TCRLA_Public/070223.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

          Friday, February 23, 2007, Vol. 8, Issue 39

                          Headlines

A N T I G U A   &   B A R B U D A

BETONSPORTS: Antiguan Authorities to Oversee Collection

A R G E N T I N A

AGROCOMERCIAL TAHUEL: Claims Verification Is Until March 28
BANCO DE GALICIA: S&P Argentina Puts D Rating on US$9-Mil. Notes
BANKBOSTON: Local Branch Names Will Adapt Standard Bank's
EL PASO: Reports 2007 Financial & Operational Plan
TELEFONICA DE ARGENTINA: Reports ARS222MM Net Profit in 2006

TRUIDEN SA: Asks for Court Approval to Reorganize Business
WILL PLAST: Trustee Will Verify Proofs of Claim Until March 19

B A R B A D O S

BANCAFE INT'L: US$51 Million Pact with RCM Administrator Okayed

B E R M U D A

REFCO INC: Judge Drain Approves AIDMA Settlement Agreement
REFCO INC: U.S. Court Approves RCM-Bancafe US$51-Mil. Agreement
SCOR: AM Best Stays Ratings Amidst 32.9% Converium Shares Buy
SEA CONTAINERS: Committees Seek To Create Info Sharing Protocol
SEA CONTAINERS: GNER Signs GBP20MM Lease to Expand Train Fleet

B O L I V I A

* BOLIVIA: Nationalization Contracts to Take Effect by March 15
* BOLIVIA: Glencore to Seek Compensation for Vinto

B R A Z I L

AFFILIATED COMPUTER: Fitch Assigns Low B Ratings, Removes Watch
ALCATEL-LUCENT: In Talks with Spanish Unions Over 310 Job Cuts
ALCATEL-LUCENT: To Lay Off 12% of France Workforce
AMERICAN TOWER: Completes Cash Tender Offer for 5% Conv. Notes
BANCO BRADESCO: Paying Monthly Capital Interest on April 2

BAUSCH & LOMB: Files 2005 Annual Report with U.S. SEC
CELESTICA INC: Yourman Represents Shareholders in Class Suit
EMI GROUP: Mulls Buyback of EUR1.47-Billion Bonds
TRANSAX INTERNATIONAL: Inks Standstill Agreement with Cornell

* BRAZIL: Inks 2 Accords with Jamaica for Sugar Sector Upgrades

C A Y M A N   I S L A N D S

AZUR HOLDINGS: Proofs of Claim Must be Filed by March 23
DRYDEN LEVERAGED: Sets Final Shareholders Meeting for March 22
LYRA LTD: Proofs of Claim Must be Filed by March 23
MINCS-MAGNUM: Final Shareholders Meeting Is Set for March 22
PAGODA HOLDINGS: Proofs of Claim Must be Filed by March 23

QUELLOS LF: Proofs of Claim Must be Filed by March 23
SCOTTISH RE: 4Q Earnings Report Cues Fitch to Lower Ratings
SCOTTISH RE: AM Best Continues Review After Reporting Loss
SEQUILS-MAGNUM: Final Shareholders Meeting Is Set for March 22
VEGA ASSET: Proofs of Claim Must be Filed by March 23

VEGA INT'L: Proofs of Claim Must be Filed by March 23
VEGAPLUS ASSET: Proofs of Claim Must be Filed by March 23

C H I L E

AES GENER: Finmeccanica to Supply Steam Turbine & Generator
NORSKE SKOGINDUSTRIER: To Invest NOK330 Million Into Skogn Unit

C O L O M B I A

BBVA COLOMBIA: Launches New Financial Products for Youths
BRIGHTPOINT INC: Dangaard Buy Cues S&P to Revise Outlook to Neg.
ECOPETROL: Inks Memorandum of Understanding with Petroperu

* COLOMBIA: To Remove 25% Limit of Power Firms' Market Shares

C O S T A   R I C A

* COSTA RICA: Alunasa Closure Not Due to Remarks Against Chavez

C U B A

* CUBA: US Congress Proposes Bill Against Cuba Trade Ban

D O M I N I C A N   R E P U B L I C

JETBLUE AIRWAYS: Amends 2007 First Quarter & Full Year Guidance
JETBLUE AIRWAYS: Spending US$30MM on New Operations Procedures

E C U A D O R

* ECUADOR: To Discuss Bilateral Cooperation Pacts with Venezuela

H O N D U R A S

* HONDURAS: President Manuel Zelaya to Run Empresa Nacional

J A M A I C A

AIR JAMAICA: William Rogers Resigns as Industry Affairs VP
DIGICEL LTD: Denis O'Brien Wants Total Control of Company
DYOLL INSURANCE: Talks Between Liquidators & Farmers Continue

* JAMAICA: Inks 2 Accords with Brazil for Sugar Sector Upgrade

M E X I C O

ADVANCED MARKETING: Bid Procedures on Sale of Assets Approved
ADVANCED MARKETING: Inks LOI with Baker & Taylor on Asset Sale
CELLSTAR CORP: Earns US$4.8 Million in Fiscal Year Ended Nov. 30
ENESCO GROUP: U.S. Trustee Appoints Three-Member Official Panel
ENESCO GROUP: Committee Retains Adelman & Gettleman as Counsel

GRUPO MEXICO: Strikers Demand Gov't Action Against Company
MOVIE GALLERY: S&P Ups Rating to B- on Improved Liquidity
NORTEL NETWORKS: Board Declares Preferred Share Dividends
SATELITES MEXICANOS: SES Global Eyes Firm

P E R U

* PERU: Inks Memorandum of Understanding with Ecopetrol

P U E R T O   R I C O

ADELPHIA COMMS: Commences Initial Distributions to Creditors
ADELPHIA COMMS: Wants ESPN's US$210 Million Admin. Claims Denied
B&G FOODS: S&P Affirms B+ Rating on Sr. Secured Credit Facility
CHATTEM INC: Earns US$45.1 Million in Year Ended Nov. 30, 2006
FIRST BANCORP: Fitch Affirms BB Issuer Default Rating

JETBLUE: S&P Says Ratings Unaffected by Operational Problems
SANTANDER BANCORP: Board Declares Cash Dividend Due April 2
SAN JUAN CABLE: S&P Affirms Low B Ratings on Payment News

T R I N I D A D   &   T O B A G O

BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend

U R U G U A Y

AMC ENTERTAINMENT: Calls for Redemption of Two Outstanding Notes

* URUGUAY: Completing Preliminary Deal with Investors for Pluna

V E N E Z U E L A

CMS ENERGY: Utility Unit Declares Quarterly Dividends on Stock
DAIMLERCHRYSLER: Finalizes Pact with Canadian Auto Workers
DAIMLERCHRYSLER: Chrysler Group In Talks with General Motors
PEABODY ENERGY: George Schuller Named as VP in U.S. Operations
PETROLEOS DE VENEZUELA: Using US$86.7 Mil. Into Filling Stations

PETROLEOS DE VENEZUELA: To Develop Scada System with UCI

* VENEZUELA: Needs US$1.7 Billion to Buy All of Cantv Shares
* VENEZUELA: To Discuss Bilateral Cooperation Pacts with Ecuador
* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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


BETONSPORTS: Antiguan Authorities to Oversee Collection
-------------------------------------------------------
Antigua and Barbuda's Financial Services Regulatory Commission
will help online gambling company BetOnSports PLC in collecting
debts to pay bettors and employees, a statement from the
government said.

Clive Archer, BetOnSports director, stated that the company has
been hampered by the "slow return of funds owed to us and we
hope that this process will give debtors the reassurance they
need to swiftly pay," the Associated Press reports.

BetOnSports was ordered last year by a U.S. federal court to
stop operating in Antigua and Costa Rica -- from where it
accepted bets from thousands of American customers.  The federal
court ruling said that deposits paid by American bettors should
be returned, the AP relates.

In December 2006, the Eastern Caribbean Supreme Court ruled that
the online gambling company couldn't sell its Antiguan
operations.  Instead, the company was asked to provide the
regulatory commission an account of all its assets, the AP
relates.

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in China,
Argentina, and Mexico.




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


AGROCOMERCIAL TAHUEL: Claims Verification Is Until March 28
-----------------------------------------------------------
Ottorino Oscar Mucci, the court-appointed trustee for
Agrocomercial Tahuel S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 28, 2007.

Mr. Mucci will present the validated claims in court as
individual reports on May 28, 2007.  A court in the Civil and
Commercial Tribunal of Mar del Plata, Buenos Aires will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
raised by Agrocomercial Tahuel 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 Agrocomercial
Tahuel's accounting and banking records will be submitted in
court on June 28, 2007.

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

The debtor can be reached at:

         Agrocomercial Tahuel
         Hipolito Irigoyen 1826 Mar del Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Ottorino Oscar Mucci
         Rawson 2272 Mar del Plata
         Buenos Aires, Argentina


BANCO DE GALICIA: S&P Argentina Puts D Rating on US$9-Mil. Notes
----------------------------------------------------------------
Banco de Galicia y Buenos Aires' Obligaciones Negociables issued
on Nov. 6, 2001, for the original amount of US$12 millon is
rated D by the Argentine arm of Standard & Poor's International
Ratings.


BANKBOSTON: Local Branch Names Will Adapt Standard Bank's
---------------------------------------------------------
On March 30, BankBoston's local branches will be named Standard
Bank, after the company that purchased the portfolio of
BankBoston in Argentina.

BankBoston, controlled by Bank of America, ends almost 90 years
of banking presence in Argentina, Infobae newspaper said.  The
sale is part of its strategy to reduce its presence in the
region.  In December 2006, the Bank transferred its business
operations in Chile, Uruguay and Brasil to Bank Itau.

As reported on Jan. 22, 2007, Moody's Investors Service changed
its outlook to positive, from stable, the long-term foreign
currency deposit rating of Caa1 it assigned to BankBoston, NA
(Argentina).  

The outlook change came as a direct result of Moody's changing
to positive, from stable, the outlook on Argentina's Caa1
country ceiling for foreign currency deposits and the nation's
B2 country ceiling for foreign currency bonds and notes.


EL PASO: Reports 2007 Financial & Operational Plan
--------------------------------------------------
El Paso Corporation disclosed its financial and operational plan
for 2007 in conjunction with its annual analyst meeting.

"El Paso's momentum will continue in 2007 as we grow our
businesses and reduce our debt," said Doug Foshee, president and
chief executive officer of El Paso Corporation.  "With the
closing of the sale of our ANR pipeline and related assets, we
will restore our balance sheet and regain financial flexibility,
while maintaining our earnings outlook."

"In 2007, we are making the largest commitment to pipeline
growth capital in the history of our company as the result of
the numerous infrastructure opportunities that we have
developed.  In addition, we have an aggressive drilling program
this year, including an oil development project in Brazil that
we expect to add significant new volumes beginning in late
2008."

                    Financial Highlights

El Paso's principal financial objectives for 2007 are:

   -- Earnings per share from continuing operations of US$0.82
      to US$0.98;

   -- Cash flow from operations of US$2.0 billion to US$2.2
      billion; and

   -- US$2.7-billion capital program.

The 2007 objectives above assume commodity prices of US$7.00 per
million British thermal units for natural gas and US$56.00 per
barrel for oil.  Note that earnings from ANR and other related
assets are reported in discontinued operations.  The closing of
the ANR transaction is expected imminently.

                  Business Plan Highlights

Pipeline Group

El Paso's Pipeline Group remains North America's premier natural
gas pipeline franchise.  No other company is better positioned
to develop the infrastructure necessary to adapt the changing
sources of supply with the shifting demand patterns within the
United States and Mexico.

The Pipeline Group is coming off a very successful expansion
program with US$392 million of new projects being placed in
service during 2006.  In 2007, the Pipeline Group will spend
US$610 million of growth capital for an array of projects,
including the WIC Kanda Lateral, SNG's Cypress Pipeline, TGP's
Northeast ConneXion New England project, and CIG's High Plains
pipeline.  In addition, US$400 million of maintenance capital is
planned, which includes roughly US$80 million for the company's
pipeline integrity program.

El Paso expects this segment of its business to generate stable
earnings and cash flow with a long-term average annual EBITDA
growth rate of 4 to 6%.

Master Limited Partnership

El Paso will pursue the formation of an MLP in 2007 to enhance
the value and financial flexibility of its pipeline assets and
provide a lower-cost source of capital for new projects.

Exploration and Production

El Paso Exploration & Production Company will continue a
relatively low-risk domestic drilling program in 2007 with
significant funding for its Camamu offshore exploration and
development program in Brazil.  Capital spending will total
approximately US$1.7 billion, comprised as:

   -- US$1.2 billion in domestic oil and gas capital
   -- US$255 million for the South Texas acquisition that closed
      in January
   -- US$215 million for international

El Paso has maintained a prospect inventory that will support
approximately five years of drilling activity, based on current
drilling levels.  This inventory provides a risked resource
potential of 3.3 trillion cubic feet equivalent, which includes
0.7 Tcfe of proved undeveloped reserves.

For capital allocation purposes, El Paso is investing capital
assuming a constant US$6.00 per MMBtu natural gas price and a
US$48.00 oil price.  The company will drill approximately 650
gross wells, with 540 of those in the Onshore division, which is
characterized by long-lived, repeatable programs.

El Paso expects its exploration and production operations to
produce between 800 and 860 million cubic feet equivalent per
day (MMcfe/d), including its proportionate share of production
in Four Star Oil & Gas Company.  Production at Four Star is
expected to be between 60 MMcfe/d to 65 MMcfe/d in 2007.  At the
midpoint, this total represents a 4-percent increase over 2006
production levels.  Cash operating costs are expected to range
between US$1.68 and US$2.00 per thousand cubic feet equivalent
with unit DD&A costs at US$2.50 to US$2.75 per Mcfe.  The
company ended the year with approximately 2.637 trillion cubic
feet equivalent of reserves, including 222 billion cubic feet
equivalent related to its proportionate interests in Four Star.

Through price risk management activities, El Paso has
established an average floor price of US$7.69 per MMBtu on 223
Bcf and an average ceiling price of US$11.48 per MMBtu on 133
Bcf of 2007 natural gas production.  The floor volumes represent
approximately 89% of the company's estimated domestic natural
gas production for the year, including Four Star, and provide
solid support for El Paso's 2007 plan.

In 2006, El Paso's Marketing segment continued to reduce its
earnings volatility through the expiration and divestiture of
legacy trading positions.  In 2007, significant demand charges
related to capacity payments on the Alliance pipeline will roll
off and the segment has substantially eliminated its commodity
price exposure.

                        2006 Earnings

El Paso will report fourth quarter earnings and expects to file
its Form 10-K on Feb. 27, 2007.  During today's analyst meeting,
the company will also review high-level earnings results for
2006.  These results are unaudited and subject to change prior
to the filing of the SEC Form 10-K.  Fourth quarter earnings
from continuing operations include a US$0.17 per share loss from
the company's divestiture of capacity on the Alliance Pipeline
and a US$0.01 per share gain from the mark-to-market of
derivatives used to hedge the price risk of Exploration &
Production's production volumes.

For the year, El Paso had cash flow from continuing operations
(not including ANR and related assets) of US$1.8 billion and had
capital expenditures of US$2.2 billion.  During the year, El
Paso sold US$1 billion of non-core assets.  At year-end, El Paso
had US$14.2 billion of net debt, excluding US$741 million of ANR
debt, which has been classified as discontinued operations.

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

                        *     *     *

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


TELEFONICA DE ARGENTINA: Reports ARS222MM Net Profit in 2006
------------------------------------------------------------
Telefonica de Argentina SA said in a filing with the Buenos
Aires stock exchange that its net profit decreased 71% to ARS222
million in 2006, compared to 2005.

Business News Americas relates that Telefonica de Argentina's
sales increased 11.3% to ARS3.75 billion in 2006, compared to
2005.  Its operating expenses, administration and
commercialization costs rose 10.7% to ARS2.99.

Emiliano Wachs, an analyst at brokerage firm Grupo SBS, told
BNamericas that higher operating expenses were related to
Telefonica de Argentina's efforts to gain more customers,
especially in the mobile telephony segment.

Mr. Wachs explained to BNamericas, "When operators compete to
increase their client base the cost of gaining and maintaining a
client increases."

The additional handset subsidies needed to attract new customers
also raised operating costs, BNamericas says, citing Mr. Wachs.

BNamericas notes that Telefonica de Argentina will invest ARS1.6
billion this year, mainly on continued expansion of the firm's
mobile and broadband infrastructure.

Telefonica de Argentina will also invest ARS750 million to
optimize the current network in its mobile telephony segment to
prepare itself in offering third-generation services, BNamericas
states.

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

                        *    *    *

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


TRUIDEN SA: Asks for Court Approval to Reorganize Business
---------------------------------------------------------
Court No. 20 in Buenos Aires is studying the merits of Truiden
SA's petition to reorganize its business after it stopped paying
its obligations on Feb. 18, 2007.

The petition, once approved by the court, will allow Truiden SA
to negotiate a settlement plan with its creditors in order to
avoid a straight liquidation.

The city's Clerk No. 40 assists the court on this case.

The debtor can be reached at:

         Truiden SA
         Corrientes 2350
         Buenos Aires, Argentina


WILL PLAST: Trustee Will Verify Proofs of Claim Until March 19
--------------------------------------------------------------
Ruben Scaletta, the court-appointed trustee for Will Plast SRL's
bankruptcy proceeding, will verify creditors' proofs of claim
until March 19, 2007.

Under the Argentine bankruptcy law, Mr. Scaletta is required to
present the validated claims in court as individual reports.  
Court No. 17 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 Will Plast
and its creditors.

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

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

Will Plast was forced into bankruptcy at the behest of Union
Obreros y Empleados Plasticos, which it owes US$7,124.04.

Clerk No. 34 assists the court in the proceeding.

The debtor can be reached at:

          Will Plast SRL
          Corrientes 6495
          Buenos Aires, Argentina  

The trustee can be reached at:

          Ruben Scaletta
          Piedras 1077
          Buenos Aires, Argentina




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


BANCAFE INT'L: US$51 Million Pact with RCM Administrator Okayed
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a settlement between Bancafe International Bank Ltd.
and Refco Capital Markets Ltd., an affiliate of Refco Inc.,
through its duly appointed plan administrator
PricewaterhouseCoopers and Marc S. Kirschner.

