TCRLA_Public/070222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, February 22, 2007, Vol. 8, Issue 38

                          Headlines

A R G E N T I N A

ABC TEXTIL: Files for Bankruptcy in Buenos Aires Court
BANCO FRANCES: Earns ARS180 Million in 2006 Fiscal Year
BIALY SA: Trustee Verifies Proofs of Claim Until April 12
EDENOR: Tariff Increase Cues S&P to Raise Ratings to B from B-
ELECTRICIDAD ARGENTINA: S&P Ups Rating to B- Due to Tariff Hike

INDUSTRIAS METALURGICAS: To Work with NRG on Wind Project Dev't
INSTITUTO DE ENSENANZA: Claims Verification Is Until April 25
LABO SUR: Trustee Verifies Proofs of Claim Until April 23
REXTOR SA: Trustee Will Verify Proofs of Claim Until April 26
UBS BRINSON: Moody's Places Caa1 US$13.2MM Notes Rating on Watch

* ARGENTINA: Uruguay Imposes Special Import Duties on Products
* ARGENTINA: Won't Include IMF in Negotiations with Paris Club

B A H A M A S

LLOYD'S OF LONDON: Reveals Bankruptcy Risk Due to Crippling Law

B A R B A D O S

INVACARE CORP: Closes US$710 Million Refinancing Transactions

B E L I Z E

* BELIZE: Debt Restructuring Cues S&P to Up Currency Rating to B

B E R M U D A

CONSTRUCTION INSURANCE: Final Gen. Meeting Is Set for March 26
DEPOMED DEVELOPMENT: Final General Meeting Is Set for March 21
GREEN SHOE: Final General Meeting Is Set for March 19
IMATION INSURANCE: Final General Meeting Is Set for March 19
REFCO INC: Former President Tone Grant Charged with Fraud

SCOTTISH RE: Advisors Recommend 'Yes' Vote to MassMutual Deal
SCOTTISH RE: Incurs US$233.8MM Net Loss in Quarter Ended Dec. 31
IPC HOLDINGS: Earns US$108.2 Million in Quarter Ended Dec. 31
SEA CONTAINERS: Aegis Financial Discloses 9% SeaCon Equity Stake
SEA CONTAINERS: Donald Smith Discloses 6.53% SeaCon Equity Stake

B O L I V I A

ADRIATICA DE SEGUROS: Regulator to Transfer Client Portfolio

* BOLIVIA: Allocates US$10 Million for Vinto Upgrades
* BOLIVIA: Former Coop Miners to Form Groups for Concessions
* BOLIVIA: Gives Jindal Until Feb. 21 to Revise Contract

B R A Z I L

ALCATEL-LUCENT: Breaks 30 Million DSL Threshold in 2006
ALCATEL-LUCENT: In Talks with Dutch Unions on Further Job Cuts
ALCATEL-LUCENT: Inks Network Convergence Deal with Vodafone
ARROW ELECTRONICS: To Discuss Annual Quarterly Results Today
EMI GROUP: Lowers Profit Expectations by 15%

NALCO: Paying Dividends; Sets Shareholders Meeting for Mar. 19
XERIUM: Board Declares US$0.225 Per Share Dividend Due March 15

C A Y M A N   I S L A N D S

ATTICA ASSET: Final Shareholders Meeting Is Set for March 12
BPE CAPITAL: Final Shareholders Meeting Is Set for March 15
BPE CAPITAL INT'L: Proofs of Claim Must be Filed by March 15
C-BASS 2003-CB4NIM: Final Shareholders Meeting Is on March 22
C-BASS 2003-CB5NIM: Final Shareholders Meeting Is on March 22

C-BASS 2004-A: Final Shareholders Meeting Is Set for March 22
C-BASS 2004-CB7NIM: Final Shareholders Meeting Is on March 22
CRESCENT MASTERSKILL: Last Shareholders Meeting Is on Mar. 14
DRYDEN III-LEVERAGED: Sets Last Shareholders Meeting for Mar. 22
DSL EQUITY: Final Shareholders Meeting Is Set for March 19

FUND INVESTMENTS: Final Shareholders Meeting Is Set for March 28
GIA INVESTMENT: Final Shareholders Meeting Is Set for March 12
HARTVILLE GROUP: Receives US$4-Million Funding Commitment
JFK 2001: Final Shareholders Meeting Is Set for March 12
ORICO MAPLE: Final Shareholders Meeting Is Set for March 12

PERU PRIVATISATION: Sets Final Shareholders Meeting for March 19
VMWARE INT'L: Sets Final Shareholders Meeting for March 14

C H I L E

NORSKE SKOGINDUSTRIER: To De-Merge Non-Core Real Properties

C O L O M B I A

ARMSTRONG WOLRD: In Talks with NPM on Likely Desseaux Sale

C O S T A   R I C A

BANCO ELCA: Investors Sue Oscar Rodriguez Over Bank's Collapse
D O M I N I C A N   R E P U B L I C
AES CORP: US Unit Picks Ivara to Offer Reliability Solutions
SMURFIT KAPPA: Moody's Puts B1 Rating on Review & May Upgrade

E C U A D O R

IMAX CORPORATION: Inks Amended Employment Pacts with Co-CEOs
PETROECUADOR: Unit Inks Drilling Contract with Changqing

* ECUADOR: To Proceed with World Trade Complaint Against EU

G U Y A N A

DIGICEL LTD: Guyanese Gov't Seeks Strategic Alliance with Firm
DIGICEL LTD: Invests US$60 Million for Guyana Operation

H O N D U R A S

* HONDURAS: To Continue Bidding Process for Fuel Supply

J A M A I C A

CENTURY ALUMINUM: Posts US$119.1 Million in 2006 Fourth Quarter
DIGICEL LTD: Moody's Lowers Corporate Family Rating to B3
MIRANT CORP: Mirant NY-Gen Files Chapter 11 Reorganization Plan
MIRANT CORP: Excluded Debtors File Amended Supplemental Plan

M E X I C O

ADVANCED MARKETING: Answers Protests to Houlihan Lokey Retention
ADVANCED MARKETING: Mark E. Ravitz Appointed as Director
AMERICAN TOWER: Earns US$27.5 Million in Quarter Ended Dec. 31
AMERICAN TOWER: Board Approves US$1.5 Bil. Stock Repurchase Plan
DOMINO'S PIZZA: Subsidiary Inks Interest Rate Swap Agreement

FORD MOTOR: Expects to Miss Feb. & March "Way Forward" Target
GENERAL MOTORS: Talks with DaimlerChrysler AG's Chrysler Group
MOVIE GALLERY: Moody's Confirms Ratings on Improved Liquidity
SCHEFENACKER AG: Unveils New Financial Restructuring Scheme
SCHEFENACKER AG: Moody's Junks Rating on Proposed Restructuring

VALASSIS COMM: To Offer Senior Unsecured Notes for US$590 Mil.
VISTEON CORP: Appoints William Quigley as Chief Fin'l Officer

N I C A R A G U A

* NICARAGUA: Congress to Discuss Bolivarian Alternative Pacts
* NICARAGUA: Will Invest US450 Million in Port Upgrades

P A N A M A

ASHMORE ENERGY: To Sell 51% Stake in Bahia Las Minas to Suez

P E R U

CENTRAL PARKING: Earns US$9.3MM in 1st Fiscal Qtr. Ended Dec. 31
HERTZ CORP: S&P Affirms Credit Rating After Loan Increase News

* PERU: Launches Creasoft with Apesoft to Promote IT Industry

P U E R T O   R I C O

JOSE LUIS: Case Summary & 20 Largest Unsecured Creditors
RES-CARE: S&P Says Kelly Purchase Plan Won't Affect BB- Rating
SALLY BEAUTY: Acquires Salon Services Equity for US$59 Million

T R I N I D A D   &   T O B A G O

MILLIPORE CORP: Earns US$97 Million in Year Ended Dec. 31, 2006

U R U G U A Y

AMERICAN AIRLINES: Parent Is Possible Buyout Target

* URUGUAY: Imposes Special Import Duties on Argentine Products

V E N E Z U E L A

BANESCO BANCO: Loan Market Share Increases to 14.1% in 2006
DAIMLERCHRYSLER AG: Earns EUR3.2-Bln Prelim Net Income in 2006

* VENEZUELA: Cantv Eyes VEB8.91 Trillion Revenue This Year
* VENEZUELA: Pres. Warns of Nationalization of Food Distribution
* LATIN AMERICA: S&P Predicts Expanding Sovereign Debt in 2007
* BOOK REVIEW: Railroad Consolidation


                         - - - - -


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


ABC TEXTIL: Files for Bankruptcy in Buenos Aires Court
------------------------------------------------------
ABC Textil SA, a company operating in Buenos Aires, has filed
for bankruptcy before the city's Court No. 19 after failing to
pay its liabilities, Argentine daily La Nacion reports.  Clerk
No. 37 assists the court on this case.

The debtor can be reached at:

         ABC Textil SA
         Manuela Pedraza 3185
         Buenos Aires, Argentina


BANCO FRANCES: Earns ARS180 Million in 2006 Fiscal Year
-------------------------------------------------------
BBVA Banco Frances reported a gain of ARS180 million for the
fiscal year ended Dec. 31, 2006, representing a 9.6% return on
equity and a 53.6% improvement as compared to total net income
recorded in the prior year.  The Bank was able to enhance credit
to the private sector in the three market segments resulting in
an outstanding loan portfolio expansion of over ARS2.7 billion
(equivalent to 71%), which let the Bank to achieve an 8.5%
market share, surpassing growth targets for the fiscal year.

As for liabilities, the Bank maintained its leading position in
total private deposits and increased its market share in retail
funds by 30 basis points.  Together with the consolidation of
the net financial income, which increased 17.8% compared to the
figure posted in 2005, the Bank also showed a sustained dynamic
in the transactional business.  Furthermore, on top of the
salary adjustments agreed with labor unions, the higher activity
level led to an increase of variable administrative expenses.

In 2006 BBVA Banco Frances' growth exceeded Argentina's
macroeconomic performance on the back of a commercial model
highly biased towards business.  Although the strong expansion
of risk assets, the Bank was able to maintain asset quality
standards, with a non performing ratio of 0.9% by the end of the
fiscal year and 209.2% coverage.

Actions were not limited to the productivity and efficiency
achievements, but also included an improvement of its financial
condition, which implied among other actions a 23.5% reduction
in long term public sector debt, the marked-to market valuation
of listed public sector assets, and the registration of
extraordinary provisions for an amount of ARS73 million related
to the recent ruling of the Supreme Court of Justice in the case
Massa, concerning the conversion of dollar deposits into pesos.

By the end of 2006 the Bank has ARS16.7 billion in total assets
and total stockholders equity amounted to ARS1.9 billion with an
excess larger than ARS1 billion over minimum local capital
requirements.  Currently the Bank has a market capitalization of
US$5.7 billion, equivalent to US$1.8 billion.

                Fourth Quarter of Fiscal Year 2006

The dynamism of the economy continued unbridled during the
fourth quarter of 2006, with a seasonally adjusted average
growth of 0.8% per month during October and November, according
to the EMAE (Monthly Estimator of Economic Activity) in non-
seasonal terms.

Industrial output expanded in the last quarter of the year by
0.7%, almost doubling of the figures registered during the
previous quarter, recovering the pace exhibited during the first
half of the year.

As for inflation, consumer prices grew 0.8% in monthly average
as compared to 0.7% monthly average registered in the previous
two quarters.  The 1% increase showed in particular in December
let to end up the year 2006 with and accumulated annual
inflation of 9.8%, well below the 12.3% of previous year.

On the other hand, Tax receipts continued on their upward trend,
growing 31.8% in the last quarter compared to the same period of
the previous year, propelled by the VAT and especially social
security taxes.  On considering the year as a whole, tax
receipts grew by 25.8%.

As for the monetary front, the level of international reserves
grew US$3.8 billion during the quarter. The Central Bank had a
record intervention in the foreign exchange market (US$4.1
billion), due to the excess supply of foreign currency in the
market, attracted by a reduction in country risk.  Despite this,
there were no problems to achieve with the quarterly monetary
targets and the M2 monetary aggregate was about halfway in
between the two bands of the program, with a cumulative growth
of 18.7% in the year.  The policy for absorption of liquidity
was centered in the placement of Lebac and Nobac, whose stock
increased ARS2.4 billion during the quarter, representing more
than 50% of the new investment instruments issued based on the
average rate of interest paid by private banks, the Badlar rate.
The interest rates of private banks continued to rise gradually,
rising some 40 basis points, partly due to the Central Bank
policy of raising minimum cash requirements commencing on
September.

In the financial system, in the last quarter of the year, the
balance of deposits of the private sector in pesos and dollars
grew by 5.3% ARS6.1 billion, emphasizing the growth of the
visible deposits due to the seasonality.  With respect to the
public sector deposits, the funds grew, in the same period, by
6.2% (ARS2.8 billion).

                        The Business

According to the latest information published by the Central
Bank, BBVA Banco Frances continued to be the first private
sector bank in terms of deposits.  Based in Buenos Aires, the
Bank provides financial and non-financial services to the three
different segments of the market through a network of 232 branch
offices complemented by alternative channels.

The Bank follows a universal business strategy which during 2006
kept its focus on the core business, reaffirming the Bank's
leading position in the market in terms of private deposits,
with strong growth in private sector loans and achieving also a
leading position in terms of asset quality.  In 2006, on the
back of its business plan BBVA Banco Frances attained
significant goals:

   (i) the Bank broadened the concept of distribution network to
       include alternative channels, joint ventures, synergies
       with other commercial areas, like risk, and
       infrastructure and technology projects; and

  (ii) changed its asset and liability structure aiming at
       strengthening its financial condition (including the sale
       of public sector assets and the marked to market of the
       remaining listed public sector portfolio).

Looking forward, profitability continues to be strongly related
to the increase in private business.  Argentina and the
financial industry, in particular, show attractive forecasts for
2007, and Management believes that the Bank's team has the
necessary expertise to take advantage of the Bank's competitive
position in order to capitalize business opportunities.

                   Fourth Quarter Earnings

Fourth quarter earnings amounted to ARS48 million as compared to
ARS25.3 million and ARS46.1 million recorded for the quarters
ended on December 2005 and September 2006, respectively.  The
financial statements showed the strong bias of the Bank's
strategy towards business.  Once again the Bank maintained a
growth tendency for its operating income, which reached ARS125
million in this fourth quarter supported by the strength in net
financial income jointly with higher fee income from services.

                    Net Financial Income

Net financial income for the fourth quarter of fiscal year 2006
totaled ARS221 million as compared to ARS257 million and ARS211
million registered in the quarters ending on December 2005 and
September 2006, respectively.  It is important to note that the
December 2005 figures included a gain of ARS67 million coming
from the sale of guaranteed loans.

The strong efforts implemented by the Bank in order to bolster
up credit activity, with special emphasis in retail segment, had
a positive impact in private margin.  Similarly, the Bank also
benefited, although to a lower extent, from its long CER-
adjusted position in an environment of negative real interest
rates.  It is worth noting that the CER index variation
decreased from a 3.04% level in the December 2005 quarter to
2.46% in the present quarter.  In addition the result was
impacted by the effect of a larger portfolio of bills and notes
issued by the Central Bank.

Similarly, the increase as compared to the September 2006
quarter was mainly explained by a higher activity level and an
increase in the CER index, partially offset by lower income
coming from the portfolio of bills and notes from the Central
Bank, due to a reduction in the Bank's holdings.

                   Public Sector Exposure

During the present fiscal year, the Bank took advantage of the
higher market value of public sector assets to decrease its
holdings while bolstering private sector activity. The Bank's
long-term public sector portfolio (excluding the bills issued by
the Central Bank) totaled ARS3.8 billion by the end of the
December 2006, representing a decrease of ARS1.5 billion and
ARS293 million as compared to total long-term portfolio recorded
in December 2005 and September 2006, respectively.  The
reduction as compared to previous year's balance was mainly
related to the sale of public sector assets, combined with the
maturity of the underlying assets of the Nues trust and the
amortization of the guaranteed loans.  The increase in other
fixed income bonds is related to the BOGAR 2020 portfolio,
received during the first and second quarter of 2006 in exchange
for Provincial Development Trust Fund debt, accounted as loans
until the date of said exchange.

During present fiscal year BBVA Banco Frances largely surpassed
its portfolio growth targets as had been determined at the
beginning of the period.  The success in the commercial efforts
implemented by the Bank in the different market segments allowed
the Bank to expand by 110 basis points its private sector loan
market share, to reach an 8.5%.  The retail banking showed an
outstanding performance in the second half of the year, driven
by credit cards and personal loans, which grew 37.5% and 130.3%,
respectively.  Private sector loans totaled ARS6.565 billion by
the end of the December 2006 quarter, showing an expansion of
70.9% compared to the previous 12 months.

Growth accelerated in the last quarter, to a pace of 15.4%,
equivalent to ARS876 million.  The commercial loan portfolio
grew by 13.8% in the quarter, while in the retail segment,
personal loans and credit card financing increased by 29.1%
and15.6%, respectively.

The combination of growth achievements in the private sector and
the reduction in public sector exposure allowed the Bank to
improve the relation between private loans and securities over
the total private and public sector loans and securities.

As of Dec. 31, 2006, the Bank had 3,703 employees (including the
Bank's subsidiaries, except for the Consolidar Group) and a
network of 232 consumer branch offices and 27 branch offices
specialized in the middle-market segment.

                  Other Income or Expenses

During the fourth quarter other income/expenses registered a
loss of ARs118.6 million, compared to a loss of ARS140.4 million
and ARS104.2 million registered in the quarters ended on
December 2005 and September 2006, respectively.  Income from
equity investments sets forth net income from related companies,
which are not consolidated, mainly the Consolidar Group.  During
the present quarter such account registered the effect the
valuation of Consolidar's holdings of public sector assets, in
accordance to the Central Bank regulations, which impact
accounted to a ARS30 million gain.  Following a conservative
criteria the Bank decided to provision such amount in Other
income expenses.

As of Dec. 31, 2006 and December 2005, the Bank maintains
recorded in its books under Other Receivables (in the Tax
Advance account), a taxable deferred asset amounting to ARS337
million and ARs360 million, respectively.

              Income from Equity Investments

Income from equity investments sets forth net income from
related companies, which are not consolidated, mainly the
Consolidar Group.  During the present quarter, the Bank
registered a gain of ARS43.2 million gain derived from its stake
in the Consolidar Group.  While the September 2006 quarter
accounted for a gain of ARS13 million related to the sale of the
Bank's equity interest in Credilogros, figures of the present
quarter were positively impacted by the aforementioned change in
the valuation criteria applied for the Consolidar's holdings of
public sector assets, which effect was provision in Other income
or expenses.

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

                        *    *    *

As reported on the Troubled Company Reporter on Jan, 22, 2007,
Moody's Investors Service changed its outlook to positive, from
stable, on the Caa1 long-term foreign-currency deposit ratings
and on the the Ba1 national scale foreign-currency deposit
ratings of all rated Argentine banks.


BIALY SA: Trustee Verifies Proofs of Claim Until April 12
---------------------------------------------------------
Mario Leizerow, the court-appointed trustee for Bialy SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until April 12, 2007.

Under the Argentine bankruptcy law, Mr. Leizerow is required to
present the validated claims in court as individual reports.
Court No. 22 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 Bialy SA
and its creditors.

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

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

Bialy SA was forced into bankruptcy at the behest of Horacio
Abramson, whom it owes US$61,485.

Clerk No. 42 assists the court in the proceeding.

The debtor can be reached at:

          Bialy SA
          Moliere 2918
          Buenos Aires, Argentina

The trustee can be reached at:

          Mario Leizerow
          Bouchard 644
          Buenos Aires, Argentina


EDENOR: Tariff Increase Cues S&P to Raise Ratings to B from B-
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured debt ratings on Argentina's largest
electric distribution company Empresa Distribuidora y
Comercializadora Norte S.A. aka EDENOR by one notch to 'B' from
'B-'.  The ratings were removed from CreditWatch, where they
were placed with positive implications on Jan. 11, 2007.  The
outlook is stable.

The rating action reflects the expected improvement in the
company's business and financial risk profile following the
approval by the Ente Regulador de la Electricidad aka ENRE of
the tariff increase incorporated in the Acta Acuerdo agreement.
The stable outlook takes into account a significant improvement
in EDENOR's debt service coverage ratios in 2007 and 2008
resulting from the projected application of part of EDENOR's
higher cash flow generation deriving from the important tariff
increase incorporated in the Acta Acuerdo to reduce debt.

The Acta Acuerdo is an agreement signed on Feb. 13, 2006,
between EDENOR and Unidad de Renegociaci¢n y An lisis de
Contratos de Servicios P£blicos aka UNIREN to renegotiate
EDENOR's concession contract after the pesification and tariff
freeze mandated by the Argentine Government in January 2002.
This agreement defined terms and conditions for a "transition
period" and provided certain guidelines for the global
renegotiation of EDENOR's concession contract.

"The Acta Acuerdo approval improved EDENOR's credit quality
mainly due to the incorporation of a significant tariff increase
(excluding residential users) and a "nonautomatic" tariff
adjustment mechanism if EDENOR's operating costs increase or
decrease more than 5%," said Standard & Poor's credit analyst
Sergio Fuentes.

"In addition, EDENOR benefited from the incorporation of certain
measures mitigating the company's exposure during the transition
period to potential power shortages in its service area
resulting from generation or transmission problems.  This is
relevant given EDENOR's contractual obligation to meet demand
within its service area," Mr. Fuentes added.

EDENOR is Argentina's largest electricity distribution company
in terms of customers served (2.45 million as of December 2006)
and power sales (15,677 gigawatt-hours in 2005 and 12,395
gigawatt-hours in the first nine months of 2006).  EDENOR has a
95-year concession contract (which started in 1992) to
distribute electricity in a densely populated area of about
seven million inhabitants in the northwest of greater Buenos
Aires and the north of the city of Buenos Aires.  EDENOR is 65%
directly and indirectly owned by the Dolphin Group.

EDENOR's ratings could be raised if political and regulatory
risk in Argentina decreases, debt to EBITDA decreases below 2.5x
and FFO to total debt exceeds 25%.  However, the ratings could
be lowered if political and regulatory risk in Argentina
significantly increases.


ELECTRICIDAD ARGENTINA: S&P Ups Rating to B- Due to Tariff Hike
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Argentine holding company Electricidad Argentina S.A.
or EASA by one notch, to 'B-' from 'CCC+'.  In addition, the
senior unsecured debt rating was raised to 'CCC' from 'CCC-'.
The ratings were removed from CreditWatch, where they were
placed with positive implications on Jan. 11, 2007.  The outlook
is stable.

The rating action reflects the improvement in the business and
financial risk profiles of EASA's 51% owned Empresa
Distribuidora y Comercializadora Norte S.A. aka EDENOR following
the approval by the Ente Regulador de la Electricidad aka ENRE
of the tariff increase incorporated in the Acta Acuerdo
agreement.  The stable outlook incorporates a significant
improvement in EDENOR's cash flow generation and debt service
coverage ratios in 2007 and 2008 deriving from the important
tariff increase incorporated in the Acta Acuerdo, which should
allow EDENOR to distribute dividends to EASA as from fiscal
2008.

EASA's ratings could be raised if political and regulatory risks
in Argentina decrease and when EDENOR starts distributing
dividends to EASA.  However, the ratings could be lowered if
political and regulatory risk in Argentina significantly
increases.

The Acta Acuerdo is an agreement signed on Feb. 13, 2006,
between EDENOR and Unidad de Renegociaci¢n y An lisis de
Contratos de Servicios P£blicos aka UNIREN to renegotiate
EDENOR's concession contract after the pesification and tariff
freeze mandated by the Argentine Government in January 2002.
This agreement defined terms and conditions for a "transition
period" and provided certain guidelines for the global
renegotiation of EDENOR's concession contract.

EASA completed restructuring US$98.1 million defaulted debt in
July 2006, which reduced the company's total debt to about US$85
million and resulted in a significant extension of debt
maturities and reduction of interest rates.

"This has significantly improved EASA's individual cash flow,
especially in 2007 and 2008, when debt service will represent
only about US$1.9 million per year.  In this context, the Acta
Acuerdo approval of the tariff increase should allow EASA to
start receiving dividends from EDENOR from 2008 onward," said
Standard & Poor's credit analyst Sergio Fuentes.

EASA currently receives about US$2 million per year in
management fees from EDENOR.


INDUSTRIAS METALURGICAS: To Work with NRG on Wind Project Dev't
---------------------------------------------------------------
Industrias Metalurgicas Pescarmona and NRG Patagonia, a
subsidiary of NRG Energy, will jointly develop the 60MW Vientos
de Patagonia I wind project in Chubut, Argentina, Business News
Americas reports.

Chubut wind power center director Hector Mattio told BNamericas
that the plant's exact location will be known after the two-week
wind measurement study that began Feb. 19.  The locations under
study are Pampa Salamanca and Pampa del Castillo.

The power center director adds two prototype wind turbines with
a combined 3MW capacity will start operations by August and the
entire park will be operational by the end of 2008, BNamericas
relates.

According to the same report, Chubut's wind potential has been
recognized for some time and Vientos del Patagonia I is the
first wind generation project included in the country's
strategic national wind energy plan.

                   About Pescarmona Group

Pescarmona Group of Companies is a multinational group with
presence in different business areas such as hydro electrical
power generation and equipment, wind power generation and
equipment, port systems, automobile parts, control systems,
environmental services and insurance, among others.  PGC employs
more than 6,000 people and operates in 27 countries in the five
continents.

                        *    *    *

As reported on Dec 15, 2006, Standard & Poor's rates Industrias
Metalurgicas Pescarmona's debts:

   -- Obligaciones Negociables Series 9 for US$4,200,000, raBB-;

   -- Obligaciones Negociables Series 2, D;

   -- Obligaciones Negociables Series 10 for US$9,600,000,
      raBB-;

   -- Obligaciones Negociables Series 11 for US$11,359,000,
      raBB-; and

   -- Obligaciones Negociables Series 12 for US$700,000, raBB-.


INSTITUTO DE ENSENANZA: Claims Verification Is Until April 25
-------------------------------------------------------------
Court No. 4 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Instituto de
Ensenanza Privada Pedro Goyena SA, according to a report from
Argentine daily La Nacion.

Trustee Estudio Covini will verify claims from the Instituto de
Ensenanza's creditors until April 25, 2007.  After verification
period, the trustee will submit the individual and general
reports in court.  Dates for submission of these reports are yet
to be disclosed.

The informative assembly will be held on Feb. 28, 2007.
Creditors will vote to ratify the completed settlement plan
during the said assembly.

The city's Clerk No. 4 assists the court on the case.

The debtor can be reached at:

          Instituto de Ensenanza Privada Pedro Goyena SA
          Viamonte 2043
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Covini
          Kovalsky y Asociados
          Tucuman 881
          Buenos Aires, Argentina


LABO SUR: Trustee Verifies Proofs of Claim Until April 23
---------------------------------------------------------
Alberto Domingo Ferraris, the court-appointed trustee for Labo
Sur S.R.L.'s bankruptcy proceeding, verifies creditors' proofs
of claim until April 23, 2007.

Mr. Ferraris will present the validated claims in court as
individual reports.  A commercial and civil 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 Labo Sur 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 Labo Sur's accounting
and banking records will follow.

Infobae did not say when the reports are due in court.

