TCRLA_Public/070219.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

          Monday, February 19, 2007, Vol. 8, Issue 35

                          Headlines

A R G E N T I N A

BONGOSCAR SA: Trustee Verifies Creditor's Claims Until Feb. 28
EL PASO: 2006 Gas & Oil Reserves Reach 2.6 Tril. Cubic Feet
HUNTSMAN CORP: Posts US$80.2MM Fourth Quarter 2006 Net Income
HUNTSMAN CORP: Selling US Commodities Business to Flint Hills
INMECHE SA: Claims Verification Is Until April 9, 2007

LONERIA DEL CARMEN: Proofs of Claim Verification Until April 2
RECOVA PARK: Claims Verification Is Until April 13, 2007
SALVADOR ROBLES: Creditors' Claims Verification Until April 13
SOLDOUT SA: Trustee Verifies Proofs of Claim Until April 9
SURDATA SRL: Trustee Verifies Proofs of Claim Until Feb. 21

VALEANT PHARMACEUTICALS: Acquires Commerical Rights to Nabilone

B E R M U D A

FOSTER WHEELER: Wins Contract for New Petrochemicals Complex

B O L I V I A

INTERNATIONAL PAPER: Declares Regular Quarterly Dividends

B R A Z I L

BANCO NACIONAL: Says Growth Program Will Boost Investments
COMPANHIA PARANENSE: To File 2006 Audited Report on March 27
DURA AUTOMOTIVE: Automotive Aviation Files Schedules
DURA AUTOMOTIVE: Creation Group's Schedules of Assets & Debts
EMI GROUP: Profit Warning Cues S&P to Hold BB-/B Ratings

NET SERVICOS: BNDES Participacoes Sells Some Preferred Shares
NOVELIS INC: Will Supply Aluminum Sheet for New BMW Vehicle
PARANA BANCO: S&P Puts B Rating on US100MM Notes Program
TAM SA: Exceeds Targets for the Fourth Quarter of 2006

C A Y M A N   I S L A N D S

AES DRAX ENERGY: To Hold Final Shareholders Meeting on March 6
CAI GLOBAL: To Hold Final Shareholders Meeting on March 6
CRESCENT MASTERSKILL: Proofs of Claim Must be Filed by March 7
CYPRESS GOLF: Will Hold Final Shareholders Meeting on March 6
SALESSE: Will Hold Final Shareholders Meeting on March 6

SILVERMAQUE FINANCIAL: Proofs of Claim Must be Filed by March 7
VMWARE INT'L: Proofs of Claim Must be Filed by March 7

C O S T A   R I C A

ARMSTRONG WORLD: To Review Strategic Alternatives

H O N D U R A S

DOLE FOOD: Unit Launches Web Site with Many Interactive Tools

M E X I C O

DANA CORP: Supplying Victor Reinz Gaskets for Bugatti Engine
ANIXTER INT'L: Moody's Lowers Ratings Due to Increased Leverage
DELTA AIR: Added to American Express' Int'l Airline Program
DELTA AIR: Files Amended Special Schedules of Liabilities
FLEXTRONICS INT'L: Grants Options to New Employees

INNOPHOS INVESTMENTS: Moody's Ups Corporate Family Rating to B1
LIBBEY INC: Unit Completes Notes Exchange Offer
LIBBEY INC: Reports US$8.5MM Net Loss in Fourth Quarter 2006
MOVIE GALLERY: S&P Affirms CCC+ Corp. Credit & Bank Loan Ratings
OPEN TEXT: Unveils New E-mail Archiving & Management Software

SUN MICROSYSTEMS: Develops New E-mail Software with Open Text
UNITED RENTALS: Completes Traffic Control Business Sale
VALASSIS COMM: Moody's Puts B3 Rating on US$590MM Unsec. Notes
VALASSIS COMM: S&P Puts B- Rating on US$590MM Unsecured Notes

P A N A M A

BANCO LATINOAMERICANO: Posts US$21.1MM Fourth Quarter Net Income

P E R U

* PERU: Invites Bondholders to Submit Exchange Offers

P U E R T O   R I C O

ADELPHIA COMM:  Outstanding Contingent Value Vehicle Units
ALLIED WASTE: Posts US$254MM Fourth Quarter Operating Income
ORIENTAL FINANCIAL: Incurs US$19.2MM Fourth Quarter 2006 Loss
SAN JUAN: Dividend Cues Moody's to Cut Corp. Family Rating to B3
UNITED AIRLINES: Enhances Web Site's Booking Tools

UNIVISION COMM: S&P Cuts Corp. Credit Rating to B

U R U G U A Y

AMERICAN AIRLINES: Adding Round-Trip Service to 3 New Markets
AMERICAN AIRLINES: Seeks DOT OK of Royal Jordanian Code-Share


                            - - - - -

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


BONGOSCAR SA: Trustee Verifies Creditor's Claims Until Feb. 28
--------------------------------------------------------------
Ruben L. Kwasniewski, the court-appointed trustee of Bongoscar
S.A., will verify creditors' claims until Feb. 28, 2007.  The
validated claims will be presented in court as individual
reports on April 11, 2007.

Bongoscar began reorganization following the approval of its
petition by a civil and commercial court in Buenos Aires.  The
opening of the reorganization allowed Bongoscar to negotiate a
settlement with its creditors in order to avoid a straight
liquidation.

Mr. Kwasniewski is also required by the court to submit a
general report essentially auditing Bongoscar's accounting and
business records as well as summarizing important events
pertaining to the reorganization.  The report will be presented
in court on May 24, 2007.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to Bongoscar's
creditors for approval, is scheduled for Oct. 31, 2007.

The trustee can be reached at:

          Ruben L. Kwasniewski
          Montevideo 536
          Buenos Aires, Argentina


EL PASO: 2006 Gas & Oil Reserves Reach 2.6 Tril. Cubic Feet
-----------------------------------------------------------
El Paso Corp.'s proved natural gas and oil reserves at
Dec.31, 2006, totaled more than 2.6 trillion cubic feet
equivalent (Tcfe), including 222 billion cubic feet equivalent
(Bcfe) related to its proportionate interests in Four Star Oil &
Gas Co. (Four Star).  

For the year, production averaged 798 million cubic feet
equivalent per day (MMcfe/d), including 68 MMcfe/d from Four
Star.  For the second consecutive year, reserve revisions due to
performance were positive.  

These are the consolidated proved reserves from Dec. 31, 2005,
to Dec. 31, 2006, and a summary of El Paso's 43.1% interest in
Four Star proved reserves at Dec. 31, 2006:

  -- Consolidated Proved Reserves

     Bcfe at Dec. 31, 2005                              2,415
     Production                                          (266)
     Net Sales                                            (20)
     Additions                                            299
     Acquisitions                                           2
     Revisions due to Price                               (54)
     Revisions due to Performance                          39
     Bcfe at Dec. 31, 2006                              2,415

  -- El Paso's Interest in Four Star Proved Reserves
    
     Four Star at Dec. 31, 2006 (Bcfe)                 222
     
El Paso exploration and production's 2006 oil and gas capital
expenditures were US$1.193 million, and consolidated reserve
replacement costs were US$4.17 per Mcfe.  Consolidated reserve
replacement costs were US$3.51 per thousand cubic feet
equivalent (Mcfe) before price-related reserve revisions.
    
Approximately 73% of the Dec. 31, 2006, proved reserves are
proved developed, and 79% are natural gas, including Four Star.

Including El Paso's proportionate share of Four Star, the
company expects to produce an average of 800 MMcfe/d to 860
MMcfe/d in 2007, which at its midpoint, is a 4% increase from
2006 production.  Production at Four Star is expected to be
between 60 MMcfe/d to 65 MMcfe/d in 2007.

The 2007 capital program is planned at US$1.7 billion, including
US$255 million to acquire south Texas producing and undeveloped
properties in January 2007 and US$85 million of capital for the
further development of these properties.

The 2007 capital program includes US$200 million for Brazil,
primarily for the Camamu Basin development program, which is
expected to begin production in 2008 and reach a level of 50
MMcfe/d to 75 MMcfe/d before the end of 2008.  Drilling
operations for this program are currently underway.
    
El Paso will provide full details on its 2007 plan for its
pipeline and exploration and production businesses during its
Feb. 21, 2007 analyst meeting.  

Headquartered in Houston, Texas, El Paso Corp. (NYSE:EP)
-- http://www.elpaso.com/-- provides natural gas and related
energy products in a safe, efficient, and dependable manner.
The company owns North America's largest natural gas pipeline
system and one of North America's largest independent natural
gas producers.  The company has operations in Argentina.

                      *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
Moody's Investors Service revised its corporate family rating on
El Paso Corp. to B2 in connection with its implementation of
the new Probability-of-Default and Loss-Given-Default rating
methodology for the broad energy midstream sector.


HUNTSMAN CORP: Posts US$80.2MM Fourth Quarter 2006 Net Income
-------------------------------------------------------------
Huntsman Corp.'s fourth quarter 2006 net income was US$80.2
million.  In the same quarter of 2005, the company incurred a
net loss of US$65.0 million.  The total of adjusted net income
from continuing operations and from discontinued operations for
the three months ended Dec. 31, 2006, was US$117.3 million,
compared with US$33.8 million for the same period in 2005.

Revenues for the fourth quarter of 2006 were US$2,535.9 million,
compared with US$2,555.9 million for the same period in the
fourth quarter of 2005.
     
The total of Adjusted EBITDA from continuing operations and from
discontinued operations for the three months ended Dec. 31,
2006, was US$279.7 million, compared with US$205.0 million for
the same period in 2005.

Revenues for 2006 were US$10,623.6 million, compared with
US$10,676.9 million for the same period in 2005.  Revenues from
continuing and discontinued operations for 2006 were US$13,148.2
million as compared with US$12,986.0 million in 2005.
     
The total of Adjusted EBITDA from continuing operations and from
discontinued operations for 2006 was US$1,237.1 million,
compared with US$1,437.2 million for the same period in 2005.

On Feb. 15, Huntsman entered into a definitive agreement to sell
its U.S. Base Chemicals and Polymers business to Flint Hills
Resources, LLC -- a division of Koch Industries, Inc. -- for a
total expected value of approximately US$761 million.  The firm
anticipates that this transaction will close in the third
quarter of 2007.

Huntsman's board of directors has approved the payment of a
quarterly common dividend of US$0.10 per share payable on
March 30, 2007, to stockholders of record as of March 15, 2007.

"The announcement of our agreement with Koch Industries to sell
our U.S. Base Chemicals and Polymers business marks the final
milestone in our ongoing efforts to separate our commodity
petrochemicals assets from our portfolio of differentiated
businesses.  Following the completion of this transaction,
together with our recent divestiture of our European commodities
business to SABIC and the sale of certain U.S. MTBE and
butadiene assets to Texas Petrochemicals, our differentiated and
inorganic businesses will comprise nearly 100% of our
portfolio," Peter R. Huntsman, President and Chief Executive
Officer of Hunstman, stated.  "In addition, we will have
generated in excess of US$1.8 billion from the sale of these
businesses which has allowed us to dramatically improve our
balance sheet as total net debt is expected to be approximately
US$2.7 billion, which is more than 50% lower than our debt level
at the end of 2004.  With a stronger balance sheet and a more
focused product portfolio, Huntsman is well positioned to
capitalize on opportunities for further expansion and growth."
    
"The declaration by our Board of Directors of Huntsman's first
quarterly common stock dividend further demonstrates our
commitment to enhance shareholder value and reflects our
confidence in the future growth and stability in earnings of our
new portfolio.  I believe this action will be welcomed by our
stockholders.  As we enter 2007, we continue to experience many
very positive trends across our businesses and the markets that
we serve.  Raw material and energy prices have declined, while
at the same time, demand and selling prices for many of our
products continue to improve.  We anticipate that the earnings
in each of our three differentiated segments that will remain
following the sale to Koch will be higher in the first quarter
of 2007 as compared to the fourth quarter of 2006 and also
higher for the full year 2007 as compared to the full year 2006.  
In Pigments, we are guardedly optimistic about our outlook for
the upcoming spring paint season given the softness in demand
that we experienced in the fourth quarter.  The higher earnings
in the differentiated segments, together with substantially
lower interest expense, will have a positive impact on our
bottom line in the coming quarters," Mr. Huntsman said.

Revenues for the three months ended Dec. 31, 2006, decreased
slightly to US$2,535.9 million, from US$2,555.9 million during
the same period in 2005.  Revenues increased in our
Polyurethanes and Performance Products segments due primarily to
higher sales volumes.  Revenues increased in the firm's
Materials and Effects segment primarily due to the acquisition
of the firm's textile effects business.  Revenues decreased in
the company's Pigments segment due to lower sales volumes and in
the firm's Polymers segment due primarily to lower average
selling prices.  Revenues decreased in our Base Chemicals
segment primarily due to the continuing outage at the Port
Arthur, Texas olefins manufacturing facility and the divestiture
of certain of the firm's US butadiene and MTBE business assets.
    
For the three months ended Dec. 31, 2006, EBITDA increased to
US$237.1 million, from US$97.6 million in the same period in
2005.  Total Adjusted EBITDA from continuing and discontinued
operations for the three months ended Dec. 31, 2006, was
US$279.7 million, an increase from US$205.0 million for the same
period in 2005.

The increase in revenues in the Polyurethanes segment for the
three months ended Dec. 31, 2006, compared to the same period in
2005 was primarily due to higher sales volumes, partially offset
by lower average selling prices.  MDI sales volumes increased
slightly and were partially offset by limitations on product
availability resulting from unplanned manufacturing outages at
our Rozenburg facility due to raw material supply limitations.  
PO and PO derivative volumes increased 19% and MTBE volume
increased 16% primarily due to the impact of the U.S. Gulf Coast
storms on the fourth quarter of 2005 results.  MDI average
selling prices were relatively unchanged as compared to 2005.  
MTBE selling prices decreased due to reduced US demand as a
result of changes in US legislation.
    
The decrease in EBITDA in the Polyurethanes segment was
primarily the result of lower margins due to higher raw material
costs, commissioning and other costs related to the startup of
Huntsman's new MDI facility in China and lower MTBE margins due
to lower average selling prices and record high raw materials
costs. During the three months ended Dec. 31, 2006, the
Polyurethanes segment recorded restructuring and plant closing
credits of US$0.5 million as compared to charges of US$8.4
million for the same period in 2005.

The increase in revenues in the Materials and Effects segment
for the three months ended Dec. 31, 2006, compared to the same
period in 2005 was primarily due to the acquisition of the
textile effects business on June 30, 2006.  The textile effects
business contributed US$234.1 million in revenue for the three
months ended Dec. 31, 2006, while the advanced materials
business contributed US$321.5 million revenues for the same
period, an increase of US$47.7 million or 17%.  The increase in
advanced materials revenues was primarily the result of a 10%
increase in sales volumes and a 6% increase in average selling
prices.
    
The increase in EBITDA in the Materials and Effects segment was
due to increases in the advanced materials business of US$14.0
million while the textile effects business, which was acquired
in June 2006, contributed US$6.3 million in EBITDA for the three
months ended Dec. 31, 2006.  The increase in EBITDA in the
advanced materials business was primarily due to higher margins
partially offset by higher Selling, General and Administrative
Expenses and other business support costs.  During the three
months ended Dec. 31, 2006, the Materials and Effects segment
recorded restructuring and plant closing costs of US$0.4 million
compared to US$1.1 million for the comparable period in 2005.   
The 2006 restructuring and plant closing costs are directly
attributable to the two year restructuring plan of the firm's
textile effects business that has now commenced.

The increase in revenues in the Performance Products segment for
the three months ended Dec. 31, 2006, compared to the same
period in 2005 was primarily the result of a 4% increase in
sales volumes and a 1% increase in average selling prices.  
Sales volumes increased primarily due to increased production
and improved demand over the same period in 2005, which was
impacted by the U.S. Gulf Coast storms.  Average selling prices
increased primarily due to strong market conditions for our
performance specialties products.
    
The increase in EBITDA in the Performance Products segment was
primarily due to the impact of the U.S. Gulf Coast storms on
2005 results and lower raw materials costs.  The fourth quarter
of 2005 EBITDA was negatively impacted by an estimated US$44.3
million related to the U.S. Gulf Coast storms.  Included in
Performance Products EBITDA in the 2006 period is US$7.3 million
related to the partial settlement of insurance claims related to
the 2005 U.S. Gulf Coast Storms.  During the three months ended
Dec. 31, 2006, the Performance Products segment recorded
restructuring and plant closing credits of US$0.4 million
compared to charges of US$4.0 million for the comparable period
in 2005.

The decrease in revenues in the Pigments segment for the three
months ended Dec. 31, 2006, compared to the same period in 2005
was primarily due to a 14% decrease in sales volumes partially
offset by a 5% increase in average selling prices.  Sales
volumes decreased primarily due to weaker customer demand in the
North America region.  Average selling prices increased in
Europe and the Asia Pacific regions due to stronger market
demand and the strength of major European currencies versus the
US dollar, partially offset by lower average selling prices in
North America.
    
The decrease in EBITDA in the Pigments segment was primarily the
result of reduced sales volume and higher raw material and
manufacturing costs.

During the three months ended Dec. 31, 2006, the Pigments
segment recorded restructuring and plant closing costs of US$1.4
million as compared with charges of US$3.2 million for the
comparable period in 2005.

The decrease in revenues in the Polymers segment for the three
months ended Dec. 31, 2006, compared to the same period in 2005
was primarily the result of a 6% decrease in average selling
prices primarily for polyethylene.  Sales volumes decreased 2%
as compared to the 2005 period.     

The decrease in EBITDA in the Polymers segment was primarily the
result of lower margins in polyethylene and expandable
polystyrene.  During the three months ended Dec. 31, 2006, the
Polymers segment recorded restructuring, impairment and plant
closing credits of US$0.6 million compared with charges of
US$0.3 million for the comparable period in 2005.    

The decrease in revenues in the Base Chemicals segment for the
three months ended Dec. 31, 2006, compared to the same period in
2005 was primarily the result of the continuing outage at our
Port Arthur, Texas olefins manufacturing facility and the
divestiture of certain of the firm's US butadiene and MTBE
assets.
    
The increase in EBITDA in the Base Chemicals segment was
primarily the result of improved market conditions in Europe.  
During the three months ended Dec. 31, 2006, EBITDA was
negatively impacted by an estimated US$35 million related to the
outage at the Port Arthur, Texas olefins facility whereas during
the 2005 comparable period we experienced lost production, which
negatively impacted EBITDA by approximately US$65.3 million
related to the U.S. Gulf Coast storms.  Included in Base
Chemicals 2006 EBITDA is US$6.7 million related to the partial
settlement of insurance claims related to the 2005 U.S. Gulf
Coast Storms.  During the three months ended Dec. 31, 2006, the
Base Chemicals segment recorded restructuring, impairment and
plant closing credits of US$0.3 million compared to charges of
US$4.3 million for the comparable period in 2005.