The settlement (i) reflects a resolution on Bancafe's part to
allow the setoff required by a guarantee agreement and (ii)
avoids the need for future litigation concerning the Bancafe
claims.

Bancafe filed in July 2006 Claim No. 10132 for US$207,934,213
and Claim No. 10133 for US$173,559 against Refco Capital
Markets.

The Bancafe Claims are premised on certain securities customer
account relationships that existed between RCM and Bancafe
before RCM's bankruptcy filing.

Pursuant to certain account relationships, Bancafe guaranteed
certain obligations of an affiliated entity, Vipasa
International Investments Corp., under a Guaranty and Transfer
Authorization Agreement with RCM.

As of RCM's bankruptcy filing, Vipasa owed RCM at least
US$154,456,433 as a result of its account relationships with
RCM, which amount Bancafe guaranteed.

Pursuant to an order of the High Court of Barbados,
PricewaterhouseCoopers EC Inc. has been appointed as custodian
to wind up Bancafe's affairs.  PricewaterhouseCoopers has filed
a Petition for Recognition of Foreign Main Proceeding in the
U.S. Bankruptcy Court for the Southern District of Florida.

Following arm's-length negotiations, PricewaterhouseCoopers and
Marc S. Kirschner, as duly appointed plan administrator for RCM
pursuant to the Dec. 15, 2006, Plan Confirmation order, agreed
that:

   (a) Claim No. 10132 will be allowed as an RCM Securities
       Customer Claim for US$51,535,144, to achieve agreements
       regarding properly allowable claim amounts and applicable
       set-offs;

   (b) Claim No. 10133 will be allowed as an RCM Securities
       Customer Claim for US$173,559; and

   (c) all other amounts asserted in the Bancafe Claims, whether
       liquidated, unliquidated, contingent or otherwise, will
       be disallowed.

                       About Refco Inc.

Based in 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 $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 56 & 57; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

                About Bancafe International

Bancafe International Bank Ltd. offered financial services.  
PricewaterhouseCoopers EC Inc. has been appointed as custodian
to wind up Bancafe's affairs, pursuant to an order of the High
Court of Barbados.  PwC EC, as Bancafe's administrator, filed a
chapter 15 petition on Dec. 19, 2006 (Bankr. S.D. Fla. Case No.
06-16712).  Gregory S. Grossman, Esq., at Astigarraga Davis
Mullins & Grossman, P.A., represents the administrator.  PwC EC
estimated that Bancafe had US$1 million to US$10 million in
assets and more than US$100 million in debts when it filed the
chapter 15 petition.




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


REFCO INC: Judge Drain Approves AIDMA Settlement Agreement
----------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York approved a settlement among
Refco F/X Associates LLC, AIDMA Co. Ltd., and RefcoFX Japan
K.K., pursuant to Rule 9019(a) of the Federal Rules of
Bankruptcy Procedure.

As reported in the Troubled Company Reporter on Feb. 16, 2007,
pursuant to the Dec. 15, 2006, order confirming Refco Inc.'s
Chapter 11 Plan, RJM LLC, as Plan Administrator of the Refco
Inc. and its debtor-affiliates' Chapter 11 cases, formed a non-
Japan Refco F/X Associates LLC customer committee, which has
consent rights with respect to any settlement regarding the
litigation involving FXA's assets in Japan.

FXA operated an online retail foreign exchange trading business
under a Facilities Management Agreement between Refco Group Ltd.
LLC and its designated subsidiaries, including FXA, and Forex
Capital Markets LLC on a Web-based trading platform created and
maintained by FXCM.

Richard Levin, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, relates that approximately 35% of FXA's retail
customer account balances are attributable to clients in Japan.
To facilitate the Japan Clients' ability to make deposits and
withdrawals to and from their foreign exchange trading account,
FXA determined that it was desirable to open a Japanese yen
denominated bank account.

However, Mr. Levin notes, since FXA was not domiciled in Japan,
FXCM formed a Japanese entity -- RefcoFX Japan K.K. -- to open
and maintain a Japanese yen denominated account at the Hong Kong
Shanghai Banking Corp.  The shares in Refco Japan are presently
held by FXCM.

While the Japan Clients entered into client agreements with FXA
rather than with Refco Japan, the Japan Clients' funds were
deposited into Refco Japan's HSBC Account.  Mr. Levin states
that the HSBC Account currently holds Japanese yen valued at
approximately US$32,000,000.

The Reorganized Debtors currently estimate that claims filed by
Japan Clients total approximately US$38,000,000.

                   Japanese Civil Actions

Forty-eight Japan Clients have commenced three separate civil
actions in Japan against Refco Japan, asserting claims for the
return of funds deposited by those clients and have obtained
provisional attachment orders against the funds in the HSBC
Account.  The attachment orders have restricted FXA's and Refco
Japan's ability to transfer the funds in the HSBC Account under
Japanese law.

In October 2006, FXA commenced an Adversary Proceeding in the
Court against FXCM, Refco Japan, HSBC, and the FXA Japan
Clients.  FXA also commenced legal actions in Japan seeking
declaratory judgment that the funds in the HSBC Account are
property of FXA's estate and for turnover of those funds.  In
the alternative, the Turnover Action seeks declaratory relief
that the shares in Refco Japan held by FXCM are property of the
FXA estate and for turnover of the shares.  Consequently, Refco
Japan has sought to dismiss the Turnover Action for lack of
personal jurisdiction.

                         AIDMA Claim

AIDMA Co., Ltd., is one of the largest Japanese clients of FXA.
AIDMA's FXA foreign exchange account balances as of
July 31, 2006, aggregate to JPY1,258,833,316, or about
US$10,600,000, subject to fluctuation with the dollar-yen
exchange rate.

Although AIDMA is not currently a plaintiff in the Japanese
Civil Actions, it has asserted that its rights in the funds held
in the HSBC Account are superior to the claims of non-Japan
clients.

           FXA Settles With AIDMA & Refco Japan

The Agreement provides, among others, that:

   (a) AIDMA will be paid JPY723,829,157, or approximately
       US$6,100,000, which represents 57.5% of AIDMA's July 2006
       yen-denominated FX Account balance;

   (b) AIDMA will be reimbursed US$100,000 to cover its
       attorneys' fees; and

   (c) AIDMA will be entitled to receive an additional payment
       that would provide an equivalent aggregate percentage
       recovery if FXA, Refco Japan, and FXCM settle with a
       Japan Client on or before Dec. 31, 2007, for a higher
       percentage recovery than 57.5% of AIDMA's FX Account
       balance.

The parties further agree that all payments will be made from
the HSBC Account in Japanese yen, and will be in full and final
settlement of any and all claims that AIDMA has against Refco
Japan, FXCM, or the Debtors or their estates.

Upon receipt of the settlement payment, AIDMA will withdraw any
proofs of claim it has filed in the Debtors' cases.

The Refco Administrator asserts that the AIDMA Settlement is
reasonable considering that:

   (i) the trust and tort claims raised by AIDMA and the other
       Japan Clients raise complex factual and legal issues of
       both U.S. and Japanese laws, including issues of cross-
       border enforcement of judgments, that present substantial
       litigation risks to both sides; and

  (ii) the resolution of the Japan Clients' claims is further
       complicated by the fact that:

          * FXA does not presently control Refco Japan;

          * there is no stay of actions against Refco Japan or
            the funds held in the HSBC Account; and

          * Refco Japan and the HSBC Account are located outside
            of the U.S. and are subject to the laws of Japan.

                       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 & 57; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


REFCO INC: U.S. Court Approves RCM-Bancafe US$51-Mil. Agreement
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a settlement between Bancafe International Bank Ltd.
and Refco Capital Markets Ltd., an affiliate of Refco Inc.,
through its duly appointed plan administrator
PricewaterhouseCoopers and Marc S. Kirschner.

The settlement (i) reflects a resolution on Bancafe's part to
allow the setoff required by a guarantee agreement and (ii)
avoids the need for future litigation concerning the Bancafe
claims.

Bancafe filed in July 2006 Claim No. 10132 for $207,934,213 and
Claim No. 10133 for US$173,559 against Refco Capital Markets.

The Bancafe Claims are premised on certain securities customer
account relationships that existed between RCM and Bancafe
before RCM's bankruptcy filing.

Pursuant to certain account relationships, Bancafe guaranteed
certain obligations of an affiliated entity, Vipasa
International Investments Corp., under a Guaranty and Transfer
Authorization Agreement with RCM.

As of RCM's bankruptcy filing, Vipasa owed RCM at least
US$154,456,433 as a result of its account relationships with
RCM, which amount Bancafe guaranteed.

Pursuant to an order of the High Court of Barbados,
PricewaterhouseCoopers EC Inc. has been appointed as custodian
to wind up Bancafe's affairs.  PricewaterhouseCoopers has filed
a Petition for Recognition of Foreign Main Proceeding in the
U.S. Bankruptcy Court for the Southern District of Florida.

Following arm's-length negotiations, PricewaterhouseCoopers and
Marc S. Kirschner, as duly appointed plan administrator for RCM
pursuant to the Dec. 15, 2006, Plan Confirmation order, agreed
that:

   (a) Claim No. 10132 will be allowed as an RCM Securities
       Customer Claim for US$51,535,144, to achieve agreements
       regarding properly allowable claim amounts and applicable
       set-offs;

   (b) Claim No. 10133 will be allowed as an RCM Securities
       Customer Claim for US$173,559; and

   (c) all other amounts asserted in the Bancafe Claims, whether
       liquidated, unliquidated, contingent or otherwise, will
       be disallowed.

                   About Bancafe International

Bancafe International Bank Ltd. offered financial services.  
PricewaterhouseCoopers EC Inc. has been appointed as custodian
to wind up Bancafe's affairs, pursuant to an order of the High
Court of Barbados.  PwC EC, as Bancafe's administrator, filed a
chapter 15 petition on Dec. 19, 2006 (Bankr. S.D. Fla. Case No.
06-16712).  Gregory S. Grossman, Esq., at Astigarraga Davis
Mullins & Grossman, P.A., represents the administrator.  PwC
estimated that Bancafe had US$1 million to US$10 million in
assets and more than US$100 million in debts when it filed the
chapter 15 petition.

                       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 & 57; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


SCOR: AM Best Stays Ratings Amidst 32.9% Converium Shares Buy
-------------------------------------------------------------
A.M. Best Co. has commented that the ratings of SCOR (France)
and its rated subsidiaries remain unchanged following the
announcement of its acquisition of 32.9% of the share capital of
Converium Holding AG (Switzerland), of which 24.6% is pending
regulatory approval, and the rejection of the proposal to
combine the two companies by the board of Converium.

A.M. Best will continue to monitor the situation and would
review the appropriateness of the current ratings if the company
were to launch a public offer.  The main analytical focus would
be the impact of the transaction on the combined group's risk-
adjusted capitalization and the potential integration risks.

Headquartered in La Defense, France, SCOR provides treaty and
facultative reinsurance through offices worldwide, each of which
specializes in the needs of a specific industry segment and the
local language.  Most of SCOR's business comes from Europe and
North America and is divided into two distinct business
segments: Non Life and Life/Accident & Health.  SCOR operates in
the Carribean through its Bermuda-based subsidiary, Commercial
Risk Partners.


SEA CONTAINERS: Committees Seek To Create Info Sharing Protocol
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Ltd. and the Official Committee of Unsecured Creditors of Sea
Containers Services Ltd. jointly ask the Honorable Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware
to clarify that Section 1102(b)(3)(A) of the Bankruptcy Code
does not authorize or require them to provide access to the
Debtors' confidential and other non-public proprietary
information, or to privileged information, to the creditors they
represent.

The Official Committees, however, agree that they will provide
access to Privileged Information to any party so long as it is
not Confidential Information and the relevant privilege was held
and controlled solely by an Official Committee.

Pursuant to the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005, each of the Committees is required to
provide access to information for creditors it represents.

Derek C. Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
in Wilmington, Delaware, relates that the Debtors operate in a
competitive industry where the dissemination of confidential
information to parties who are not bound by any confidentiality
agreement could be disastrous to the Debtors.  Confidential
Information includes business strategies and intended
initiatives.

If the Debtors' general creditors could require an Official
Committee to give them access to Confidential Information in the
Committee's possession, the information could easily become
public and could be used by competitors to the detriment of the
Debtors' business operations, Mr. Abbott points out.

Mr. Abbott notes that other Confidential Information, including
compensation levels or other employee information, is of a
sensitive nature and their public disclosure would affect
employee morale and similar problems for the Debtors, and
violate federal and state privacy laws.

According to Mr. Abbott, the request will benefit the Committees
and their constituents by permitting them to receive
Confidential Information from the Debtors without the fear that
individual creditors could force them to breach confidentiality.  
"Unless it is made clear that the risk of dissemination of
Privileged Information does not exist, the estate representation
structure envisioned by the Bankruptcy Code would become
immediately dysfunctional," he adds.

                    About Sea Containers

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: GNER Signs GBP20MM Lease to Expand Train Fleet
--------------------------------------------------------------
Sea Containers Ltd.'s railway subsidiary, Great North Eastern
Railway, has leased two diesel High Speed Trains, Transport
Briefing reports.

According to Transport, the High Speed Trains, which were
previously used by Midland Mainline, were procured by GNER from
Porterbrook Leasing Company and will be overhauled during the
next two years as part of a GBP20,000,000 leasing package.

The acquisition was in connection with its new 12 additional
weekday services between Yorkshire, the East Midlands and
London.  The new run was approved by United Kingdom's Office of
Rail Regulation and is set for launching on May 21, 2007.

With the HSTs, GNER will be able to run a half hourly service
between Leeds and London King's Cross and will provide an
additional 1,600,000 seats a year.

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 will
expire on June 12, 2007.  The Debtor has until August 11, 2007,
to accept solicitations of that plan.




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


* BOLIVIA: Nationalization Contracts to Take Effect by March 15
---------------------------------------------------------------
The 44 contracts negotiated with 12 oil firms as part of
Bolivian President Evo Morales' nationalization program will
come into effect by March 15, Business News Americas reports,
citing government news agency ABI.  

Hydrocarbons Minister Carlos Villegas clarified that the delay
in the contracts effective date was caused by technical problems
-- errors that were minimal and won't require renegotiation,
BNamericas says.

President Morales' nationalization program calls for majority
ownership in oil fields run by foreign oil majors.  Once the
plan is enforced, the government's oil revenues are expected to
rise to US$2 billion, BNamericas relates, citing figures from
national statistics institute INE and economic policy analysis
unit Udape.

                        *    *    *

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: Glencore to Seek Compensation for Vinto
--------------------------------------------------
Switzerland's Glencore International AG has threatened to seek
compensation through international arbitration for the
nationalization of its Vinto tin smelter in Bolivia, the
Associated Press reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, an official from Glencore International
subsidiary Sinchi Wayra said that the Bolivian government did
not approach the parent firm to discuss on Vinto's return to the
state.  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.

Bolivian President Morales told AP that the government won't
compensate Glencore.

"If they want to go to arbitration we are ready to face them.  
We have recovered for the people something that was once owned
by the people," President Morales commented to AP.

The nationalization of Vinto retained most of smelter workers,
AP states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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




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


AFFILIATED COMPUTER: Fitch Assigns Low B Ratings, Removes Watch
---------------------------------------------------------------
Fitch Ratings has removed Affiliated Computer Services, Inc.
from Rating Watch Negative and affirmed these ratings:

   -- Issuer default rating at 'BB';
   -- Senior secured revolving credit facility at 'BB';
   -- Senior secured term loan at 'BB'; and
   -- Senior notes at 'BB-'.

The Rating Outlook is Negative.  Approximately US$3.3 billion of
debt, including the US$1 billion revolving facility, is affected
by Fitch's action.

The removal of Affiliated Computer from Rating Watch Negative is
based on the company's fulfillment of all financial reporting
requirements necessary to maintain covenant compliance with its
credit facility agreement following the filing of its 10-K for
the fiscal year ended June 2006 and 10-Qs for the quarters ended
Sept. 30, 2006 and Dec. 31, 2006.  The previous filing delay was
the result of the company's internal investigation into its
historical stock option grant practices.  The investigation
concluded in late November 2006, leading to a non-cash,
cumulative, pre-tax restatement for previously unrecognized
stock-based compensation expense of US$51.2 million and the
resignation of the company's CEO and CFO.  The cash tax impact
associated with the restatement is approximately US$40 million.

The Negative Rating Outlook reflects the potential continuation
of debt-financed share buybacks funded via the company's
uncommitted accordion feature under Affiliated Computer's term
loan facility.  Remaining term loan availability under the
accordion feature for either share repurchases or redemption of
Affiliated Computer's existing senior notes was US$2 billion as
of Dec. 31, 2006.  Although Fitch believes there is some
flexibility in the current ratings for incremental debt-financed
share repurchases, full utilization of the company's term loan
accordion feature would lead to negative rating actions.  
Furthermore, the Outlook considers a potential reduction of
liquidity should Affiliated Computer receive an unfavorable
court ruling in its pending lawsuit against its Trustee, in
which ACS seeks a declaratory judgment affirming its position
that no default has occurred under the indenture as a result of
its failure to timely file its 10-K for the year ended
June 30, 2006.  If the court rules an event of default has
occurred, Fitch believes ACS will utilize its US$1 billion
revolver to refinance the US$500 million of senior notes that
would become immediately due at par value plus accrued interest.  
Lastly, the Outlook considers the ongoing informal SEC
investigation and grand jury subpoena issued by the United
States Attorney for the Southern District of New York related to
the company's timing of historical stock option grants and
identification of two material weaknesses with respect to
financial reporting.

Rating concerns continue to center on Affiliated Computer's
uncertain capital structure plans, which could include further
debt-financed stock buybacks; the company's acquisitive nature,
which could lead to further increases in total debt; and
limited, but improving, organic revenue growth in the government
segment.  Positively, the ratings are supported by Affiliated
Computer's consistent, although pressured, free cash flow due
primarily to higher interest expense from increased debt
balances and higher capital expenditures, which Fitch expects to
moderate; significant recurring revenue base from long-term
outsourcing contracts; and favorable growth prospects for
business process outsourcing, which accounted for approximately
75% of Affiliated Computer's total revenue in fiscal year 2006.  
Lastly, the company experienced a material improvement in
renewal rates, which rose to 95% of available renewal dollars in
the first half of fiscal 2007 ended Dec. 31, 2006, compared with
only 85% in fiscal 2006.