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

The debtor can be reached at:

         Labo Sur S.R.L.
         Charcas 1239 Bahia Blanca
         Buenos Aires, Argentina

The trustee can be reached at:

         Alberto Domingo Ferraris
         Blandengues 756 Bahia Blanca
         Buenos Aires, Argentina


REXTOR SA: Trustee Will Verify Proofs of Claim Until April 26
-------------------------------------------------------------
Jorge Roberts, the court-appointed trustee for Rextor SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until April 26, 2007.

Under the Argentine bankruptcy law, Mr. Roberts is required to
present the validated claims in court as individual reports.
Court No. 22 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 Rextor SA
and its creditors.

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

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

Rextor SA was forced into bankruptcy at the behest of Obra
Social de Empleados de Comercio y Actividades Civiles, whom it
owes US$32,141.46.

Clerk No. 41 assists the court in the proceeding.

The debtor can be reached at:

          Rextor SA
          Maipu 388
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Roberts
          Hernandarias 953
          Buenos Aires, Argentina


UBS BRINSON: Moody's Places Caa1 US$13.2MM Notes Rating on Watch
----------------------------------------------------------------
Moody's Investors Service announced that as part of the rating
monitoring process it has placed this class of notes issued by
UBS Brinson CBO Limited, a collateralized debt obligation
issuance, on watch for possible downgrade:

   -- US$13,200,000 Class B Senior Subordinated Fixed Rate Notes
      due 2012 (the "Class B Notes")

  Prior Rating: Caa1

  Current Rating: Caa1, on watch for possible downgrade

According to Moody's, the rating action reflects the
deterioration in the credit quality of the underlying collateral
pool, which consists primarily of high-yield corporate bonds.
Moody's noted that the transaction, which closed in September of
1999, is currently failing the Maximum Weighted Average Rating
Test, the Class B Par Value Test, the Class A Interest Coverage
Test and the Class B Interest Coverage Test, as reported in the
trustee report dated Dec. 30, 2006.


* ARGENTINA: Uruguay Imposes Special Import Duties on Products
--------------------------------------------------------------
The Uruguayan government has imposed special import duties on
products coming from the Argentine provinces of La Rioja, San
Luis, Catamarca and San Juan, Fibre2fashion reports.

Fibre2fashion relates that the products include footwear and
apparel.

According to the report, the duty imposed will be up to 18%.  It
is expected that sales of around US$52.5 million would be
affected.

Fibre2fashion underscores that there should be no tariffs on the
four provinces as they are part of southern common market or
Mercosur.

The import duties imposed on Argentina is part of the nation's
dispute with Uruguay over the construction of two pulp mills in
the river Uruguay, which the two countries share, Fibre2fashion
states.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

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


* ARGENTINA: Won't Include IMF in Negotiations with Paris Club
--------------------------------------------------------------
Argentina's government told Prensa Latina that it won't include
the International Monetary Fund in its talks with the Paris
Club.

Alberto Fernandez, the Argentine chief of the executive cabinet,
commented to Radio Mitre, "Argentina has nothing to negotiate
with the IMF, because it owns nothing to it."

Mr. Fernandez explained to Prensa Latina that when Buenos Aires
decided to pay the whole debt to the IMF, it was to recover
independence in decision-making.  Argentina won't borrow from
IMF to pay the Paris Club debt.

The Argentine ministry of economy confirmed to Prensa Latina
that the government is directly negotiating with the Paris Club.
The ministry denied that the government could begin a bilateral
accord with Paris Club member nations to restructure its US$4.96
billion debt.

Prensa Latina underscores that the Paris Club is composed of 19
member nations, which try to maximize debt payments of countries
in debt to the group's creditors.

Buenos Aires owes US44.96 billion to Paris Club.  The debt
includes the US43.43 billion in capital and US4653 million in
interest, Prensa Latina says, citing the ministry.

About 70% of that debt is included in commitments adopted with
Germany and Japan, Prensa Latina states.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

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




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


LLOYD'S OF LONDON: Reveals Bankruptcy Risk Due to Crippling Law
---------------------------------------------------------------
Lloyd's of London's Names disclosed that a statutory instrument
that removes their right to fight bankruptcy orders against them
is putting them at risk of bankruptcy, The Independent reports.

"It provides a fast-track bankruptcy regime for Names in the
event of Equitas's reserves running dry," said Sir William
Jaffray of exlloydsnames.com.  "It must be amended or repealed
to give Names... closure...  Some 34,000 families' futures are
at stake."

Commenting on the issue, a Treasury insider said: "They are
proposing we change the law in anticipation of the [Berkshire
Hathaway] deal.  But you cannot pre-judge how commercial
transactions will go."

Exlloydsnames.com is the campaigning group for Names, the actual
individual insurers behind Lloyd's of London.  The group wrote
to Ed Balls, economic secretary to the Treasury, and asked for a
chance to discuss matters but was turned down.  They now plan to
petition Parliament directly, The Independent states.

According to the report, Names underwrote general liabilities
for companies through Lloyd's of London syndicates between the
1940s and 1970s.  The group had considerable returns at first;
however, they were bombarded by claims, mostly asbestosis, in
the 1980s.

The Lloyd's of London insurance market also suffered a setback
due to the deluge of claims, prompting it to set up Equitas in
1996 to cover its liabilities from before 1992, The Independent
relates.

Equitas has billions of pounds in reserves but if it runs short,
Names will have to pick up the tab.  Only a few members of the
group are capable of doing that, The Independent says.

In October 2006, Berkshire Hathaway, an investment company owned
by U.S. billionaire Warren Buffett, consented to the acquisition
of Equitas's liabilities, staff, operations, and most assets,
The Independent reports.

However, Sir Jaffray claims that liabilities would not be
completely eliminated until the deal's completion, possibly in
2009, The Independent adds.

                  About Lloyd's of London

London-based Lloyd's of London -- http://www.lloyds.com/-- is a
British insurance market providing specialist-insurance services
to businesses in over 200 countries and territories, including
Bermuda, the Bahamas and Cayman Islands in the Caribbean.  It
serves as a meeting place where multiple financial backers or
members, whether individuals, traditionally known as Names, or
corporations, come together to pool and spread risk.  Unlike
most of its competitors in the reinsurance market, it is neither
a company nor a corporation.




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


INVACARE CORP: Closes US$710 Million Refinancing Transactions
-----------------------------------------------------------
Invacare Corporation discloses the completion of its refinancing
transactions.  The new financing program provides the company
with total capacity of approximately US$710 million, the net
proceeds of which have been used to refinance substantially all
of the company's existing indebtedness and pay related fees and
expenses.

As part of the financing, the company entered into a US$400
million senior secured credit facility consisting of a US$250
million term loan facility and a US$150 million revolving credit
facility.  The company's obligations under the new senior
secured credit facility are secured by substantially all of the
company's assets and are guaranteed by its material domestic
subsidiaries, with certain obligations also guaranteed by its
material foreign subsidiaries. Borrowings under the new senior
secured credit facility will generally bear interest at LIBOR
plus a margin of 2.25%, including an initial facility fee of
0.50% per annum on the facility.

The company also completed the sale of US$175 million principal
amount of its 9-3/4% Senior Notes due 2015 to qualified
institutional buyers pursuant to Rule 144A and to non-U.S.
persons outside the United States in reliance on Regulation S
under the Securities Act of 1933, as amended.  The notes are
unsecured senior obligations of the Company guaranteed by
substantially all of the company's domestic subsidiaries, and
pay interest at 9-3/4% per annum on each February 15 and August
15.  The net proceeds to the Company from the offering of the
notes, after deducting the initial purchasers' discount and the
estimated offering expenses payable by the company, were
approximately US$167 million.

Also, as part of the refinancing, the company completed the sale
of US$135 million principal amount of its Convertible Senior
Subordinated Debentures due 2027 to qualified institutional
buyers pursuant to Rule 144A under the Securities Act.  The
debentures are unsecured senior subordinated obligations of the
company guaranteed by substantially all of the company's
domestic subsidiaries, pay interest at 4.125% per annum on each
February 1 and August 1, and are convertible upon satisfaction
of certain conditions into cash, common shares of the company,
or a combination of cash and common shares of the company,
subject to certain conditions.

The initial conversion rate is 40.3323 shares per US$1,000
principal amount of debentures, which represents an initial
conversion price of approximately US$24.79 per share.  The
debentures are redeemable at the Company's option, subject to
specified conditions, on or after Feb. 6, 2012, through and
including Feb. 1, 2017, and at the company's option after
Feb. 1, 2017.

On Feb. 1, 2017, and 2022 and upon the occurrence of certain
circumstances, holders have the right to require the Company to
repurchase all or some of their debentures.  The net proceeds to
the company from the offering of the debentures, after deducting
the initial purchasers' discount and the estimated offering
expenses payable by the company, were about US$132.3 million.

"We are very pleased to have completed our refinancing program
and believe that the long-term capital structure we have put in
place gives us the platform to continue restructuring our
business and assist us in carrying out our plans to overcome
industry challenges and deliver improved operating income in
2007," A. Malachi Mixon, III, chairman and chief executive
officer stated.  "We would like to thank our senior lenders,
Bank of America, National City Bank and KeyBank, for their
support through this refinancing."

                       About Invacare

Headquartered in Elyria, Ohio, Invacare Corp. (NYSE: IVC) --
http://www.invacare.com/-- is the global leader in the
manufacture and distribution of innovative home and long-term
care medical products.  The company has 5,900 associates and
markets its products in 80 countries around the world.  In the
Caribbean, Invacare products are distributed in Barbados, the
Dominican Republic, and Trinidad and Tobago.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Investors Service assigned a Ba2 rating on the company's
proposed US$400 million Senior Secured Credit Facility, a B2
rating on the company's proposed US$175 million Senior Notes due
2015, and a B3 rating on the company's proposed US$125 million
Senior Subordinated Convertible Notes due 2027.

Standard & Poor's Ratings Services assigned its B corporate
credit rating to Invacare Corp.  At the same time, S&P assigned
a B+ rating on the company's proposed US$400 million Senior
Secured Credit Facility, consisting of a US$150 million Revolver
maturing in 2012 and a US$250 million Term Loan maturing in
2013.

Standard & Poor's also assigned its B- rating to the company's
proposed US$175 million senior unsecured notes maturing in 2015
and its CCC+ rating to the company's proposed US$125 million
senior subordinated convertible notes maturing in 2027.




===========
B E L I Z E
===========


* BELIZE: Debt Restructuring Cues S&P to Up Currency Rating to B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term foreign currency sovereign credit ratings on Belize to 'B'
from 'SD' following the completion of the government's debt
restructuring.  At the same time, Standard & Poor's raised its
long-term local currency sovereign credit rating on Belize to
'B' from 'CCC+' and its short-term local currency sovereign
rating to 'B' from 'C'.  The outlooks on both the long-term
foreign and local currency sovereign credit ratings are stable.
Standard & Poor's also assigned its 'B' rating to Belize's new
US$546.8 million step-up bonds due Feb. 20, 2029, issued at the
conclusion of the debt exchange.  These bonds bear the interest
of 4.25% for the first three years, 6% for years four to five,
and 8.5% thereafter, and start amortizing in 2019.

According to Standard & Poor's credit analyst Olga Kalinina, the
ratings on Belize balance out the large size of the government's
debt with its improved amortization and cost profiles.  The debt
exchange, launched by the government on Dec. 18, 2006 and
concluded on Feb. 20, 2007, affected 50% of Belize's total
public debt.

"While the restructuring did not reduce the stock of government
debt, which stood at 90% of GDP in 2006, it significantly
lengthened its maturity and decreased interest payments," said
Mrs. Kalinina.  "Belize's fiscal performance also has improved
over the years," she explained.  The general government deficit
is expected to stand at 2.6% of GDP in fiscal year 2006 (ending
March 31, 2007), and decline further to 0.5% of GDP in 2007,
compared with 4.7% in fiscal 2005.

Standard & Poor's said that its ratings on Belize also reflect
receding external liquidity pressures -- the main factor that
led to Belize's 2006 default.  Longer maturities and a stronger
external account performance (the external current account
deficit is expected to decline to 7.2% of GDP in 2007 from
12.5%, on average, over the past three years) are behind this
improvement.  Despite continuously low international reserves at
the central bank (estimated at US$65 million by year-end 2007),
gross external financing needs are expected to decline to 121%
of useable reserves plus current account receipts in 2007
compared to 133% in 2006 and 146% in 2005.  In addition, the
real economy continues to perform well, with real GDP growth of
5.3% estimated for 2006 reflecting gains in tourism, oil, and
agricultural sectors.

The stable outlook reflects Standard & Poor's expectation that
the government's ability to improve its financial position and
reduce its debt has improved following the debt restructuring.
Specifically, the reduced fiscal and external liquidity
pressures following the debt exchange provided the government
with a favorable timeframe to tighten its fiscal discipline,
improve debt management, and enhance the transparency of the
government's finances.

"If the government benefits from this important momentum the
debt should be on a declining trajectory, which, in turn, would
support an improving creditworthiness," noted Mrs. Kalinina.
"If the government does not capitalize on the benefits of the
current situation and will not improve its fiscal policies and
management, the loss of momentum and resulting failure to reduce
the debt will negatively affect the ratings," she concluded.




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


CONSTRUCTION INSURANCE: Final Gen. Meeting Is Set for March 26
--------------------------------------------------------------
Construction Insurance Services Ltd.'s final general meeting
will be at 10 a.m. on March 26, 2007, or as soon as possible, at
the liquidator's place of business.

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

The liquidator can be reached at:

             Mike Morrison
             KPMG Financial Advisory Services Ltd.
             Crown House, 4 Par-la-Ville Road
             Hamilton, Bermuda


DEPOMED DEVELOPMENT: Final General Meeting Is Set for March 21
--------------------------------------------------------------
DepoMed Development Ltd.'s final general meeting will be at 9:30
a.m. on March 21, 2007, or as soon as possible, at the
liquidator's place of business.

DepoMed Development's shareholder will determine during the
meeting, through a resolution, the manner in which the books,
accounts and documents of the company will be disposed.

The liquidator can be reached at:

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


GREEN SHOE: Final General Meeting Is Set for March 19
-----------------------------------------------------
Green Shoe Ltd.'s final general meeting will be at 9:30 a.m. on
March 19, 2007, or as soon as possible, at the liquidator's
place of business.

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

The liquidator can be reached at:

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


IMATION INSURANCE: Final General Meeting Is Set for March 19
------------------------------------------------------------
Imation Insurance Ltd.'s final general meeting will be at 10:00
a.m. on March 19, 2007, or as soon as possible, at the
liquidator's place of business.

The Sole Member of Imation Insurance will determine during the
meeting, through a resolution, the manner in which the books,
accounts and documents of the company and of the liquidator will
be disposed.

The liquidator can be reached at:

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


REFCO INC: Former President Tone Grant Charged with Fraud
---------------------------------------------------------
Refco Inc.'s former president Tone N. Grant has been indicted on
securities fraud, bank fraud, wire fraud, and money laundering
in connection with an alleged scheme to hide hundreds of
millions of dollars in trading losses by Refco and its customers
from public investors, according to published reports.

Mr. Grant became the third Refco executive to be charged with
fraud, along with former chief executive officer Phillip Bennett
and former chief financial officer Robert C. Trosten, the
reports note.

Michael J. Garcia, the United States Attorney for the Southern
District of New York, said in a press statement that a
superseding indictment was returned against Tone N. Grant.
Moreover, the charges against Messrs. Bennett and Trosten have
been expanded.

Mr. Bennett previously has been charged with conspiracy,
securities fraud, wire fraud, making false filings with the
Securities and Exchange Commission, and making material
misstatements to auditors.  Mr. Trosten, on the other hand, had
been charged with conspiracy, securities fraud, and wire fraud.

The superseding Indictment, according to Mr. Garcia, charges
Messrs. Bennett, Trosten, and Grant for the first time with bank
fraud and money laundering in connection with the fraud at
Refco.  Mr. Bennett and, at certain times, Messrs. Grant and
Trosten, directed a series of transactions every year from 1999
through 2005 to hide receivables of Refco Group Holdings Inc. --
Refco's holding company -- from, among others, Refco's auditors,
by temporarily paying down the receivable from RGHI over Refco's
fiscal year-end and replacing it with a receivable from one or
more other entities not related to Mr. Bennett.  Thus, at every
fiscal year-end and, later, at every fiscal quarter-end, Mr.
Bennett directed transactions that turned the debt owed to Refco
from RGHI into a debt owed to Refco by a Refco customer.
Shortly after each fiscal year or quarter end, these
transactions were unwound, returning the debt to RGHI.

The superseding Indictment charges that Mr. Grant participated
with Messrs.  Bennett and Trosten in the scheme to defraud
participants in the 2004 leveraged buyout of Refco by led by
private equity fund Thomas H. Lee Partners, by misleading the
Lee fund and the purchasers of the US$600 million in notes and
US$800 million in bank debt about the true financial health of
Refco.

The superseding Indictment alleges that Mr. Grant received
US$16 million in proceeds from the leveraged buyout transaction,
as well as the right to share in half of Mr. Bennett's profits
from any future sale of his Refco stock holdings.

The superseding Indictment contains eight new counts: a bank
fraud charge against Messrs. Bennett, Trosten, and Grant in
connection with the 2004 leveraged buyout transaction; money
laundering charges against Messrs. Bennett, Trosten, and Grant
in connection with their laundering of the proceeds of the
leveraged buyout transaction; and additional wire fraud charges
against Messrs. Bennett and Grant.

At the Jan. 19, 2006, hearing before the U.S. District Court
for the Southern District of New York, the three former Refco
executives entered a plea of "not guilty" to all charges,
Reuters reports.

U.S. District Judge Naomi Buchwald set a US$10,000,000 bail for
Mr. Grant.

The trial date for all three Refco officers has been set for
Oct. 9, 2007, said Norman Eisen, Esq., at Zuckerman Spaeder,
LLP, in Washington, D.C., on Mr. Grant's behalf, according to
Reuters.

Each defendant could face a minimum of five and a maximum of
30 years in prison if found guilty.  Each defendant could also
be fined a minimum of US$250,000 for conspiracy and wire fraud
charges, and up to US$5,000,000 for securities fraud.

Mr. Bennett, 58, resides in Gladstone, New Jersey.

Mr. Trosten, 37, resides in Sarasota, Florida.

Mr. Grant, 62, resides in Chicago, Illinois.

Mr. Garcia clarified that the charges contained in the
superseding Indictment are merely accusations, and the
defendants are presumed innocent unless and until proven guilty.

Assistant United States Attorneys David Esseks, Neil Barofsky,
and Lisa Korologos are in charge of the prosecution, Mr. Garcia
added.

                      About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 56; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


SCOTTISH RE: Advisors Recommend 'Yes' Vote to MassMutual Deal
-------------------------------------------------------------
Scottish Re Group Ltd. disclosed that Institutional Shareholder
Services and Glass Lewis & Co., both independent proxy advisory
firms, have recommended that Scottish Re shareholders vote for
each of the proposals described in Scottish Re's proxy statement
dated Jan. 19 relating to its proposed transaction with
MassMutual Capital Partners LLC and certain affiliates of
Cerberus Capital Management, L.P.

Scottish Re's board of directors previously unanimously approved
the proposed transaction with MassMutual Capital and Cerberus
and recommends that shareholders vote for each of the proposals
relating to the proposed transaction.

In making its recommendation to Scottish Re's shareholders, ISS
said, "there is no guarantee that the company will find an equal
or superior offer from another party.  Scottish Re appears to
have completed a thorough bid process, as well as conducted
financial due diligence on the feasibility of conducting a
rights issuance or run-off scenario."

"Based on our analysis and the unanimous support of the board,
we believe that the approval of the Securities Purchase
Agreement is in the interests of shareholders," The Glass Lewis
report stated.  "Accordingly, we believe that shareholders
should vote FOR the proposal."

"We are pleased that ISS and Glass Lewis have advised our
shareholders to vote in favor of the proposed transaction with
MassMutual Capital and Cerberus, which will stabilize Scottish
Re, provide long-term liquidity benefits and offers the best
opportunity to deliver long-term value to our shareholders,"
Paul Goldean, chief executive of Scottish Re, said.

On Nov. 27, 2006, Scottish Re announced it had entered into an
agreement whereby MassMutual Capital and Cerberus would each
invest US$300 million into Scottish Re, resulting in a total new
equity investment of US$600 million.  Under the terms of the
agreement, MassMutual Capital and Cerberus will purchase a total
of 1,000,000 newly issued convertible preferred shares of
Scottish Re, which may be converted into 150,000,000 ordinary
shares of Scottish Re at any time, subject to certain
adjustments, representing a 68.7% ordinary share ownership on a
fully diluted basis at the time of investment.

The transaction has cleared U.S. antitrust review, but remains
subject to additional regulatory approvals, including approvals
by certain insurance regulators, as well as various state and
foreign regulatory authorities and self-regulatory
organizations, and approval by the holders of 66-2/3% of
Scottish Re's outstanding ordinary shares entitled to vote at
the extraordinary general meeting of shareholders that will be
held in Bermuda on Feb. 23, 2007.

All shareholders of record are urged to return their proxy card
or to vote by following the instructions for phone or Internet
voting that appear on the proxy card.  If a shareholder does not
vote, the effect will be the same as if he voted against the
transaction.

                     About Scottish Re

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

                        *     *     *

As of Feb. 15, Scottish Re's Senior Unsecured Debt carry Moody's
Ba3 rating and its Preferred Stock carry Moody's B2 rating.  The
company's Long-Term Local Issuer Credit rating carry Standard &
Poor's B rating.

Fitch rates the company's Long-Term Issuer Default at BB; Senior
Unsecured Debt at BB-; and Preferred Stock at B+.

A.M. Best rates the company's Long-Term Issuer Credit at b-.


SCOTTISH RE: Incurs US$233.8MM Net Loss in Quarter Ended Dec. 31
----------------------------------------------------------------
Scottish Re Group Limited disclosed that the net loss available
to ordinary shareholders for the three months ended
Dec. 31, 2006, was US$233.8 million as compared to net income
available to ordinary shareholders of US$58.5 million for the
prior year period.  The net loss available to ordinary
shareholders for the year ended Dec. 31, 2006, was US$376.7
million as compared to net income available to ordinary
shareholders of US$125.4 million for the prior year.

The net operating loss available to ordinary shareholders for
the three months ended Dec. 31, 2006, was US$228.4 million as
compared to net operating earnings of US$50.8 million for the
prior year period.  The net operating loss available to ordinary
shareholders for the year ended Dec. 31, 2006, was US$368.3
million as compared to net operating earnings of US$130.1
million for the prior year.

"We are disappointed with the results for the quarter, but are
pleased with our ability to maintain our business throughout
this very difficult period.  Although the consequences of the
rating downgrades have continued to impact our operating
results, we are confident that the proposed transaction with
MassMutual Capital and Cerberus will significantly improve our
financial situation and stabilize the company as we move into
the second quarter of 2007," said Paul Goldean, the company's
Chief Executive Officer.

Mr. Goldean further added, "We have been working closely with
the Investors throughout our closing process for the fourth
quarter ended Dec. 31, 2006.  Due to the operating results for
the quarter, combined with the Investors' continued detailed
review of our operations, the Investors requested additional
protections in our agreement with them.  Under the terms of an
amendment to the Securities Purchase Agreement unanimously
approved by our Board of Directors on Feb. 19, 2007, we have
agreed to provide an additional indemnity to the Investors, in
an amount not to exceed US$68.5 million, with respect to adverse
mortality experience in our in-force ING Block (measured over a
period of up to three years commencing Jan. 1, 2007).  As with
the existing indemnification provisions in the Securities
Purchase Agreement, we will settle any such indemnification
obligation through the adjustment of the number of ordinary
shares into which the convertible shares may be converted and
all indemnification matters will be submitted to the independent
members of our Board of Directors."

Mr. Goldean concluded by stating, "I can affirmatively state
that MassMutual Capital and Cerberus remain committed to closing
the transaction and the amendment noted above is not expected to
have any impact on the timing of the closing."

In order to provide our shareholders an opportunity to consider
the amendment, we will circulate a Supplement to our Proxy
Statement containing information about the amendment on or about
Feb. 21, 2007, and we intend to adjourn to March 2, 2007, the
Extraordinary General Meeting originally planned for
Feb. 23, 2007.  The Extraordinary General Meeting will be held
at the Fairmont Princess Hotel, 76 Pitts Bay Road, Pembroke HM
11, Hamilton Bermuda HM CX at 11 a.m. local time.  If you have
already sent in a proxy relating to the Extraordinary General
Meeting, you do not need to take any additional action if you do
not want to change your vote, and your previously provided proxy
will be voted at the meeting as you so indicated.

The net operating loss for the fourth quarter was primarily
attributable to the following factors:

  1. 5% higher than expected mortality in our North America
     Segment of approximately US$11.0 million;

  2. Unfavorable lapse experience in our North America Segment
     of approximately US$14.0 million;

  3. The reversal of an expected recovery from a specific client
     of approximately US$15.0 million due to corrected data from
     the client;

  4. The write-off of goodwill and unrecoverable deferred
     acquisition costs of approximately US$34.0 million and
     US$12.0 million, respectively, related to our International
     Segment;

  5. Tax expense of US$118.2 million principally related to a
     US$91.0 million valuation allowance established on deferred
     tax assets.  The valuation allowance resulted from a
     specific tax planning strategy no longer being available to
     the company.  The other components of the higher tax
     expense primarily related to valuation allowance movements
     on deferred tax assets based on actual results of legal
     entity statutory income and movements in statutory reserves
     for the period; and

  6. Higher operating expenses, including legal, directors' fees
     and the relocation of our offices from Windsor to London
     (approximately US$14.0 million in total) plus higher
     collateral finance facility and interest costs as a result
     of our rating downgrades and liquidity situation
     (approximately US$8.0 million).

Total revenues for the three months ended Dec. 31, 2006
decreased to US$668.2 million from US$675.0 million for the
prior year period, a decrease of 1.0%.  Excluding realized gains
and losses and the change in value of the embedded derivatives,
total revenues for the three months ended Dec. 31, 2006
increased to US$675.5 million from US$666.0 million for the
prior year period, an increase of 1.4%.  Total revenues for the
year ended Dec. 31, 2006 increased to US$2,451.5 million from
US$2,297.3 million for the prior year, an increase of 6.7%.
Excluding realized gains and losses and the change in value of
the embedded derivatives, total revenues for the year ended Dec.
31, 2006, increased to US$2,473.1 million from US$2,302.1
million for the prior year, an increase of 7.4%.

Total benefits and expenses increased to US$783.0 million for
the three months ended Dec. 31, 2006, from US$615.8 million for
the prior year period, an increase of 27.2%.  Total benefits and
expenses increased to US$2,599.0 million for the year ended
Dec. 31, 2006, from US$2,183.7 million for the prior year, an
increase of 19.0%.

The company's operating expense ratio (which is the ratio of
operating expenses to total revenue excluding realized gains and
losses and the change in value of embedded derivatives) for the
year ended Dec. 31, 2006, was 6.2%, as compared to an operating
expense ratio of 5.0% for the prior year.

For the three months ended Dec. 31, 2006, the company had a pre-
tax loss of US$114.8 million before minority interest as
compared to a pre-tax profit of US$59.2 million for the prior
year period.  Income tax expense for the three months ended
Dec. 31, 2006, was US$118.2 million compared to an income tax
benefit of US$1.2 million in the same year period.  For the year
ended Dec. 31, 2006, the company had a pre-tax loss of US$147.5
million before minority interest as compared to a pre-tax profit
of US$113.6 million for the prior year.  Income tax expense for
the year ended Dec. 31, 2006, was US$220.6 million compared to
an income tax benefit of US$16.4 million in the prior year.  The
change in our effective tax rate in the fourth quarter ended
Dec. 31, 2006, compared to the prior year is primarily related
to valuation allowance movements on deferred tax assets.