Corporate and other items include unallocated corporate
overhead, loss on the sale of accounts receivable, unallocated
foreign exchange gains and losses, losses on the early
extinguishment of debt, other non-operating income and expense,
minority interest, unallocated restructuring and reorganization
costs, extraordinary gain on the acquisition of a business, and
the cumulative effect of change in accounting principle.  In the
fourth quarter of 2006, the total of these items improved by
US$72.3 million compared to the 2005 period.  The improvement
primarily resulted from a decrease in expenses of US$33.5
million related to the loss on early extinguishment of debt, and
a decrease of US$36.5 million in cumulative effect of changes in
accounting principle.

In the fourth quarter 2006, Huntsman recorded US$65.0 million of
income tax benefit as compared with US$43.0 million of income
tax benefit in the comparable period of 2005.  Included in the
income tax benefit for the fourth quarter 2006 was approximately
$44.2 million related to the favorable resolution of disputes
with taxing authorities in the US and the UK.  In addition, in
the fourth quarter of 2006 we benefited from a reduction in The
Netherlands corporate tax rate, which resulted in approximately
US$7.9 million reduction in the firm's deferred tax liabilities
and a corresponding increase in our tax benefit.  In the 2006
period, the firm also benefited from an increase in the release
of valuation allowances, including releases resulting from
changes in the geographic location of the company's income
earned during the period, which also resulted in increased tax
benefit.
    
Huntsman expects its 2007 effective tax rate to be approximately
25%-30%.  The firm expects to utilize available net operating
losses and other tax attributes to result in a cash income tax
rate of approximately 10%-15%.
    
Liquidity, Capital Resources and Outstanding Debt
    
During the fourth quarter Huntsman used proceeds from the sale
of its European commodity chemicals business to SABIC to repay
US$400 million of its term loan B and to decrease US$250 million
of its 9.875% senior notes due 2009.
    
On Nov. 13, 2006, Huntsman completed an offering of EUR400
million 6.875% senior subordinated notes due 2013 and US$200
million 7.875% senior subordinated notes due 2014, the proceeds
of which were used to redeem all but EUR114 million of its
10.125% senior subordinated noted due 2009.

Subject to acceptable market conditions, Huntsman anticipates
refinancing these remaining subordinated notes in the near
future.  The firm estimates that the November 2006 notes
offering will result in an approximate US$18 million reduction
in annual interest expense.
   
The firm expects to complete the sale of our U.S. Base Chemicals
and Polymers business in the third quarter of 2007 following the
re-start of its Port Arthur, Texas olefins facility and
conditioned upon receipt of necessary regulatory approvals and
other customary closing conditions.  The company intends to use
net proceeds from the sale to further reduce its debt.
    
During the three months ended Dec. 31, 2006, Huntsman received
US$150 million of cash proceeds representing a partial interim
payment on its insurance claim related to fire damage at its
Port Arthur, Texas olefins facility.  In the fourth quarter
2006, the company recorded approximately US$56 million of this
payment as a reimbursement against an accrual for certain
accrued fixed costs and repair expenses.  The remaining
approximately US$94 million was recorded as a deferred gain in
other current liabilities.  The company expects to receive
additional insurance proceeds associated with this claim during
2007 following the restart of its Port Arthur, Texas olefins
facility, as well as an additional US$70 million in proceeds
relating to the sale of its US butadiene and MTBE business that
was completed in June 2006.
    
As of Dec. 31, 2006, Huntsman and its subsidiaries had
approximately US$888 million in combined cash and unused
borrowing capacity.
    
For the year ended Dec. 31, 2006, total capital expenditures
were approximately US$550 million, compared with US$339 million
for the same period in 2005.  The increase in capital spending
is primarily attributable to capital expenditures on the Wilton,
U.K. LDPE facility of approximately US$176 million, compared
with approximately US$37 million for the same period in 2005.

The Wilton, U.K. LDPE facility has been sold to SABIC.  In
addition, during 2006, Huntsman incurred capital expenditures
for the expansion of various businesses including expansions of
its MDI capacity the majority of which was for its Caojing,
China facility and the construction of a polyetheramines
facility in Jurong Island, Singapore.
    
Excluding capital expenditures that will be required to repair
Huntsman's Port Arthur, Texas olefins facility, we expect to
spend approximately US$550 million on capital projects in 2007,
including approximately US$40 million in its U.S. Base Chemicals
and Polymers business in the first half of 2007.

                Huntsman's Outstanding Debt
                    (In millions)

                                               Dec. 31
                                        2006              2005


Debt (11):
  Senior Secured
  Credit Facilities                   US$1,711.2     US$2,099.3
  Secured Notes                            294.0          293.6
  Unsecured Notes                          198.0          752.7
  Subordinated Notes                     1,228.3        1,145.2
  Other Debt                               213.8          167.1
  Total Debt                             3,645.3        4,457.9

  Total Cash                               263.2          142.8

  Net Debt                               $3,382.1       $4,315.1

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

                        *     *     *

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

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


HUNTSMAN CORP: Selling US Commodities Business to Flint Hills
-------------------------------------------------------------
Huntsman Corp. (NYSE: HUN) will sell its U.S. Base Chemicals and
Polymers business to Flint Hills Resources, LLC, a wholly owned
subsidiary of Koch Industries, Inc.

Peter R. Huntsman, the company's president and chief executive
officer, disclosed that Huntsman that under signed definitive
documents, Huntsman is expected to realize a total value from
the sale of approximately US$761 million.  

Under the agreement, Flint Hills Resources will acquire the
manufacturing assets of Huntsman's US commodities business for
US$456 million in cash plus the value of inventory (US$286
million at Dec. 31, 2006) on the date of closing.  Huntsman will
retain other elements of working capital, including accounts
receivables, accounts payable and certain accrued liabilities
(net, US$19 million at Dec. 31, 2006), which will be liquidated
for cash immediately following the closing.
    
The transaction includes Huntsman's olefins and polymers
manufacturing assets located at five US sites:

          -- Port Arthur, Texas;
          -- Odessa, Texas;
          -- Longview, Texas;
          -- Peru, Illinois; and
          -- Marysville, Michigan.

The business employs about 900 associates.  The captive ethylene
unit at the retained Port Neches, Texas, site of Huntsman's
Performance Products division is not included in the sale.  This
asset, along with a long-term post-closing arrangement for the
supply of ethylene and propylene from Flint Hills to Huntsman,
will continue to provide feedstock for Huntsman's downstream
derivative units.
    
"Upon the closing of the transaction . . . Huntsman Corp. will
have completed its planned divestitures of its commodity
petrochemical businesses and its transformation to a company
manufacturing and marketing differentiated products.  Our entire
product line will now experience higher growth rates and much
lower sensitivity to energy costs," said Mr. Huntsman.  "Looking
forward, we have transformed our business into one producing
highly innovative products that serve an expanding global
economy."
    
Mr. Huntsman noted, "We also are very pleased to be passing the
baton to as strong and experienced an operator for these types
of assets as is Flint Hills Resources."
    
"We are excited about this proposed acquisition and its natural
extension of our existing capabilities in petrochemical
manufacturing and marketing," said Brad Razook, president and
chief executive officer of Flint Hills Resources.  "These assets
offer us new opportunities for continued growth and
diversification, as well as for creating customer value.  Once
the acquisition concludes, we expect to position these plants
for long-term success in the ever-changing global market."
    
"The assets, skills and capabilities of this operation will
complement FHR's existing framework," said Jeff Ramsey, who upon
the acquisition's close will manage the business.  Mr. Ramsey is
vice president of chemicals for FHR.  "We are acquiring an
experienced team, a robust technical service and development
capability and a global customer service function that is
focused on creating value."
    
Subject to customary regulatory approvals and other closing
conditions, the transaction is expected to close during the
third quarter of 2007 following the re-start of Huntsman's Port
Arthur, Texas, olefins manufacturing facility.

                  About Flint Hills Resources

Flint Hills Resources is a leading producer of fuels, base oils
for lubricants, and other petrochemical products, based in
Wichita, Kansas.  It owns refineries in Alaska, Minnesota and
Texas, a chemical intermediates plant near Joliet, Illinois,
pipelines, and an interest in Excel Paralubes in Westlake,
Louisiana.  The company produces pseudocumene at its Corpus
Christi, Texas, facility, as well as other building-block
chemicals like metaxylene, orthoxylene, paraxylene, benzene,
cumene and toluene.  In Illinois, the company produces maleic
anhydride, trimellitic anhydride and purified isophthalic acid.
    
Flint Hills Resources became an independent, wholly owned
subsidiary of Koch Industries, Inc., in January 2002 in order to
focus on growth opportunities.  This proposed acquisition is a
direct result of that business mandate, and adds to assets
acquired in 2003 and 2004.

                    About Huntsman Corp.

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

                        *     *     *

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

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


INMECHE SA: Claims Verification Is Until April 9, 2007
------------------------------------------------------
Oscar Chapiro, the court-appointed trustee for Inmeche SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until April 9, 2007.

Under the Argentine bankruptcy law, Mr. Chapiro is required to
present the validated claims in court as individual reports.  
Court No. 4 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Inmeche and its
creditors.

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

Mr. Chapiro will also submit a general report that contains an
audit of Inmeche's accounting and banking records.  The report
submission dates have not been disclosed.

Inmeche was forced into bankruptcy at the behest of Osecac, whom
it owes US$14,931.41.

Clerk No. 7 assists the court in the proceeding.

The debtor can be reached at:

          Inmeche SA
          Cachi 845
          Buenos Aires, Argentina  

The trustee can be reached at:

          Oscar Chapiro
          Virrey del Pino 1739
          Buenos Aires, Argentina


LONERIA DEL CARMEN: Proofs of Claim Verification Until April 2
--------------------------------------------------------------
Ana Maria Pazos, the court-appointed trustee for Loneria del
Carmen S.R.L.'s bankruptcy proceeding, will verify creditors'
proofs of claim until April 2, 2007.

Ms. Pazos will present the validated claims in court as
individual reports on May 16, 2007.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Loneria del Carmen and its creditors.

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

A general report that contains an audit of Loneria del Carmen's
accounting and banking records will follow on June 28, 2007.

Ms. Pazos is also in charge of administering Loneria del
Carmen's assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

         Ana Maria Pazos
         Maipu 374
         Buenos Aires, Argentina


RECOVA PARK: Claims Verification Is Until April 13, 2007
--------------------------------------------------------
Martin Stolkiner, the court-appointed trustee for Recova Park
S.A.'s bankruptcy proceeding, will verify creditors' proofs of
claim until April 13, 2007.

Under the Argentine bankruptcy law, Mr. Stolkiner is required to
present the validated claims in court as individual reports.  
Court No. 26 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Recova Park and its
creditors.

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

Mr. Stolkiner will also submit a general report that contains an
audit of Recova Park's accounting and banking records.  The
report submission dates have not been disclosed.

Recova Park was forced into bankruptcy at the behest of Berta
Rudelir.

Clerk No. 52 assists the court in the proceeding.

The debtor can be reached at:

          Recova Park S.A.
          Lavalle 1607
          Buenos Aires, Argentina  

The trustee can be reached at:

          Martin Stolkiner
          Avenida Cordoba 1367
          Buenos Aires, Argentina


SALVADOR ROBLES: Creditors' Claims Verification Until April 13
--------------------------------------------------------------
Roberto Molero, the court-appointed trustee of Salvador Robles
Atienza e Hijos S.R.L., will verify creditors' claims until
April 13, 2007.  The validated claims will be presented in court
as individual reports on June 7, 2007.

Salvador Robles began reorganization following the approval of
its petition by a civil and commercial court in San Rafael
(Mendoza).  The opening of the reorganization allowed Salvador
Robles to negotiate a settlement with its creditors in order to
avoid a straight liquidation.

Mr. Molero is also required by the court to submit a general
report essentially auditing Salvador Robles' accounting and
business records as well as summarizing important events
pertaining to the reorganization.  The report will be presented
in court on Sept. 20, 2007.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Salvador
Robles' creditors for approval, is scheduled on May 23, 2008.

The debtor can be reached at:

          Salvador Robles Atienza e Hijos S.R.L.
          Tomas Alva Edison 376
          San Rafael (Mendoza), Argentina

The trustee can be reached at:

          Roberto Molero
          Aristobulo del Valle 370
          San Rafael (Mendoza), Argentina


SOLDOUT SA: Trustee Verifies Proofs of Claim Until April 9
----------------------------------------------------------
Norberto Jorge Volpe, the court-appointed trustee for Soldout
SA's bankruptcy proceeding, will verify creditors' proofs of
claim until April 9, 2007.

Mr. Volpe will present the validated claims in court as
individual reports on May 22, 2007.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Soldout and its creditors.

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

A general report that contains an audit of Soldout's accounting
and banking records will follow on July 5, 2007.

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

The trustee can be reached at:

         Norberto Jorge Volpe
         Maipu 859
         Buenos Aires, Argentina


SURDATA SRL: Trustee Verifies Proofs of Claim Until Feb. 21
-----------------------------------------------------------
Miguel Angel Diez, the court-appointed trustee for Surdata
S.R.L.'s bankruptcy proceeding, will verify creditors' proofs of
claim until Feb. 21, 2007.

Mr. Diez will present the validated claims in court as
individual reports on April 5, 2007.  A court in Bahia Blanca,
Buenos Aires will determine if the verified claims are
admissible, taking into account the trustee's opinion and the
objections and challenges raised by Surdata and its creditors.

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

A general report that contains an audit of Surdata's accounting
and banking records will follow on May 18, 2007.

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

The debtor can be reached at:

         Surdata S.R.L.
         Avda Alem 2338 Bahia Blanca
         Buenos Aires, Argentina  


VALEANT PHARMACEUTICALS: Acquires Commerical Rights to Nabilone
---------------------------------------------------------------
Valeant Pharmaceuticals International has acquired the
commercial rights to nabilone in the United Kingdom and other
European markets from Cambridge Laboratories for US$14 million.  
Valeant Pharmaceuticals markets nabilone in the United States
and Canada under the brand name Cesamet.  Nabilone is indicated
for use in the treatment of nausea and vomiting associated with
cancer chemotherapy in patients who have failed to respond
adequately to conventional anti-emetic treatments.

"There remains a need for cannabinoids like Cesamet for patients
who have exhausted conventional treatments and whose quality of
life continues to be adversely impacted by the debilitating side
effects of cancer chemotherapy," said Timothy C. Tyson, Valeant
Pharmaceuticals' president and chief executive officer.  "Our
customer relationships and our experience with the product will
position us to meet this need.  The purchase also allows us to
expand one of our key products into these important markets."

Valeant Pharmaceuticals acquired Cesamet from Eli Lilly &
Company in 2000 and currently sells the product both in Canada,
where it has an 87 percent share of the cannabinoid market, and
in the United States.  Nabilone is the only licensed cannabinoid
in the United Kingdom.  It has more than 25 years of clinical
experience in the United Kingdom and Canada.

Nabilone, a synthetic cannabinoid similar to the active
ingredient found in naturally occurring Cannabis sativa L
(marijuana; delta-9-THC), is contraindicated in any patient who
has a history of hypersensitivity to any cannabinoid, and in the
treatment of nausea arising from any cause other than
chemotherapy.  Patients receiving treatment with nabilone should
be advised that nabilone may impair the mental and physical
abilities required for the performance of potentially hazardous
tasks such as operating machinery or driving a car.  During
controlled clinical trials of nabilone, virtually all patients
experienced at least one adverse reaction.  The most commonly
encountered events were drowsiness, vertigo or dizziness, dry
mouth, euphoria, ataxia, headache, concentration difficulties,
sleep disturbances, dysphoria, hypotension, nausea and visual
disturbances.  Nabilone should be administered with caution to
patients taking any central nervous system depressants,
including alcohol, sedatives, hypnotics, or other psychoactive
substances because these substances can potentiate the central
nervous system effects of nabilone.  Since nabilone can elevate
supine and standing heart rates and cause postural hypotension,
it should be used with caution in the elderly, and in patients
with hypertension or heart disease.  Nabilone should also be
used with caution in patients with current or previous
psychiatric disorders (including manic depressive illness,
depression and schizophrenia), as the symptoms of these disease
states may be unmasked by the use of cannabinoids.

The capability of nabilone to cause dependence is not known.  
Nabilone should be used with caution in patients with a history
of substance abuse, including alcohol abuse or dependence and
marijuana use, since nabilone is similar to the active
ingredient found in naturally occurring marijuana.  Nabilone
should be used with caution in pregnant patients, nursing
mothers, or pediatric patients because it has not been studied
in these patient populations.

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

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor's affirmed its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International,
including the 'B+' corporate credit rating.  The ratings were
removed from CreditWatch, where they were placed with negative
implications Oct. 24, 2006, to reflect the ongoing uncertainty
at that time regarding the company's inability to file its Form
10-Q for the third quarter and the possibility that all of its
debt obligations would have been accelerated.




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


FOSTER WHEELER: Wins Contract for New Petrochemicals Complex
------------------------------------------------------------
Foster Wheeler Ltd.'s (Nasdaq: FWLT - News) subsidiary, Foster
Wheeler Energy Ltd., has been awarded a front-end engineering
design (FEED) and project management consultancy (PMC) services
contract by Osos Petrochemicals Company for a planned new
petrochemicals complex to produce polybutylene terephthalate at
Yanbu, Kingdom of Saudi Arabia.

The Foster Wheeler contract value was not disclosed and the
award will be included in the company's first-quarter 2007
bookings.

In executing the FEED, Foster Wheeler's role will also include
the basic design for the utilities and offsites of the project.  
The company will provide PMC services up to engineering,
procurement and construction (EPC) award and will be involved in
the preparation of a project cost estimate, issuance of an
invitation to bid for the EPC phase, evaluation of EPC bids and
assistance with EPC award.

The new petrochemicals complex comprises four licensed
technology process units plus associated utilities, offsites and
common facilities.  The complex will produce 60,000 tonnes per
annum of polybutylene terephthalate, a plastic used as an
insulator in the electrical and electronics industries.

"We are pleased to assist Osos Petrochemicals in realizing its
first petrochemicals complex, a key element of Osos
Petrochemical's strategic plan to build added-value
petrochemical derivatives in the Kingdom," said Steve Davies,
chairperson and chief executive officer of Foster Wheeler Energy
Ltd.  "Foster Wheeler is playing a key role in the development
of the petrochemicals sector in Saudi Arabia and is currently
managing over US$20 billion of petrochemical project investments
for Saudi Arabian clients."

"Osos Petrochemicals has selected Foster Wheeler after proper
evaluation and looks forward to building a relationship as we
develop our petrochemicals investment in Saudi Arabia,"
commented Mubarak A. Al-Khater, managing director of Osos
Petrochemicals Complex.

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.




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


INTERNATIONAL PAPER: Declares Regular Quarterly Dividends
---------------------------------------------------------
International Paper Co. declared a regular quarterly dividend of
US$0.25 per share for the period from Jan. 1, 2007, to March 31,
2007, inclusive on its common stock.  This dividend is payable
on March 15, 2007, to holders of record at the close of business
on Feb. 16, 2007.