Even though the company's senior notes are equally and ratably
secured with the senior secured credit facilities under the
terms of the related indenture, the rating of 'BB-' for the
senior notes incorporates the fact that the secured credit
facilities have the sole rights to Affiliated Computer's
accounts receivable, which represented approximately 21% of
total assets and 43% of tangible assets as of Dec. 31, 2006.  
The credit facility is secured by a first priority perfected
pledge of all notes owned by the borrowers and guarantors, all
capital stock of predominantly all domestic subsidiaries and
certain foreign subsidiaries of Affiliated Computer, and a first
priority perfected security interest in all other assets owned
by the Company, including tangible and intangible assets.  As of
June 30, 2006, the financial covenant ratios contained in the
credit facility, which are based on a quarterly schedule that
becomes more restrictive over time relative to the amount of
covenant adjusted debt outstanding, consist of bank-defined
maximum consolidated senior leverage ratio of 3 times or x,
maximum consolidated total leverage ratio of 4x and interest
coverage covenant of 4.5x.

Fitch estimates leverage (total debt/operating EBITDA) increased
as expected to 2.8x as of Dec. 31, 2006 (bank-defined = 2.4x)
from 1.7x for fiscal 2006 ended June 30, 2006, due to increased
borrowings.  Interest coverage (operating EBITDA/ gross interest
expense) declined to 7.1x for the latest 12 months ended
Dec. 31, 2006, (bank-defined=7.4x) compared with 14x for fiscal
2006.  Fitch believes credit protection measures could
deteriorate further if Affiliated Computer uses the term loan
accordion feature to support additional share repurchase
programs.

Total debt as of Dec. 31, 2006, was approximately US$2.6
billion, consisting primarily of US$1.8 billion of secured term
loans due 2013, US$275 million of borrowings under the revolving
credit facility, US$250 million of senior notes due June 2010
and US$250 million of senior notes due June 2015.  Affiliated
Computer's near-term debt maturities are manageable with a very
limited amount of debt due in the next three fiscal years aside
from US$18 million in annual amortization associated with
current secured term loans of US$1.8 billion.  The next material
debt obligation is US$268 million in fiscal year 2010,
consisting of US$250 million of senior notes and US$18 million
of term loan amortization.  However, the senior notes would be
immediately due if the court rules that an event of default has
occurred.

Fitch believes Affiliated Computer's liquidity is adequate and
was supported by approximately US$333 million of cash at
Dec. 31, 2006, and US$584 million of availability on its US$1
billion secured revolving credit facility expiring 2012 due to
US$275 million of borrowings and US$141 million of outstanding
letters of credit.  The credit facility also includes an
uncommitted accordion feature enabling the Company to increase
it by up to US$750 million for general corporate purposes under
certain circumstances.  Liquidity is further supported by
Affiliated Computer's consistent, but pressured, free cash flow
that totaled US$170 million for the LTM ended Dec. 31, 2006,
down from adjusted free cash flow of US$328 million in fiscal
2006, which excludes transition services previously provided by
Mellon Financial Corp. in conjunction with Affiliated Computer's
acquisition of Mellon's Human Resources business and other less
significant non-recurring items.

Dallas-based Affiliated Computer Services Inc. has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.


ALCATEL-LUCENT: In Talks with Spanish Unions Over 310 Job Cuts
--------------------------------------------------------------
Alcatel-Lucent met with representatives of Spain Works Council
to begin discussing how the company's synergy plans will impact
employee positions in Spain.

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 of about EUR1.4 billion in
annual pre-tax cost synergies within three years after the
merger, which closed on Nov. 30, 2006.  

On Feb. 9, the company announced its results and 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
further reductions to the workforce than was originally planned,
and Alcatel-Lucent now expects to reduce headcount by about
12,500 positions over the next three years.

The topics presented to the works council are a starting point
for communication with employees and unions prior to any
actions.

"We have undertaken a thorough and thoughtful review of our
operations in Spain, and we anticipate that we need to eliminate
some 310 positions over the next 24 months," said Alfredo
Redondo, President Alcatel Lucent for Iberia.  "These are
difficult decisions, and we will be sensitive to employees and
treat them with the dignity and respect they deserve.  As we
have done in the past, we will do what we can to minimize the
impact of this decision."

Currently, Alcatel-Lucent employs some 1,250 people in Spain, in
a variety of positions.  The force reductions primarily reflect
duplications in positions and rationalization in product and
solution portfolio created with the merger of the two companies.

                    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's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.  
It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ALCATEL-LUCENT: To Lay Off 12% of France Workforce
--------------------------------------------------
Within the framework of the global cost reduction plan of
EUR1.7 billion confirmed by Alcatel-Lucent on Feb. 9, the
management teams of Alcatel-Lucent France, ABS and Compagnie
Financiere Alcatel-Lucent disclosed of their respective
restructuring projects to the social partners in France.

These plans are related to previous announcements concerning the
merger of Alcatel and Lucent Technologies, the acquisition of
Nortel's UMTS activities, as well as the highly competitive
market environment.

The objective of the plans is to quickly rationalize
duplications in positions resulting from the recent strategic
moves, adapt the company's business model to the business model
of our customers (carriers and enterprises), as well as align
our investments with our perspective.

The restructuring plans could impact 1,468 positions by the end
of 2008, which represents about 12% of Alcatel-Lucent's
workforce in France.  The Parisian area will be slightly more
impacted than the rest of the country.  However, the plan
includes the merging of sites in Brittany, reinforcing the two
key sites of Orvault (Nantes) and Lannion by redeploying the
competences currently based in Rennes-Cesson and Rennes-St
Gregoire.

Employees will be offered a voluntary program based on four main
measures:

   -- internal mobility for job openings in 2007-2008;

   -- support for the creation of professional projects outside
      the company (with support for creation or expansion of a
      new company);

   -- an agreement named "Projet Activit, Seniors" which
      offers to 55-year old and older employees the opportunity
      to continue a professional activity (either a full- or
      part-time job or, professional or humanitarian activity)
      for a period of 36 months;

   -- a proposal named "Cessation d'Activit, Par Anticipation"
      which allows employees to stop working four years before
      their legal retirement age.

Within Alcatel-Lucent, France remains a major competence center,
with several worldwide excellence centers for: 3G, WiMAX,
Convergence, Long Distance Optics, especially submarine
activities, Enterprise, and Vacuum Technology activities.

France, together with the Bell Labs in the United States, is the
major Research & Innovation center of Alcatel-Lucent.  The
company's executive offices as well as the operational center
for the Europe and South region are also based in France.  The
Europe and South region covers the Mediterranean area, Africa,
Middle East, South Asia and Latin America.

                    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's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.  
It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


AMERICAN TOWER: Completes Cash Tender Offer for 5% Conv. Notes
--------------------------------------------------------------
American Tower Corporation has completed the cash tender offer
for its 5% Convertible Notes due 2010.  The note holders' option
to surrender their Notes for repurchase by the company expired
at 5:00 p.m., New York City time, on Feb. 20, 2007.

The company has been advised by the depositary, The Bank of New
York Trust Company, N.A., that US$192,505,000 in aggregate
principal amount of Notes (approximately 76% of the
US$252,188,000 outstanding principal amount) was validly
surrendered for repurchase and not withdrawn (excluding any
additional Notes tendered pursuant to guaranteed delivery
procedures).  The repurchase price for the Notes was US$1,000
per US$1,000 principal amount, plus accrued and unpaid interest
up to but excluding Feb. 20, 2007.  The aggregate repurchase
price for all Notes validly surrendered for repurchase and not
withdrawn is approximately US$192.6 million.  Payment for the
Notes will be made with cash on hand and proceeds from
borrowings under the Company's credit facilities.

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-'.


BANCO BRADESCO: Paying Monthly Capital Interest on April 2
----------------------------------------------------------
Banco Bradesco S.A., in conformity with the System for Monthly
Payment to Stockholders, will pay on April 2, 2007, Interest on
Own Capital related to the month of March 2007, in the amount of
BRL0.036052500 per common stock and BRL$0.039657750 per
preferred stock to the stockholders registered in the company's
records on March 1, 2007.

The payment, net of the Withholding Income Tax of 15%, except
for legal entity stockholders exempted from the referred
taxation, which will receive for the stated amount, will be made
through the net amount of BRL$0.030644625 per common stock and
BRL$0.033709088 per preferred stock, as follows:

   * credit in the current account informed by the stockholder;

   * the stockholders who do not inform their banking data or do
     not hold a current account in a Financial Institution must
     go to a Bradesco Branch on their preference having their
     identification document and the "Notice For Receipt of
     Earnings from Book-Entry Stocks", sent by mail to those
     having their address updated in the Company's records;

   * to those with stocks held on custody with the CBLC -
     Companhia Brasileira de Liquidacao e Custodia (CBLC -
     Brazilian Clearing and Depository Corporation), the payment
     of interest will be made to CBLC, which will transfer them
     to the stockholders through the Depository Agents.

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

                        *     *     *

As reported on Jan. 26, 2007, Fitch Ratings placed these ratings
assigned to Banco BMC SA on Rating Watch Positive:

   -- Local foreign currency long-term Issuer Default Rating
      'B-';
   -- Foreign currency long-term IDR 'B-';
   -- Local currency short-term 'B';
   -- Fixed-rate notes issuance maturing 2008 'B-/RR4';
   -- Support '5';
   -- National Short-Term rating 'F3(bra)'; and
   -- National long-term rating 'BBB-(bra)'.

In addition, Fitch affirmed BMC's:

   -- Individual rating at 'D/E'; and
   -- Foreign currency short-term at 'B'.

At the same time, Fitch also affirmed these IDRs on Bradesco,
with a Stable Outlook:

   -- Long-term foreign currency at 'BB+';
   -- Long-term local currency at 'BBB-';
   -- Individual rating at 'B/C';
   -- Local currency short-term at 'F3';
   -- Short-term at 'B';
   -- Support rating of '4';
   -- National short-term rating 'F1+(bra)'; and
   -- National long-term rating 'AA+(bra)'.

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

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

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

Moody's said the ratings outlook is stable.


BAUSCH & LOMB: Files 2005 Annual Report with U.S. SEC
-----------------------------------------------------
Bausch & Lomb Inc. filed its annual report on Form 10-K for the
year ended Dec. 31, 2005, with the U.S. Securities and Exchange
Commission on Feb. 7, 2007.

The company was unable to timely file its 2005 Annual Report due
to:

   -- ongoing independent investigations conducted by the Board
      of Directors' Audit Committee;

   -- expanded year-end procedures that were not complete;

   -- expanded procedures with respect to the accounting for
      income taxes that were not complete; and

   -- continued efforts to complete the company's assessment of
      its internal control over financial reporting.

As a result of the Audit Committee's investigations and the
expanded procedures, the company identified errors made in the
application of generally accepted accounting principles that
impacted previously reported financial statements.

Consequently, management determined that it should restate its
previously issued:

   -- consolidated financial statements for fiscal years ended
      Dec. 27, 2003, and Dec. 25, 2004;

   -- financial information for the fiscal years ended 2001 and
      2002 (including a cumulative increase to 2001 beginning
      retained earnings of US$34,000,000); and

   -- financial reports for the first and second quarters of
      2005.

The company included the restated financial statements for the
years 2003 and 2004 in the 2005 annual report.

                         Financials

For the year ended Dec. 31, 2005, the company reported
US$19,200,000 of net income on US$2,353,800,000 of net sales,
compared with US$153,900,000 of net income on US$2,233,500,000
of net sales for the fiscal year ended Dec. 25, 2004.

At Dec. 31, 2005, the company had US$3,416,400,000 in total
assets, US$2,108,000,000 in total liabilities, and
US$1,283,900,000 in total shareholders' equity.  

A full-text copy of the company's 2005 annual report is
available for free at http://ResearchArchives.com/t/s?19c0

Headquartered in Rochester, New York Bausch & Lomb Inc. --
http://www.bausch.com/-- develops, manufactures, and markets  
eye health products, including contact lenses, contact lens care
solutions, and ophthalmic surgical and pharmaceutical products.  
The company is organized into three geographic segments: the
Americas; Europe, Middle East, and Africa; and Asia (including
operations in India, Australia, China, Hong Kong, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand).  In
Latin America, the company has operations in Brazil and Mexico

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
Moody's Investors Service downgraded Bausch & Lomb Inc.'s senior
unsecured debt to Ba1 and continues to review all ratings for
possible downgrade.  Moody's also assigned the company a Ba1
Corporate Family Rating.


CELESTICA INC: Yourman Represents Shareholders in Class Suit
------------------------------------------------------------
Celestica Inc.'s shareholders who purchased or acquired the
securities of the company during the period July 27, 2006,
through Dec. 12, 2006, were represented by Yourman Alexander &
Parekh LLP, in filing lawsuits seeking class action status
against the company.  

The lawsuits allege, in part, that the company and certain of
its officers and directors violated federal securities laws by
issuing statements, concerning the company's financial
performance and future prospects, that were materially false and
misleading when made.  It was further alleged that when making
these statements, the company failed to disclose and
misrepresented the fact that the company was experiencing
declining demand in its Mexican operations and in its
Information Technology and Communications market segments, and
therefore had no reasonable basis to project adjusted earnings
per share ranging from US$0.12 to US$0.20.  

The shareholders said the lawsuits were pending in the United
States District Court for the Southern District of New York.

The shareholders disclosed that the shares of Celestica declined
when this undisclosed information became public.

                    About Celestica Inc.

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

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

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 2, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB-' long-term corporate credit rating, on Celestica Inc.
on CreditWatch with negative implications.  This action follows
the company's weak fourth-quarter (ended Dec. 31, 2006)
operating results, which reflected larger-than-expected weakness
in end-market demand, particularly with respect to key
telecommunications clients and persistent problems at the
company's Mexican operations.


EMI GROUP: Mulls Buyback of EUR1.47-Billion Bonds
-------------------------------------------------
EMI Group Plc may repurchase EUR1.47 billion of bonds, Bloomberg
News reports citing traders of credit derivatives.

According to Bloomberg, credit default swaps fell EUR25,000 to
EUR160,000 based on the company's EUR10 million debt on
speculation that EMI may replace existing bonds with a GBP1
billion debt backed by its music-publishing business.  The move
could spare the company around GBP20 million a year in interest,
Bloomberg cited The Sunday Times.

"The decline in the credit-default swap price is a reaction to
the weekend report that the company may securitize part of its
business and pay back its bonds," Guy Stear, high-yield credit
strategist at Societe Generale SA in Paris was quoted by
Bloomberg as saying.

As reported in the TCR-Europe on Feb. 16, EMI 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.  

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.

According to the Wall Street Journal, Eclectica Asset
Management, a hedge-fund shareholder who has a 0.75% stake in
the company, urge EMI to be transparent in the values of its
assets.  Eclectica also wants the company to disclose the net
revenue of its music publishing and to seek advise from an
investment bank on the value of its music-publishing unit.

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

As reported in the TCR-LA on Feb. 19, Standard & Poor's Ratings
Services kept the U.K.-based music major EMI Group PLC's ratings
at BB-/Watch Neg/B, after the company announced it expects
revenues in its recorded music division to decline by 15% in the
fiscal year ended March 31, 2007, at constant currencies.  The
ratings also remain on CreditWatch with negative implications,
where they were placed on Feb. 5, 2007.


TRANSAX INTERNATIONAL: Inks Standstill Agreement with Cornell
-------------------------------------------------------------
Transax International Limited has entered into a Standstill
Agreement with its Series A Preferred Shareholder, Cornell
Capital Partners LP.  The company also signed a similar
Standstill Agreement with convertible note holder Scott and
Heather Grimes.

Under the terms of the agreements, and subject to the conditions
specified therein, the Preferred Stockholder and Convertible
Note Holder have agreed that they will not convert or sell any
of their holdings during the standstill period, which extends
until April 30, 2007.

As a result of the agreement, the company has committed to a
full repayment of the US$1.6 million equity investment along
with the redemption premium to Cornell as well as a similar
arrangement for the US$225,000 convertible debenture to Scott
and Heather Grimes.  

A full-text copy of Cornell's Standstill Agreement is available
for free at http://ResearchArchives.com/t/s?1a23

A full-text copy of the Grimeses' Standstill Agreement is
available for free at http://ResearchArchives.com/t/s?1a24

Stephen Walters, president and CEO of Transax, commented, "'Last
month we announced our intent of selling our Brazilian
operations and satisfying all outstanding liabilities. To this
extent, we have signed these standstill agreements with the
anticipation of closing the proposed transaction in the coming
weeks. These agreements are the first step to ultimately
reducing our liabilities, as well as alleviating concerns within
the investment community regarding our obligations."

             About Transax International Limited

Based in Miami, Florida, Transax International Limited
(OTCBB: TNSX) -- http://www.transax.com/-- provides hospitals,  
physicians and health insurance companies using health
information management systems to manage coding, compliance,
abstracting and recording of management processes.  The
Company's subsidiaries, TDS Telecommunication Data Systems LTDA
provides services in Brazil; ransax Australia Pty Ltd. provides
those services in Australia; and Medlink Technologies, Inc.,
initiates research and development.

At Sept. 30, 2006, the company's balance sheet showed
US$2,003,214 in total assets, US$6,179,904 in total liabilities,
resulting in a US$4,176,690 in total stockholders' deficit.


* BRAZIL: Inks 2 Accords with Jamaica for Sugar Sector Upgrades
---------------------------------------------------------------
Brazilian External Affairs Minister Celso Amorim has signed two
pacts with Senator Anthony Hylton, Jamaica's Minister of Foreign
Affairs and Foreign Trade, for the modernization of the former's
sugar sector, as well as the development of ethanol and
technical cooperation in tropical fruit processing, the Jamaica
Gleaner reports.

The Jamaican Foreign Affairs Ministry said in a statement that
the agreements also include training Jamaicans in production and
management practices in the sugar industry, said a release from
the.

The Gleaner relates that Brazil has given the undertaking to
identify sugar cane varieties adaptable to Jamaican conditions,
including those resistant to drought.  Brazil has also agreed to
consider the possibility of providing technical aid to Jamaica
in the construction of a soya bean processing plant, as well as
in the production of castor bean oil for use as bio-fuel.