                  About Scottish Re Group

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

                        *     *     *

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

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

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

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

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


IPC HOLDINGS: Earns US$108.2 Million in Quarter Ended Dec. 31
-------------------------------------------------------------
IPC Holdings Ltd. recorded net income for the quarter ended
Dec. 31, 2006, of US$108.2 million compared to a net loss of
US$74.8 million for the fourth quarter of 2005.  For the year
ended Dec. 31, 2006, IPC reported net income of US$394.6 million
compared to a net loss of US$623.4 million for 2005.

For the quarter ended Dec. 31, 2006, the company's net operating
income was US$97.0 million compared to a net operating loss of
US$68.5 million for the fourth quarter of 2005.  For the year
ended Dec. 31, 2006, its net operating income was US$382.5
million compared to a net operating loss of US$612.8 million in
2005.

President and Chief Executive Officer Jim Bryce commented: "2006
was clearly a great year in terms of underwriting results, for
the industry in general, and IPC specifically, as a result of
unusually little catastrophe activity in the year.  This has
been followed by a relatively orderly renewal season for
business renewing at Jan. 1, 2007.  The majority of renewals
were generally in line with our expectations, in both the U.S.
and elsewhere. However, the industry is now coming to something
of a crossroads.  As a result of the excellent earnings
generated in 2006, the reinsurance market has more capacity to
offer, at the same time that demand for capacity is being
impacted by a number of external factors, including recent
legislative developments in Florida which among other things
provide for significantly greater reinsurance capacity being
offered by the state hurricane catastrophe fund.  Important
decisions will have to be made regarding the need to maintain
underwriting discipline, which might require companies to
undertake capital management actions to sustain adequate returns
to shareholders.  The alternative is for the industry to forget
or ignore the size of losses that were incurred in 2004 and
2005, and allow market forces to put downward pressure on
pricing.  Hopefully, recent winter storm Kyrill will have served
as a reminder that catastrophic events can occur at any time,
anywhere in the world, and pricing levels that will enable us to
pay for such events occurring with increased frequency, need to
be maintained."

Mr. Bryce also added that "With respect to the developments in
Florida, IPC's coverage for Florida risks generally does not
arise from Florida-based insurance companies who only operate in
that state, but mostly results from the reinsurance of the
larger U.S.-based insurance companies, who operate throughout
the United States and elsewhere.  Currently, such companies buy
catastrophe reinsurance protection for their entire U.S.
nationwide portfolio, for all perils, rather than for specific
perils in single states or zones.  It remains to be seen whether
the new legislation will result in changes in the buying habits
of our clients, and if so, whether it will result in a reduction
in the amount of premium IPC receives from these clients."

In the quarter ended Dec. 31, 2006, the company wrote gross
premiums of US$17.6 million, compared to US$13.6 million in the
fourth quarter of 2005.  This increase was primarily due to the
impact of accrued estimated reinstatement premiums, which were
US$5.5 million more in the fourth quarter of 2006, compared to
the fourth quarter of 2005.  The effect of changes to business
written for existing clients, which includes pricing, changes to
program structure and/or renewal dates, as well as changes to
foreign exchange rates, was a US$0.9 million decrease in the
fourth quarter of 2006, compared to the fourth quarter of 2005.
In addition, in the fourth quarter of 2006, the company wrote
new business of US$0.8 million, which partially offset business
that the company did not renew, which totaled US$0.9 million in
the same period.  Excess of loss premium adjustments were US$0.4
million less in the quarter ended Dec. 31, 2006, in comparison
to the fourth quarter of 2005.  For the year ended
Dec. 31, 2006, the company wrote gross premiums of US$429.9
million, compared to US$472.4 million in 2005.  The primary
reason for the decrease was the reduction in reinstatement
premiums, which were US$122.5 million lower for the year ended
Dec. 31, 2006, compared to 2005.  Reinstatement premiums in 2005
mostly arose as a result of claims from hurricane Katrina.  The
decrease in reinstatement premiums was partially offset by the
effect of changes to business written for existing clients,
including pricing, changes to program structure and/or renewal
dates, as well as changes to foreign exchange rates, which
totaled an increase of US$77.8 million.  New business in the
year ended Dec. 31, 2006, totaled US$26.1 million, which offset
US$25.9 million not renewed during the same period.  In
addition, excess of loss premium adjustments were US$2.2 million
higher in 2006 compared to 2005.  Excluding reinstatement
premiums, gross written premiums for the year ended
Dec. 31, 2006 were US$423.1 million, compared to US$343.2
million in 2005, representing an increase of 23.2%.

In the fourth quarter of 2006, the company ceded US$0.7 million
of premiums to its retrocessional facilities, compared with
US$1.2 million for the quarter ended Dec. 31, 2005.  The actual
contracts ceded are at IPC's underwriters' judgment in
optimizing the risk profile of the portfolio, which can cause
premiums ceded to vary as a proportion of the company's gross
writings, from quarter to quarter.  For the year ended
Dec. 31, 2006, the company ceded US$17.7 million to its
retrocessional facilities, compared to US$21.6 million ceded in
2005.

The company earned net premiums of US$101.6 million in the
fourth quarter of 2006, compared to US$76.1 million in the
fourth quarter of 2005.  The increase is due to the 23% increase
in written premiums (excluding reinstatement premiums) during
the preceding twelve months, as well as the increase in
reinstatement premiums during the fourth quarter of 2006,
compared to the fourth quarter of 2005.  For the year ended
Dec. 31, 2006, the company earned net premiums of US$397.1
million, compared to US$452.5 million in 2005.  The decrease is
predominantly due to the reduction of reinstatement premiums
discussed above, offset in part by the overall increase in
written premiums (excluding reinstatement premiums) during 2006.

The company earned net investment income of US$28.6 million in
the quarter ended Dec. 31, 2006, compared to US$23.7 million in
the fourth quarter of 2005.  In the fourth quarter of 2006, the
company received dividends of US$3.3 million from its
investments in equity funds and a fund of hedge funds.  In the
fourth quarter of 2005, the company received dividends of US$3.7
million from these investments.  However, the company benefited
from an increase in the average yield of its fixed income
investment portfolio, as well as an increase in the average
balance of invested assets, which primarily resulted from its
capital-raising which took place in November 2005.  For the year
ended Dec. 31, 2006, the company earned net investment income of
US$109.7 million, compared to US$71.8 million in 2005.  For the
year ended Dec. 31 2006, this included dividends of US$12.7
million from the investments compared to US$9.9 million from
dividends in 2005.  The benefits of improved yield and increased
average balance of invested assets noted above were also
applicable to year ended Dec. 31, 2006.

The company realized a net gain of US$11.1 million from
investments in the quarter ended Dec. 31, 2006, compared to a
net realized loss from investments of US$6.4 million in the
fourth quarter of 2005.  Net realized gains and losses fluctuate
from period to period, depending on the individual securities
sold.  The company's net realized gain in the fourth quarter of
2006 includes a write-down of US$1.1 million in the cost basis
of certain fixed income securities where management has
determined there had been a decline in value which was other
than temporary, caused by changes in interest rates. For the
year ended Dec. 31, 2006, the company realized a net gain from
investments of US$12.1 million, which is net of an other-than-
temporary impairment charge of US$27.7 million.  In June 2006,
the company sold its investment in an equity fund with
attributes similar to those of the S & P 500 Index, realizing a
US$27.8 million gain.  The proceeds were used to invest in an
Ireland-based fund with similar attributes.  In July and
November 2006, the company sold US$20.0 million and US$21.0
million, respectively, from its investment in a global equity
fund, realizing gains of US$8.2 million and US$9.4 million,
respectively.  By comparison, the company realized a net loss
from investments of US$(10.6) million in 2005, which included
US$5.2 million of realized gains from the sale of equities,
offset by US$15.8 million of net losses realized from the sale
of bonds.

In the quarter ended Dec. 31, 2006, the company incurred net
losses and loss adjustment expenses of US$15.1 million, compared
to US$154.3 million for the fourth quarter of 2005.  The
company's net losses in the fourth quarter of 2006 include
US$2.2 million for European snow losses; US$2.7 million from
Cat.# 67, a tornado system which hit the mid-west U.S.; and a
US$1.6 million reserve established for the storms which struck
the north-west U.S.  The balance of the incurred losses in the
fourth quarter of 2006 related to some increases for prior year
events, in particular hurricane Wilma, and reserves established
for pro rata treaty business.  The company's loss ratio, which
is the ratio of net losses and loss adjustment expenses to net
premiums earned, was 14.9% for the quarter ended Dec. 31, 2006,
compared to 202.9% for the fourth quarter of 2005.  For the year
ended Dec. 31, 2006, the company incurred net losses of US$58.5
million, compared to US$1,072.7 million in 2005.  In addition to
losses listed above, incurred losses for the year ended
Dec. 31, 2006, include claims from cyclone Larry; super-typhoon
Shanshan, two accidents which occurred in 2005: an explosion
which occurred in the U.K. in December 2005, and a train wreck
and associated chemical spill which took place in South Carolina
in January 2005, and reserves established for pro rata treaty
business.  The company's loss ratio for the year ended
Dec. 31, 2006, was 14.7%, compared to 237.0% for 2005.

The company's net acquisition costs, which are primarily
commissions and fees paid to brokers for the production of
business, were US$9.8 million for the fourth quarter of 2006,
compared to US$8.5 million in the fourth quarter of 2005.  These
costs have increased as a result of the increase in earned
premium, after taking into account the impact of reinstatement
premiums, which have reduced or no brokerage thereon.  For the
year ended Dec. 31, 2006, net acquisition costs amounted to
US$37.5 million, compared to US$39.2 million in 2005.  This
decrease is the result of the reduction in earned premiums for
the period, primarily caused by the reduced level of
reinstatement premiums during 2006.  General and administrative
expenses totaled US$8.9 million in the fourth quarter of 2006,
compared to US$6.5 million in the fourth quarter of 2005.  The
primary area of increase was salaries and other compensation.
For the year ended Dec. 31, 2006, general and administrative
expenses totaled US$34.4 million, compared to US$27.5 million in
the corresponding period of 2005.  This increase is the result
of increases in the amounts of salaries and other compensation,
fees for letters of credit provided to cedants as collateral for
loss reserves, legal fees in connection with the company's shelf
registration statement filed in April 2006, the set-up costs of
its new syndicated revolving credit/letter of credit facility,
and professional fees connected with various activities.

The company's expense ratio, which is the ratio of net
acquisition costs plus general and administrative expenses to
net premiums earned, was 18.4% for the fourth quarter of 2006,
compared to 19.7% for the fourth quarter of 2005.  For the year
ended Dec. 31, 2006, the company's expense ratio was 18.1%,
compared to 14.8% in 2005.  The expense ratios in 2006 are
higher primarily because of the significant reduction in
reinstatement premiums, in comparison to 2005.

On Feb. 20, 2007, the Board of Directors declared a quarterly
dividend of US$0.20 per common share, payable on March 22, 2007,
to shareholders of record on March 6, 2007.

                     About IPC Holdings

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

                        *    *    *

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


SEA CONTAINERS: Aegis Financial Discloses 9% SeaCon Equity Stake
----------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission dated Feb. 12, 2007, Aegis Financial Corp.
disclosed that it beneficially owns 2,342,805 shares of Sea
Containers Ltd.'s common stock, which represents 9.0% of the
total outstanding shares issued.

William S. Berno, Paul Gambal, Scott L. Barbee, also
beneficially own 2,342,805 shares of SCL's common stock, or 9.0%
of the total outstanding shares issued.

Aegis Financial has the sole power to vote or direct the votes
of and to dispose of or direct the disposition of 2,342,805
shares.  Mr. Barbee has the sole power to vote or direct the
votes of and to dispose of or direct the disposition of 600
shares.

Messrs. Berno, Gambal, and Barbee have the shared power to vote
or to direct the vote and to dispose of or direct the
disposition of 2,342,805 shares.

About 26,145,000 shares of SCL common stock are outstanding as
of Oct. 31, 2006.  Shares of SCL stock were traded at US$1.01 a
share at the close of business on Feb. 15, 2007.

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

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

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

The Debtors' exclusive period to file a chapter 11 plan expires
on June 12, 2007.  The Debtor has until August 11, 2007 to
accept solicitations of that plan.


SEA CONTAINERS: Donald Smith Discloses 6.53% SeaCon Equity Stake
----------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission dated Feb. 12, 2007, Donald G. Smith, president of
Donald Smith & Co., Inc., disclosed that the company
beneficially owns 1,707,400 shares of Sea Containers Ltd.'s
common stock, which represents 6.53% of the total outstanding
shares issued.

Donald Smith & Co. has the sole power to direct the votes of
1,256,300 shares and the sole power to dispose of 1,707,400
shares.

All securities reported are owned by advisory clients of Donald
Smith & Co. and not one of which owns more than 5% of the class.

About 26,145,000 shares of SCL common stock are outstanding as
of Oct. 31, 2006.  Shares of SCL stock were traded at US$1.01 a
share at the close of business on Feb. 15, 2007.

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

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

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

The Debtors' exclusive period to file a chapter 11 plan expires
on June 12, 2007.  The Debtor has until August 11, 2007 to
accept solicitations of that plan.




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


ADRIATICA DE SEGUROS: Regulator to Transfer Client Portfolio
------------------------------------------------------------
Superintendencia de Pensiones, Valores y Seguros -- the Bolivian
pension, securities and insurance regulator -- will transfer
intervened property and casualty insurance firm Adriatica de
Seguros' client portfolio to another insurer, news daily El
Deber reports.

Business News Americas relates that Adriatica de Seguros was
intervened on Jan. 12, 2007.

The regulator fined Adriatica de Seguros 10 times over the past
couple of years, BNamericas states.


* BOLIVIA: Allocates US$10 Million for Vinto Upgrades
-----------------------------------------------------
Published reports say that the Bolivian government has allocated
US$10 million for upgrades at the Vinto metallurgical complex.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, the Bolivian government decided on Feb. 9 to
confiscate Vinto, which is controlled by a trust made up of the
UK's Commonwealth Development Corp. and Sinchi Wayra, through a
"supreme decree."  Vinto was privatized in 1996 by the Gonzalo
Sanchez de Lozada administration.  At that time, the British
firm Allied Deals purchased Vinto.  The smelter was then sold to
Comsur, a company belonging to former President Sanchez de
Lozada.  The latter then sold Comsur -- now called Sinchi Wayra
-- to Glencore International.

According to the local press, the government is planning to
double the investment.

Business News Americas relates that Bolivian President Evo
Morales criticized Glencore International's management of Vinto.

Glencore International hasn't made any investments to modernize
Vinto, reports say.  The plant has been operating with the same
equipment for 30 years.  The government will soon determine what
will be needed for the improvement of Vinto's operations and
finalize investments.

Beat Loeliger, the Swiss ambassador to Bolivia, told reporters
that Bolivia's nationalization move discourages Swiss investors.

However, Switzerland will continue cooperative efforts with
Bolivia, since the former is focused on helping the needy,
BNamericas states, citing the ambassador.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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


* BOLIVIA: Former Coop Miners to Form Groups for Concessions
------------------------------------------------------------
Published reports say that Bolivian state mining firm Comibol
has let miners who were former cooperative members to form
groups to explore and prepare concessions.

The Bolivian mining ministry said in a statement that the formed
groups will then inspect 12 concessions offered by the
government that are in these departments:

          -- La Paz,
          -- Potosi, and
          -- Oruro.

Business News Americas relates that Comibol offered the
concessions to former members of:

          -- Karazapato,
          -- Playa Verde,
          -- La Salvadora, and
          -- Libres.

The offer ended a miners' protest in San Francisco plaza in La
Paz, according to BNamericas.

Miners had demanded that Bolivian President Evo Morales abandon
plans to make changes in the mining sector.  The changes include
a proposal on increasing the Complementary Mining Tax, which
will decrease revenues of large mining firms and independent
miners, Reuters states.

                        *    *    *

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


* BOLIVIA: Gives Jindal Until Feb. 21 to Revise Contract
--------------------------------------------------------
The Bolivian government has given Jindal Steel & Power until
Feb. 21 to make corrections on the contract to mine and
industrialize 50% of the iron from the El Mutun deposit,
Business News Americas reports.

According to BNamericas, Jindal Steel was allowed to make the
corrections based on the government's comments.

News agency Agencia Boliviana de Informacion relates that the
government returned the documents Jindal Steel presented because
they did not meet expectations.  The hindrance to the signing of
the contract is Jindal Steel's intention that the government
subsidize natural gas for the project.

The government won't subsidize the US$180 million in gas that
Jindal Steel would use in the production of sponge iron,
BNamericas says, citing a mining ministry spokesperson.

The government will sign the contract by the deadline, as long
as Jindal Steel complies with the terms laid out in the
international bidding process, Mining and Metallurgy Minister
Jose Guillermo Dalence told Agencia Boliviana.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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




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


ALCATEL-LUCENT: Breaks 30 Million DSL Threshold in 2006
-------------------------------------------------------
According to Infonetics Research's new "Broadband Aggregation
Hardware and Subscribers" report, the broadband boom continues
unabated, as evidenced by two significant milestones in 2006:
Worldwide DSL port shipments neared the 100 million mark and
market leader Alcatel-Lucent shipped over 30 million DSL ports.

Meanwhile, manufacturer revenue for broadband aggregation
hardware continues to battle against the downward pricing
pressure of competition, suffering from a 16% drop in third
quarter 2006 but bouncing back in fourth quarter 2006 with a 7%
gain.  The market ended on a high note, with a 4% gain between
2005 and 2006.

"Major service providers around the world are committed to DSL
being their baseline broadband access technology, and are
aggressively deploying it to meet the demands of the rapidly
increasing numbers of DSL subscribers worldwide," said
Infonetics Research analyst Jeff Heynen.  "The flip side is the
intense competition among vendors to win large long-term service
provider contracts, which is putting substantial pressure on
pricing, reflected in the disconnect between strong port growth
and weak revenue growth in the broadband aggregation hardware
market."

CY06 Broadband Aggregation Hardware Market Highlights

-- Worldwide DSL port shipments increased 22% between 2005 and
    2006

-- IP DSLAM revenue is up 41% in 2006, while ATM DSLAM revenue
    is down 18%, as networks around the world prepare to deliver
    new IP services such as VPNs, VoIP, and IPTV

-- Market leader Alcatel-Lucent maintains its strong #1
    position, with about 1/3 of worldwide broadband aggregation
    hardware port and revenue market share

-- Huawei is #2 in both revenue and port market share, followed
    by Ericsson for revenue share and port share

-- The number of worldwide DSL subscribers will reach 274
    million in 2009

-- After a significant downturn in 3Q06, DSL shipments were
    back up to normal levels in fourth quarter 2006 in North
    America now that major mergers have been completed or
    Approved.

Infonetics' "Broadband Aggregation Hardware and Subscribers"
report provides worldwide and regional forecasts, market size,
and market share for DSLAMs split by ATM vs. IP, next gen DLCs,
and multiservice access platforms, and includes port detail
(ADSL, G.SHDSL, VDSL, PON OLT, Ethernet OLT, and DS0s).

Companies tracked include ADTRAN, Alcatel-Lucent, Calix, Ciena,
ECI, Ericsson, Fujitsu, Huawei, NEC, Nokia, Occam Networks,
Samsung, Siemens, Sumitomo, Tellabs, UTStarcom, Zhone, ZyXEL,
ZTE, and others.

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

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

                        *     *     *

As of Feb. 7, Alcatel-Lucent carries these ratings:

Moody's:

   * Alcatel

   -- Corporate Family: Ba2
   -- Senior Debt: Ba2
   -- short-term debt: Not-Prime

   * Lucent

   -- Corporate Family: B1 (withdrawn)
   -- Senior Debt: B1
   -- Subordinated debt & trust preferreds: B2
   -- Preferred Stock Issuable: P(B3)

Standard & Poor's:

   -- Long-Term Corporate Credit: BB-
   -- Short-Term Corporate Credit: B
   -- Senior Unsecured Debt: BB-
   -- Outlook: positive.

Fitch Ratings:

   * Alcatel

   -- Issuer Default: BB
   -- Senior Unsecured Debt: BB


ALCATEL-LUCENT: In Talks with Dutch Unions on Further Job Cuts
--------------------------------------------------------------
Alcatel-Lucent has met with representatives of the Dutch Works
Council and unions to begin discussing how the company's
international synergy plans will impact employee positions in
the Netherlands.  Alcatel-Lucent has also informed its employees
about these preliminary discussions.

In April 2006, when the merger between Alcatel and Lucent
Technologies was announced, the companies stated the primary
driver of the merger was to generate growth in revenues and
earnings while yielding synergies.  On Feb. 9, the company
provided an update on its integration efforts.

It believes the combination of the original synergy plan and
additional cost reductions will enable it to realize a total of
EUR1.7 billion pre-tax cost savings within three years. The cost
reductions will entail globally about 12,500 reductions to the
workforce over the next three years.

The topics presented to the works council are a starting point
within the legal frameworks set out for consultations with
employees and unions prior to any actions.

"We have undertaken a thorough and thoughtful review of our
operations in the Netherlands, and we anticipate that we need to
reduce our workforce with 140-180 people over the next 24
months," said Coert de Boer, Managing Director for Alcatel-
Lucent in The Netherlands.  "These are difficult decisions, and
we will be sensitive to employees, treat them with the dignity
and respect they deserve.  We will do everything we can to
minimize the impact on employees and provide them with resources
for a smooth transition, either within our organization or at
other companies.  We have a number of long-term projects in the
Netherlands for which we need additional people. Our growth
ambitions imply furthermore that we expect to create new jobs in
new areas that we will explore.  It speaks for itself that we
will first look for re-education opportunities of our existing
staff and then will start recruiting.  We will work closely
together with the Works Council and the unions in the
Netherlands on these matters."

Currently, Alcatel-Lucent employs some 700 people in the
Netherlands, in a variety of positions.

The forced reductions reflect duplications in positions and
rationalization in product and solution portfolio as well as
ongoing cost-efficiency efforts for the Company.  Together with
the Dutch Works Council and unions, Alcatel-Lucent will offer
outplacement services for affected employees and make every
effort to support those employees whose positions will
disappear.

These discussions are at an early stage and it would be
premature, the company said, to comment further.

                    About Alcatel-Lucent

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

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

                        *     *     *

As of Feb. 7, Alcatel-Lucent carries these ratings:

Moody's:

   * Alcatel

   -- Corporate Family: Ba2
   -- Senior Debt: Ba2
   -- short-term debt: Not-Prime

   * Lucent

   -- Corporate Family: B1 (withdrawn)
   -- Senior Debt: B1
   -- Subordinated debt & trust preferreds: B2
   -- Preferred Stock Issuable: P(B3)

Standard & Poor's:

   -- Long-Term Corporate Credit: BB-
   -- Short-Term Corporate Credit: B
   -- Senior Unsecured Debt: BB-
   -- Outlook: positive.

Fitch Ratings:

   * Alcatel

   -- Issuer Default: BB
   -- Senior Unsecured Debt: BB


ALCATEL-LUCENT: Inks Network Convergence Deal with Vodafone
-----------------------------------------------------------
Alcatel-Lucent has been selected by Vodafone in Spain to migrate
all networking services onto a highly reliable Alcatel-Lucent
IP/MPLS based network.

The converged network will support broadband data services,
signaling and billing traffic, 3G voice traffic as well as
future multimedia evolutions.  The project, part of a global
network transformation to IP, will enable the operator to
guarantee end-to-end quality of service, to optimize its network
performance and to support new multimedia services.

By evolving its networks to a next-generation infrastructure,
Vodafone will support all services on a single network allowing
the mobile operator to optimize its investment and operational
expenditures, and accelerate the launch of new advanced and
convergent services to the market.

"This project provides our network with the reliability and
versatility needed to offer our consumer and corporate clients
the highest quality and most advanced mobile services on the
market," said Jaime Bustillo, Technology director from Vodafone
Spain.  "A streamlined network based on the Alcatel-Lucent IP
solution allows us to dramatically improve on CAPEX and OPEX
while still gaining new revenue opportunities.  As well,
Alcatel-Lucent is involved in the Vodafone Group's overall end-
to-end IP transformation initiative so from a consistency point
of view, the Alcatel-Lucent IP solution is a perfect fit."

With the Alcatel-Lucent IP/MPLS solution, Vodafone is optimizing
the use of bandwidth in its IP core network, that will
dynamically be adapted to the bandwidth needs depending on the
volume of data and the type of traffic transmitted.
Additionally, its intelligent service management capabilities
will allow the operator to guarantee reliability and end-to-end
quality, and to diversify its offering by establishing
differentiated quality of service levels based on the type of
client or the use of the network. This is a significant
advantage for high bandwidth multimedia services that are very
demanding in terms of network performance.

"Users are requesting more innovative and sophisticated 'always
on' mobile services with optimal quality and widespread
availability which is very demanding in terms of network
performance," said Olivier Picard, President of Alcatel-Lucent's
Europe and South activities.  "Offering a service mix of this
caliber requires a complete network transformation giving
Vodafone the reliability, performance and flexibility of a
converged network architecture.  Alcatel-Lucent's unique high
availability features in our service routers are ideally geared
toward delivering mobile voice services over an IP/MPLS
network."

Alcatel-Lucent is providing Vodafone with an IP/MPLS core and
edge network solution based on its next generation Alcatel-
Lucent 7750 Service Router and 7710 Service Router along with
the Alcatel-Lucent 5620 Service Aware Manager.

Vodafone joins more than 160 service providers in over 60
countries, including massive, multi-year IP network and service
transformation projects at AT&T, BT, Cable & Wireless, and
Telstra.  According to Ovum-RHK, Alcatel-Lucent was second in
the IP/MPLS Edge market segment in Q4 2006, with 19% market
share.

                    About Alcatel-Lucent

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

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

                        *     *     *

As of Feb. 7, Alcatel-Lucent carries these ratings:

Moody's:

   * Alcatel

   -- Corporate Family: Ba2
   -- Senior Debt: Ba2
   -- short-term debt: Not-Prime

   * Lucent

   -- Corporate Family: B1 (withdrawn)
   -- Senior Debt: B1
   -- Subordinated debt & trust preferreds: B2
   -- Preferred Stock Issuable: P(B3)

Standard & Poor's:

   -- Long-Term Corporate Credit: BB-
   -- Short-Term Corporate Credit: B
   -- Senior Unsecured Debt: BB-
   -- Outlook: positive.

Fitch Ratings:

   * Alcatel

   -- Issuer Default: BB
   -- Senior Unsecured Debt: BB


ARROW ELECTRONICS: To Discuss Annual Quarterly Results Today
------------------------------------------------------------
Arrow Electronics Inc. will host a conference call to discuss
its fourth quarter and year-end earnings 10:00 a.m. ET today.

The live conference call is accessible by telephone at:

   -- 800-310-6649 (toll-free) or
   -- 719-457-2693 (outside the United States and Canada)

The call ID is 9754570.

Audio replay of the call will be available through March 1.

The replay numbers are:

   -- 888-203-1112 (United States and Canada), and
   -- 719-457-0820 (other countries).