The company also declared a regular quarterly dividend of US$1
per share for the period from Jan. 1, 2007, to March 31, 2007,
inclusive on its preferred stock.  This dividend is also payable
on March 15, 2007, to holders of record at the close of business
on Feb. 16, 2007.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest  
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the US, Europe, South America and Asia.  Its
South American operations include, among others, facilities in
Argentina, Brazil, Bolivia, and Venezuela.  These businesses are
complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *    *    *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper Co.
on Dec. 5, 2005.




===========
B R A Z I L
===========


BANCO NACIONAL: Says Growth Program Will Boost Investments
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA aka
BNDES said that the Brazilian government's growth acceleration
program "Plano de Aceleracao do Crescimento" or PAC will boost
investments in the country.

"Brazil experiences, nowadays, a scenario of investment rate
acceleration and PAC reinforces this trend.  PAC more than
doubles the investments carried out between 2002 to 2005,"
Ernani Torres Filho, BNDES' Chief of Secretariat of Economic
Affairs or SEA, said.

Mr. Filho is one of the authors of the study "The Reason Why PAC
Will Increase the Investment."  The study calculates the direct
impacts of the Growth Acceleration Program, which is to be
implemented between 2007/2010, over the Fixed Capital Gross
Formation.  Considering the five main sectors analyzed by SAE --
oil and gas, electrical energy, sanitation and inhabitation and
railroads -- which represent 82% of PAC, with BRL411.6 billion
total investments, the Brazilian economy investment rate would
increase by 2.2% of the gross domestic product, in average,
between 2007/2010.

Brazil's investment rate would increase from 20.5%, which was
estimated in 2006, to 22.7%, in the average of the next four
years.  In 2002/2005, the investments carried out in these
sectors reached BRL177.1 billion.

"Accelerating investment is elementary to accelerate growth by
highlighting the long-term view which PAC introduced in economy
and the importance of sectors prioritized by federal
government's program, the electrical energy, among others, which
is the basis of every growth, and the inhabitation and
sanitation, which are important generators of income, employment
and social development," Mr. Torres said.

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

                        *    *    *

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

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

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


COMPANHIA PARANENSE: To File 2006 Audited Report on March 27
-----------------------------------------------------------
Companhia Paranaense de Energia aka Copel said that its
financial statements for the fiscal year 2006 have not yet been
concluded or audited.

After being audited, the net result will be filed with the
competent agencies and released to the market on March 27, after
the closing of the Bovespa's trading session.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Paran and has a generating capacity of nearly 4,600 MW,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitly postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 13, 2006,
Moody's America Latina upgraded the corporate family rating of
Companhia Paranaense de Energia aka Copel to Ba2 from Ba3 on its
global scale and to Aa2.br from A3.br on its Brazilian national
scale.


DURA AUTOMOTIVE: Automotive Aviation Files Schedules
----------------------------------------------------

A.     Real Property                                        US$0

B.     Personal Property
B.13   Stock and Interests                          Undetermined
B.14   Interests in partnerships & joint venture    Undetermined
B.18   Other Liquidated Debts Owing Debtor                     0
B.27   Aircraft                                        6,856,739

       TOTAL SCHEDULED ASSETS                       US$6,856,739
       =========================================================

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claim
          JP Morgan Chase Bank, N.A.              US$225,963,688
          Others                                    Undetermined

E.     Unsecured Priority Claims                            None

F.     Unsecured Non-priority Claims
          BNY Midwest Trust Company                  418,569,672
          US Bank                                    427,530,400
          Mizuho Trust & Banking                     132,111,376
          Intercompany Payables                        5,442,973

       TOTAL SCHEDULED LIABILITIES              US$1,209,618,108
       =========================================================

               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. 13;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Creation Group's Schedules of Assets & Debts
-------------------------------------------------------------

A.     Real Property                                        US$0

B.     Personal Property
B.1    Cash on Hand                                         None
B.2    Bank Accounts                                        None
B.3    Security Deposit                                      250
B.4    Household Goods and Furnishings                      None
B.5    Books, Arts and Collections                          None
B.6    Wearing apparel                                      None
B.7    Furs and Jewelry                                     None
B.8    Firearms and Hobby Equipment                         None
B.9    Insurance Policies                                   None
B.10   Annuities                                            None
B.11   Interests in Education Plan                          None
B.12   Interests in Pension/Profit Sharing Plan             None
B.13   Stock and Interests                          Undetermined
B.14   Interests in partnerships & joint venture    Undetermined
B.15   Government & Corporate Bonds                         None
B.16   Accounts Receivable                             2,843,099
B.17   Alimony, Maintenance, Support                        None
B.18   Other Liquidated Debts Owing Debtor                43,105
B.19   Equitable or Future Interests                        None
B.20   Contingent and non-contingent interests              None
B.21   Other Contingent and Unliquidated Claims             None
B.22   Intellectual Property                                None
B.23   General Intangibles                                  None
B.24   Customer Lists or Other Compilations                 None
B.25   Vehicles                                           44,652
B.26   Boats                                                None
B.27   Aircraft                                             None
B.28   Office Equipment                                   75,872
B.29   Equipment and Supplies for Business             2,165,816
B.30   Inventory                                       3,312,864
B.31   Animals                                              None
B.32   Crops                                                None
B.33   Farming Equipment                                    None
B.34   Farm Supplies, Chemicals and Feed                    None
B.35a  Other Personal Property                         4,669,208
B.35b  AP Debit Balances                                  16,044

       TOTAL SCHEDULED ASSETS                      US$13,170,910
       =========================================================

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claim
          JP Morgan Chase Bank, N.A.              US$225,963,688

E.     Unsecured Priority Claims                    Undetermined

F.     Unsecured Non-priority Claims
          BNY Midwest Trust Company                  418,569,672
          US Bank                                    427,530,400
          Mizuho Trust & Banking                     132,111,376
          Accounts Payable                             1,672,476
          Intercompany Payables                       26,128,547
          Litigation Claims                         Undetermined

       TOTAL SCHEDULED LIABILITIES              US$1,231,976,159
       =========================================================

               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. 13;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EMI GROUP: Profit Warning Cues S&P to Hold BB-/B Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
U.K.-based music major EMI Group PLC (BB-/Watch Neg/B) remain
unchanged after the company announced that it expects revenues
in its recorded music division (80% of revenues and 61% of
EBITDA for the fiscal year ended March 2006) to decline by 15%
in the fiscal year ended March 31, 2007, at constant currencies.  
The ratings also remain on CreditWatch with negative
implications, where they were placed on Feb. 5, 2007.

The announcement followed a 20% drop in the U.S. physical music
market, according to Soundscan, in January 2007.
     
"EMI's revised estimate is significantly below the 6%-10%
revenue drop indicated last month by the company, which
increases the risks of a downgrade upon resolution of the
CreditWatch," said Standard & Poor's credit analyst Patrice
Cochelin.

S&P remains concerned about EMI's debt burden, which is likely
to increase in the coming months as a result of falling profits,
a GBP150 million restructuring program, and the GBP93 million
acquisition of minority interests in Japan.
     
EMI recently secured bank financing commitments of approximately
GBP700 million, and is in the process of reviewing its capital
structure.  
     
S&P expects to resolve the CreditWatch after the company
announces it fiscal-year results, expected at the end of May
2007.  To resolve the CreditWatch, S&P will particularly focus
on better understanding the reasons for and extent of the
company's negative revenue trend, the potential disruption
caused by the announced restructure, and EMI's future cash
generation potential, financial structure, and liquidity.
     
Consolidated cash and equivalents of GBP151 million at
Sept. 30, 2006, and a new GBP250 million credit facility, cover
near-term cash calls, including gross restructuring costs of
GBP150 million and the GBP93 million outflow related to
minorities in Japan.  S&P expects financial covenants under
EMI's new bank facilities to include sufficient headroom to
accommodate the company's currently weak operating performance.

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

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


NET SERVICOS: BNDES Participacoes Sells Some Preferred Shares
-------------------------------------------------------------
Net Servicos de Comunicacao SA reported that its shareholder
BNDES Participacoes SA has sold part of its ownership in PN
shares or preferred shares issued by Net Servicos.  BNDES
Participacoes currently holds less than 5% of the PN shares.

Net Servicos did not disclose how many shares were sold.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--
is the largest subscriber TV multi-operator in Brazil, as it
operates the NET brand in major cities, including operations in
the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte
and Porto Alegre.

NET also offers Broadband Internet services through its NET
VIRTUA brand name.

                        *    *    *

Moody's America Latina assigned on May 22, 2006, a Baa2.br
Brazilian National Scale Rating and a B1 Global Local Currency
Rating to Net Servicos de Comunicacao S.A.'s BRL650 million
debentures due in 2011 issued in September 2005.  Concurrently,
Moody's Investors Service affirmed Net's B1 global local
currency scale corporate family rating.  Moody's said the
ratings outlook is stable.

                        *    *    *

As reported on Nov. 8, 2006, Standard & Poor's Rating Services
assigned its 'BB-' senior unsecured debt rating to the proposed
perpetual bonds (up to US$150 million) to be issued by Brazil's
largest cable pay-TV operator, Net Servicos de Comunicacao S.A.
The proceeds will be used primarily to fund additional
investments in the company's network and digital services.
NET's total debt amounted to BRL650 million (approximately
US$300 million) in September 2006.


NOVELIS INC: Will Supply Aluminum Sheet for New BMW Vehicle
-----------------------------------------------------------
Novelis Inc. has been selected by BMW to supply aluminum sheet
for the hood of the all-new BMW X5 Sports Activity Vehicle
(SAV), produced in Spartanburg, South Carolina.
    
The high-performance aluminum sheet for the BMW X5 will be
supplied from Novelis rolling mills in Oswego, N.Y., and
Kingston, Ont.  Novelis is the world's leading manufacturer of
aluminum automotive sheet and the only company capable of
producing the specialized material in both North America and
Europe.
    
Building on a relationship that spans more than 15 years,
Novelis is the lead supplier of aluminum sheet for BMW
worldwide, supplying material also for the 3, 5, 6 and 7 Series
models, and the Z4 roadster.
    
"Just as more and more automakers are electing to build their
vehicles where they sell them, Novelis' global footprint
supports the regional supply of aluminum sheet solutions," said
Buddy Stemple, Vice President and General Manager of Novelis
North America Specialty Products Group.  "The X5 is an excellent
example of how Novelis can support BMW's aluminum needs on both
sides of the Atlantic."

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

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

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Fitch Ratings placed the Issuer Default Ratings
or IDR of 'B' for Novelis Inc. and its subsidiary Novelis Corp.
on Rating Watch Negative.  The company's senior secured bank
debt ratings and senior unsecured debt ratings that were
affirmed are:

Novelis Inc.

   -- Senior secured revolver and term loan at 'BB/
      Recovery Rating (RR) 1'; and

   -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

   -- Senior secured revolver and term loan B at 'BB/RR1'.


PARANA BANCO: S&P Puts B Rating on US100MM Notes Program  
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' foreign-
currency senior unsecured debt rating to the US$100 million
medium-term notes program of Parana Banco S.A.
      
"The rating on Parana Banco S.A. (B/Stable/B) incorporates the
intrinsic risks to a very small bank with high product
concentration that operates in a fiercely competitive
environment, the bank's challenge to further diversify its
funding base and become less dependent on the group's resources,
and the potential margin pressures in the medium to long term
that could affect profitability," said Standard & Poor's credit
analyst Beatriz Degani.  The bank's good profitability levels,
adequate operating efficiency, and improved asset quality ratios
temper these risks.
     
S&P expect that the bank will maintain its core competencies in
the medium term, with profitability and asset-quality indicators
at adequate levels.  The outlook could be revised to positive or
rating could be raised if the bank shows superior growth in its
niche operations with consistent returns, improving liquidity, a
stable and more diversified funding base, and less dependence on
the group's resources.  On the other hand, the rating could be
lowered or the outlook could be revised to negative if there is
a significant worsening in asset quality (with a NPLs-to-total
loans ratio higher than 5%), if profitability (ROAA) levels drop
drastically, and if funding and liquidity become problematic to
support the bank's operations.

Parana Banco is a niche bank in the segment of payroll discount
lending, primarily to public-sector employees.  The bank's
adjusted total assets of US$375 million as of June 2006
represented less than 1% of total assets in the Brazilian
banking industry.  The bank is a relevant part of a broader
conglomerate (J. Malucelli), with operations in different
sectors and concentrated in the South of Brazil.  Standard &
Poor's does not assign ratings to any company in the J.
Malucelli group, and the ratings assigned to the bank do not
incorporate potential support from shareholders.


TAM SA: Exceeds Targets for the Fourth Quarter of 2006
------------------------------------------------------
TAM SA has exceeded all released targets like the average
domestic market share, the domestic average load factor, the
aircraft utilization per day, and the expansion in the
international market in the fourth quarter 2006.

BR GAAP*
                                                 4Q06      2006
                                                 ----      ----
   Total RASK  (cents of reais)                 19.28     20.65

   Load factor - %                               71.5      73.9

   Yield  (cents of reais)                      28.21     29.29

   RASK Scheduled Domestic
   (cents of reais)                             17.53     19.88

   Scheduled Domestic Load Factor (%)            69.7        72

   Yield Scheduled Domestic
   (cents of reais)                             26.42     29.05

   RASK Scheduled International
   (cents of reais)                              16.6     16.22

   Scheduled International Load
   Factor (%)                                    73.7      76.3

   Yield Scheduled International
   (cents of reais)                             22.58     21.28

   Yield Scheduled International
   (cents of USD)                               10.56      9.95

   Total CASK (cents of reais)                  16.93     17.84

   CASK-ex fuel (cents of reais)                11.47     11.85


US GAAP*
                                                 4Q06      2006
                                                 ----      ----
   Total RASK  (cents of reais)
                                                19.28     20.61
   Load factor - %                               71.5      73.9

   Yield  (cents of reais)                      28.21     29.23

   RASK Scheduled Domestic (cents of
   reais)                                       17.53     19.88

   Scheduled Domestic Load Factor (%)            69.7        72

   Yield Scheduled Domestic (cents
   of reais)                                    26.42     29.05

   RASK Scheduled International
   (cents of reais)                              16.6     16.22

   Scheduled International Load
   Factor (%)                                    73.7      76.3

   Yield Scheduled International
   (cents of reais)                             22.58     21.28

   Yield Scheduled International
   (cents of USD)                               10.56      9.95

   Total CASK (cents of reais)                  17.03     17.55

   CASK-ex fuel (cents of reais)                11.58     11.56

TAM exceeded all released targets such as the average domestic
market share, the domestic average load factor, the aircraft
utilization per day, and the expansion in the international
market.  The only exception was the cost reduction, which value
reached 86% of the target released.  The main factor that
pressured CASK, impeding the delivery of the guidance, was the
approximately 6.7% year over year increase in jet fuel.
    
TAM, aligned with the best corporate governance practices,
highlights the delivery of the guidance, reinforcing its
commitment to the market in realizing the targets defined by the
company.  The airline believes this is the pillar to assure
transparency to the analysts of the main houses that cover the
company as well as to all investors.

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

                        *    *    *

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




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


AES DRAX ENERGY: To Hold Final Shareholders Meeting on March 6
--------------------------------------------------------------
Aes Drax Energy Ltd. will hold its final shareholders meeting on
March 6, 2007, at:

          4th Floor, Bermuda House
          Dr. Roy's Drive
          Grand Cayman
          Cayman Islands
        
These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          Gordon I. Macrae
          Korie Drummond
          Kroll (Cayman) Limited
          Bermuda House, 4th Floor
          Dr. Roy's Drive, Grand Cayman
          Cayman Islands
          Telephone: (345) 946-0081
          Fax: (345) 946-0082


CAI GLOBAL: To Hold Final Shareholders Meeting on March 6
---------------------------------------------------------
Cai Global Master Fund, Ltd., will hold its final shareholders
meeting on March 6, 2007, at 9:00 a.m., at the registered
office of the company.

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 will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

          Stuarts Corporate Services Ltd.
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Fax: (345) 949 2888


CRESCENT MASTERSKILL: Proofs of Claim Must be Filed by March 7
--------------------------------------------------------------
Creditors of Crescent Masterskill Investments, Ltd., which  
is being voluntarily wound up, are required to present proofs of  
claim by March 7, 2007, to Jeff Arkley and John Sutlic, the  
company's liquidators.

Creditors are required to present proofs of claim personally or
through their solicitors at the time and place that the
liquidator specified.  Failure to present claims would mean
exclusion from the benefit of any distribution that the company
will make.

The liquidators can be reached at:

           Jeff Arkley
           Neil Gray
           Harbour Place, Fourth Floor
           P.O. Box 1034
           George Town, Grand Cayman
           Cayman Islands
           Telephone: (345) 949 8455
           Fax: (345) 949 8499


CYPRESS GOLF: Will Hold Final Shareholders Meeting on March 6
-------------------------------------------------------------
Cypress Golf, Ltd. will hold its final shareholders meeting on
March 6, 2007, at:

          65 East 55th Street, 28th floor
          New York, NY 10022
          USA

These agenda will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Cypress Advisors Inc.
          65 East 55th Street, 28th floor
          New York, NY 10022
          USA


SALESSE: Will Hold Final Shareholders Meeting on March 6
--------------------------------------------------------
Salesse, Ltd. will hold its final shareholders meeting on
March 6, 2007, at 10:00 a.m., at the registered office of the
company.

These agenda will be were 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 will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

          Q&H Nominees Ltd.
          P.O. Box 1348
          George Town, Grand Cayman
          Cayman Islands
          Telephone: 949 4123
          Fax: 949 4647


SILVERMAQUE FINANCIAL: Proofs of Claim Must be Filed by March 7
---------------------------------------------------------------
Creditors of Silvermaque Financial, Ltd., which is being
voluntarily wound up, are required to present proofs of claim by
March 7, 2006, to Omar Gomez, the company's liquidator.

Creditors are required to present proofs of claim personally or
through their solicitors at the time and place that the
liquidator specified.  Failure to present claims would mean
exclusion from the benefit of any distribution that the company
will make.

The liquidators can be reached at:

           Omar Gomez
           Ian Goodall
           P.O. Box 61
           Grand Cayman KY1-1102
           Cayman Islands
           Telephone: +1 345 949 4244
           Fax: +1 345 949 8635


VMWARE INT'L: Proofs of Claim Must be Filed by March 7
------------------------------------------------------
Creditors of Vmware International, which is being voluntarily
wound up, are required to present proofs of claim by
March 7, 2007, to Linburgh Martin and Jeff Arkley, the company's
liquidators.

Creditors are required to present proofs of claim personally or
through their solicitors at the time and place that the
liquidator specified.  Failure to present claims would mean
exclusion from the benefit of any distribution that the company
will make.