Jamaica is keen on having Brazilian state-run Petroleo
Brasileiro participate in oil and gas exploration being
undertaken in the nation's waters, The Gleaner says, citing
Minister Hylton.

Minister Hylton told The Gleaner that he had productive
discussions with Brazilian sugar firm Cosan on its possible
involvement in the local sugar and ethanol sectors.

                        *    *    *

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

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




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


AZUR HOLDINGS: Proofs of Claim Must be Filed by March 23
--------------------------------------------------------
Creditors of Azur Holdings, Ltd., which is being voluntarily
wound up, are required to present proofs of claim by
March 23, 2007, to Peter D. Anderson and William E.J. Walmsley,
the company's liquidators.

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

The liquidators can be reached at:

           Peter D. Anderson
           William E.J. Walmsley
           P. O. Box 897
           One Capital Place, Third Floor
           George Town, Grand Cayman KY1-1103
           Cayman Islands
           Telephone: (345) 949-7576
           Fax: (345) 949-8295


DRYDEN LEVERAGED: Sets Final Shareholders Meeting for March 22
--------------------------------------------------------------
Dryden Leveraged Loan CDO 2002-II 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 Ltd.
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


LYRA LTD: Proofs of Claim Must be Filed by March 23
---------------------------------------------------
Creditors of Lyra, Ltd., which is being voluntarily wound up,
are required to present proofs of claim by March 23, 2007, to
Peter D. Anderson and William E.J. Walmsley, the company's
liquidators.

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

The liquidators can be reached at:

           Peter D. Anderson
           William E.J. Walmsley
           P. O. Box 897
           One Capital Place, Third Floor
           George Town, Grand Cayman KY1-1103
           Cayman Islands
           Telephone: (345) 949-7576
           Fax: (345) 949-8295


MINCS-MAGNUM: Final Shareholders Meeting Is Set for March 22
------------------------------------------------------------
Mincs-Magnum, 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 Ltd.
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


PAGODA HOLDINGS: Proofs of Claim Must be Filed by March 23
----------------------------------------------------------
Creditors of Pagoda Holdings, Ltd., which is being voluntarily
wound up, are required to present proofs of claim by
March 23, 2007, to Peter D. Anderson and William E.J. Walmsley,
the company's liquidators.

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

The liquidators can be reached at:

           Peter D. Anderson
           William E.J. Walmsley
           P.O. Box 897
           One Capital Place, Third Floor
           George Town, Grand Cayman KY1-1103
           Cayman Islands
           Telephone: (345) 949-7576
           Fax: (345) 949-8295


QUELLOS LF: Proofs of Claim Must be Filed by March 23
-----------------------------------------------------
Creditors of Quellos LF, Ltd., which is being voluntarily wound
up, are required to present proofs of claim by March 23, 2007,
to Jane Fleming and Melanie Harbron, the company's liquidators.

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

The liquidator can be reached at:

           Jane Fleming
           Queensgate Bank & Trust Company Ltd.
           P.O. Box 30464
           George Town, KY1-1202
           Grand Cayman, Cayman Islands
           Tel: 345 945 2187
           Fax: 345 945 2197


SCOTTISH RE: 4Q Earnings Report Cues Fitch to Lower Ratings
-----------------------------------------------------------
Fitch Ratings has downgraded Scottish Re Group Ltd.'s (NYSE:
SCT) ratings:

  Scottish Re Group Ltd.:

   -- Issuer Default Rating to 'B+' from 'BB';

   -- Preferred Stock to 'B-' from 'B+'; and

   -- 'RR6' Recovery Rating Assigned.

  Operating subsidiaries:

   -- Insurer Financial Strength to 'BB+' from 'BBB'.

All ratings remain on Rating Watch Evolving.

The ratings action follows Scottish Re's release of earnings for
the fourth quarter of 2006, which highlight the business and
operating challenges and uncertainties that the Company
continues to face.  Excluding one-time items, run-rate operating
earnings capacity is significantly below Fitch's ratings
expectations.  Of note was the significant impact of higher than
estimated retrocession costs, as well as adverse mortality and
lapse experience.  Additional items such as lower new business
profits, and higher financing and collateral costs can be
attributed to the Company's liquidity issues and ratings
downgrades in the summer and fall of 2006.

The rating action reflects Fitch's heightened concern that the
pending agreement with MassMutual Capital Partners LLC and
Cerberus Capital Management, L.P. or MassMutual/Cerberus could
be called off due to further deterioration in Scottish Re's
business position and earnings profile as discussed in the
above-mentioned earnings release.

The ratings remain on Rating Watch Evolving reflecting the
pending MassMutual/Cerberus agreement, which is expected to
result in a new equity investment into the company of US$600
million.  The successful close of that agreement would alleviate
near-term concerns for collateral financing in 2007, is expected
to have a positive impact on Scottish Re's business prospects
and franchise, and may result in an upgrade in the ratings
assigned to SCT and its affiliates sometime shortly following
the close of the transaction.

If the transaction does not close, Fitch expects that the
ratings of the holding company would be downgraded to a level no
higher than 'CC' and the IFS ratings would be downgraded to no
higher than 'CCC'.

These ratings have been downgraded and remain on Rating Watch
Evolving:

  Scottish Annuity & Life Insurance Company (Cayman) Limited

     -- IFS downgraded to 'BB+' from 'BBB'
  
  Scottish Re (U.S.) Inc.

     -- IFS downgraded to 'BB+' from 'BBB'

  Scottish Re Limited

     -- IFS downgraded to 'BB+' from 'BBB'

  Scottish Re Group Limited

     -- IDR downgraded to 'B+' from 'BB'; and

     -- 7.25% US$125 million non-cumulative perpetual preferred
        stock downgraded to 'B-' from 'B+'; 'RR6' Assigned.

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.


SCOTTISH RE: AM Best Continues Review After Reporting Loss
----------------------------------------------------------
A.M. Best Co. has commented that the financial strength, issuer
credit and debt ratings of Scottish Re Group Limited (Cayman
Islands) [NYSE: SCT] and its operating subsidiaries remain
unchanged and continue to be under review with positive
implications following the announcement by Scottish Re that its
net loss for fourth quarter and full year 2006 was US$233.8
million and US$376.7 million, respectively.

The loss for fourth quarter 2006 was driven primarily by a
number of write-downs including goodwill, deferred acquisition
costs, reinsurance recoverables and deferred tax assets.  
Moreover, Scottish Re's operating earnings from its North
American reinsurance segment were adversely affected by higher
mortality and unfavorable lapse experience.

The results for 2006 continue to reflect the difficulties
Scottish Re has with earlier tax planning strategies, weak
accounting systems and higher expenses associated with
collateral financing and interest costs as a result of rating
downgrades and liquidity concerns.

Despite the reported loss in fourth quarter 2006, which was
significantly below expectations, A.M. Best is maintaining
Scottish Re's ratings based on the belief that MassMutual
Capital Partners LLC and Cerberus Capital Management L.P. will
move forward with their previously announced intent to invest
US$600 million into Scottish Re.  In addition, Scottish Re is
amending the original terms of the agreement to provide for
additional indemnification to these investors of up to US$68.5
million should mortality experience deteriorate below a
predetermined level over the next three years.  A.M. Best
expects the transaction to close in second quarter 2007.  The
capital investment will be a major step toward improving
Scottish Re's liquidity posture and should enable it to resume
meaningful new business activities.

Scottish Re's statutory results for its onshore operating
companies are not yet public.  Although the main items driving
the reported net loss are primarily GAAP related and thus not
expected to materially impact U.S. statutory results, A.M. Best
will revisit Scottish Re's ratings should statutory earnings and
capital levels be reported significantly below A.M. Best's
expectations.  Furthermore, any deterioration in the perceived
commitment of the acquiring entities by A.M. Best would result
in a downgrading of the company's ratings.

A.M. Best last rated Scottish Re last Nov. 28, 2006. The same
ratings continue to be under review after the announcement of
the Scottish Re's net loss for last year.

Nov. 28, 2006 Ratings:

The FSRs of B (Fair) and the ICRs of "bb+" remain under review,
and the implications have been revised to positive from negative
for the following subsidiaries of Scottish Re Group Ltd.:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
   -- Scottish Re (U.S.), Inc.
   -- Scottish Re Life Corporation
   -- Scottish Re Limited
   -- Orkney Re, Inc.

The ICR of "b" remains under review and the implication has been
revised to positive from negative for Scottish Re Group Ltd.

The following debt ratings remain under review, and the
implications have been revised to positive from negative:

Scottish Re Group Limited:

   -- "b" on $115 million 4.5% senior unsecured convertible
       notes, due 2022

   -- "ccc+" on $143 million 5.875% of hybrid capital units,
      due 2007

   -- "ccc+" on $125 million non-cumulative preferred shares

Stingray Pass-thru Trust:

   -- "bb" on $325 million senior unsecured pass-thru
       certificates, due 2012

The following indicative ratings for debt securities under the
shelf registration remain under review, and the implications
have been revised to positive from negative:

Scottish Re Group Limited:

   -- "ccc+" on preferred stock
   -- "b-" on subordinated debt
   -- "b" on senior unsecured debt
   -- Scottish Holdings Statutory Trust II and III
   -- "b-" on preferred securities

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.


SEQUILS-MAGNUM: Final Shareholders Meeting Is Set for March 22
--------------------------------------------------------------
Sequils-Magnum, 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 Ltd.
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


VEGA ASSET: Proofs of Claim Must be Filed by March 23
-----------------------------------------------------
Creditors of Vega Asset Management II, Ltd., which is being
voluntarily wound up, are required to present proofs of claim by
March 23, 2007, to Peter D. Anderson and William E.J. Walmsley,
the company's liquidators.

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

The liquidators can be reached at:

           Peter D. Anderson
           William E.J. Walmsley
           P.O. Box 897
           One Capital Place, Third Floor
           George Town, Grand Cayman KY1-1103
           Cayman Islands
           Telephone: (345) 949-7576
           Fax: (345) 949-8295


VEGA INT'L: Proofs of Claim Must be Filed by March 23
-----------------------------------------------------
Creditors of Vega International Distributors, Ltd., which is
being voluntarily wound up, are required to present proofs of
claim by March 23, 2007, to Peter D. Anderson and William E.J.
Walmsley, the company's liquidators.

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

The liquidators can be reached at:

           Peter D. Anderson
           William E.J. Walmsley
           P.O. Box 897
           One Capital Place, Third Floor
           George Town, Grand Cayman KY1-1103
           Cayman Islands
           Telephone: (345) 949-7576
           Fax: (345) 949-8295


VEGAPLUS ASSET: Proofs of Claim Must be Filed by March 23
---------------------------------------------------------
Creditors of Vegaplus Asset Management Partners, Ltd., which is
being voluntarily wound up, are required to present proofs of
claim by March 23, 2007, to Peter D. Anderson and William E.J.
Walmsley, the company's liquidators.

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

The liquidators can be reached at:

           Peter D. Anderson
           William E.J. Walmsley
           P.O. Box 897
           One Capital Place, Third Floor
           George Town, Grand Cayman KY1-1103
           Cayman Islands
           Telephone: (345) 949-7576
           Fax: (345) 949-8295




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


AES GENER: Finmeccanica to Supply Steam Turbine & Generator
-----------------------------------------------------------
Finmeccanica, Italian Ansaldo Energia's unit, said in a
statement that it has signed a contract to supply AES Gener with
a 280-megawatt steam turbine and 330 mega-volt-amp air-cooled
generator in Chile.

According to Finmeccanica's statement, Ansaldo Energia won the
contract against Alstom and Siemens in an auction.

Business News Americas relates that Finmeccanica will supply the
equipment to steel group Posco -- the engineering, procurement
and construction contractor for AES Gener's coal-fired, 250-
megawatt Nueva Ventanas plant, which is being constructed.  The
plant could start operating by 2010.

BNamericas underscores that Finmeccanica's contract is worth
EUR65 million.

The contract is part of Ansaldo Energia's strategy to boost
relationship with AES Gener, BNamericas states.

                      About Finmeccanica

Headquartered in Rome, Finmeccanica S.p.A. is a holding company
for a group of companies engaged primarily in the sectors of
aeronautics, helicopters, space and defense.  In the
aeronautical sector, the company manufactures complete military
transport and combat aircraft and structural components for
civil aircraft, and is active in aircraft overhaul and
conversion.  In helicopters, it is involved in the design and
manufacture of civil and military rotorcraft.  In space, it is
engaged in the design, development and production of satellites
for military and civil use and of components for orbiting
structures, as well as being active in satellite-based services
and space mission management.  In defense, Finmeccanica is
involved in the design, development and production of a range of
systems, including missile and radar, land and sea command and
control, air traffic control, avionics equipment, land and
underwater weapon and strategic communication systems.

                       About AES Gener

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *    *    *

On June 16, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Ratings of AES Gener SA to 'BB+' from
'BB'.  Fitch also upgraded Gener's senior unsecured debt rating,
which consists of US$400 million senior notes due 2014, to
'BB+'.  Moreover, Fitch revised Gener's Rating Outlook to
Positive from Stable.

On May 24, 2006, Moody's Investors Service upgraded the senior
unsecured debt of AES Gener to Ba1 from Ba3, concluding a review
for possible upgrade.  Moody's said the rating outlook is
stable.


NORSKE SKOGINDUSTRIER: To Invest NOK330 Million Into Skogn Unit
---------------------------------------------------------------
Norske Skogindustrier ASA is to invest NOK330 million at its
Norske Skog Skogn mill in mid-Norway in order to boost its
competitiveness and further improve the quality of the paper it
produces.

The project will cut annual electricity consumption at the mill
by 250 GWh or 17%.  State-owned company Enova is contributing
NOK50 million to the work.

"Energy saving measures are one of our top priorities,"
Christian Rynning-Tonnesen, chief executive of Norske Skog,
said.  "I'm very pleased that the government, through Enova, is
helping to make this project profitable.  The changes being made
are optimal because they not only reduce energy consumption and
costs at Norske Skog Skogn but also improve paper quality."

The project will kick off this year, and is due to be completed
by the end of 2009.  Norske Skog Skogn's production is currently
based on paper pulp from wood and recovered paper.  Once the
work has been done, the proportion of wood will be slightly
reduced and replaced by cheaper fillers and increased use of
recovered paper.  That will enhance the mill's competitiveness
while meeting customer requirements for a larger proportion of
recycled fiber in their newsprint.

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


BBVA COLOMBIA: Launches New Financial Products for Youths
---------------------------------------------------------
Colombian daily Portafolio reports that BBVA Colombia has
launched new products for people aged 18 to 30.

Business News Americas relates that BBVA Colombia is offering
these products for young clients:

           -- specially designed savings accounts,
           -- consumer loans, and
           -- credit and debit cards.

BBVA Colombia will also launch lotteries, promotions and a
special Web page with product information, classified ads and
chats, BNamericas states.

Headquartered in Bogota, Colombia, BBVA Colombia --
http://www.bbva.com.co/-- is engaged in the holding and   
accomplishment of all operations, acts and contracts of banking
establishments.  It is 95.16% owned by Banco Bilbao Vizcaya
Argentaria.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
March 13, 2006, Moody's Investors Service assigned a 'Ba3' long-
term foreign currency deposit rating on BBVA Colombia.  Moody's
changed the outlook to stable from negative.


BRIGHTPOINT INC: Dangaard Buy Cues S&P to Revise Outlook to Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Brightpoint Inc. and revised the outlook to
negative from stable.  The actions followed the company's recent
announcement that it has agreed to acquire Dangaard Telecom A/S
for approximately US$308 million in stock.
     
"The outlook revision reflects a more leveraged financial
profile and potential integration issues," said Standard &
Poor's credit analyst Martha Toll-Reed.
     
The rating on Brightpoint reflects the company's fairly narrow
product base, significant but improving supplier concentration,
and relatively modest operating margins.  These factors are
partially offset by Brightpoint's good market position and
increased geographic, supplier, and customer diversity.

Headquartered in Plainfield, Indiana, Brightpoint, Inc. (NASDAQ:
CELL) -- http://www.brightpoint.com/-- engages in the
distribution of wireless devices and accessories, as well as
provision of customized logistic services to the wireless
industry.  The company primarily operates in Australia,
Colombia, Finland, Germany, India, New Zealand, Norway, the
Philippines, the Slovak Republic, Sweden, United Arab Emirates
and the United States.  The Company's customers include mobile
operators, mobile virtual network operators, resellers,
retailers and wireless equipment manufacturers.  Brightpoint was
incorporated in 1989 under the name Wholesale Cellular USA, Inc.
and changed its name to Brightpoint Inc. in 1995.


ECOPETROL: Inks Memorandum of Understanding with Petroperu
----------------------------------------------------------
Colombian state-owned oil company Ecopetrol said in a statement
that it has signed a Memorandum of Understanding with Peruvian
counterpart Petroperu for potential collaboration.

Business News Americas relates that the memorandum has an
initial five-year term.  It can also be extended for equal
periods.

According to BNamericas, Ecopetrol and Petroperu will set up an
executive committee to identify potential joint projects
throughout the hydrocarbons chain of Colombia, Peru and
elsewhere.

Ecopetrol and Petroperu will also analyze biofuel projects,
BNamericas states.

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

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


* COLOMBIA: To Remove 25% Limit of Power Firms' Market Shares
-------------------------------------------------------------
Government news agency SNE reports that Colombia's President
Alvaro Uribe has decided to get rid of the 25% limit on market
share that any power generation firm can hold.

Power regulator Creg will implement the removal of the
restriction, Business News Americas relates, citing President
Uribe.

The president explained to BNamericas, "The country is going to
need to install 600 megawatts a year.  We cannot achieve that
with these restrictions."

According to BNamericas, the 25% limit urged generators like
Empresas Publicas de Medellin to seek expansion opportunities
outside the country.

President Uribe's new plan likely will promote construction of
new generation capacity as well as mergers and acquisitions in
Colombia, Luis Ferney Moreno, Externado university's director of
the energy law department, commented to BNamericas.

                        *    *    *

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




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


* COSTA RICA: Alunasa Closure Not Due to Remarks Against Chavez
---------------------------------------------------------------
Venezuelan President Hugo Chavez has denied that the closure of
Alunasa, the Costa Rican unit of Venezuelan state heavy industry
holding CVG, was due to Costa Rican President Oscar Arias'
criticism, Prensa Latina reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2007, Venezuelan President Hugo Chavez considered
closing down Alunasa due to differences with Oscar Arias, his
Costa Rican counterpart.  President Arias had said that the
special powers granted to President Chavez were "the antithesis
of democracy."  The statement upset the Venezuelan leader, who
allegedly decided to transfer Alunasa to another nation in
Central America.  He also ordered the immediate suspension of
his country's aluminum shipments to Costa Rica.