The access code is 9754570.

                  About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.   In Latin America,
Arrow Electronics has operations in Argentina, Brazil
and Mexico.

                        *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  Fitch said the
rating outlook is positive.


EMI GROUP: Lowers Profit Expectations by 15%
--------------------------------------------
EMI Group Plc expects its recorded music division's revenue for
the financial year ending March 31, 2007, to fall by around 15%
at constant currency compared to the prior year.

The revision to expectations resulted from the continued and
accelerating deterioration in market condition in North America
where the physical music market as measured by Soundscan has
declined by 20%.

The net sell-through on EMI Music's current releases and
catalogue was lower than anticipated and the negative impact of
gross margin has been higher than normal.  The company believed
that the profits for the year ending March 31, 2007, would be
below current market expectations.

On Jan. 12, the company warned that revenues for the year could
decline by around 6% to 10% and expects that disruption from the
restructuring initiatives will constrain revenue at EMI Music
until March 31, 2008.

The company reported good progress in the restructuring
initiatives announced on Jan. 12, saying the Group is on track
to deliver GBP110 million of cost savings in full and on time.

As reported by The Wall Street Journal, EMI was in negotiations
with various online music retailers like Snocap, RealNetworks
Inc., eMusic.com, MusicNet Inc. and Viacom Inc.'s MTV Networks
to sell its entire digital music catalog in an unprotected MP3
format.

The company was seeking large advance payments from retailers in
exchange for the right to sell its music in MP3 format, Reuters
reported, citing unnamed sources.

According to Reuters, a spokeswoman for EMI refused to comment
on the report but stated that the company has already tried out
and released singles in MP3 formats.

                          About EMI

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

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

                        *     *     *

On Jan. 15, 2007, Moody's Investors Service downgraded EMI Group
Plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.

On Feb. 5, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


NALCO: Paying Dividends; Sets Shareholders Meeting for Mar. 19
--------------------------------------------------------------
Nalco Company's board of directors had instituted an annual
dividend of 14 cents per share.  The first quarterly payment of
3.5 cents per share will be made on April 2, 2007, to
shareholders of record on March 19, 2007.

In making the announcement, Dr. William H. Joyce, Chairman and
Chief Executive Officer, pointed to the significant cash flow
generated by the Nalco business portfolio.  "Since our leveraged
buyout in late 2003, we have reduced our debt position from
approximately 6.9 times debt to Adjusted EBITDA just after the
buyout concluded to 4.6 times at the end of 2006," Dr. Joyce
noted.  "The company's optimal capital structure and resultant
deployment of Free Cash Flow will be discussed as the Company
addresses its strategic plans for growth later this year."

The board also set the date for the annual meeting of
shareholders for May 3, 2007, at 9:00 a.m., at Nalco
headquarters in Naperville, Illinois.  The record date to
determine shareholders eligible to vote at the meeting is
March 19, 2007.

Nalco Company (NYSE:NLC) provides integrated water treatment
and process improvement services, chemicals and equipment
programs for industrial and institutional applications.  Nalco's
products and services are typically used in water treatment
applications to prevent corrosion, contamination and the buildup
of harmful deposits, or in production processes to enhance
process efficiency and improve the customers' end products.
Nalco generated Operating EBITDA of US$597 million on US$3.3
billion in sales in 2005.  North America accounts for 48% of
sales with the rest of the world making up the balance.  They
are organized into three divisions that correspond to the end
markets they serve:

   -- Industrial and Institutional Services,
   -- Energy Services and
   -- Paper Services.

Its operations includes in Brazil, The Netherlands and
Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 23, 2006,
Standard & Poor's Ratings Services revised its outlook on
Naperville, Illinois-based Nalco Co. to positive from stable and
affirmed the existing 'B+' corporate credit and other ratings.


XERIUM: Board Declares US$0.225 Per Share Dividend Due March 15
---------------------------------------------------------------
Xerium Technologies Inc.'s board of directors adopted a Dividend
Reinvestment Plan and declared a dividend of US$0.225 per share
of common stock payable on March 15, 2007, to shareholders of
record as of the close of business on March 5, 2007.

Under the Dividend Reinvestment Plan, registered shareholders
may elect to receive all or part of the dividends on their
shares of common stock in additional shares of common stock.
American Stock Transfer & Trust Company administered the Plan.
More information about the Plan and enrollment forms are
available by calling American Stock Transfer & Trust Company at
866-706-0512 and through American Stock Transfer & Trust
Company's Web site at http://www.amstock.com/

In order for a registered shareholder to participate in the Plan
with respect to the March 15, 2007 dividend payment, American
Stock Transfer & Trust Company must receive the shareholder's
enrollment form prior to the March 5, 2007 record date for that
dividend.

Headquartered in Youngsville, NC, Xerium Technologies,
Inc. (NYSE: XRM) -- http://xerium.com/-- manufactures and
supplies two types of products used primarily in the production
of paper: clothing and roll covers.  The company operates under
a variety of brand names and owns a broad portfolio of patented
and proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries Xerium Technologies has approximately 3,900
employees.

Headquartered in Westborough, Massachusetts, Stowe Woodward, a
unit of Xerium Technologies, Inc., (NYSE: XRM) supplies roll
covers, bowed rolls and manufacturing services for the pulp and
paper industry.  Stowe Woodward has manufacturing operations
around the world, including Brazil and Argentina in Latin
America.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2007, Moody's Investors Service downgraded Xerium
Technologies Inc.'s long-term debt and corporate family ratings
to B2 from B1 and maintained a stable outlook.  In addition,
Moody's affirmed Xerium's speculative grade liquidity rating of
SGL-3 due to the amendment of its bank credit facility.




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


ATTICA ASSET: Final Shareholders Meeting Is Set for March 12
------------------------------------------------------------
Attica Asset Management (Cayman), Ltd. will hold its final
shareholders meeting on March 12, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


BPE CAPITAL: Final Shareholders Meeting Is Set for March 15
-----------------------------------------------------------
BPE Capital International, Ltd. will hold its final shareholders
meeting on March 15, 2007, at:

          Jose Ortega y Gasset 29, 28006
          Madrid, Spain

These agendas will be followed 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:

          Maples And Calder
          c/o Maples and Calder
          P.O. Box 309
          Ugland House
          South Church Street
          George Town, Grand Cayman
          Cayman Islands


BPE CAPITAL INT'L: Proofs of Claim Must be Filed by March 15
------------------------------------------------------------
Creditors of BPE Capital International, Ltd., which is being
voluntarily wound up, are required to present proofs of
claim by March 15, 2007, to Maples and Calder, 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:

           Maples And Calder
           c/o Maples and Calder
           P.O. Box 309
           Ugland House
           South Church Street
           George Town, Grand Cayman
           Cayman Islands


C-BASS 2003-CB4NIM: Final Shareholders Meeting Is on March 22
-------------------------------------------------------------
C-Bass 2003-CB4NIM, Ltd. will hold its final shareholders
meeting on March 22, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Emile Small
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


C-BASS 2003-CB5NIM: Final Shareholders Meeting Is on March 22
-------------------------------------------------------------
C-Bass 2003-CB5NIM, Ltd. will hold its final shareholders
meeting on March 22, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Emile Small
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


C-BASS 2004-A: Final Shareholders Meeting Is Set for March 22
-------------------------------------------------------------
C-Bass 2004-A, Ltd. will hold its final shareholders meeting
on March 22, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Emile Small
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


C-BASS 2004-CB7NIM: Final Shareholders Meeting Is on March 22
-------------------------------------------------------------
C-Bass 2004-CB7NIM, Ltd. will hold its final shareholders
meeting on March 22, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Emile Small
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


CRESCENT MASTERSKILL: Last Shareholders Meeting Is on Mar. 14
-------------------------------------------------------------
Crescent Masterskill Investments, Ltd., will hold its final
shareholders meeting on March 14, 2007, at 10:00 a.m., at:

          Harbour Place, 4th Floor
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Jeff Arkley
          Attention: Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, 4th Floor
          P.O. Box 1034
          George Town, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 8455
          Fax: (345) 949 8499


DRYDEN III-LEVERAGED: Sets Last Shareholders Meeting for Mar. 22
----------------------------------------------------------------
Dryden III-Leveraged Loan CDO 2002, Ltd. will hold its final
shareholders meeting on March 22, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


DSL EQUITY: Final Shareholders Meeting Is Set for March 19
----------------------------------------------------------
DSL Equity, Ltd. will hold its final shareholders meeting on
March 19, 2007, at 12:00 p.m., at:

          Harbour Place, 4th Floor
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

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


FUND INVESTMENTS: Final Shareholders Meeting Is Set for March 28
----------------------------------------------------------------
Fund Investments I, Ltd., will hold its final shareholders
meeting on March 28, 2007, at:

          22 rue de Villereuse
          1207 Geneva

These agendas will be followed 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:

          Alain Andrey
          c/o Maples and Calder
          P.O. Box 309
          Ugland House
          South Church Street
          George Town, Grand Cayman
          Cayman Islands


GIA INVESTMENT: Final Shareholders Meeting Is Set for March 12
--------------------------------------------------------------
Gia Investment Grade SCDO 2002-1, Ltd. will hold its final
shareholders meeting on March 12, 2007, at:

          Caledonian House
          69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman, KY1-1102
          Cayman Islands


HARTVILLE GROUP: Receives US$4-Million Funding Commitment
---------------------------------------------------------
Hartville Group Inc. obtained a commitment for US$4 million to
fund future operations.

Effective Feb. 14, 2007, the company received US$2.0 million of
the US$4.0 million in funding through the issuance of
US$2,531,645 of Original Issue Discount Secured Convertible
Debentures due February 2010 in order to provide additional
working capital.  These Debentures can be converted into the
company's common stock at a conversion price of US$0.15 per
share and bear prepaid interest at an annualized rate of 7%
(US$531,646).  Also issued were four-year warrants to purchase
16,877,638 shares of common stock with an exercise price of
US$0.15 per share.  The Convertible Debentures and warrants
include demand registration rights which require the company to
file a registration statement with respect to the resale of the
shares which may be issued upon conversion of the Debentures or
the exercise of the warrants upon demand by the investors.

In addition to the US$2,000,000 of immediate working capital
provided by the issuance of the Debentures, Hartville has the
opportunity to draw down an additional US$2,000,000 (plus
accrued interest) on or before Dec. 31, 2007, with the same
terms and conditions as the Debenture.

"We are pleased to have the solid commitment of our largest
shareholders, who have provided us with significant working
capital for our next stage of development," commented Dennis C.
Rushovich, Hartville's chief executive officer.  "This new
funding is a vote of confidence that we are on the right track,
both with the wide-ranging operational improvements we have
attained over the past two years, and with the launch of
marketing initiatives aimed at achieving continued growth and
profitability.

"Our 4th quarter achievements include record quarterly sales and
a record total of pets insured at the end of 2006.  We sold
8,809 pet insurance plans in the 4th quarter of 2006, versus
4,181 plans in the 3rd quarter of 2006, an increase of 111%.
Compared to the prior year's 4th quarter total of 2,178 policy
sales, the 4th quarter increase was 304%. Total pets insured
jumped from 24,356 at the end of 2005 to 32,352 at the end of
2006, an increase of 32.8%."

                  About Hartville Group

Hartville Group Inc. -- http://www.hartvillegroup.com/-- is a
holding company whose wholly owned subsidiaries include
Hartville Re Ltd. and Petsmarketing Insurance.com Agency, Inc.
Hartville is a reinsurance company that is registered in the
Cayman Islands, British West Indies.  Hartville was formed to
reinsure pet health insurance that is being marketed by the
Agency.  The Agency is primarily a marketing/administration
company concentrating on the sale of its proprietary health
insurance plans for domestic pets.  Its business plan calls for
introducing its product effectively and efficiently through a
variety of distribution systems.  The Company accepts
applications, underwrites and issues policies.

                    Going Concern Doubt

As reported in the Troubled Company Reporter on May 4, 2006,
BDO Seidman, LLP, raised substantial doubt about the ability of
Hartville Group, Inc., to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2004, and 2005.  The auditing firm pointed
to the company's recurring losses from operations, substantial
accumulated deficit, and impending due dates of some material
financial obligations.


JFK 2001: Final Shareholders Meeting Is Set for March 12
--------------------------------------------------------
JFK 2001 Aviation Leasing, Ltd. will hold its final shareholders
meeting on March 12, 2007, at:

          Caledonian House
          69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman, KY1-1102
          Cayman Islands


ORICO MAPLE: Final Shareholders Meeting Is Set for March 12
-----------------------------------------------------------
Orico Maple Funding will hold its final shareholders meeting
on March 12, 2007, at:

          Caledonian House
          69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman, KY1-1102
          Cayman Islands


PERU PRIVATISATION: Sets Final Shareholders Meeting for March 19
----------------------------------------------------------------
The Peru Privatisation and Development Fund, Ltd., will hold its
final shareholders meeting on March 19, 2007, at 10:00 a.m., at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Stuart Sybersma
          Joshua Taylor
          Deloitte
          P.O. Box 1787
          George Town, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Fax: (345) 949-8258


VMWARE INT'L: Sets Final Shareholders Meeting for March 14
----------------------------------------------------------
Vmware International will hold its final shareholders meeting on
March 14, 2007, at 10:00 a.m., at:

          Harbour Place, 4th Floor
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed 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:

          Jeff Arkley
          Attention: Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, 4th Floor
          P.O. Box 1034
          George Town, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 8455
          Fax: (345) 949 8499




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


NORSKE SKOGINDUSTRIER: To De-Merge Non-Core Real Properties
-----------------------------------------------------------
Norske Skogindustrier ASA has initiated a process for de-merging
most of its real property unrelated to paper production.

Since the resulting property company will be a wholly owned
subsidiary of Norske Skogindustrier ASA, the consolidated
balance sheet will not be affected by this transaction.

The most important properties include Klosteroya in Skien, the
head office with surrounding land in Baerum outside Oslo, and a
farming and residential area in Trondheim.

This proposal will be considered by the board of directors at
its meeting on March 1, and is subject to final approval by the
annual general meeting on April 12.

                      About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.  It has paper mills in Chile and Brazil.

                        *     *     *

As of Feb. 14, Norske Skog carries these ratings:

Moody's:

   -- Long-Term Corporate Family: Ba1
   -- Senior Unsecured Debt: Ba1
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: BB+
   -- Long-Term Local Issuer Credit: BB+
   -- Short-Term Foreign Issuer Credit: B
   -- Short-Term Local Issuer Credit: B
   -- Outlook: Stable




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


ARMSTRONG WOLRD: In Talks with NPM on Likely Desseaux Sale
----------------------------------------------------------
Armstrong World Industries Inc. and NPM Capital N.V. are
negotiating on the possible sale of Desseaux N.V. and its
subsidiaries, the principal operating companies in Armstrong's
European Textile and Sports Flooring business segment, to NPM
Capital N.V., Armstrong said in January 2007.  The negotiations
are at the stage where it is expected that the parties will
enter into an agreement.

AWI acquired Tapijtfabriek H. Desseaux in 1998 as part of the
purchase of Deutsche Linoleum Werke A.G., a manufacturer and
marketer of resilient flooring products headquartered in
Bietigheim-Bissingen, Germany.  Tapijtfabriek H. Desseaux owns
Desseaux Corp. of North America, a Debtor and subsidiary of AWI.
Desseaux North America is not a proponent of AWI's Plan of
Reorganization.

Tapijtfabriek H. Desseaux and its subsidiaries manufacture and
market carpet tiles and broadloom carpet for commercial and
residential use in Europe under brand names including Desso(R)
and Bergoss(R), and artificial turf for sports applications in
Europe and the United States under the brand names of Desso DLW
Sports Systems(R) and GrassMaster(R).

The Desseaux business recorded sales of around EUR200,000,000,
which is approximately US$262,000,000, in 2005.  Desseaux has
approximately 1,000 employees and manufacturing plants in
Waasmunster, Belgium; Dendermonde, Belgium; and Waalwijk,
Netherlands, where it also has its headquarters.

Michael D. Lockhart, AWI chairman and chief executive officer,
says that the sale of the majority of AWI's Textile and Sports
Flooring business in Europe will allow the Company to focus on
its core European resilient flooring business.

Stef Kranendijk, prospective Desseaux CEO, notes that
Tapijtfabriek H. Desseaux has the potential to further
strengthen its European markets, build on its excellent
reputation and well-known brand names, and expand its leading
position in the textile and sports flooring segments.

AWI plans to retain ownership of certain Desseaux businesses,
including automotive carpeting and linoleum-based indoor sports
flooring.  Its continuing flooring manufacturing operations in
Europe include linoleum production in Delmenhorst, Germany;
resilient vinyl flooring in Teesside, England and Holmsund,
Sweden; and resilient vinyl flooring and automotive carpeting in
Bietigheim-Bissingen, Germany.

                      About NPM Capital

NPM Capital -- http://www.npm-capital.com/-- focuses on Dutch
companies in general and in particular on companies that have a
strong growth strategy and that are led by enterprising
managers.   In many instances the companies are either already a
market leader in a certain market or have the potential to
attain this position.  NPM Capital is a division of SHV
Holdings.

                       About Armstrong

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.




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


BANCO ELCA: Investors Sue Oscar Rodriguez Over Bank's Collapse
--------------------------------------------------------------
Fifteen investors of bankrupt Costa Rican Banco Elca have filed
a joint lawsuit in the country against Oscar Rodriguez, the
financial institutions regulator Sugef's head, Business News
Americas reports, citing local reports.

The investors allege Mr. Rodriguez has been negligent of his
duty, committed fraud in his administration and altered data
during the intervention and bankruptcy process of Banco Elca,
local daily El Financiero reported.

Banco Elca was intervened in June 2004 and declared bankrupt in
February 2005, BNamericas says.  Sugef oversees Costa Rican
financial institutions, including the country's 17 banks.

The national council for financial system supervision oversees
three supervisory agencies: Sugef, securities regulator Sugeval
and pension watchdog Supen, BNamericas relates.




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


AES CORP: US Unit Picks Ivara to Offer Reliability Solutions
------------------------------------------------------------
AES Corporation's subsidiary, New York-based AES Somerset LLC,
has selected Ivara Corporation's Ivara Reliability Solution.
Ivara Corp. is an innovator in asset reliability solutions.

The Ivara Reliability Solution combines advanced practices and
technology, Ivara EXP, to enable a proactive asset reliability
process.  Ivara's WorkSmart implementation methodology
implements improved asset reliability, one system at a time,
ensuring the right maintenance work is executed on the right
equipment, at the right time.

"With Ivara, AES Somerset will adopt a proactive maintenance
process to optimize the reliability of our generating assets and
help improve plant performance to better serve our customers,"
said Kevin Pierce, President, AES Somerset LLC.  "After
attending the Ivara Reliability Leadership Summit, we met with
several customers and heard first hand the value they achieved
with the Ivara solution. We were impressed with Ivara's track
record of success in the power industry."

Ivara EXP is an enterprise system that supports the Ivara Asset
Reliability Process.  EXP consolidates, analyzes and manages all
asset health information.  As inspection data is collected, EXP
identifies potential failures and recommends the right
maintenance task to be executed at the right time.  AES Somerset
will utilize the new Ivara EXP Integration with Maximo(R) - MRO
Software's leading EAM System.

"In the highly competitive power industry, utilities must
continuously find ways to maximize the performance of their
generating assets to ensure uninterrupted and reliable power
delivery, without increasing costs."  says Gerry Bleau,
president and CEO, Ivara Corporation.  "By selecting Ivara, AES
is reinforcing its commitment to maintaining the best run and
most efficient operations in the power business.  We are pleased
to be their strategic reliability partner."

                         About Ivara

Ivara Corporation -- http://www.ivara.com/-- is a leader in
asset reliability solutions.   The company helps capital
intensive companies improve operational performance by better
managing the reliability of their plant assets.  Ivara's unique
methodology implements reliability one asset at a time,
resulting in a high financial impact that is quickly realized.
By putting a proactive asset reliability process, supported by
reliability expertise and technology, Ivara helps transition
organizations to proactively managing asset health.

                       About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and hydro.
The group also pursues business development activities in the
region.  AES has been in the region since May 1993, when it
acquired the CTSN power plant in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter - Latin America on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


SMURFIT KAPPA: Moody's Puts B1 Rating on Review & May Upgrade
-------------------------------------------------------------
Moody's Investors Service placed the B1 Corporate Family Rating
for Smurfit Kappa Holdings plc and other rated debt instruments
on review for possible upgrade.

This follows the shareholders' announcement to take the company
public and apply the proceeds to immediate debt reduction.

The review was triggered by the shareholders' decision to
partially float the company's equity during March and to apply
about EUR1.3 billion of the proceeds to repayment of debt,
namely the EUR325-million 11.5% 2015 PIK bonds (rated Caa2) and
to redeem pro-rata the EUR350-million 10.125% 2012 bonds (B3)
and the US$750-million 9.625% notes (B3).  This would lower FYE
2006 net debt from about EUR5.8 billion to around EUR4.5 billion
and decrease net leverage from about 6.1x to pro-forma 4.7x.

The review will follow the progress of the initial public
offering and the subsequent tender offer for the aforementioned
bonds as well as update Moody's assessment of the outlook for
SKG's operating performance in view of the potential for new
containerboard capacities coming on stream and the continuing
pressure from rising input costs.  In this respect Moody's notes
that announced price increases still have to be sustained at a
level above cost increases for energy and fibre in order for SKG
to achieve the profitability and cash flow improvements that
would place the company solidly into the Ba rating category.
The rating impact of the review for upgrade, if any, is likely
to be limited to one notch.

The B1 CFR currently reflects SKG's leading market positions in
Europe and Latin America, the integrated containerboard and
corrugated container operations, the synergy potential of the
merged entity as well as an experienced management team. The
ratings, however, also take into account:

   (i) the highly competitive and cyclical nature of the
       industry and the commodity character of the large part of
       SKG's product portfolio;

  (ii) the adverse impact from potentially rising raw material
       costs on profitability and cash flows; and

(iii) the high leverage at 6.1x per FYE06.

These ratings were placed under review:

On Review for Possible Upgrade:

   * Smurfit Kappa Funding plc

     -- Subordinate Regular Bond/Debenture, Placed on Review for
        Possible Upgrade, currently Caa1;

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B3;

   * Smurfit Kappa Holdings plc

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently B1;

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently Caa2;

   * Smurfit Kappa Treasury Funding Ltd.

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B1

Outlook Actions:

   * Smurfit Kappa Funding plc

     -- Outlook, Changed To Rating Under Review From Stable

   * Smurfit Kappa Holdings plc

     -- Outlook, Changed To Rating Under Review From Stable

   * Smurfit Kappa Treasury Funding Ltd.

     -- Outlook, Changed To Rating Under Review From Stable

SKG was formed in December 2005 through the combination of the
Jefferson Smurfit Group Limited and Kappa Holding B.V., which
created the largest European manufacturer of containerboard and
corrugated containers and a leading industry player in Latin
America.  Since the merger, management has taken out capacities
of nearly 495,000 tons of containerboard capacity during 2006
and has realized cost synergies of EUR87 million.

Smurfit Kappa Group, headquartered in Dublin/Ireland, is
Europe's largest integrated manufacturer of containerboard,
corrugated containers and other paper-based packaging products.
SKG holds leading positions in Latin America, which accounted
for the remainder, 13%, group sales totaling approximately
EUR7 billion.

In Latin America, the company's operations are in Argentina,
Brazil, Chile, Colombia, Dominican Republic, Ecuador, Mexico,
and Venezuela.




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


IMAX CORPORATION: Inks Amended Employment Pacts with Co-CEOs
------------------------------------------------------------
IMAX Corp. entered into separate amended employment agreements
with Richard L. Gelfond and Bradley J. Wechsler, the company's
Co-Chief Executive Officers.

Under the Agreements, the company said that the executives will
be entitled to be paid base salary at the rate of US$500,000 per
year, plus a bonus of up to two times salary.

However, bonuses will be at the discretion of the Board of
Directors and will be based upon the success of the company
in achieving the goals and objectives set by the Board after
consultation with the executives.

The Executives will be considered for a bonus based upon
performance during the year ending Dec. 31, 2007.  If the
executives' employment is terminated without cause prior to
the end of the term, the executive shall be entitled to no
less than a pro-rata portion of their median bonus target.

Additionally, the term of the agreement is extended until
Dec. 31, 2007.

Full-text copies of the Amended Employment Agreements are
available at no charge at http://ResearchArchives.com/t/s?1a07

IMAX Corp. -- http://www.imax.com/-- founded in 1967 and
headquartered jointly in New York City and Toronto, Canada, is
an entertainment technology company, with particular emphasis on
film and digital imaging technologies including 3D, post-
production, and digital projection.  IMAX also designs and
manufactures cameras, projectors and consistently commits
significant funding to ongoing research and development.
The IMAX Theatre Network currently consists of more than 270
IMAX affiliated theatres in 38 countries including Argentina,
Ecuador, Guatemala, Mexico and Colombia.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 1, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating for IMAX Corp., as well as the Caa1 rating on its senior
notes.  Moody's said the outlook remains stable.


PETROECUADOR: Unit Inks Drilling Contract with Changqing
--------------------------------------------------------
Petroproduccion, a subsidiary of state-oil firm PetroEcuador,
has inked a US$17 million contract with Changqing Petroleum
Exploration Bureau for the drilling of four vertical wells on
the Atacapi Parahaucu field in the Amazon region, Business News
Americas reports.

Under the agreement, services related to environmental impact
studies, access roads and platforms are also provided,
Petroecuador said in a statement.

Changqing Petroleum will receive US$17.4 million to increase
production on the Atacapi Parahaucu field by 30% to 2,000
barrels per day, BNamericas says.

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.


* ECUADOR: To Proceed with World Trade Complaint Against EU
-----------------------------------------------------------
The Ecuadorian ministry of foreign affairs told Fresh Plaza that
the government has decided to proceed with its complaint against
the European Union or EU at the World Trade Organization.

As reported in the Troubled Company Reporter-Latin America on
Feb. 1, 2007, Ecuador started a 60-day consultation period with
the EU regarding its banana import tariff conflict.  Ecuador
brought to the World Trade its complaint on the EUR176-per-
million-ton import tariff the European Union implemented.

According to Fresh Plaza, a meeting was held on Feb. 13 between:

          -- Minister of Foreign Affairs Maria Fernanda
             Espinosa,

          -- Minister of Industries Raul Sagasti, and

          -- Minister of Agriculture Carlos Vallejo.

The results of the preparatory consultation round with the EU
was studied during the meeting, Fresh Plaza notes.

Ecuador will continue negotiating with the EU to try to come up
with a solution that will be favorable for both parties, Fresh
Plaza says, citing the ministry.

Fresh Plaza relates that the Ecuadorian World Trade ambassador
will inform the World Trade arbitration panel of the
government's decision to proceed with its complaint against EU,
Fresh Plaza states.

                        *    *    *

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

In addition, these ratings were downgraded:

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

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

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

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




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


DIGICEL LTD: Guyanese Gov't Seeks Strategic Alliance with Firm
--------------------------------------------------------------
The Guyanese government has sought a strategic alliance with
Digicel Ltd., the Government Information Agency reports.

The Information Agency relates that effective and efficient
telecommunication is one component of the successful deployment
of the Information Communications Technology or ICT.

ICT is concerned with the use of technology in managing and
processing information, especially in large organizations.

The Guyanese government hopes to work with Digicel Ltd. over the
next several years, the Government Information Agency reports,
citing Guyanese President Bharrat Jagdeo.