The liquidators can be reached at:

           Jeff Arkley
           Neil Gray
           Linburgh Martin
           Harbour Place, Fourth Floor
           P.O. Box 1034
           George Town, Grand Cayman
           Cayman Islands
           Telephone: (345) 949 8455
           Fax: (345) 949 8499




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


ARMSTRONG WORLD: To Review Strategic Alternatives
-------------------------------------------------
Armstrong World Industries, Inc. (NYSE: AWI) has initiated a
review of its strategic alternatives.  AWI has retained Lazard
Freres & Co. LLC as its financial advisor and Weil, Gotshal &
Manges LLP as its legal advisor to assist in this process.
    
The Armstrong World Industries, Inc., Asbestos Personal Injury
Settlement Trust -- the holder of approximately 66% of AWI's
outstanding common shares -- has retained Merrill Lynch as its
financial advisor and Keating Muething & Klekamp PLL and Kaplan,
Strangis and Kaplan, P.A. as its legal advisors.
    
There can be no assurance as to the likelihood, terms or timing
of any transaction.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.   The company has operation in Colombia, Costa Rica,
Greece Iceland and Asia among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on
Oct. 2, 2006.  S&P said the outlook is stable.




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


DOLE FOOD: Unit Launches Web Site with Many Interactive Tools
-------------------------------------------------------------
Dole Fresh Fruit International, Ltd. -- Dole Food Co., Inc.'s
fresh fruit division in Latin America -- has launched
http://www.doleorganic.com/a Web site that houses several  
interactive tools aimed at bringing consumers closer to its
organic banana operations.  Dole Fresh is launching this
innovative system in response to demand from consumers who
increasingly want specific information relative to the farms
where the Dole Fresh organic bananas are grown or purchased from
growers.

Key to the system is the Dole Fresh organic bananas' label,
which is printed with a unique farm code that corresponds to the
specific farm where the product was sourced.  When consumers
enter the indicated code into the new Dole Web site specifically
developed for this purpose, they gain access to the farm's page,
where they can find information regarding the farm's
characteristics -- country, location, certifications -- have the
opportunity to learn more about the grower, read stories about
Dole-sponsored projects in the communities and look at pictures.  

The Dole Fresh organic Web site has a link to the most advanced
satellite images technology available on the Internet, enabling
consumers to actually view the farm where the bananas they
purchased were grown and the neighboring areas.

"This new tool is both groundbreaking and interactive.  
Consumers can now virtually visit the farms where the Dole
organic bananas they buy are grown.  It is an educational tool,
which increases transparency and thus consumer confidence in our
products and in our brand," says Frans Wielemaker, Director of
Sourcing and Development Organic Program of Dole Fresh Fruit
International in San Jose, Costa Rica.

Dole Fresh produces organically grown bananas in its own farms
and sources from independent organic growers located in
Honduras, Ecuador, Dominican Republic, Colombia and Peru for the
European, North American and Japanese Markets and also in the
Philippines for the Asian Markets.  About 100% of Dole Fresh's
organic bananas are certified organic and adhere to the organic
production standards as set by the law in the US, EU or Japan.

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded the ratings of Dole Food
Company Inc. as follows:

   -- corporate family rating to B2 from B1;
   -- probability of default rating to B2 from B1;
   -- senior secured bank credit facilities to Ba3 from Ba2;
   -- senior unsecured notes to Caa1 from B3; and
   -- various shelf registrations to (P)Caa1 from (P)B3.

Moody's said the outlook is stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.

The ratings were removed from CreditWatch, where they were
placed on Aug. 9, 2006, with negative implications, following
materially weaker-than-expected financial performance in the
first half of fiscal 2006, which typically represents a
substantial portion of cash flow.  The outlook is negative.
Total debt outstanding at the company was about US$2.3 billion
as of Oct. 7, 2006.




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


DANA CORP: Supplying Victor Reinz Gaskets for Bugatti Engine
------------------------------------------------------------
Dana Corp. is supplying its Victor Reinz(R) multi-layer steel
(MLS) cylinder-head gaskets for the Bugatti high-performance W16
engine.

The three-layer MLS cylinder-head gasket features Dana's
patented Victor Reinz(R) Wave-Stopper(TM) sealing technology.  
The W16 engine powers the new Bugatti Veyron 16.4 super sports
car.

Dana achieved an industry first by engineering a three-layer MLS
cylinder-head gasket to seal the 16-cylinder W-configuration
engine built specifically for this limited edition, high-
performance sports car.  Dana engineers designed the gasket to
handle the engine's extreme performance of greater than 1,000
horsepower.  The Bugatti Veyron 16.4 is the fastest production
car available today, and can go from 0-100 kilometers per hour
in 2.5 seconds and reach a top speed of 405 kph (252 mph).
    
"Sealing such an engine represented both a significant challenge
and a major engineering accomplishment for Dana," said Dana
Europe President Ralf Goettel.  "To be selected for the Veyron
application -- which is widely accepted as one of the most
technically demanding engine applications ever designed for a
road vehicle -- is a tribute to the technical leadership of the
Victor Reinz brand."
    
The Victor Reinz Wave-Stopper technology consists of multiple,
individual concentric waves stamped from spring steel to form a
functional gasket layer.  The distinct elastic and plastic
properties of the Wave-Stopper gasket are optimized to maintain
high-pressure seals even at the most extreme temperatures and
engine forces.  Adaptability and the topographic design of the
technology allow it to be tailored to seal almost any engine
configuration.

Headquartered in Toledo, Ohio, Dana Corp. (OTC Bulletin Board:
DCNAQ) -- http://www.dana.com/-- designs and manufactures
products for every major vehicle producer in the world, and
supplies drivetrain, chassis, structural, and engine
technologies to those companies.  Dana employs 46,000 people in
28 countries.  Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  Corinne
Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  Thomas Moers
Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents
the Official Committee of Unsecured Creditors.  The Debtors'
consolidated balance sheet at March 31, 2006, showed a
US$456,000,000 total shareholder' equity resulting from total
assets of US$7.788 billion and total liabilities of US$7.332
billion.  When the Debtors filed for protection from their
creditors, they listed US$7.9 billion in assets and US$6.8
billion in liabilities as of Sept. 30, 2005.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2007, Moody's Investors Service assigned ratings to the
amended US$1.55 billion debtor-in-possession financing of Dana
Corp. as a Debtor-in-Possession.  The assigned ratings include a
B1 rating for the US$650 million (downsized from US$750 million
in the original DIP facility) super priority senior secured
asset based revolving credit, and a B2 rating for the US$900
million (upsized from US$700 million in the original DIP
facility) super priority senior secured term loan B.  

Moody's assigned these ratings on a point in time basis:

   Dana Corp. as a Debtor-in-Possession

   -- US$650 million secured revolving credit, B1; and
   -- US$900 million upsized secured term loan B, B2.


ANIXTER INT'L: Moody's Lowers Ratings Due to Increased Leverage
---------------------------------------------------------------
Moody's Investors Service downgraded Anixter International
Inc.'s corporate family rating to Ba2 from Ba1.  In a related
rating action, Moody's lowered the ratings of its wholly owned
operating subsidiary, Anixter Inc.'s US$200 million guaranteed
senior unsecured notes to Ba1 from Baa3 and Anixter
International's 3.25% LYON's notes to B1 from Ba2.  The rating
outlook was changed to stable from negative.

The downgrade of the corporate family rating reflects the
company's increased leverage resulting from the recent US$300
million convertible senior notes offering and its recent history
of debt-financed special dividends, share repurchases, and
acquisitions.  Over the intermediate term, Moody's believes that
Anixter International's credit profile is more consistent with a
Ba2 corporate family rating given its current leverage, fairly
aggressive financial philosophy, debt repayment limitations, and
the likelihood of an economic slowdown in the company's end
markets.

The proceeds from the offering and a separate warrant
transaction will be used to repurchase approximately US$110
million of its common stock and purchase a convertible note
hedge of approximately US$88 million to offset the dilution to
Anixter International's common stock upon conversion of the
notes.  The remaining proceeds will be primarily used for the
reduction of approximately US$146 million of borrowings under
its revolving credit and accounts receivable securitization
facilities.  The additional share repurchases are complementary
to Anixter International's recent repurchase of one million
shares in January 2007.

Anixter International's Ba2 corporate family rating continues to
recognize the company's large and diversified customer base,
reasonably stable earnings performance, good supplier
relationships, broad geographic reach, counter cyclical working
capital needs, minimum capital expenditure requirements, and
good liquidity.  The ratings recognize that working capital will
help to limit the deterioration of credit metrics through a
downturn.  Furthermore, Moody's still views Anixter
International's market environment favorably, although growth
rates will likely fall in 2007 due to the expected slowdown in
the overall economy and moderating copper prices.

Anixter International's unsecured notes and Anixter Inc.'s
LYON's notes were lowered due to the changes in the company's
capital structure within Moody's Loss-Given-Default rating
methodology.  Both the downgrade of the corporate family rating
and the additional subordinated debt at the Anixter
International legal entity level increased the expected loss
rate for each obligation.

Moody's previous rating action occurred on Sept. 29, 2005, when
its outlook was changed to negative from stable following the
company's most recent special dividend announcement.  The
company financed the majority of the US$151 million special
dividend with debt.

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.


DELTA AIR: Added to American Express' Int'l Airline Program
-----------------------------------------------------------
American Express has added Delta Air Lines to its International
Airline Program (IAP), available exclusively to Platinum Card
and Centurion Card members.  The International Airline Program,
which now includes 18 partners, is available when booking
through Platinum Travel Services and Centurion Travel Services.  
It enables Card members to receive a complimentary companion
ticket on qualifying international flights with the purchase of
a first or business class ticket, depending on the carrier.  The
addition of Delta Air brings new non-stop destinations to the
program including Istanbul, Kiev, Budapest, Bucharest and
certain destinations within the Caribbean and Mexico.
    
"Our Card members are frequent international travelers and IAP
is a benefit that can enhance and add value to their travel
experiences," said Simon Kahn, Platinum Centurion Marketing's
vice president. "We have a strong list of airline partners in
the program and with the addition of Delta, we are providing our
Card members with broader access to destinations all over the
world."
    
Through IAP, Centurion and Platinum Card members can receive the
complimentary companion ticket benefit on any of the
participating program partner airlines which include:

          -- AeroMexico,
          -- Air France,
          -- Air New Zealand,
          -- Alitalia,
          -- Asiana Airlines,
          -- Austrian Airlines,
          -- Cathay Pacific Airways,
          -- China Airlines,
          -- Continental Airlines,
          -- Delta Air Lines,
          -- Emirates,
          -- Japan Airlines,
          -- Lan Airlines,
          -- Lufthansa,
          -- SAS,
          -- South African Airways,
          -- Swiss International Airlines, and
          -- Virgin Atlantic Airways.

US Cardmembers may use IAP as often as they like and enjoy the
flexibility of a refundable ticket with no blackout dates.

Centurion Card and Platinum Card seat allocation may be limited
on specific airlines and departures.  Some IAP carriers offer
only Business-Class.  Tickets are not transferable and are non-
endorsable and must be purchased in the U.S. with the American
Express Card.
         
All travel must originate in the US at the designated-carrier's
gateway city and you must be a U.S. Card member in order to
qualify.
         
The complimentary ticket must have the same itinerary, departing
and returning on the same dates as the paid ticket and is
subject to all government fees, taxes and charges.  
Complimentary tickets only apply with all-year, non-restricted
full fare First-Business Class tickets.
         
One complimentary companion ticket per trip per
Centurion/Platinum Card member traveling.  This offer is not
valid with any other promotion, discount, negotiated group rate,
or corporate contracted rate, and is subject to availability.  
Certain code-shares may apply.
         
                  About American Express Travel

American Express Travel is the largest travel agency in the
world, committed to delivering superior quality, expertise,
value, 24/7 service, and the choice and flexibility to plan and
book a trip online, by phone, or in- person.  Recognized as one
of the most trusted brands for travel, American Express works
with the industry's most qualified travel agents, including its
own network of travel offices worldwide; and has developed
strategic partnerships, preferred supplier relationships and a
strong global infrastructure.  American Express Travel is a
market leader and innovator dedicated to providing unparalleled
service whether for everyday travel needs, or customized luxury
travel experiences for customers, with added benefits and value
for American Express Cardmembers.

                      About American Express
    
American Express Co. -- http://www.americanexpress.com-- is a  
leading global payments, network and travel company founded in
1850.

                         About Delta Air

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.


DELTA AIR: Files Amended Special Schedules of Liabilities
---------------------------------------------------------
Delta Air Lines Inc. and its debtor-affiliates filed an amended
special schedules of liabilities with the U.S. Bankruptcy Court
for the Southern District of New York to reflect that:

   (1) Secured Claims total US$6,276,576,643; and

   (2) the amount of Unsecured Non-Priority Claims increased by
       US$1,316,796,073, and now total US$8,468,942,159.

Delta's total scheduled liabilities equal US$14,745,672,869.

                          About Delta Air

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.  (Delta Air Lines Bankruptcy
News, Issue No. 61; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FLEXTRONICS INT'L: Grants Options to New Employees
--------------------------------------------------
Flextronics International Ltd. (Nasdaq: FLEX) has granted
options to purchase an aggregate of 773,000 ordinary shares to
employees of recently acquired International Display Works, Inc.  
The options, which were granted from the company's 2004 Award
Plan for New Employees, have an exercise price of US$11.54
(equal to the closing price of Flextronics' ordinary shares on
the grant date and 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).  The options are
exercisable over four years.

Flextronics International Ltd., headquartered in Singapore, has
its main U.S. offices in San Jose, California.  The company is
one of the largest providers of electronics manufacturing
services to OEMs primarily in the handheld electronics devices,
information technologies infrastructure, communications
infrastructure, computer and office automation, and consumer
devices industries.  Its global locations include operations in
Brazil and Mexico.  For the latest twelve months ending December
2006, the company generated approximately US$17.5 billion in
revenues.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2007, Moody's Investors Service revised the outlook of
Flextronics International Ltd. to stable from negative, while
affirming its corporate family rating at Ba1.  

The ratings affirmed:

   * Corporate family rating at Ba1;

   * Probability of default rating at Ba1 ;

   * US$400 million 6.25% Senior Subordinated Notes due 2014,
     Ba2, LGD5, 85%;

   * US$400 million 6.5% Senior Subordinated Notes due 2013,
     Ba2, LGD5, 85%;

   * US$7.7 million 9.875% senior subordinated notes, due 2010,
     Ba2, LGD5, 85%; and

   * Speculative grade liquidity rating, SGL-1.

Outlook revised from negative to stable.


INNOPHOS INVESTMENTS: Moody's Ups Corporate Family Rating to B1
---------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
for Innophos Investments Holdings, Inc. to B1 from B2.  Moody's
also upgraded the existing ratings on the company's debt and the
rated debt of its Innophos, Inc. subsidiary.  Moody's also
affirmed the company's speculative grade liquidity rating of
SGL-2.  The company's long-term ratings outlook was changed to
stable.

A summary of the ratings activity:

Innophos Investments Holdings, Inc.

   Ratings changes:

     -- Corporate family rating -- B1 from B2

     -- Probability of Default Rating -- B1 from B2

     -- US$120 million Senior notes due 2015 --
        B3 from Caa1, LGD6, 93%

   Ratings affirmed:

     -- Speculative grade liquidity rating -- SGL-2

Innophos, Inc.

   Ratings changes:

     -- US$50 million Guaranteed senior secured revolver
        due 2009 -- Ba1 from Ba2, LGD2, 18%

     -- US$220 million Guaranteed senior secured term loan B
        due 2010 -- Ba1 from Ba2, LGD2, 18%

     -- US$190 million 8.875% Guaranteed senior subordinated
        notes due 2014 -- B2 from B3, LGD5, 71%

The upgrade of Innophos Investments' ratings reflect the
reduction in debt arising from the initial public offering or
IPO in the fourth quarter of 2006, improving credit metrics, and
the fact that risks associated with Mexican tax claims appear to
be containable.  Following the Nov. 2, 2006, IPO of Innophos
Holdings, Inc. (Innophos' parent), the company used the net
proceeds of US$86.3 million as well as a portion of its cash
balances to redeem US$83 million in aggregated principal of
senior notes due 2015 (leaving US$61 million principal amount
outstanding as of Dec. 31, 2006), and made voluntary prepayments
totaling US$38.9 million on the senior secured term loan B due
2010 (leaving US$149 million principal amount outstanding as of
DeC. 31, 2006).

The stable outlook reflects Moody's expectation that the company
would continue to modestly grow its sales, and apply free cash
flow towards debt reduction.  The ratings may be pressured
negatively if the business performance remained below Moody's
estimates, the company were not able to satisfactorily address
material weaknesses in accounting controls and procedures, and
if developments in the Mexican tax claims case (and related
litigation against Rhodia) resulted in Innophos Investments
being responsible for meaningful cash payments.  Currently,
there is little upside to the ratings given the firm's modest
size, the material weaknesses in accounting controls and
procedures and ongoing litigation related to Mexican tax claims.

In November 2004, the company's Mexican subsidiary, Innophos
Fosfatados, received notice of claims from the Mexican Tax Audit
and Assessment Unit of the National Waters Commission or CNA
demanding payment of duties, taxes and other charges related to
the extraction of water by the Coatzacoalcos manufacturing plant
from 1998 through 2002.  On June 13, 2005, a New York State
Court entered an order granting Innophos Investments' summary
judgment motion on two counts, which sought declarations that
the CNA claims are taxes entitled to full indemnification under
the sale agreement with Rhodia (which sold the Innophos
Investments business in a transaction that closed in August
2004), and that Rhodia is obligated to pledge any necessary
security to guarantee the claims to the Mexican government.  
Rhodia appealed the decision and has not posted the security.  
If Rhodia does not post the security, Innophos Investments may
be required to provide the security.  On Aug. 29, 2005, the CNA
ordered the revocation of resolutions containing certain claims
(salt water), but has reserved the right to issue new
resolutions concerning these claims.  The company has stated
that they have determined that liability is reasonably possible,
but is neither probable nor reasonably estimable and a final
determination of the matter may require appeals, which might
continue for several years.  Failure to resolve the claims and
security situation with Rhodia could potentially have a negative
impact on the Innophos Investments' operations in Mexico, and
hence, the company's financial profile.  While the company's
Mexican tax claims case has not been resolved, Moody's does take
comfort in the fact that there have not been any new
developments in the case that would result in salt water claims
being reinstated or demands that the fresh water claims be paid
or security posted.  The company would have to lose both the
challenges to the tax claims in Mexico as well as their dispute
with Rhodia in the United States before having to make any
payments, and should both occur, would likely not have to pay
the entire amount of the claims, interest and penalties, but
would share the burden with Rhodia.

