TCRLA_Public/070201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, February 1, 2007, Vol. 8, Issue 23

                          Headlines

A R G E N T I N A

SITEL CORP: ClientLogic Closes Merger with Company

* ARGENTINA: Selling US$500 Million Dollar Bonds in Local Market
* ARGENTINA: IDB Grants US$2MM to Fund Infrastructure Projects

B E R M U D A

AFFYMETRIX TECHNOLOGY: Final General Meeting Is on Feb. 24
FOCUS ENHANCED: Last Day to File Proofs of Claim Is on Feb. 2
FOSTER WHEELER: Unit Secures Steam Generator Pact from Longview
GORTHON INTERNATIONAL: Proofs of Claim Must be Filed by Feb. 2
MSD WARWICK: Proofs of Claim Filing Deadline Is on Feb. 2

NAVIGATOR OFFSHORE: Liquidator Asks Winding-Up Stay for Company
PANOCEAN LTD: Final Shareholders Meeting Is on Feb. 15
PXRE GROUP: Fitch Withdraws Ratings on Lack of Market Interest
SHIP FINANCE: Sells Suezmax Tankers to Frontline for US$183.7MM
REFCO INC: Files December 2006 Monthly Operating Report

B O L I V I A

* BOLIVIA: Gov't Names Manuel Olivera as New State-Oil Firm Head
* BOLIVIA: State Firm Inks 19 Contracts for Nation's Gas Supply
* BOLIVIA: Strikers Want More State Control Over Foreign Firms

B R A Z I L

ARVINMERITOR INC: Earns US$7 Million in First Qtr. Ended Dec. 31
BANCO DO NORDESTE: Grants BRL247-Million Financing to Vivo
BENQ CORP: Bacoc Fails to Submit Bid for Bankrupt Mobile Unit
BRASIL TELECOM: Posts BRL4B Gross Revenues in 4th Quarter 2006
BUCKEYE TECH: Earns US$3.8 Million in Quarter Ended Dec. 31

DURA AUTOMOTIVE: Brunswick Hired as Communications Consultants
DURA AUTOMOTIVE: Judge Carey Okays Ernst & Young as Tax Advisors
DURA AUTOMOTIVE: Judge Carey Approves CFO Employment Agreement
FLEXTRONICS INT'L: 3rd Quarter 2006 Net Sales Up by US$1.3 Bil.
GOL LINHAS: Earns US$43.3 Million in 2006 Fourth Quarter

GOL LINHAS: Board OKs Supplementary Quarterly Dividend Payment
METSO OYJ: To Unveil Annual Results on February 7
NOSSA CAIXA: Chief Financial Officer Ruben Sardenberg Resigns
PETROLEO BRASILEIRO: Aiming for 855MM-Liter Biodiesel Output
PETROLEO BRASILEIRO: Inks Supply Accord with Petropar

PETROLEO BRASILEIRO: US Tax Bill May Affect Investment Return

* BRAZIL: Venezuela's Nationalization Won't Affect Relations

C A Y M A N   I S L A N D S

CAMEL INVESTMENTS: Calls Shareholders for Feb. 9 Final Meeting
CHIYODA LEASE: Last Day for Proofs of Claim Filing Is on Feb. 9
FLAMINGO DAZE: Creditors Must File Proofs of Claim by Feb. 9
HEJAZ INVESTMENTS: Final Shareholders Meeting Is on Feb. 9
MACKO INDONESIA: Shareholders to Gather for Feb. 9 Final Meeting

PARMALAT SPA: Opens Door to Settlement Negotiations
PARMALAT SPA: Court Moves Final Injunction Hearing to Feb. 27
PTF LTD: Deadline for Proofs of Claim Filing Is Set for Feb. 9
RGI LIMITED: Creditors Have Until Feb. 9 to File Proofs of Claim
STOCKLORD INVESTMENTS: Final General Meeting Is on Feb. 9

VENTLER COMPANY: Last Day to File Proofs of Claim Is on Feb. 9
VENTORIAN COMPANY: Proofs of Claim Filing Is Until Feb. 9

C H I L E

ARAMARK CORP: Names C.T. Nice as Vice Pres. of Food & Beverage

C O L O M B I A

ECOPETROL: US Trade Agency Putting Treasury Money into Firm

* COLOMBIA: IDB Grants US$2MM to Fund Infrastructure Projects

C O S T A   R I C A

ANIXTER INT'L: Net Income Increases to US$52.4MM in 4th Quarter
US AIRWAYS: Reports US$261 Mil. Net Income in 2006 Fourth Qtr.

* COSTA RICA: Pineapple Exports to Grow This Year

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Wants New Oil Plant with Saudi Arabia

E C U A D O R

GENERAL MOTORS: Sales Over 1 Million Cars & Trucks Last Year

* ECUADOR: CAF May Loan Up to US$3 Billion to Country
* ECUADOR: Default Threat Cues Moody's to Downgrade Ratings
* ECUADOR: Talking with European Union on Banana Import Tariff

G U A T E M A L A

BRITISH AIRWAYS: Resumes Normal Operations; Travel Loads Light

H A I T I

* HAITI: WB Grants US$28-Mln Loan to Enhance Economic Governance

M E X I C O

ADVANCED MARKETING: Wants to Sell PGW Distribution Agreements
DELTA AIR: Secures US$2.5 Billion Exit Financing
DIRECTV GROUP: To Acquire Darlene's Interests in LatAm Unit
EMPRESAS ICA: Raises Stake in Proactiva Medio
VALASSIS COMM: Names Michael Kowalczyk as In-Store Division VP

VITRO SAB: Improved Debt Profile Cues Fitch to Upgrade Ratings

N I C A R A G U A

XEROX CORP: S&P Changes BB+ Rating's Outlook to Positive

P A N A M A

CLIENTLOGIC CORP: Closes Merger with Sitel Corp.

* PANAMA: IDB Grants US$2MM to Fund Infrastructure Projects

P A R A G U A Y

* PARAGUAY: Inks Supply Accord with Petroleo Brasileiro

P E R U

HERTZ CORP: Seeks to Amend Term Loan & ABL Revolving Facilities

P U E R T O   R I C O

B&G FOODS: Discloses Tax Treatment of 2006 EIS Distributions
CELESTICA INC: Posts US$60.8 Mil. Net Loss in Qtr. Ended Dec. 31
HORIZON LINES: Board Declares Cash Dividends on Common Stock

V E N E Z U E L A

AMERICAN COMMERCIAL: Holders Tender 100% of 9-1/2% Senior Notes
CITGO PETROLEUM: Heating Fuel Arrives Late in Alaskan Villages
CITGO PETROLEUM: Texas Envt'l Agency Refuses Refinery Expansion
PETROLEOS DE VENEZUELA: Exxon, BP In Talks for Cerro Negro JV
PETROLEOS DE VENEZUELA: Resuming Gasoline Shipments to the US

PETROLEOS DE VENEZUELA: Says Gas Leak at La Vela Under Control

* VENEZUELA: Oil Companies Positive to Keep 49% of Shares
* VENEZUELA: Mercosur Entry Considered as Mistake
* VENEZUELA: Unions Threaten to Take Over Orinoco Installations
* IDB Grants US$500,000 to Develop Venture Capital Industry
* KPMG LLP Names Michael Nolan as National Service Line Leader

* Fitch Says Auto Manufacturers Have Diverging Outlooks in 2007
* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


SITEL CORP: ClientLogic Closes Merger with Company
--------------------------------------------------
ClientLogic Corp. has completed its acquisition of SITEL Corp.
by merger.  Under the terms of the definitive agreement
announced in October 2006, ClientLogic paid US$4.25 per share in
cash for all of the outstanding common stock of SITEL.  SITEL's
shareholders approved the acquisition on Jan. 12, 2007.

The combined company is headquartered in Nashville and has over
65,000 associates across 28 countries.  Providing world-class
solutions from on-shore, nearshore and offshore locations across
145+ facilities throughout North America, South America, EMEA
and Asia Pacific generates the combined company's revenue of
US$1.8 billion.  The company is privately held and majority
owned by Canadian diversified company, Onex Corporation.  Dave
Garner, formerly President and CEO of ClientLogic, is the
President and CEO of the combined company.

"Today's closing is an important event for our clients,
associates and the industry," said Mr. Garner.  "The combined
company is one of the largest providers of customer care and
transaction processing services in the Business Process
Outsourcing (BPO) market.  As companies increasingly turn to
trusted BPO partners to manage their customer care and
transaction processing needs, qualities like adaptability, a
large menu of services, a deep bench of expertise and expansive
geographic reach are a requirement.  The new company is ideally
positioned to meet these needs."

The merger brings together two synergistic companies with a
similar focus on serving clients' business process outsourcing
needs.  Clients will benefit from:

   * Delivery of maximum return on customer investment by
     reducing service costs, increasing revenue per customer
     and increasing customer retention;

   * Utilization of the Right-Shore strategy, leveraging
     multi-shore facilities to serve clients from various
     locations, offering a reliable, cost-efficient and
     flexible customer management strategy;

   * Expanded capacity, a larger geographic footprint and a
     more advanced communications network, offering greater
     flexibility and choice for clients' customer service
     needs;

   * Additional complementary service offerings, providing the
     ability to expand and centralize customer care initiatives.
     The new company's offerings include: customer service,
     technical support services, sales and retention programs,
     back-office processing and receivable/collections; and

   * Access to a team with deep industry domain experience
     across multiple verticals, providing clients with strategic
     insight into their business and how to best achieve
     measurable results.

Mr. Garner concludes, "The two companies are a great fit,
sharing like-minded industry focus and service-oriented
cultures.  Moving forward, we will continue to provide top-
quality service to all clients and a positive work environment
for all associates.  The new company will quickly align talent,
processes and technology to achieve maximum client, associate
and corporate success."

                     About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, The Netherlands,
Panama, Philippines, United Kingdom and the United States.

                      About Sitel Corp.

Sitel Corp. (NYSE:SWW) -- http://www.sitel.com/-- provides
outsourced customer support services.  On behalf of many of the
world's leading organizations, SITEL designs and improves
customer contact models across its clients' customer
acquisition, retention and development cycles.  SITEL manages
approximately two million customer interactions per day via the
telephone, e-mail, Internet and traditional mail.   SITEL has
over 42,000 employees in 101 global contact centers, utilizing
more than 32 languages and dialects to serve customers in 56
countries including Argentina, Denmark, Panama, Philippines, and
the United Kingdom, among others.

                        *    *    *

Sitel Corp. carries Standard & Poor's Rating Services 'B'
corporate credit rating.


* ARGENTINA: Selling US$500 Million Dollar Bonds in Local Market
----------------------------------------------------------------
The Argentine government intends to sell US$500 million dollar
bonar bonds, which has 7% interest rate and maturity in 2013, in
the local market to refinance maturing debt, Bloomberg News
reports.  

Analyst Tomas Reynolds at Arpenta Sociedad de Bolsa in Buenos
Aires disclosed to Bloomberg that Argentina's borrowing cost may
fall in the range of 7.7% to 7.9%.  Mr. Reynolds adds that this
shows a rise in bond prices since the last sale in November.  
The Argentine government has already sold US$1 billion of the
bonds in September and November with 8.4% and 8.03% yields,
respectively.

"The government is taking advantage of a very friendly debt
market for emerging markets to get financing for the maturing
debt of this year," Camilo Tiscornia, an economist at
Castiglione, Tiscornia & Asociados research-company, told
Bloomberg.  "The ministry is seeking to avoid borrowing before
the presidential elections in October, when uncertainty usually
rises."

According to JPMorgan Chase & Co., Argentina's dollar bond yield
spread over US Treasuries fell to 1.91 percentage points from
5.04 points on Dec. 30, 2005, Bloomberg relates.  This happened
six months after a completed restructuring of the government's
US$95 billion bonds, which defaulted in 2001.

Mr. Castiglione projects that for this year, budget surplus may
fall to 1.8% GDP from 2% last year, which he says is due to the
government's expanded economy in the fourth consecutive year due
to raised exports and higher industrial production, Bloomberg
says.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

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


* ARGENTINA: IDB Grants US$2MM to Fund Infrastructure Projects
--------------------------------------------------------------
The Inter-American Development Bank approved the financing for
more than US$2 million from the IDB's Infrastructure Fund or
InfraFund for initiatives in Argentina, Colombia and Panama.

The InfraFund targets critical infrastructure needs in Latin
America and the Caribbean by helping private, public and mixed-
capital organizations in the region to identify, develop and
prepare sustainable infrastructure projects with the goal of
reaching financial closing.

Financing was approved for these projects:

Colombia -- US$1.5 million to prepare an environmental
management plan for the Bogota River Basin

This technical cooperation will partially finance the
preparation of a multiphase program to contribute to the
decontamination of the Bogot  River Basin in Colombia-home to
more than 8 million people.  This includes the design of a
strategy for pollution management at the basin level and the
improvement of the provision of drinking water services and
collection and treatment of wastewater in over 40
municipalities.  The project will help improve the quality of
life of the population and increase the reuse of wastewater for
irrigation purposes, thus strengthening the regional economy.

Argentina -- US$300,000 for solid waste management and disposal
in tourist municipalities.

Small towns next to national parks lack the institutional
capacity to deal with the large volumes of waste generated by
park visitors.  This operation will finance the preparation of
strategies for waste management in several tourist
municipalities, including the evaluation of private sector
participation opportunities to improve the efficiency and
efficacy of the services. The project is designed to help small
and medium-sized municipalities with limited experience in this
type of endeavor.  This technical cooperation will finance the
hiring of consultant services to develop seven potential solid
waste projects.

Panama -- US$289,880 to support the development of an 80MW
private wind project to harness alternative renewable energy

InfraFund resources will fund studies related to environmental
impact, market, registration under the Clean Development
Mechanism, financial model development and legal permitting in
support of the development of a wind power project located in
northwestern Panama that will be interconnected to the national
transmission system.  The Santa Fe Wind Project, located in an
area with one of the highest wind resource potentials in Panama,
will be the first wind energy project in the country.

The recently created InfraFund approved its first operation in
December 2006 with a US$1 million financing towards the creation
of the Brazilian Public-Private Partnerships Development
Facility.  The US$3.9 million facility, which will be co-funded
by Brazil's Banco Nacional de Desenvolvimento Economico e Social
and the World Bank's International Finance Corporation will
promote the development of concessions and public-private
partnership projects by financing consulting services and
studies necessary to fully develop them.

To-date, financing approved for infrastructure project
preparation by the recently created InfraFund totals US$3.5
million.

The Inter-American Development Bank is the main source of
multilateral financing for economic, social and institutional
development projects as well as trade and regional integration
programs in Latin America and the Caribbean.  The IDB intends to
direct US$12 billion towards infrastructure projects in the
region during the next five years.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

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




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


AFFYMETRIX TECHNOLOGY: Final General Meeting Is on Feb. 24
----------------------------------------------------------
Affymetrix Technology Ltd.'s final general meeting will be at
9:30 a.m. on Feb. 24, 2007, or as soon as possible, at the
liquidator's place of business.

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

The liquidator can be reached at:

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


FOCUS ENHANCED: Last Day to File Proofs of Claim Is on Feb. 2
-------------------------------------------------------------
Focus Enhanced Arbitrage Fund, Ltd.'s creditors are given until
Feb. 2, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Focus Enhanced's shareholders agreed on Jan. 16, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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


FOSTER WHEELER: Unit Secures Steam Generator Pact from Longview
---------------------------------------------------------------
Foster Wheeler Ltd. disclosed that a subsidiary within its
Global Power Group has been awarded a contract from Longview
Power, LLC for the design and supply of a supercritical once
through pulverized coal steam generator.  The generator is for
Longview's coal-fired generating facility located in Monongalia
County, West Virginia.  Longview is a 100 percent-owned
subsidiary of GenPower Holdings, L.P., which is jointly owned by
GenPower, LLC and First Reserve Corporation.  The Longview plant
will be one of the largest private investments in the history of
West Virginia.

Foster Wheeler has received an immediate limited notice to
proceed.  The value of this limited notice to proceed, which
will be included in Foster Wheeler's first-quarter 2007
bookings, was not disclosed.  The total contract, which is
valued at approximately US$200 million, calls for Foster Wheeler
to provide Longview with a 695 (net) megawatt electric state-of-
the-art PC steam generator utilizing Siemens advanced BENSON
vertical tube supercritical steam technology.  The steam
generator will fire local bituminous coal from the adjacent
MEPCO coal mine and provide steam to a single supercritical
reheat turbine.  The advanced supercritical steam technology
will produce electricity very efficiently making this plant one
of the cleanest solid fuel plants in the nation.  Construction
of the boiler is expected to begin in the spring of 2007, with
commercial operation of the plant scheduled for the spring of
2011.

"We are pleased to accept this strategic award. This new power
plant represents a win for U.S. energy security, the environment
and the West Virginia economy while underscoring our client's
confidence in this advanced, clean, fuel-efficient steam
generator technology," said Gary Nedelka, chief executive
officer of Foster Wheeler North America Corp. "This is another
example of Foster Wheeler's commitment to supply cost-effective
twenty-first century solutions to support our clients in the
power industries."

"We are very excited to commence construction of the Longview
plant in West Virginia," said Bob Place, CEO of GenPower
Holdings.  "Longview will be a state-of-the-art facility
producing approximately 700 MW of clean, coal-fired energy to
the region.  In addition, construction and operation of the
facility will provide highly skilled employment opportunities to
West Virginia and Monongalia County in particular."

Headquartered in Hamilton, Bermuda, Foster Wheeler Ltd. --
http://www.fwc.com/-- offers a broad range of engineering,
procurement, construction, manufacturing, project development
and management, research and plant operation services.  Foster
Wheeler serves the refining, upstream oil and gas, LNG and gas-
to-liquids, petrochemical, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the Clinton, New Jersey-based
engineering and construction company.  The company had about
US$217 million of total debt at Sept. 29, 2006.


GORTHON INTERNATIONAL: Proofs of Claim Must be Filed by Feb. 2
--------------------------------------------------------------
Gorthon International Shipping Ltd.'s creditors are given until
Feb. 2, 2007, to prove their claims to Gemma A. Morrison, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Gorthon International's shareholders agreed on Jan. 15, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Gemma A. Morrison
         Cox Hallett Wilkinson, Milner House
         18 Parliament Street
         Hamilton, Bermuda


MSD WARWICK: Proofs of Claim Filing Deadline Is on Feb. 2
---------------------------------------------------------
MSD Warwick (Manufacturing) Ltd.'s creditors are given until
Feb. 2, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

MSD Warwick's shareholders agreed on Jan. 16, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


NAVIGATOR OFFSHORE: Liquidator Asks Winding-Up Stay for Company
---------------------------------------------------------------
Nicholas J. Hoskins, Navigator Offshore Enhanced, Ltd.'s
liquidator, has sent notice of his intention to stay the
winding-up of the company, effective Feb. 9, 2007, under Section
230 of the Companies Act 1981.

The members who consider that Navigator Offshore should continue
in existence for the benefit of the company's creditors and
members made the winding-up stay request.

The liquidator can be reached at:

          Nicholas J. Hoskins
          Hall & Associates
          Emporium Bldg, 4th Floor
          P.O. Box Hm 1477
          69 Front St
          Hamilton, Bermuda
          Tel: (809) 295-2454
          Fax: (809) 296-0809


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

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

The liquidator can be reached at:

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


PXRE GROUP: Fitch Withdraws Ratings on Lack of Market Interest
--------------------------------------------------------------
Fitch Ratings has withdrawn the ratings of PXRE Group Ltd. due
to a lack of market interest.  Fitch will no longer provide
rating coverage of PXRE.  Fitch has withdrawn these ratings:

   PXRE Group Ltd.

   -- Issuer Default Rating 'BB'.

   PXRE Capital Trust I

   -- US$100 million trust preferred securities 8.85% due
      Feb. 1, 2027, 'B+'.

   PXRE Reinsurance Company
   PXRE Reinsurance Ltd.

   -- IFS 'BB+'.


SHIP FINANCE: Sells Suezmax Tankers to Frontline for US$183.7MM
---------------------------------------------------------------
Ship Finance International Ltd. has agreed to sell five vessels
to Frontline Ltd. in connection with Frontline's proposed spin-
off of Sealift Ltd., a dedicated heavy-lift company.

The vessels are the single hull suezmax tankers Front Comor,
Front Granite, Front Target and Front Traveller, in addition to
Front Sunda, which is currently under conversion to a heavy-lift
vessel.  Delivery to the Buyer is expected to take place during
the first quarter of 2007.

The gross sales price for the five vessels is US$183.7 million,
and Ship Finance will receive a net amount of around US$121
million after compensation of around US$62 million to Frontline
for the termination of the charters.  There are currently
US$14.2 million in aggregate loans outstanding against the five
vessels, and the net cash effect to Ship Finance is estimated to
be around US$107 million.