President Jagdeo told the Information Agency, "We see them as a
long-term partner in implementing the ICT [Information
Communications Technology] program for Guyana... to use your
tremendous reach and marketing expertise across our region to
hasten the task of national development because if we grow, your
company will grow too."

"The recent World Bank 2006 report on global trends and polices
on information and communications for development, states that
at a global level, telecommunications and ICT have the potential
for reducing poverty and fostering growth in developing
countries and it is rapidly increasing," the Guyanese president
told the Information Agency.

President Jagdeo commented to the Information Agency that the
strategic alliance is also aimed at:

          -- expanding ICT's use in government agencies and
             schools,

          -- liberalizing and expanding telecommunications
             infrastructure, and

          -- providing the appropriate legal and regulatory
             framework.

"Guyana is now the fourth largest market in the Digicel group
and a market we believe that beckons huge opportunities for
growth," Digicel Vice Chairperson Leslie Buckley told the
Information Agency.

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

                        *    *    *

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

                        *    *    *

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


DIGICEL LTD: Invests US$60 Million for Guyana Operation
-------------------------------------------------------
Digicel Ltd. said in a statement that it has launched mobile
operations in Guyana with US$60-million initial investment.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Digicel built three base stations in Linden,
Guyana.  The stations are to ensure that Digicel clients are
getting the best mobile service available to them.

Digicel Group acquired access to the Guyanese market when it
acquired mobile operator U Mobile in November 2006 through the
direct acquisition of its ultimate parent holding company.

Business News Americas relates that the Guyanese government made
regulatory changes to allow firms to adjust mobile rates without
previous regulatory approval.

The government's move could create a price war between Digicel
and telephone operator Guyana Telephone and Telegraph Co.,
published reports say.

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

                        *    *    *

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

                        *    *    *

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




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


* HONDURAS: To Continue Bidding Process for Fuel Supply
-------------------------------------------------------
Honduras' presidential Web site posted that the government will
continue and conclude the bidding process for the supply of
fuel.

Business News Americas relates that the tender was launched in
2006 to ensure the long-term supply of low-priced fuels through
a competitive process.  US firm ConocoPhillips and Mexico's Gas
del Caribe were the top bidders.

The report says that ConocoPhillips will supply premium and
regular gasoline as well as diesel.  Gas del Caribe will supply
liquefied petroleum gas.  The firms have not signed any contract
yet.

The Honduran government will continue negotiations with
ConocoPhillips, telling BNamericas that it will sign the
contract when it has legal possession of the storage terminals.

Meanwhile, the president Web site says that the government will
maintain its legal action to defend its contractual rights over
storage tanks.

The government issued in January an emergency decree that forced
firms with fuel storage infrastructure to rent storage tanks,
BNamericas states.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


CENTURY ALUMINUM: Posts US$119.1 Million in 2006 Fourth Quarter
---------------------------------------------------------------
Century Aluminum Company reported a net loss of US$119.1 million
(US$3.67 per basic and diluted share) for the fourth quarter of
2006.  Reported fourth quarter results were impacted by a net
after-tax charge of US$174.3 million (US$5.37 per basic share)
for mark-to-market adjustments on forward contracts that do not
qualify for cash flow hedge accounting and by a gain on the sale
of surplus land.  The dilutive effect of the convertible notes,
options and performance shares would reduce Basic EPS by US$0.06
per share.

For the fourth quarter of 2005, the company reported a net loss
of US$148.7 million (US$4.62 per basic and diluted share).
Reported results for this quarter were impacted by an after-tax
charge of US$164.6 million (US$5.12 per basic share) for mark-
to-market adjustments on forward contracts that do not qualify
for cash flow hedge accounting.  The dilutive effect of the
options and performance shares would reduce Basic EPS by US$0.01
per share.

Recent highlights include:

  -- 2006 was a record year for primary aluminum shipments
     (up 10% over 2005), net sales (up 38%), operating income
     (up 144%) and net cash provided by operations (up 37%).

  -- The expansion of the Grundartangi, Iceland plant to 220,000
     tons was completed in December, on schedule and on
     budget.

  -- The further expansion of Grundartangi to 260,000 tons is
     proceeding on schedule and on budget.

  -- Hawesville achieved record production and safety results in
     2006.

  -- Ravenswood, which was impacted by a labor-related potline
     shutdown in August, is now operating normally.

  -- The company continues to make progress on the Helguvik
     greenfield project.

For 2006, Century reported a net loss of US$41.0 million
(US$1.26 per basic and diluted share).  Total year results
include a net after-tax charge of US$241.7 million (US$7.46 per
basic share) for mark-to-market adjustments on forward contracts
that do not qualify for cash flow hedge accounting and by a gain
on the sale of surplus land.  The dilutive effect of the
convertible notes, options and performance shares would reduce
Basic EPS by US$0.17 per share.

For 2005, the company reported a net loss of US$116.3 million
(US$3.62 per basic and diluted share).  Reported results for
this year were impacted by an after-tax charge of US$198.2
million (US$6.17 per basic share) for mark-to-market adjustments
on forward contracts that do not qualify for cash flow hedge
accounting.  The dilutive effect of the options and performance
shares would reduce Basic EPS by US$0.01 per share.

Sales for the fourth quarter of 2006 were US$424.4 million
compared with US$292.9 million for the fourth quarter of 2005.
Shipments of primary aluminum for the 2006 fourth quarter were
181,675 tons, compared with 156,015 tons shipped in the year-ago
quarter.

Sales for 2006 were US$1.6 billion compared with US$1.1 billion
for 2005, and total 2006 primary aluminum shipments of 679,939
tons compared with 615,842 tons shipped in 2005.

"In a year of robust commodity markets, we achieved important
milestones and posted record results," said president and chief
executive officer Logan W. Kruger.  "We concluded labor
contracts with the United Steelworkers at both of our operated
U.S. smelters.  The innovative agreement with the power provider
at Ravenswood provides for shared gains at today's metal prices
and an acceptable rate during lower market environments.
Hawesville achieved the highest production in the plant's 36-
year history."

"At Nordural, we completed a major brownfield expansion from
90,000 to 220,000 tons on schedule and budget.  We secured the
energy required to accelerate a further expansion to 260,000
tons from late 2008 to the fourth quarter of 2007; this project
also remains on schedule and on budget.  We achieved a
significant milestone for our Helguvik greenfield venture when
we signed a memorandum of understanding with Iceland's two major
geothermal power providers to purchase electrical energy for the
project."

"I am pleased with the performance of the entire Century team.
We enter 2007 as a larger and more competitive company, well
positioned for further profitable growth."

Headquartered in Monterey, California, Century Aluminum Company
(NASDAQ:CENX) -- http://www.centuryca.com/-- owns and operates
a 244,000 mtpy plant at Hawesville, Kentucky; a 170,000 mtpy
plant at Ravenswood, West Virginia; and a 90,000 mtpy plant at
Grundartangi, Iceland.  The company also owns a 49.67% interest
in a 222,000 mtpy reduction plant at Mt. Holly, South Carolina.
ALCOA Inc. owns the remainder of the plant and is the operating
partner.  Century also holds a 50% share of the 1.25 million
mtpy Gramercy Alumina refinery in Gramercy, Louisiana and
related bauxite assets in Jamaica.

                        *    *    *

Standard & Poor's placed the Company's long-term local and
foreign issuer credit ratings at BB- with a stable outlook on
March 13, 2001.

As reported in the Troubled Company Reporter on Oct. 19, 2006,
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for
Century Aluminum Company.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$250 Million
   7.5% Guaranteed
   Senior Unsecured
   Notes due 2014         Ba3      B1      LGD5       77%

   US$175 Million
   1.75% Convertible
   Guaranteed
   Senior Unsecured
   Notes due 2024         Ba3      B1      LGD5       77%


DIGICEL LTD: Moody's Lowers Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service lowered the corporate family rating of
Digicel Limited to B3 from B1, affirmed its existing senior
unsecured rating at B3 and assigned a Caa2 rating to the
proposed US$1.4 billion Notes Issue of Digicel Group Limited,
which is now the corporate family's ultimate parent.  At the
same time, Moody's said it would move the corporate family
rating to Digicel Group from Digicel Ltd.  Related LGD impacts
are noted below.  The outlook is stable.

The effective two notch downgrade of Digicel Group's corporate
family rating to B3 reflects the plans of the company's
controlling shareholder to recapitalize the balance sheet, which
will replace approximately US$1.2 billion of equity with debt
and modestly strengthen its cash position.  The new capital
structure will essentially double the company's funded debt to
US$2.8 billion and increase its initial pro-forma (restricted
group) adjusted leverage to roughly 9.5x.

While the initial leverage is high for the B3 rating category
and Moody's expects the company's new market investments to
consume cash over the next couple of years, the rating is
supported by Digicel Group's leading position as the largest
wireless telecommunications carrier in the Caribbean as well as
its successful track record at gaining significant market share
and producing solid operating results relatively quickly after
new markets are launched.  Moody's believes a continuation of
this success is likely, which may enable Digicel to reduce its
adjusted leverage to under 5.5x and curtail its cash
consumptiveness towards the end of fiscal 2009 (March 31, 2009).
The rating, however, also incorporates Moody's perception that
Digicel Group is increasing its financial risk at the same time
as it looks to higher risk markets such as Haiti for the growth
in its cash flows required to meet the above financial targets.

The stable outlook reflects Moody's opinion that Digicel Group
is likely to steadily improve its profitability and other key
credit metrics over the next couple of years as it focuses on
organic results rather than acquisitions, but that this
improvement is required to sustain its B3 corporate family
rating.

The Caa2 rating of Digicel Group's new Notes Issue reflects its
subordination to roughly US$1.4 billion of funded debt,
including the US$450 million B3 rated senior unsecured
obligation of DL and the proposed US$850 million senior secured
bank facility of its finance subsidiary (which is unrated by
Moody's).

Ratings Downgraded:

Digicel Limited

   -- Corporate Family Rating to B3 from B1
      (and moved to Digicel Group Limited)

   -- Probability of Default Rating to B3 from B1
      (and moved to Digicel Group Limited)

Ratings Affirmed:

Digicel Limited

   -- US$450 million Senior Unsecured Notes at B3
     (LGD 3, 45% from LGD 5, 79%)

Ratings Assigned:

Digicel Group Limited

   -- US$1.4 billion Senior Unsecured Notes at Caa2
      LGD 5, 81%

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


MIRANT CORP: Mirant NY-Gen Files Chapter 11 Reorganization Plan
---------------------------------------------------------------
Mirant NY-Gen LLC, an affiliate of Mirant Corp., delivered its
Chapter 11 Plan of Reorganization to the U.S. Bankruptcy Court
for the Northern District of Texas on Feb. 15, 2007.

Under the Plan, all Claims against Mirant NY-Gen, other than
Administrative Expenses, Tax Claims, and the DIP Secured Claims,
are grouped into six separate classes:

    Class    Type
    -----    ----
      1      Priority Claims (except Tax Claims)
      2      Secured Tax Claims
      3      Other Secured Claims
      4      General Unsecured Claims
      5      Affiliates Unsecured Claims
      6      Membership Interest

Classes 1 and 6 are unimpaired under the Plan and are deemed to
have accepted the Plan.  Classes 2, 3, 4 and 5 are impaired and
are entitled to vote to accept or reject the Plan.

Allowed Priority Claims will be paid in full on the Distribution
Date.

Holders of Allowed Class 2 and 3 Claims will receive the amount
of the Claim plus interest in one Cash payment, or other
treatments as may be agreed upon by the parties.

Holders of Allowed Class 4 Claims will be paid an amount in Cash
equal to the principal amount of the Allowed Class 4 Claim.

Holders of Allowed Class 5 Claims will receive releases, in full
and complete satisfaction of the Allowed Claim.

The sole holder of the Membership Interest, on the other hand,
will retain its interest in the Membership Interest.

             Sale of Mirant NY's Membership Interest

Simultaneously with the occurrence of the effective date of
Mirant NY-Gen's Plan, Mirant New York, Inc., will close the sale
of its Membership Interest in Mirant NY-Gen to Alliance Energy
Renewables, LLC, or any prevailing bidder, free and clear of all
claims, liens and interests.

Under the terms of the Membership Interest Purchase and Sale
Agreement, all of Mirant NY-Gen's right, title and interest in
certain of its assets will be assigned to, and vested in, Mirant
Americas, Inc.

The Assigned Assets include, among other things (i) Mirant NY-
Gen's affirmative claims and causes of action against any third
parties for actions or inactions arising prior to the Sale
Closing Date, including claims filed against Orange and Rockland
Utilities, Inc., and Consolidated Edison Company of New York,
Inc., and (ii) all of Mirant NY-Gen's pending insurance claims
for losses with respect to the Swinging Bridge Station and the
Hillburn Station.

Upon assignment, Mirant Americas will be entitled to liquidate
the Assigned Assets without further Court order, and to retain
any proceeds generated from the liquidation for its own account.

Mirant Americas will have full standing, and will be fully
empowered to pursue all Avoidance Actions and other Causes of
Action, without further Court order.

                     The Sale Proceeds

Mirant Americas' lien granted under the DIP Facility on
substantially all of Mirant NY-Gen's Assets will attach to the
proceeds of the sale of Mirant NY's Membership Interest.

The Sale Proceeds will be deposited in a Sale Proceeds Account.

Mirant NY-Gen agrees (i) that the Lien will be valid, perfected,
non-avoidable, and fully enforceable and (ii) that all amounts
due and owing under the DIP Facility are not subject to any set-
offs, counterclaims or defenses of any kind or nature
whatsoever.

Mirant Americas will release its Lien on the Estate Assets and
will agree that its Lien on the Sale Proceeds will be subject to
a carve-out in:

    (a) the Unsecured Creditor Amount -- the Court's estimate of
        the total amount of Allowed General Unsecured Claims;
        and

    (b) the Other Amount -- the Court's estimate of the total
        amount of Allowed Administrative Expenses except Fee
        Claims and DIP Secured Claims, Tax Claims, Priority
        Claims except Tax Claims, Secured Tax Claims, and Other
        Secured Claims.

The Court's estimation of the Unsecured Creditor Amount and each
category of the Other Amount will be conclusive.  None of Mirant
NY-Gen, the Reorganized Debtor, Mirant NY, Mirant Americas,
Alliance Energy, the Prevailing Bidder, the Sale Proceeds, or
the Assets will be liable for Allowed Claims exceeding the
estimated amounts for the Unsecured Creditor Amount or any Other
Amount category.

The Plan Carve-Out will replace the carve-out set forth in the
DIP Facility in its entirety.

Any portion of the Unsecured Creditor Amount not needed to pay
General Unsecured Claims and any portion of the Other Amount not
required to pay the allocated category of Administrative
Expenses will revert to Mirant Americas.

No Administrative Expenses, other than the DIP Secured Claim and
Fee Claims, of the Chapter 11 case or any future proceeding or
case which may result from it, will be charged pursuant to
Section 506(c) of the Bankruptcy Code or otherwise against
Mirant NY-Gen, the Reorganized Debtor, Mirant Americas or the
Sale Proceeds or Assigned Assets in each case without Mirant
Americas' prior written consent.

Neither Mirant NY-Gen, the Reorganized Debtor, Mirant Americas
nor the Sale Proceeds or Assigned Assets will be liable for the
payment of any other Claims of any kind against Mirant NY-Gen.

                       Disbursing Agent

The Plan provides that Mirant Corp. will be appointed to serve
as the Disbursing Agent under the Plan.  Mirant Corp. will
(i) take all steps and execute all instruments and documents
necessary to make Plan Distributions to holders of Allowed
Claims, (ii) comply with the Plan and the obligations under the
Plan, (iii) employ, retain, or replace professionals to
represent it with respect to its responsibilities, (iv) object
to Claims as specified in the Plan and prosecute the objections,
(v) compromise and settle any issue or dispute regarding the
amount, validity, priority, treatment, or Allowance of any Claim
as provided in the Plan, (vi) make annual and other periodic
reports regarding the status of distributions under the Plan to
the holders of Allowed Claims that are outstanding at that time,
with the reports to be made available upon request to the holder
of any Contested Claim, and (vii) exercise other powers as may
be vested in the Disbursing Agent pursuant to the Plan, the Plan
Documents or Court order.

The Disbursing Agent will make the required Plan Distributions
specified under the Plan on the relevant Distribution Date.

The Disbursing Agent, together with its officers, directors,
employees, agents, and representatives, are exculpated under the
Plan, except solely for actions or omissions arising out of the
Disbursing Agent's willful misconduct or gross negligence.

All Cash necessary for the Disbursing Agent to make payments
under the Plan and Plan Distributions will be obtained only from
the Sale Proceeds located in the Sale Proceeds Account.

No Plan Distribution of less than US$50 dollars will be made by
the Disbursing Agent to the holder of any Claim unless a request
is made in writing.  If no request is made within 90 days of the
Effective Date, all Plan Distributions will revert to Mirant
Americas.

Checks issued in respect of Allowed Claims will be null and void
if not negotiated within 90 days after the date of issuance.
Requests for re-issuance of any voided check will be made
directly to the Disbursing Agent by the holder of the Allowed
Claim to whom the check was originally issued.  Any claim in
respect of the voided check will be made within 180 days after
the date of issuance of the check.  If no request is made, any
claims in respect of the void check will be discharged and
forever barred and the unclaimed Plan Distribution will revert
to Mirant Americas.

               Distribution of Plan Carve-Out

The Disbursing Agent will reserve Sale Proceeds in the Sale
Proceeds Account in the amount of the Unsecured Creditor Amount
and the Other Amount, and the reserve will constitute the Plan
Carve-Out.  Funds located in the Sale Proceeds Account that are
not subject to the Plan Carve-Out will be used to fund Allowed
Fee Claims, and afterwards paid to Mirant Americas.

After all Plan Distributions have been made with respect to the
Unsecured Creditor Amount or any Other Amount category, any
funds reserved and remaining in the Sale Proceeds Account will
be paid to Mirant Americas.

                     Charter and Bylaws

On the Effective Date, the charter, bylaws, and other
appropriate corporate documents of the Reorganized Debtor will
be amended or created as necessary to satisfy the provisions of
the Plan, including, but not limited to, the transactions, as
applicable to Mirant NY-Gen, in accordance with the Membership
Interest Purchase and Sale Agreement.  After the Plan Effective
Date, the Reorganized Debtor will be permitted to amend or
modify its corporate documents as permitted by applicable law
without Court approval.

               Estimation of Contested Claims

The Disbursing Agent may ask the Court to estimate any Contested
Claim regardless of whether the Disbursing Agent or Mirant NY-
Gen has previously objected to the Claim or whether the Court
has ruled on the objection.  In the event that the Court
estimates any Contested Claim, that estimated amount will
constitute the Allowed amount of the Claim for all purposes
under the Plan.  All of the objection, estimation, settlement,
and resolution procedures set forth in the Plan are cumulative
and not necessarily exclusive of one another.  Claims may be
estimated and subsequently compromised, settled, withdrawn, or
resolved by any mechanism approved by the Bankruptcy Court.

A full-text copy of Mirant NY-Gen's Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?1a0b

                     About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts. The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.  (Mirant
Bankruptcy News, Issue No. 115; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MIRANT CORP: Excluded Debtors File Amended Supplemental Plan
------------------------------------------------------------
Mirant Corp.'s affiliates, Mirant New York Inc., Mirant Bowline
LLC, and Hudson Valley Gas Company, delivered an Amended
Supplemental Joint Chapter 11 Plan to the U.S. Bankruptcy Court
for the Northern District of Texas on Feb. 16, 2007,
incorporating additional provisions regarding Mirant NY-Gen,
LLC, and a joint stipulation and agreed order regarding Claim
No. 7886.

Under the Amended Supplemental Plan, all Claims against Mirant
NY, Mirant Bowline and Hudson Valley -- the Emerging New
York Entities -- other than Administrative Claims and Tax
Claims, are grouped into five separate classes:

    Class    Type
    -----    ----
      1      Taxing Jurisdiction Settlement Claims
      2      Unsecured Claims Against Mirant Bowline, Hudson
              Valley and Mirant NY
      3      Equity Interests
      4      Convenience Claims
      5      MSE Secured Claim

Classes 1, 3 and 5 are unimpaired and are deemed to have
accepted the Supplemental Plan.  Classes 2 and 4 are impaired
and previously voted to accept the confirmed Joint Plan of
Reorganization filed by the New Mirant Entities.

The Amended Plan provides that Classes 2 and 4 will receive the
same treatment that they would have received had the Emerging
New York Entities emerged under the confirmed Mirant Plan.
Accordingly, Class 2 and 4 are each deemed to have accepted the
Supplemental Plan without any further voting.

Each holder of an Allowed Convenience Claim will receive on the
Distribution Date, the same treatment received by holders of
Claims classified as "MAG Debtor Class 7 - Convenience Claims"
under the confirmed Mirant Plan.

The MSE Secured Claim refers to Claim No. 7886, a secured Claim
filed by MSE Power Systems, Inc., for US$613,112.  MSE Power
will receive a single Cash payment for its Claim.

Holders of Administrative Claim must file with the Bankruptcy
Court and serve on the Emerging New York Entities and the Office
of the United States Trustee, notice of the Administrative Claim
within 30 days after service of Notice of Confirmation.

                     Intercompany Settlement

In settlement and compromise of certain existing and potential
disputes regarding Intercompany Claims and related matters, the
Supplemental Plan treats Mirant Bowline, Hudson Valley, and
Mirant NY as a single estate for purposes of making any other
Plan Distributions under the Supplemental Plan, including Plan
Distributions in respect of the Convenience Claims, the MSE
Secured Claim and the Tax Claims if any.

                      Additional Guarantees

The 100% membership interest in Mirant NY-Gen owned by Mirant NY
will not be included as security for the Additional Guarantee
and will instead be transferred to Alliance Energy Renewables,
LLC, or any prevailing bidder for the interests, as the case may
be, pursuant to terms of the Membership Interest Purchase and
Sale Agreement and related orders, or alternate agreements and
orders, whichever is applicable.

                 The Purchase and Sale Agreement

In the event of a conflict between the Supplemental Plan and the
terms of any of the Membership Interest Agreements and Orders or
Alternative Agreements and Orders, the terms of the Membership
Agreements and Orders or Alternative Agreements and Orders will
prevail.  Notwithstanding the occurrence of the Supplemental
Plan Effective Date, (a) each party to a Membership Interest
Agreement and Order and to an Alternate Agreement and Order will
be legally bound by the terms of the Agreements and Orders; (b)
each Membership Interest Agreement and Order and Alternate
Agreement and Order will be fully enforceable against the
parties according to the Agreements' and Orders' terms; and (c)
all Membership Interest Claims and all defenses now existing or
later arising will be unaffected by these terms and all related
rights, claims and defenses are expressly preserved.

Nothing will affect, alter, release, limit or modify any
Membership Interest Claim, and the Emerging New York Entities
will not be exculpated from any Claims.  Nothing will enjoin any
holder of a Membership Interest Claim from asserting or
persecuting its Membership Interest Claim.

Membership Interest Claims refer to claims arising under any of
the Membership Interest Agreements and Orders or the Alternate
Agreements and Orders.

A full-text copy of the Emerging New York Entities' Amended
Supplemental Plan is available for free at:

             http://ResearchArchives.com/t/s?1a0c

                     About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts. The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.  (Mirant
Bankruptcy News, Issue No. 115; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


ADVANCED MARKETING: Answers Protests to Houlihan Lokey Retention
----------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates have
responded to objections raised by the Official Committee of
Unsecured Creditors and Kelly Beaudin Stapleton, the United
States Trustee for Region 3, questioning the appropriateness and
the benefit to the Debtors' estate of the employment of Houlihan
Lokey Howard & Zukin Capital as the Debtors' investment banker,
nunc pro tunc to Dec. 29, 2006.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at
Wilmington, Delaware, tells the Hon. Judge Christopher S.
Sontchi of the United States Bankruptcy Court for the District
of Delaware that if the Debtors' application to employ Houlihan
Lokey were denied, the delay that would ensue would cause
significant harm to the Debtors.

As reported in the Troubled Company Reporter on Feb. 14, 2007,
the Debtors sought to employ Houlihan Lokey to act as their
investment banker because the firm has substantial expertise in
advising them, and is well qualified to perform the services and
represent their interests in the Chapter 11 cases.

Representing the Unsecured Creditors Committee, Thomas F.
Driscoll III, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, objected to the employment of Houlihan
Lokey because, given the high fees being asked by the firm,
there would be no benefit to the estates and creditors to retain
them at this time and that the service for which the firm is to
be employed could an be provided by the Debtors' other
professionals.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
also objected to the firm's professional fees unless and until
the applicant shows that there is a benefit to the estate.  The
fees must be reasonable and necessary, she added.  Ms. Stapleton
also said that Houlihan Lokey should provide hourly rates for
its professionals.

Ms. Stapleton also noted that Houlihan Lokey's monthly fee, if
allowed, should be subject to Section 330 standards, while the
various transaction and financing fees should be disallowed
under the "improvident" standard stated in Section 328 and
subject to Section 330.

                Need for Houlihan Lokey's Services

The Debtors desperately need the services of Houlihan Lokey, Mr.
Collins tells Judge Sontchi.

As investment banker, one of Houlihan Lokey's most critical
tasks is the valuation of the Debtors' assets to determine
whether the greatest value can be achieved through a sale of the
assets or through a liquidation of the estates, Mr. Collins
explains.  He adds that Houlihan Lokey's role is critical and is
not duplicative of the roles performed by other professionals in
the Debtors' Chapter 11 cases.

For its part, Houlihan Lokey points out that the Committee
ignores the substantial work the firm has already performed for
the Debtors, including running the M&A process for the sale of
Advanced Marketing Services Inc., preparing and presenting
financial statements to potential buyers, and advising the
Debtors regarding negotiations with potential buyers.

"On a broader level, the Committee misconstrues the services
provided by Houlihan Lokey by implying that its sole function is
to find potential buyers," Mr. Collins says.  "Significant
further activity would need to be done by Houlihan Lokey even
after a purchaser is identified," he adds.

To address the objections filed by the Committee and the U.S.
Trustee, Mr. Collins contends that the overall compensation
structure for Houlihan Lokey is comparable to compensation
generally charged by investment banking firms of similar stature
to Houlihan Lokey for comparable engagements, both in and out of
court.

The nature of Houlihan Lokey's employment in the Debtors'
bankruptcy cases is especially appropriate for pre-approval
under Section 328(a) of the Bankruptcy Code, Mr. Collins
continues.  Accordingly, the Debtors and Houlihan Lokey maintain
that the Court should approve the Debtors' employment
application pursuant to Section 328(a).

Mr. Collins further notes that to demonstrate to the Court that
the Debtors and Houlihan Lokey are willing to compromise, both
parties would make certain revisions to their engagement letter
and the application if the Court approved Houlihan Lokey's
employment pursuant to Section 328(a).

Among other things, Mr. Collins says, the Debtors would revise
their application so that Houlihan Lokey's retention would be
granted, nunc pro tunc to Jan. 17, 2007, instead of the
Dec. 29, 2006 petition date.  Houlihan Lokey, on the other hand,
would modify the terms of the engagement letter as suggested by
the Committee so that the firm would receive a Transaction Fee
during the 12th month "Tail Period," only if an M&A Transaction
or Restructuring Transaction is caused or procured by the firm.