However, President Chavez told Prensa Latina that the statements
were not against him, but they affect the sovereignty of the
Venezuelan people, and so he is obliged to respond.

In Alunasa's case, any action has economic arguments as a basis,
Prensa Latina states, citing President Chavez.

                        *    *    *

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




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


* CUBA: US Congress Proposes Bill Against Cuba Trade Ban
--------------------------------------------------------
Four US congress members have proposed a bill that would force
the US government to cancel regulations that made selling of
food to Cuba difficult, DTN reports.

DTN relates that due to the trade ban the US had imposed on
Cuba, which has made financial transactions between US exporters
and Cuba as well as the agriculture business leaders' travel to
the latter difficult, US Representatives Jo Ann Emerson,
Stephanie Herseth, Jerry Moran and Mike Ross introduced a bill
that will direct the secretary of state to:

          -- issue general licenses to producer groups to travel
             to Cuba on agriculture sales trips, and

          -- allow temporary visas to be issued to Cuban
             technicians to travel to the US to inspect
             agricultural plants.

According to DTN, the bill will rescind the US government's
requirement that Cuban buyers pay cash to US sellers before
deliveries leave the US.  The bill clarifies that the financial
term "payment of cash in advance" means cash payment from Cuban
buyers is payable upon delivery.  The bill will also let Cuban
financial institutions to make direct transfers of funds to US
institutions.  

DTN underscores that Cuban officials have carped on the use of
third-party intermediaries, which has increased cost of
purchasing US products.  US executives claimed that the system
delayed payment.

"Cuba is an important market for US agriculture, as well as for
manufacturers and distributors of food products.  But the
actions of our own government have created a climate of
uncertainty and have inhibited the sale of agricultural goods.  
Our unreliable and uncertain trade policies are sending the
signal to Cuba that it is easier to purchase its products
elsewhere," Mr. Moran said in a news release.

                        *    *    *

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

Moody's assigned these ratings on Cuba:

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




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


JETBLUE AIRWAYS: Amends 2007 First Quarter & Full Year Guidance
---------------------------------------------------------------
JetBlue Airways Corporation revised first quarter and full year
2007 guidance to incorporate material changes in its projections
due to the service disruptions resulting from the Feb. 14, 2007,
New York metropolitan area ice storm and related recovery
period.

For the first quarter of 2007, JetBlue now expects to report an
operating margin between negative four and negative two percent
based on an assumed aircraft fuel cost per gallon of US$1.89,
net of hedges.  The Company's pre-tax margin is expected to be
between negative ten and negative eight% for the first quarter
2007.

JetBlue estimates it will report a full year 2007 operating
margin between eight and ten percent based on an assumed
aircraft fuel cost per gallon on US$1.94, net of hedges.  The
Company's pre-tax margin is expected to be between three and
five percent for the full year 2007.

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger  
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the Company operated approximately 369 daily
flights serving 34 destinations in 15 states, Puerto Rico, the
Dominican Republic, and the Bahamas.  The Company also provides
in-flight entertainment systems for commercial aircraft,
including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 23, 2006,
Moody's Investors Service assigned ratings of Caa1 (LGD5, 88%)
to the approximately US$40 million of Special Facility Revenue
Bonds, Series 2006 (JetBlue Airways Corporation Project or the
JFK Facility Bonds) to be issued by the New York City Industrial
Development Agency.  Moody's affirmed the B2 corporate family
rating for JetBlue Airways Corp.  Moody's said the outlook
remains negative.

Standard & Poor's Ratings Services assigned its 'B' rating to
US$40 million of New York City Industrial Development Agency
special facility revenue bonds, series 2006 maturing on May 15,
2021, and May 15, 2030; the amount for each maturity have yet to
be determined.  The bonds, which will be used to finance a
hangar and other facilities, will be serviced by payments made
by JetBlue Airways Corp. (B/Stable/B-3) under a lease between
the airline and the agency.


JETBLUE AIRWAYS: Spending US$30MM on New Operations Procedures
--------------------------------------------------------------
JetBlue Airways Corp. told Dominican Today that it will spend up
to US$30 million on new procedures for operations disruptions
and to make a new customer bill of rights.

JetBlue Airways said it will detail the program and improved
procedures for crew members and reservations, Dominican Today
notes.

JetBlue Airways Chief Executive Officer David G. Neeleman
commented to Dominican Today that the program will be expensive.  
However, he said that it was more important for him consider the
long-term benefit of winning back clients' trust in the airline.

According to Dominican Today, JetBlue Airways canceled almost
25% of its flights on Feb. 19 due to an ice storm, but said it
will restore full operations on Feb. 20.

Mr. Neeleman told NBC, "We are going to offer something that no
other airline will offer customers.  We're going to be held
accountable."

The program will include paying from the US$25 penalties to
future round-trip tickets of clients who had to wait due to
JetBlue Airways' mistakes, The New York Times states.

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the Company operated approximately 369 daily
flights serving 34 destinations in 15 states, Puerto Rico, the
Dominican Republic, and the Bahamas.  The Company also provides
in-flight entertainment systems for commercial aircraft,
including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 23, 2006,
Moody's Investors Service assigned ratings of Caa1 (LGD5, 88%)
to the approximately US$40 million of Special Facility Revenue
Bonds, Series 2006 (JetBlue Airways Corporation Project or the
JFK Facility Bonds) to be issued by the New York City Industrial
Development Agency.  Moody's affirmed the B2 corporate family
rating for JetBlue Airways Corp.  Moody's said the outlook
remains negative.

Standard & Poor's Ratings Services assigned its 'B' rating to
US$40 million of New York City Industrial Development Agency
special facility revenue bonds, series 2006 maturing on May 15,
2021, and May 15, 2030; the amount for each maturity have yet to
be determined.  The bonds, which will be used to finance a
hangar and other facilities, will be serviced by payments made
by JetBlue Airways Corp. (B/Stable/B-3) under a lease between
the airline and the agency.




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


* ECUADOR: To Discuss Bilateral Cooperation Pacts with Venezuela
----------------------------------------------------------------
Ecuador will discuss bilateral cooperation accords with
Venezuela, news daily Prensa Latina reports.

Prensa Latina relates that Ecuadorian Economy Minister Ricardo
Patino will be in Caracas.

The discussion will include the setting up of Banco del Sur,
which will help fund economic projects in South America, Prensa
Latina says, citing the Ecuadorian economy ministry.

Prensa Latina underscores that the discussion will also involve
the agreements signed in January.  The agreements cover:

          -- education,
          -- culture,
          -- training,
          -- tourism,
          -- energy,
          -- agriculture, and
          -- commerce.

                        *    *    *

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-'.




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


* HONDURAS: President Manuel Zelaya to Run Empresa Nacional
-----------------------------------------------------------
Honduran President Manuel Zelaya told Prensa Latina that he will
run state-owned firm Empresa Nacional de Energia Electrica de
Honduras.

Prensa Latina relates that President Zelaya promised to pay the
government 15-year US427-million debt with Empresa Nacional,
whose yearly losses totaled US4160 million.

Huge daily losses at Empresa Nacional were unbearable, Prensa
Latina notes, citing President Zelaya.  The firm barely has
600,000 customers and is unable to meet demand from 7.5 million
citizens.  

The president blamed tax evasion and the monthly bills 49% tax
that make 10% of the clients avoid payment, Prensa Latina
states.

Empresa Nacional de Energia Electrica is the national electric
firm of Honduras.  The utility firm is undergoing several
reforms aimed at reducing its HNL3 million deficit and lower the
annual loss of almost HNL500 million lempiras due to
insufficient billing.

                        *    *    *

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


AIR JAMAICA: William Rogers Resigns as Industry Affairs VP
----------------------------------------------------------
William Rogers has left his senior vice president of industry
affairs post in Air Jamaica, the Jamaica Gleaner reports.

The Gleaner was unable to determine when Mr. Rogers' retirement
will take effect.

According to The Gleaner, Mr. Rodgers started working in Air
Jamaica in July 1974 as a director of contracts and technical
service.  Among his impressive contributions to the operations
of the airline was the development of the Air Jamaica community
in North America.  Mr. Rogers was also the first Jamaican Air
Jamaica executive in North America.  Other positions he held at
the firm over the years include:

          -- president of in-flight,
          -- regional manager,
          -- director of marketing and sales, and
          -- vice-president of marketing and sales.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to own Air Jamaica
permanently.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest payments.


DIGICEL LTD: Denis O'Brien Wants Total Control of Company
---------------------------------------------------------
Denis O'Brien, Digicel Ltd.'s largest shareholder of 78%, has
reportedly offered to buy out the telecom company's minority
shareholders.

Wireless Week says Mr. O'Brien is in the process of securing
funding for the acquisition.  He intends to raise US$1.8 billion
through the issuance of bonds.  Separately, Britain's Financial
Times said the issuance would be at US$1.4 billion.  The Irish
gentleman intends to create a new company called Digicel Group
Limited once he completes the purchase of all minority shares.

New York bankers quoted by the Jamaica Observer said Digicel is
valued at US$2.4 billion.  Other stakeholders in the company are
former chief executive officer Seamus Lynch, vice-chairman
Leslie Buckley, government adviser PJ Mara and former Esat
executive Lucy Gaffney.

               Abandons US-Expansion Plans

Previously, reports said Digicel intends to penetrate the U.S.
market through the purchase of a mobile virtual network
operator.  However, that plan has been set aside on account of
its viability given the saturation of the U.S. market.
  
                2006 Performance Highlight

Digicel's financial statements for the year ended
March 31, 2006, reported revenues of US$623.3 million, a 31%
increase compared to 2005.  Of that figure, US$416.6 million or
67% was earned in Jamaica.  However, during that period, Digicel
posted a net loss of US$26.1 million.  This compares with a loss
of just US$4.7 million in the corresponding period in 2005.

JP Morgan, Credit Suisse, Citigroup and Lehman Brothers are
advising Digicel, while UK BANK Rothschild is advising Denis
O'Brien.

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings has taken these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- Proposed US$1.4 billion senior subordinated notes due 2015
assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded to 'B-'
      from 'B'; and

   -- US$450 million senior notes due 2012 downgraded to 'B-
      /RR4' from'B/RR4'.

Digicel International Finance Ltd.

   -- US$850 million senior secured credit facility assigned
      'B/RR3'.

Fitch said the outlook on all ratings is stable.


DYOLL INSURANCE: Talks Between Liquidators & Farmers Continue
-------------------------------------------------------------
Kenneth Krys and John Lee at RSM Cayman, the appointed
liquidators of Dyoll Insurance, met with coffee farmers last
week to negotiate an out-of-court settlement for the payment of
US$200 million that the farmers demand for the damage they
suffered during the Hurricane Ivan in 2004.

Radio Jamaica says another round of meetings will be scheduled
but attendees of last week's meeting did not divulge the details
of the negotiation.

Senator Norman Grant, Jamaica Agricultural Society president,
said in reports the farmers are requesting to end the court
battle in favor of a mutually acceptable plan.  The coffee
growers are worried of getting swamped with the legal costs of a
court battle.

Previously, the coffee farmers got a favorable court ruling that
calls for payment for losses incurred as a result of the
Hurricane Ivan.  But the liquidators applied for leave to appeal
the decions, Radio Jamaica says.

              Farmers Getting Public Defenders' Help

Meanwhile, the Office of the Public Defender has reportedly gave
its commitment to help out the coffee farmers if an out-of-court
settlement is not reached.

Senator Grant confirmed that the Public Defender would step if
the parties remain at deadlock, Radio Jamaica relates.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in Mar. 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.


* JAMAICA: Inks 2 Accords with Brazil for Sugar Sector Upgrade
--------------------------------------------------------------
Senator Anthony Hylton, Jamaica's Minister of Foreign Affairs
and Foreign Trade, has signed two pacts with Brazil's External
Affairs Minister Celso Amorim for the modernization of the
former's sugar sector, as well as the development of ethanol and
technical cooperation in tropical fruit processing, the Jamaica
Gleaner reports.

The Jamaican Foreign Affairs Ministry said in a new release that
the agreements also include training Jamaicans in production and
management practices in the sugar industry, said a release from
the.

The Gleaner relates that Brazil has given the undertaking to
identify sugar cane varieties adaptable to Jamaican conditions,
including those resistant to drought.  Brazil has also agreed to
consider the possibility of providing technical aid to Jamaica
in the construction of a soya bean processing plant, as well as
in the production of castor bean oil for use as bio-fuel.

Jamaica is keen on having Brazilian state-run Petroleo
Brasileiro participate in oil and gas exploration being
undertaken in the nation's waters, The Gleaner says, citing
Minister Hylton.

Minister Hylton told The Gleaner that he had productive
discussions with Brazilian sugar firm Cosan on its possible
involvement in the local sugar and ethanol sectors.

                        *    *    *

On May 26, 2006, Moody's Investors Service upgraded Jamaica's
rating under a revised foreign currency ceiling:

   -- Long-term foreign currency rating: Ba3 from B1 with
      stable outlook.




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


ADVANCED MARKETING: Bid Procedures on Sale of Assets Approved
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved the qualified transaction procedures proposed by
Advanced Marketing Services Inc. and designated Baker & Taylor
as stalking horse bidder.

The approval follows the announcement by the Debtor that it has
entered into a letter of intent with Baker & Taylor, the world's
largest book distributor, to sell the majority of its assets,
excluding Publishers Group West Inc., pursuant to Section 363 of
the United States Bankruptcy Code.  The letter of intent is
subject to the negotiation of a definitive asset purchase
agreement and will require the Court approval.

Following an auction, if necessary, the company anticipates a
closing by March 15, 2007, as per the requirements of the letter
of intent.

The Hon. Christopher S. Sontchi ruled that the Debtors will
provide these stalking horse protections to Baker & Taylor, in
cash and at the closing of an alternative transaction:

   (a) a break-up fee in an amount equal to 2% of the sum of  
       (i) US$20,000,000, (ii) the minimum Selected APG
       Inventory Purchase Price, (iii) Advanced Marketing
       Services Inc.'s and Baker & Taylor's jointly established
       good faith estimate of the APG Product Prepayment Price,
       and (iv) AMS' and Baker & Taylor's jointly established
       good faith estimate of the Accounts Receivable Price; and

   (b) Baker & Taylor's reasonable and documented out-of-pocket
       fees and costs, including costs of counsel, not exceeding
       US$300,000.

These Stalking Horse Protections are entitled to status and
payment as super-priority administrative expenses in the
Debtors' Chapter 11 cases, Judge Sontchi added.

                        Offer Deadline

Binding offers to purchase all or any defined portion of the
assets to be sold under the APA between the Debtors and Baker &
Taylor may be submitted on or before Feb. 27, 2007, at 5:0O p.m.  
Although a Qualified Offer may be subject to some contingencies,
any contingencies will be considered by AMS when evaluating and
comparing Qualified Offers.

                  Offer Evaluation Process

On March 1, 2007, at 10:00 a.m., a meeting will be held at the
offices of the Debtors' counsel, if AMS determines that
proceeding with the Offer Evaluation Process is appropriate.

Initial Qualified Offers will be considered only if they exceed
the offer for the assets by Baker & Taylor plus the Stalking
Horse Protections -- calculated under the assumption that the
Stalking Horse Protections will equal approximately $2,000,000.  
Successive Qualified Offers will be considered only if they
exceed the previous offer by US$500,000.  

The Debtors may recess the Offer Evaluation Process from time to
time in their discretion to assess Qualified Offers or permit
participants to alter or increase their Qualified Offers.   The
Debtors may conduct the Offer Evaluation Process as an auction,
a series of negotiations or whatever other means it determines
in its business judgment.

                        Multiple Lots

The Offer Evaluation Process may proceed in multiple lots,
provided that any participant will have an opportunity to submit
a Qualified Offer on one or more lots or on all lots together,
and the Debtors will be free to accept the Qualified Offer or
Offers that, alone or in conjunction with others, the Debtors
deems to comprise the highest and best offer available.

                          Inventory

Unless the Debtors' inventory is sold pursuant to a Qualified
Offer approved by the Bankruptcy Court, the Debtors will propose
and file with the Bankruptcy Court a program to provide for the
return of the Debtors' inventory to the publishers that sold the
inventory for values and on terms as agreed by the Debtors and
the Official Committee of Unsecured Creditors, or as otherwise
ordered by the Bankruptcy Court.  The program will be effective
after payment of the Closing Payoff Amount.

Upon the conclusion of the Offer Evaluation Process, the Debtors
will file and serve a supplement identifying the highest and
best Qualified Offers, and seek approval of the sale of their
assets pursuant to Sections 363 and 365 of the Bankruptcy Code
to the party or parties submitting Qualified Offers.  

The Court sets the Sale Motion hearing to March 5, 2007.

The Court directs the Debtors to file a schedule of proposed
cure amounts for all executory contracts proposed to be assumed
and assigned under the Sale Motion.

Any objections to (a) the Sale Motion or (b) the proposed cure
amounts set forth in the Proposed Cure Schedule must be filed no
later than 5:00 p.m. EST, on Feb. 28, 2007.  Any objections to
the ability of Buyers to provide adequate assurances of future
performance under any executory contract proposed to be assumed
and assigned under the Sale Motion may be presented at the March
5 Sale Hearing.

"We are pleased to enter into this letter of intent with
Baker & Taylor and believe it marks a significant milestone in
the restructuring of our business," said Gary Rautenstrauch,
President and CEO of AMS.  "Baker & Taylor is a recognized
leader in the book distribution industry and has the experience
to seamlessly assume operations and continue meeting the needs
of our customers."

"An agreement with AMS will represent an important strategic
addition to Baker & Taylor's business.  We are excited about the
opportunity to work with AMS to foster and broaden the
commitment to customer service and operational excellence that
AMS is known for," stated Richard Willis, Chairman, President
and CEO of Baker & Taylor.