Following these sales, Ship Finance will only have 11 single
hull vessels remaining in the fleet, including three vessels
with double sides.  This is significantly less than the 18
single hull vessels owned only three months ago. Of the
remaining crude oil tankers without double hull, Frontline has,
as charterer, secured profitable sub-charters for seven of the
vessels, and only four of the vessels are traded in the spot
market.

The reduction of the single hull tanker exposure is in line with
the Company's strategy of focusing on modern assets in various
shipping and offshore market segments.  The cash proceeds from
the sales is intended to be re-invested as equity contribution
in new projects, and the management of Ship Finance estimates
that the combination of sales proceeds, expected profit share
from Frontline for the year 2006, undrawn amounts under our
credit lines and available cash on our balance sheet may
facilitate additional investments in excess of US$1 billion.

Including new buildings and recently announced acquisitions and
sales, the Company's fleet will consist of 55 vessels,
essentially all on medium to long-term charters.

                     About Ship Finance

Headquartered in Bermuda, Ship Finance International Ltd. --
http://www.shipfinance.org/-- through its subsidiaries engages  
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.  It is also involved in
the charter, purchase and sale of vessels.

                          *     *     *

As reported on Dec. 7, 2006, Standard & Poor's Ratings Services
raised its long-term corporate credit rating on Bermuda-based
Ship Finance International Ltd., a ship-owning company tied to
Frontline Ltd., to 'BB' from 'BB-'.  S&P says the outlook is
stable.

At the same time, S&P raised its senior unsecured debt rating on
Ship Finance's US$580-million bonds to 'B+' from 'B'.

As reported on Nov. 16, 2006, Moody's Investors Service affirmed
Ship Finance International Ltd.'s ratings, including the Ba3
Corporate Family Rating, the Ba2 Senior Secured Bank Credit
Facilities and the B1 Senior Unsecured Notes rating.  Moody's
said the ratings outlook remains stable.


REFCO INC: Files December 2006 Monthly Operating Report
-------------------------------------------------------
Refco Inc. and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York a
statement of their cash receipts and disbursements for the
period from Dec. 1 to 31, 2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,957,687,000 cash balance at the start of the
reporting period.  Refco received US$520,999,000 and disbursed
US$1,809,093,000 in cash.  Refco's ending cash balance totals
US$669,594,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed around US$2,200,000.

Mr. James discloses that Refco paid US$504,000 in gross wages,
of which US$187,000 was paid on behalf of and reimbursed by the
Non-Debtors and Refco LLC.  Refco also withheld US$154,000 in
employee payroll taxes of which US$10,000 was remitted to a
third party vendor.

Mr. James states that Refco has received tax notices from the
IRS and other state taxing authorities in the aggregate amount
of US$137,000.  The notices are currently under investigation by
RJM, LLC, Refco's duly appointed Chapter 11 Plan Administrator.

Refco paid US$40,327,000 for professional fees for December, and
US$145,338,000 since the Petition Date.
    
Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

Refco prepared its Monthly Report in lieu of comprehensive
financial statements.

A full-text copy of Refco's December 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?18fe  

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).




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


* BOLIVIA: Gov't Names Manuel Olivera as New State-Oil Firm Head
----------------------------------------------------------------
The Bolivian government has named Manuel Morales Olivera as the
new president of state-owned oil firm, Yacimiento Petroliferos
Fiscales Bolivianos.

Mr. Olivera, one of President Evo Morales' closest associates
but not his relative, is deemed unqualified by opposition
leaders, the Associated Press reports.  He will take the place
of Juan Carlos Ortiz who resigned from his post after
disagreements with the current administration on how to run the
oil company, AP relates.

According to Business News Americas, Mr. Ortiz said his vision
for Yacimientos Petroleros had not been entirely understood and
he's getting personal attacks from anonymous sectors.  He spent
less than a year as the state-oil firm's president, replacing
Jorge Alvarado who resigned amidst illegal oil trading
allegations.

According to a 2005 YPFB statute, the firm's president should be
a professional in the field and have worked 10 years in
leadership positions in important companies, half of them in the
energy sector.  Mr. Olivera doesn't meet any of the statute's
definition.  He was formerly running a family-printing firm and
became President Morales' chief adviser a year ago.  

Despite the opposition to Mr. Olivera's appointment, the
Bolivian leader went ahead and named him president of
Yacimientos Petroliferos.

Among the newly-appointed president's duties are:

   i) negotiating gas prices with Brazil and
      calling fresh bids for gas supply
      contracts to Argentina; and

  ii) finishing the state's takeover of four oil
      companies that were partially privatized
      in the 1990s.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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


* BOLIVIA: State Firm Inks 19 Contracts for Nation's Gas Supply
---------------------------------------------------------------
Bolivian state-run oil firm Yacimientos Petroliferos Fiscales
Bolivianos has signed 19 contracts to supply gas to the domestic
market, Business News Americas reports.

BNamericas relates that Yacimientos Petroliferos awarded the
contracts to:

          -- Pluspetrol,
          -- Vintage,
          -- Dong Won Corp., and
          -- Chaco.

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Yacimientos Petroliferos signed contracts for the
supply of natural gas to Argentina with the same four firms.  
Yacimientos Petroliferos will launch at least one more call for
bids.  

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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


* BOLIVIA: Strikers Want More State Control Over Foreign Firms
--------------------------------------------------------------
Protesters in Camiri have demanded for more state control over
oil and gas firms, saying that nationalization has not gone far
enough, BBC News reports.

According to BBC News, the strikers blocked the only road that
connects Bolivia with Argentina and Paraguay, which could
disrupt fuel deliveries to Santa Cruz.

BBC News relates that the protesters were against President Evo
Morales' decision to renegotiate deals with foreign oil
companies, instead of taking back control of the operations.  
The new contracts with the firms will come into effect this
week.

The strikers told BBC News that they will not stop until state-
run Yacimientos Petroliferos Fiscales Bolivianos is
restructured.

                        *    *    *

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
===========


ARVINMERITOR INC: Earns US$7 Million in First Qtr. Ended Dec. 31
----------------------------------------------------------------
ArvinMeritor Inc. reported financial results for its first
fiscal quarter ended Dec. 31, 2006.  Highlights include:

   -- Sales from continuing operations of US$2.3 billion, up 12%
      from the same period last year.

   -- Income from continuing operations, before special items,
      was US$11 million compared to US$12 million in the same
      period last year.

   -- Net income on a GAAP basis was US$7 million compared to
      US$34 million last year.

   -- Full-year EPS outlook for continuing operations, before
      special items, of US$1.15 to US$1.25, as previously
      forecasted.

Chip McClure, Chairman, CEO and President said, "We are
operating in a difficult environment in the passenger car,
light-duty truck, and commercial vehicle segments.  In an effort
to address the ongoing challenges, and create value for our
shareowners, we are making good progress and are on track with
our recently announced initiative, Performance Plus.  By
proactively taking control of our future through this global
transformational initiative, while at the same time maintaining
focus on improving our operational and financial performance, we
will emerge a stronger, more dynamic global organization."

              First-Quarter Fiscal Year 2007 Results

For the first quarter of fiscal year 2007, ArvinMeritor posted
sales from continuing operations of US$2.3 billion, a 12%
increase from the same period last year.  The impact of foreign
currency translation and strong sales in Commercial Vehicle
Systems in North America and Europe were partially offset by a
decrease in domestic original equipment manufacturers light
vehicle production and a strike at a customer's facility in
Brussels, Belgium, which temporarily shut down an ArvinMeritor
door module facility.

EBITDA, before special items, was US$86 million, down US$2
million from the same period last year.  This decrease is
partially due to higher than anticipated costs associated with
the simultaneous launch of a new axle product line and a new ERP
system in Europe.

Income from continuing operations was US$11 million compared to
US$28 million a year ago.  This decrease reflects a one-time,
pre-tax gain of US$23 million in the first fiscal quarter of
2006 from the sale of the CVS off-highway brake assets.  Net
income was US$7 million compared to US$34 million last year, a
decrease of US$27 million.

                           Outlook

The company reduced its fiscal year 2007 forecast for light
vehicle production to 15.3 million vehicles in North America,
down from 15.8 million forecasted last quarter.  The company's
forecast for Western Europe is unchanged at 16.1 million
vehicles.

ArvinMeritor's forecast for North American Class 8 truck
production is 235,000 units in fiscal year 2007 (200,000 for the
2007 calendar year), unchanged from our prior forecast.  The
company's fiscal year 2007 forecast for heavy and medium truck
volumes in Western Europe is 475,000 units, up from the previous
forecast of 419,000 units.

The company anticipates sales from continuing operations in
fiscal year 2007 in the range of US$8.9 to US$9.1 billion, and
the outlook for full-year diluted earnings per share from
continuing operations to be in the range of US$1.15 to US$1.25.  
Cash flow guidance for fiscal year 2007 is US$75 million to
US$125 million, as previously forecast.  This guidance excludes
gains or losses on divestitures, restructuring costs, and other
special items, including potential extended customer shutdowns
or production interruptions.

"We are focused on redefining ArvinMeritor by creating a culture
of operational, commercial and individual excellence," said Mr.
McClure.  "Our vision is to be a global systems provider focused
on our target markets, deliver strong financial performance and
drive even greater value for our shareowners, employees and
customers."

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier US$8.8 billion  
global supplier of a broad range of integrated systems, modules
and components to the motor vehicle industry.  The company
serves light vehicle, commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets.
ArvinMeritor employs approximately 29,000 people at more than
120 manufacturing facilities in 25 countries.  It maintains 23
facilities in Venezuela, Brazil and Argentina.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 26, 2007,
Standard & Poor's Ratings Services lowered its ratings on
automotive components supplier ArvinMeritor Inc., including its
long-term corporate credit rating to 'BB-' from 'BB'.

In addition, Standard & Poor's removed the ratings from
CreditWatch, where they had been placed on Sept. 26, 2006, with
negative implications.  The 'B-1' short-term corporate credit
rating on the Troy, Michigan-based company was affirmed.


BANCO DO NORDESTE: Grants BRL247-Million Financing to Vivo
----------------------------------------------------------
Banco do Nordeste do Brasil SA has given BRL247 million in
financing to mobile operator Vivo to update the latter's
technology in Bahia, Sergipe and Maranhao, Agencia Estado
reports.

Vivo is a joint venture between Telefonica and Portugal Telecom.

Business News Americas relates that Vivo's management ratified
the loan on Jan. 10.  The loan is effective from Jan. 10, 2007,
and must be repaid by January 2015.

According to BNamericas, Vivo's subscribers totaled just over 29
million subscribers at the end of 2006, compared with 29.8
million at the end of 2005.

Meanwhile, Banco do Nordeste's total banking assets at the end
of September 2006 was BRL12.3 billion, BNamericas says, citing
the central bank.

Headquartered in Ceara, Brazil, Banco do Nordeste do Brasil SA
-- http://www.banconordeste.gov.br-- is a public regional bank  
offering regular banking services, as well as serving as the
executor of Federal and State public policies and plans.  The
bank's focus is on the Northeast of Brazil.  Its regular
financial services include investment options like savings
accounts and certificates of deposit, as well as checking
accounts, life and car insurance and bill collecting services.  
As an executor, the bank provides capital management for
regional infrastructure projects, small business incentive
plans, export credits, technological innovation, tourism
projects and general development plans with socioeconomic
impact.  The bank is present in 180 cities in Brazil including
the northeast regions and Minas Gerais and Espirito Santo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nordeste SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating

      * to BB/Positive/B from  BB/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/-- from brAA+/Stable/--


BENQ CORP: Bacoc Fails to Submit Bid for Bankrupt Mobile Unit
-------------------------------------------------------------
Bacoc, the German laptop computer company, failed to submit an
offer for BenQ Mobile GmbH & Co. OHG, the bankrupt German unit
of Taiwan-based BenQ Corp., after creditors rejected bids by two
potential buyers earlier in the month, John Blau of IDG News
Service reports.

Bacoc has been rumored to acquire BenQ's bankrupt mobile unit,
eyeing a two-third reduction of the company's work force and
planning to retain the firm's facility in Kamp-Lintfort in North
Rhine-Westphalia and close down the central office in Munich.  
According to Germany's Handelsblatt newspaper, Bacoc plans to
expand its product range to include mobile phones, targeting
sales of 4.5 million units in 2007.

A spokesperson for insolvency administrator Martin Prager said
creditors have yet to reach an agreement on a possible rescue
plan, although talks with interested bidders still continue.

Investor group SF Capital Partners, led by Hansjoerg Beha, a
former Daimler-Benz executive, pulled out of the bidding race
last week, with sources speculating that the group could not
raise the required funding needed for the acquisition, Mobile
Today reports.

As reported in the Troubled Company Reporter-Europe on Jan. 25,
Sentex Sensing Technology Inc. submitted a EUR52 million bid for
BenQ Mobile's assets.  Henrik Rubenstein, Sentex's chief
executive officer, told Dow Jones Newswires that the bid is
based on an earn-out model, which would base payments on BenQ
Mobile's financial success in the future.  He added that the
company had secured a "three-digit million euro sum" of working
capital financing.

"We are not too optimistic but we will see what happens by the
end of the month," Regine Petzsch, spokeswoman for
administrators Pluta Rechtsanwalts GmbH told Mobile Today.  "We
do not think that Sentex's interest is to be taken too
seriously.  No one is able to take on the risks so there is not
much hope for the business."

Creditors have not set a deadline to end sale talks with
interested parties.  However, Mr. Prager's spokesman said, the
sooner a rescue plan is found, the better, IDG News Service
relates.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

More than 3,000 manufacturing workers have been affected in the
company's insolvency proceedings after it disclosed of plans to
reduce two-thirds of its work force.  The mobile unit took over
a factory in Kamp Lintfort in western Germany from Siemens,
which cost Siemens more than US$1 billion.  Under the agreement,
BenQ will have the right to use the Siemens brand for five
years.  Siemens owns a 2.5 percent stake in BenQ Corp.  It has
operations in Brazil.

                        *     *     *

As reported on Dec. 5, 2006, Taiwan Ratings Corp. assigned its
long-term twBB+ and short-term twB corporate credit ratings to
BenQ Corp.  The outlook on the long-term rating is negative.  At
the same time, Taiwan Ratings assigned its twBB+ issue rating to
BenQ's existing NTUS$7.05 billion unsecured corporate bonds due
in 2008, 2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BRASIL TELECOM: Posts BRL4B Gross Revenues in 4th Quarter 2006
--------------------------------------------------------------
Brasil Telecom Participacoes S.A.'s EBITDA amounted to BRL947.1
million in 4Q06, 4.3% higher than 3Q06.  Consolidated EBITDA
margin in 4Q06 reached 34.6%.  In 2006, the EBITDA totaled
BRL3,493.9 million, corresponding to an EBITDA margin of 33.9%,
against 26.7% in 2005.  This result was impacted by growth in
revenue, mainly in data and mobile segments, and by the
reduction in operating costs and expenses in 2006.

Consolidated net revenue amounted to BRL2.741 billion in 4Q06, a
4.3% increase in comparison with 3Q06.  In 2006, Brasil
Telecom's net revenue amounted to BRL10.296 billion, a 1.6%
growth when compared with 2005.

During 4Q06, Brasil Telecom added 65.3 thousand ADSL accesses to
its plant, amounting to 1.317 million accesses, an increase of
5.2% and 30.0% in comparison with 3Q06 and 4Q05, respectively.  
By the end of 2006, ADSL accesses represented 15.7% of Brasil
Telecom's lines in service, against 10.6% in 2005.  The company
also registered growth in data transmission services for the
corporate market.

In 2006, Internet Group, Brasil Telecom's internet services
division, reached 1.073 million broadband customers in Brazil, a
46.3% growth in comparison with 2005.

In 4Q06, Brasil Telecom's gross revenue from data communications
totaled BRL649.7 million in 4Q06, a 5.4% increase as compared
with the previous quarter.  ADSL revenues amounted to BRL288.9
million, representing 44.5% of total data communications
revenues.  In 2006, gross revenue from data communications
reached BRL2.366 billion, a 23.0% growth in comparison with
2005.

BrT Mobile reached 3,376.8 thousand mobile accesses in December,
corresponding to net additions of 325.8 thousand accesses in the
fourth quarter and 1.163 million accesses in the year.  The 3.3
million accesses target established for the end of 2006 was
outperformed by 76,800 accesses.  BrT Mobile's market share in
Region II reached 12.1% by the end of 4Q06, 3.4 p.p. above 4Q05.  
Consolidated gross revenue from mobile telephony totaled
BRL459.6 million in 4Q06, an increase of 22.3% in comparison
with 3Q06.  In 2006, these revenues amounted to BRL1.323
billion, 80.7% superior than the BRL732.3 million registered in
2005.

Operating costs and expenses in 4Q06 totaled BRL2.511 billion, a
14.9% reduction in comparison with 4Q05 and 5.3% increase in
comparison with the previous quarter.  In 2006, operating costs
and expenses totaled BRL9.526 billion, a 5.7% decrease in
comparison with 2005.

In 4Q06, Brasil Telecom's CAPEX amounted to BRL477.0 million.  
In 2006, it totaled BRL1.451 billion, against BRL1.978 million
registered in 2005.  BrT's CAPEX as percentage of net revenue
was of 14.1% in 2006, a 5.4 p.p. decrease in comparison with
2005. The company's net debt in 4Q06 amounted to BRL1.311
billion, 32.9% inferior than in 2005.

Net Income in 2006 totaled BRL470.4 million, compared with
BRL29.6 million loss registered in the previous year.

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

                        *    *    *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

   -- 'BB'for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.


BUCKEYE TECH: Earns US$3.8 Million in Quarter Ended Dec. 31
-----------------------------------------------------------
Buckeye Technologies Inc. earned US$3.8 million after tax (10
cents per share) in the quarter ended Dec. 31, 2006.  During the
same quarter of the prior year, the company earned US$1.9
million after tax (5 cents per share) which included US$0.7
million after tax in restructuring expenses associated with last
year's closure of the Glueckstadt, Germany cotton linter pulp
plant.

Net sales in the just completed quarter were US$184.7 million,
2% lower than US$188.3 million achieved in the same quarter of
the prior year. Net sales for the first six months of fiscal
year 2007 were US$376.1 million, 6% higher than net sales of
US$353.7 million for the same period last year.

Buckeye Chairman John B. Crowe commented, "Demand for our
products is strong and we have implemented price increases in
January.  Operational issues early in the October-December
quarter at our Florida wood specialty fibers facility limited
our sales.  With low inventories, our sales are closely matched
to production.  The Florida facility has returned to full
production rates.  Going forward our focus on operational
reliability will help maximize sales."

Mr. Crowe went on to say, "Continued strong cash flow generation
enabled us to reduce debt by US$13 million during the quarter
even with two large semi-annual bond interest payments, our
annual employee retirement plan contribution and our annual
Florida property tax payment."

Headquartered in Memphis, Tennessee, Buckeye Technologies, Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                        *    *    *

As reported in the Troubled Company Reporter on March 9, 2006,
Standard & Poor's Ratings Services revised its outlook on
Buckeye Technologies Inc. to negative from stable.  At the same
time, Standard & Poor's affirmed its ratings, including the
'BB-' corporate credit rating, on the Company.

Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector,
confirmed its B2 Corporate Family Rating for Buckeye
Technologies, Inc.


DURA AUTOMOTIVE: Brunswick Hired as Communications Consultants
--------------------------------------------------------------
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 Brunswick Group LLC as their
corporate communications consultants, effective as of
Oct. 30, 2006.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Brunswick is expected to:

    (a) prepare materials to be distributed to the Debtors'
        employees explaining the impact of the Reorganization
        Cases,

    (b) draft correspondence to creditors, vendors, employees
        and other interested parties regarding the
        Reorganization Cases,

    (c) prepare written guidelines for head office and location
        managers to assist them in addressing employee and
        customer concerns,

    (d) prepare news releases for dissemination to the media for
        distribution,

    (e) interface and coordinate media reports to contain the
        correct facts and the Debtors' perspective as an ongoing
        business,

    (f) assist the Debtors in maintaining their public image as
        a viable business and going concern during the
        Chapter 11 reorganization process,

    (g) assist the Debtors, and develop internal systems, in
        handling inquiries,

    (h) coordinate public relations services with a third party
        making an investment in the Debtors,

    (i) perform other strategic communications consulting
        services as may be required by the Debtors in the
        Reorganization Cases, and

    (j) provide additional public relations services appropriate
        and necessary to the benefit of the Debtors' estates.