The affirmation of the speculative grade liquidity rating at
SGL-2 reflects the likelihood that Innophos Investments will
maintain adequate cash balances, albeit below recent historical
levels prior to the repayment of debt and that the company will
continue to generate positive free cash flow, have access to its
undrawn revolving credit facility and have good flexibility
under its financial covenants.  Additionally, the company has a
favorable debt maturity profile with no maturities in the next
twelve months and term loan amortization limited to US$1.5
million per year.  The company has access to over US$45 million
from its US$50 million revolving credit facility expiring 2009
(approximately US$4.4 million of letters of credit are
outstanding as of Sept. 30, 2006).  Since the company's
businesses are not seasonal and due to the lack of debt
maturities, Moody's anticipates that Innophos Investments will
not require heavy use of its revolving credit facility over the
next 12 months.

                  About Innophos Investments

Innophos Investments Holdings, Inc. is a holding company which
owns 100% of operating subsidiary Innophos, Inc., the largest
North American manufacturer of specialty phosphate salts, acids
and related products serving a diverse range of customers across
multiple applications, geographies and channels.  Innophos
Investments offers a broad suite of products used in a wide
variety of food and beverage, consumer products, pharmaceutical
and industrial applications.  Headquartered in Cranbury, New
Jersey, Innophos has operations in the US, Canada and Mexico.  
Its revenues for the last twelve months ended Sept. 30, 2006,
were roughly US$540 million.  Innophos' parent, Innophos
Holdings, Inc., publicly listed its shares in November 2006.

                       About Innophos, Inc.

Innophos, Inc. -- http://www.innophos.com/-- is a leading North  
American manufacturer of specialty phosphates serving a diverse
range of customers across multiple applications, geographies and
channels.  Innophos offers a broad suite of products used in a
wide variety of food and beverage, consumer products,
pharmaceutical and industrial applications.  The Company's
market-leading positions derive from its experience and
dedication to customer service and innovation.  Headquartered in
Cranbury, New Jersey, Innophos has plant operations in
Nashville, TN; Chicago Heights, IL; Waterway, IL; Geismar, LA;
Port Maitland, ON (Canada); and Coatzacoalcos and Guanajuato
(Mexico).


LIBBEY INC: Unit Completes Notes Exchange Offer
-----------------------------------------------
Libbey Inc.'s wholly owned subsidiary Libbey Glass Inc. has
completed its offer to exchange up to US$306 million aggregate
principal amount of its Floating Rate Senior Secured Notes due
2011, which have been registered under the Securities Act of
1933, as amended, for any and all of its outstanding Floating
Rate Senior Secured Notes due 2011.
    
About 100% of the US$306 million aggregate principal amount of
the Old Notes were tendered prior to expiration of the Exchange
Offer at 5:00 p.m., New York City time, on Feb. 14, 2007, with
some of the Old Notes tendered pursuant to the Exchange Offer's
guaranteed delivery procedures.  Holders that tendered their Old
Notes pursuant to the Exchange Offer's guaranteed delivery
procedures have three days from the date of execution of the
notice of guaranteed delivery to deliver certificates for all
physically tendered Old Notes or a book-entry confirmation to
the exchange agent.
    
Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/  
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.

                        *    *    *

Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc.  At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed US$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc.  Standard & Poor's said the outlook is
stable.


LIBBEY INC: Reports US$8.5MM Net Loss in Fourth Quarter 2006
------------------------------------------------------------
Libbey Inc. reported a net loss of US$8.5 million for the fourth
quarter ended Dec. 31, 2006, compared with a net loss of US$21.0
million in the prior year quarter.

Libbey's sales increased 34.8% to an all-time record US$213.4
million in the fourth quarter of 2006, from US$158.2 million in
the fourth quarter 2005.  

For the quarter-ended Dec. 31, 2006, sales increased 34.8% to
US$213.4 million from US$158.2 million in the year-ago quarter.  
North American Glass sales increased 49.6% to US$156.0 million.  
The increase in sales was attributable to the consolidation of
the sales of Crisa, the company's former joint venture in
Mexico, and a more than 10% increase in shipments to foodservice
and retail glassware customers.  In addition, North American
Other sales increased 6.6% as shipments of Traex products and
World Tableware products were also up over 10%.  Shipments to
Syracuse China customers were down approximately 6%.  
International sales increased 17.0% as the result of increased
shipments to customers of Royal Leerdam and Crisal.  On a pro-
forma basis giving effect to the consolidation of Crisa as of
Jan. 1, 2005, sales were up 6.3% in total.
    
The company reported income from operations of US$9.5 million
during the quarter, compared to a loss from operations of
US$21.5 million in the year-ago quarter.  Income from
operations, excluding special charges, was US$12.8 million
during the fourth quarter of 2006 compared to a loss from
operations excluding special charges of US$4.1 million in the
year-ago quarter.  Factors contributing to the increase in the
adjusted income from operations and higher operating margins
were the consolidation of Crisa, higher sales, improved sales
mix and significantly higher production activity.  Partially
offsetting these improvements were higher selling, general and
administrative expenses, higher distribution costs of US$1.6
million, primarily related to the increased sales, and US$1.0
million in increased pension and postretirement welfare
expenses.    

Earnings before interest and taxes (EBIT) increased to US$8.5
million from a loss of US$23.3 million in the year-ago quarter.  
EBIT increased by US$2.5 million to US$3.8 million for North
American Glass as a result of the improved income from
operations.  North American Other reported EBIT for the fourth
quarter of 2006 of US$4.6 million compared to a loss of US$20.2
million in the year-ago quarter benefiting from higher sales and
significantly higher production activity.  In addition, Syracuse
China recorded impairment and other charges of US$16.5 million
during the fourth quarter of 2005.  The International segment
also reported improved EBIT of US$0.1 million compared to a loss
of US$4.4 million in the fourth quarter of 2005.
    
Libbey reported that adjusted EBITDA increased to US$20.4
million in the fourth quarter of 2006, compared with US$0.9
million in the year-ago quarter.  Contributing to this increase
was primarily the higher income from operations.
    
As a result of Libbey's refinancing consummated on June 16,
2006, which resulted in higher debt and higher average interest
rates, interest expense increased US$12.2 million compared to
the year-ago period.    

The effective tax rate decreased to 2.4% for the quarter
compared with 25.6 % in the year-ago quarter.  This decrease was
driven by the new annual effective tax rate of 27.1% resulting
from the Crisa acquisition and related refinancing.  Libbey
reported its net loss was US$8.5 million, compared with a
diluted loss per share of US$1.50 in the fourth quarter of 2005.  
The company reported an adjusted diluted loss per share for the
fourth quarter of 2006 of US$0.37, compared with an adjusted
diluted loss per share of US$0.51 in the fourth quarter of 2005.  
The adjusted diluted loss per share for the fourth quarter of
2006 excludes pretax special charges of US$3.4 million relating
to the impact of capacity realignment charges associated with
the shutdown of Libbey's City of Industry, California, facility
in February 2005, the salary reduction program and the Crisa
restructuring.

For the twelve months ended Dec. 31, 2006, sales increased 21.4%
to US$689.5 million from US$568.1 million in 2005.  North
American Glass sales increased 30.6% to US$476.7 million.  The
increase in sales was primarily attributable to the
consolidation of the sales of Crisa and increases of more than
6% in shipments to foodservice glassware customers and increases
of over 9% to retail glassware customers.  Shipments to
industrial customers were down 7% during 2006.  North American
Other sales increased 4.2% as shipments of Traex products and
World Tableware products increased over 8.0%, while shipments of
Syracuse China products were down 2.4%.

International sales increased 12.0% to US$106.8 million on the
strength of increased shipments of both Royal Leerdam and Crisal
products.

On a pro-forma basis, giving effect to the consolidation of
Crisa as of Jan. 1, 2005, sales were up 4.8%.
    
Libbey reported income from operations of US$19.3 million during
2006 compared with a loss from operations of US$8.9 million for
2005.  Adjusted income from operations, excluding special
charges, was US$37.8 million for the full year 2006, compared
with US$18.3 million for 2005.  Primary contributors to the
increase in adjusted income from operations were the
consolidation of Crisa, higher overall sales and higher
production activity in the United States and Europe.
    
Earnings before interest and taxes (EBIT) increased to US$18.0
million from a loss of US$10.5 million in 2005.  EBIT decreased
by US$1.6 million to US$5.5 million for North American Glass as
a result of the consolidation of Crisa during 2006.  North
American Other reported EBIT for 2006 of US$9.4 million compared
to a loss of US$14.1 million in 2005 benefiting from higher
sales, improved margins and significantly higher production
activity and as a result of the special charges related to
Syracuse China in 2005.  The International segment also reported
improved EBIT of US$3.2 million compared with a loss of US$3.4
million in 2005.
    
Equity earnings from Crisa, which were included from
Jan. 1, 2006, through June 15, 2006, were US$2.0 million on a
pretax basis, compared to a pretax loss of US$4.1 million in the
12 months of 2005.  The increased equity earnings were the
result of increased and more profitable sales, higher
translation gain, and lower natural gas and electricity costs.
    
For the 12 months ended Dec. 31, 2006, adjusted EBITDA was
US$72.0 million, a 47% increase over adjusted EBITDA of US$49.0
million during 2005.  The additional EBITDA was primarily
provided by Crisa.
    
Interest expense increased US$31.3 million compared to the year-
ago period.  Contributing to the increase in interest expense
were higher debt and higher average interest rates resulting
from the refinancing completed on June 16, 2006.
    
The company recorded a net loss of US$20.9 million, compared
with a net loss of US$19.4 million in the year-ago period.  The
company reported that its adjusted diluted loss per share for
the full year 2006 and excluding pretax special charges of
US$23.4 million primarily relating to the announced
consolidation of two of its recently acquired Mexican facilities
and the write-off of US$4.9 million pretax of finance fees was
US$0.27 per diluted share.  This compares to adjusted diluted
income per share of US$0.08 in 2005, excluding the impact of
special charges relating to the 2005 salary reduction program
and the capacity realignment charges associated with the
shutdown of Libbey's City of Industry, California, facility in
February 2005.

Cash flow from operations in 2006 increased US$16.7 million, or
43.9%, to US$54.9 million as compared with the year-ago period.  
Contributing to the increase in operating cash flow were a
reduction in working capital and the substantial improvement in
income from operations.
    
As of Dec. 31, 2006, working capital, defined as inventories and
accounts receivable less accounts payable, increased by US$36.2
million from US$154.6 million to US$190.8 million compared to
Dec. 31, 2005, due to the acquisition of Crisa.  Excluding
working capital of US$39.0 million at Crisa at Dec. 31, 2006,
the company's working capital was US$2.8 million lower than the
year-ago date, reflecting the Company's continued efforts to
reduce its investment in working capital.
    
Libbey reported that it had available capacity of US$44.7
million under its Asset Backed Loan (ABL) credit facility as of
Dec. 31, 2006.  This compares to availability of US$39.5 million
at Sept. 30, 2006.  Libbey further noted that it has repaid over
US$27 million of debt under the ABL in January 2007, further
increasing availability under the ABL facility.

Libbey reported that pro forma adjusted EBITDA was US$20.4
million in the fourth quarter of 2006, compared with US$5.6
million in the year-ago quarter.  The increase in pro forma
adjusted EBITDA primarily was the result of higher production
activity, higher sales, and a favorable mix of sales.  For the
12 months of 2006, pro forma adjusted EBITDA was US$90.1
million, compared with pro forma adjusted EBITDA of US$76.6
million during 2005.  The increase in full-year pro forma
adjusted EBITDA is largely attributable to higher sales and
higher production activity, partially offset by higher selling,
general and administrative expenses, increased pension and
postretirement welfare expenses and increased warehouse and
distribution expenses.

John F. Meier, Libbey's chairperson and chief executive officer,
said, "We are pleased with the strength of our core business
performance.  We experienced healthy increases in foodservice
glassware shipments during 2006.  Sales to European glassware
customers were strong and shipments to retail customers
continued to be robust.  Crisa, our recently acquired Mexican
glass tableware operation, continued to contribute better than
planned during the consolidation of the facilities in Mexico,
and we look forward to fully harvesting those savings later in
2007.  We expect first quarter sales to be in the range of
US$173 million to US$178 million.  We are encouraged by the
strength of our sales in all channels of distribution in North
American and International operations during the fourth quarter
of 2006.  Earnings before interest, taxes, depreciation and
amortization (EBITDA) are expected to be between US$20 million
and US$22 million in the first quarter of 2007.  This is
expected to result in a loss per diluted share of between
US$0.34 and US$0.38."
    
Libbey disclosed that the reasons for the expected slightly
lower EBITDA for the first quarter of 2007 as compared to the
first quarter of 2006 include start up costs in China of US$2.6
million and higher natural gas costs of US$2.0 million primarily
in the Netherlands.
    
Mr. Meier stated, "The additional costs we will see during the
first quarter are not unplanned costs and were included in our
original EBITDA guidance for 2007 of US$95 million to US$105
million.  As the result of our improving margins and our
continued expectation for savings from our Crisa operations
later in 2007, we are increasing our guidance for 2007 EBITDA to
a range of US$97 million to US$107 million."
    
Libbey also confirmed that it has begun production at its new
glass tableware facility in China and that shipments from the
Chinese facility are expected to start as scheduled in late
March 2007.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/  
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.

                        *    *    *

Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc.  At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed US$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc.  Standard & Poor's said the outlook is
stable.


MOVIE GALLERY: S&P Affirms CCC+ Corp. Credit & Bank Loan Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services changed its outlook on Movie
Gallery Inc. to positive from negative.  At the same time, the
company's ratings, including the 'CCC+' corporate credit and
bank loan ratings, were affirmed.  This action reflects S&P's
expectation that the refinancing of the company's credit
facility would provide Movie Gallery with additional financial
flexibility and liquidity.
     
The ratings on Movie Gallery Inc. reflect the risks of operating
in a mature and declining video rental industry, the company's
dependence on decisions made by movie studios, its very high
leverage and thin cash flow protection, and the technology risks
associated with delivery of video movies to the home.
      
"The positive outlook," said Standard & Poor's credit analyst
David Kuntz, "reflects the potential for an upgrade if the new
credit facility provides for improved financial flexibility and
liquidity over the next year and a half."

Movie Gallery, headquartered in Dothan, Alabama, is a provider
of in-home movie and game entertainment in the United States. It
operates over 4,650 stores in the United States, Canada, and
Mexico under the Movie Gallery, Hollywood Entertainment, Game
Crazy, and VHQ banners.  Pro forma revenues for fiscal year 2005
were US$2.6 billion.


OPEN TEXT: Unveils New E-mail Archiving & Management Software
-------------------------------------------------------------
Open Text(TM) Corp. has launched the industry's most powerful e-
mail management solution, which is capable of archiving and
managing billions of e-mails per year.  Jointly developed with
Sun Microsystems, the offering is part of a deepening
relationship between the two companies and is designed for large
global organizations, and the problems they face monitoring and
archiving huge e-mail volumes to meet growing regulatory,
compliance and litigation requirements.
    
E-mail has become an integral tool in all facets of business
today.  But e-mail also presents considerable risk due to its
inherently informal nature, making it hard to accurately
classify and retain as required by regulatory agencies and new
e-discovery rules under the Federal Rules of Civil Procedure.  
Compounding the problem is the sheer volume of e-mail traffic,
putting intense pressure on the computing infrastructure to
scale to meet the demand.
    
By joining forces, Sun Microsystems and Open Text have developed
a solution that, in recent testing at Sun's labs, demonstrated
the scalability enterprises will need to effectively manage huge
e-mail volume throughout the entire content lifecycle.  In
tests, the solution demonstrated that it can handle the
indexing, monitoring and archiving of up to seven million e-
mails per day, or more than two billion e-mails per year.
    
The joint solution consists of Livelink ECM -- E-mail Monitoring
for Microsoft Exchange or Livelink ECM -- E-mail Monitoring for
Lotus Notes, Sun Fire(TM) x64 (x86, 64-bit) and UltraSPARC(R)-
based servers with the Solaris Operating System (OS).  This is
the only solution on the market that can manage volumes of this
magnitude to help enterprises meet stringent compliance
requirements.
    
"Open Text is committed to delivering solutions to market that
satisfy the compliance needs of our customers," said Kirk
Roberts, Open Text's Executive Vice President of Products,
Solutions and Marketing.  "Together with Sun, we were able to
increase the scalability of our e-mail solution to meet current
and future e-mail management needs of the largest organizations
in the world."
    
The scalability of the solution was recently confirmed by a
major European bank -- one of the world's largest -- that
selected the Open Text and Sun Microsystems combination as the
basis for an enterprise-wide e-mail monitoring solution.  
According to the bank's test results, 5,610,534 e-mails were
indexed and archived within a 24-hour period.
    
Through certifications of the Sun StorageTek NAS 5000 family,
Sun StorageTek Compliance Archiving Software, and Sun's
StorageTek Content Infrastructure System with Open Text's
Livelink-ECM archiving solutions, the two companies are also
helping customers meet regulatory requirements for long-term
storage and archival.
    
"The exponential growth of data is being fed in part by the
massive volume of e-mail that needs to be indexed and archived,"
said Nigel Dessau, Senior Vice President of Storage Marketing
and Business Operations at Sun Microsystems.  "Leveraging the
power of our Solaris-based servers with OpenText's Livelink ECM
more than satisfies the e-mail monitoring and scalability
requirements of even the world's largest enterprises."
    
Open Text offers a broad suite of e-mail management solutions --
everything from basic archiving to more sophisticated
capabilities for managing e-mail as corporate records and for e-
discovery requirements across the entire chain of e-mail
communication in an organization.  Open Text offers solutions
for structured retention and disposition management of all e-
mail, allowing customers to decide how long e-mails are kept
before they are automatically destroyed.  Automatic
classification capabilities can extract relevant metadata from
e-mail content (like importance flags, author or dates) and
apply the appropriate classification tags and retention
lifecycle policies.

                   About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
-- http://www.sun.com/-- provides network computing
infrastructure solutions that include computer systems, data
management, support services and client solutions and
educational services.  It sells networking solutions, including
products and services, in most major markets worldwide through a
combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Latin America: Chile, Colombia, Brazil,
Argentina, Mexico and Venezuela.

                      About Open Text

Headquartered in Waterloo, Ontario, Open Text Corp.
(NASDAQ: OTEX, TSX: OTC) -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
a field office in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 18, 2006,
Moody's Investors Service assigned a first-time Ba3 rating to
the senior secured facilities and B1 rating to the corporate
family of Open Text Corp.


SUN MICROSYSTEMS: Develops New E-mail Software with Open Text
-------------------------------------------------------------
Sun Microsystems has developed with Open Text(TM) Corp. the
industry's most powerful e-mail management solution, which is
capable of archiving and managing billions of e-mails per year.  
The new service is part of a deepening relationship between the
two companies and is designed for large global organizations,
and the problems they face monitoring and archiving huge e-mail
volumes to meet growing regulatory, compliance and litigation
requirements.
    
E-mail has become an integral tool in all facets of business
today.  But e-mail also presents considerable risk due to its
inherently informal nature, making it hard to accurately
classify and retain as required by regulatory agencies and new
e-discovery rules under the Federal Rules of Civil Procedure.  
Compounding the problem is the sheer volume of e-mail traffic,
putting intense pressure on the computing infrastructure to
scale to meet the demand.
    