                    About Baker & Taylor

Baker & Taylor, founded in 1828, is the world's leading
distributor of books, video, and music products to public and
academic libraries.  It is also a global leader in the
distribution of books and entertainment products to many of the
country's leading brick and mortar retailers, Internet
retailers, as well as thousands of independent book, music and
video stores.  Baker & Taylor is based in Charlotte, North
Carolina and is ranked in the top 250 US private companies by
Forbes magazine.  It serves customers in 125 countries around
the world and has six distribution facilities strategically
located throughout the country.  Baker & Taylor is a portfolio
company of Castle Harlan Partners IV, L.P.

                     About Castle Harlan

Castle Harlan, founded in 1987, invests in controlling interests
in the buyout and development of middle-market companies in
North America and Europe.  Its team of 20 investment
professionals has completed 48 acquisitions since its inception
with a total value in excess of $9 billion.  The firm traces its
roots to the start of the institutionalized private-equity
business in the late 1960's.

Castle Harlan's current portfolio companies, which employ more
than 42,000 people, include Ames True Temper, a leading
manufacturer of lawn and garden tools and accessories;
RathGibson, a leader in the manufacture of stainless steel and
high alloy precision-welded tubing; and, Perkins & Marie
Callender's Inc., which operates and franchises 618 family
restaurants in the United States and Canada.

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


ADVANCED MARKETING: Inks LOI with Baker & Taylor on Asset Sale
--------------------------------------------------------------
Advanced Marketing Services Inc. entered into a letter of intent
with Baker & Taylor to sell the majority of its assets,
excluding Publishers Group West Inc.  The letter of intent is
subject to the negotiation of a definitive asset purchase
agreement and the United States Bankruptcy Court for the
District of Delaware's approval.

The asset purchase agreement will be subject to the requirements
of Section 363 of the Bankruptcy Code.  Once the asset purchase
agreement is finalized, the company will file a motion with the
Bankruptcy Court to request a bidding procedures hearing,
expected to be held on Feb. 16.  Following the completion of the
bidding process and an auction, if necessary, the company
anticipates a closing by March 15, as per the requirements of
the letter of intent.

"We are pleased to enter into this letter of intent with Baker &
Taylor and believe it marks a significant milestone in the
restructuring of our business," Gary Rautenstrauch, President
and CEO of AMS, said.  "Baker & Taylor is a recognized leader in
the book distribution industry and has the experience to
seamlessly assume operations and continue meeting the needs of
our customers."

"An agreement with AMS will represent an important strategic
addition to Baker & Taylor's business," Richard Willis,
Chairman, President and CEO of Baker & Taylor, stated.  "We are
excited about the opportunity to work with AMS to foster and
broaden the commitment to customer service and operational
excellence that AMS is known for."

                    About Baker & Taylor

Based in Charlotte, North Carolina, Baker & Taylor distributes
books, video and music products to public and academic
libraries.  Founded in 1828, the company also distributes books
and entertainment products to many of brick and mortar
retailers, Internet retailers, as well as thousands of
independent book, music and video stores.  It serves customers
in 125 countries around the world and has six distribution
facilities strategically located throughout the country.  Baker
& Taylor is a portfolio company of Castle Harlan Partners IV,
L.P.

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


CELLSTAR CORP: Earns US$4.8 Million in Fiscal Year Ended Nov. 30
----------------------------------------------------------------
Cellstar Corp. reported US$4.8 million of net income on
US$943.1 million of revenues for the fiscal year ended
Nov. 30, 2006, compared with a US$24.6 million net loss on
US$987.7 million of revenues for the year ended Nov. 30, 2005.

Revenues decreased US$44.6 million in fiscal 2006, primarily due
to a decrease of US$54.1 million in North American Region
revenues predominantly due to a decrease in the company's
insurance replacement business of US$73.3 million as a result of
the loss of the majority of the lock/line LLC business in April
2006, as well as a decrease of US$10.8 million in the indirect
channel business, partially offset by an increase of US$21.8
million in the region's regional carrier group business.

Gross profit increased US$15.1 million from US$50.3 million in
2005 to US$65.4 million in 2006.  Gross profit as a percentage
of revenues was 6.9% in 2006, compared to 5.1% in 2005.

Selling, general and administrative expenses decreased from
US$51.2 million in 2005 to US$50.5 million in 2006.  In fiscal
2006, there was a reduction in payroll and benefits of US$1.1
million in the North American and Corporate segments combined as
the company continued to align overhead expenses with the
remaining operations.

The company recognized a gain of US$566,000 related to the
redemption of US$10.5 million of senior notes at a 1% discount
on Sept. 7, 2006, which also includes the reversal of interest
previously accrued.

The company recognized a US$2.4 million expense, absent in
fiscal 2005, associated with the Comunicacion Inalambrica
Inteligente S.A. de C.V. joint venture in the company's Mexico
operations.  

The company had an income tax expense of US$2.8 million in 2006
compared to US$845,000 of expense in 2005.

The company recorded a US$585,000 income from discontinued
operations of the company's Asia-Pacific region in fiscal 2006
compared to a US$17.3 million loss in fiscal 2005.  In 2005, the
company sold its operations in the PRC, Hong Kong and Taiwan,
completing its exit of the Asia-Pacific Region.

At Nov. 30, 2006, the company's balance sheet showed US$236
million in total assets, US$219.2 million in total liabilities,
and US$16.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Nov. 30, 2006, are available for
free at http://researcharchives.com/t/s?1a1d

At Nov. 30, 2006, the company had US$28.6 million in cash and
cash equivalents, compared to US$10.7 million at Nov. 30, 2005.  
The increase in cash and cash equivalents at Nov. 30, 2006, was
due to  US$15.6 million net cash provided by operating
activities in fiscal 2006.

                    About CellStar Corp.

Headquartered at Coppell, Texas, CellStar Corp. --
http://www.cellstar.com/-- provides logistics and distribution   
services to the wireless communications industry.  CellStar
Corp. has operations in North America and Latin America, and
distributes handsets, related accessories and other wireless
products from manufacturers to a network of wireless service
providers, agents, MVNOs, insurance/warranty providers and big
box retailers.  CellStar Corp. specializes in logistics
solutions, repair and refurbishment services, and in some of its
markets, provides activation services.

                        *    *    *

CellStar Corp.'s 5% Convertible Subordinated Notes due 2002
carry Moody's Investors Service's Ca2 rating.


ENESCO GROUP: U.S. Trustee Appoints Three-Member Official Panel
---------------------------------------------------------------
The U.S. Trustee for Region 11, appointed three creditors to
serve on an Official Committee of Unsecured Creditors in Enesco
Group, Inc. and its debtor-affiliates chapter 11 cases.

The Creditors Committee consists of:

         1. Victradco Ltd.
            No. 1, Section 4
            7F Zhong Xiad East Road
            Taipei 106, Taiwan

            Representative:

            Terry Chang

         2. Disney Enterprises, Inc.
            500 South Buena Vista Street
            Burbank, CA 91521

            Representative:

            Alec M. Lipkind
            The Walt Disney Co.
            77 West 66th Street, 15th Floor
            New York, NY 10023

         3. Jim Shore Design, Inc.
            426 North Main Street
            Health Springs, SC 29058

            Representatives:

            Michael Molinaro
            Stanley F. Orszula

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

                     About Enesco Group

Headquartered in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- designs, manufactures and markets  
licensed and proprietary branded giftware, and home and garden
d,cor products to a variety of specialty gift, home decor, mass
market and direct mail retailers.  The company serves markets
operating in Europe, Australia, Mexico, Asia and the Pacific
Rim.

The company conducts its global business through its eight
active wholly owned subsidiaries and affiliated corporations,
including two subsidiaries in the United States, both of which
are also Debtors in these cases, and six subsidiaries in Canada,
the United Kingdom, France and Hong Kong.  The company sells its
products through its own employee-based sales organizations, as
well as independent sales agents and distributors in
approximately 25 countries around the world.

Enesco's product lines include some of the world's most
recognizable brands, including Heartwood Creek(TM) by Jim Shore,
Foundations(R), Pooh & Friends(R), Walt Disney Classics
Collections(R), Disney Traditions(R), Disney(R), Border Fine
Arts(TM), Cherished Teddies(R), Halcyon Days(R) and Lilliput
Lane(TM), among others.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  The
Debtors' financial condition as of Nov. 30, 2006, showed total
assets of US$155,350,698 and total debts of US$107,903,518.  The
Debtors' exclusive period to file a chapter 11 reorganization
plan expires on May 12, 2007.

                          Asset Sale

As reported in the Troubled Company Reporter on Feb. 19, 2007,
EGI Acquisition, LLC, an affiliate of Tinicum Capital Partners
II, L.P., a private investment partnership, completed the
purchase of substantially all of the assets of Enesco Group,
Inc. and the assumption of certain of Enesco's unsecured
liabilities.  The Court approved the transaction.


ENESCO GROUP: Committee Retains Adelman & Gettleman as Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Enesco Group, Inc., and its debtor-affiliates chapter 11 cases
obtained permission from the U.S. Bankruptcy Court for the
Northern District of Illinois to retain Adelman & Gettleman,
Ltd., as its bankruptcy counsel.

Adelman & Gettleman is expected to:

    (a) advise the Committee with respect to its duties and
        powers in these cases;

    (b) consult with the Debtors, its counsel and other
        professionals concerning the administration of these
        cases;

    (c) assist the Committee in its investigation of the acts,
        conduct, assets, liabilities and financial condition of
        the Debtors, the operation of the Debtors' businesses
        and the desirability of the continuance of such
        businesses, and any other matter relevant to these cases
        or the formulation of a plan;

    (d) participate with the Committee in the formulation of a
        plan, if appropriate under the circumstances;

    (e) assist the Committee in requesting the appointment of a
        trustee or examiner, should such action be necessary;
        and

    (f) perform such other legal services as may be required in
        the interest of creditors.

The Committee discloses that the firm's attorneys bill:

         Professional                            Hourly Rate
         ------------                            -----------
         Howard L. Adelman, Esq.                   US$440
         Chad H. Gettleman, Esq.                   US$440
         Henry B. Merens, Esq.                     US$440
         Brad A. Berish, Esq.                      US$415
         Mark A. Carter, Esq.                      US$415
         Adam P. Silverman, Esq.                   US$385
         Nathan Q. Rugg, Esq.                      US$340
         Steven B. Chaiken, Esq.                   US$250

Mr. Gettleman, a shareholder of Adelman & Gettleman, assures the
Court that his firm does not represent any interest adverse to
the Debtors or their estates.

Mr. Gettleman can be reached at:

         Chad H. Gettleman, Esq.
         Adelman & Gettleman, Ltd.
         53 West Jackson Boulevard, Suite 1050
         Chicago, Illinois 60604-3701
         Tel: (312) 435-1050
         Fax: (312) 435-1059
         http://www.adelmangettlemanlaw.com/

                     About Enesco Group

Headquartered in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- designs, manufactures and markets  
licensed and proprietary branded giftware, and home and garden
decor products to a variety of specialty gift, home decor, mass
market and direct mail retailers.  The company serves markets
operating in Europe, Australia, Mexico, Asia and the Pacific
Rim.

The company conducts its global business through its eight
active wholly owned subsidiaries and affiliated corporations,
including two subsidiaries in the United States, both of which
are also Debtors in these cases, and six subsidiaries in Canada,
the United Kingdom, France and Hong Kong.  The company sells its
products through its own employee-based sales organizations, as
well as independent sales agents and distributors in
approximately 25 countries around the world.

Enesco's product lines include some of the world's most
recognizable brands, including Heartwood Creek(TM) by Jim Shore,
Foundations(R), Pooh & Friends(R), Walt Disney Classics
Collections(R), Disney Traditions(R), Disney(R), Border Fine
Arts(TM), Cherished Teddies(R), Halcyon Days(R) and Lilliput
Lane(TM), among others.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  The
Debtors' financial condition as of Nov. 30, 2006, showed total
assets of US$155,350,698 and total debts of US$107,903,518.  The
Debtors' exclusive period to file a chapter 11 reorganization
plan expires on May 12, 2007.

                          Asset Sale

As reported in the Troubled Company Reporter on Feb. 19, 2007,
EGI Acquisition, LLC, an affiliate of Tinicum Capital Partners
II, L.P., a private investment partnership, completed the
purchase of substantially all of the assets of Enesco Group,
Inc. and the assumption of certain of Enesco's unsecured
liabilities.  The Court approved the transaction.


GRUPO MEXICO: Strikers Demand Gov't Action Against Company
----------------------------------------------------------
The Mexican miners' union told Reuters that several unionized
workers closed down most of Mexico's mines and metal plants in a
one-day national strike, hoping to pressure the government to
punish Grupo Mexico SA de CV.  

Reuters relates that about 90% of unionized operations were
closed.

The report says that protesting miners were joined by relatives
and widows of the 65 men killed during an explosion at a Grupo
Mexico's Pasta de Conchos coalmine near the Texan border last
year, complaining on the lack of legal action against the firm.  

Reuters underscores that Jorge Rios, Coahuila state's special
prosecutor, blamed Grupo Mexico for allowing a mix of methane,
dust and oxygen to build up in the mine.

Mr. Rios commented to Reuters, "We are talking about a very
rudimentary mine with huge lapses in safety standards made worse
by corrupt inspectors who didn't enforce the necessary
security."  

Mr. Rios told Reuters that he would insist on the arrest of five
Grupo Mexico workers and six Labor Ministry officials within the
next two months on homicide charges.

The explosion was an accident, Reuters notes, citing Grupo
Mexico.  

A Grupo Mexico source explained to Reuters, "The company met
safety norms, but doing so can never be an exact science.  The
company is more eager than anyone to know what really happened."

The protesters also demanded the recovery of the bodies of the
killed miners.

Two bodies have been recovered after the gas explosion in the
coalmine.  Grupo Mexico has compensated the victims' families
and spent US$30 million on trying to find the 63 remaining
miners.  However, temperatures as high as 593 degrees Celsius
may have burned the bodies buried under thousands of tons of
rock, Reuters states.

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

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook is stable.


MOVIE GALLERY: S&P Ups Rating to B- on Improved Liquidity
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating, on Movie Gallery Inc. to 'B-' from
'CCC+'.  The outlook is stable.  This action reflects the
additional financial flexibility and liquidity provided to Movie
Gallery as a result of refinancing the company's credit
facility.
    
At the same time, we assigned our bank loan and recovery ratings
to the company's proposed US$650 million senior secured first-
lien credit facilities maturing in 2012, consisting of a US$525
million term loan, a US$25 million synthetic LOC, and a US$100
million revolving credit facility.  The first-lien facilities
are rated 'B-' (the same as the corporate credit rating) with a
recovery rating of'4', indicating the expectation for marginal
(25%-50%) recovery of principal in the event of payment default.
     
In addition, Standard & Poor's assigned the US$250 million
second-lien term loan maturing in 2012 a credit rating of 'CCC'
(two notches below the corporate credit rating) with a recovery
rating of '5', indicating the expectation for negligible (0%-
25%) recovery of principal in the event of payment default.
     
The ratings reflect the risks of operating in a mature and
declining video rental industry and the company's dependence on
decisions made by movie studios, among other factors.  "We would
consider a negative outlook if industry fundamentals continue to
decline and the company's operating performance deteriorates
moderately," said Standard & Poor's credit analyst David Kuntz.

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


NORTEL NETWORKS: Board Declares Preferred Share Dividends
---------------------------------------------------------
Nortel Networks Limited's board of directors has declared a
dividend for the months of January and February on each of the
outstanding Cumulative Redeemable Class A Preferred Shares
Series 5 and the outstanding Non-cumulative Redeemable Class A
Preferred Shares Series 7.

The dividend amount for each series is calculated in accordance
with the terms and conditions applicable to each respective
series, as set out in the Company's articles.  

The annual dividend rate for each series floats in relation to
changes in the average of the prime rate of Royal Bank of Canada
and The Toronto-Dominion Bank during the preceding month and is
adjusted upwards or downwards on a monthly basis by an
adjustment factor which is based on the weighted average daily
trading price of each of the series for the preceding month,
respectively.  

The maximum monthly adjustment for changes in the weighted
average daily trading price of each of the series will be plus
or minus 4.0% of Prime.  The annual floating dividend rate
applicable for a month will in no event be less than 50% of
Prime or greater than Prime.  

The dividend on each series in respect of the month of March is
payable on April 12, 2007, to shareholders of record of such
series at the close of business on March 30, 2007.  The dividend
on each series in respect of the month of April is payable on
May 14, 2007, to shareholders of record of such series at the
close of business on April 30, 2007.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Limited
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology  
solutions encompassing end-to-end broadband, Voice over Internet
provider, multimedia services and applications, and wireless
broadband.  Nortel Networks does business in more than 150
countries including Mexico.

                        *    *    *

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


SATELITES MEXICANOS: SES Global Eyes Firm
-----------------------------------------
Satellite operator SES Global told AFX News that it is
interested in acquiring Satelites Mexicanos, S.A. de C.V.

SES Global Executive Officer Romain Bausch told reporters,
"(Satmex has) declared 2007 will be a change of ownership."

"Those with strategic interests will be queueing up to
participate.  You can expect SES to continue to be interested in
these opportunities," Mr. Bausch commented to AFX News.

                      About SES Global

SES Global SA is a Luxembourg-based investment holding company
that, together with its subsidiaries, is engaged in the
provision of media broadcasting and distribution services,
including TV and radio programming; enterprise solutions, such
as turnkey solutions for reliable corporate data, and mobile
services, including mobile broadband connectivity to cruise
ships, commuter trains, trucks, and commercial and corporate
aircraft, as well as mobile phones and hand-held devices.  The
company also supplies governments with network services and
bandwidth for communications in both civilian and defense
environments.  SES Global has two wholly owned subsidiaries, SES
Astra and SES Americom, and also holds stakes in a number of
other companies including AsiaSat, Star One, Ciel and QuetzSat.  
It also owns the satellite services companies AMERICOM
Government Services and ASTRA Platform Services.  SES Global is
headquartered in Chateau de Betzdorf, Luxembourg.