The Debtors will pay Brunswick based on the firm's hourly rates:

             Partner             US$700
             Director            US$550
             Associate           US$450
             AD                  US$325
             Exec                US$225

The Debtors will also reimburse Brunswick for its actual and
necessary out-of-pocket expenses.  Production-related
expenditures -- e.g., photography, printing, etc. -- will be
charged to the Debtors at cost.

The Debtors have made prepetition payments totaling US$227,917
to Brunswick in the year preceding the Petition Date.

The payments have been applied to outstanding invoices and on
account of fees and expenses incurred in providing services to
the Debtors in connection with the restructuring activities.

The payments received include:

    (a) US$91,495 for fees and expenses incurred for periods
        before Oct. 13, 2006, and

    (b) US$136,422 on Oct. 24, 2006.

The Debtors do not owe Brunswick any amount for services
performed or expenses incurred prior to the Petition Date and
thus Brunswick is not a prepetition creditor of the Debtors.

Robert Mead, a partner at Brunswick, assured the Court that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, and it does not hold nor
represent any interest adverse to the Debtors or their estates.

                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 Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Judge Carey Okays Ernst & Young as Tax 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 Ernst & Young as tax
advisory and risk advisory services providers, nunc pro tunc to
Oct. 30, 2006.

As reported in the Troubled Company Reporter on Jan. 2, 2007,
the Debtors engaged on May 6, 2005, Ernst & Young to provide
internal audit services, services with respect to compliance
with Section 404 of the Sarbanes-Oxley Act of 2002, and loaned
staff services.

The services of Ernst & Young are necessary to enable the
Debtors to maximize the value of their estates and to reorganize
successfully.

The firm is expected to provide tax advisory services to the
Debtors:

   (1) FIN 48 implementation services, which include assisting
       the Debtors in assessing their current controls and
       processes employed in the financial reporting of
       uncertain tax positions, and in making appropriate
       revisions to meet the requirements under Sarbanes-Oxley
       Section 404 and other financial reports;

   (2) international compliance review services, including a
       review of information to be filed with the U.S. Internal
       Revenue Service and all related calculations the Debtors
       have identified as material, or that may need managerial  
       review; and

   (3) routine on-call tax advisory services.

The risk advisory services the firm will provide are:

   (a) internal audit reaming services, including risk
       assessment, audit plan and execution;

   (b) business risk services ongoing assistance related to
       Section 404 of the Sarbanes-Oxley Act of 2002, including
       the preparation of the Debtors' documentation, testing
       and evaluation of internal controls over financial
       reporting for their significant accounts and processes;

   (c) tax risk advisory services ongoing assistance related to
       Section 404 of the Sarbanes-Oxley Act of 2002, including
       assistance to management in the preparation of its
       documentation, testing, and evaluation of internal
       controls over financial reporting for the Company's state
       and federal tax income tax provision;

   (d) loan staff discrete projects in conjunction with share
       service center projects including designing a centralized
       check disbursement process and the creation of a cash
       disbursements journal on a "loaned staff" basis; and

   (e) technology and security risk services and information
       technology services, including assisting Dura Internal
       Audit with testing IT general and application controls in
       both the North American and European regions.

Ernst & Young will coordinate any services performed at the
Debtors' request with the Debtors' other professionals to avoid
duplication of effort.

The Debtors will pay Ernst & Young based on its standard hourly
rates:
                                                   Loaned Staff
   Level             BRS     TSRS/IT       Tax       Services
   -----             ---     -------       ---       --------
   Partner        US$340     US$359     US$595          N/A
   Senior Manager    242        328        464          N/A
   Manager           196        291        323       US$196
   Senior            132        223        226          132
   Staff             113        162        226          113

The Debtors requested a single "global" retention, whereby the
vast international resources of Ernst & Young could be brought
to meet the Debtors' needs, including non-Debtor foreign
affiliates, while maintaining clarity that all duties are owed
to the Debtors.  

The Engagement Letter provides that in rendering services to the
Debtors, the firm may subcontract a portion of the services to
certain other Ernst & Young affiliates, including other member
firms of Ernst & Young Global Ltd. or its affiliates.

Ernst & Young intends to pay EYGL member firms directly for
their services and apply for reimbursement by the Debtors of any
payments made any Ernst & Young to the EYGL Member Firms.  

The Debtors will indemnify Ernst & Young for any claim arising
from, related to or in connection with its performance of
services to the Debtors.  The Debtors will have no obligation to
indemnify any person, or provide contribution or reimbursement
for any claim or expense arising from gross negligence or
willful misconduct.

Randall J. Miller, the coordinating principal for Ernst & Young,
assured the Court that the firm is a disinterested person, as
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 Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Judge Carey Approves CFO Employment Agreement
--------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware approves the Debtors' employment
agreement dated Dec. 20, 2006, with David L. Harbert, as chief
financial officer of Dura Automotive Systems Inc., and a related
service agreement with Mr. Harbert's firm, Tatum, LLC, for
payment of a placement fee and the provision of certain
resources and support in connection with Mr. Harbert's
employment.

Judge Carey, however, did not approve the indemnification
provisions stated in the Employment Agreement.

Judge Carey rules that Mr. Harbert will be entitled to receive
indemnification from the Debtors to the extent and in a manner
as the Debtors' other current officers and directors.

Judge Carey did not approve the early termination fee and states
that it should not be paid unless approved by a separate Court
order.

Every payment and distribution obligation of the Debtors under
the Employment Agreement and Tatum Agreement will be treated as
an administrative expense pursuant to Section 503(b)(1)(A) of
the Bankruptcy Code, Judge Carey says.

The terms of the agreement, as published in the Troubled Company
Reporter on Jan. 15, 2007, are:

   (a) The Employment Agreement will be deemed effective as of
       Dec. 9, 2006;

   (b) As chief financial officer, Mr. Harbert will:

         * perform all duties as are consistent therewith as the
           Chief Executive Officer or the Board of Directors
           will designate;

         * report directly to Dura's chief executive officer;

         * devote his full time and attention and expend his
           best efforts, energies and skills on behalf of Dura
           in the performance of his duties and
           responsibilities;

   (c) Dura will pay Mr. Harbert US$43,200 a month payable in
       accordance with the Company's normal payroll periods and
       procedures, but no less frequently than on a semi-monthly
       basis.  Dura, in its sole discretion, may increase
       Mr. Harbert's salary.

       Dura will pay Mr. Harbert an early termination fee should
       it elect to terminate the Employment Agreement within 90
       days of the Beginning Date.  Dura will pay Mr. Harbert in
       an amount such that the total of Salary and Early
       Termination Fee paid is equal to US$2,250 per day worked
       by Mr. Harbert from the Beginning Date to the date of
       termination of the agreement;

   (d) During the course of Mr. Harbert's employment, he will
       remain a partner at Tatum.  Mr. Harbert will share with
       Tatum a portion of his economic interest in any stock
       options or equity bonus that Dura may, in its discretion,
       grant him.  He may also share with Tatum a portion of any
       cash bonus and severance the Company may, in its
       discretion, pay him, to the extent specified in that
       certain Interim Engagement Resources Agreement between
       Dura and Tatum.

       Dura will promptly reimburse Mr. Harbert directly for
       reasonable travel and out-of-pocket business expenses in
       accordance with Dura's expense reimbursement policies and
       procedures and a per diem of US$50.00;

   (e) Mr. Harbert will be eligible for:

         * any 401(k) plan offered to Dura's senior management
           in accordance with the terms and conditions of that
           401(k) plan;

         * holidays consistent with Dura's policy as it applies
           to senior management; and

         * vacation accrued at 1.67 days per month.

       Mr. Harbert be exempt from any waiting periods required
       for eligibility under any benefit plan of Dura, other
       than a qualified retirement plan or if that exemption
       would otherwise cause impermissible discrimination under
       the income tax laws applicable to employee benefit plans;

   (f) Mr. Harbert must receive written evidence that Dura
       maintains directors' and officers' insurance to cover him
       in an amount comparable to that provided to senior
       management of the Company at no additional cost.  Dura
       will maintain that insurance at all times while the
       Employment Agreement remains in effect.

       Furthermore, Dura will maintain that insurance coverage
       with respect to occurrences arising during the term of
       the Employment Agreement for at least three years after
       the termination or expiration of the Employment
       Agreement, or will purchase a directors' and officers'
       extended reporting period, or "tail," policy to cover Mr.
       Harbert.

       Dura has also agreed to indemnify Mr. Harbert for any
       claim arising from, related to or in connection with the
       his performance of the services.

   (g) Dura or Mr. Harbert may terminate the Employment
       Agreement for any reason on at least 30 days' prior
       written notice.  Mr. Harbert will continue to render
       services and to be paid during that 30-day period,
       regardless of who give that notice;

   (h) Mr. Harbert may terminate the agreement immediately if
       Dura has not remained current in its obligations under
       the Employment Agreement or the Tatum Agreement, or if
       Dura engages in, or asks him to engage in or to ignore,
       any illegal or unethical conduct;

   (i) Dura may terminate the Employment Agreement immediately
       for cause; and

   (j) Either party may terminate the agreement in the event the
       Court declines to approve the Employment Agreement on or
       before Jan. 23, 2007.

         Service Agreement with Mr. Harbert's Firm

Dura entered into a related services agreement dated
Dec. 20, 2006, with Tatum for the provision of resources and
support in connection with Mr. Harbert's employment.

The Tatum Agreement is subject to Court approval and will be
deemed effective as of Dec. 9, 2006.

Pursuant to the Tatum Agreement, Dura will pay directly to Tatum
a fee equal to 25% of Mr. Harbert's salary as partial
compensation for resources provided.  In the event Mr. Harbert
will be paid a bonus, Dura will pay Tatum, whether cash or
equity, 25% of the total bonus paid by Dura during the term of
the Tatum Agreement.

Dura will have the opportunity to make Mr. Harbert a full-time
permanent member of Dura management at any time during the term
of the Tatum Agreement entering into another form of agreement.

The Tatum Agreement will terminate immediately upon the earlier
of:

   (a) the effective date of the Termination;
   (b) expiration of Mr. Harbert's employment with Dura; or
   (c) Mr. Harbert ceasing to be a partner of Tatum.

During the 12-month period following termination or expiration
of the Tatum Agreement, other than in connection with another
agreement with the firm, Dura will not employ Mr. Harbert or
engage him as an independent contractor, to render services of
substantially the same nature as those for which Tatum is making
him available pursuant to the Agreement.  The parties agree that
a breach by Dura of this provision would result in the loss to
Tatum of Mr. Harbert's valuable expertise and revenue potential.  
Thus, in the event of breach, Tatum will be entitled to receive
liquidated damages in an amount equal to 45% of Mr. Harbert's
Annualized Compensation.

In the event a court or arbitrator, as applicable, determines
that liquidated damages are not appropriate for the breach,
Tatum will have the right to seek actual damages.  The amount
will be due and payable to Tatum upon written demand to Dura.

The Tatum Agreement defines "annualized compensation" as
Mr. Harbert's most recent annual salary and the maximum amount
of any bonus for which he was eligible with respect to the then
current bonus year.

Also, pursuant to the Tatum Agreement, Dura will provide Tatum
or Mr. Harbert written evidence that it maintains directors' and
officers' insurance covering the Partner as it covers similarly
situated executive employees of the company.

               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).


FLEXTRONICS INT'L: 3rd Quarter 2006 Net Sales Up by US$1.3 Bil.
---------------------------------------------------------------
Flextronics International Ltd. reported financial results for
its third quarter ended Dec. 31, 2006.

Net sales for the third quarter ended Dec. 31, 2006, the company
had high US$5.4 billion, which represents an increase of
US$1.3 billion, or 31%, over the previous quarter.

Excluding intangible amortization, stock-based compensation
expense, restructuring and other charges, net income for the
third quarter ended Dec. 31, 2006, increased 15% to a record
US$136 million compared to US$118 million in the year ago
quarter.

GAAP net income increased 183% to a December quarter record
US$119 million compared to US$42 million in the year ago
quarter.

"Last year we initiated our strategy to accelerate revenue and
profit growth in our core EMS business, which is realizing
success for our company and our customers.  A central part of
this strategy is the organization of our resources around a
market focused approach, which allows us to better serve our
customers," said Mike McNamara, chief executive officer of
Flextronics.  "We are pleased with the results to date."  The
December 2006 quarter included the following noteworthy items:

   -- Revenue reached a record high US$5.4 billion,

   -- Non-GAAP net income reached a record high US$136 million,

   -- Year-over-year revenue increased 31% while non-GAAP
      operating profit increased 29%,

   -- ROIC improved 120 basis points from the year ago quarter
      and is at the highest level in almost six years at 11.5%,
      which approximates the company's cost of capital,

   -- Cash conversion cycle improved 2 days on a sequential
      basis to an industry leading 12 days,

   -- Debt was repaid by US$240 million, resulting in a near
      record low leverage ratio of 20%,

   -- Inventory was reduced by US$79 million sequentially
      despite a sales increase of US$713 million,

   -- Cash flow from operations amounted to US$350 million in
      the quarter, and

   -- Non-GAAP operating expenses were reduced to a record low
      2.4% of sales.

Mr. McNamara concluded by stating, "During this high growth
quarter, we are executing on the controllable aspects of our
business and are extremely pleased with the revenue and profit
growth, along with our continued excellence in working capital
management, improving return on invested capital, balance sheet
strength and cash flow generation."

                          Guidance

For the fourth quarter ending March 31, 2007, revenue is
expected to be approximately US$4.8 billion.  This represents
year-over-year revenue growth of approximately US$1.3 billion,
or approximately 36%, and implies an operating profit growth
rate of approximately 40%.  Management emphasized that there is
a range around the March 2007 quarter guidance as demand trends
and the economy are dynamic.

             2004 Award Plan for New Employees

On Jan. 23, 2007, options to purchase an aggregate of 813,200
ordinary shares were granted from the 2004 Award Plan for New
Employees.  The options have an exercise price of US$11.56
(equal to the closing price of our ordinary shares on the grant
date, as quoted on the NASDAQ Global Select Market), and will
expire 10 years after the date of grant (or upon termination of
employment, if earlier), and generally become exercisable over
four years.  Also on Jan. 23, 2007, 70,000 share bonus awards
were granted from the 2004 Award Plan for New Employees.  The
share bonus awards will vest in five equal annual installments
beginning today and any unvested awards will expire upon
termination of employment.  All options and share bonus awards
were granted to new employees.

               About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(Nasdaq: FLEX) -- http://www.flextronics.com/-- provides  
electronics manufacturing services through a network of
facilities in over30 countries worldwide.  Its global locations
include operations in Brazil and Mexico.

                        *    *    *

Moody's Investors Service assigned a Ba2 rating to Flextronics
International Ltd.'s new US$500 million 6.25% senior
subordinated notes, due 2014.  At the same time, the company was
assigned a liquidity rating of SGL-1, reflecting Flextronics'
significant on-hand liquidity, unfettered access to the sizeable
US$1.1 billion revolver and the expectation for generating
moderately positive free cash flow (pre-Nortel payments) over
the next twelve months.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Flextronics' private offering of US$500 million, senior
subordinated notes due 2014.  The notes were offered under Rule
144A, with registration rights.  Proceeds of the offering will
be used to repay outstanding debt under its revolving credit
facilities and for general corporate purposes.  The company's
'BB+/Stable/--' corporate credit rating was affirmed.


GOL LINHAS: Earns US$43.3 Million in 2006 Fourth Quarter
--------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., reported financial results
for the full year and fourth quarter of 2006.  The following
financial and operating information, unless otherwise indicated,
is presented pursuant to US GAAP and in Brazilian Reais, and
comparisons refer to the fourth quarter of 2005.

Operating and Fiancial Highlights

   -- Net income for the quarter was BRL92.7mm (US$43.3mm),
      representing a 9.2% net margin.

   -- External effects during the quarter (flight cancellations,
      demand de-stimulation and increased no-shows due to air
      traffic operational issues) negatively impacted load
      factors and yields.  The company estimates revenues were
      reduced by approximately BRL150mm and expenses
      increased by BRL41mm.
   
   -- Reported full-year 2006 net income was BRL569.1mm
      (US$266.2mm), representing year-over-year growth of 10.9%,
      on revenues of BRL3.8 billion, representing a net
      margin of 15.0%.

   -- Full-year 2006 earnings per share in BRGAAP were
      BRL3.49 (US$1.63 per ADS. Full-year 2006 net income in
      BRGAAP was BRL684.5mm (US$320.1mm), representing year-
      over-year Growth of 61.2%, and a net margin of 18.0%.

   -- Operating income in 2006 fourth quarter was BRL112.3mm,
      representing an EBIT margin of 11.1%.  Net cash from
      operations was BRL121.6mm.  Cash, cash equivalent and
      short-term investments totaled BRL1,706.3mm, an
      increase of BRL100.1mm over 2006 third quarter.

   -- Operating cost per ASK decreased 11.1% from 16.67 cents in
      2005 fourth quarter to 14.82 cents in 2006 fourth quarter.
      Non-fuel CASK decreased 5.7% to 9.36 cents mainly due to
      lower sales and marketing expenses per ASK and lower
      aircraft rent per ASK.

   -- RPKs increased 43.7% from 2,869mm in 2005 fourth quarter
      to 4,123mm in 2006 fourth quarter.  ASKs increased 56.9%
      from 3,868mm in 2005 fourth quarter to 6,070mm in 2006
      fourth quarter.

   -- GOL's market share of the domestic and international
      regular air transportation at the end of 2006 fourth
      quarter was 37% and 13%.

Headquartered in Sao Paulo, Brazil, Gol Linhas Areas
Inteligentes S.A. (NYSE: GOL; Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, Gol  
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  
The company was founded in 2001.

                        *    *    *

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

On June 14, 2006, Fitch Ratings assigned a rating of 'BB' to GOL
Linhas' outstanding US$200 million 8.75% perpetual bond.  In
addition, Fitch assigned National Scale Rating of 'AA-(bra)'
with Stable Outlook, and Local Currency Issuer Default Rating of
'BB+'- with Stable Outlook.


GOL LINHAS: Board OKs Supplementary Quarterly Dividend Payment
--------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A.'s Board of Directors
approved on Jan. 29, 2007, the payment of quarterly intercalary
dividends to the shareholders, calculated based on the profits
verified on the financial statements, referring to the fourth
quarter of the fiscal year of 2006.

The total amount of the dividends of BRL16,586,859.00,
corresponds to BRL0.08454 per preferred and common share.  All
outstanding shares on Feb. 15, 2007, inclusive, will be entitled
to receive the dividends approved.

The company's shares will be traded on Sao Paulo Stock Exchange
or BOVESPA and New York Stock Exchange or NYSE, "ex" dividends
as of, and including, Feb. 16, 2007.  Dividends will be paid on
March 26, 2007, with no remuneration.

The payment of the dividends referred to above was resolved in
accordance with the company's policy of payment of quarterly
intercalary dividends.

The amount of the quarterly intercalary dividends approved on
Jan.  29, 2007, and the interest on capital related to the
fourth quarter of 2006, approved on Dec. 13, 2006, in the amount
of BRL26,940,453.11, net of withholding income tax, will be
imputed to the mandatory dividends related to the corporate year
of 2006.

The total value of dividends and interest on capital for the
fourth quarter of 2006, net of withholding income tax, is
BRL42,389,014.00, corresponding to BRL0.20125, net of
withholding income tax, and BRL0.22185 for the tax exempt and
immune shareholders.

With the objective of provided greater predictability of
dividend payments to shareholders, the Board approved the
Dividend Policy for 2007.  Without prejudice to the company's
Bylaws, it was approved the distribution of quarterly dividends
in the fixed amount of BRL0.35 per common and preferred share of
the Company during 2007.

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

                        *    *    *

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

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

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

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


METSO OYJ: To Unveil Annual Results on February 7
-------------------------------------------------
Metso Oyj will publish its 2006 financial statements at noon on
Feb. 7, Finnish time.

A news conference will be held on the same date at:

   -- 8:00 a.m. U.S. EST
   -- 1:00 p.m. U.K. time
   -- 2:00 p.m. CET
   -- 3:00 p.m. Finnish time, EET

at the company's headquarters at:

         Metso Oyj
         Corporate Office
         Fabianinkatu 9 A
         Helsinki
         Finland

Conference call participants are requested to call in a few
minutes prior to the start of teleconference in

         U.S.: +1 334 420 4951
         other: +44 (0)20 7162 0125

A replay is available for 48 hours after the conference in:

         U.S.: +1 954 334 0342
               (access code: 681 846)

         other: +44 (0)20 7031 4064
                (access code: 681 846)

                        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.


NOSSA CAIXA: Chief Financial Officer Ruben Sardenberg Resigns  
-------------------------------------------------------------
Banco Nossa Caixa said in a statement that Rubens Sardenberg has
resigned as Chief Financial Officer and investor relations
director.

