is dominated by 'A-' rated Enterprise Rent-A-Car Co.
Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18%
of consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  Hertz has operations in
Philippines, Hungary, and Peru, among others.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Nov. 16, 2006,
its ratings on Hertz Corp., including the 'BB-' corporate credit
rating, and removed them from CreditWatch, where they were
placed with negative implications June 26, 2006.  S&P said the
outlook is negative.




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


DORAL FINANCIAL: May Sell Assets to Reliable Mortgage
-----------------------------------------------------
Doral Financial Corp. could be considering selling assets to
Reliable Mortgage, Wells Fargo's unit in Puerto Rico, Business
News Americas reports, citing market sources.

BNamericas relates that Reliable Mortgage started operating in
Puerto Rico in December 2006 with the aim of lending US$100
million in 2007 and US$240 million in 2008.

Reliable Mortgage sales and marketing vice president Raul
Padilla told BNamericas that the firm wants to grab up to 5%
market share by the end of 2008.

BNamericas underscores that Doral Financial's market share
declined to around 10% from 45% a few years ago, after restating
its 2000-04 results as it corrected the value of derivatives
used to hedge its mortgage portfolio.

Doral Financial Chief Executive Officer Glen Wakeman said in
October 2006 that his number one priority in 2007 would be
refinancing US$625 million worth of floating rate notes that
mature in July 2007 with high-yield debt, asset disposals and an
equity boost, BNamericas notes.

According to BNamericas, the Doral Financial management is still
planning the company's way out while many banks in Puerto Rico
are aggressively increasing their mortgage loan portfolios by
taking advantage of the company's woes.

Wells Fargo's acquisition of Doral Financial's mortgage assets
makes perfect sense, especially after the sale of its consumer
finance subsidiaries in Panama, Aruba, the Netherlands Antilles,
Trinidad & Tobago and Mexico to a Bear Stearns private equity
affiliate, BNamericas says, citing analysts.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2007, Moody's Investors Service downgraded to B2 from B1
the senior debt ratings of Doral Financial Corp.  Moody's said
the ratings are on review for possible downgrade.

Downgrades:

Issuer: Doral Financial Corp.

   -- Senior Unsecured Regular Bond/Debenture, Downgraded
      to B2 from B1.

Outlook Actions:

Issuer: Doral Financial Corp.

   -- Outlook, Changed To Rating Under Review From Negative.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2007, Standard & Poor's Ratings Services lowered its
long-term ratings on Doral Financial Corp., including the
counterparty credit rating, to 'B' from 'B+'.

S&P said the outlook remains negative.




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


* TRINIDAD & TOBAGO: Shutting Down Sugar Industry
-------------------------------------------------
Trinidad & Tobago agriculture officials told the Associated
Press that the government will close down its sugar industry.

The sugar industry collapsed due to big reductions in subsidies
from the European Union, AP relates, citing the officials.

"The prime minister agreed to shut down the sugar industry when
the 2007 crop ends after the farmers asked him to do it,"
Agriculture Minister Jarrette Narine told AP.

Prime Minister Patrick Manning accepted a proposal to end all
sugar production in Trinidad & Tobago, which has constructed one
of the region's fastest-growing economies around petroleum-based
exports, AP says, citing Raffique Shah, chief of the Trinidad
Cane Farmers Association.

Mr. Shah told AP that the Cabinet is expected to accept the
shutdown of the industry.  The country's remaining farmers have
proposed that producers be paid compensation for stopping cane
cultivation and expect government support when switching to
another crop.  Over 22,000 acres of cane fields would be freed
for food production.

Trinidad & Tobago's yearly sugar output dropped to 400,000
metric tons expected for 2007, from 1.3 million metric tons in
2003, when the state-run sugar firm Caroni Ltd. was shut down.

Trinidad has been paying a yearly US$12 million subsidy to the
sugar industry, AP notes, citing Wayne Inniss, who headed a
government panel designed to assist cane farmers boost output.

According to AP, Trinidad and Tobago's sugar industry started
under British rule in the 1700s, when cane harvested with slave
labor was processed into sugar and rum to be sold in Britain.
Trinidad is one of several former British colonies in the
Caribbean that are being squeezed out of the sugar industry
mainly due to the European Union's imposing a 36% reduction in
sugar subsidies for producers from the Caribbean, Africa and the
Pacific.  The large subsidy cut followed a complaint to the
World Trade Organization over a practice under which the
European Union gave former colonies preferential access to
markets and paid high prices for commodities, including sugar,
to encourage development.