                  About Satelites Mexicanos

Satelites Mexicanos, SA de CV, provides fixed satellite services
in Mexico.  Satmex provides transponder capacity via its
satellites to customers for distribution of network and cable
television programming, direct-to-home television service, on-
site transmission of live news reports, sporting events and
other video feeds.  Satmex also provides satellite transmission
capacity to telecommunications service providers for public
telephone networks in Mexico and elsewhere and to corporate
customers for their private business networks with data, voice
and video applications.  Satmex also provides the government of
the United Mexican States with approximately 7% of its satellite
capacity for national security and public purposes without
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006,
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities
LLC and Valor Consultores, SA de CV, give financial advice to
the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld
LLP give legal advice to the Ad Hoc Existing Bondholders'
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of
July 24, 2006, the Debtor has US$905,953,928 in total assets and
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).  On
June 29, 2005, Satmex filed a voluntary petition for a Mexican
reorganization, known as a Concurso Mercantil, which was
assigned to the Second Federal District Court for Civil Matters
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code that commenced a case ancillary to
the Concurso Proceeding and a motion for injunctive relief that
sought among other things, to enjoin actions against Satmex or
its assets (Bankr. S.D.N.Y. Case No. 05-16103).

Satmex concluded its reorganization efforts on Nov. 30, 2006,
and emerged from its U.S. bankruptcy case.  The company
consummated its U.S. chapter 11 plan of reorganization, which
was confirmed by the United States Bankruptcy Court for the
Southern District of New York by order dated Oct. 26, 2006, and
implemented the restructuring approved in Satmex's Mexican
Concurso Mercantil proceeding by the Concurso Plan Order issued
on July 14, 2006.




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


* PERU: Inks Memorandum of Understanding with Ecopetrol
-------------------------------------------------------
Peruvian state oil firm Petroperu has signed a Memorandum of
Understanding with Colombian counterpart Ecopetrol for potential
collaboration, the latter said in a statement.

Business News Americas relates that the memorandum has an
initial five-year term.  It can also be extended for equal
periods.

According to BNamericas, Ecopetrol and Petroperu will set up an
executive committee to identify potential joint projects
throughout the hydrocarbons chain of Colombia, Peru and
elsewhere.

Ecopetrol and Petroperu will also analyze biofuel projects,
BNamericas states.

                      About Ecopetrol

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

                        *    *    *

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




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


ADELPHIA COMMS: Commences Initial Distributions to Creditors
------------------------------------------------------------
Pursuant to Adelphia Communications Corp. and its debtor-
affiliates' Plan of Reorganization, which became effective on
Feb. 13, 2007, Quest Turnaround Advisors LLC and its designees
have assumed responsibility for managing the ACOM Debtors and
the implementation of the ACOM Debtors' Plan of Reorganization.  
The ACOM Debtors' Board of Directors was deemed removed pursuant
to that Plan.

Adelphia filed a Form 15 with the U.S. Securities and Exchange
Commission to suspend its reporting obligations under the
Securities Exchange Act of 1934.  Adelphia has begun initial
distributions of cash, shares of Time Warner Cable Inc.'s Class
A Common Stock and Contingent Value Vehicle Interests to certain
classes of Claims.  Actual distributions may vary due to
rounding, ACOM disclosed in a news release.

To calculate the number of initial shares being distributed,
ACOM used a deemed value of US$34.63 per share of TWC Stock.

Initial distributions of cash and shares of Time Warner Cable
Class A Common Stock are being made to holders of these classes
of Claims:

                                                      Initially
                                                     Distributed
                                                       Shares
                                                       of TWC
                                            Cash Per  Stock Per
                                            US$1,000   US$1,000
                                           Principal  Principal
  Class   Description                CUSIP   Amount    Amount
  -----   -----------                ----- --------- -----------
  SD 4    Subsidiary Debtor Trade     N/A     US$656    17.00000
          Claims Against ACOM
          Debtors, except for the
          Rigas Managed Entity
          Debtors

  SD 4    Subsidiary Debtor Trade     N/A        512    13.00000
          Claims Against RME
          Debtors

  SD 5    Subsidiary Debtor Other     N/A        498    13.00000
          Unsecured Claims Against
          ACOM Debtors, except RME
          Debtors

  SD 6    9.500% Senior Notes      156503AG9     710     8.11988
          due March 1, 2005,
          issued by Century
          Communications Corp.

  SD 6    8.875% Senior Notes      156503AH7     702     8.02892
          due January 15, 2007,
          issued by Century

  SD 6    8.750% Senior Notes      156503AJ3     686     7.84960
          due October 1, 2007,
          issued by Century

  SD 6    8.375% Senior Notes      156503AK0     698     7.98628
          due November 15, 2017,
          issued by Century

  SD 6    8.375% Senior Notes due  156503AL8     694     7.93325
          December 15, 2007,
          issued by Century

  SD 6    Zero Coupon Senior       156503AN4     415     4.75099
          Discount Notes due         and
          January 15, 2008,        156503AM6
          issued by Century                

  SD 6    Zero Coupon Senior       156503AF1     634     7.25468
          Discount Notes due
          March 15, 2003,
          issued by Century

  SD 7    FPL Note Claims Class       N/A        644    15.60615

  SD 8    11.875% Series A Senior  35921QAB0     766    13.77928
          Discount Notes due
          Sept. 15, 2007 issued
          by FrontierVision
          Holdings, L.P.

  SD 8    11.875% Series B Senior  35921XAB5     766    13.77927
          Discount Notes due
          Sept. 15, 2007 issued
          By FrontierVision
          Holdings, L.P.

  SD 9    11.000% Senior           35921LAA3     738    19.11607
          Subordinated Notes due
          October 15, 2006, issued
          by FrontierVision
          Operating Partners, L.P.
          and FrontierVision
          Capital Corp.

  SD 10   10.625% Senior Notes     68162YAC0     761    17.83578
          due November 15, 2006,
          issued by Olympus
          Communications, L.P.,
          and Olympus Capital Corp.

  ACC 3   9-7/8% Senior Debentures 006848AF2     N/A    14.82228
          due March 1, 2005,
          issued by ACOM

  ACC 3   9-1/2% Senior            006848AK1     N/A    14.86590
          Pay-In-Kind Notes
          due February 15, 2004,
          issued by ACOM

  ACC 3   9-7/8% Senior Notes due  006848AP0     N/A    14.82228
          March 1, 2007, issued
          by ACOM

  ACC 3   10-1/2% Senior Notes     006848AR6     N/A    15.04356
          due July 15, 2004,
          issued by ACOM

  ACC 3   9-1/4% Senior Notes due  006848AS4     N/A    14.68304
          October 1, 2002, issued
          by ACOM

  ACC 3   8-3/8% Senior Notes due  006848AU9     N/A    14.85432
          February 1, 2008, issued
          by ACOM

  ACC 3   8-1/8% Senior Notes due  006848AW5     N/A    14.89185
          July 15, 2003, issued
          by ACOM

  ACC 3   7-1/2% Senior Notes due  006848AZ8     N/A    14.85192
          January 15, 2004, issued
          by ACOM

  ACC 3   7-3/4% Senior Notes due  006848BC8     N/A    14.86789
          January 15, 2009, issued
          by ACOM

  ACC 3   7-7/8% Senior Notes due  006848BD6     N/A    14.54261
          May 1, 2009, issued by
          ACOM

  ACC 3   9-3/8% Senior Notes due  006848BE4     N/A    15.19627
          November 15, 2009,
          issued by ACOM

  ACC 3   10-7/8% Senior Notes     006848BF1     N/A    14.73754
          due October 1, 2010,
          issued by ACOM

  ACC 3   10-1/4% Senior Notes     006848BJ3     N/A    15.15036
          due June 15, 2011,
          issued by ACOM

  ACC 3   10-1/4% Senior Notes     006848BK0     N/A    14.59381
          due November 1, 2006,
          issued by ACOM

  ACC 4   ACC Trade Claims            N/A        N/A    11.00000

  ACC 5   ACC Other Unsecured         N/A        N/A    11.00000
          Claims

  ACC 6   6.0% Convertible         006848BG9     N/A         N/A
          Subordinated Notes due
          February 15, 2006,
          issued by ACOM

  ACC 7   3.25% Convertible        006848BH7     N/A         N/A
          Subordinated Notes due
          May 1, 2021, issued by
          ACOM

The estimated additional shares of TWC Class A Common Stock
distributable in connection with the True Up Mechanism contained
in the Plan at three-sample assumed potential values for the TWC
Class A Common Stock are:

                                          Add'l TWC Stock Shares
                                          Per US$1,000 Principal
                                          Amnt., At Sample Share
                                          Prices (Distributed
                                          Through the True-Up
                                          Mechanism)
                                          
  Class   Description                   US$27.70  $34.63  $41.69
  -----   -----------                     ------  ------  ------

  SD 4    Subsid. Debtor Trade Claims    8.00000 3.00000       0
          Against ACOM Debtors, except
          RME Debtors

  SD 4    Subsidiary Debtor Trade        6.00000 2.00000       0
          Claims Against RME Debtors

  SD 5    Subsidiary Debtor Other        6.00000 2.00000       0
          Unsecured Claims Against
          ACOM Debtors, except
          RME Debtors

  SD6     9.500% Senior Notes due        4.09753 1.65405       0
          March 1, 2005, issued by
          Century

  SD 6    8.875% Senior Notes due        4.05163 1.63552       0
          Jan. 15, 2007, issued by
          Century

  SD 6    8.750% Senior Notes due        3.96114 1.59899       0
          Oct. 1, 2007, issued by
          Century

  SD 6    8.375% Senior Notes due        4.03011 1.62683       0
          Nov. 15, 2017, issued by
          Century

  SD 6    8.375% Senior Notes due        4.00335 1.61603       0
          Dec. 15, 2007, issued by
          Century

  SD 6    Zero Coupon Senior Discount    2.39749 0.96779       0
          Notes due Jan. 15, 2008,
          issued by Century

  SD 6    Zero Coupon Senior Discount    3.66092  1.4778       0
          Notes due March 15, 2003,
          issued by Century

  SD 7    FPL Note Claims Class          7.87533 3.17903       0

  SD 8    11.875% Series A Senior        6.95343 2.80689       0
          Discount Notes due
          Sept. 15, 2007,
          issued by FV Holdings      

  SD 8    11.875% Series B Senior        6.95343 2.80689       0
          Discount Notes due Sept. 15,
          2007 issued by FV Holdings

  SD 9    11.000% Senior Subordinated    9.64654 3.89402       0
          Notes due Oct. 15, 2006,
          issued by FV Operating &
          FV Capital

  SD 10   10.625% Senior Notes due       9.00047 3.63322       0
          Nov. 15, 2006, issued by
          Olympus Communications &
          Olympus Capital

  ACC 3   9-7/8% Senior Debentures due         0 2.53755 4.25455
          March 1, 2005, issued by ACOM

  ACC 3   9-1/2% Senior Pay-In-Kind            0   2.545 4.26707
          Notes due Feb. 15, 2004,
          issued by ACOM

  ACC 3   9-7/8% Senior Notes due              0 2.53755 4.25455
          March 1, 2007, issued by ACOM

  ACC 3   10-1/2% Senior Notes due             0 2.57543 4.31807
          July 1, 2004, issued by ACOM

  ACC 3   9-1/4% Senior Notes due Oct 1,       0 2.51371 4.21458
          2002, issued by ACOM

  ACC 3   8-3/8% Senior Notes due Feb 1,       0 2.54303 4.26375
          2008, issued by ACOM

  ACC 3   8-1/8% Senior Notes due              0 2.54946 4.27452
          July 15, 2003, issued by ACOM

  ACC 3   7-1/2% Senior Notes due              0 2.54262 4.26306
          Jan. 15, 2004, issued by ACOM

  ACC 3   7-3/4% Senior Notes due              0 2.54536 4.26764
          Jan. 15, 2009, issued by ACOM

  ACC 3   7-7/8% Senior Notes due              0 2.48967 4.17427
          May 1, 2009 issued by ACOM

  ACC 3   9-3/8% Senior Notes due              0 2.60158 4.36190
          Nov. 15, 2009, issued by ACOM

  ACC 3   10-7/8% Senior Notes due Oct 1,      0 2.52304 4.23023
          2010, issued by ACOM

  ACC 3   10-1/4% Senior Notes due June 15,    0 2.59372 4.34872
          2011, issued by ACOM

  ACC 3   10-1/4% Senior Notes due Nov 1,      0 2.49843 4.18897
          2006, issued by ACOM

  ACC 4   ACC Trade Claims                     0 1.00000 3.00000

  ACC 5   ACC Other Unsecured Claims           0 1.00000 3.00000

  ACC 6   6.0% Convertible Subordinated      N/A     N/A     N/A
          Notes due Feb. 15, 2006, issued
          by ACOM

  ACC 7   3.25% Convertible Subordinated     N/A     N/A     N/A
          Notes due May 1, 2021, issued
          by ACOM

The amount and timing of distributions pursuant to the True Up
Mechanism and as a result of the release of the escrows,
reserves and holdbacks are subject to the terms and conditions
of the Plan and numerous other conditions and uncertainties,
many of which are outside the control of ACOM and its
subsidiaries.

In addition, pursuant to the Plan, the Adelphia Contingent Value
Vehicle, a Delaware Statutory Trust, was formed to hold certain
litigation claims against ACOM's third-party lenders,
accountants and other parties.  Initial distributions of CVV
Interest are being made to certain classes of Claims:

                                   CVV Units Per   Aggregate No.
                                    Per US$1,000   of CVV Units
  Description                     Principal Amnt.     Issued
  -----------                     --------------  --------------
  Subsidiary Debtor Trade Claims             N/A             N/A
  Against ACOM Debtors, except
  RME Debtors

  Subsidiary Debtor Trade Claims             N/A             N/A
  Against RME Debtors

  Subsidiary Debtor Other Unsecured          N/A             N/A
  Claims Against ACOM Debtors,
  except RME Debtors

  9.500% Senior Notes due         Series Arahova  Series Arahova
  March 1, 2005 issued by                    435     108,736,618
  Century

  Senior Notes due January 1,     Series Arahova  Series Arahova
  issued by Century                          430     107,518,481


  8.750% Senior Notes due         Series Arahova  Series Arahova
  October 1, 2007, issued by                 420      94,605,385
  Century

  8.375% Senior Notes due         Series Arahova  Series Arahova
  November 15, 2017, issued by               428      42,778,989
  Century

  8.375% Senior Notes due         Series Arahova  Series Arahova
  December 15, 2007, issued by               425      42,494,964
  Century

  Zero Coupon Senior Discount     Series Arahova  Series Arahova
  Notes due January 15, 2008                 254     153,966,268
  issued by Century

  Zero Coupon Senior Discount     Series Arahova  Series Arahova
  Notes due March 15, 2003,                  389     172,538,962
  issued by Century

  FPL Note Claims Class               Series FPL      Series FPL
                                             211      25,575,129

  11.875% Series A Senior              Series FV       Series FV
  Discount Notes due Sept. 15,               263      62,567,076
  2007 issued by FV Holdings

  11.875% Series B Senior              Series FV       Series FV
  Discount Notes due Sept. 15,               263      24,032,924
  2007 issued by FV Holdings

  11.000% Senior Subordinated                N/A             N/A
  Notes due October 15, 2006,
  issued by FV Operating & FV
  Capital

  10.625% Senior Notes due        Series Olympus  Series Olympus
  November 15, 2006, issued by                85      17,000,000
  Olympus Communications and
  Olympus Capital

  9-7/8% Senior Debentures due      Series ACC-1    Series ACC-1
  March 1, 2005, issued by ACOM              977     126,988,828

  9-1/2% Senior Pay-In-Kind         Series ACC-1    Series ACC-1
  Notes due February 15, 2004,               980      31,200,994
  issued by ACOM

  9-7/8% Senior Notes due           Series ACC-1    Series ACC-1
  March 1, 2007, issued by ACOM              977     341,893,000

  10-1/2% Senior Notes due          Series ACC-1    Series ACC-1
  July 15, 2004, issued by ACOM              991     148,713,050

  9-1/4% Senior Notes due           Series ACC-1    Series ACC-1
  Oct. 1, 2002, issued by ACOM               968     314,489,818


  8-3/8% Senior Notes due           Series ACC-1    Series ACC-1
  Feb. 1, 2008, issued by ACOM               979     293,684,593

  8-1/8% Senior Notes due           Series ACC-1    Series ACC-1
  July 15, 2003, issued by ACOM              981     147,213,290

  7-1/2% Senior Notes due           Series ACC-1    Series ACC-1
  Jan. 15, 2004, issued by ACOM              979      97,879,078

  7-3/4% Senior Notes due           Series ACC-1    Series ACC-1
  Jan. 15, 2009, issued by ACOM              980     293,952,972

  7-7/8% Senior Notes due           Series ACC-1    Series ACC-1
  May 1, 2009 issued by ACOM                 958     335,442,058

  9-3/8% Senior Notes due           Series ACC-1    Series ACC-1
  Nov. 15, 2009, issued by ACOM            1,001     500,742,257

  10-7/8% Senior Notes due          Series ACC-1    Series ACC-1
  October 1, 2010, issued by ACOM            971     728,439,382

  10-1/4% Senior Notes due          Series ACC-1    Series ACC-1
  June 15, 2011, issued by ACOM              998     998,458,683

  10-1/4% Senior Notes due          Series ACC-1    Series ACC-1
  Nov. 1, 2006, issued by ACOM               962     480,890,170

  ACC Trade Claims                  Series ACC-2    Series ACC-2
                                             983      83,887,174

  ACC Other Unsecured Claims        Series ACC-3    Series ACC-3
                                             868      46,129,088

  6.0% Convertible Subordinated     Series ACC-4    Series ACC-4
  Notes due Feb. 15, 2006, issued          1,254   1,081,692,251
  by ACOM

  3.25% Convertible Subordinated    Series ACC-4    Series ACC-4
  Notes due May 1, 2021, issued by         1,234     709,276,020
  ACOM

Initial distributions of CVV Interests are also being made to
certain classes of Equity Interests under the Plan:

                                                   Aggregate No.
                                        CVV Units  of CVV Units
  Class   Description                   Per Share     Issued
  -----   -----------                   ---------  -------------
  ACC 8   13% Series B Redeemable   Series ACC-6B  Series ACC-6B
          Cumulative Exchangeable             100    150,000,000
          Preferred Stock issued
          by ACOM with a mandatory
          redemption date of
          July 15, 2009

  ACC 8   5.5% Series D             Series ACC-6D  Series ACC-6D
          Convertible Preferred               200    575,000,000
          Stock issued by ACOM

  ACC 8   7.5% Series E           Series ACC-6E/F       ACC-6E/F
          Mandatory Convertible          25.67708    354,343,704
          Preferred Stock issued
          by ACOM with a mandatory
          conversion date of
          November 15, 2004

  ACC 8   7.5% Series F           Series ACC-6E/F       ACC-6E/F
          Mandatory Convertible          25.28125    581,468,750
          Preferred Stock issued
          by ACC with a mandatory
          conversion date of
          February 1, 2005

  ACC 9   Class A Common Stock,      Series ACC-7   Series ACC-7
          par value $0.01                       1    229,787,271

ACOM divulged that units in the various series of interests in
the Adelphia Contingent Value Vehicle that are outstanding are:

                                         No. of Units
                              Estimated  Reserved for   
Estimated
                           No. of Units  Disputed and  Total No.
Series         CUSIP No.   Outstanding  Other Claims   of Units
------         ---------  ------------  ------------  ---------
RF             00685R847   115,000,000           0    15,000,000
Arahova        00685R102   722,639,670           0    22,639,670
FrontierVision 00685R201    86,600,000           0    86,600,000
FPL            00685R862    25,575,129           0    25,575,129
Olympus        00685R300    17,000,000           0    17,000,000
ACC-1          00685R409 4,839,988,173           0 4,839,988,173
ACC-2          00685R508    83,887,174 247,408,818    31,295,992
ACC-3          00685R607    46,129,088 223,573,904    69,702,992
ESL            00685R854             0          17            17
ACC-4          00685R706 1,790,968,271           0 1,790,968,271
ACC-5          00685R805             0         458           458
ACC-6B         00685R839   150,000,000           0   150,000,000
ACC-6B1        00685R821             0           3             3
ACC-6D         00685R813   575,000,000           0   575,000,000
ACC-6D1        00685R797             0           4             4
ACC-6EF        00685R789   935,812,454           0   935,812,454
ACC-6EF1       00685R771             0           5             5
ACC-7          00685R870   229,787,271           0   229,787,271
ACC-7A         00685R763    19,293,139         464    19,293,603

The estimated number of units outstanding includes those issued
or to be issued in connection with Initial Distributions under
the Adelphia Plan of Reorganization.