According to Nossa Caixa's statement, Mr. Sardenberg left the
bank for personal reasons.

Business News Americas relates that Jorge Luiz Avila da Silva,
Nossa Caixa's products director, will take Mr. Sardenberg's
place as interim CFO.

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

                        *    *    *

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

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


PETROLEO BRASILEIRO: Aiming for 855MM-Liter Biodiesel Output
------------------------------------------------------------
Brazilian state oil Petroleo Brasileiro SA wants to have
biodiesel production capacity of 855 million liters in 2011,
news service Agencia Brasil reports.

Business News Americas relates that Petroleo Brasileiro will
construct three new biodiesel plants in the southeast and
northeast regions.  The firm also launched feasibility studies
for new refineries in southern Brazil.

According to BNamericas, Petroleo Brasileiro is one of the main
biodiesel suppliers in the country.  It offers the fuel in over
500 of its 8,500 retail outlets.

Petroleo Brasileiro's power and gas manager Mozart Shmitt de
Queiroz told Agencia Brasil that investment in biodiesel will
continue to be profitable as long as international oil prices
remain high.

Agenci Brasil underscores that Petroleo Brasileiro is ready to
begin this year test production of H-Bio, a vegetable oil diesel
additive, at four of the firm's 11 local plants.

Total investments to process H-Bio are estimated at BRL150
million.  Processing capacity could be as much as 425,000 cubic
meters in 2010, Mr. Shmitt de Queiroz told Agencia Brasil.

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.


PETROLEO BRASILEIRO: Inks Supply Accord with Petropar
-----------------------------------------------------
Brazil's state oil Petroleo Brasileiro SA has signed a contract
with Petropar, its Paraguayan counterpart, to supply up to
300,000 cubic meters of diesel, Business News Americas reports,
citing a Petropar purchase unit official.

BNamericas relates that Petropar awarded to Petroleo Brasileiro
to contracts as the latter had offered US$24.57 per cubic meters
above international prices compared with the current US$15.24
per cubic meters Petropar pays.

According to BNamericas, the contract is aimed at complementing
Venezuelan diesel supply over the next six months.  The
Venezuelan supply covers 70% of Paraguay's diesel consumption.

The official told BNamericas that Petropar signed a contract for
the supply of up to 27,000 cubic meters of regular unleaded
naphtha to Trafigura Beheer.  Petropar also awarded a contract
for the supply of up to 12,000 cubic meters of virgin naphtha to
Vitol.

BNamericas underscores that Petropar will launch another fuel
supply auction around April 2007.

Petropar head Alejandro Takashi said in a statement that the
company is conducting studies into a probable decline in the
fuel price and is due to propose a domestic fuel reduction in
early March.

BNamericas notes that Petropar reported a US$532,000 surplus
last year.

"We think we will close 2007 with a very good financial
perspective," Mr. Takashi told BNamericas.

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.


PETROLEO BRASILEIRO: US Tax Bill May Affect Investment Return
-------------------------------------------------------------
A new US bill that would cut subsidies for oil firms and end
certain tax breaks could affect Brazilian state oil Petroleo
Brasileiro SA's return on the US$1.4 billion it invested in the
United States, published reports say, citing Jose Gabrielli, the
firm's chief executive officer.

Business News Americas relates that the US lower house approved
the bill on Jan. 18.  

Mr. Gabrielli told reporters that Petroleo Brasileiro could face
an investment return that would be lower than expected once the
bill is implemented.  The bill is yet to be approved by the US
congress.

BNamericas underscores that the bill would also affect royalty
and fee payments.  It is designed to provide incentives to
biofuel, renewable energy sources and conservation.

According to BNamericas, Petroleo Brasileiro has interests in
upstream activities in the Gulf of Mexico.  It also purchased a
50% share of a Texas plant in 2006 and planned to boost its
capacity.

Industry observers told the local press that Brazil could
benefit from the US government's removal of surtax on imported
ethanol.

The US government could decrease import duties on biofuels in
two or three years as part of its campaign to lessen dependence
on fossil fuels, BNamericas says, citing US energy secretary
Samuel Bodman.

Brazil's sugarcane-based ethanol industry is more competitive
than the mostly corn-based industry in the US, Mr. Gabrielli
told the press.

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.


* BRAZIL: Venezuela's Nationalization Won't Affect Relations
------------------------------------------------------------
Luiz Fernando Furlan of the Brazilian Ministry for Development,
Industry and Foreign Trade believes Pres. Hugo Chavez' decision
to nationalize Venezuela's power and telecommunications sector
will not have an adverse effect on its developing trade
relations with Brazil, Efe reports.

"I do not see a big issue in the areas of trade and
investments," Mr. Furlan told reporters in Sao Paulo.

Brazil's state-owned firm Petrobras also assured that its
current operations with Petroleos de Venezuela will not be
disturbed by Pres. Chavez' decision, El Universal relates.

El Universal adds that the Brazil-Venezuela relation has
progressed positively and may even be strengthened due to
Venezuela's inclusion to the Mercosur bloc in July 2006.

                        *    *    *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

   -- 'BB'for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *    *    *

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




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


CAMEL INVESTMENTS: Calls Shareholders for Feb. 9 Final Meeting
--------------------------------------------------------------
Camel Investments International Ltd.'s final shareholders
meeting will be on Feb. 9, 2007, at:

          Arraya Center, Office 2808
          28th Floor, Sharq, Kuwait

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Abdullah Almarzouq
          c/o P.O. Box 309, George Town
          Grand Cayman, Cayman Islands


CHIYODA LEASE: Last Day for Proofs of Claim Filing Is on Feb. 9
---------------------------------------------------------------
Chiyoda Lease (Cayman) Ltd.'s creditors are required to submit
proofs of claim by Feb. 9, 2007, to the company's liquidators:

          Thomas Andrew Corkhill
          Lain Ferguson Bruce
          8th Floor, Gloucester Tower
          The Landmark
          15 Queen's Road Central, Hong Kong

Creditors who are not able to comply with the Feb. 9 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Chiyoda Lease's shareholders agreed on Dec. 28, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


FLAMINGO DAZE: Creditors Must File Proofs of Claim by Feb. 9
------------------------------------------------------------
Flamingo Daze, Ltd.'s creditors are required to submit proofs of
claim by Feb. 9, 2007, to the company's liquidators:

          Thomas J. Engibous
          Edwina Engibous
          c/o Campbells, 4th Floor, Scotia Centre
          P.O. Box 884, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Feb. 9 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


HEJAZ INVESTMENTS: Final Shareholders Meeting Is on Feb. 9
----------------------------------------------------------
Hejaz Investments International Ltd.'s final shareholders
meeting will be on Feb. 9, 2007, at:

          Arraya Center, Office 2808
          28th Floor, Sharq, Kuwait

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Abdullah Almarzouq
          c/o P.O. Box 309, George Town
          Grand Cayman, Cayman Islands


MACKO INDONESIA: Shareholders to Gather for Feb. 9 Final Meeting
----------------------------------------------------------------
Macko Indonesia Fund's final shareholders meeting will be at
12:00 p.m. on Feb. 9, 2007, at the company's registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited, Walker House
          87 Mary Street, P.O. Box 908
          Grand Cayman, 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 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

Based 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., http://bankrupt.com/newsstand/or 215/945-7000).


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

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

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

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

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

As reported on Sept. 8, 2006, five creditors and parties-in-
interest filed with the U.S. Court their objections to Dr.
Enrico Bondi's request for a permanent injunction order in
Parmalat's ancillary proceedings.

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

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

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

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

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

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

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

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

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

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

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

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

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

Grant Thornton is a defendant in those actions.

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

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

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

                        About Parmalat

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

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

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

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

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

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

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

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

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


PTF LTD: Deadline for Proofs of Claim Filing Is Set for Feb. 9
--------------------------------------------------------------
PTF Ltd.'s creditors are required to submit proofs of claim by
Feb. 9, 2007, to the company's liquidator:

          Richard L. Finlay
          Conyers Dill & Pearman, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Feb. 9 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

PTF Ltd.'s shareholders agreed on Dec. 4, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Krysten Lumsden
          P.O. Box 2681, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 945 3901
          Fax: (345) 945 3902


RGI LIMITED: Creditors Have Until Feb. 9 to File Proofs of Claim
----------------------------------------------------------------
RGI Limited's creditors are required to submit proofs of claim
by Feb. 9, 2007, to the company's liquidator:

          Edward A. Mammone
          c/o P.O. Box 309
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Feb. 9 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

RGI Limited's shareholders agreed on Dec. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


STOCKLORD INVESTMENTS: Final General Meeting Is on Feb. 9
---------------------------------------------------------
Stocklord Investments Ltd.'s final shareholders meeting will be
on Feb. 9, 2007, at:

          Arraya Center, Office 2808
          28th Floor, Sharq, Kuwait

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Abdullah Almarzouq
          c/o P.O. Box 309, George Town
          Grand Cayman, Cayman Islands


VENTLER COMPANY: Last Day to File Proofs of Claim Is on Feb. 9
--------------------------------------------------------------
Ventler Company Ltd.'s creditors are required to submit proofs
of claim by Feb. 9, 2007, to the company's liquidator:

          Value Director Services Ltd.
          Alexandria Bancorp Limited
          The Grand Pavilion Commercial Centre
          P.O. Box 32343
          Grand Cayman, Cayman Islands
          Tel: (345) 945-1111
          Fax: (345) 945-1122

Creditors who are not able to comply with the Feb. 9 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


VENTORIAN COMPANY: Proofs of Claim Filing Is Until Feb. 9
---------------------------------------------------------
Ventorian Company Ltd.'s creditors are required to submit proofs
of claim by Feb. 9, 2007, to the company's liquidator:

          Value Director Services Ltd.
          Alexandria Bancorp Limited
          The Grand Pavilion Commercial Centre
          P.O. Box 32343
          Grand Cayman, Cayman Islands
          Tel: (345) 945-1111
          Fax: (345) 945-1122

Creditors who are not able to comply with the Feb. 9 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Ventorian Company's shareholders agreed on Nov. 11, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.




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


ARAMARK CORP: Names C.T. Nice as Vice Pres. of Food & Beverage
--------------------------------------------------------------
ARAMARK Corp. disclosed that recognized industry veteran C.T.
Nice has joined its Sports and Entertainment Group as Vice
President of Food and Beverage.

In his role, Mr. Nice will be responsible for developing
programs and strategies that promote ARAMARK's culinary
standards, concessions and premium dining services across Sports
and Entertainment's Stadiums & Arenas, Convention Centers &
Cultural Attractions, and Harrison Lodging lines of business.  
He will report to Frank Sica, Vice President, Client Solutions &
Strategy, ARAMARK Sports and Entertainment.

"C.T. is a proven leader whose expertise will enable us to
further enhance our culinary offerings and leadership within the
food and beverage category," said Mr. Sica.  "Our clients and
customers will benefit from his wealth of industry knowledge as
we continue to deliver on our promise of superior experiences,
environments and outcomes."

With over 25 years of hospitality industry experience, Mr. Nice
is currently the President of Nice Co Management Inc., the
exclusive owner and operator of Wolfgang Puck Gourmet Express
restaurants in Texas. Before this venture, he spent 15 years
with Centerplate in executive leadership positions including
senior vice president of operations and senior vice president of
convention centers.

Prior to his senior executive roles, Mr. Nice held regional vice
president positions and unit management positions that included
the Jacob K. Javits Convention Center in New York and Colorado
Convention Center in Denver.

Mr. Nice is a graduate of the Culinary Institute of America.

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

                        *    *    *

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

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




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


ECOPETROL: US Trade Agency Putting Treasury Money into Firm
-----------------------------------------------------------
The US Trade and Development Agency or USTDA is drawing out
money from the US Treasury and transfer it to Ecopetrol for
Colombian oil pipeline security, Narcosphere reports.

According to Narcosphere, USTDA previously used money from the
treasury to modernize Ecopetrol's Barrancabermeja refinery
complex.  

Narcosphere relates that Ecopetrol is receiving the money
through the Hydrocarbon Pipeline Safety and Security Project
Feasibility Study project at USTDA, which is recruiting US
potential contractors to conduct the initiative.

A presolicitation notice dated Jan. 19, 2006, was discovered
during a routine search of the Federal Business Opportunities or
FedBizOpps contracting database, Narcosphere notes.  

FedBizOpps is the single government point-of-entry for Federal
government procurement opportunities over US$25,000.  Government
buyers are able to publicize their business opportunities by
posting information directly to FedBizOpps and commercial
vendors seeking Federal markets for their products and services
can search, monitor and retrieve opportunities solicited by the
entire Federal contracting community.

Narcosphere says that according to the notice, the alleged goal
of the endeavor is to evaluate the costs and benefits of
improving the safety, security, and integrity of Colombia's
hydrocarbon pipeline system.  The notice stated, "Ecopetrol SA
seeks to improve safety and security and reduce losses of crude
oil and petroleum products in the hydrocarbon pipeline system
through a program of strategic investments."

Narcosphere underscores that Ecopetrol had planned last year to
spend:

    -- US$339 million for exploration initiatives,
    -- US$675 million for production,
    -- US$256 million for petrochemical and refinery operations,
    -- US$66 million for transportation, and
    -- US$69 million for unspecified corporate expenses.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol SA to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


* COLOMBIA: IDB Grants US$2MM to Fund Infrastructure Projects
-------------------------------------------------------------
The Inter-American Development Bank approved the financing for
more than US$2 million from the IDB's Infrastructure Fund or
InfraFund for initiatives in Argentina, Colombia and Panama.

The InfraFund targets critical infrastructure needs in Latin
America and the Caribbean by helping private, public and mixed-
capital organizations in the region to identify, develop and
prepare sustainable infrastructure projects with the goal of
reaching financial closing.

Financing was approved for these projects:

Colombia -- US$1.5 million to prepare an environmental
management plan for the Bogota River Basin

This technical cooperation will partially finance the
preparation of a multiphase program to contribute to the
decontamination of the Bogot  River Basin in Colombia-home to
more than 8 million people.  This includes the design of a
strategy for pollution management at the basin level and the
improvement of the provision of drinking water services and
collection and treatment of wastewater in over 40
municipalities. The project will help improve the quality of
life of the population and increase the reuse of wastewater for
irrigation purposes, thus strengthening the regional economy.

Argentina -- US$300,000 for solid waste management and disposal
in tourist municipalities.

Small towns next to national parks lack the institutional
capacity to deal with the large volumes of waste generated by
park visitors.  This operation will finance the preparation of
strategies for waste management in several tourist
municipalities, including the evaluation of private sector
participation opportunities to improve the efficiency and
efficacy of the services. The project is designed to help small
and medium-sized municipalities with limited experience in this
type of endeavor.  This technical cooperation will finance the
hiring of consultant services to develop seven potential solid
waste projects.

Panama -- US$289,880 to support the development of an 80MW
private wind project to harness alternative renewable energy

InfraFund resources will fund studies related to environmental
impact, market, registration under the Clean Development
Mechanism, financial model development and legal permitting in
support of the development of a wind power project located in
northwestern Panama that will be interconnected to the national
transmission system.  The Santa Fe Wind Project, located in an
area with one of the highest wind resource potentials in Panama,
will be the first wind energy project in the country.

The recently created InfraFund approved its first operation in
December 2006 with a US$1 million financing towards the creation
of the Brazilian Public-Private Partnerships Development
Facility.  The US$3.9 million facility, which will be co-funded
by Brazil's Banco Nacional de Desenvolvimento Economico e Social
and the World Bank's International Finance Corporation will
promote the development of concessions and public-private
partnership projects by financing consulting services and
studies necessary to fully develop them.

To-date, financing approved for infrastructure project
preparation by the recently created InfraFund totals US$3.5
million.

The Inter-American Development Bank is the main source of
multilateral financing for economic, social and institutional
development projects as well as trade and regional integration
programs in Latin America and the Caribbean.  The IDB intends to
direct US$12 billion towards infrastructure projects in the
region during the next five years.

                        *    *    *

On July 25, 2006, Fitch rated the Republic of Colombia's US$1
billion issue of fixed-rate Global Bonds maturing
Jan. 27, 2017, 'BB'.  The rating is in line with Fitch's long-
term foreign currency rating on Colombia.  Fitch said the Rating
Outlook is Positive.




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


ANIXTER INT'L: Net Income Increases to US$52.4MM in 4th Quarter
---------------------------------------------------------------
Anixter International Inc. disclosed financial results for the
quarter and year ended Dec. 29, 2006.

Fourth Quarter Highlights

   -- Sales of US$1.30 billion, including US$23.5 million from
      the acquisitions of IMS Inc. in May 2006 and MFU Holdings
      S.p.A. in October 2006, rose 27% compared to sales of
      US$1.03 billion in the year ago quarter.

   -- Quarterly operating income of US$90.4 million reflected a
      65% increase from the US$54.7 million reported in the
      fourth quarter of 2005.

   -- Net income in the quarter increased 160% to US$52.4
      million from US$20.1 million in last year's fourth
      quarter.  In the current quarter the company recorded net
      income of US$4.2 million primarily related to tax benefits
      associated with its foreign operations.  During last
      year's fourth quarter, the company recorded an incremental
      tax provision of US$7.7 million related to the
      repatriation of accumulated foreign earnings under the
      American Jobs Creation Act.

Robert Grubbs, President and CEO, said, "Strong fourth quarter
results completed a series of record-setting quarters leading to
a record year in terms of sales and earnings.  While solid
underlying conditions in all of the markets we serve enhanced
this performance, it was our consistent execution of our
strategy to expand our product and service offerings that drove
the all-time results.  In 2007, we will continue to focus on
improving our operating performance by consistently providing
customers with the products and services they value in each of
the end markets we serve."

Fourth Quarter Results

For the three-month period ended Dec. 29, 2006, sales of
US$1.30 billion produced net income of US$52.4 million.  
Included in the current year's fourth quarter results were sales
of US$23.5 million from the acquisitions of IMS and MFU in May
and October 2006, respectively.  The current quarter includes
net income of US$4.2 million primarily related to tax benefits
associated with its foreign operations.  Included in the net
income associated with these tax benefits is US$800,000 of
interest expense that is reflected as a part of the other, net
line in the accompanying income statement.

In the prior year period, sales of US$1.03 billion generated net
income of US$20.1 million.  The year ago quarter included an
incremental tax provision of US$7.7 million related to the
repatriation of accumulated foreign earnings under the American
Jobs Creation Act.

Operating income in the fourth quarter increased 65% to US$90.4
million as compared to US$54.7 million in the year ago quarter.  
For the latest quarter, operating margins were 7% as compared to
5.3% in the fourth quarter of 2005.

Twelve-Month Results

For the twelve-month period ended Dec. 29, 2006, sales of
US$4.94 billion produced net income of US$209.3 million.  When
compared to the twelve months of the prior year, 2006 sales were
favorably affected by US$191.2 million related to the
acquisitions of Infast in July 2005, IMS in May 2006 and MFU in
October 2006.

In addition to the previously discussed tax benefits recorded in
this year's fourth quarter associated with the company's foreign
operations, the twelve-month results include US$22.8 million, or
53 cents per diluted share, of income primarily associated with
a refund from the U.S. Internal Revenue Service.  This refund
was the result of the final settlement of income taxes covering
the period of 1996 through 1998.  The interest income portion of
this settlement of US$7.7 million (after-tax impact of US$4.7
million) is reflected on the income statement in the other, net
line.  The remaining portion of the settlement is recorded as an
US$18.1 million reduction to the tax provision.

In the prior year period, sales of US$3.85 billion produced net
income of US$90 million.  The results in 2005 were negatively
affected by the incremental tax provision related to the
repatriation of foreign earnings, as described above.

Operating income for the twelve months of fiscal 2006 increased
78% to US$337.1 million as compared to US$189.4 million in the
year ago period.  Operating margins in the twelve months of 2006
were 6.8% as compared to 4.9% in the prior year period.

                 Fourth Quarter Sales Trends

Commenting on fourth quarter sales trends, Mr. Grubbs said,
"Sales in the fourth quarter grew at a year-over-year organic
rate of 22% after adjusting for the IMS and MFU acquisitions and
the favorable foreign exchange impact of US$25.3 million.  This
growth rate clearly exceeded our target of 8 to 12%, as we again
saw very strong customer demand across a broad mix of our
business."

Mr. Grubbs continued, "The factors driving our organic growth
were consistent with those we have seen the past few quarters.  
In the most recent quarter, we again saw very strong larger
project business, particularly as it relates to data center
builds in the enterprise cabling market and energy and natural
resources customers within the electrical wire & cable market.  
At the same time, we have continued to experience strong growth
in the security and OEM markets.  Lastly, copper prices
continued to contribute to our organic growth in the most recent
quarter.  During the quarter, market-based copper prices
averaged approximately US$3.20 per pound, compared to US$2.03
per pound in the year ago fourth quarter and US$3.54 per pound
in the third quarter of 2006.  We estimate that the higher
copper prices accounted for US$58.4 million of our year-on-year
quarterly increase in sales within the electrical wire & cable
market.  After taking out the estimated impact of copper prices,
the IMS and MFU acquisitions and foreign exchange, however, we
were still able to grow sales by 16% over the prior year fourth
quarter."