Caribbean nations like Guyana, Jamaica, Belize and Barbados told
AP that the cuts were drastic and would cost them US$100 million
in yearly revenues.  Negotiations between the European Union and
Caribbean leaders were set for later in 2007 to discuss possible
aid.




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


DAIMLERCHRYSLER: Sells Aviation Unit to ATON Group Subsidiary
-------------------------------------------------------------
DaimlerChrysler AG has sold its Stuttgart-based 100% subsidiary
DaimlerChrysler Aviation GmbH to a subsidiary of ATON GmbH in
Fulda, Germany.

The transaction is subject to the approval of the relevant
antitrust and aviation authorities and is expected to be
completed in the first quarter of 2007.  The parties have agreed
to keep the purchase price confidential.

The sale is part of the measures currently being taken to
increase efficiency and optimize the Group's portfolio with the
goal of improving the return on net assets.

DaimlerChrysler Aviation GmbH primarily provides tailored air-
transport services to business travelers and currently employs
approximately 200 persons.  In 2006, DCA generated revenues with
companies of the DaimlerChrysler Group and third parties of
approximately EUR65 million.

ATON GmbH makes long-term investments in innovative companies in
the future-oriented fields of raw materials, services and
applied technology.

                   About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


PETROLEOS DE VENEZUELA: Inks Joint Exploration Pacts with Cupet
---------------------------------------------------------------
Venezula's state oil firm Petroleos de Venezuela SA said in a
statement that it has signed accords with Cupet, its Cuban
counterpart, to conduct joint hydrocarbons exploration and
certification work.

Business News Americas relates that Petroleos de Venezuela and
Cupet will explore and verify deposits in the Orinoco oil belt
in Venezuela and offshore Cuba in the Gulf of Mexico.

Petroleos de Venezuela said in a statement that the work will
focus on the Boyaca Norte block in:

          -- the Orinoco, and
          -- blocks N53 in Cuban waters:

             * N54,
             * N58, and
             * N59.

The US Energy Information Administration or EIA told BNamericas
that estimates of the recoverable reserves from the Orinoco belt
range from 100 billion barrels to 270 billion barrels.

Industry analysts said that there could be at least 1.6 billion
barrels of crude oil reserves in Cuba's offshore basins in the
Gulf of Mexico, BNamericas states, citing EIA.

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

                        *    *    *

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


PETROLEOS DE VENEZUELA: Restarting Catalytic Cracker on Feb. 12
---------------------------------------------------------------
Asdrubal Chavez, Venezuela's state oil company Petroleos de
Venezuela SA Marketing and Supply Manager, told El Universal
that the firm will restart a catalytic cracker at El Palito
plant on Feb. 12th.

Reuters relates that the refinery started facing problems in
January.  It stopped functioning for two weeks.

The closure of the catalytic cracker produced an unusually high
level of sales of vacuum gas oil, Mr. Chavez told El Universal.

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

                        *    *    *

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


PETROLEOS DE VENEZUELA: 3 Workers Hurt in Refinery Accident
-----------------------------------------------------------
Venezuela's state oil firm Petroleos de Venezuela SA told
Business News Americas that three workers were injured in an
accident at a furnace in the firm's Puerto La Cruz plant.

Petroleos de Venezuela said in a press release that there was an
accident during the works to restart furnace H751 of the
atmospheric distiller at Puerto La Cruz.

"The incident did not have any impact on the rest of the
refinery's units, which remain in service," Petroleos de
Venezuela assured BNamericas.

The injured workers are in a stable condition, BNamericas says,
citing Petroleos de Venezuela.

Petroleos de Venezuela told BNamericas since November 2005, nine
workers have died at Petroleos de Venezuela plants and oil
fields due to industrial accidents.

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

                        *    *    *

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


* NASDAQ STOCK: Won't Raise "US$24.42 a Share" Offer to LSE
-----------------------------------------------------------
Nasdaq Stock Market Inc. said it won't raise its US$24.42 offer
for London Stock Exchange PLC after LSE's board failed to agree
to a new bid Saturday midnight, The Wall Street Journal reports.