                   About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.  (Advanced Marketing Bankruptcy News, Issue
No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Mark E. Ravitz Appointed as Director
--------------------------------------------------------
Advanced Marketing Services Inc. has appointed Marc E. Ravitz,
CFA, as its director.

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

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

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

The company also announced that the company's meeting of
stockholders, which was scheduled to be conducted on
Jan. 24, 2007, was adjourned until 8:00 a.m. Pacific Standard
Time on Feb. 23, 2007, at the company's offices in San Diego,
California.  The meeting was adjourned because less than a
majority of the company's shares outstanding and entitled to
vote were represented at the meeting.  The record date for the
meeting remains Dec. 26, 2006, and only stockholders of record
as of the close of business on that date will be entitled to
vote at the meeting.

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007. (Advanced Marketing Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


AMERICAN TOWER: Earns US$27.5 Million in Quarter Ended Dec. 31
--------------------------------------------------------------
American Tower Corp. reported that for the fourth quarter ended
Dec. 31, 2006, its net income increased to US$27.5 million;
rental and management segment revenue increased to US$1.2
billion; adjusted EBITDA increased to US$868.2 million; and cash
provided by operating activities increased to US$620.7 million.

Jim Taiclet, American Tower's chief executive officer stated,
"As demonstrated by American Tower's strong revenue, Adjusted
EBITDA, and Free Cash Flow growth, 2006 was a positive year for
the tower industry.  We anticipate that the factors which drove
much of our new business in 2006 will continue into 2007,
including initiatives by US wireless carriers to increase
capacity and coverage and deploy new data services.
Additionally, we look forward to working closely with our
customers who acquired spectrum as part of Auction 66 to help
enable the effective and rapid deployment of new markets and
services.

"During 2007, we will continue to actively pursue the three
pillars of our corporate strategy: seeking and evaluating
opportunities, both domestically and internationally, to add
quality assets to our portfolio, achieving the highest possible
returns on those assets through continuous improvement of our
operational execution, and optimizing our balance sheet to
benefit our shareholders while maintaining the financial
flexibility to pursue future strategic opportunities," Mr.
Taiclet said.

         Fourth Quarter 2006 Operating Highlights

For the quarter ended Dec. 31, 2006, American Tower's total
revenues increased 10% to US$337.6 million and rental and
management segment revenues increased 9% to US$331.2 million.
Rental and Management Segment Gross Margin increased 12% to
US$249.8 million and Services segment revenue and Gross Margin
increased to US$6.4 million and US$2.8 million, respectively.

Total selling, general, and administrative and development
expense was US$44.0 million.  The company's selling, general,
administrative and development expense for the quarter includes
stock-based compensation expense of US$10.0 million and US$6.6
million of additional costs related to the review of the
Company's stock option granting practices, related legal and
governmental proceedings and other related costs.  Including
these additional costs related to the stock option review,
Adjusted EBITDA increased 12% to US$218.5 million and Adjusted
EBITDA Margin was 65%.

Income from operations increased to US$73.4 million, and net
income increased to US$18.3 million, or US$0.04 per basic and
diluted common share.

Free Cash Flow increased to US$109.1 million, consisting of
US$145.6 million of cash provided by operating activities, less
US$36.4 million of payments for purchases of property and
equipment and construction activities, including US$14.7 million
of discretionary capital spending.  The Company completed the
construction of 64 towers and the installation of 3 in-building
systems during the quarter.

                   About American Tower

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil.  American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil.  Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Moody's Investors Service upgraded the corporate
family rating of American Tower Corp. to Ba1 from Ba2, affirmed
the company's SGL-1 liquidity rating and changed the ratings of
its various debt instruments pursuant to the loss given default
methodology.  This concludes the ratings review commenced
Dec. 11, 2006.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2007, Fitch Ratings has upgraded the ratings on
American Tower Corp. and its subsidiaries as:

American Tower Corp.

   -- Issuer Default rating to 'BB+' from 'BB-';
   -- Senior Unsecured notes to 'BB+' from 'BB-'.

American Towers Inc.

   -- IDR to 'BB' from 'BB-'.

SpectraSite Communications Inc.

   -- IDR to 'BB' from 'BB-'.


AMERICAN TOWER: Board Approves US$1.5 Bil. Stock Repurchase Plan
----------------------------------------------------------------
American Tower Corp.'s Board of Directors has approved a new
stock repurchase program pursuant to which the company intends
to repurchase up to US$1.5 billion of its Class A common stock
through February 2008.

The Company expects to utilize cash on hand, cash from
operations, borrowings under its credit facilities, and
borrowings from potential future financings to fund the
repurchase program.  Under the program, management is authorized
to purchase shares from time to time in open market purchases or
privately negotiated transactions at prevailing market prices.
To facilitate repurchases, the company plans to make purchases
pursuant to a Rule 10b5-1 plan, which will allow the company to
repurchase its shares during periods when it otherwise might be
prevented from doing so under insider trading laws or because of
self-imposed trading blackout periods.

The company expects to complete its current US$750 million stock
repurchase program by the end of February 2007, at which time
the company expects to commence its new stock repurchase
program. During the quarter ended Dec. 31, 2006, the company
repurchased approximately 1.1 million shares of its Class A
common stock for approximately US$40 million.

As of Feb. 20, 2007, the company had repurchased an aggregate of
20.2 million shares of its Class A common stock for
approximately US$686 million pursuant to this program, which
includes the repurchase of 7.2 million shares of its Class A
common stock for approximately US$287 million subsequent to
Dec. 31, 2006.

                    Financing Highlights

In February 2007, the company raised US$550 million of
additional borrowing capacity under the senior secured credit
facilities of its principal operating subsidiaries.  The company
secured a US$300 million revolving loan under the American Tower
credit facility and a US$250 million revolving loan under the
SpectraSite credit facility, both of which remained undrawn at
closing.  In addition, the company drew down US$250 million of
its existing revolving loans under the American Tower credit
facility to fund repurchases of the company's 5.0% Convertible
Notes, pursuant to its previously announced tender offer.  As a
result, the company increased its available liquidity under its
credit facilities as of Feb. 20, 2007, to over US$800 million,
which may be used to fund stock repurchases, repurchase existing
debt, and for other general corporate purposes.  The terms of
the new revolving loans are consistent with the terms of the
company's existing credit facilities and mature on
Oct. 27, 2010.

During the first half of 2007, the company anticipates raising
additional capital through a securitization of the majority of
the towers in its SpectraSite portfolio to repurchase existing
debt, fund stock repurchases, and for other general corporate
purposes.

                   Organizational Changes

Jean Bua, currently the company's Senior Vice President, Finance
and Corporate Controller, will be assuming greater
responsibilities in the company's finance organization and
accordingly, will be promoted to Executive Vice President,
Finance and Corporate Controller.

In addition, Michael Gearon, Vice Chairman and President of
American Tower International, has notified the company of his
intention to leave the company to devote more time to his
personal endeavors and other interests.

Hal Hess, currently the company's Executive Vice President,
General Counsel, will assume Mr. Gearon's responsibilities as
the new Executive Vice President, International Operations.  Mr.
Hess originally joined the company in 2001 as Chief Financial
Officer of American Tower International and has continued to
serve in that capacity since becoming General Counsel of the
company in 2002.

The company is in the process of hiring a new Chief
Administrative Officer, who will assume the responsibilities of
General Counsel as Mr. Hess transitions into his new role.

                    About American Tower

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil.  American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil.  Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Moody's Investors Service upgraded the corporate
family rating of American Tower Corp. to Ba1 from Ba2, affirmed
the company's SGL-1 liquidity rating and changed the ratings of
its various debt instruments pursuant to the loss given default
methodology.  This concludes the ratings review commenced
Dec. 11, 2006.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2007, Fitch Ratings has upgraded the ratings on
American Tower Corp. and its subsidiaries as:

American Tower Corp.

   -- Issuer Default rating to 'BB+' from 'BB-';
   -- Senior Unsecured notes to 'BB+' from 'BB-'.

American Towers Inc.

   -- IDR to 'BB' from 'BB-'.

SpectraSite Communications Inc.

   -- IDR to 'BB' from 'BB-'.


DOMINO'S PIZZA: Subsidiary Inks Interest Rate Swap Agreement
------------------------------------------------------------
Domino's Inc., a Domino's Pizza Inc. subsidiary, disclosed that
on Feb. 12, 2007, it entered into a five-year forward-starting
interest rate swap agreement with a notional amount of US$1.25
billion to hedge the interest rate variability of the coupon
payments associated with the anticipated issuance of up to
US$1.85 billion of securitized debt in connection with the
recapitalization plan that was disclosed by Domino's Pizza Inc.
on Feb. 7, 2007.

Under the swap agreement, the company has agreed to pay a fixed
interest rate of approximately 5.16%, beginning on March 31,
2008, through March 31, 2013, in exchange for receiving floating
payments based on three-month LIBOR on the same US$1.25 billion
notional amount for the same five-year period.  The swap
agreement is expected to be cash settled, in accordance with its
terms, concurrent with the issuance date of the securitized
debt.

                   Recapitalization Plan

Domino's Pizza disclosed both equity and debt tender offers as
part of an overall plan to recapitalize the company.  The plan
consists of four key elements:

   1) Tender offer for up to 13.85 million shares of Domino's
      Pizza, Inc. common stock at a purchase price not less than
      US$27.50 or greater than US$30.00 per share providing a
      liquidity event for shareholders electing to reduce their
      level of ownership under the newly proposed capital
      structure.

   2) Tender offer for all of the remaining 8-1/4% Senior
      Subordinated Notes due 2011 issued by Domino's, Inc. The
      aggregate outstanding principal amount of the notes is
      approximately US$274 million.

   3) Repayment of all outstanding borrowings under the existing
      senior credit facility and the termination of that
      facility.

   4) An asset-backed securitized facility in an amount of up to
      US$1.85 billion.

The process to convert to securitized financing from traditional
bank and bond financing is complex and the outcome cannot be
predicted with exact certainty.  The company anticipates
obtaining the funds needed to finance the tender offers and to
repay existing bank debt from a bridge loan facility (for which
it has received a customary commitment) providing for borrowings
of up to US$1.35 billion.  In the event an ABS facility is not
completed, the bridge loan facility will convert into a five-
year term loan, which may, subject to market terms and
conditions, be refinanced through traditional financing options.

In comparison to the company's current bank and bond debt
structure, or other debt options, management believes an ABS
facility is an attractive source of financing with a lower
interest rate and fewer restrictive covenants.  After repayment
of all outstanding amounts under the bridge loan facility,
Domino's Pizza expects to use all or a portion of remaining
proceeds from the ABS facility to pay a significant special cash
dividend and to make equivalent payments and adjustments to
holders of outstanding stock options.  Domino's Pizza has
retained Lehman Brothers as structuring advisor for the
securitization financing.

"Based on the strong cash flow characteristics of our business,
the appropriate corporate finance decision for our company is
one that includes significant leverage," David A. Brandon,
Chairman and CEO, said.  "The most efficient and flexible debt
we can negotiate is asset-backed securitization, which provides
the lowest cost of financing available to us.  With this
additional capital, we will have a considerable amount of
financial flexibility and the ability to return equity to our
shareholders through our announced tender offer as well as the
possibility of a significant special cash dividend and future
open-market share repurchases.

"As part of this plan, we are tendering for up to 22% of our
outstanding common stock in order to provide a selling
opportunity for those shareholders who prefer a less-levered
balance sheet.  Alternatively, shareholders who don't
participate may increase their percentage ownership and will
benefit from any potential future special dividends.  As part of
this go- forward plan, we will be recommending to our Board of
Directors the discontinuation of our ordinary dividend."

                     Stock Tender Offer

Domino's Pizza has announced a modified "Dutch auction" tender
offer to purchase up to 13.85 million shares of its common stock
at a price per share not less than US$27.50 and not greater than
US$30.00, for a maximum aggregate purchase price of up to
approximately US$415.5 million.  The company commenced the stock
tender offer on Feb. 7, 2007, and expects the stock tender offer
to expire at 5:00 p.m. on March 9, 2007, unless extended.  The
number of shares proposed to be purchased in the stock tender
offer represents approximately 22% percent of the company's
currently outstanding common stock.

The directors and executive officers of the company have all
advised Domino's Pizza that they will not participate in this
tender offer.  Investment funds associated with Bain Capital,
LLC (who currently own approximately 27% of Domino's Pizza's
outstanding shares) have elected not to participate in the stock
tender offer.  However, the company has entered into a
repurchase agreement with Bain that provides for Domino's Pizza
to purchase shares from the investment funds associated with
Bain shortly after the completion of the stock tender offer so
that the aggregate ownership of Bain's investment funds will not
exceed 1/3 of Domino's Pizza's total outstanding shares
immediately after the repurchase.  This obligation to repurchase
shares from Bain will be triggered if the shares tendered in the
stock tender offer exceed approximately 11.6 million shares.  If
the stock tender offer is fully subscribed, then Domino's Pizza
will purchase approximately 1.1 million shares from Bain at the
same price as is paid in the stock tender offer.

The company expects to return a significant amount of the
remaining capital raised by this recapitalization to
shareholders in the form of a significant special cash dividend.
Any special dividend considerations are expected to occur only
after the completion of the ABS funding facility, which will be
dependent on conditions of the company and market at that time.
In this event, the company will, pursuant to its dividend
equivalent rights policy, pay option holders with vested options
a cash payment equivalent to the dividend amount.  Holders of
unvested options will receive a reduction in exercise price, to
the extent permitted by applicable law, equivalent to the
dividend amount.

The information agent for the stock tender offer is MacKenzie
Partners, Inc.  The depositary for the offer is American Stock
Transfer and Trust Company.  The dealer managers for the stock
tender offer are JP Morgan Securities Inc., Lehman Brothers and
Merrill Lynch & Co.

Shareholders with questions, or who would like to receive
additional copies of the tender offer documents, may call the
information agent toll-free at (800) 322-2885.

                      Bond Tender Offer

Domino's, Inc. is offering to purchase for cash any and all of
its 8-1/4% Senior Subordinated Notes due 2011 and is soliciting
consents to amend provisions of the notes and the indenture
dated as of June 25, 2003 in order to eliminate the restrictive
covenants currently contained in the notes and the indenture.
The Consent Payment Deadline is 5:00 p.m., New York City time,
on Feb. 23, 2007, unless extended, and the bond tender offer
expires at 12:01 a.m., New York City time, on March 9, 2007,
unless extended or earlier terminated.  If the company extends
either of these dates and times, it will announce the new dates
and times.

The price offered for the notes will be calculated on
Feb. 23, 2007, using a yield equal to a fixed spread plus the
yield to maturity of a U.S. Treasury note with a maturity date
that is close to July 1, 2007, the first date on which the
Company may redeem the notes.  The fixed spread and the
reference U.S. Treasury note Domino's is using are specified in
the chart.

The information agent for the bond tender offer is Global
Bondholder Services Corporation.  The depositary for the bond
tender offer is The Bank of New York.  The dealer managers for
the bond tender offer are JP Morgan Securities Inc., Lehman
Brothers and Merrill Lynch & Co. Bondholders with questions or
who would like additional copies of the bond tender offer
documents may call the information agent toll-free at
(866) 804-2200.

                   Bridge Loan Facility

The company has obtained a commitment from Lehman Brothers,
JPMorgan and Merrill Lynch, to enter into a bridge loan facility
in order to provide financing for the tender offers and proceeds
to repay its existing bank debt.  The bridge loan facility will
provide financing during the interim period between closing of
the tender offers and the expected completion of the ABS
facility.  Borrowings under the bridge loan facility are
expected to be made shortly before the expiration of the bond
tender offer, in an amount sufficient to pay for tendered bonds,
and shortly before settlement of the stock tender offer, in an
amount sufficient to pay for tendered shares.  The bridge
facility will be structured to permit multiple draws in order to
provide Domino's Pizza with maximum flexibility in timing the
company's borrowings under the bridge loan facility.

                       ABS Facility

Domino's Pizza is in the process of negotiating the terms of an
ABS issuance that it expects will involve securitizing
substantially all of the company's existing revenue-generating
assets, which principally consist of the company's franchise-
related agreements, product distribution agreements and license
agreements for its intellectual property.  Domino's Pizza has
engaged Lehman Brothers as the sole structuring advisor and
joint bookrunner for the ABS facility.  JP Morgan Securities
Inc. and Merrill Lynch & Co. will also act as joint bookrunners.
The company is currently targeting the first half of 2007 for
completion of the ABS facility.  However, no assurance can be
given that the company will be able to successfully complete an
ABS facility on these terms or at all.

Once the securitization is completed, Domino's Pizza may use the
remaining funds for general corporate purposes, including the
contemplated significant special dividend.  The company may also
determine in the future to implement an open-market share
repurchase program.

                    About Domino's Pizza

Headquartered in Ann Arbor, Michigan, Domino's Pizza Inc.
(NYSE:DPZ) -- http://www.dominos.com/-- through its primarily
franchised system, operates a network of 8,190 franchised and
company-owned stores in the United States and more than 50
countries.  Founded in 1960, the company has more than 500
stores in Mexico.  The Domino's Pizza(R) brand, named a
Megabrand by Advertising Age magazine, had global retail sales
of nearly US$5 billion in 2005, comprised of US$3.3 billion
domestically and US$1.7 billion internationally.

As of Sept. 10, 2006, Domino's Pizza's balance sheet showed a
US$592,435,000 stockholders' deficit compared with a
US$609,112,000 at June 18, 2006.


FORD MOTOR: Expects to Miss Feb. & March "Way Forward" Target
-------------------------------------------------------------
Ford Motor Co. expects to miss some points in its "Way Forward"
restructuring plan, according to an internal report titled
"Report Card: Ford North America," various news agencies report.

The reports said that although Ford hit the US$400 million
material cost savings in January, the company would likely miss
its target for February and March.  Also, Ford missed its U.S.
retail sales goal in January for Focus by 10,600 vehicles.  Ford
is also likely to miss its market share goals for February and
March, news agencies add.

According to the reports, about 15,000 employees were surveyed,
of which about half voted confidence in the restructuring plan,

The "Way Forward" is Ford's restructuring plan that includes
closing plants and laying off up to 45,000 employees.

                     About Ford Motor Co.

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

                        *     *     *

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

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

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


GENERAL MOTORS: Talks with DaimlerChrysler AG's Chrysler Group
--------------------------------------------------------------
General Motors Corp. and DaimlerChrysler AG are in talks about a
possible purchase of the Chrysler Group by GM, according to
German publication Manager Magazin.

According to various news agencies, DaimlerChrysler hired
JPMorgan for advice regarding strategic alternatives.

In a TCR report yesterday, DaimlerChrysler Chairman of the Board
of Management Dr. Dieter Zetsche said, "... in order to optimize
and accelerate the presented plan, we are looking into further
strategic options with partners ....  In this regard, we do not
exclude any option in order to find the best solution for both
the Chrysler Group and DaimlerChrysler."

GM and DaimlerChrysler AG's Chrysler Group are also in talks of
an alliance to share costs of chassis designs and reduce
development expenses for a large sport utility vehicle, Jeff
Green and Jeff Bennett of Bloomberg report citing people
familiar with the talks.

GM and the Chrysler Group have been discussing the matter for
six months without reaching an agreement, the Wall Street
Journal notes.

                     About DaimlerChrysler

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

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

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

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

                     About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India, and its vehicles are sold in 200
countries.

                        *     *     *

Standard & Poor's Ratings Services, on Dec. 13, 2006, affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed on March 29, 2006.

On Jan. 29, 2007, S&P said that the company's announcement that
it is restating financial results from 2002 through the third
quarter of 2006 raises new concerns about the integrity of the
company's financial reporting and internal controls, but has no
immediate effect on the ratings on GM, GMAC LLC
(BB+/Developing/B-1), or GMAC unit Residential Capital LLC
(ResCap; BBB/Negative/A-3).

On Nov. 14, 2006, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term
loan.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


MOVIE GALLERY: Moody's Confirms Ratings on Improved Liquidity
-------------------------------------------------------------
Moody's Investors Service confirmed the corporate family rating
of Movie Gallery Inc. at Caa1 and changed the rating outlook to
positive.  The change in outlook to positive reflects the
elimination of the company's pending first quarter violation and
improvement in the company's tight liquidity as a result of the
commitment from Goldman Sachs to provide and syndicate a total
of US$900 million of senior secured credit facilities.  The new
credit facilities will be used to refinance the company's
existing credit facilities, under which the company would have
had a covenant violation for the first quarter of 2007.  Moody's
assigned a B2 to the company's proposed US$650 million senior
secured first lien credit facilities and a Caa1 to the US$250
million senior secured second lien facility.  In addition,
Moody's upgraded the company's speculative grade liquidity
rating to SGL-3.  This rating action concludes the review for
possible downgrade initiated on Nov. 22, 2006.

These ratings are confirmed:

   -- Corporate family rating at Caa1;

   -- Probability of default rating at B3;

   -- Senior secured credit facilities at B3 (LGD-3-41%); and

   -- Senior unsecured guaranteed notes at Caa2
      (with the LGD assessment changed to LGD5-89%).

These ratings are assigned:

   -- US$100 million senior secured revolving credit facility
      at B2 (LGD3-33%);

   -- US$25 million synthetic letter of credit facility
      at B2 (LGD3-33%);

   -- US$525 million senior secured first lien term loan
      at B2 (LGD3-33%); and

   -- US$250 million senior secured second lien term loan
      at Caa1 (LGD4-66%).

The speculative grade liquidity rating is upgraded to SGL-3 from
SGL-4.

The ratings on the existing senior secured credit facilities
rated B3 will be withdrawn upon their termination at the close
of the new US$900 million credit facilities.

The Caa1 corporate family rating reflects the company's
continued eroding competitive position of its Hollywood
Entertainment subsidiary, its very weak credit metrics, and the
numerous threats the home video rental industry faces.  The
rating is also constrained by the company's high seasonality and
aggressive financial policies.  The company has very little
financial flexibility as result of the high leverage it incurred
in order to finance its acquisition of Hollywood Entertainment
in early 2005.  Balancing out these weaknesses is the company's
national diversification, credible market position (in a
challenged industry), and its scale with approximately US$2.5
billion in annual revenues.

The rating outlook is positive.  The positive outlook reflects
the additional liquidity provided by the new bank credit
facilities as well as Moody's expectation the company's
liquidity position will improve further as it is likely that its
working capital needs during 2007 will be significantly below
prior years.

Ratings could be upgraded should the company demonstrate that
its internally generated cash flow has stabilized and can fully
support with a moderate cushion its working capital, video
rental library purchases, capital expenditures, and its debt
service requirements.  Given the positive outlook it is
currently unlikely that ratings would be downgraded.  However,
downward rating pressure would develop should the company's
liquidity position deteriorate or should there be further
notable erosion in the company's operating income.

Moody's has applied its Probability of Default and Loss-Given-
Default rating methodology to Movie Gallery resulting in a
probability of default rating of B3 which is one notch above the
corporate family rating.  This reflects a lower likelihood of
default and more importantly a lower recovery rate for Movie
Gallery as compared to other Caa1 corporate family ratings.
This lower recovery rate is a result of the company's impaired
enterprise value given its eroding profitability and its low
levels of tangible assets.

The SGL-3 represents adequate liquidity as provided by the Movie
Gallery's internally generated cash flow and the new US$100
million revolving credit facility.  It is Moody's expectation
that internally generated cash flow, including on balance sheet
cash, will be sufficient to fund its working capital, capital
expenditures, and scheduled debt amortization over the next
twelve months.  However, this is subject to the company being
able to dramatically reduce its working capital needs over the
prior year.  Should the company not be able to achieve these
working capital improvements, it has sufficient availability
under its new US$100 million revolving credit facility.  The new
credit facilities eliminate the company's expected first quarter
2007 covenant default that would have occurred under the
facilities being replaced.  The company is anticipated to have
sufficient cushion with the two financial covenants contained in
the new agreements; minimum interest coverage, maximum secured
leverage, and maximum total leverage.

Movie Gallery, headquartered in Dothan, Alabama, is a leading
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.


SCHEFENACKER AG: Unveils New Financial Restructuring Scheme
-----------------------------------------------------------
Schefenacker AG, now known as Schefenacker Plc, has agreed a
financial restructuring plan with its senior lenders and
shareholder.

Binding heads of terms have been executed that propose that the
financial indebtedness of the Schefenacker Group, currently
standing at around EUR450 million is to be replaced by a new
financial package consisting of a new senior revolving facility
of EUR25 million, a senior term facility of EUR170 million, and
a new mezzanine facility of around EUR110 million.

                            Bonds

The bondholders will be asked to convert their debt into 5.0
percent of the restructured equity of the holding company of the
Schefenacker Group.

"The financial restructuring will be achieved without any
disruption to the operational activities of any group company,"
Stephen Taylor, Schefenacker's Chief Restructuring Officer,
said.  "If the bondholders agree to this they will retain a
stake in a recapitalized and profitable international mirrors
business."  Mr. Taylor also confirmed that the coupon on the
bonds due on Feb. 12 would not be paid.

                  Divestiture of Lighting

As part of the financial restructuring, stakeholders have agreed
to refocus the business on its core mirror business and separate
the German lighting division into a standalone business in
anticipation of a potential sale.  Separately there will be a
controlled wind down of the U.S. lighting business on a solvent
basis that minimizes disruption to OEM supplies. In 2006 the
lighting division accounted for around 22% of Group sales.

In anticipation of the sale of lighting, the relatively small
residual mirror business in Germany will be managed as part of
the European Business Unit, headquartered in Portchester, U.K.
and the ultimate holding company will henceforth be Schefenacker
Plc, also registered in the U.K.

As a result of this financial restructuring, the company's
annualized cash outflow to meet the interest burden will be more
than halved.  In addition the group will receive EUR55-million
fresh money. The holding company equity in the Group post-
restructuring will be allocated between senior lenders and
Dr. Alfred Schefenacker, subject to the 5.0 percent equity of
the bondholders, if agreed.

"Our clients trust in our products and the work of every
Schefenacker employee," said Dr. Schefenacker, the Group's
owner.  "The support of our customers and our new investors give
this company a chance to play a significant role in the future
automotive parts sector."

The financial restructuring plan has been unanimously approved
by the Executive Board and the Supervisory Board of Schefenacker
AG and has the support of the Groups' lenders and major
customers.

"With this agreement our stakeholders have undertaken to
implement a solution as soon as possible. This is important so
that the company can move on and fully focus on the operational
improvements that will be key for the future development of the
business," added Stephen Taylor.

                     About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                        *     *     *

As of Feb. 15, Schefenacker carries these ratings:

Moody's:

   -- Long-Term Corporate Family: Ca2
   -- Bank Loan Debt: Caa2
   -- Senior Subordinate Debt: C
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: D
   -- Long-Term Local Issuer Credit: D


SCHEFENACKER AG: Moody's Junks Rating on Proposed Restructuring
---------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Schefenacker AG to Ca from Caa2, the rating on the company's
senior subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  The outlook has been
changed to stable.  The last rating action was on
Sept. 14, 2006.

The Rating action is based on the company's announcement that a
financial restructuring has been agreed with senior lenders and
the shareholder, but is still pending the approval of the
bondholders.  As this restructuring proposal indicates an
aggregate recovery rate of below 50%, and also taking into
account the interest deferral since Nov. 2, 2006, on the senior
secured facility and the announcement that interests on the
subordinated notes due on Feb. 12 will not be paid, the
Company's Corporate Family Rating was downgraded to Ca from
Caa2.