"Specifically, in North America we saw year-over-year sales grow
by 23% to US$918.5 million in the most recent quarter.  In
addition to strong end-market demand, North American sales were
up US$4.8 million due to the stronger Canadian dollar,
US$12.5 million from the acquisition of IMS, and higher copper
prices added US$53.6 million," commented Mr. Grubbs.  "In
Europe, we saw sales climb by 38% compared to the year ago
quarter.  Driving this sales growth were positive exchange rate
differences of US$19.9 million, the October 2006 acquisition of
MFU that added US$10.9 million, and higher copper prices that
added US$4.8 million to the electrical wire & cable business
sales.  Without exchange rate differences, acquisitions, and
copper price benefits, sales in Europe still grew organically by
20% compared to the year ago quarter."

"In the emerging markets of Latin America and Asia Pacific, we
saw a 33% increase in year-on-year sales, with a negligible
impact from currency exchange rate. Growth was particularly
strong in Asia Pacific, which rose over 50% year-on-year,"
continued Mr. Grubbs.

             Fourth Quarter Operating Results

"As a result of very strong sales growth, fourth quarter
operating margins were 7% compared to 5.3% in the year ago
period," said Mr. Grubbs.  "In North America, the 23% sales
growth drove better operating leverage, which generated
operating margins of 8.2% compared to 6.5% in the prior year
fourth quarter.  While strong market conditions and market gains
were the primary drivers of the sales growth and improved
profitability, copper prices again played a meaningful part in
the strong fourth quarter operating results.  As noted, copper
prices added an estimated US$53.6 million to North American
electrical wire & cable sales, which added an estimated US$9.2
million to fourth quarter operating income as compared to the
year ago quarter."

Mr. Grubbs added, "In Europe, operating margins in the most
recent quarter were 2.6% as compared to 1.2% in the year ago
quarter.  This significant improvement in operating margins
reflects the cost leverage we derived from strong organic sales
growth.  Operating results in the quarter did benefit marginally
from higher copper prices, which added an estimated US$400,000
to operating income and 10 basis points to operating margins.
At the same time, operating expenses in the current quarter
included US$1.3 million for the relocation and consolidation of
several facilities and a restructuring of certain pension plans.  
We anticipate that additional expenses for relocation and
consolidation of facilities will be incurred in coming quarters
as we rationalize the infrastructure associated with companies
we have acquired in the past few years.  We are encouraged by
our results, but as we noted in the third quarter, maintaining
consistent organic sales growth will remain a challenge."

"Fourth quarter operating margins in the Emerging Markets were
7.2% as compared to 4.5% in the year ago quarter.  Continued
sales growth throughout these markets once again allowed us to
leverage costs and improve operating margins," Mr. added Grubbs.

                    Cash Flow and Leverage

"In the fourth quarter we generated cash from operations of
US$17 million," said Dennis Letham, Senior Vice President-
Finance.  "Despite this positive cash flow from operations our
borrowings in the fourth quarter increased as a result of the
October acquisition of MFU.  Importantly, during 2006 we were
able to fund our increased working capital needs, complete three
acquisitions for total consideration of US$90.5 million all
while improving our debt leverage ratio.  At the end of the
fourth quarter debt-to-total capital was 45.7% down from 47% at
the end of last year."

"For the fourth quarter our weighted average cost of borrowed
capital was 5.4% compared to 5.0% in the year ago quarter.  At
the end of the fourth quarter, 56% of our total borrowings of
US$809.3 million were assigned fixed interest rates, either by
the terms of the borrowing agreements or through hedging
arrangements.  We also had US$140.5 million of available, unused
credit facilities at Dec. 29, 2006.  This provides the resources
and flexibility to support continued strong organic growth and
to pursue other strategic alternatives, such as acquisitions, in
the coming quarters."

                      Business Outlook

Mr. Grubbs concluded, "2006 was a record-setting period of
revenue growth and operating profitability for Anixter.  This
record performance was the result of strong underlying market
fundamentals, solid progress on our strategic initiatives to
build our security and OEM business, additions to our supply
chain service offering, and an expanded product offering and
favorable copper prices.  As we enter 2007, our ability to
continue executing on our strategic initiatives, together with
further progress on the integration of recent acquisitions, will
be the keys to our success."

"The market fundamentals that underlie the positive trends of
the past few quarters appear to remain firmly in place.  The one
exception to this view is with respect to copper prices.  While
we anticipate copper prices will remain above long-term price
trends, we expect that with the exception of the first quarter,
quarterly average prices in 2007 will be below the levels
experienced in 2006.  Despite this copper price expectation, we
believe the market fundamentals and our growth strategies will
once again combine to generate full-year organic sales growth
within our target of 8 to 12%."

Headquartered in Glenview, Illinois, Anixter International
(NYSE: AXE) distributes communication products and electrical
and electronic wire and cable, and distributes fasteners and
other small parts to original equipment manufacturers.  Anixter
has physical presence in 45 countries and has over 5,000,000
square feet of warehouse space.  For its Latin American
operations, it has offices in Mexico, the Dominican Republic,
Costa Rica, Puerto Rico, Venezuela, Colombia, Peru, Brazil,
Argentina and Chile.

                        *    *    *

Fitch Ratings affirmed on Sept. 9, 2006, these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc. aka AI:

   Anixter

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured debt 'BB-'.

   AI

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured notes 'BB+'; and
      -- Senior unsecured bank credit facility at 'BB+'.


US AIRWAYS: Reports US$261 Mil. Net Income in 2006 Fourth Qtr.
--------------------------------------------------------------
The new US Airways Group, Inc. (NYSE: LCC) reported its fourth
quarter and 2006 results.  Net profit for the fourth quarter was
US$12 million compared to a net loss of US$261 million for the
same period last year.  Excluding special items of US$74
million, the company reported a net profit of US$86 million
compared to a net loss of US$138 million in the fourth quarter
of 2005.

The fourth quarter 2006 is the first full quarter where the
company's results for both periods reflect consolidated results
for the new US Airways Group.  Because the merger of US Airways
and America West occurred on Sept. 27, 2005, the results for the
full year 2006 are being compared to 2005 results, which consist
of 269 days of America West results, and 96 days of consolidated
US Airways Group's results.  Although the merger was structured
so that America West became a wholly owned subsidiary of the new
US Airways Group, America West was treated as the acquiring
company for accounting purposes under Statement of Financial
Accounting Standards No. 141, "Business Combinations."

For the full year 2006, the company reported a net profit before
cumulative effect of change in accounting principle of US$303
million which compares to a net loss before cumulative effect of
change in accounting principle of US$335 million for the full
year 2005.  Excluding special items of US$204 million, the
company reported a net profit before cumulative effect of change
in accounting principle of US$507 million compared to a net loss
before cumulative effect of change in accounting principle of
US$188 million for the same period last year.

Chairman and CEO Doug Parker stated, "We are extremely pleased
to report our fourth quarter earnings, and couldn't be more
proud of our 35,000 employees who will share in these positive
results through our profit sharing plan.  2006 marks the first
full year of operating and financial results for the new US
Airways, and our team has done a remarkable job of integrating
our two airlines while taking care of the more than 41 million
customers who flew US Airways last year.  Few people would have
believed, at the time of our merger, that the new US Airways
would be the most profitable network airline in 2006.  
Fortunately, our team believed and we thank them for their great
work.

"Looking forward, we anticipate reporting even better results in
2007 with even higher profit sharing payments.  This will
provide our employees with job stability and the opportunity to
share in the financial success of the Company and our customers
with the choice and value they deserve," continued Mr. Parker.

                Revenue and Cost Comparisons

The revenue environment during the fourth quarter 2006 remained
robust for both mainline and Express operations.  Mainline
passenger revenue per available seat mile was 10.12 cents, up
8.6% over the same period last year.  Express PRASM was 17.60
cents, up 14.8% over the fourth quarter 2005.  On a consolidated
basis, PRASM for US Airways Group was 11.33 cents, up 9.7%
compared to the fourth quarter 2005.

"Although fuel prices have come down significantly from the
historically high levels we saw throughout the year, fuel still
remains our largest operating expense.  If fuel prices had
remained at 2005 levels, our total fuel expense would have been
US$467 million lower for the year," said Chief Financial Officer
Derek Kerr.

Total operating cost per available seat mile for US Airways
Group for the quarter was 11.97 cents, down 1.5% on reduced
capacity of 0.1%.  Consolidated mainline operating CASM was
10.98 cents, down 1.3% compared to the fourth quarter 2005.  
Excluding fuel, special items, and merger related transition
expenses, mainline CASM was 7.64 cents, up 2.8% from the same
period last year.

                         Liquidity

As of Dec. 31, 2006, the company had US$3.0 billion in total
cash and investments, of which US$2.4 billion was unrestricted.

                Fourth Quarter Special Items

During its fourth quarter, the company recognized US$74 million
of special items, which included a US$26 million non-cash charge
for unrealized net losses associated with the change in fair
value of the company's outstanding fuel hedge contracts, US$10
million of net merger-related transition expenses and a US$12
million payment in connection with an inducement to the note
holders to convert a portion of the company's seven percent
senior convertible notes to common stock.  In addition, during
the fourth quarter, the company used US$26 million of net
operating losses acquired from US Airways, which was recognized
as a reduction in goodwill rather than a reduction in tax
expense.  As a result, the company has a US$26 million non-cash
expense for income taxes for the quarter.

                      About US Airways

Headquartered in Arlington, Virginia, US Airways Group Inc.'s
(NYSE: LCC) -- http://www.usairways.com/-- primary business   
activity is the ownership of the common stock of:

            * US Airways, Inc.,
            * Allegheny Airlines, Inc.,
            * Piedmont Airlines, Inc.,
            * PSA Airlines, Inc.,
            * MidAtlantic Airways, Inc.,
            * US Airways Leasing and Sales, Inc.,
            * Material Services Company, Inc., and
            * Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

US Airways, US Airways Shuttle, and US Airways Express operate
approximately 3,800 flights per day and serve more than
230 communities in the U.S., Canada, Europe, the Caribbean, and
Latin America.  The new US Airways is a member of the Star
Alliance, which provides connections for customers to
841 destinations in 157 countries worldwide.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.


* COSTA RICA: Pineapple Exports to Grow This Year
-------------------------------------------------
Figures from the Spanish ministry of agriculture indicated that
pineapple exports from Costa Rica will increase this year, Fresh
Plaza reports.

Fresh Plaza relates that export earnings increased with US$90
million in 2007, compared with 2005.

The president of Canapep, a group of pineapple producers and
exporters, told Fresh Plaza that only the exports in the US
needs to be strengthened.  For Costa Rica, pineapples are the
agricultural export product next to bananas.  The major market
is the US, which accounted for 51.2% of total exports, followed
by The Netherlands with 13,8% and Belgium with 10%.

According to Fresh Plaza, the pineapple output in Costa Rica is
growing fast.  Many growers of bananas, sugar cane, yuca and
cattle farmers have switched to the production of pineapple.  In
the South West of Costa Rica and at the Atlantic coast, the
growing acreage was 20,000 hectares in 2006, compared with the
10,000 hectares in 2004.  Production boost is will be sustained
as long as the market prices for pineapple don't decline
internationally.

Costa Rica has benefited much from the Free Trade Agreement or
FTA with the US, Central America and the Dominican Republic.  
The FTA is about to be renewed, Fresh Plaza states.  

                        *    *    *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




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


* DOMINICAN REPUBLIC: Wants New Oil Plant with Saudi Arabia
-----------------------------------------------------------
Dominican Republic foreign minister Carlos Morales Troncoso will
meet with Saudi Arabia oil minister Ali Naimi this month to
promote the construction of a new oil plant to alleviate fuel
shortages in the Dominican nation, Dominican Today reports.

The foreign ministry told Dominican Today that Minister Troncoso
will be traveling to Saudi Arabia.  His meeting with Minister
Naimi would take place after a trip to Washington on Feb. 1 to
discuss Haitian affairs with US State Department officials.

According to Dominican Today, Dominican officials have been
insisting on a new plant, hoping that it will:

          -- stop fuel shortages,
          -- lower prices, and
          -- become a transshipment point for oil to other
             Western Hemisphere ports, including the US.

Dominican Today underscores that fuel is expensive in the
Dominican Republic, where regular gasoline was priced at US$3.62
per gallon last week.

The report says that Saudi Arabia has more than 260 billion
barrels of proven oil reserves, which is one-fourth of the
world's total.  

According to Dominican Today, the Saudi Arabia visit is the
latest in a series of Dominican attempts to increase relations
with Middle Eastern nations.  

The foreign ministry told Dominican Today that President Leonel
Fernandez hosted the Saudi ambassador to the US for an official
lunch at the national palace in November 2006.  He was expected
to go to Qatar to negotiate expanding an AES Corp. facility in
the Dominican Republic to use as a transshipment point for
liquefied natural gas.

However, President Fernandez's trip to Quatar was called off
earlier in January.  No new date was set, Dominican Today
states.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
May 9, 2006, that Fitch Ratings upgraded these debt and issuer
Default Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and

   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.




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


GENERAL MOTORS: Sales Over 1 Million Cars & Trucks Last Year
------------------------------------------------------------
General Motors Corp. sold over one million cars and trucks in
its LAAM or Latin America, Africa and Middle East region in
2006, Paddock Talk reports.

Paddock Talk relates that for calendar year 2006, LAAM's sales
increased 17.4%, or 153,500, to 1,035,200 vehicles, compared
with 2005.  

According to the report, General Motor's calendar year market
share in LAAM rose to 17.0%, which is it's highest in 16 years,
on the strength of its global brands, particularly Chevrolet.

Maureen Kempston Darkes, President of General Motors LAAM,
commented to Paddock Talk, "2006 was an outstanding year for GM
LAAM.  We sold over one million vehicles for the first time,
while improving average revenue per vehicle and laying the
foundations for sustainable growth in this rapidly expanding and
diverse region.  We credit these results to exciting new
vehicles, especially the new Chevrolet portfolio; a strong
dealer network; and great customer service.  This formula has
made us the leader in the region for nine consecutive years and
we plan to leverage GM's global reach to extend that leadership
going forward."

Paddock Talk underscores that General Motors set unsurpassed
yearly sales records in nine of the 11 major markets in the LAAM
region, including:

          -- Argentina,
          -- Brazil,
          -- Colombia,
          -- Ecuador,
          -- Venezuela,
          -- Egypt,
          -- South Africa,
          -- Other Africa (excludes South Africa, Egypt and
             Kenya), and
          -- Middle East.

General Motor's vehicle sales in LAAM last year represented
11.4% of the firm's global sales, compared with 9.6% it
represented in 2005, Paddock Talk notes.

Paddock Talk emphasizes that General Motors LAAM's fourth
quarter 2006 vehicle sales rose 16.2% to a record 289,500 units,
or a market share of 17.9%, compared with the fourth quarter of
2005.  General Motors set all-time quarterly sales volume
records in Brazil, Venezuela and the Middle East, as well as
sales records in Argentina, Colombia and South Africa.

The report says that in the fourth quarter of 2006, General
Motors:

          -- increased sales by 8.6% in Brazil,
          -- increased market share to 18% in Chile, and
          -- continued rapid pace with sales growth of 45 in
             Colombia and 35% in Venezuela.

Paddock Talk reports that with General Motors' fourth quarter
2006 sales rising by 14.4%, General Motors South Africa achieved
10 consecutive quarters of sales volume records.  General
Motors' sales in Egypt also increased 42.4% in the fourth
quarter of 2006, compared with 2005.  Meanwhile, sales in
General Motors' other Africa markets increased 9%.

General Motors' sales in the Middle East increased 32% in the
fourth quarter of 2006, compared with the same period in 2005.  
Market share for the quarter rose to 14.8%, Paddock Talk states.  

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

                        *     *     *

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

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


* ECUADOR: CAF May Loan Up to US$3 Billion to Country
-----------------------------------------------------
Enrique Garcia, the Andean Development Corp.'s president said
that the bank may loan as much as US$3 billion to the Ecuadorian
government, Bloomberg News reports.

Mr. Enrique said in an interview with Bloomberg that the bank
expects to negotiate a deal with the government by February
despite the threat from Ecuadorian Pres. Rafael Correa to
default on foreign bonds.  Mr. Garcia said that the CAF will
continue to lend money to Ecuador because the bank believes that
Pres. Correa has shown his willingness to work with the lender.  
The country's total foreign debt is approximately US$1 billion.

Mr. Garcia added that the CAF has already lent Ecuador about the
same amount between 2001 and 2006, Bloomberg relates.

"In my conversations with Correa, one in December and other
about a week ago, he made it clear that he would give special
attention to his relations with CAF," Mr. Garcia told Bloomberg.  
"The loan package remains, as it has always been with us,
subject to the projects that they introduce."

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, these ratings were downgraded:

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

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

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

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


* ECUADOR: Default Threat Cues Moody's to Downgrade Ratings
-----------------------------------------------------------
Moody's Investors Service downgraded Ecuador's sovereign ratings
in light of mounting concerns regarding the size of creditor
losses in the event of a default and in view of the impact such
default would inflict upon Ecuador's macroeconomic framework.

Ecuador's foreign-currency government bond rating and the
foreign-currency country bond ceiling were downgraded to Caa2
with a negative outlook from Caa1 with a stable outlook.  The
outlook on the Caa2 foreign currency deposit ceiling was revised
to negative from stable. Moody's also downgraded the country
ceiling for local-currency deposits from Caa1 to Caa2 with a
negative outlook.

Since the last rating action on Jan. 8, the new government has
confirmed its intentions to restructure its debt obligations on
the grounds that portions of such debt are illegitimate and that
external debt service is, in principle, too large relative to
the country's social needs.  

"Given the considerable resources Ecuador's government has
accumulated in light of the oil windfall of the past few years,
a decision to restructure obligations is purely based on
ideology.  Moreover, given that debt service is already
relatively low, a meaningful alleviation of cash flow could only
be obtained by a restructuring with sizeable losses to
creditors", said Alessandra Alecci, a Vice-President-Senior
Analyst at Moody's.

"The odds of a successful voluntary restructuring are low given
the reluctance of creditors to participate in an exchange
prompted by a lack of willingness, rather than of ability to
pay.  Therefore, if the government intends to significantly
reduce its debt service obligations, it would be forced to do so
via an outright moratorium that could have overwhelmingly
negative consequences for Ecuador's economy", said Ms. Alecci.

Moody's added that it will continue to assess how the
government's agenda will impact the financial system,
particularly dollarization.  A sustained drop in deposits,
capital flight and a sharp reduction in credit lines to the
banking system and to the private sector would jeopardize the
current macroeconomic framework.  A major deterioration in the
fiscal position would also affect the government's ability to
meet obligations, regardless of its willingness.


* ECUADOR: Talking with European Union on Banana Import Tariff
--------------------------------------------------------------
Ecuador will start resolving its banana import tariff conflict
with the European Union through negotiations, Fresh Plaza
reports.

Fresh Plaza relates that a 60-day consultation period for
Ecuador and the European Union has started.  

According to Fresh Plaza, Ecuador brought to the World Trade
Organization its complaint on the EUR176-per-million-ton import
tariff the European Union implemented.   

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2007, Ecuadorian banana exports to the European Union
tipped 3% after the bloc implemented a new tariff system last
year.  With this, the share of exports in the EU markets has
also declined.  In the last 3 months, from November to January,
the nation's exports accounted for 24.6% of the EU's imports,
which is equivalent to 954,700 tons of bananas.  This figure is
3.8% less than that of 2005.

The banana sector in Ecuador told Fresh Plaza that the
government had until Jan. 29 to initiate the mediation of a
World Trade Organization arbitration panel.  

Arbitration will continue through different phases of up to 15
months, after the complaint is formally accepted, Fresh Plaza
states.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, these ratings were downgraded:

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

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

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

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




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


BRITISH AIRWAYS: Resumes Normal Operations; Travel Loads Light
--------------------------------------------------------------
British Airways Plc is operating a full flying schedule after
the Transport and General Workers' Union, representing 11,000
cabin crew employees of the airline, called off a planned 48-
hour strike, according to published reports.

However, according to BA, travel loads were light as many
passengers had rebooked their tickets, flown earlier, or made
other plans to avoid the strike days.

The carrier had earlier canceled 1,300 flights in preparation
for the strike action.