Nasdaq set Saturday midnight as the deadline for both parties to
come up to a negotiated price on the deal.

LSE has resisted Nasdaq's offer indicating it could do some kind
of a deal if the price is right, WSJ said in a previous report.

"We have made our position quite clear that it wouldn't be in
our shareholders' interests. . . ," an LSE spokesman told WSJ.

Nasdaq, WSJ says, can only increase it offer for the LSE if,
pursuant to British takeover laws, the LSE's board recommends a
higher price or if a rival bidder appears.  However, analysts
see a rival bidder's sudden appearance as unlikely.

Nasdaq owns a 29% stake in the London exchange.

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.


* IDB Launches FINPYME on Feb. 1 to Boost Small-Sized Businesses
----------------------------------------------------------------
The Inter-American Investment Corporation or IIC, a member of
the Inter-American Development Bank Group, will launch FINPYME
-- Financiacion Innovadora de PYME, an innovative program for
financing small and medium-size companies, in five Central
American countries, Panama, and the Dominican Republic starting
Feb. 1.  The initiative seeks to improve access to financing for
smaller companies.

FINPYME will provide small and medium-sized enterprises or SMEs,
free of charge, with the kind of diagnostic tools that large
corporations use to collect and analyze data about their
operations, detect problems, and define action plans.

The program will initially benefit some 300 small and medium-
size enterprises.  As the program is launched, IIC officials
will give public presentations in El Salvador, Guatemala,
Nicaragua, Costa Rica, Honduras, Panama, and the Dominican
Republic, as follows:

   * Feb. 1 at 8:30 A.M. in San Salvador, El Salvador, at the
     Hotel Hilton Princesa;

   * Feb. 2 at 10:30 A.M. in Guatemala City, Guatemala, at the
     Hotel Westin Camino Real;

   * Feb. 7 at 8:30 A.M. in San Jose, Costa Rica, at the Hotel
     Real Intercontinental;

   * Feb. 12 at 8:30 A.M. in Tegucigalpa, Honduras, at the Hotel
     Real Intercontinental;

   * Feb. 13 at 8:30 A.M. in Panama City, Panama, at the Hotel
     Sheraton Panama;

   * Feb. 15 at 8:30 A.M. in Santo Domingo, Dominican Republic,
     at the Hotel Renaissance Jaragua; and

   * Feb. 19 in Managua, Nicaragua.

Also present will be local government officials; representatives
from the IIC, the IDB, and business organizations; and officials
from the universities that will serve as FINPYME agents for the
IIC.  Companies interested in attending the presentations should
register by sending an e-mail to FINPYME@iadb.org.

Companies that participate in the FINPYME diagnostic review
process will receive a report on their competitive position with
an analysis of their strengths, opportunities, weaknesses, and
threats, as well as an improvement plan based on the results.
Companies with annual sales between US$500,000 and US$5,000,000
are eligible for the program.

In addition to carrying out objective diagnostic reviews of the
participating companies and facilitating their access to
financing, the FINPYME program will also create databases of
SMEs and compile studies on banking sector activities in each
program country

Countries participating in the program will also benefit in
several ways.  The diagnostic reviews will provide information
on the country's business environment for SMEs.  The information
is valuable input for strengthening country initiatives
regarding financial and economic sector regulations and policies
affecting private sector investments.

Universities, business schools, or educational centers with
business management programs will be chosen as local agents for
the FINPYME program.  These local agents will be trained to
apply the methodology, certified by the IIC, and made available
to participating companies to perform the diagnostic reviews and
define action plans for improving each company's competitive
position.

The FINPYME methodology was developed by ALPROALIA, an
international consulting firm.  The program is also supported by
the Korea-IIC SME Development Trust Fund.

The Inter-American Investment Corporation, a multilateral
financial institution based in Washington, D.C., provides
financing (in the form of equity investments, loans, guarantees,
and other instruments) and advisory services to private
enterprises in Latin America and the Caribbean.  The IIC's
mission is to promote the economic development of its regional
member countries by stimulating the establishment, expansion,
and modernization of private enterprises, particularly those
that are small and medium in size.  The IIC is a member of the
Inter-American Development Bank Group.


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

Troubled Company Reporter - Latin America is a daily newsletter
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