By joining forces, Sun Microsystems and Open Text have developed
a solution that, in recent testing at Sun's labs, demonstrated
the scalability enterprises will need to effectively manage huge
e-mail volume throughout the entire content lifecycle.  In
tests, the solution demonstrated that it can handle the
indexing, monitoring and archiving of up to seven million e-
mails per day, or more than two billion e-mails per year.
    
The joint solution consists of Livelink ECM -- E-mail Monitoring
for Microsoft Exchange or Livelink ECM -- E-mail Monitoring for
Lotus Notes, Sun Fire(TM) x64 (x86, 64-bit) and UltraSPARC(R)-
based servers with the Solaris Operating System (OS).  This is
the only solution on the market that can manage volumes of this
magnitude to help enterprises meet stringent compliance
requirements.
    
"Open Text is committed to delivering solutions to market that
satisfy the compliance needs of our customers," said Kirk
Roberts, Open Text's Executive Vice President of Products,
Solutions and Marketing.  "Together with Sun, we were able to
increase the scalability of our e-mail solution to meet current
and future e-mail management needs of the largest organizations
in the world."
    
The scalability of the solution was recently confirmed by a
major European bank -- one of the world's largest -- that
selected the Open Text and Sun Microsystems combination as the
basis for an enterprise-wide e-mail monitoring solution.  
According to the bank's test results, 5,610,534 e-mails were
indexed and archived within a 24-hour period.
    
Through certifications of the Sun StorageTek NAS 5000 family,
Sun StorageTek Compliance Archiving Software, and Sun's
StorageTek Content Infrastructure System with Open Text's
Livelink-ECM archiving solutions, the two companies are also
helping customers meet regulatory requirements for long-term
storage and archival.
    
"The exponential growth of data is being fed in part by the
massive volume of e-mail that needs to be indexed and archived,"
said Nigel Dessau, Senior Vice President of Storage Marketing
and Business Operations at Sun Microsystems.  "Leveraging the
power of our Solaris-based servers with OpenText's Livelink ECM
more than satisfies the e-mail monitoring and scalability
requirements of even the world's largest enterprises."
    
Open Text offers a broad suite of e-mail management solutions --
everything from basic archiving to more sophisticated
capabilities for managing e-mail as corporate records and for e-
discovery requirements across the entire chain of e-mail
communication in an organization.  Open Text offers solutions
for structured retention and disposition management of all e-
mail, allowing customers to decide how long e-mails are kept
before they are automatically destroyed.  Automatic
classification capabilities can extract relevant metadata from
e-mail content (like importance flags, author or dates) and
apply the appropriate classification tags and retention
lifecycle policies.

                      About Open Text

Headquartered in Waterloo, Ontario, Open Text Corp.
(NASDAQ: OTEX, TSX: OTC) -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
a field office in Mexico.


                   About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
-- http://www.sun.com/-- provides network computing
infrastructure solutions that include computer systems, data
management, support services and client solutions and
educational services.  It sells networking solutions, including
products and services, in most major markets worldwide through a
combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Latin America: Chile, Colombia, Brazil,
Argentina, Mexico and Venezuela.

                        *    *    *

As reported on Oct. 26, 2006, Moody's Investors Service
confirmed its Ba1 Corporate Family Rating for Sun Microsystems
Inc. in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Technology Hardware
sector.

Sun Microsystems, Inc.'s 7-1/2% Senior Notes due Aug. 15, 2006,
and 7.65% Senior Notes due Aug. 15, 2009, carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB+ rating.


UNITED RENTALS: Completes Traffic Control Business Sale
-------------------------------------------------------
United Rentals, Inc. has completed the sale of its traffic
control business to HTS Acquisition, Inc., an entity newly
formed by affiliates of private equity investors Wynnchurch
Capital Partners and Oak Hill Special Opportunities Fund, L.P.  
The agreement to sell the business was announced in December
2006.

In connection with the transaction, HTS Acquisition paid United
Rentals an adjusted purchase price of US$68 million in cash,
reflecting the US$85 million purchase price, reduced by the
payoff at closing of certain indebtedness of the traffic control
business and working capital and other adjustments.

United Rentals expects to recognize a fourth quarter 2006 loss
on the sale of approximately US$0.21 per diluted share.  This
loss on sale, as well as prior period and full year 2006 results
for the traffic control business, will be reflected as
discontinued operations when the company reports its fourth
quarter and full year 2006 results.  The divestiture is not
expected to have a material impact on 2007 results.

United Rentals' traffic control business represented one of the
company's three financial reporting segments, accounting for 8%
of total revenues in 2005.

The company's fourth quarter and full year 2006 results will be
released after the market close on Feb. 26, 2007.  

Greenwich, Conn.-based United Rentals Inc. (NYSE: URI) --
http://unitedrentals.com/-- is an equipment rental company,
with an integrated network of more than 760 rental locations in
48 states, 10 Canadian provinces, and Mexico.  The company's
13,900 employees serve construction and industrial customers,
utilities, municipalities, homeowners and others. The company
offers for rent over 20,000 classes of rental equipment.  United
Rentals is a member of the Standard & Poor's MidCap 400 Index
and the Russell 2000 Index(R).

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 12, 2006,
Moody's Investors Service upgraded the ratings of United Rentals
Inc. -- corporate family rating to B1 from B2; senior secured to
B1 from B2; senior unsecured to B2 from B3; senior subordinate
to B3 from Caa1; quarterly income preferred securities to Caa1
from Caa2; and, speculative grade liquidity rating to SGL-2 from
SGL-3.  Moody's said the rating outlook is stable.

As reported in the Troubled Company Reporter on Aug. 29, 2006,
Standard & Poor's Ratings Services removed the ratings,
including its 'BB-' corporate credit rating, on equipment rental
company United Rentals (North America) Inc. and on its parent,
United Rentals Inc., from CreditWatch with developing
implications.


VALASSIS COMM: Moody's Puts B3 Rating on US$590MM Unsec. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Valassis
Communications, Inc.'s proposed US$590 million of fixed and
floating rate senior unsecured notes due 2015.  Moody's
Feb. 12, 2007, rating action on Valassis contemplated the
issuance of US$590 million of junior debt in conjunction with
the acquisition of ADVO and the company's existing ratings are
not affected by the issuance of the new senior unsecured notes.  
Valassis' Corporate Family rating is B1 and the rating outlook
remains stable.

Ratings Assigned:

Issuer: Valassis Communications, Inc.

   -- Guaranteed Senior Unsecured Regular Bond/Debenture,
      Assigned B3 (LGD5-79)

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.  Annual revenue will approximate
US$2.5 billion upon completion of the ADVO acquisition.


VALASSIS COMM: S&P Puts B- Rating on US$590MM Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Valassis Communications Inc.'s proposed US$590 million senior
unsecured notes.  The notes are rated two notches below the 'B+'
corporate credit rating on Valassis, reflecting the sizable
amount of secured debt in the company's proposed capital
structure.  Proceeds from the proposed notes would be used to
partially finance Valassis' US$1.2 billion acquisition of ADVO,
including the refinancing of about US$125 million in debt at
ADVO.
     
The 'B+' corporate credit rating on Valassis was affirmed, and
the rating outlook is stable.  Also, Standard & Poor's affirmed
all other ratings on Valassis, including its 'BB-' rating on
Valassis' existing US$160 million senior unsecured convertible
notes due 2033 and US$100 million senior unsecured notes due
2009.  These issues are rated one notch above the corporate
credit rating, reflecting springing liens that are expected to
secure both issues upon the close of the proposed senior secured
facility.  The rating on these issues remains on CreditWatch
with negative implications, pending the close of the company's
proposed credit facility, at which time Standard & Poor's
expects to affirm them.  Pro forma for proposed debt issuance,
Valassis had US$1.5 billion in lease-adjusted debt as of
December 2006.

"The ratings reflect high levels of pro forma leverage and
challenges that Valassis will face as it reverses trends of
declining profitability in each of its and ADVO's respective
businesses," said Standard & Poor's credit analyst Emile
Courtney.

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.  




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


BANCO LATINOAMERICANO: Posts US$21.1MM Fourth Quarter Net Income
----------------------------------------------------------------
Net income of Banco Latinoamericano de Exportaciones SA aka
Bladex increased 87% to US$21.1 million for the fourth quarter
of 2006, compared with the third quarter of 2006, driven by a
US$5.4 million increase in operating income, and a US$5.6
million recovery on impaired assets.  Net income for the full
year 2006 was US$57.9 million.

Operating income increased 63% to US$14.1 million in the fourth
quarter of 2006, compared with the previous quarter, due to
gains in treasury activities and increased net interest income.
  
At Dec. 31, 2006, the credit portfolio increased 7% to US$4.0
billion, compared with Sept. 30, 2006.
    
At Dec. 31, 2006, the bank had reduced its non-accruing assets
to zero, and had no past due loans in its portfolio.
    
On Feb. 13, 2007, the bank's Board of Directors declared an
increase in the quarterly dividend from US$0.1875 per share to
US$0.22 per share, which will be payable on April 10, 2007, to
shareholders of record as of March 30, 2007.

For the full year 2006, operating income increased 36% to
US$39.3 million from 2005, reflecting mostly a 30% increase in
net interest income, an 8% increase in fee income, and higher
gains in treasury activities.
    
Net income for 2006 decreased 28% to US$57.9 million from 2005,
due to lower credit provision reversals, as the bank reduced its
non-accruing portfolio by year-end to zero.
    
The average credit portfolio grew 20% year-over-year.

"The strong operating results for the fourth quarter bear
evidence of our success at diversifying revenue sources across a
stronger client franchise and a wider product range.  In summary
terms, the quarter was driven by the Commercial Division
sustaining the momentum of the third quarter, and the Treasury
Division yielding its best quarterly results since its
transformation into a revenue center.  Significantly, we believe
that the improved operating results for the quarter reflect the
benefits of our increasingly diversified revenue base," Jaime
Rivera, Bladex's chief executive officer, stated.

"The fourth quarter was also significant in that the bank
reduced its non-accruing portfolio to zero.  In addition, as of
Dec. 31, 2006, Bladex did not have a single cent past due on its
balance sheet," the CEO said.  "As solid as the results for the
fourth quarter were, I believe the year-on-year comparison most
clearly demonstrates the underlying strength of the bank's
business.  When compared to 2005, for instance, operating income
rose by 36%.  These figures are particularly noteworthy given
that our growth this quarter was strictly organic in nature.  
Throughout, Bladex has maintained the stability of its portfolio
indicators: 74% of the bank's commercial portfolio remained
trade finance in nature, with 71% due to mature within 12
months.  As I think back on the bank's revenue trends over 2006,
I view the 77% yearly growth in the Commercial Division's
operating income, excluding the restructured portfolio in
Argentina, as the most relevant validation of Bladex's client
and product strategy."

"From an expense management perspective -- always a strength of
Bladex -- we were pleased by the improvement of our efficiency
ratio, which went from 46% in 2005 to 42% in 2006, despite the
increased spending levels that accompany a growing business.  
Not evident in the solid 2006 figures, but equally important for
bank's future, are a number of internal projects undertaken to
improve efficiency and the quality of internal controls.  Chief
among these was the installation of a state-of-the art
technology platform, which allows Bladex the flexibility and
speed of response needed to support the bank's product and
client plans for the coming years," Mr. Rivera noted.

"Within a strong 2006, the one business line which trailed our
expectations was digital identity, where the market for the
service in Latin America is taking longer to mature than what we
had anticipated.  While the expenses involved by the project
were relatively small, amounting to less than 3% of Bladex's
budget for 2006, we concluded that the management time involved
could be put to better use for development of other businesses
with quicker returns.  As a result, we discontinued the project.  
As Bladex moves forward in 2007, management is focusing on
improving the Bank's ROE (return on equity) levels.  We expect
to be operating in a Region that will reflect the generally
increased economic and political uncertainties and volatility
that apply to much of the world.  Along with the continued
expansion of the Bank's business scope, this environment plays
to Bladex's strengths.  We are thus looking forward to continued
progress and another solid year.  Our decision to raise the
common quarterly dividend reflects this improved and improving
profitability," Mr. Rivera said.

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex -- http://www.bladex.com-- is a
supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade
finance in the Region.  The bank's shareholders include central
banks and state- owned entities in 23 countries in the Region,
as well as Latin American and international commercial banks,
along with institutional and retail investors.  Through
Dec. 31, 2005, Bladex had disbursed accumulated credits of over
US$135 billion.

                        *    *    *

As reported on April 7, 2006, Moody's affirmed these ratings for
Bladex:

   -- Bank Financial Strength Rating: D-minus, change to
      positive outlook from stable;

   -- Long Term Foreign Currency Deposit Rating: Baa3, with
      stable outlook;

   -- Short Term Foreign Currency Deposit Rating: Prime-3;

   -- Foreign Currency Senior Unsecured Rating: Baa3, with
      stable outlook; and

   -- Foreign Currency Issuer Rating: Baa3, with stable outlook.




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


* PERU: Invites Bondholders to Submit Exchange Offers
-----------------------------------------------------
The Republic of Peru has invited owners of the 9.125% US Dollar-
Denominated Global Bonds due 2012 and the Brady Bonds to submit
one or more exchange offers or cash tender offers, as
applicable, on the terms and subject to the conditions described
in the Prospectus Supplement dated Feb. 15, 2007, to the
Prospectus dated Jan. 17, 2007.

2012 Bonds    Maturity
              (mm/dd/yyyy)     ISIN         CUSIP     Common
Code

9.125%
U.S. Dollar-
Denominated
Global Bonds
due 2012      2/21/2012    US715638AL65   715638AL6   015586354
              2/21/2012    USP87324AA07   P87324AA0   014337008
              2/21/2012    US715638AK82   715638AK8   014336966

Brady Bonds
Past-Due
Interest
Bonds due
March 2017, or
the "PDI due
March 2017"   
              3/7/2017    XS0072356073     (none)    007235607
              3/7/2017    US715638AH53   715638AH5   011469515

Front-Loaded
Interest
Reduction
Bonds due
March 2017,
or the
"FLIRB due
March 2017"           
              3/7/2017    XS0072223356     (none)    007222335
              3/7/2017    US715638AG70   715638AG7   000828406

Floating Rate
Bonds due 2027,
or the
"Discount
Bonds due
March 2027"           
              3/7/2027    XS0072222465     (none)    007222246
              3/7/2027    US715638AE23   715638AE2     (none)

Fixed Rate
Bonds due 2027,
or the "Par
Bonds due
March 2027"           
              3/7/2027    XS0072223190     (none)    007222319
              3/7/2027    US715638AF97   715638AF9     (none)
    
The invitations will be subject to the terms and conditions set
forth in the invitation materials.  Holders of the 2012 Bonds
and the Brady Bonds should carefully review the invitation
materials before participating in the invitations, and their
decision to participate in the invitations should be based
solely on the information contained in the invitation materials.  
Holders of the 2012 Bonds and the Brady Bonds considering
participating in the Invitations should carefully consider the
risk factors discussed under "Risk Factors" in the Prospectus
Supplement.

The invitation commenced on Feb. 15, 2007.  It will expire at
3:00 p.m. (New York City Time) on Feb. 22, 2007.
    
Peru is inviting holders of 2012 Bonds to:

          (i) submit, in a reverse modified Dutch auction
              process, offers to exchange 2012 Bonds for
              reopened 2016 Bonds or reopened 2033 Bonds; and

         (ii) submit offers to tender 2012 Bonds for an amount
              in cash equal to the 2012 Bond Price.  The
              reopened 2016 Bonds will be issued in a maximum
              aggregate principal amount of US$750,000,000,
              including any amounts issued for cash and will be
              consolidated, form a single series and be fully
              fungible with Peru's outstanding US$500,000,000
              8.375% US Dollar-Denominated Global Bonds due
              2016.  The 2033 Bonds may be issued in an
              unlimited principal amount and will be
              consolidated, form a single series and be fully
              fungible with Peru's outstanding US$900,000,000
              8.75% US Dollar-Denominated Global Bonds due 2033.

Holders of 2012 Bonds will receive, in exchange for each
US$1,000 in principal amount of 2012 Bonds exchanged, reopened
2016 Bonds (subject to proration and, if the holder elects,
retender) or reopened 2033 Bonds having a principal amount
calculated based on these exchange ratio:

                     (US$1,000 x 2012 Bond Price)
                     ----------------------------
                (Applicable Reopened Bond Issue Price
                + related accrued interest on the
                      Applicable Reopened Bonds)

The "2012 Bond Price" is the price per US$1,000 principal amount
of 2012 Bonds based on the 2012 Clearing Spread as determined
pursuant to the reverse modified Dutch auction, and the
"Applicable Reopened Bond Issue Price" is the price per US$1,000
principal amount determined by Peru for the applicable series of
Reopened Bonds.  In addition, holders of 2012 Bonds will receive
a payment in cash equal to the interest accrued but unpaid on
their 2012 Bonds accepted for exchange to, but excluding, the
Expected Settlement Date.
    
Holders of 2012 Bonds may submit to exchange 2012 Bonds of a
particular series for Reopened Bonds, by choosing either:

         (i) a "competitive offer" which specifies with
             respect to the 2012 Bonds submitted for exchange,
             the spread over the 10-year UST Benchmark Rate that
             holders of the 2012 Bonds would accept as the
             clearing spread for their 2012 Bonds; or

        (ii) a "noncompetitive offer," which does not specify
             any such spread.  The maximum spread for the 2012
             Bonds is 40 basis points.
    
Peru is also inviting holders of Brady Bonds to:

         (i) submit offers to exchange Brady Bonds for 2037
             Bonds, and

        (ii) submit offers to tender Brady Bonds for an amount
             in cash equal to the Applicable Brady Bond Price
             multiplied by the applicable factor.  

The completion of the exchange offers for the Brady Bonds is
conditioned on at least US$400,000,000 aggregate principal
amount of the 2037 Bonds being issued.  The 2037 Issuance
Condition may be met by sufficient offers to exchange Brady
Bonds for 2037 Bonds being accepted by Peru, by the sale of the
2037 Bonds for cash or by a combination of the exchange offers
and the sale of new bonds for cash.  The tender offer for the
Brady Bonds may be completed even if the exchange offers for the
Brady Bonds is terminated for failure to meet the 2037 Issuance
Condition.  If the holder of Brady Bonds offers to tender Brady
Bonds for cash, the offer to tender Brady Bonds for cash may be
subject to proration.
    
Holders of Brady Bonds will receive, in exchange for each
US$1,000 in original principal amount of Brady Bonds exchanged,
new 2037 Bonds having a principal amount equal to:

                (US$1,000 x Applicable Brady
                Bond Price x Applicable Factor)
                -------------------------------
               (2037 Bond Issue Price + related
               accrued interest on the 2037 Bonds)

The "Applicable Brady Bond Price" is the price per US$1,000 for
each series of Brady Bonds, and the "2037 Bond Issue Price" is
the price per US$1,000 principal amount determined for the 2037
Bond.