As previously reported on Jan. 30, the T&G decided to avert its
scheduled strike on Tuesday and Wednesday after negotiations
resulted in an agreement that ended the two-tier wage structure
in the company, Tracy Alloway and Chad Thomas write for
Bloomberg News.

According to the report, the airline agreed to increase the top
base pay of its flight attendants hired after 1997 to GBP19,418
a year from GBP15,748.

The workers will receive the 4.6% wage increase this year and
the rate of inflation in the second year, The Associated Press
says.

BA CEO Willie Walsh said, the agreement "puts in place a system
to regulate how we manage sick leave."

The union also called of its two other 72-hour strikes scheduled
next month.

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 carry these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba1
      -- Senior Unsecured Debt: Ba2
      -- Outlook: Negative

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: BB+
      -- Long-Term Local Issuer Credit Rating: BB+




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


* HAITI: WB Grants US$28-Mln Loan to Enhance Economic Governance
----------------------------------------------------------------
The World Bank's Board of Executive Directors discussed a new
Interim Strategy for Haiti, which projects financial assistance
of up to US$82 million in grants over the next 18 months to
support the country's development agenda.  In addition, the
Board of Directors approved two grants for a total of US$28
million to support economic governance reform (US$23 million)
and water and sanitation in rural areas (US$5 million).

"The Bank's interim strategy supports the Haitian Government's
efforts to strengthen governance and deliver quick and visible
benefits to the Haitian people," said Caroline Anstey, World
Bank Director for the Caribbean.  "Without good governance and
improvements in basic services in both urban and rural areas,
development will not fully take hold."

The strategy focuses on selective interventions in areas where
the Government has requested support from the World Bank Group,
where the Bank has a comparative advantage and where Bank action
can either complement or leverage support from other donors.  
The Bank Group's program of new activities for the next 18
months focuses on three of the four key pillars of the
Government's development strategy:

   i) support to improve economic governance by promoting
      efficiency, transparency and accountability in the use of
      public resources;

  ii) support to promote economic growth, through sustainable
      improvement in the quality of electricity services; and

iii) support for improving access to primary education, and  
      potable water and sanitation services, especially in rural
      communities.

              Improving Economic Governance in Haiti

The Economic Governance Reform Operation II (US$23 million
budget support) approved by the Board will support institutional
development and good governance by:

   a) promoting public financial management and procurement
      reforms;

   b) strengthening public sector human resource management and
      employee accountability;

   c) improving efficiency and transparency in public
      infrastructure management; and

   d) supporting governance reforms in the education sector to
      promote accountability and transparency in the use of
      public funds.

     Improving Water and Sanitation Services in Rural Areas

In addition, the Rural Water and Sanitation Project (US$5
million, investment grant) aims at increasing access to water
supply and sanitation services in participating rural
communities by:

   * increasing the sustained and effective use of safe drinking
     water;

   * improving use of effective sanitation and hygiene
     practices; and

   * strengthening the capacity of the implementing agency,
     local water committees, and professional operators in
     cooperation with local government.

For the first time in rural water supply and sanitation in
Haiti, the project will help to build a close partnership
between a public entity as the implementing agency and a service
provider working under the direction and leadership of the
public entity.  This approach is being promoted both at the
national and departmental level.

                        *    *    *

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.




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


ADVANCED MARKETING: Wants to Sell PGW Distribution Agreements
-------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
authority to sell Publishers Group West Incorporated's rights
under its distribution agreements with various publishers to
Perseus Books, L.L.C., and Client Distribution Services, Inc.

The Debtors also ask the Court to authorize PGW to assume and
assign the Distribution Agreements, and sell certain other
assets related to its distribution business to Perseus Books.

The Debtors will continue to seek higher and better offers for
the PGW Assets.  However, given the exigencies surrounding PGW's
business, the Debtors do not intend to auction or adopt other
formal procedures to test the adequacy of the proposed
transaction.

The Debtors believe that any extended sale process could
severely impact the value of the PGW estate or jeopardize the
financial well-being of PGW's publishers.

The Debtors also explain that they had been exploring various
strategic alternatives for months prior to the Petition Date and
have continued those efforts postpetition.  The Debtors believe
that the terms of the Purchase Agreement and the PGW Sale
contemplated are fair and reasonable, and that the PGW Sale will
maximize the value of the PGW estate for the benefit of the
Debtors' creditors, stakeholders and other parties-in-interest.

Bankruptcy has prevented the Debtors from making payments with
respect to the relatively higher volume of products purchased
and sold by PGW during the busy holiday season, Paul N. Heath,
Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, relates.

Although PGW has been paying substantially all PGW Publishers
weekly since the Petition Date, according to Mr. Heath, failure
to make payments relating to the holiday season is leading to
drastic consequences for many, if not all of the PGW Publishers.

In some cases, Mr. Heath says, the financial difficulties have
placed the PGW Publishers in extreme distress, threatening a
possible "domino effect" of insolvencies if PGW does not soon
reach a solution where these claims may be satisfied.  PGW
Publishers may also demand for an expedited assumption or
rejection of the Distribution Agreements.

The Debtors, nonetheless, reserve the right to take appropriate
measures to pursue an alternative bid should the Debtors receive
any viable and superior offer before the Court considers the
sale to Perseus Books.  Should they pursue and accept an
alternative transaction, the Debtors seek the Court's permission
to pay a US$500,000 breakup fee to Perseus Books.

AMS, through PGW, provides a full range of book marketing and
distribution services to smaller publishers under exclusive
contractual arrangements.  PGW stores the books at its
distribution centers and ships them to customers based on
customer requirements, primarily on a fully returnable basis.  
PGW also provides smaller publisher clients with a range of
related services, including marketing and publicity; customer
service; warehousing and distribution; billing and collections;
and sales and inventory reporting.

PGW's fees for its distribution and marketing services are
calculated as a percentage of net sales proceeds.  In the event
a product becomes old or unmarketable, PGW will, for a fee,
return any books in its possession to the PGW Publisher or
destroy the books.  PGW is under no obligation to purchase the
books held in its warehouses if it receives no orders for books
from third party retailers.

Founded in 1997, Perseus Books provides services to more than
150 independent publishers.  Perseus Books operates through CDS
and Consortium Book Sales & Distribution, Inc.  In fiscal year
2006, CDS and Consortium shipped more than US$330,000,000 of
books at wholesale value to more than 10,000 retailers and
wholesalers in the United States and Canada.

               Purchase & Related Agreements

Pursuant to a Purchase Agreement dated January 18, 2007, PGW
will assign to CDS all of PGW's rights under each Distribution
Agreement with a Publisher that executes a publisher agreement
with Perseus Books.  CDS will purchase and assume on a
prospective basis all of PGW's obligations under each
Distribution Agreement with a Consenting Publisher.

PGW will also provide CDS with administrative, technical and
support services pursuant to a Transition Services Agreement.

Under the Publisher Agreements, Perseus Books will pay
Consenting Publishers representing at least 65% of PGW's best
good faith estimate of the maximum amount of the Prepetition
Claims of all Publishers, 70% of their claims against PGW in
exchange for a complete assignment to Perseus Books of the
Prepetition Claims.  With respect to Consenting Publishers
representing the remaining 35%, Perseus Books may -- but is not
required to -- pay the Consenting Publishers less than 70% of
their Prepetition Claims.

PGW and Perseus Books agree that the Maximum Prepetition Claims
estimate will not exceed in the aggregate US$28,950,193.

Perseus Books will release the estate from the paid portion of
the Claims.  Perseus Books will retain against the PGW estate an
administrative claim for the amount of the assigned Prepetition
Claim that is not released.

Perseus Books' administrative claim may be increased on a
dollar-for-dollar basis if the Net Amount paid by Perseus Books
exceeds a sliding scale keyed off a "purchase price" -- that is,
the amount paid by Perseus Books to Consenting Publishers net of
its retained administrative claim -- of US$12,500,000 for all
Distribution Agreements.

CDS will purchase from PGW all returns of Consenting Publishers'
books received on or after the Petition Date, provided that with
respect to no more than 50% of the returns, CDS may pay for the
returns with a reduction in the amount of Perseus Books'
administrative claim against the estate.

PGW will transfer all items of each Consenting Publisher's
inventory to CDS, free and clear of all liens, claims and
interests of PGW's creditors, including Wells Fargo Foothill and
the DIP Lenders.

As a condition to closing, Publishers holding Claims aggregating
at least 65% of the Maximum Prepetition Claims against PGW must
execute the Publisher Agreements.  

Perseus Books and CDS may terminate the Purchase Agreement if
the closing has not occurred, or in Perseus Books' good faith
judgment is not likely to occur, by March 15, 2007.

AMS and PGW retain the right to terminate the deal if, in their
good faith judgment, PGW no longer has the financial wherewithal
and capacity to (y) perform under the Purchase Agreement or the
Transition Services Agreement or (z) operate in the ordinary
course as established postpetition.

A full-text copy of the Purchase Agreement with Perseus Books is
available at no charge at http://ResearchArchives.com/t/s?193d

            PGW to Abandon Unassigned Contracts

The Debtors also seek the Court's nod to walk away from those
Distribution Agreements that will not be assigned, to avoid
burdening their estates with continuing obligations, if any,
associated with the Non-Assigned Contracts.

The Debtors may provide a written rejection notice by facsimile,
first-class mail or overnight courier to each Publisher to any
Non-Assigned Contract.  The applicable Non-Assigned Contract
will be deemed rejected effective upon the expiration of five
days after receipt of a Rejection Notice.

                  About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007.


DELTA AIR: Secures US$2.5 Billion Exit Financing
------------------------------------------------
Delta Air Lines has obtained commitments for a US$2.5 billion
exit financing facility, marking a significant step forward for
the company's plan to exit bankruptcy in Spring 2007 as a
strong, well-capitalized standalone carrier.

The exit facility will be co-led by six financial institutions:

   -- JPMorgan,
   -- Goldman Sachs & Co.,
   -- Merrill Lynch,
   -- Lehman Brothers,
   -- UBS, and
   -- Barclays Capital,

and will consist of:

   -- a US$1 billion first-lien revolving credit facility,
   -- a US$500 million first-lien Term Loan A and
   -- a US$1 billion second-lien Term Loan B.

The facility will be secured by substantially all of the first-
priority collateral in the existing debtor-in-possession
facilities.

Edward H. Bastian, Delta's executive vice president and chief
financial officer, said, "This is an important milestone in the
successful implementation of our restructuring plan.  The
competitive terms and unique structure of this financing package
reflect our considerable progress and the soundness of Delta's
standalone plan of reorganization.  We appreciate the confidence
the financial markets are showing by making this commitment in
support of Delta's standalone plan.  We look forward to
partnering with our lenders through the exit process and into
the future."

As co-lead arrangers of the exit facility, the financial
institutions made these statements in support of the proposed
transaction:

   -- "JPMorgan is pleased to partner with our long-time client
       Delta in leading their benchmark financing. We are
       looking forward to aiding Delta in their successful
       reorganization and standalone exit from bankruptcy."

   -- "Goldman Sachs appreciates the opportunity to take a
       leadership role in Delta's landmark exit financing and
       believes Delta is well positioned to emerge from
       bankruptcy.  Goldman Sachs has had a long-standing
       relationship with Delta and looks forward to helping
       Delta pursue its strategic plan."

    -- "We are pleased to help lead Delta's exit financing.
        Merrill Lynch looks forward to continuing to work with
        Delta Air Lines as the company executes its standalone
        strategic plan."

    -- "Lehman Brothers is delighted to play a leading role in
        this important financing for Delta, and to support the
        company as it emerges from bankruptcy as a strong global
        carrier."

    -- "UBS is excited to be involved in Delta's exit financing
        and helping Delta emerge on a standalone basis."

    -- "Delta Air Lines is an icon in the airline industry and
        Barclays Capital is honored to play a key role in the
        remarkable turnaround of the last 16 months.  We look
        forward to contributing to the next chapters of this
        impressive story."

Proceeds from the facility will be used by Delta to repay its
US$2.1 billion debtor-in-possession credit facilities led by GE
Capital and American Express, to make other payments required
upon exit from bankruptcy, and to increase its already strong
cash balance.

Mr. Bastian continued, "Delta has made enormous progress over
the past 16 months in transforming the airline into a strong,
healthy, and vibrant competitor.  While many companies use the
bankruptcy process simply to shore up their balance sheet and
reduce debt, our company undertook a top-to-bottom re-
engineering that touched every aspect of how we do business.  We
are using the bankruptcy process to improve and strengthen our
airline."

Delta's accomplishments have included:

   -- Reduced costs and improved unit revenues, positioning the
      airline to emerge from Chapter 11 with the lowest unit
      costs of any network carrier.  Delta has improved
      productivity and eliminated approximately US$2 billion in
      annual costs.

   -- A stronger, more balanced network as a result of rapid
      expansion of international routes with the highest profit
      potential.  In the past year Delta has undertaken the
      largest international expansion in its history, and is a
      leader across the Atlantic with flights to 31
      trans-Atlantic destinations.

   -- Significantly reduced net debt from US$17 billion to an
      anticipated US$7.5 billion by the end of 2007.

   -- Improved liquidity position, totaling US$2.6 billion in
      unrestricted cash, cash equivalents and short-term
      investments as of Dec. 31, 2006.

   -- An expected consolidated equity value upon exiting Chapter
      11 estimated by The Blackstone Group to be between US$9.4
      billion and US$12 billion.

Importantly, customer service standards and operational
performance were improved as Delta achieved these gains, with
the prestigious J.D. Power and Associates customer satisfaction
survey for 2006 ranking Delta as one of the top two domestic
network airlines.

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.  


DIRECTV GROUP: To Acquire Darlene's Interests in LatAm Unit
-----------------------------------------------------------
The DIRECTV Group has agreed to acquire Darlene Investments
LLC's 14.1% equity interest in DIRECTV Latin America, LLC, and
resolve all outstanding disputes between the parties, for US$325
million.  The cash transaction, which is effective immediately,
enables DIRECTV to acquire full equity ownership of DIRECTV
Latin America, LLC, and eliminates all pending litigation
against DIRECTV and other parties.

DIRECTV Latin America, LLC, is a multinational company which, as
a result of this transaction, is 100% owned by The DIRECTV
Group, Inc. Through its subsidiaries and affiliated companies,
DIRECTV Latin America provides digital television service to
approximately 4 million customers in Latin America.

Headquartered in El Segundo, California, The DirecTV Group, Inc.
(NYSE: DTV) -- http://www.directv.com/-- provides direct
broadcast satellite service to more than 15 million customers in
the US and more than 1.5 million customers through its DirecTV
Latin America segment.

                        *    *    *

The DIRECTV Group Inc.'s long-term local and foreign issuer
credits carry Standard & Poor's BB ratings.  The ratings were
placed on Aug. 9, 2004 with a stable outlook.


EMPRESAS ICA: Raises Stake in Proactiva Medio
---------------------------------------------
Empresas ICA, S.A.B. de C.V. has signed an agreement to purchase
39% of the shares of the environmental services company
Proactiva Medio Ambiente Mexico aka PMA Mexico.  The shares are
being repurchased from Proactiva Medio Ambiente, which is ICA's
joint venture partner in PMA Mexico.  Upon completion of the
transaction, after notification to the Federal Competition
Commission, ICA will hold 49% of PMA Mexico, and Proactiva will
hold 51%.

PMA Mexico operates municipal potable water treatment and
supply, sewage, wastewater treatment, sanitary landfills, solid
waste management, and hazardous waste management systems through
service contracts and concessions.  PMA Mexico serves more than
8 million persons in cities across Mexico.

PMA Mexico adopted its current name in July 2005; it was
previously known as Consorcio Internacional del Medio Ambiente
aka CIMA after it was established in 2000 as a 50-50 joint
venture between Proactiva Medio Ambiente and ICA.  With the
repurchase of the 39% shareholding, ICA is further expanding in
presence in environmental infrastructure, demonstrating its
environmental commitment through solutions that benefit
communities across Mexico.  ICA has been providing municipal
water supply and treatment services since 1988 in conjunction
with world leaders.

ICA will account for its share of PMA Mexico's results through
the participation method once the transaction is closed.

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

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

                        *    *    *

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


VALASSIS COMM: Names Michael Kowalczyk as In-Store Division VP
--------------------------------------------------------------
Valassis Communications, Inc., names Michael Kowalczyk to the
newly created position of Senior Vice President and General
Manager of Valassis In-Store Marketing.  Mr. Kowalczyk will lead
a team of dedicated, focused resources for the company's new In-
Store division, one of Valassis' key initiatives.

"A strategic and creative thinker, Mike is the ideal person to
lead this key company initiative as we focus on delivering value
to consumers how, when and where they want," said Alan F.
Schultz, Valassis Chairman, President and CEO.  "He brings a
strong sales and marketing background to this new role as we
further diversify our product portfolio and customer base.  His
vast knowledge of Valassis products, rapport with customers and
insight into the industry will help accelerate this initiative."

In his new role, Mr. Kowalczyk will be responsible for
developing strategic in-store partners, looking at future in-
store strategic selling partnerships and new in-store product
development.  Now able to touch retail in a whole new way,
Valassis' in-store strategy will leverage the company's sales
strengths and relationships by partnering with leading companies
whose innovative in-store offerings create a best-of-breed
portfolio of complementary solutions.

"Our commitment to providing customers with intelligent
marketing solutions does not end in the home," Mr. Kowalczyk
said.  "This is a logical step to bring clear value, measured
return on investment and new thinking to this critical arena in
the marketing landscape.  Valassis has innovative plans to help
change the face of in-store offerings, just like we have with
in-home marketing for the past 30 years."

Prior to joining Valassis, Mr. Kowalczyk was with the BCB Group,
a marketing think tank for new product introductions, and
American Greetings where he was responsible for trade and brand
marketing.  While at American Greetings, he designed the largest
specialty retail, corporate-run frequent shopper program of its
kind.  He brought that experience to his role with Valassis
Relationship Marketing Systems, LLC, which offers CRM solutions
for grocery retailers and consumer packaged goods manufacturers.  
Having stints in marketing and sales, Kowalczyk was recently the
Vice President of Marketing where he led Valassis in capturing
competitive advertising dollars.

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.


VITRO SAB: Improved Debt Profile Cues Fitch to Upgrade Ratings
--------------------------------------------------------------
Fitch Ratings has upgraded Vitro, S.A.B. de C.V.'s local and
foreign currency Issuer Default Ratings to 'B' from 'CCC' and
has assigned a 'B+' rating to Vitro's US$1 billion proposed
notes offering.  Fitch has also upgraded Vitro's US$225 million
senior unsecured notes due 2013 to 'B+' from 'CCC', upgraded
Vitro's national scale rating to 'BB+(mex)' from 'BB(mex)' and
affirmed the national short-term rating at 'F3(mex)'.  The
Outlook on all ratings is Stable.

The rating upgrades reflect the improvement in the company's
capital structure and debt profile, which significantly lowers
refinancing risk and eliminates structural subordination
following the takeout of secured operating subsidiary debt.  The
US$1 billion transaction consists of two tranches:

   -- US$700 million 9.125% notes due Feb. 1, 2017 and callable
      after 2012 and
    
   -- US$300 million 8.625% non-callable notes due Feb. 1, 2012.

The notes are guaranteed by Vitro Envases Norteamerica, S.A. de
C.V. aka Vena and its wholly owned subsidiaries and Vimexico,
S.A. de C.V. and its wholly owned subsidiaries.  The transaction
is expected to close Feb. 1, 2007.

The rating action also considers the improvement in Vitro's
operations, supported by the strong performance of the glass
containers division over the past year.  Consolidated EBITDA for
the 12 months ended Sept. 30, 2006, improved to US$368 million
from US$326 million for the 12 months ended Sept. 30, 2005, and
the EBITDA margin grew to 15.6% from 15.1%.  Fitch expects
EBITDA during 2007 to reach US$330 million-US$350 million.  
Vitro continues to face a challenging business and competitive
environment, with high raw materials and energy costs and
customer expanding in-house container production.

During 2006, asset sales and capital increases helped improve
the company's debt profile.  Over the past year, Vitro:

   -- completed the sale of its 51% interest in the glassware
      division, Vitrocrisa, for US$109 million in cash;

   -- sold real estate assets for US$143 million; and

   -- completed a capital increase for approximately US$50
      million.

Proceeds from these transactions were used to reduce debt,
primarily at the holding company level.  For the 12 months ended
Sept. 30, 2006, the total debt-to-EBITDA ratio improved to 3.3x
from 4.2x for the 12 months ended June 30, 2005.  Fitch expects
leverage ratios to remain stable at current levels.