The rating for the EUR205-million senior secured facility has
consequently also been downgraded, but given its seniority in
the capital structure and likely significant higher recovery
rate, the downgrade was limited to one notch to Caa2 from Caa1.
The downgrade of the senior subordinated notes from Ca to C
reflects the low recovery prospects of the notes, as indicated
by the offer of a 5% equity stake in the company in exchange for
their debt claim as part of the financial restructuring program.

The stable outlook takes into account that positive rating
developments mainly depend on recovery rates, which would need
to be substantially above expectations for current ratings.

Moreover, when Moody's applies its European Loss Given Default
methodology after March 19 it is anticipated that the current
notching of the relative debt instruments within the
Schefenacker capital structure will remain unchanged, provided
that a 50% family recovery rate still applies.

Downgrades:

   * Schefenacker AG

     -- Corporate Family Rating, Downgraded to Ca from Caa2

     -- Senior Subordinated Regular Bond/Debenture, Downgraded
        to C from Ca

     -- Senior Secured Bank Credit Facility, Downgraded to Caa2
        from Caa1

Outlook Actions:

   * Schefenacker AG

     -- Outlook, Changed To Stable From Negative

Based in the United Kingdom, Schefenacker is a leading private
Tier 1 automotive supplier of rear vision systems, lighting
systems and a Tier 2 supplier of sound systems.

For the 12 months ended Dec. 31, 2005, Schefenacker generated
revenues of EUR930.4 million.


VALASSIS COMM: To Offer Senior Unsecured Notes for US$590 Mil.
--------------------------------------------------------------
Valassis Communications, Inc., will offer senior unsecured notes
that are expected to generate US$590 million of gross proceeds.
The proceeds of these notes are expected to be used to finance
the company's pending acquisition of ADVO, Inc., refinance
approximately US$125.0 million of outstanding ADVO debt and pay
related fees and expenses.  The consummation of the note
offering is contingent upon the consummation of the ADVO
acquisition.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2007, Moody's Investors Service downgraded Valassis
Communications, Inc.'s Corporate Family rating to B1 from Ba1
and the company's existing senior notes to Ba2 from Ba1,
concluding the review for downgrade initiated in connection with
the proposed US$1.2 billion acquisition of ADVO, Inc.  The
downgrade reflects the significant increase in debt-to-EBITDA
leverage to approximately 6.2x (pro forma 2006 incorporating
Moody's standard adjustments, the add back of litigation and
merger-related expenses, but before the company's estimate of
cost synergies) from 2.6x that will result from funding the
acquisition with debt.

Moody's also assigned a Ba2 rating to the proposed US$820
million senior secured credit facility, composed of a US$120
million revolver, US$540 million term loan and a US$160 delayed
draw term loan.  The ratings on the credit facilities reflect
anticipated support of US$590 million of junior debt.  The
rating outlook is stable.

Downgrades:

Issuer: Valassis Communications, Inc.

   -- Corporate Family Rating, Downgraded to B1 from Ba1

   -- Senior Unsecured Conv./Exch. Bond/Debenture,
      Downgraded to Ba2 (LGD2-26) from Ba1 (LGD4-56)

   -- Senior Unsecured Regular Bond/Debenture,
      Downgraded to Ba2 (LGD2-26) from Ba1 (LGD4-56)

Ratings Assigned:

Issuer: Valassis Communications, Inc.

   -- Guaranteed Senior Secured Credit Facility,
      Assigned Ba2 (LGD2-26)

Outlook Actions:

Issuer: Valassis Communications, Inc.

   -- Outlook, Changed To Stable From Rating Under Review

The B1 Corporate Family rating reflects the company's high
leverage, moderate growth prospects, and the challenges
associated with:

   1) stabilizing free-standing insert or FSI and shared mail
      businesses that are experiencing significant margin
      pressure,

   2) continuing ADVO's transition to a new enterprise resource
      planning system, and

   3) integrating two companies involved in contentious
      litigation related to the enforceability of the merger
      agreement.  The rating also reflects that the ADVO
      acquisition will improve Valassis' product and customer
      diversity, and enhance the company's scale and reach
      in media services.


VISTEON CORP: Appoints William Quigley as Chief Fin'l Officer
-------------------------------------------------------------
Visteon Corporation has named William G. Quigley III as chief
financial officer effective March 9, 2007.  He will assume this
role and continue as the company's chief accounting officer.

"Bill Quigley brings strong financial acumen and industry
knowledge that positions him to take on this key role to help
Visteon continue driving its three-year improvement plan,"
Michael F. Johnston, Visteon Chairman and Chief Executive
Officer, said.  "Being able to draw on talent from within our
organization enables us to ensure a seamless transition and
continued momentum in executing our plan."

Mr. Quigley, who currently serves as vice president, corporate
controller and chief accounting officer for Visteon, has been
responsible for leading the company's financial planning,
analysis and reporting.  He joined Visteon in 2005 and is an
elected corporate officer.

Prior to joining Visteon, Mr. Quigley was vice president and
corporate controller for Federal-Mogul Corp., where he held
several management positions during his 10-year tenure.  Before
that, Mr. Quigley was an assistant corporate controller at
Nissan Research and Development and an audit manager at Deloitte
& Touche.

Mr. Quigley earned a bachelor's degree in accounting from
Michigan State University and is a certified public accountant
in the state of Michigan.  He is a member of the American
Institute of Certified Public Accountants and the Michigan
Association of CPAs.

Mr. Quigley will replace James F. Palmer who was named CFO for
Northrop Grumman, a US$30 billion global defense and technology
company headquartered in Los Angeles.  Mr. Palmer served as
Visteon's executive vice president and CFO since 2004.

"We appreciate Jim Palmer's significant contribution to
Visteon," Mr. Johnston added. He played an important role in
bringing together the Ford agreement that set Visteon on a path
to improve its cost structure and competitiveness.  We wish him
the best in his new assignment."

                  About Visteon Corporation

Headquartered in Van Buren Township, Mich., Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries, including
Mexico, and employs approximately 50,000 people.

At Sept. 30, 2006 the Company's balance sheet showed total
assets of US$6.721 billion and total liabilities of US$6.823
billion resulting in a total shareholders' deficit of US$102
million.  Total shareholders' deficit at Dec. 31, 2005, stood at
US$48 million.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Moody's Investors Service has downgraded Visteon Corporation's
Corporate Family Rating to B3 from B2, changed the ratings
outlook to stable from under review for possible downgrade and
affirmed the company's liquidity rating of SGL-3.




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


* NICARAGUA: Congress to Discuss Bolivarian Alternative Pacts
-------------------------------------------------------------
A source told Prensa Latina that the Nicaraguan congress will
discuss and approve the agreements that the nation signed with
Venezuela under the Bolivarian Alternative for the Americas or
ALBA.

ALBA is a political, social and economic cooperation and
complementation vision of integration between Latin American
countries led by Venezuela.  The cooperation is an alternative
to the US' Free Trade Area of the Americas.

Prensa Latina underscores that Nicaraguan President Daniel
Ortega signed the agreements under ALBA with Venezuelan
President Hugo Chavez on Jan. 11.

According to Prensa Latina, ALBA accords content was passed to
the parliament.

Sandinista group coordinator Edwin Castro told Prensa Latina
that the accords signed brings Nicaragua to new markets.

Mr. Castro told reporters that the agreements include:

          -- the launching of two aluminum factories in
             Nicaragua, and

          -- the supply of fuel in advantageous conditions of
             payment.

Prensa Latina relates that ALBA also covers areas of:

          -- infrastructure,
          -- agriculture,
          -- training,
          -- technology transfer, and
          -- support of producers, cooperatives and programs as
             well as health and medicine.

Venezuela is also considering constructing a plant and an oil
pipeline in Nicaragua, Prensa Latina states.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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


* NICARAGUA: Will Invest US450 Million in Port Upgrades
-------------------------------------------------------
The Nicaraguan port authority director Virgilio Silva told El
Nuevo Diario that the government will invest US$50 million over
the next five years to modernize ports.

Mr. Silva explained to Business News Americas that the
investment will address operational problems and replace
obsolete and deteriorated equipment at ports:

          -- Corinto,
          -- El Rama, and
          -- Sandino.

BNamericas underscores that the investment will also solve the
decongestion of national ports that experience a high volume of
container traffic.

According to BNamericas, investment will cover:

          -- reconstruction of a floating dock in El Rama,
          -- improvements to the terminal in Sandino,
          -- reparations to a dock at Puerto Cabezas, and
          -- addition of two new tugboats at Corinto.

The report says that the port authority is considering buying a
new gantry crane for Corinto from Japan.  The port authority
will also be getting help for Corinto operations from Nicaraguan
private boat operator association ANAN.

A shipping firm proposed operating a container management
service far away from the port to reduce congestion, BNamericas
notes.

"It's mutual assistance.  We will help the government decongest
the port, and in doing so we will improve our business, making
our work more efficient," ANAN President Carlos Perez told El
Nuevo.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


ASHMORE ENERGY: To Sell 51% Stake in Bahia Las Minas to Suez
------------------------------------------------------------
Ashmore Energy International Ltd. has entered into an accord to
sell its 51% "indirect" stake in Panama's Bahia Las Minas to
Suez Energy International, Business News Americas reports.

Ashmore Energy said in a statement that it decided to enter into
a sale agreement with Suez Energy after it acquired Prisma
Energy International in September 2006, pursuant to Panamanian
legislation limiting the control of distribution and generation
firms.

Suez Energy said in a statement that as part of the transaction,
it is selling its interest in Calidda -- a natural gas
distributor in Peru -- to Ashmore Energy and Promigas, a
Colombian natural gas firm.

BNamericas underscores that Ashmore Energy owns 52.9% of
Promigas.

Suez Energy Chief Executive Officer Dirk Beeuwsaert told
BNamericas, "With this acquisition in Central America, Suez
Energy International is entering the Panamanian electricity
market for the first time.  Our aim in Panama is to seek
opportunities to develop new generation capacity to sustain the
sound economic growth the country is currently enjoying."

Ashmore Energy said in a statement, "The transaction is a
strategic acquisition for AEI [Ashmore Energy] as it helps the
company further expand its Latin America platform."

BNamericas relates that the Panamanian government will keep a
49% interest in Bahia Las Minas.

Meanwhile, Bahia Las Minas launched a project to partially
convert its 280-megawatt plant to coal from bunker fuel.  The
project will be completed in 2009, BNamericas states.

Ashmore Energy International Ltd. aka AEI --
http://www.ashmoreenergy.com-- owns and operates essential
energy infrastructure in emerging markets.  AEI manages
interests in a group of 20 energy assets located in 12 countries
with more than US$2 billion in revenue and 7,000 employees.  The
company serves approximately 6.5 million customers worldwide by
operating through three business segments: Natural Gas Services,
Power Distribution and Power Generation with approximately
34,188 kilometers of oil and gas pipelines, 121,372 kilometers
of electric transmission and distribution lines, and a gross
installed capacity of approximately 1,914 megawatts.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Ashmore Energy International Ltd.'s shareholders
convened for a scheme meeting on Nov. 21, 2006, at Clifford
Chance US LLP.  The Grand Court of the Cayman Islands directed
the scheme meeting for the purpose of considering and, if
thought fit, approving the Scheme of Arrangement made between
Ashmore Energy and the holders of the Scheme Shares.  The court
had specified that the entitlement to attend and vote at the
Scheme Meeting be determined by reference to the register of
members of the company on Nov. 20, 2006.  The court appointed K.
George Wasaff, or failing him Brent de Jong, or failing him,
Martin Lang, to act as Chairman of the Scheme Meeting.




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


CENTRAL PARKING: Earns US$9.3MM in 1st Fiscal Qtr. Ended Dec. 31
----------------------------------------------------------------
Central Parking Corp. filed its first fiscal quarter financial
statements ended Dec. 31, 2006, with the U.S. Securities and
Exchange Commission on Feb. 9, 2007.

Net earnings, which include property-related gains and
discontinued operations for the first quarter of fiscal 2007,
were US$9.3 million, compared with US$18 million in the year
earlier period.

Total revenues for the first fiscal quarter were US$281.7
million compared with US$272.5 million in the first quarter of
fiscal 2006.  Excluding reimbursed management expenses, revenues
in the first quarter of fiscal 2007 were US$160.8 million
compared with US$160 million in the prior year period.

The company reported that operating earnings before property-
related gains for its first fiscal quarter ended Dec. 31, 2006,
increased to US$15.4 million compared with US$7.7 million earned
in the first quarter of the previous fiscal year.

Earnings from continuing operations, which include property-
related gains for the first quarter of fiscal 2007, totaled
US$8.4 million compared with US$16.4 million in the year-earlier
period.

Pre-tax property-related gains totaled US$400,000 in the first
quarter of fiscal 2007 compared with US$22.9 million in the
first quarter of last year.

"The on-going execution of our strategic plan continues to drive
improvements in operating results," President and Chief
Executive Officer Emanuel J. Eads said.

"The first quarter of fiscal 2007 marks the fourth consecutive
quarter we have recorded substantial, year-over-year gains in
operating earnings.

"Same store sales increases of 5.8% and reduced costs improved
margins in our leased and owned segment to 11.4%, compared with
8.7% in the first quarter of last year.

Management contract margins improved to 62% compared with 61.3%
in the first quarter of 2006 while general and administrative
costs decreased by US$3.3 million, or 15.7%.

"We continue to make good progress in executing other aspects of
our strategic plan as well.  Our Operational Excellence
initiative, which is focused on increasing profits at the
location level, gained momentum during the quarter as we
expanded the program to Los Angeles and Washington, D.C., and
initiated a 'jumpstart' program to introduce Operational
Excellence concepts company-wide.

"Our efforts to capitalize on the burgeoning downtown
residential market were rewarded with three new contracts: a
long-term lease to operate a 360 space garage serving the
Millennium Center in Chicago, management agreements to operate a
400 space garage at 1500 Locust in Philadelphia, and a 388 space
garage in Wilmington, Del.

"We also have had success across other market segments, as
evidenced by the award of a multiple facility contract by Oregon
Health & Science University in Portland, Ore.

"This contract, which became effective Oct. 1, 2006, includes a
garage, two surface lots, two valet operations, and a shuttle
operation.

"We also continue to add profitable, new business in our
international markets.  The most significant recent example is
the addition of a lease to operate a 900-space facility in
Calgary, Alberta.

"Our focus on the high-end hospitality market continues to yield
positive results as we signed leases to operate the Marriott San
Diego and the Hyatt La Jolla.

"We also signed a contract to manage Phoenix Plaza, one of the
largest office developments in Phoenix, Ariz.," Mr. Eads
concluded.

The company has made the determination that due to the strategic
review process it announced on Nov. 28, 2006, it will not hold a
conference call to discuss first quarter results.

At Dec. 31, 2006, the company had US$789.03 million in total
assets, US$373.48 million in total liabilities, and US$415.55
million in total shareholders' equity.

Full-text copies of the company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?19e1

                    About Central Parking

Nashville, Tenn.-based Central Parking Corporation (NYSE: CPC) -
- http://www.parking.com/-- owns, operates, and manages parking
and related services including surface and multi-level parking
facilities, design consultation, customer and employee shuttle
services, valet and special event parking, parking meter
enforcement, toll-road collections, and parking notice and
collection services.  As of Dec. 31, 2006, Central Parking
operates more than 3,100 parking facilities containing over
1.5 million spaces at locations in 37 states, the District of
Columbia, Canada, Puerto Rico, the United Kingdom, the Republic
of Ireland, Chile, Colombia, Peru, Spain, Switzerland, and
Greece.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 4, 2006,
Standard & Poor's Ratings Services placed its rating on Central
Parking Corp., including the B+ corporate credit rating, on
CreditWatch with negative implications.


HERTZ CORP: S&P Affirms Credit Rating After Loan Increase News
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on Hertz Corp.'s senior secured bank facility,
following the report that the company will increase its first-
lien ABL facility to US$1.8 billion from US$1.6 billion and
apply approximately US$550 million of the ABL to repay term loan
borrowings.

Pro forma for the increase, the facility will consist of the
US$1.8 billion ABL due 2012 maturity, extended from the previous
2010 maturity; and approximately US$1.4 billion outstanding on
the term loan and a US$250 million synthetic letter-of-credit
facility, both due 2010.

All facilities were also amended to reflect improved pricing.
The ABL is rated 'BB+', two notches above Hertz Corp.'s
corporate credit rating and the term loan and synthetic letter-
of-credit facilities are rated 'BB', one notch above the
corporate credit rating.  Each of the facilities has a recovery
rating of '1', indicating a high expectation of full recovery of
principal in the event of payment default.

Rating List:

   * Hertz Corp.

      -- Corporate Credit Rating, BB-/Negative/

Rating Affirmed:

   * Hertz Corp.

      -- Senior Secured Bank Facility affirmed at BB+/BB
      -- Recovery Rating: 1

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


* PERU: Launches Creasoft with Apesoft to Promote IT Industry
-------------------------------------------------------------
The Peruvian government, along with private sectors, has
launched a software promotion program that would promote the
local software industry, Business News Americas reports.

Peru's export promotion agency, Prompex, the council for
science, technology and IT innovation, Concytec, and the
association of software producers, Apesoft, collaborated to make
the launching possible, the same report says.

According to BNamericas, Concytec encourages companies to carry
out advanced software research with the aim of developing IT
products that will aid the country's growth and that could also
be exported.

"[Through Creasoft] we have generated a program that will help
our industry develop and allow us to grow our export levels in
the short term to surpass US$100 million [annually]," Guillermo
Pacheco, Concytec's president and past president of Apesoft,
said in the report.

BNamericas says Peru's software industry boosts of 300 firms
generating revenues of more than US$130 million a year, and
exports that reach US$20 million.

                        *    *    *

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


JOSE LUIS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Jose Luis Boscio Matos
        P.O. Box 10308
        Ponce, PR 00732

Bankruptcy Case No.: 07-00766

Chapter 11 Petition Date: February 20, 2007

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Nilda M. Gonzalez Cordero, Esq.
                  P.O. Box 9024024
                  San Juan, PR 00902
                  Tel: (787) 724-2470

Estimated Assets: US$100,000 to US$1 Million

Estimated Debts:  US$100,000 to US$1 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
First Bank                    Bank Loan                US$48,665
P.O. BOX 9146
SAN JUAN, PR 00908

Internal Revenue Service                               US$35,662
Mercantil Plaza Bldg.
Room 1014
2 Ponce De Leon Ave Stop
27 1/2
San Juan, PR 00918

Internal Revenue Service                               US$30,839
Mercantil Plaza Bldg
Room 1014
2 Ponce De Leon Ave Stop 27
1/2
San Juan, PR 00918

Popular Auto                  Bank Loan                US$26,572
P.O. Box 15011
San Juan, Pr 00902

Scotiabank                    Bank Loan                US$22,936
P.O. Box 362230
San Juan, Pr 00936

Banco Bilbao Vizcaya          Bank Loan                US$20,524
Argentaria
P.O. Box 364745
San Juan, PR 00936

Westernbank                   Bank Loan                US$14,798
P.O. Box 1180
Mayaguez, PR 00681

Banco Popular De Puerto Rico  Bank Loan                US$13,940
P.O. Box 70100
San Juan, PR 00936

First Bank                    Bank Loan                US$11,294
P.O. Box 9146
San Juan, PR 00908

Westernbank                   Bank Loan                US$11,294
P.O. Box 1180
Mayaguez, PR 00681

First Bank                    Bank Loan                US$10,407
P.O. BOX 9146
San Juan, PR 00908

Sears Premier Card                                     US$10,344
P.O. Box 183114
Colombus, OH 43218

Westernbank                   Bank Loan                US$10,269
P.O. Box 1180
Mayaguez, PR 00681

Banco Bilbao Vizcaya          Bank Loan                US$10,000
Argentaria
P.O. Box 364745
San Juan, PR 00936

Departamento De Hacienda                                US$9,048
Bankruptcy Division
P.O. Box 9022501
San Juan, PR 00902

Popular Auto                  Bank Loan                 US$8,700
P.O. BOX 15011
San Juan, PR 00902

Banco Popular De Puerto Rico  Bank Loan                 US$6,945
Card Product Division
P.O. Box 70100
San Juan, PR 00936

Edgar Rivera Aponte                                     US$6,000
Calle 25-2 S-25 Mirador
Bairoa
Caguas, PR 00725

Banco Bilbao Vizcaya          Bank Loan                 US$5,066
Argentaria
P.O. Box 364745
San Juan, PR 00936

Xerox Capital Services LCC                              US$4,229
P.O. Box 650361
Dallas, TX 75266


RES-CARE: S&P Says Kelly Purchase Plan Won't Affect BB- Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Res-Care Inc. (BB-/Stable/--) are not affected by the
company's announcement of its plan to purchase the operating
assets and business of Kelly Home Care Services Inc., a wholly
owned subsidiary of Kelly Services Inc., for US$12.5 million.
Kelly Home Care is a provider of in-home custodial care to the
elderly and disabled, and is expected to have annual revenues of
about US$55 million.  The acquisition is expected to close at
the end of the 2007 first quarter.  This acquisition is
consistent with our expectations.  We anticipate that Res-Care
will continue to selectively acquire programs to further
diversify its service offerings, which largely concentrated in
residential assistance and employment training.

Based in Louisville, Kentucky, Res-Care, Inc. (NASDAQ/NM: RSCR)
-- http://www.rescare.com/-- is a human service company
that provides residential, therapeutic, job training and
educational supports to people with developmental or other
disabilities, to youth with special needs and to adults who are
experiencing barriers to employment.  Founded in 1974, the
Company provides services in 36 states, Washington, D.C., Puerto
Rico and Canada.


SALLY BEAUTY: Acquires Salon Services Equity for US$59 Million
--------------------------------------------------------------
Sally Beauty Holdings Inc. has completed the acquisition of the
stock of Chapelton 21 Limited, a private company incorporated in
Scotland, conducting its business through direct and indirect
subsidiaries including Salon Services (Hair and Beauty Supplies)
Ltd.  The company acquired the equity of Salon Services for
approximately GBP30 million, or approximately US$59 million,
subject to certain adjustments.

The company's acquisition of Salon Services includes over 80
stores with a combination of company-owned and franchised
locations in the United Kingdom, Ireland, Germany, and Spain.
The Salon Services business consists of stores, franchises and a
mail order catalog offering over 9,000 products.  Total revenues
for Salon Services were approximately GBP54 million for the
fiscal year ended Sept. 30, 2006.

"We are pleased to announce our first major acquisition as an
independent public company," Gary Winterhalter, President and
Chief Executive Officer, stated.  "We believe that Salon
Services represents a solid strategic fit for the continued
international expansion of our Sally Beauty Supply stores."

Headquartered in Denton, Texas, Sally Beauty Holdings, Inc.
(NYSE:SBH) -- http://www.sallybeautyholdings.com/-- retails and
distributes beauty supplies with operations under its Sally
Beauty Supply and Beauty Systems Group businesses.  The company
has stores in Canada, Mexico, Puerto Rico, the U.K., Ireland,
Germany and Japan.

As of Dec. 31, 2006, the company's balance sheet showed a
stockholders' deficit of US$836,209,000, compared to a
stockholders' equity of US$1,005,967,000 at Sept. 30, 2006.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 26, 2006,
Moody's Investors Service assigned first time ratings, including
a corporate family rating of B2 and a speculative grade
liquidity rating of SGL-2, to Sally Holdings, LLC.

The rating outlook is stable.  The ratings are conditional upon
review of final documentation.

These are the rating actions:

     -- Corporate family rating at B2

     -- Probability-of-default rating at B2

     -- US$400 million senior secured guaranteed bank revolving
        credit facility at Ba2 (LGD 1, 7% LGD rate)

     -- US$1.07 billion senior secured guaranteed term loans at
        B2 (LGD 4, 50% LGD rate)

     -- US$430 million senior unsecured guaranteed notes at B2
        (LGD 4, 55% LGD rate)

     -- US$280 million unsecured senior subordinated guaranteed
        notes at Caa1 (LGD 6, 93% LGD rate)

     -- Speculative Grade Liquidity Rating of SGL-2




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


MILLIPORE CORP: Earns US$97 Million in Year Ended Dec. 31, 2006
---------------------------------------------------------------
In its annual and quarterly financial statements for period
ended Dec. 31, 2006, Millipore Corp. reported US$97 million of
net income on US$1.3 billion of net sales for the year ended
Dec. 31, 2006, compared to a net income of US$80.2 million on
net sales of US$991 million for 2005.

Millipore Corp. also earned US$18.5 million in net income on net
sales of US$383 million for the three-month period ended
Dec. 31, 2006, compared to net income of US$1.1 million on net
sales of US$256 million in the same prior year period.

Changes in foreign exchange rates during the quarter increased
total revenue growth by 4%.  Excluding currency rate changes and
revenues from the company's acquisition of Serologicals,
Millipore's total revenue growth in the fourth quarter was 9%,
which included 12% growth in its Bioscience Division and 7%
growth in its Bioprocess Division.

For the full year, revenues grew 27% totaling US$1.26 billion.
Changes in foreign exchange rates increased total revenue growth
by 1% during 2006.  Excluding currency rate changes and revenues
from the company's acquisition, the company's total revenue
growth in 2006 was 11%.  This performance included 10% growth
from Millipore's Bioscience Division and 12% growth from its
Bioprocess Division.

"For the second year in a row we generated attractive revenue
and earnings growth," said Martin Madaus, Chairman & CEO of
Millipore.  "The transformational changes we have implemented
are driving higher-levels of performance throughout the
organization and we have greatly expanded our future market
opportunities through the acquisitions we completed in 2006.  In
the last two years, we have significantly improved our execution
and increased the growth of both of our divisions, particularly
our Bioscience Division, which has doubled its adjusted currency
growth rate since 2004.  I am very proud of our employees who
have delivered these great results, even while acquiring and
integrating four companies during this time."

"In 2006, we successfully executed on several initiatives to
increase our profitability, which enabled us to grow our non-
GAAP earnings per share by 18%.  These initiatives included
reducing our manufacturing costs and increasing the efficiency
of our supply chain, driving increased leverage from our SG&A
investments, and completing accretive acquisitions.  As we move
forward, we expect the balanced growth profile between both
divisions will enable us to maximize our growth and
profitability.  Our focus this year will be on driving returns
and generating cash flow from the substantial investments we
made in 2006."

                       About Millipore

Headquartered in Billerica, Massachusetts, Millipore Corp., is a
bioprocess and bioscience products and services company.  The
Bioprocess division offers solutions that optimize development
and manufacturing of biologics.  The Bioscience division
provides high performance products and application insights that
improve laboratory productivity.  The company has presence in 18
Latin American countries including Chile, El Salvador and
Trinidad and Tobago.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Medical Device sector, the rating agency
confirmed its Ba1 Corporate Family Rating for Millipore Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Unsec. Notes
   due 2007               Ba2      Ba2    LGD5         72%

   Sr. Unsec.
   EURO-Denominated
   Notes due 2016         Ba2      Ba2    LGD5         72%




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


AMERICAN AIRLINES: Parent Is Possible Buyout Target
---------------------------------------------------
AMR Corp., parent company of American Airlines, might be a
buyout target of a group including Goldman Sachs and British
Airways, Gene Marcial of BusinessWeek magazine reports.

The proposed bid is said to be between US$9.8 billion (US$46 a
share) and US$11.1 billion (US$52 a share), BusinessWeek adds.

The bid is uncertain to materialize, BusinessWeek notes citing
people familiar with the matter.

                       About AMR Corp.