In addition, holders of Brady Bonds will receive a payment in
cash equal to the interest accrued but unpaid on the Brady Bonds
accepted for exchange to, but excluding, the Expected Settlement
Date.  Holders of Brady Bonds will not be required to pay an
amount equal to the interest accrued but unpaid to, but
excluding, the Expected Settlement Date, on the 2037 Bonds
issued to them.

                                Applicable Brady     Applicable
Brady Bonds                     Bond Price            Factor
-----------                     ----------------     ----------
PDI due March 2017              US$997.50               0.73
FLIRB due March 2017            US$997.50               0.94
Discount Bonds due March 2027   US$997.50               1.00
Par Bonds due March 2027        US$800.00               1.00
    
Peru will set the coupon rate for the 2037 Bonds to be an
interest rate that is an increment of 0.125% or 0.05% and that
results in a 2037 Bond Issue Price that is as close to US$1,000
as possible without exceeding US$1,000.  At or around 9:00 a.m.,
New York City time, on the Expiration Date, Peru will select, in
its sole discretion, and announce the spread applicable to the
2037 Bonds.
    
The invitations will be subject to various customary conditions,
all of which Peru may or may not waive.  The invitations are
also conditioned upon Peru's ability to raise cash for the cash
tender offers for the Bonds by any combination of:

          -- reopening the 2016 Bonds for cash, subject to the
             2016 Bond Cap Amount;

          -- issuing the new 2037 Bonds, subject to the 2037
             Issuance Condition; and

          -- issuing bonds in the Peruvian domestic market.
    
Peru is under no obligation to issue any bonds for cash and may
determine, in its sole discretion, depending on the results of
the exchange offer for the 2012 Bonds and the Brady Bonds, not
to issue new bonds for cash.  If Peru accepts tenders for cash,
they will be subject to the 2012 Tender Condition and the Brady
Bonds Tender Condition and as a result the 2012 Bonds and the
Brady Bonds could be subject to proration or rejection.

The Invitations are not subject to a minimum cash tender
condition.
    
A holder desiring to participate in the Invitations must submit,
or arrange to have submitted, at or before 3:00 p.m., New York
City time, on the Expiration Date, such holder's offer to
exchange or tender its 2012 Bonds and Brady Bonds in the
applicable manner described under the heading "Terms of the
Invitation" of the Invitation Materials.  Copies of the
invitation materials may be obtained from the Information Agent:

          Global Bondholder Services Corporation
          Attention: Corporate Actions
          65 Broadway, Suite 723
          New York, New York 10006
          USA
          Phone: (212) 430-3774
                 (866) 736-2200 (toll free)

The Joint Dealer Managers for the invitations can be reached at:

          Citigroup Global Markets Inc.     
          388 Greenwich Street              
          New York, New York 10013              
          USA
          Phone: (1) 800-558-3745 (toll free)      
                 (1) 212-723-6106 (collect)

          Deutsche Bank Securities Inc.
          Attention: Liability Management Group
          60 Wall Street
          New York, New York 10005
          USA
          Phone: (1) 866-627-0391 (toll free)
                 (1) 212-250-2955 (collect

                        *    *    *

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




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


ADELPHIA COMM:  Outstanding Contingent Value Vehicle Units
---------------------------------------------------------------
Adelphia Communications Corp. has disclosed the number of
outstanding units in the various series of interests in the
Adelphia Contingent Value Vehicle or CVV.  

                                      Number of
                      Estimated  Units Reserved       
                      Number of    for Disputed       Estimated
                          Units       and Other    Total Number     
Series              Outstanding          Claims        of Units
------              -----------  --------------   -------------       
RF                  115,000,000               0     115,000,000
Arahova             722,639,670               0     722,639,670
FrontierVision       86,600,000               0      86,600,000
FPL                  25,575,129               0      25,575,129
Olympus              17,000,000               0      17,000,000
ACC-1             4,839,988,173               0   4,839,988,173
ACC-2                83,887,174     247,408,818     331,295,992
ACC-3                46,129,088     223,573,904     269,702,992
ESL                           0              17              17
ACC-4             1,790,968,271               0   1,790,968,271
ACC-5                         0             458             458
ACC-6B              150,000,000               0     150,000,000
ACC-6B1                       0               3               3
ACC-6D              575,000,000               0     575,000,000
ACC-6D1                       0               4               4
ACC-6EF             935,812,454               0     935,812,454
ACC-6EF1                      0               5               5
ACC-7               229,787,271               0     229,787,271
ACC-7A               19,293,139             464      19,293,603

The CVV is a Delaware Statutory Trust that was formed pursuant
to the First Modified Fifth Amended Joint Chapter 11 Plan of
Reorganization of Adelphia Communications and certain affiliated
debtors, dated as of Jan. 3, 2007, as confirmed to hold certain
litigation claims against Adelphia Communications' third party
lenders and accountants and other parties.  

Each series of CVV Interests has the rights and priorities
relative to the other series of CVV Interests determined in
accordance with the Adelphia Plan of Reorganization.
    
Inquiries regarding the CVV Interests should be directed to
creditor.inquiries@adelphia.com.

The effective date of the Adelphia Plan of Reorganization was on
Feb. 13, 2007.  Prior to the sale of substantially all of the
consolidated assets of Adelphia Communications to Time Warner NY
Cable LLC and Comcast Corp. on July 31, 2006, Adelphia
Communications was the fifth largest cable television company in
the country.  

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.


ALLIED WASTE: Posts US$254MM Fourth Quarter Operating Income
------------------------------------------------------------
Allied Waste Industries, Inc.'s operating income increased 8.1%
to US$254 million in the fourth quarter of 2006, compared with
US$235 million in the same quarter of 2005.

The operating margin expanded by 100 basis points in the
quarter, compared with 2005.  The fourth quarter 2006 operating
income includes an US$8 million charge due to asset impairments.

Internal revenue growth of 4.0% was driven by average price
increases of 4.8%, partially offset by a decrease in volume of
0.8%.

Reported fourth quarter 2006 diluted earnings from continuing
operations of US$0.00 per share includes a US$0.16 charge for
income tax related matters and a US$0.01 charge due to asset
impairments.  Before these charges, fourth quarter diluted
earnings were US$0.17 per share.
       
Prior year fourth quarter earnings per share of US$0.15 per
share includes a US$0.03 benefit for tax related matters.

Cash flow from operations increased 17% to US$280 million in the
fourth quarter of 2005, from US$240 million in the fourth
quarter 2005.

Debt, net of cash, was reduced by US$146 million during the
fourth quarter 2006, compared with the same quarter of 2005.
    
"We are pleased with the strength of Allied's operating and
financial results for both the fourth quarter and full year
2006," said Allied Waste Chairperson and Chief Executive Officer
John Zillmer.  "We continued to expand our revenue base through
profitable growth, while we improved our operating margin, cash
flow, and return on invested capital.  We believe that our 2006
achievements provide a solid foundation upon which we can
continue to improve our operating results and cash flow again in
2007."
    
Revenue for the fourth quarter ended Dec. 31, 2006, increased
1.8% to US$1.494 billion, from US$1.468 billion in the fourth
quarter 2005.  The increase in revenue resulted from internal
growth of 4.0%, partially offset by a 2.2% decrease due to net
divestitures and non-core revenue.  Core internal revenue growth
was comprised of a 4.8% increase in same store average unit
price, which includes a 0.8% increase associated with a fuel
recovery fee, partially offset by a 0.8% decrease in same-store
volumes, primarily due to the year-over-year reduction in roll-
off volumes from hurricane impacted regions.
    
Operating income for the fourth quarter 2006 increased 8.1% to
US$254 million, compared with US$235 million for the fourth
quarter 2005. Operating income as a percent of revenue increased
100 basis points to 17.0%, from 16.0% in the fourth quarter of
2005.  Gross margin for the quarter was 36.8%, an increase of
200 basis points over fourth quarter 2005, as the company's cost
containment and productivity improvement programs continued to
yield positive results in tandem with strong profitable revenue
growth.  Selling, general and administrative expenses as a
percent of revenue increased to 9.9% from 9.3% in the fourth
quarter 2005 primarily due to salary and incentive compensation
increases, and increased franchise taxes.  Also, included in
fourth quarter 2006 operating income is an US$8 million non-cash
charge for impaired assets primarily related to a decision to
discontinue development and operations at two landfill sites and
a charge related to the relocation of the company's Operations
Support Center.
    
In the fourth quarter, Allied Waste increased its income tax
provision by US$58 million, primarily resulting from interest
charges on previously recorded tax liabilities currently under
review by income tax authorities and from adjustments to state
tax matters.  This reduced reported earnings for the quarter by
US$0.16 per share.
    
Cash flow from operations in the fourth quarter 2006 increased
17% to US$280 million from US$240 million in the fourth quarter
2005 driven by the improvements in operating income and changes
in working capital.  During the fourth quarter 2006, free cash
flow was US$148 million, an increase from US$89 million in the
fourth quarter 2005 driven by the improvements in operating
income and lower capital spending.
    
Internal revenue growth of 6.7% exceeded the original goal of 5%
and was driven by 5.9% price growth and 0.8% volume growth.

Operating income for 2006 increased 5.6% to US$967 million,
compared with US$916 million for 2005.  Operating income before
depreciation and amortization, divestitures and impairments
increased 6.1% to US$1.559 billion, compared with US$1.470
billion for 2005.

Cash flow from operations increased 29.3% to US$922 million for
2006, compared with US$713 million for 2005.  Free cash flow for
2006 more than doubled to US$265 million, compared with US$108
million for 2005, driven by the improvements in operating income
and a benefit from working capital.

Efficient capital investment of US$670 million supported ongoing
operations, yet was US$30 million below initial 2006 guidance.

Debt, net of cash, was reduced by US$219 million to US$6.8
billion in 2006, compared with 2005.

For the full year 2007, Allied Waste's revenue growth of
approximately 3% to 4%, comprised of price growth of 3% to 4%
and volume growth of 0% to 1%.  The firm also expects:

          -- operating income of approximately US$1.025 billion
             to US$1.075 billion;

          -- depreciation and amortization of approximately
             US$600 million;

          -- operating cash flow of approximately US$975 million
             to US$1,025 million, including the impact of the
             change in disbursements account, which is reflected
             in financing activities;

          -- capital expenditures of approximately US$700
             million;

          -- free cash flow of approximately US$300 million to
             US$325 million;

          -- dividends on preferred stock of approximately US$40
             million; and

          -- debt repayment of approximately US$260 million to
             US$285 million.
    
Allied Waste North America, Inc., a wholly owned operating
subsidiary of Allied Waste Industries, Inc., is based in
Phoenix, Arizona.  Allied Waste is a vertically integrated, non-
hazardous solid waste management company providing collection,
transfer, and recycling and disposal services for residential,
commercial and industrial customers.  As of Sept. 30, 2006, the
company operated a network of 299 collection companies, 161
transfer stations, 169 active landfills and 56 recycling
facilities in 37 states and Puerto Rico.  For the twelve months
ended Sept. 30, 2006, the company had revenues of approximately
US$6.0 billion.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2007, Moody's Investors Service changed the outlook of
Allied Waste Industries, Inc., to positive from stable and
affirmed the long-term debt ratings of Allied Waste and Allied
Waste North America, Inc., along with its wholly-owned
subsidiary, Browning-Ferris Industries, LLC

These ratings were affirmed:

   Allied Waste Industries, Inc.

   -- B2 Corporate Family Rating;

   -- B2 Probability of Default Rating;

   -- Caa1 (LGD5, 87%) rated US$230 million issue of 4.25%
      guaranteed senior subordinated convertible bonds due 2034;

   -- Caa1 (LGD6, 98%) rated US$600 million issue of 6.25%
      senior mandatory convertible preferred stock - conversion
      date of March 2008; and

   -- Speculative Grade Liquidity Rating is SGL-1.

The outlook for the ratings was changed to positive from stable.

   Allied Waste North America, Inc.

   -- Ba3 (LGD2, 30%) rated US$1.575 billion guaranteed senior
      secured revolving credit facility due 2010;

   -- Ba3 (LGD2, 30%) rated US$1.235 billion guaranteed senior
      secured term loan due 2012;

   -- Ba3 (LGD2, 30%) rated US$490 million guaranteed senior
      secured Tranche A Letter of Credit Facility due 2012;

   -- B2 (LGD4, 57%) rated US$750 million issue of 8.5%
      guaranteed senior secured notes due 2008;

   -- B2 (LGD4, 57%) rated US$595 million issue of 7.125%
      guaranteed senior secured notes due 2016;

   -- B2 (LGD4, 57%) rated US$350 million issue of 6.5%
      guaranteed senior secured notes due 2010;

   -- B2 (LGD4, 57%) rated US$400 million issue of 5.75%
      guaranteed senior secured notes due 2011;

   -- B2 (LGD4, 57%) rated US$275 million issue of 6.375%
      guaranteed senior secured notes due 2011;

   -- B2 (LGD4, 57%) rated US$251 million issue of 9.25%
      guaranteed senior secured notes due 2012;

   -- B2 (LGD4, 57%) rated US$450 million issue of 7.875%
      guaranteed senior secured notes due 2013;

   -- B2 (LGD4, 57%) rated US$425 million issue of 6.125%
      guaranteed senior secured notes due 2014;

   -- B2 (LGD4, 57%) rated US$600 million issue of 7.25%
      guaranteed senior secured notes due 2015;

   -- B3 (LGD4, 70%) rated US$400 million issue of 7.375%
      guaranteed senior unsecured notes due 2014;

   Browning-Ferris Industries, LLC - (assumed by Allied Waste
   North America, Inc.)

   -- B2 (LGD4, 57%) rated US$157 million issue of 6.375% senior
      secured notes due 2008;

   -- B2 (LGD4, 57%) rated US$96 million issue of 9.25% secured
      debentures due 2021;

   -- B2 (LGD4, 57%) rated US$294 million issue of 7.4% secured
      debentures due 2035;

   -- B3 (LGD4, 70%) rated US$280 million of industrial revenue
      bonds with various maturities.


ORIENTAL FINANCIAL: Incurs US$19.2MM Fourth Quarter 2006 Loss
-------------------------------------------------------------
Oriental Financial Group Inc. reported a loss to common
shareholders of US$19.2 million in the fourth quarter 2006,
compared with income available to common shareholders of US$7.3
million in the corresponding year-ago quarter.  For the year,
the group reported a loss to common shareholders of US$9.8
million, compared with income available to common shareholders
of US$39.1 million in 2005.

During the fourth quarter of 2006, the group repositioned its
available-for-sale (AFS) investment portfolio and reduced higher
priced borrowings in order to improve net interest income going
forward, while continuing to focus on its financial services and
lending activities to its middle market constituency.

As previously reported, fourth quarter 2006 results included a
loss on the sale of securities of approximately US$16 million
related to the repositioning of the AFS investment securities
portfolio -- a strategy that is expected to benefit net interest
income by approximately US$16 million in 2007.

The fourth quarter included:

         (i) a loss of US$3.8 million related to US$42 million
             of corporate securities previously held in the AFS
             portfolio which were deemed to be impaired
             (US$17 million of such securities were sold in
             December 2006 and the remaining US$25 million were
             sold in early January 2007); and

        (ii) a loss of US$0.9 million to write off unamortized
             costs as a result of exercising the call provision
             of approximately US$36 million of outstanding
             Oriental Financial (PR) Statutory Trust I
             subordinated capital notes, which is expected to
             generate interest expense savings of approximately
             US$3.0 million in 2007.

Oriental Financial President and Chief Executive Officer Jose
Rafael Fernandez said, "While we realigned our AFS investment
portfolio during the quarter, our performance benefited from the
continuing success of Oriental's niche-market franchise, which
is focused on providing mid and high-net worth customers with
all their banking and financial service needs.  Despite the
challenging economic environment in Puerto Rico, total banking
and financial service revenues for the December 2006 quarter
amounted to US$8.2 million, and represented a 26.8% increase
over the December 2005 quarter and 6.1% over the September 2006
quarter.  Net loans increased to US$1.21 billion, a 34.3% year
over year increase and 3.0% increase sequentially."

Mr. Fernandez also said that in February 2007, Oriental
Financial completed a review of its funding sources in light of
asset/liability management considerations and changing market
conditions, and decided to strategically reposition its
repurchase agreements portfolio.  Specifically, Oriental
Financial restructured approximately US$1 billion of short-term
borrowings, with a weighted average rate paid of approximately
5.35%, into 10-year, non-put 2-year structured repurchase
agreements, priced at 95 basis points under 90-day LIBOR (for a
current rate of 4.40%).

Mr. Fernandez commented that the group purchased in February
2007 approximately US$900 million in agency securities for the
AFS portfolio, which were funded with a net spread of
approximately 150 basis points, locked in for two years on
US$750 million and one year on US$150 million.  These securities
are intended to replenish scheduled repayments and maturities of
securities that occurred in 2006 and are expected to occur in
2007.

"Based on the strategic actions we have been making, plus
favorable trends in non-interest income and expenses, we believe
that we are well positioned for 2007," Mr. Fernandez stated.

Interest income for the 2006 fourth quarter increased 5.3% to
US$57.2 million when compared to the fourth quarter of 2005.  
This reflected a 36.6% increase from loans, due to both higher
balances and interest rates, and a 7.4% decline from
investments, primarily due to lower balances.  On a sequential
quarter basis, interest income declined 6.1%, reflecting a 2.9%
increase from loans and a 10.8% decline from investments.

Interest expense increased 32.5% from the year ago quarter, to
US$49.3 million.  This reflected higher costs of funds, due to
Federal Open Market Committee (FOMC) rate increases over the
past year, partially offset by reduced volume of deposits and
borrowings.  On a sequential quarter basis, interest expense
declined 5.0%, reflecting reduced repurchase agreement
borrowings.

As a result, net interest income declined 53.9% from the year
ago quarter, to US$7.9 million, for a net interest margin of
0.72%, compared to 1.58% in the year ago quarter.  On a
sequential quarter basis, net interest income declined 12.2%.

Growth in banking and financial service revenues from the year
ago fourth quarter reflected a 34.5% increase, to US$4.7 million
in financial service revenues, a 2.0% increase, to US$2.3
million in banking service revenues, and an 86.1% increase, to
US$1.2 million in mortgage banking activities.  On a sequential
quarter basis, financial service revenues were up 18.6%, banking
service revenues were up 13.3% and mortgage banking activities
were up 5.0%.  Total non-interest income for the 2006 fourth
quarter included a US$3.9 million net gain on derivatives
instruments, compared to US$1.1 million in the 2005 fourth
quarter, due to a positive variance in the mark to market of
such positions.

During the 2006 fourth quarter, banking service revenues
benefited from a Puerto Rico law temporarily lowering taxes on
early withdrawals of individual retirement accounts (IRAs),
which prompted some customers to redeem IRA certificates of
deposit (CDs) before maturity.  In late December, Oriental
Financial opened its 25th financial center located in the Belz
Factory Outlet Mall in Canovanas, a growing suburb east of San
Juan near a new highway that connects San Juan to the east coast
of Puerto Rico.