Proceeds from the offering will be applied to debt repayment and
corporate purposes.  As part of the refinancing process, Vena
launched a cash tender offer for its US$250 million 10.75%
senior secured guaranteed notes due 2011, subject, among other
conditions, to obtain financing for the repayment of the notes.  
Additionally, Vena solicited consent from bondholders to amend
the original notes indenture and release certain liens on the
collateral.  With this, the majority of the company's debt will
be allocated at the holding company level and rank pari-passu to
subsidiaries' unsecured obligations, eliminating structural
subordination.  It is expected that at closing of the
transaction, the company's senior unsecured notes due in 2013
will share the same guarantee as and rank pari-passu with the
new bonds.

Vitro is the leading producer of flat glass and glass containers
in Mexico, serving the construction, automotive, beverage,
retail, and service industries.  The company exports products to
more than 70 countries.  For the 12 months ended Sept. 30, 2006,
the company had sales of US$2.4 billion, EBITDA of US$368
million, exports of US$567 million and foreign sales by
subsidiaries of US$780 million.




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


XEROX CORP: S&P Changes BB+ Rating's Outlook to Positive
--------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Conn.-based Xerox Corp. to positive from stable.  
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.

"The outlook revision reflects an improved leverage profile and
a strengthening revenue mix," explained Standard & Poor's credit
analyst Molly Toll-Reed.  "The ratings reflect mature and highly
competitive industry conditions and a short, recent record of
total revenue growth."  

These factors are partially offset by the company's good
position in its core document management business, stable
nonfinancing operating profitability, and moderate leverage.

Xerox reported total revenues of US$4.4 billion in the fourth
quarter ended Dec. 31, 2006, up 3% from the prior-year period.  
Although equipment sales were down 1% in the quarter (including
a 3% positive currency effect), post-sale revenues grew 6% from
the prior-year period (including the positive currency effect).

Demonstrating sustainable long-term revenue growth is the
primary challenge for Xerox.  Ongoing competitive pricing
pressures have dampened total equipment sales growth. Although
revenues from color equipment and color after-market sales
continue to increase as a percentage of total revenues (37% at
year-end 2006 versus 34% at year-end 2005), growth in color
equipment revenues in 2006 has been offset by pricing pressure
in the black & white equipment revenue base. However, growth in
total post-sale revenues turned positive in 2006, and continued
to strengthen during the year.  Strong growth in the installed
equipment base of key products (such as color production presses
and multifunction devices), along with the moderating impact of
declining light lens revenues, is expected to drive continued
growth in post-sales revenues, which represent more than 70% of
total revenues.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,    
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company has operations in Japan, Italy and
Nicaragua.




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


CLIENTLOGIC CORP: Closes Merger with Sitel Corp.
------------------------------------------------
ClientLogic Corp. has completed its acquisition of SITEL Corp.
by merger.  Under the terms of the definitive agreement
announced in October 2006, ClientLogic paid US$4.25 per share in
cash for all of the outstanding common stock of SITEL.  SITEL's
shareholders approved the acquisition on Jan. 12, 2007.

The combined company is headquartered in Nashville and has over
65,000 associates across 28 countries.  The combined company's
revenue of US$1.8 billion is generated by providing world-class
solutions from on-shore, nearshore and offshore locations across
145+ facilities throughout North America, South America, EMEA
and Asia Pacific.  The company is privately held and majority
owned by Canadian diversified company, Onex Corporation.  Dave
Garner, formerly President and CEO of ClientLogic, is the
President and CEO of the combined company.

"Today's closing is an important event for our clients,
associates and the industry," said Mr. Garner.  "The combined
company is one of the largest providers of customer care and
transaction processing services in the Business Process
Outsourcing (BPO) market.  As companies increasingly turn to
trusted BPO partners to manage their customer care and
transaction processing needs, qualities like adaptability, a
large menu of services, a deep bench of expertise and expansive
geographic reach are a requirement.  The new company is ideally
positioned to meet these needs."

The merger brings together two synergistic companies with a
similar focus on serving clients' business process outsourcing
needs.  Clients will benefit from:

   * Delivery of maximum return on customer investment by
     reducing service costs, increasing revenue per customer
     and increasing customer retention;

   * Utilization of the Right-Shore strategy, leveraging
     multi-shore facilities to serve clients from various
     locations, offering a reliable, cost-efficient and
     flexible customer management strategy;

   * Expanded capacity, a larger geographic footprint and a
     more advanced communications network, offering greater
     flexibility and choice for clients' customer service
     needs;

   * Additional complementary service offerings, providing the
     ability to expand and centralize customer care initiatives.
     The new company's offerings include: customer service,
     technical support services, sales and retention programs,
     back-office processing and receivable/collections; and

   * Access to a team with deep industry domain experience
     across multiple verticals, providing clients with strategic
     insight into their business and how to best achieve
     measurable results.

Mr. Garner concludes, "The two companies are a great fit,
sharing like-minded industry focus and service-oriented
cultures.  Moving forward, we will continue to provide top-
quality service to all clients and a positive work environment
for all associates.  The new company will quickly align talent,
processes and technology to achieve maximum client, associate
and corporate success."

                     About Sitel Corp.

Sitel Corp. (NYSE:SWW) -- http://www.sitel.com/-- provides
outsourced customer support services.  On behalf of many of the
world's leading organizations, SITEL designs and improves
customer contact models across its clients' customer
acquisition, retention and development cycles.  SITEL manages
approximately two million customer interactions per day via the
telephone, e-mail, Internet and traditional mail.   SITEL has
over 42,000 employees in 101 global contact centers, utilizing
more than 32 languages and dialects to serve customers in 56
countries including Argentina, Denmark, Panama, Philippines, and
the United Kingdom, among others.

                     About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 9, 2007,
Moody's Investors Service upgraded ClientLogic Corp.'s corporate
family rating to B2 from B3.  Moody's said the rating outlook is
stable.

Concurrently, Moody's has assigned a B2 rating to ClientLogic's
US$675-million first lien term loan and US$85-million undrawn
first lien revolving credit facility.


* PANAMA: IDB Grants US$2MM to Fund Infrastructure Projects
-----------------------------------------------------------
The Inter-American Development Bank approved the financing for
more than US$2 million from the IDB's Infrastructure Fund or
InfraFund for initiatives in Argentina, Colombia and Panama.

The InfraFund targets critical infrastructure needs in Latin
America and the Caribbean by helping private, public and mixed-
capital organizations in the region to identify, develop and
prepare sustainable infrastructure projects with the goal of
reaching financial closing.

Financing was approved for these projects:

Colombia -- US$1.5 million to prepare an environmental
management plan for the Bogota River Basin

This technical cooperation will partially finance the
preparation of a multiphase program to contribute to the
decontamination of the Bogot  River Basin in Colombia-home to
more than 8 million people.  This includes the design of a
strategy for pollution management at the basin level and the
improvement of the provision of drinking water services and
collection and treatment of wastewater in over 40
municipalities. The project will help improve the quality of
life of the population and increase the reuse of wastewater for
irrigation purposes, thus strengthening the regional economy.

Argentina -- US$300,000 for solid waste management and disposal
in tourist municipalities.

Small towns next to national parks lack the institutional
capacity to deal with the large volumes of waste generated by
park visitors.  This operation will finance the preparation of
strategies for waste management in several tourist
municipalities, including the evaluation of private sector
participation opportunities to improve the efficiency and
efficacy of the services. The project is designed to help small
and medium-sized municipalities with limited experience in this
type of endeavor.  This technical cooperation will finance the
hiring of consultant services to develop seven potential solid
waste projects.

Panama -- US$289,880 to support the development of an 80MW
private wind project to harness alternative renewable energy

InfraFund resources will fund studies related to environmental
impact, market, registration under the Clean Development
Mechanism, financial model development and legal permitting in
support of the development of a wind power project located in
northwestern Panama that will be interconnected to the national
transmission system.  The Santa Fe Wind Project, located in an
area with one of the highest wind resource potentials in Panama,
will be the first wind energy project in the country.

The recently created InfraFund approved its first operation in
December 2006 with a US$1 million financing towards the creation
of the Brazilian Public-Private Partnerships Development
Facility.  The US$3.9 million facility, which will be co-funded
by Brazil's Banco Nacional de Desenvolvimento Economico e Social
and the World Bank's International Finance Corporation will
promote the development of concessions and public-private
partnership projects by financing consulting services and
studies necessary to fully develop them.

To-date, financing approved for infrastructure project
preparation by the recently created InfraFund totals US$3.5
million.

The Inter-American Development Bank is the main source of
multilateral financing for economic, social and institutional
development projects as well as trade and regional integration
programs in Latin America and the Caribbean.  The IDB intends to
direct US$12 billion towards infrastructure projects in the
region during the next five years.

                        *    *    *

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 A R A G U A Y
===============


* PARAGUAY: Inks Supply Accord with Petroleo Brasileiro
-------------------------------------------------------
A purchase unit official of Paraguay's state oil firm Petropar
told Business News Americas that it has signed a contract with
Petroleo Brasileiro SA, its Brazilian counterpart, to supply up
to 300,000 cubic meters of diesel.

BNamericas relates that Petropar awarded to Petroleo Brasileiro
to contracts as the latter had offered US$24.57 per cubic meters
above international prices compared with the current US$15.24
per cubic meters Petropar pays.

According to BNamericas, the contract is aimed at complementing
Venezuelan diesel supply over the next six months.  The
Venezuelan supply covers 70% of Paraguay's diesel consumption.

The official told BNamericas that Petropar signed a contract for
the supply of up to 27,000 cubic meters of regular unleaded
naphtha to Trafigura Beheer.  Petropar also awarded a contract
for the supply of up to 12,000 cubic meters of virgin naphtha to
Vitol.

BNamericas underscores that Petropar will launch another fuel
supply auction around April 2007.

Petropar head Alejandro Takashi said in a statement that the
company is conducting studies into a probable decline in the
fuel price and is due to propose a domestic fuel reduction in
early March.

BNamericas notes that Petropar reported a US$532,000 surplus
last year.

"We think we will close 2007 with a very good financial
perspective," Mr. Takashi told BNamericas.

                  About Petroleo Brasileiro

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.

                        *    *    *

Moody's assigned these ratings on Paraguay:

     -- CC LT Foreign Bank Deposit, Caa2
     -- CC LT Foreign Currency Debt, Caa1
     -- CC ST Foreign Bank Deposit, NP
     -- CC ST Foreign Currency Debt, NP
     -- LC Currency Issuer Rating, Caa1
     -- FC Currency Issuer Rating, Caa1
     -- Local Currency LT Debt, WR

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

     -- Foreign Currency LT Debt B-
     -- Local Currency LT Debt   B-
     -- Foreign Currency ST Debt C
     -- Local Currency ST Debt   C




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HERTZ CORP: Seeks to Amend Term Loan & ABL Revolving Facilities
---------------------------------------------------------------
The Hertz Corp. is seeking to amend its term loan facility and
asset based revolving credit facility.

The proposed amendments would have the effect of lowering the
pricing on the Term Loan Facility by 25 basis points from the
pricing currently in effect and the ABL Facility by 25 basis
points, which should result in corresponding decreases in The
Hertz Corp.'s interest expense.  In addition to lowering the
pricing, among other things, the company is seeking to increase
availability under the ABL Facility from US$1.6 billion to
US$1.8 billion and currently intends to prepay a portion of the
borrowings under the Term Loan Facility, resulting in a
reduction of the outstanding borrowings under the Term Loan
Facility from approximately US$1.98 billion to approximately
US$1.4 billion.  

The proposed amendments require the consent of the lenders under
each of the Term Loan Facility and the ABL Facility.  There can
be no assurance that Hertz Corp. will receive the required
consents or be able to amend the Term Loan Facility or the ABL
Facility.

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.




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


B&G FOODS: Discloses Tax Treatment of 2006 EIS Distributions
------------------------------------------------------------
B&G Foods, Inc., explained the tax treatment of its 2006 cash
payments on its Enhanced Income Securities or EIS.

Each EIS (CUSIP # 05508R 20 5) is comprised of one share of
Class A common stock (CUSIP # 05508R 10 6) and US$7.15 principal
amount of 12% senior subordinated notes due 2016 (CUSIP # 05508R
AB 2).  In 2006, B&G Foods distributed US$0.848 per EIS as a
distribution on the Class A common stock represented thereby and
US$0.858 per EIS as a distribution of interest on the principal
amount of senior subordinated notes represented thereby.

Based on U.S. federal income tax laws, B&G Foods has determined
that of the portion of the 2006 EIS distributions attributable
to the Class A common stock, 100% (or US$0.848 per EIS) will be
treated as a return of capital on the Class A common stock.  EIS
holders are urged to check their 2006 tax statements received
from brokerage firms in order to ensure that the cash
distribution information reported on such statements conforms to
the information reported herein.  Generally, the portion of the
distribution on the Class A common stock that is treated as a
nontaxable return of capital should reduce the tax basis in the
shares of Class A common stock represented by the EISs.

B&G Foods (AMEX: BGF) -- http://www.bgfoods.com/-- and its
subsidiaries manufacture, sell and distribute a diversified
portfolio of high-quality, shelf-stable foods across the United
States, Canada and Puerto Rico.  B&G Foods' products include
jams, jellies and fruit spreads, canned meats and beans, spices,
seasonings, marinades, hot sauces, wine vinegar, maple syrup,
molasses, salad dressings, Mexican-style sauces, taco shells and
kits, salsas, pickles and peppers and other specialty food
products.  B&G Foods competes in the retail grocery, food
service, specialty store, private label, club and mass
merchandiser channels of distribution.  Based in Parsippany, New
Jersey, B&G Foods' products are marketed under many recognized
brands, including Ac'cent, B&G, B&M, Brer Rabbit, Emeril's,
Grandma's Molasses, Joan of Arc, Las Palmas, Maple Grove Farms
of Vermont, Ortega, Polaner, Red Devil, Regina, San Del, Ac'cent
Sa-Son, Trappey's, Underwood, Vermont Maid and Wright's.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 26, 2007,
Standard & Poor's Ratings Services affirmed its existing 'B'
corporate credit rating on Parsippany, New Jersey-based B&G
Foods Holding Corp.  S&P also affirmed the 'BB-' loan and '1'
recovery ratings, and the 'CCC+' subordinated debt rating on the
company.


CELESTICA INC: Posts US$60.8 Mil. Net Loss in Qtr. Ended Dec. 31
----------------------------------------------------------------
Celestica Inc. reported financial results for the fourth quarter
and fiscal year ended Dec. 31, 2006.

Revenue was US$2.2 billion, up 9% from US$2.0 billion in the
fourth quarter of 2005.  Net loss on a GAAP basis for the fourth
quarter was US$60.8 million compared to GAAP net loss of US$28.2
million for the same period last year.  Included in GAAP net
loss for the quarter are the following items: a net charge to
gross profit of US$30 million resulting primarily from a
previously announced increase in inventory provisions at the
Monterrey, Mexico facility, and a US$59 million restructuring
charge.  For the same period in 2005, restructuring charges of
US$57 million were incurred.

Adjusted net earnings for the quarter were US$6.5 million
compared to US$28.8 million for the same period last year.  
Adjusted net earnings is defined as net earnings before
amortization of intangible assets, gains or losses on the
repurchase of shares and debt, integration costs related to
acquisitions, option expense, option exchange costs and other
charges, net of tax and significant deferred tax write-offs
(detailed GAAP financial statements and supplementary
information related to adjusted net earnings appear at the end
of this press release).  These results compare with the
company's updated guidance for the fourth quarter, announced on
Dec. 12, 2006, of revenue of US$2.2 to US$2.25 billion.

For 2006, revenue was US$8.8 billion, up 4%, compared to US$8.4
billion for 2005.  Net loss on a GAAP basis was US$150.6 billion
compared to net loss of US$46.8 billion for last year.  Adjusted
net earnings for 2006 were US$93.5 million compared to adjusted
net earnings of US$129.1 million for 2005.

"While revenues for the fourth quarter came in above the high-
end of the updated guidance, our financial results were
extremely disappointing.  The year-to-year growth in the
consumer segment was offset by higher than expected demand
reductions from several key customers in the telecommunications
segment.  This demand reduction along with the impact of the
inventory provision taken in Mexico significantly impacted
operating margins," said Craig Muhlhauser, President and Chief
Executive Officer, Celestica.  "We have implemented and will
continue to implement aggressive actions to materially improve
the performance of our Mexican facilities by standardizing our
ERP platform, re-architecting our warehouse logistics and
strengthening the local management team while driving more
efficiency and cost reductions.  In light of our current
outlook, we are also reducing our overhead structures and costs
globally.  These actions will result in an additional US$60 to
US$80 million of restructuring charges, US$40 million of which
has been recorded in the fourth quarter, with the remaining
charges to be incurred during 2007."

               Chief Financial Officer Change

The company also announced that Anthony (Tony) Puppi, Executive
Vice President and Chief Financial Officer has declared his
intention to retire from Celestica.  Tony will continue to act
in the capacity of Chief Financial Officer until the company's
search for a new CFO is complete.

"Tony is one of Celestica's founding executives and he has
provided strong leadership and dedication to the company over
the course of his career.  I am pleased that Tony will continue
to provide his support for the successful transition to a new
CFO and I wish him the very best in the years ahead," said Craig
Muhlhauser, President and Chief Executive Officer, Celestica.

                           Outlook

For the first quarter ending March 31, 2007, the company
anticipates revenue to be in the range of US$1.7 billion to
US$1.9 billion.

                  Supplementary Information

In addition to disclosing detailed results in accordance with
Canadian generally accepted accounting principles, Celestica
also provides supplementary non-GAAP measures as a method to
evaluate the company's operating performance.

Management uses adjusted net earnings as a measure of
enterprise-wide performance.  As a result of acquisitions made
by the company, restructuring activities, securities repurchases
and the adoption of fair value accounting for stock options,
management believes adjusted net earnings is a useful measure
that facilitates period-to-period operating comparisons and
allows the company to compare its operating results with its
competitors in the U.S. and Asia.  Adjusted net earnings exclude
the effects of acquisition-related charges (most significantly,
amortization of intangible assets and integration costs related
to acquisitions), other charges (most significantly,
restructuring costs and the write-down of goodwill and long-
lived assets), gains or losses on the repurchase of shares or
debt, option expense and option exchange costs, and the related
income tax effect of these adjustments and any significant
deferred tax write-offs.  Adjusted net earnings do not have any
standardized meaning prescribed by GAAP and is not necessarily
comparable to similar measures presented by other companies.  
Adjusted net earnings is not a measure of performance under
Canadian or U.S. GAAP and should not be considered in isolation
or as a substitute for net earnings (loss) prepared in
accordance with Canadian or U.S. GAAP.

Based in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- provides electronic  
manufacturing services to original equipment manufacturers in
the computing, telecommunications, aerospace and defense,
automotive, consumer electronics, and industrial sectors in
Asia, Mexico, Puerto Rico, Brazil, and Europe.  Its solutions
comprise design and engineering, manufacturing and systems
integration, and fulfillment, as well as after-market services.

The company has a strategic alliance with Bartolini Progetti
S.p.a.  Celestica was incorporated as Celestica International
Holdings, Inc. in 1996 and changed its name to Celestica, Inc.
The company is based in Toronto, Canada.  Celestica, Inc. is a
subsidiary of the Onex Corp.

                        *    *    *

On Dec. 22, 2005, Fitch assigned its 'BB-' issuer default and
unsecured credit facility ratings to Celestica Inc.  Fitch also
assigned a 'B+' rating to the company's senior subordinated
debt.  Fitch said the rating outlook is stable.

In February 2005, Moody's Investors Service lowered Celestica's
senior implied rating to Ba3 from Ba2, senior unsecured issuer
rating to B1 from Ba3 and the subordinated notes rating to B2
from Ba3.


HORIZON LINES: Board Declares Cash Dividends on Common Stock
------------------------------------------------------------
Horizon Lines Inc.'s Board of Directors has voted to declare a
cash dividend on its outstanding shares of common stock of
US$0.11 per share, payable on March 15, 2007, to all
stockholders of record as of the close of business on
March 1, 2007.

The company will hold its 2007 Annual Stockholder Meeting on
June 5, 2007, in Charlotte, North Carolina.  Stockholders of
record at the close of business on April 6, 2007 will be
entitled to notice of and to vote at the meeting.

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizonlines.com/-- is a Jones Act  
container shipping and integrated logistics company and is the
parent company of Horizon Lines Holding Corp. and Horizon Lines
LLC.  The company accounts for approximately 37% of total U.S.
marine container shipments from the continental U.S. to the
three non-contiguous Jones Act markets -- Alaska, Hawaii, Puerto
Rico, and Guam.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 13, 2006,
Moody's Investors Service affirmed Horizon Lines LLC's senior
secured rating at Ba2, and LGD2 to 18% from 20%.