Based in Fort Worth, Texas, AMR Corporation is the parent
company of American Airlines Inc. American Airlines --
http://www.AA.com/-- is the world's largest airline.  American,
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 is a founding member of the oneworld Alliance,
whose members serve more than 600 destinations in over 135
countries and territories.

                   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 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 Corporation.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Moody's Investors Service confirmed its B3 Corporate Family
Rating of AMR Corp. and its subsidiary, American Airlines Inc.,
in connection with the rating agency's implementation of its
Probability-of-Default and Loss-Given-Default rating
methodology.


* URUGUAY: Imposes Special Import Duties on Argentine Products
--------------------------------------------------------------
The Uruguayan government has imposed special import duties on
products coming from the Argentine provinces of La Rioja, San
Luis, Catamarca and San Juan, Fibre2fashion reports.

Fibre2fashion relates that the products include footwear and
apparel.

According to the report, the duty imposed will be up to 18%.  It
is expected that sales of around US$52.5 million would be
affected.

Fibre2fashion underscores that there should be no tariffs on the
four provinces as they are part of southern common market
Mercosur.

The he import duties imposed on Argentina is part of the
nation's dispute with Uruguay over the construction of two pulp
mills in the river Uruguay, which the two countries share,
Fibre2fashion states.

                        *    *    *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.




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


BANESCO BANCO: Loan Market Share Increases to 14.1% in 2006
-----------------------------------------------------------
Banesco Banco Universal's loan market share has increased to
14.1% in December 2006, from 13.4% in December 2005, Business
News Americas reports.

According to BNamericas, Banesco Banco took the top spot in
terms of loans from Banco Mercantil, which lost 3.6 percentage
points in loan market share and ended up with 13.5% market share
in December 2006.

BNamericas relates that Banco de Venezuela, a Santander unit,
dropped to third place from being second, with 13.0% market
share.  BBVA Provincial and Occidental de Descuento took the
number four and five spot, respectively.  BBVA Provincial
commanded 11.7% of the market, while Occidental de Descuento had
5.2%.

The five banks had a combined loan book of VEB36.6 trillion in
2006, or 57% of the loan market.  Last year, the loan book was
63% in 2005, BNamericas states.

Banesco Banco Universal was established in 1977.  It has grown
rapidly during the past 10 years through M&A.  The bank offers
loans in several segments including consumer, commercial and
agricultural.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2006, Fitch Ratings downgraded Banesco Banco
Universal's individual rating to 'D/E' from 'D'.


DAIMLERCHRYSLER AG: Earns EUR3.2-Bln Prelim Net Income in 2006
--------------------------------------------------------------
DaimlerChrysler AG has reported its preliminary Group and
divisional results for the year 2006.

DaimlerChrysler recorded an operating profit of EUR5.517 billion
in 2006, compared with EUR5.185 billion in 2005.

The development of the Group's operating profit was primarily
impacted by the significant decline in earnings at the Chrysler
Group.  This was more than offset by the substantial earnings
improvement at the Mercedes Car Group and the repeated increase
in earnings at the Truck Group and the Financial Services
division.  The contribution to earnings from the Van, Bus, Other
segment was lower than in the prior year.

Net income increased by EUR4 million to EUR3.2 billion (2005:
EUR2.8 billion).  Based on the reported net income, earnings per
share amounted to EUR3.16 compared with EUR2.80 in 2005.

                           Dividend

The Board of Management proposes to the Supervisory Board that a
dividend of EUR1.50 per share should be distributed for the year
2006 (2005: EUR1.50).  This proposal takes account not only of
the development of operating profit and cash flow in 2006, but
also of expectations for the coming years.

                    Unit Sales and Revenues

DaimlerChrysler sold a total of 4.7 million vehicles in 2006
(2005: 4.8 million), while the Group's total revenues increased
by 1% to EUR151.6 billion.  Adjusted for exchange-rate effects
and changes in the consolidated Group, the increase in revenues
amounted to 2%.

                        The Workforce

As of Dec. 31, 2006, DaimlerChrysler employed a workforce of
360,385 people worldwide (2005: 382,724).  Of this total,
166,617 were employed in Germany (2005: 182,060) and 94,792 in
the United States (2005: 97,480).

The implementation of the new management model is running
according to plan.  By the end of January 2007, approximately
2,000 employees worldwide had either signed voluntary severance
agreements or had already left the Group.

DaimlerChrysler has been working with the new structures since
Aug. 1, 2006.  Important processes have been made faster and
more efficient, allowing substantial efficiency gains.  The
total expenditure for the implementation of the program in the
years 2006 through 2008 is likely to be in the region of EUR2
billion.  Of this total, EUR393 million was incurred in the year
2006.

                Investing to Safeguard Future

Worldwide, the DaimlerChrysler Group invested a total of
EUR5.9 billion in property, plant and equipment in 2006 (2005:
EUR6.6 billion).  Capital expenditure at the Mercedes Car Group
of EUR1.7 billion was slightly higher than in the prior year
(EUR1.6 billion).  To continue its product offensive and to make
its production facilities more flexible, the Chrysler Group
invested EUR2.9 billion in property, plant and equipment (2005:
EUR3.1 billion).  The Truck Group invested EUR907 million in
2006, mainly related to new technologies, powertrains, and
safety concepts (2005: EUR966 million).

Expenditure for research and development totaled EUR5.3 billion
in 2006 (2005: EUR5.6 billion).  The most important projects at
the Mercedes Car Group were the new generation of the E-Class,
the new version of the CL-Class, and preparations for the model
change for the C-Class in 2007.

The Chrysler Group's focus was on the development of the new
minivan generation as well as on hybrid vehicles.  The Truck
Group's major projects included the successor models for the
Mercedes-Benz Actros and Axor, for the Freightliner Premium
Class and for the Mitsubishi Fuso Super Great.

Additional key areas of R&D activities at DaimlerChrysler were
the further development of powertrain technologies, alternative
propulsion systems such as hybrid drive and fuel cells, and
electronic systems for the improvement of vehicle safety.

During the planning period of 2007 through 2009, DaimlerChrysler
will presumably invest a total of EUR17.5 billion in property,
plant and equipment and EUR16.2 billion in research and
development activities.  This adds up to total of investment in
safeguarding the future of EUR33.7 billion.

                       Mercedes Car Group

The Mercedes Car Group division, comprising the brands Mercedes-
Benz, Maybach, smart, Mercedes-Benz AMG, and Mercedes-Benz
McLaren, sold 1,251,800 vehicles in 2006 (2005: 1,216,800).

Revenues of EUR54.6 billion were 9% higher than the prior year's
level.

The Mercedes Car Group achieved an operating profit of
EUR2.415 billion in 2006, compared with an operating loss of
EUR505 million in the prior year.  The results of both years
were significantly affected by special items.

There were expenses of EUR946 million in connection with the
discontinuation of production of the smart forfour in 2006,
while the realignment of the smart business model in 2005
resulted in charges of EUR1.111 billion.

Charges relating to staff reductions at Mercedes-Benz Passenger
Cars in the context of the CORE program decreased to
EUR286 million in 2006 (2005: EUR570 million).

The substantial increase in the division's operating profit is
due in particular to the efficiency improvements achieved in the
context of the CORE program.  Other positive factors were the
higher unit sales of Mercedes-Benz passenger cars and the
improved model mix due to the launch of the new S-Class as well
as the M- and GL-Class models.  A negative impact on operating
profit in 2006 resulted from currency effects.

The Mercedes-Benz brand increased unit sales in the year under
review by 5% to 1,149,100 vehicles.  As a result, the brand was
able to boost its market share in key regions, despite tougher
competition.  This positive result was primarily due to the very
successful new model launches in 2005, particularly of the new
S-Class, which went on sale in the United States in February
2006.  Like the new CL- and GL-Class models, the updated E- and
SL-Class vehicles launched in 2006 were also very well received
by the market and contributed to the Mercedes-Benz brand's
success in the year under review.  On Oct. 15, 2006, the
division launched the E320 BLUETEC -- the world's cleanest
diesel passenger car -- in the United States and Canada.

The extensive measures being implemented to further improve the
quality of DaimlerChrysler's vehicles are having very positive
effects.  This claim is supported by internal analyses and many
external studies.  The J.D. Power Initial Quality Study 2006
concluded that the Mercedes-Benz brand has a positive trend in
the category of initial quality.  Improvements were achieved in
nearly all of the issues that were addressed in last year's
study (IQS 2005).

Unit sales of the smart brand totaled 102,700 vehicles in the
year under review (2005: 124,300).  Unit sales of the smart
fortwo developed especially well throughout the year, with the
model's production volume once again exceeding the planned
target in the vehicle's ninth year of production.

More than 750,000 smart fortwos have been sold since the
vehicle's market launch.  Despite an increase in production at
the beginning of the year, nearly all smart fortwo models built
had been sold by the end of 2006.  Sales of the last smart
roadsters and smart forfour models proceeded according to plan;
nearly all remaining stocks of these vehicles had been sold by
the end of the year under review.

In November 2006, smart unveiled the new smart fortwo, which
will be launched in Europe in April 2007.  Starting in 2008, the
new smart fortwo will also be available in the United States,
which has become a promising market for smart due to increasing
traffic volumes and rising fuel prices.  The second-largest
automobile retail organization in the United States -- the
UnitedAuto Group -- will act as the exclusive importer of smart
brand vehicles.

                          Chrysler Group

Worldwide, the Chrysler Group shipped 2.7 million Chrysler,
Jeep(R) and Dodge branded passenger cars, sports tourers,
minivans, SUVs, and light trucks to its dealerships in 2006
(2005: 2.8 million).  Worldwide retail sales decreased by 5% in
2006 to 2.7 million units.

As a result of lower volumes and a weaker US dollar on average
for the year, the Chrysler Group's revenues for the year of
EUR47.1 billion were significantly lower than in 2005
(EUR50.1 billion).

The Chrysler Group posted an operating loss of EUR1.118 billion
in 2006, compared with an operating profit of EUR1,534 million
in 2005.

The deterioration in operating results was primarily the result
of negative net pricing, unfavorable product, and sales market
mix, and a decline in factory unit sales in the United States.
These factors reflect the continuing difficult market
environment in the United States during 2006 marked by an
overall decline in market volume, a shift in consumer demand
towards smaller, more fuel-efficient vehicles due to higher fuel
prices, as well as the impact of higher interest rates.

These negative factors were partially offset by the market
success of the new models, most of which were launched in the
second half of the year.  Several of these vehicles target this
shift in consumer demand, resulting in a positive contribution
to earnings in the fourth quarter of the year.

In addition, the financial support provided to supplier Collins
& Aikman led to a charge of EUR66 million in 2006, compared to
EUR99 million in 2005.  The Chrysler Group's prior-year
operating profit was positively impacted by a EUR240 million
gain on the sale of the Arizona Proving Grounds vehicle testing
facility.

The Chrysler Group launched a total of 10 attractive new models
in 2006, and significantly expanded its sales outside the NAFTA
region (+22% to 214,400 vehicles).  Dodge launched its compact
five-door car -- the Dodge Caliber, as well as its first mid-
size SUV -- the Dodge Nitro, and the new Dodge Ram 3500 Chassis
Cab.  The new positioning of the Jeep(R) brand portfolio
continued with the launch of the compact Jeep(R) Compass.  Other
new models launched were the Jeep(R) Grand Cherokee SRT8, the
new Jeep(R) Wrangler, the four-door Jeep(R) Wrangler Unlimited
and the Jeep(R) Patriot.  The Chrysler brand launched the Aspen,
its first full-size SUV, while the new Chrysler Sebring is
intended to strengthen the Chrysler Group's competitive position
in the mid-size sedan category.

The Chrysler Group also made more progress in the field of
vehicle quality in 2006.  Internal measurements show that the
quality of the division's vehicles is better than ever before, a
fact which is confirmed by external quality studies: The
Chrysler brand ranked in the top ten in the 2006 J.D. Power
Initial Quality Study.

All three Chrysler Group brands also made gains in the 2006 J.D.
Power Vehicle Dependability Study, showing that customer
perception of quality continues to improve as new vehicles
replace older models in the product range.

The new manufacturing flexibility strategies have helped to
improve the Chrysler Group's efficiency, allowing the division
to better utilize its assets, such as the Belvidere (Illinois)
Assembly Plant, where the Dodge Caliber is built with the use of
highly flexible robots and free of vehicle-specific heavy
tooling.  Over the four years of 2002 through 2005, the Chrysler
Group posted a cumulative 24% productivity improvement, with a
6% improvement in 2005, as confirmed by the 2006 Harbour Report,
a recognized industry study that measures the productivity of
North American automotive manufacturers.

One year after the start of production by the Global Engine
Manufacturing Alliance, the second World Engine plant opened in
Dundee (Michigan) in October 2006.  The two plants in Dundee are
part of a five-factory global venture developed by
DaimlerChrysler, Hyundai Motor and Mitsubishi Motors.

                          Truck Group

In 2006, the Truck Group built on the very successful
developments of the prior year, increasing unit sales by 1% to a
new record of 537,000 vehicles.

The higher sales volume and an improved model mix also led
revenues to rise sharply by 5% to EUR32.0 billion.

The Truck Group achieved an operating profit of EUR2.020 billion
in 2006, a significant increase from the previous year's result
of EUR1.606 billion.  The operating profit posted in 2005
included exceptional income of EUR276 million from the
settlement reached with Mitsubishi Motors Corporation relating
to expenditure for quality actions and recall campaigns at
Mitsubishi Fuso Truck and Bus Corporation.

The increase in operating profit was primarily the result of
efficiency improvements realized in the context of the Global
Excellence Program as well as improved product positioning and
model mix.  In addition, higher unit sales, which were mainly
the result of purchases brought forward because of stricter
emission limits in important markets, contributed to the higher
earnings.  Higher expenses for new vehicle projects, for the
fulfillment of future emission regulations as well as currency
effects had a negative impact on operating profit.

Trucks Europe/Latin America (Mercedes-Benz) once again increased
its unit sales in the core markets of Western Europe.  However,
due to a market downturn in Brazil and lower sales in the Near
and Middle East, total unit sales of 142,100 vehicles were
slightly below the prior year's high level.  Operating in a very
positive market environment, the Trucks NAFTA unit
(Freightliner, Sterling, Western Star, Thomas Built Buses)
increased its sales by 3% in 2006 to the record level of 208,300
vehicles.  Trucks Asia (Mitsubishi Fuso) sold 186,600 vehicles
in 2006, a sharp increase (+4%) on the prior year.

In the summer of 2006, as part of a roadshow through 12 major
European cities the division presented the Mercedes-Benz Safety
Truck, which combines all of the currently available assistance
and safety systems, including Active Brake Assist (emergency
braking support), Lane Assistant, Adaptive Cruise Control, and
the Stability Program.

Large-scale trials have shown that accident frequency can be
reduced by 50% by the Mercedes-Benz Safety Package.
Furthermore, The Truck Group's Hybrid Technology Competence
Center passed one of its first milestones with the introduction
of Fuso's Canter Eco Hybrid in Japan.  In 2006, to ensure that
it is ideally prepared to face future challenges, the Truck
Group began to build a Development and Testing Center in the
vicinity of the Worth, Germany, truck assembly plant.  The first
stage of construction is scheduled to be completed during the
year 2007.

Coinciding with Group-wide implementation of the new management
model, the Truck Group was launched on Aug. 1, 2006, with a
modified organizational structure.  The division now consists of
three operating units: Trucks Europe/Latin America, Trucks
NAFTA, and Trucks Asia, each of which is responsible for
production and sales operations in its respective region.

In order to more extensively exploit synergies as early as the
product creation phase -- and to allow the enhanced
harmonization of parts and components -- the former Truck
Product Creation unit was split into two powerful units: Truck
Product Engineering, which is responsible for the three vehicle
development centers in Stuttgart, Portland and Kawasaki as well
as the integrated development of large components, and Truck
Powertrain Operations & Manufacturing Engineering, which
oversees worldwide component production and production planning
for vehicle and component plants.

                      Financial Services

The Financial Services division once again developed positively
and further improved its market position in 2006.  Financial
Services significantly improved its operating profit from
EUR1.468 billion in 2005 to EUR1.714 billion in 2006, thus
achieving record earnings for the fifth consecutive year.  The
increase in operating profit was the result of higher new
business and ongoing efficiency improvements.  These factors
more than offset higher expenses resulting from higher interest
rates and increased cost of risk.  In addition, the business
development at Toll Collect also contributed to the positive
earnings trend.

New business increased by 10% to EUR53 billion, while contract
volume of EUR113.3 billion was 4% lower than in the prior year.
Adjusted for exchange-rate effects, contract volume rose by 5%.
At the end of 2006, Financial Services' portfolio comprised
6.5 million leased and financed vehicles.

The Americas region (North and South America) managed a total
contract volume of EUR80.4 billion at the end of 2006 (end of
2005: EUR85.9 billion).  This was once again the highest volume
recorded by any Financial Services region, accounting for 71% of
the total portfolio.  Adjusted for exchange-rate effects, the
portfolio in the region expanded by 4%.

The Europe, Africa & Asia/Pacific region also developed
positively in 2006.  Contract volume of EUR32.9 billion was 3%
higher than the prior year's level.  In Germany, DaimlerChrysler
Bank further improved its market position: contract volume at
the biggest European national company rose by 5% to EUR16
billion.  DaimlerChrysler Bank welcomed its one-millionth
customer in May 2006.

DaimlerChrysler Financial Services expanded its financing
activities for commercial vehicles in Japan by establishing the
new Fuso Financial business unit.  Since September 2006, Fuso
Financial is in charge of Mitsubishi Fuso's entire dealer
network in Japan.

                       Van, Bus, Other

Within the framework of the new management model,
DaimlerChrysler decided that the vans and buses activities,
which until 2005 were part of the Commercial Vehicles division,
would be directly managed as separate units.  In addition, the
Corporate Research department and the development departments of
the Mercedes Car Group were merged; as a result, they are now
directly allocated to the Mercedes Car Group.

The Van, Bus, Other segment recorded an operating profit of
EUR913 million in 2006 (2005: EUR1.091 billion).  Operating
profit in 2006 includes charges of EUR393 million for the
implementation of the new management model.  These charges were
mainly incurred for workforce reductions in the DaimlerChrysler
Group's administrative areas.  Exceptional income was achieved
in 2006 from the sale of real estate not required for operating
purposes (EUR133 million) and the consummation of the sale of
the off-highway business (EUR248 million).

Operating profit for 2005 included a positive contribution from
the off-highway business of EUR144 million.  The Van and Bus
operating units again achieved positive results.

Unit sales at the Vans unit totaled 256,900 vehicles worldwide
in the year under review (2005: 267,200).  This slight decrease
in sales was due to the Sprinter model changeover and associated
production bottlenecks at the Dusseldorf plant.  DaimlerChrysler
Buses comprises the bus operations of the Mercedes-Benz, Setra,
and Orion brands.  The unit sold 36,200 buses and chassis
worldwide in 2006 (2005: 36,200).  The Buses unit thus repeated
the high level of unit sales it achieved in the prior year and
maintained its position as the global market leader.

EADS contributed EUR649 million to the segment's operating
profit, which was below the prior-year result of EUR757 million.
The reduction is primarily related to delays with the delivery
of the Airbus A380.  EADS will publish its results for the 2006
financial year on March 9, 2007.

                           Outlook

On the basis of the divisions' planning, DaimlerChrysler expects
the Group's total unit sales to increase slightly in the year
2007.  DaimlerChrysler assumes that total revenues in 2007 will
be at least in the magnitude of the prior year.

Based on the divisions' projections, DaimlerChrysler should
achieve a significant increase in profitability in the planning
period of 2007 through 2009.

A fundamental condition for the targeted increase in earnings is
a generally stable economic and political situation, as well as
the moderate rise in the worldwide demand for passenger cars and
commercial vehicles expected for the years 2007 through 2009.
Opportunities and risks may arise from the development of
currency exchange rates and raw-material prices.

In the year 2007, DaimlerChrysler will change over its
accounting and financial reporting to the International
Financial Reporting Standards.  The present main performance
measure, operating profit according to US GAAP, will then be
replaced with EBIT (earnings before interest and taxes).  The
earnings outlook will be put into more detail with the
publication of the interim report on the first quarter of 2007.

A full-text copy of the company's 2006 results is available for
free at http://ResearchArchives.com/t/s?19dc

                     About DaimlerChrysler

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

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

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

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

                            Outlook

As reported in the TCR-Europe on Oct. 30, 2006, DaimlerChrysler
said it expects a slight decrease in worldwide demand for
automobiles in the fourth quarter and thus slower market growth
than in Q4 2005. For full-year 2006, the company anticipates
market growth of around 3%. It expects unit sales in 2006 to be
lower than in the previous year (4.8 million units).  The
company reported a third-quarter operating loss of EUR1.16
billion.

On Sept. 15, 2006, DaimlerChrysler reduced the Group's operating
profit target for 2006 to US$6.3 billion.  Although the company
now has to assume that the profit contribution from EADS will be
US$0.3 billion lower than originally anticipated because of the
delayed delivery of the Airbus A380, DaimlerChrysler is
maintaining this earnings target due to very positive business
developments in the divisions Mercedes Car Group, Truck Group
and Financial Services.


* VENEZUELA: Cantv Eyes VEB8.91 Trillion Revenue This Year
----------------------------------------------------------
CA Nacional Telefonos de Venezuela aka Cantv, which the
Venezuelan government has included in its nationalization plans,
said in a statement that it expects revenue to increase up to
30% to VEB8.91 trillion in 2007, compared to 2006.

Business News Americas relates that the government owns 6.6% of
Cantv, while the firm's workers, retirees and employee trusts
hold another 6.2%.

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, the Venezuelan government will pay US$572 million
to acquire Verizon Communication Inc.'s 28.51% stake at Cantv.
A memorandum of understanding for the purchase of 224 million
shares at US$17.85 apiece was signed Monday by Verizon Vice-
President John Diercksen, Venezuelan Minister of
Telecommunications Jesse Chacon, and Vice-President Jorge
Rodriguez.  Once the sale is completed, the state's holding
would increase from 6.5% to 35%.

Cantv told BNamericas that it will launch a tender offer within
45 days of the accord to acquire the 58.7% of shares floated on
the market.

BNamericas underscores that Cantv expects net income to increase
up to 19% to VEB1.35 trillion in 2007 compared to 2006.  Cantv
also reported that its 2006 profits increase 427% to VEB1.13
trillion, compared to 2005, mainly due to increased mobile and
broadband revenues and subscribers.

Cantv Chief Executive Officer Vicente Llatas said in a
conference call, "[Last year] was a remarkable year, setting the
stage for our competitive stance and continued growth."

Mr. Llatas told BNamericas that leading the growth will be
Cantv's broadband business.  The company wants to expand its
asymmetric digital subscriber line client base by up to 104% to
923,000 lines in 2007, compared to 2006.  Cantv will invest
US$250 million in a new GSM mobile network.

There are currently no plans to delist Cantv from the New York
Stock Exchange or from the Caracas stock market, BNamericas
states, citing Mr. Llatas.

                         About Cantv

Compania Anonima Nacional Telefonos de Venezuela, Cantv, offers
telecommunications services.  The company provides domestic and
international long distance telephone services throughout
Venezuela, wireless telephone services, and Internet access, and
publishes telephone directories.

                        *    *    *

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


* VENEZUELA: Pres. Warns of Nationalization of Food Distribution
----------------------------------------------------------------
Venezuela leader Hugo Chavez issued a nationalization warning to
supermarkets that sell meat above the government-set price as
rising inflation hit the country.

In a gathering of pensioners in Caracas, the President said he's
waiting for the first excuse to take over meat shops and
supermarket chains that manipulate supply in order to boost
prices, Bloomberg News says.  The administration blames market
manipulators of the 4% inflation in January.

"Down there in the barrio, you should denounce any grocery store
which sells meat above the set price.  Then, we will take
control of it.  We will give it to the community council in
order to manage it, because I am certain that it will not steal
its own community," Pres. Chavez was quoted by El Universal as
saying.

El Universal says the government implemented last week a price
hike for poultry, beef and milk in addition to increasing
control of the whole meat marketing and income tax exemption for
some staples to ease hoarding.  Value-added tax on cheese, meat
and cooking oil was also eliminated.

Meanwhile, business group Coindustria's leader Eduardo Gomez
Sigala told Bloomberg that there were shortages in meat, sugar
and milk because government-mandated prices, imposed four years
ago, don't allow any profit resulting to a decline in supply.

                        *    *    *

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


* LATIN AMERICA: S&P Predicts Expanding Sovereign Debt in 2007
-------------------------------------------------------------
Gross long-term borrowing by Latin American and Caribbean
sovereigns will increase slightly in 2007, Standard & Poor's
Ratings Services said in a report issued today.

The report, entitled "Borrowing By Latin American And Caribbean
Sovereigns To Expand In 2007," is Standard & Poor's third annual
survey of government debt issuance in the region.

"Standard & Poor's finds that gross long-term borrowing
(including official and commercial debt) by 25 Latin American
and Caribbean sovereigns should reach US$427 billion in 2007,"
said Standard & Poor's credit analyst Joydeep Mukherji.  "Gross
borrowing by local and regional governments in Latin America and
the Caribbean is also expected to grow very modestly in 2007."

The survey highlights the diminishing role of official sector
funding in the region, reflecting the ability of large sovereign
borrowers to gain better access to market debt.  Gross official
lending (from both bilateral and multilateral lenders) to
regional sovereigns is likely to total only US$17 billion in
2007.  Around 96% of government borrowing in 2007 should
originate with local and external commercial sources, similar to
the level in 2006.

"The increase in gross borrowing projected for 2007 reflects, in
part, the active election year in many sovereigns in 2006,
including Brazil, Mexico, Colombia, and Peru," added Mr.
Mukherji.  "Many sovereigns prefunded debt that was scheduled to
mature in 2006 and early 2007 in order to insulate themselves
against possible liquidity problems during the election
campaigns.  As a result, the level of gross borrowing by
sovereigns in 2006 was moderately lowered by prefinancing in
2005," he continued.

According to the report, the Latin American and Caribbean region
is likely to account for about 5% of the world's total central
government debt in 2007.  "However, the region's gross borrowing
in 2007 is likely to account for just over 10% of the world's
total sovereign borrowing, up from around 9.8% in 2006," noted
Mr. Mukherji.  "Gross long-term borrowing is expected to rise a
modest 5%-6% in 2007 for the region as a whole, reaching about
US$427 billion.  Within the region, the largest borrower by far
will remain Brazil," he concluded.


* BOOK REVIEW: Railroad Consolidation
-------------------------------------
Title: Railroad Consolidation: Its Economics and Controlling
Principles
Author:     Julius Grodinsky
Publisher:  Beard Books
Paperback:  352 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122417/internetbankru
pt

The book, Railroad Consolidation: Its Economics and Controlling
Principles, presents a classic economic analysis of railroad
consolidation, written 10 years after the passage of the
Transportation Act of 1920, which was designed to encourage and
promote such consolidation.

Julius Grodinsky, the author, approached his subject from an
economic perspective, asking: What are the business interests
that underlie consolidation projects?

The answer boils down to a simple fact: railroads exist to move
traffic.

His thesis that railroad consolidation was in essence about
traffic -- a problem of economics and transportation, not
politics -- was welcomed as a businesslike perspective on an
issue that had become highly politicized.


                         ***********


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, Rizande
de los Santos, Christian Toledo, and Junald Ango, 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
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


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