Non-interest expenses in the fourth quarter of 2006 included
approximately US$1.8 million primarily for a supplemental
pension payment and charitable contributions made in recognition
of the group's former chairperson, president, and CEO enhancing
the value of Oriental Financial over the course of his 19 years
of leadership.  Excluding this amount, non-interest expenses for
the 2006 fourth quarter would have been US$16.7 million and for
the year ended Dec. 31, 2006, would have been US$61.5 million.  
The 2005 expenses of US$57.9 million reflected a US$6.3 million
reduction in non-cash compensation related to the variable
accounting for certain employee stock options.

Total investments at Dec. 31, 2006, amounted to US$3.0 billion,
a reduction of 13.8% from a year ago and 7.5% from Sept. 30,
2006, primarily due to scheduled repayments and maturities in
the held-to-maturity (HTM) investment portfolio.

Loan growth from Dec. 31, 2005, to Dec. 31, 2006, reflected
increases of:

          -- 46.1%, or US$295.4 million in mortgages;
          -- 5.7%, or US$13.0 million, in commercial loans; and
          -- 2.2%, or $0.8 million, in consumer loans.

On a sequential quarterly basis, loan growth reflected a 3.2%
increase in mortgages and a 2.9% increase in commercial loans,
partially offset by a US$2.9 million decline in consumer loans.

Loan production and purchases increased 29.5%, or US$23.5
million, to US$103.0 million compared to the year ago fourth
quarter.  Mortgage production increased 22.2%, to US$75.0
million.  Due to Oriental Financial's growing wholesale mortgage
funding business, purchases from local originators totaled
US$10.1 million versus US$0.3 million in the year ago quarter.  
Production of commercial loans increased 58.1%, to US$15.6
million, while production of consumer loans was US$2.3 million
versus US$8.1 million in the December 2005 quarter.  On a
sequential quarter basis, loan production and purchases expanded
12.3%, due to growth in mortgage and commercial loan production
and in mortgage purchases from local originators.

Deposits declined 5.1%, or US$65.6 million, to US$1.23 billion,
from a year ago.  CD balances declined US$234.9 million,
reflecting a US$104.5 million decrease in brokered CDs, the
previously mentioned IRA withdrawals, and Oriental Financial's
current strategy with regard to new CD offerings (due to the
high level of rates being offered for retail CDs in Puerto Rico,
the group continues to monitor closely the local CD market to
decide when to pursue such deposits).  Part of the decline in CD
balances was offset by a US$183.5 million increase in savings
accounts, reflecting the continued success of the new Oriental
Money account.  On a sequential quarter basis, deposits declined
4.7% due to a US$109.3 million decline in CDs, partially offset
by a US$53.1 million increase in savings accounts.  At
Dec. 31, 2006, brokered CDs totaled US$179.1 million, or 14.5%
of total deposits, compared to US$283.6 million, or 21.8% of
total deposits, a year ago.

Borrowings declined 1.8%, or US$50.3 million, to US$2.78
billion, from a year ago.  This primarily reflected an
approximately US$36 million reduction in subordinated capital
notes, due to the redemption of Oriental Financial (PR)
Statutory Trust I securities.  On a sequential quarter basis,
borrowings decreased 6.9%, or US$206.9 million, reflecting a
decline of 5.8%, or US$156.3 million, in repurchase agreements
and the redemption of the subordinated capital notes.

In line with the 34.3% growth in loans during 2006, Oriental
Financial increased the provision for loan losses by 28.6%, to
US$4.4 million from last year's provision of US$3.4 million.  
The provision is based on an analysis by the group of the credit
quality and composition of its loan portfolio to maintain the
allowance at an adequate level.

At Dec. 31, 2006, non-performing loans were US$38.3 million
(3.14% of total loans), compared with US$34.2 million (2.89%) at
Sept. 30, 2006, and US$28.4 million (3.12%) at Dec. 31, 2005.  
The current level reflects an increase of $8.6 million in non-
performing residential mortgages in the second half of 2006, due
to residential mortgage loan growth and the effects of the
current economy in Puerto Rico.  This increase is not expected
to translate into higher losses as these loans are generally
well collateralized with adequate loan to value ratios.

Net credit losses remained relatively low at US$1.1 million
(0.36% of average loans outstanding) for the December 2006
quarter, versus US$0.7 million (0.26%) for the September 2006
quarter and US$1.2 million (0.50%) for the December 2005
quarter.  Net credit losses for the year decreased 30.9%, or
US$1.3 million, from US$4.3 million in 2005 (0.49% of average
loans outstanding), to US$3.0 million in 2006 (0.28% of average
loans outstanding).

Stockholders' equity at Dec. 31, 2006, was US$338.0 million
compared with US$341.8 million a year ago, and US$351.7 million
at Sept. 30, 2006.  The group's capital ratios remain
significantly above regulatory capital requirements; at
Dec. 31, 2006, the Leverage Capital Ratio was 8.47%, Tier 1
Risk-Based Capital Ratio was 21.72%, and Total Risk-Based
Capital Ratio was 22.18%.

During the fourth quarter of 2006, Oriental Financial
repurchased 123,100 shares of common stock at an average price
of US$11.85 per share and a total cost of US$1.5 million,
leaving approximately US$8.0 million available under the group's
current stock repurchase program.  For the full year 2006,
Oriental Financial repurchased 232,600 shares of common stock at
an average price of US$12.11 per share and a total cost of
US$2.8 million.

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.OrientalOnline.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The Group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 24 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 13, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' long-term
counterparty credit rating to Oriental Financial Group.  S&P
also assigned its 'BBB-' counterparty rating to Oriental's
principal operating subsidiary, Oriental Bank & Trust.  S&P said
the outlook for both entities is negative.


SAN JUAN: Dividend Cues Moody's to Cut Corp. Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service lowered San Juan Cable's corporate
family rating to B3 from B2 with a stable outlook as a result of
the reported US$100 million dividend to the equity sponsor and
consequent increase in leverage to over 9 times debt-to-EBITDA
(per Moody's adjustments).  In addition, Moody's lowered the
probability of default rating to B3.  The B1 first lien rating
(LGD2, 29%) and the Caa1 second lien rating (LGD5, 75%) have
been affirmed although LGD rates have changed primarily as a
result of the increase in subordinated debt at the holding
company.

The corporate family rating also considers San Juan's low fixed
charge coverage and expectations that the company will remain
cash flow neutral through 2007.  San Juan has been challenged by
negative economic factors in Puerto Rico and remains vulnerable
to geographic concentration and lack of scale.  Moreover,
Moody's is concerned by management's timing regarding the return
of such a sizable amount of equity capital so soon after the
initial acquisition (Fall 2005) given the execution risk
regarding the rollout of high speed data, advanced video
services and telephony in the near term.  However, Moody's still
believes the potential for cash flow growth, the attractive
asset value of San Juan's upgraded network in a relatively less
competitive market and primarily success-based capital
expenditures should support the ratings.

Ratings lowered:

   -- B3 Corporate Family Rating, from B2
   -- B3 Probability of Default Rating, from B2

Ratings affirmed

   -- B1, LGD2, 29% Senior Secured 1st Lien Term Loan

   -- B1, LGD2, 29% Senior Secured 1st Lien
      Revolving Credit Facility

   -- Caa1, LGD5, 75% Senior Secured 2nd Lien Term Loan

   -- Stable Outlook

San Juan Cable is the leading provider of cable television
services in Puerto Rico with approximately 140,000 subscribers.  
Its LTM revenue through Sept. 30, 2006, was approximately US$132
million.  


UNITED AIRLINES: Enhances Web Site's Booking Tools
--------------------------------------------------
United Airlines has refreshed the united.com Web site, providing
customers with more powerful booking tools, intuitive navigation
and a clean, new look.
    
Customers now have more flight-search capabilities that include
shopping by schedule, price or flexible dates, as well as the
ability to select and change seat assignments.  For Mileage
Plus(R) members, united.com offers the ability to access past
travel itineraries and easily see alternative dates for award
tickets should their first choice be unavailable.
    
"The new united.com provides our customers with an enhanced
travel experience from the moment they begin planning their
trip," said Dennis Cary, United Airlines' senior vice president
of Marketing.  "Customers have more tools to help them create
their travel itineraries, more flexibility when making their
travel arrangements, and much easier navigation."
    
With fewer clicks, customers can navigate the site to plan and
book travel, check flight status, check in for flights and
manage their Mileage Plus account information.
    
Customers can earn up to 500 bonus miles each time they purchase
qualifying travel at united.com.  The united.com Web site also
offers the guaranteed lowest United Airlines fares, and unlike
other travel Web sites, united.com does not charge a booking
fee.  When checking in at united.com, customers can purchase
upgrades to United First(R), United Business(R) or Economy
Plus(R), which offers up to five extra inches of legroom,
subject to availability.  Terms and conditions are available at
united.com.

United Airlines operates more than 3,600 flights a day on
United, United Express and Ted to more than 210 U.S. domestic
and international destinations from its hubs in Los Angeles, San
Francisco, Denver, Chicago and Washington, D.C. With key global
air rights in the Asia-Pacific region, Europe and Latin America,
United is one of the largest international carriers based in the
United States.  United also is a founding member of Star
Alliance, which provides connections for its customers to 841
destinations in 157 countries worldwide.  United Airlines' more
than 55,000 employees reside in every U.S. state and in many
countries around the world.  

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Moody's Investors Service assigned B1, LGD-3 42% ratings to the
United Air Lines Inc. US$2.1 billion Senior Secured Revolving
Credit and Term Loan.  

Moody's also assigned the B2 corporate family and probability of
default rating and a stable outlook at UAL Corporation.  At the
same time, Moody's withdrew its corporate family and probability
of default ratings assigned at the United level and affirmed its
SGL-2 speculative grade liquidity rating.  Moody's will withdraw
the ratings on United's existing $3 billion of revolving credit
and term loans once the new Bank Facilities close.  


UNIVISION COMM: S&P Cuts Corp. Credit Rating to B
-------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Univision Communications Inc. to 'B' from 'BB-', after
reviewing the proposed financing of the company's pending
leveraged buyout or LBO, and removed the ratings from
CreditWatch.  The ratings were placed on CreditWatch with
negative implications on June 29, 2006, following the company's
initial agreement in principle to a US$14 billion (including
existing debt) LBO led by a private-equity consortium.
     
"The two-notch downgrade reflects Univision's significantly
increased financial risk following its pending LBO," said
Standard & Poor's credit analyst Michael Altberg.
     
The LBO will be financed by US$10 billion of total debt upon
closing of the transaction.  The outlook is negative.
     
At the same time, Standard & Poor's assigned its 'B' bank loan
rating (at the same level as the corporate credit rating) and
recovery rating of '2' to Univision's US$8.2 billion senior
secured credit facilities.  The recovery rating indicates the
expectation for substantial (80%-100%) recovery of principal in
the event of a payment default.
     
Also, S&P assigned its 'CCC+' bank loan rating (two notches
below the corporate credit rating) and recovery rating of '5' to
the company's US$500 million second-lien term loan.  The
recovery rating of '5' indicates an expectation of negligible
(0%-25%) recovery of principal in the event of a payment
default.  The two-notch differential between the rating on the
group's second-lien debt and the corporate credit rating
acknowledges the materially disadvantaged recovery position of
these debt issues relative to the group's substantial senior
secured bank debt.
     
Standard & Poor's revised its issue rating to 'B' (at the same
level as the corporate credit rating) from 'BB-' and assigned a
'2' recovery rating to the borrower's US$950 million existing
senior notes, indicating expectation of substantial (80%-100%)
recovery of principal in the event of a payment default.  As a
result of this transaction, the existing senior notes will
become secured on a first-lien basis along with the proposed
first-lien credit facilities.
    
S&P also assigned its 'CCC+' debt rating to the company's US$1.5
billion senior unsecured notes due 2015.
     
Pro forma for the transaction, the company had US$10 billion of
debt outstanding as of Dec. 31, 2006.
     
The 'B' corporate credit rating on Univision reflects the
company's highly leveraged capital structure, weakened credit
measures, and reduced cash flow-generating capability as a
result of its LBO.  The rating also underscores Univision's
narrow audience base of Spanish-language media, increasing
competition for advertisers and viewers, and continuing tense
relationship with its main program supplier, Grupo Televisa S.A.  
Univision's near-term credit profile will be largely dictated by
the company's sizable financial leverage, with liquidity, asset
sale progress, and consistent EBITDA growth as key factors in
our rating surveillance.
    
Nonetheless, credit quality is supported by a satisfactory
business risk profile, reflecting the company's dominant
position as the major U.S.-based Spanish-language TV-and-radio
broadcaster; broadcasting's good margin potential and
discretionary cash flow-generating capability; positive trends
in Spanish-language population and advertising; and the
company's favorable long-term contracts to purchase popular TV
programming.
     
Univision is the leading Spanish-language media company in the
U.S., with diversified operations in TV, radio, Internet, and
music.

Headquartered in Los Angeles, Calif., Univision Communications
Inc., -- http://www.univision.net/-- owns and operates more  
than 60 television stations in the U.S. and Puerto Rico offering
a variety of news, sports, and entertainment programming.  The
company had about US$1.4 billion in debt at March 31, 2006.




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


AMERICAN AIRLINES: Adding Round-Trip Service to 3 New Markets
-------------------------------------------------------------
American Airlines, along with its regional affiliate American
Eagle, will add new round-trip service from Raleigh/Durham to
three new markets and upgrade two others to mainline service.
    
Beginning May 1, 2007, American Eagle will operate two daily
nonstop flights using 37-seat and 44-seat Embraer jets each to:

          -- Louisville, Kentucky;
          -- Jacksonville, Florida; and
          -- Kansas City, Missouri.
    
"American Eagle is pleased to add new markets for the benefit of
our loyal business and leisure travelers in Raleigh/Durham,"
said American Eagle President and Chief Executive Officer Peter
Bowler.  "When the new flights are in place, American and its
regional partners will have 67 daily flights at Raleigh/Durham
to 16 different destinations, the most of any carrier."
    
On April 10, American Airlines will add one daily nonstop flight
from Raleigh/Durham to New York LaGuardia using an MD80
aircraft, with American Eagle keeping eight flights between the
two airports.  American Airlines will also operate MD80 aircraft
to replace American Eagle on the Raleigh/Durham to Austin,
Texas, route.
    
"American Airlines and American Eagle have had a long commitment
to Raleigh/Durham, including American's daily nonstop service
from there to London," said David Cush, American Airlines'
Senior Vice President of Global Sales.  "The increase in demand
on the LaGuardia and Austin routes is a good example of how our
regional network can build demand that can be upgraded to
mainline jet service."

                     About American Eagle

American Eagle operates more than 1,800 daily flights to more
than 160 cities throughout the United States, Canada, the
Bahamas, Mexico and the Caribbean on behalf of American
Airlines.  American Airlines is the world's largest airline.  
American, American Eagle and the AmericanConnection(R) airlines
serve 250 cities in over 40 countries with more than 4,000 daily
flights.  The combined network fleet numbers more than 1,000
aircraft.  

                    About American Airlines

American Airlines, Inc. -- http://www.AA.com/-- American Eagle,
and the AmericanConnection regional airlines serve more than 250
cities in over 40 countries, including Uruguay and Argentina,
with more than 3,800 daily flights.  The combined network fleet
numbers more than 1,000 aircraft.  American Airlines, Inc. and
American Eagle are subsidiaries of AMR Corp.

                        *    *    *

As reported in the Troubled Company Reporter on April 25, 2006,
Standard & Poor's Ratings Services placed its ratings on AMR
Corp. (B-/Watch Pos/B-3) and subsidiary American Airlines Inc.
(B-/Watch Pos/--) on CreditWatch with positive implications.
The CreditWatch placement reflected improving earnings and cash
flow prospects, which should translate into a strengthened
financial profile.  The 'B+' bank loan rating on American's $773
million credit facility was placed on CreditWatch, but the '1'
recovery rating (which addresses recovery prospects in a default
scenario) was not placed on CreditWatch.


AMERICAN AIRLINES: Seeks DOT OK of Royal Jordanian Code-Share
-------------------------------------------------------------
American Airlines (AA) has applied to the United States
Department of Transportation (DOT) for authorization to begin
code-share cooperation with Royal Jordanian.  The application
proposes that code-sharing operations begin on March 25, 2007.
    
Under the proposal, Royal Jordanian would place its RJ
designator code on 15 of American Airlines' key domestic routes
out of New York's JFK International Airport, as well as to and
from American's hub at Chicago O'Hare International Airport.
    
In turn, American Airlines would place its AA designator code on
Royal Jordanian flights to Amman from Chicago, New York, London,
Paris and Frankfurt.  Other code-shared flights on Royal
Jordanian would include flights from Amman to Aqaba and Dubai.
   
Royal Jordanian President and Chief Executive Officer Samer
Majali said, "RJ passengers will enjoy several benefits and
services through RJ's code-share cooperation with American
Airlines.  American Airlines is the second member of the one-
world airline alliance with which RJ has a code-share agreement,
Iberia being the first."
    
Mr. Majali stated that Royal Jordanian has a number of marketing
alliances on code-share basis with several international
airlines:

          -- America West Airlines,
          -- Austrian Airlines,
          -- Aeroflot,
          -- Cyprus Airways,
          -- Air Canada,
          -- Gulf Air,
          -- Syrian Airlines, and
          -- Thai Airways.
    
"Royal Jordanian is a high quality, world-class airline that
will provide our passengers and shippers additional choices and
convenient service to Jordan and elsewhere in the Middle East,"
said Henry Joyner, American Airlines' senior vice president --
planning.  "By the end of March 2007, Royal Jordanian will also
become a member of the oneworld alliance and all that it offers
to customers throughout the world."
    
Mr. Joyner noted that American Airlines is a founding member of
the global one-world alliance.
    
American Airlines, Inc. -- http://www.AA.com/-- American Eagle,
and the AmericanConnection regional airlines serve more than 250
cities in over 40 countries, including Uruguay and Argentina,
with more than 3,800 daily flights.  The combined network fleet
numbers more than 1,000 aircraft.  American Airlines, Inc. and
American Eagle are subsidiaries of AMR Corp.

                        *    *    *

As reported in the Troubled Company Reporter on April 25, 2006,
Standard & Poor's Ratings Services placed its ratings on AMR
Corp. (B-/Watch Pos/B-3) and subsidiary American Airlines Inc.
(B-/Watch Pos/--) on CreditWatch with positive implications.
The CreditWatch placement reflected improving earnings and cash
flow prospects, which should translate into a strengthened
financial profile.  The 'B+' bank loan rating on American's $773
million credit facility was placed on CreditWatch, but the '1'
recovery rating (which addresses recovery prospects in a default
scenario) was not placed on CreditWatch.



                            ***********


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.


           * * * End of Transmission * * *