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


AMERICAN COMMERCIAL: Holders Tender 100% of 9-1/2% Senior Notes
---------------------------------------------------------------
American Commercial Lines Inc. disclosed the results of the
tender offer and consent solicitation conducted by its wholly
owned subsidiary, American Commercial Lines LLC, for any and all
of its outstanding 9 1/2% Senior Notes due 2015 (CUSIP Nos.
02519QAB8, 02519QAA0).  As of 5:00 p.m., New York City time, on
Jan. 30, 2007, holders of US$119,500,000 or 100% of the
outstanding principal amount of the Notes have validly tendered
their Notes and delivered consents to the proposed amendments.

Holders of Notes will receive, on the settlement date, the total
consideration equal to US$1,153.89 per US$1,000 principal amount
of the Notes validly tendered, or 115.389% of their par value,
plus accrued and unpaid interest up to, but not including, the
date.  The settlement date occurred on Jan. 31, 2007.

The tender offer and the consent solicitation are being made
upon the terms, and subject to the conditions, set in the Offer
to Purchase and Consent Solicitation Statement dated
Jan. 17, 2007, and related Consent and Letter of Transmittal,
which more fully set forth the terms of the tender offer and
consent solicitation.  The company expects to execute the
supplemental indenture promptly.  In that all outstanding Notes
will be purchased on the settlement date, the tender offer will
terminate and the indenture as supplemented will be discharged
promptly following the payment.

The complete terms and conditions of the tender offer and
consent solicitation are described in the Offer to Purchase,
copies of which may be obtained by contacting the information
agent for the tender offer and consent solicitation at:

          Global Bondholder Services Corp.
          Tel: 866-794-2200 (toll free)

Questions regarding the tender offer and consent solicitation
may be directed to the dealer manager for the tender offer and
consent solicitation at:

          Merrill Lynch & Co.
          Tel: 888-654-8637 (toll free)

Headquartered in Jeffersonville, Indiana, American Commercial
Lines Inc. -- http://www.aclines.com/-- is an integrated marine
transportation and service company operating in the United
States Jones Act trades, with revenues of more than US$740
million and approximately 2,600 employees as of Dec. 31, 2005.

The company filed for chapter 11 protection on Jan. 31, 2003
(Bankr. S.D. Ind. Case No. 03-90305).  Suzette E. Bewley,
Esq., at Baker & Daniels represented the company in its
successful restructuring efforts.  The Bankruptcy Court approved
the company's Plan of Reorganization on Dec. 30, 2004, which
allowed the company to emerge from bankruptcy on Jan. 11, 2005.

American Commercial has operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 11, 2006,
Moody's Investors Service raised American Commercial Lines LLC's
Corporate Family Rating to B1 from B2, and affirmed the B3
senior unsecured and the SGL-2 Speculative Grade Liquidity
ratings.  Moody's said the rating outlook is stable.


CITGO PETROLEUM: Heating Fuel Arrives Late in Alaskan Villages
--------------------------------------------------------------
Citgo Petroleum Corp. has started sending heating fuel to
Alaskan villages two months later than organizers had hoped, the
Associated Press reports.

Steve Sumida of the Alaska Inter-Tribal Council, which led the
coordinators of Citgo Petroleum's donation, told AP that the
organizers had hoped vouchers would arrive by Nov. 1, 2006.  
However, Citgo Petroleum needed paperwork validating addresses
and head of households in over 150 villages, which was a big
task in many remote areas.

According to AP, over 11,000 homes in rural Alaska are qualified
to get 100 gallons each as part of Citgo Petroleum's promise to
donate 1 million gallons of heating fuel to poor Americans.

AP underscores that Citgo Petroleum's US$5.2-million donation
was criticized because of Venezuelan President Hugo Chavez's
apparent antipathy toward US policy, especially after he called
President George Bush a devil in a United Nations speech in
September 2006.  

Anchorage Daily News relates that over 150 Alaska villages took
advantage of the offer, and residents started receiving vouchers
late in December 2006 that can be redeemed at local fuel
sellers.

Heating fuel costs US$4.65 per gallon in Gambell, AP notes.

The Aleutian Pribilof Islands Association, a Native regional
nonprofit corporation representing four eligible villages, had
turned down Citgo Petroleum's donation, AP states.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.

Petroleos de Venezuela 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.

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.


CITGO PETROLEUM: Texas Envt'l Agency Refuses Refinery Expansion
---------------------------------------------------------------
The Texas Commission on Environmental Quality denied Citgo
Petroleum Corp.'s application to expand its Corpus Christi
refinery's catalytic cracking unit in order to add 3,500 barrels
per day in production capacity.

Citgo first made the expansion request two years ago but
environmental groups Citizens for Environmental Justice and
Refinery Reform Campaign balked at the application, Reuters
relates.  The environmental groups' protests triggered a long
series of talks between the oil firm and the environmental
commission.

Citgo claimed the expansion would create 125 new jobs.  Citizens
contended that along with the jobs, pollution would also
increase, Reuters says.

Failing to explain why a wet gas scrubber, which lowers
emissions, could not be economically installed, the
environmental commission cancelled Citgo's request, according to
Reuters.

According to kristv.com, the environmental groups were very
pleased with the commission's decision.  These groups however,
are aware that Citgo could attempt to expand its refinery in the
future.  

"We will continue to watch Citgo and the permits they put in,
because they do have an option to apply again, although they
would have to start all over from the beginning...and we'll be
right there waiting," Suzie Canales, Citizens' chairperson, was
quoted by kristv.com as saying.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.

Petroleos de Venezuela 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.

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.


PETROLEOS DE VENEZUELA: Exxon, BP In Talks for Cerro Negro JV
-------------------------------------------------------------
ExxonMobil Corp., BP and Petroleos de Venezuela are in talks
with the government for the migration of their operating
contract at Cerro Negro extra-heavy oil project into a joint
venture, where the state will have a majority stake, Reuters
reports.  

Nationalization of the projects at the Orinoco oil belt has
already been in the air since last year after the government in
April 2006 migrated 32 operating contracts into joint ventures.  

In a separate news, pro-government oil workers alleged that
ExxonMobil is rejecting the government's nationalization plan of
the Cerro Negro project.

"The transnational company Exxon Mobil has told the workers
themselves that it will not accept going to negotiations under
the model of a mixed company, and much less a nationalization,"
a group called the Collective Junta of Workers in the Orinoco
Oil Belt for the Socialist Vanguard said in a statement
published on a pro-government Web site, MarketWatch says.

Exxon denied the labor group's statement and underscored its
intention to cooperate in nationalization talks.

Fedepetrol, Venezuela's largest oil workers' union, also
downplayed the Junta's statement, MarketWatch relates.

The three other projects at Orinoco are: Sincor, Ameriven and
Petrozuata.  Apart from Exxon, oil firms with stakes in the
Orinoco include Chevron Corp., ConocoPhillips, BP Plc, Statoil
and Total.

               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.


PETROLEOS DE VENEZUELA: Resuming Gasoline Shipments to the US
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela looked
forward to two gasoline shipments to the United States at the
end of January, shipping line sources told Reuters.

According to the Energy Information Administration, the U.S. has
not received any gasoline imports since October.  These
shipments would be the first for Petroleos de Venezuela to the
country after about four months of abstinence, El Universal
says.  

"PDVSA scheduled three shipments for export, but they could be
really only two due to production troubles," a source told El
Universal.  In 2006, the oil company suffered several
operational problems in its refineries.

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: Says Gas Leak at La Vela Under Control
--------------------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela told
Business News Americas that a gas leak at its LV-13 well in La
Vela de Coro, Falcan, has been controlled.

According to BNamericas, the well is being drilled by joint
venture Petrocumarebo.  Petroleos de Venezuela owns 60% of
Petrocumarebo, while PetroFalcon Corp. holds 40% through its
wholly owned Venezuelan unit Vinccler Oil and Gas.

The leak was reported on Jan. 24.  It was brought under control
on Jan. 26.  There were no injuries or significant material
losses, Petroleos de Venezuela said in a statement.

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

                        *    *    *

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


* VENEZUELA: Oil Companies Positive to Keep 49% of Shares
---------------------------------------------------------
Private oil companies are not at all worried with Pres. Hugo
Chavez' speech on Dec. 8 when he instructed Minister of Energy
and Petroleum Rafael Ramirez to reverse the control of foreign
companies over the Orinoco belt in southern Venezuela, El
Universal reports.

US Secretary of Energy Samuel Bodman, however, does not share
the same sentiment.  He is anxious that a breach of current
agreements will happen, El Universal relates.

Companies that are party to the four projects in Southern
Venezuela think that the same way to joint ventures started
under the Hydrocarbons Organic Law 2001 will be implemented, El
Universal says.  Official sources disclosed that current
regulations, which allow for private companies' minority profit
sharing, will not experience significant revisions.

The sources even add that private parties of the Petrozuata,
Sincor, Ameriven and Cerro Negro projects may still possibly
keep 49% of their shares until December with the Venezuelan
Petroleum Corp., under Petroleos de Venezuela, holding 51% of
the remaining stake, El Universal says.

Spokespersons of some of the private companies were positive
that their projects in the country will not be affected by Pres.
Chavez' decision on nationalization.

According to the same report, a Repsol source said that Pres.
Chavez' plans won't affect them "at all" because of the already
agreed organization of joint ventures with Petroleos de
Venezuela.  Petrobras CEO Jose Sergio Gabrielli also commented
that the president's decision is "not a surprise for anybody."

Mr. Gabrielli told El Universal, "We will continue discussing
with PDVSA those projects in which we have an interest. That
does not change at all our discussions and relations concerning
projects in Venezuela."

Meanwhile, Total made no comments but just disclosed that it is
undergoing talks about joint ventures in the country.  "We have
not been officially apprised of any change," a spokesperson told
El Universal.

The National Assembly Committee of Energy and Mines has also
made no comment, it will not make an opinion until Pres. Chavez
will announce details on his plans of renewed nationalization,
El Universal says.

                        *    *    *

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


* VENEZUELA: Mercosur Entry Considered as Mistake
-------------------------------------------------
Robert Zoellick, former US Secretary of State and Trade
Representative, branded Venezuela's entry to the Common Market
of the South or Mercosur bloc as a mistake that the other
members have allowed, El Universal reports.

According to the same report, Mr. Zoellick could not believe
that a country "the government of which is breaking democratic
institutions" was allowed inclusion to the bloc.

In an interview with O Globe, Mr. Zoellick said that he has
advised some friends of Mercosur members to not favor
Venezuela's entry into the bloc.  Efe relates that the former
secretary was disappointed for not being listened to.

"What we see is that Chavez is a problem, and not only vis-a-vis
the United States.  There you have the nationalizations, the
media censorship and attempts at breaking Venezuelan democratic
institutions," Mr. Zoellick told El Universal.

Mr. Zoellick adds that as long as Pres. Chavez has oil revenues,
he will continue to have an influence, El Universal relates.  He
further states that Pres. Chavez is commanding a "populist
wave," which has greatly influenced Bolivia and Ecuador.  He
said that he felt sad for the current situation because leftwing
governments in both countries "lack solutions to help" their
nations.

Mr. Zoellick thinks that Brazil, through a firm stance from
Pres. Luiz Inacio Lula Da Silva, should be more active and lead
the Latin American nations to counter the populist trends, El
Universal says.

"I would like the voice of Latin America to be Pres. Lula's
rather than Pres. Chavez," the current CEO of Goldman Sachs Int.
told El Universal.

                        *    *    *

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


* VENEZUELA: Unions Threaten to Take Over Orinoco Installations
---------------------------------------------------------------
Venezuela's oil unions told Reuters that they could take over
the Orinoco heavy crude installations in support of President
Hugo Chavez's nationalization drive.

The private sector, particularly Exxon Mobil, was resisting
nationalization, the unions complained to Reuters.

Five oil unions said in a statement, "We are on maximum alert
and if necessary will take control of these operations and
management of this company to put it truly at the service of the
revolution and society."

According to Reuters, President Chavez has promised Venezuela
will take a majority stake in the four projects that are joint
ventures between state-oil firm, Petroleos de Venezuela SA, and
multinational oil firms.  A group of unions supported the move.

The four projects produce up to around 600,000 barrels of
synthetic crude daily, Reuters states.

                        *    *    *

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


* IDB Grants US$500,000 to Develop Venture Capital Industry
-----------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment
Fund announced today the approval of a US$500,000 financing to
strengthen the venture capital industry in Latin America and the
Caribbean.

The operation, which will be carried out through the Latin
American Venture Capital Association or LAVCA will promote
greater participation from international and local investors in
the allocation of resources to the region.

"LAVCA will coordinate with local venture capital associations
to foster development and competitiveness of small and medium-
sized enterprises in the region," said MIF Team Leader Susana
Garcia-Robles. "Programs to be supported will include research,
dissemination of best practices, networking and advocacy to both
investors and policymakers."

The project has a regional focus, but will target in particular:

   -- Argentina,
   -- Brazil,
   -- Chile,
   -- Colombia,
   -- Costa Rica,
   -- Ecuador,
   -- El Salvador,
   -- Mexico,
   -- Peru,
   -- Trinidad and Tobago and
   -- Uruguay,

countries with a basic minimum level venture capital
development.

"Fund managers, investors, entrepreneurs and small and medium-
sized enterprises will be the beneficiaries of a more developed
regional venture capital industry," said Ms. Garcia-Robles.

"Due to the nascent stage of the industry in the region, it is
difficult for private funding alone to support the growth of
strong local associations, making public sector support
essential at this time," added Ms. Garcia-Robles.  "Associations
were formed in Brazil and Mexico, and MIF supported programs
related to the development of capital markets in Peru and
Colombia, currently helping to create national associations in
those countries.  Additional national associations are underway
in Argentina, Chile and the Caribbean."

The Latin American Venture Capital Association was created in
2002 by venture capital funds active in Latin America and the
Caribbean to foster a venture capital industry in the region.

The Multilateral Investment Fund is an autonomous fund,
administered by the IDB, which provides grants, investments and
loans to promote private sector growth, labor force training and
small enterprise modernization in Latin America and the
Caribbean.

Financing for this operation comes from MIF's Small Enterprise
Development Facility.

LAVCA counterpart funds will total US$250,000.  Additionally,
the Andean Development Corporation or Corporacion Andina de
Fomento will provide US$250,000 to the program.


* KPMG LLP Names Michael Nolan as National Service Line Leader
--------------------------------------------------------------
Michael J. Nolan has been named national service line leader for
Internal Audit, Regulatory & Compliance Services for KPMG LLP,
according to an announcement from Mark Goodburn, vice chair -
Advisory for the audit, tax and advisory firm. Mr. Nolan also
will serve as global partner in charge of Internal Audit
Services.

A member of KPMG's Board of Directors in both the United States
and the Americas region, Mr. Nolan most recently served as
Southwest Area managing partner - Advisory with overall
responsibility for practice growth, professional hiring and
development, and practice administration across six states.

"Mike's extensive internal audit background -- within
disciplines such as internal audit sourcing, enterprisewide risk
management, and process improvement/control enhancement --
provides him with a broad perspective on marketplace needs and
opportunities," Mr. Goodburn said.

He has more than 23 years' experience in providing audit and
risk advisory services to energy, consumer, and industrial
companies and will continue to assist with key global and
national clients.  He will be based in Houston, and succeeds Ted
Senko, who has taken another role within KPMG.

Mr. Nolan graduated summa cum laude from Southern Methodist
University with a Bachelor of Business Administration degree in
accounting, and serves as KPMG's campus executive to SMU.
Mr. Nolan has also served various civic and professional
organizations and is chairman of the KPMG Foundation, which
primarily provides grants to support higher education in
business.

Mr. Nolan and his wife, Cari, have two children, Madelyn and
Cadie.

KPMG LLP -- http://www.us.kpmg.com/-- the audit, tax and  
advisory firm, is the U.S. member firm of KPMG International.  
KPMG International's member firms have 113,000 professionals,
including more than 6,800 partners, in 148 countries.


* Fitch Says Auto Manufacturers Have Diverging Outlooks in 2007
---------------------------------------------------------------
Fitch Ratings says in a special report that the credit profiles
of auto manufacturers in Asia, Western Europe and the US are
extremely diverse with varying outlooks for 2007.  The outlook
for the Japanese auto industry is positive, while that for the
U.S. car industry remains negative.  The outlooks for the South
Korean and Chinese auto industries are stable despite challenges
expected in the domestic and overseas markets.  European
original equipment manufacturers also face a broadly stable
outlook, although this is at risk from unfavourable foreign
exchange rates, heavy regulations and high raw material prices.

"The rapid growth of Japanese and Korean brands in the US and
Western Europe is supportive of Asian manufacturers' credit
profiles but weakens those of European and American OEMs," says
Emmanuel Bulle, Director in Fitch's Automotive team.

In addition, US groups face weakening economic conditions, such
as a stressed supply base, and event risk when the United Auto
Workers contract reopens in September 2007.  In South Korea,
domestic demand should remain stagnant owing to sluggish
economic conditions, weak consumer confidence and increased fuel
costs.  South Korean groups also face the risk of a
strengthening South Korean won.

"Restructuring is the name of the game against this
deterioration, particularly in Europe and the US," says Mr
Bulle.  In 2006, GM ('B'/Rating Watch Negative) and Ford
('B'/Negative) started a new round of deep restructuring actions
while European groups have introduced cost-cutting and revenue-
enhancing measures in the past couple of years.  All
manufacturers will also continue to look for growth in
developing regions such as China, India and Latin America.  In
parallel, Japanese and South Korean manufacturers will maintain
intense pressure on their US and European competitors in the
latter's respective home markets.  In particular, Fitch expects
European and US OEMs to suffer further market share erosion in
their home markets.  In China, local car manufacturers should
record further growth while Japanese, South Korean, European and
US groups are expected to continue their battle to gain share.

US car manufacturers' financial metrics have deteriorated, with
negative cash flows projected to continue at GM and Ford through
2007 due to continued share losses, restructuring costs and
working capital outflows.  The financial profiles of European
groups should continue to broadly improve in 2007 as they
increasingly benefit from recent restructuring measures.  
However, the difficult business environment will make this
improvement a challenge.  In Japan, Fitch expects continuous
solid operating performances, especially at Toyota
('AAA'/Stable) and Honda ('A+'/Stable) while the financial
profile of Chinese car manufacturers should continue to improve
on higher cash generation and stable operating margins.

Fitch continues to see limited M&A activity in 2007.  Although
manufacturers are expected to continue collaborating on specific
projects and selective partnerships, Fitch does not anticipate
major tie-ups like the Renault ('BBB+'/Stable)/Nissan ('A-' (A
minus)/Stable)/GM project discussed in 2006.  Similarly, share
buy-backs are likely to be limited and free cash generation
should be directed towards industrial investments and cash
savings.


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

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

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

February 6-7, 2007
   INSTITUTIONAL INVESTOR EVENTS
      Turnaround Management & Distressed Investing Forum
         New York, NY
            Contact: http://www.iievents.com/

February 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Rooney's Irish Pub, Jupiter, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Comedy Night at
         Governors, Levittown, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

February 7-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      VALCON: Hedge Funds, Distressed Debt, Risk and
         Restructurings
            Red Rock Casino, Resort and Spa, Las Vegas, NV
               Contact: http://www.airacira.org/

February 8, 2007
   INSTITUTIONAL INVESTOR EVENTS
      Corporate Restructuring & Investing in Post-Crisis Latin
         America Forum
            New York, NY
               Contact: http://www.iievents.com/

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

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

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

February 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      9th Annual TMA Symposium
         Four Seasons Hotel, Toronto, ON
            Contact: http://www.turnaround.org/

February 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Marketing Strategies
         available to the Turnaround Practitioner
            Sydney, Australia
               Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Martini Networking Event
         Gibson's Steakhouse, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Valuation Outlook - What's in Store for 2007
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Window of Opportunity: Maximizing Value in a Retail
         Bankruptcy
            Denver Athletic Club, Denver, CO
               Contact: http://www.turnaround.org/

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

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

February 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development
         Brisbane, Australia
            Contact: http://www.turnaround.org/

February 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Gordon Biersch Brewery Restaurant, Miami, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA-NOW Networking & Panel: Discussing Women's Networking
         Issues
            PBI, Philadelphia, PA
               Contact: 215-657-5551 or
http://www.turnaround.org/

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

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

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

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Maggianos, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 27, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues Workshop
         San Francisco, CA
            Contact: http://www.pli.edu/

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

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

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

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

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, GA
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: http://www.turnaround.org/

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

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

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

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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


April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

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

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

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

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

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

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

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

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

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

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

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

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

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

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

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

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

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

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

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

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

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

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

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

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

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

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

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

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

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

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

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

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.



                         ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, Francois Albarracin, and Christian Toledo,
Editors.

Copyright 2076.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


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