With respect to Series ESL, ACC-5, ACC-6B1, ACC-6D1, ACC-6EF1,
and ACC-7A, one Unit has been reserved with respect to each
holder of a Disputed Claim under the Plan.  Therefore, it is
possible that upon resolution of those Disputed Claims,
additional Units could be issued.

With respect to all other Series of CVV Interests, the number of
reserved Units is the maximum number of additional Units
expected to be issued if all Disputed Claims to which those
Units relate were allowed.

Parties-in-interest are directed to send their inquiries
regarding the distributions under the Plan and the CVV Interests
to http://creditor.inquiries@adelphia.com/

                       About Adelphia Comms

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.  (Adelphia Bankruptcy News, Issue No. 165; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

The Court confirmed the ACOM Debtors' First Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization on
Jan. 3, 2007.  That Plan became effective Feb. 13, 2007.


ADELPHIA COMMS: Wants ESPN's US$210 Million Admin. Claims Denied
----------------------------------------------------------------
Adelphia Communications Corp. and its debtor-affiliates ask the
Honorable Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York to summarily deny ESPN Inc., et
al.'s requests for payment of their US$210,105,000
administrative expense claims, as a matter of law, without
subjecting the estates to the costs of discovery and an
evidentiary hearing.

In separate pleadings, the ESPN parties-in-interest had asked
the Court to allow their administrative expense claims in their
entirety:

   (a) ESPN, Inc., ESPN Classic, Inc., and ESPN Enterprises,
       Inc.;

   (b) ABC Cable Networks Group, International Family
       Entertainment, Inc., and SOAPnet L.L.C.; and

   (c) Walt Disney Internet Group, doing business as Buena Vista
       Internet Group.

ESPN, et al.'s claims arose from breaches of certain agreements
for programming services and Internet content entered into by
each of the Claimants with Adelphia Communications Corporation
in the ordinary course of its business, relates Lisa Hill
Fenning, Esq., at Dewey Ballantine LLP, in Los Angeles,
California.

Ms. Fenning told the Court that on July 31, 2006, ACOM
unilaterally terminated the Agreements in violation of its
obligations under it, causing the Claimants to suffer damages
for lost revenues and profits due under the agreements over the
remaining terms of the Agreements.

Since the Agreements are postpetition, ordinary course
contracts, the asserted damage claims are entitled to allowance
and payment as administrative priority claims, Mr. Fenning
asserted.

Accordingly, the Claimants asked the Court for payment of their
administrative expenses claims, in these aggregate amounts:

         Claimant                              Amount
         --------                              ------
         ESPN entities                 US$198,368,000
         ABC Cable entities                 5,115,000
         Walt Disney                        6,622,000

Among others, Ms. Fenning argued that:

   (a) Under the binding Second Circuit Precedent in In re Klein
       Sleep Products, Inc., 78 F.3d 18 (2nd Cir. 1996), ACOM is
       fully liable for administrative priority damage claims if
       it terminated postpetition contracts without
       justification;

   (b) ACOM had no contractual right to terminate the Agreements
       upon its sale of substantially all of its assets on
       July 31, 2006;

   (c) in connection with Walt Disney's claim, ACOM breached its
       obligations to deliver the Walt Disney content to its
       subscribers for the full term of ACOM's Agreement with
       Walt Disney;

   (d) in connection with the ESPN entities' claim, ACOM
       breached its obligations to deliver all services to its
       subscribers for the full term of the Agreements;

   (e) ACOM breached its obligations to pay fees at the contract
       rates for the full term of the Agreements;

   (f) ACOM violated the implied covenant of good faith and fair
       dealing by failing to ensure the continued operation of
       the cable systems or the continued delivery of Walt
       Disney content under the terms of the Agreements; and

   (g) the Claimants' lost revenues constitute the appropriate
       measure of their damages.

                   Parties Agree on Reserve

Pursuant to a stipulation, the ACOM Debtors agreed to establish
a separate reserve for the administrative expense claims of
ESPN, et al.

The Stipulation describes the terms of the establishment of the
Dedicated Reserve for the Claimants.  

Consistent with its prior practice of maintaining the
confidentiality of the terms of its dealings with programmers,
the ACOM Debtors seek the Court's consent to file the
Stipulation under seal and to provide for only limited
disclosure and service due to the confidential nature of the
agreement and the terms of the Dedicated Reserve reached by the
parties.

Accordingly, Judge Gerber authorized the ACOM Debtors to file
the Stipulation under seal.

              Claims Not Supported by 14 Postpetition
              Programming Contracts, ACOM Debtors say

Terence K. McLaughlin, Esq., at Willkie Farr & Gallagher LLP,
argues that ESPN, et al.'s administrative expense claims are not
supported by the plain and unambiguous terms contained within
the "four corners" of the ACOM Debtors' 14 postpetition
programming contracts with the claimants.

Mr. McLaughlin notes that the thrust of ESPN, et al.'s argument
is that the sale of all of the ACOM Debtors' cable systems on
July 31, 2006, did not provide the Debtors with a right to
terminate the Programming Contracts.  Thus, according to ESPN,
et al., the ACOM Debtors continue to be obligated to pay monthly
fees for the remaining terms of those contracts.

Mr. McLaughlin, however, argues that all monthly fees owed by
the ACOM Debtors to ESPN, et al., under the Programming
Contracts are calculated on a per "Adelphia Subscriber" basis.  
Upon the consummation of the Sale Transaction, there were no
more Adelphia Subscribers.

On the four corners of the Programming Contracts, the ACOM
Debtors can owe no further monthly payments after consummation
of the Sale Transaction, Mr. McLaughlin contends.

Mr. McLaughlin explains that the ACOM Debtors' objection raises
only the threshold issue whether the administrative expense
claims should be denied as a matter of law based on the four
corners of the Programming Contracts.

If the Court concludes that the plain and unambiguous terms of
the Programming Contracts, interpreted objectively without
resort to inadmissible parol evidence, do not mandate denial of
ESPN, et al.'s requests as a matter of law, the parties agree
that the Court should defer making any ruling until they are
afforded a full opportunity to take discovery and present
evidence at an evidentiary hearing.

The Official Committee of Unsecured Creditors in the ACOM
Debtors' bankruptcy case supports the Debtors' contentions.

         ACOM Files McLaughlin's Statement Under Seal

The ACOM Debtors sought and obtained the Court's authority to
file under seal Mr. McLaughlin's statement in connection with
ESPN, et al.'s request for administrative expense claim payment.

Annexed to Mr. McLaughlin's statement are the ACOM Debtors' 14
postpetition programming contracts with ESPN, et al.

Mr. McLaughlin explained that ESPN, Inc., et al., had claimed
that the Programming Contracts are "subject to strong
confidentiality provisions" and "contain highly sensitive
commercial information" about their rates and terms, thus, those
contracts should only be provided under seal.

The ACOM Debtors propose to serve McLaughlin's statement to:

   (i) the United States Trustee for the Southern District of
       New York;

  (ii) counsel for each of the official committees in the ACOM
       Debtors' Chapter 11 cases;

(iii) counsel for ESPN, Inc., et al.; and

  (iv) other parties as the Court may order, or agreed by the
       ACOM Debtors and ESPN, Inc., et al.

                      About Adelphia Comms

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.  (Adelphia Bankruptcy News, Issue No. 165; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

The Court confirmed the ACOM Debtors' First Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization on
Jan. 3, 2007.  That Plan became effective Feb. 13, 2007.


B&G FOODS: S&P Affirms B+ Rating on Sr. Secured Credit Facility
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on B&G Foods Inc.'s proposed senior secured
credit facilities, following the announcement that the company
will increase the term loan C facility by US$5 million.  Pro
forma for the increased add-on portion, the facilities will
total US$230 million.  The secured loan rating is 'B+' (one
notch above the 'B' corporate credit rating) and the recovery
rating is '1', indicating the expectation for full (100%)
recovery of principal in the event of a payment default.  
     
Net proceeds from the bank loan will be used to finance the
US$200 million purchase of the Cream of Wheat and Cream of Rice
brands from Kraft Food Global Inc. and refinance existing
indebtedness.  Ratings on B&G's existing US$50 million credit
facility will be withdrawn upon completion of the refinancing.

Ratings List

  B&G Foods Inc.

    Corporate Credit Rating                         B/Stable/--
    US$255 Million Senior Secured Credit Facility   B+
    Recovery Rating                                 1

B&G Foods (AMEX: BGF) -- http://www.bgfoods.com/-- and its
subsidiaries manufacture, sell and distribute a diversified
portfolio of high-quality, shelf-stable foods across the United
States, Canada and Puerto Rico.  B&G Foods' products include
jams, jellies and fruit spreads, canned meats and beans, spices,
seasonings, marinades, hot sauces, wine vinegar, maple syrup,
molasses, salad dressings, Mexican-style sauces, taco shells and
kits, salsas, pickles and peppers and other specialty food
products.  B&G Foods competes in the retail grocery, food
service, specialty store, private label, club and mass
merchandiser channels of distribution.  Based in Parsippany, New
Jersey, B&G Foods' products are marketed under many recognized
brands, including Ac'cent, B&G, B&M, Brer Rabbit, Emeril's,
Grandma's Molasses, Joan of Arc, Las Palmas, Maple Grove Farms
of Vermont, Ortega, Polaner, Red Devil, Regina, San Del, Ac'cent
Sa-Son, Trappey's, Underwood, Vermont Maid and Wright's.
Preliminary revenues for the fiscal year ended Dec. 30, 2006,
were US$411.3 million.  


CHATTEM INC: Earns US$45.1 Million in Year Ended Nov. 30, 2006
--------------------------------------------------------------
Chattem Inc. reported US$45.1 million of net income on
US$300.5 million of revenues for the year ended Nov. 30, 2006,
compared with US$36 million of net income on US$279.3 million of
revenues for the year ended Nov. 30, 2005.

Total revenues increased 11% over the prior year excluding sales
of pHisoderm(R), which was divested in November 2005.  Revenue
growth for fiscal year 2006 was led by Gold Bond, Dexatrim,
Selsun, BullFrog and Pamprin along with the new product launch
of Icy Hot Pro-Therapy.

Net income for the fourth quarter of fiscal 2006 was US$4.9
million, compared to US$2.4 million in the prior year quarter.  
In the fourth quarter of fiscal 2006, the company recorded a
reserve for Icy Hot Pro-Therapy retail and in-house inventory
exposure totaling US$5.3 million which resulted in negative
sales for the brand and higher costs of sales during the fiscal
fourth quarter of 2006.

Total revenues for the fourth quarter of fiscal 2006 were
US$65.1 million, compared to total revenues of US$63.9 million
in the prior year quarter, representing a 2% increase.  Revenue
growth for the quarter was driven by the continued strength of
the Gold Bond, Dexatrim, BullFrog and Pamprin businesses offset
by a reduction in sales of Icy Hot Pro-Therapy resulting from a
reserve for retail returns recorded in the fourth quarter.

                    Financial Highlights

Gross margin for fiscal 2006 was 68.7%, compared to 71.4% during
fiscal 2005 largely attributable to the launch of Icy Hot Pro-
Therapy, which has lower gross margins than the company's other
products.

Advertising and promotion expense was 32% for fiscal 2006
compared to 27.5% during fiscal 2005, due primarily to increased
spending to support the company's new product introductions.

Selling, general and administrative expenses decreased to 15.6%
during fiscal 2006 compared to 16.9% during fiscal 2005
reflecting lower restricted stock and variable compensation
expense, offset by share-based payment expense under SFAS 123R.

During fiscal 2006, the company repurchased 1.2 million shares
at an average cost of US$33.57 per share, or US$39.3 million in
the aggregate.

The company completed a private offering of US$125 million 2%
Convertible Senior Notes, the proceeds of which were used to
fund in part the acquisition of brands from Johnson & Johnson.

The company successfully resolved its Dexatrim PPA litigation
and recovered US$19.3 million, net of legal expenses.

"From a capital structure perspective, we completed a US$125
million convertible debt offering on very attractive terms and
repurchased, during the first nine months of the fiscal year,
1.2 million shares of our common stock at an average price of
US$33.57 per share.  Also, the Dexatrim(R) PPA litigation was
brought to closure with the receipt of US$19.3 million before
taxes, or about US$0.65 per share.

"Operationally, Chattem experienced a very good year with solid
growth in sales led by strong performances from Gold Bond(R),
Dexatrim, BullFrog(R), Pamprin(R) and Selsun(R), the latter in
spite of unprecedented competitive pressures from Head &
Shoulders(R).

"Somewhat offsetting these positive events was the launch of Icy
Hot(R) Pro-Therapy(TM) which, while contributing to sales
growth, experienced disappointing overall performance resulting
in a direct operating loss of about US$0.20 and US$0.40 per
share in the fourth quarter and fiscal year, respectively, for
the brand.  Looking ahead to fiscal 2007, we anticipate another
excellent year with continued impressive performance of the base
business, smooth integration of the acquired brands and
management of Icy Hot Pro-Therapy at about break-even levels."

At Nov. 30, 2006, the company's balance sheet showed
US$415.3 million in total assets, US$279.7 million in total
liabilities, and US$135.6 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Nov. 30, 2006, are available for
free at http://researcharchives.com/t/s?1a1c

                   Acquisition of Brands

On Jan. 2, 2007, the company completed the closing of the
previously announced agreement to acquire the U.S. rights to
five leading consumer and over-the-counter brands from Johnson &
Johnson for US$410 million.  The acquired brands include ACT(R),
an anti-cavity mouthwash/mouth rinse; Cortizone, a
hydrocortisone anti-itch product; Unisom(R), an OTC sleep aid;
Kaopectate(R), an anti-diarrhea product; and Balmex(R), a diaper
rash product.

The acquisition was funded in part with the proceeds from a new
US$300 million term loan arranged and led by Bank of America
pursuant to a Fifth Amendment to and restatement of the
company's Credit Agreement, with the remaining funds principally
provided through the use of a portion of the proceeds derived
from the company's previously announced sale of US$125 million
2% Convertible Senior Notes due 2013.

"The company completed another outstanding year in fiscal 2006,
highlighted by several key events.  Most significantly, we
reached an agreement to acquire five major brands from Johnson &
Johnson, a transaction which subsequently closed on
Jan. 2, 2007," said Chief Executive Officer Zan Guerry.  

                       About Chattem

Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT)
-- http://www.chattem.com/-- manufactures and markets a variety  
of branded consumer products, including over-the-counter
healthcare products and toiletries and skin care products.  The
company's products include Icy Hot(R), Gold Bond(R), Selsun
Blue(R), Garlique(R), Pamprin(R) and BullFrog(R).

Chattem has operations in the United Kingdom, Australia, and
Puerto Rico.

                        *    *    *

As reported in the TTroubled Company Reporter on Dec. 5, 2006
Moody's Investors Service confirmed the Ba3 corporate family
rating of Chattem Inc. and lowered the senior subordinated
rating to B2 from B1.  Moody's said the outlook is stable.


FIRST BANCORP: Fitch Affirms BB Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed First BanCorp's long-term Issuer
Default Rating of 'BB' and Individual rating of 'C/D' and
removed the Rating Watch Negative.  The Rating Outlook is
Negative.  Fitch placed the ratings of First BanCorp on Rating
Watch Negative on Oct. 30, 2006.  At the same time, Fitch is
affirming the IDR and short-term rating of FBP's subsidiary,
FirstBank of Puerto Rico at 'BB' and 'B', respectively.  The
Rating Outlook remains Negative.  

The removal of the Rating Watch Negative was driven by the
expectation of improved liquidity and liquidity planning at
First BanCorp.  The expected improved liquidity comes from the
announcement on Feb. 16, 2007, that Bank of Nova Scotia has
entered into an agreement to buy a 10% share in First BanCorp
for US$94.8 million.  The investment by Bank of Nova Scotia
provides First BAnCorp with additional liquidity at the parent
level.  In addition, as part of the regulatory agreement in
place, First BAnCorp submitted a written plan to provide for the
maintenance of an adequate liquidity position, including
establishing appropriate liquidity measures at the parent, and
maintenance of sufficient liquidity to meet commitments and
unanticipated needs.

Resolution of the Negative Outlook will likely not precede the
conclusion of the audited financials, SEC investigation,
settlement of lawsuits and regulatory agreements, and the
expectation of a period of steady state performance.

These ratings have been affirmed with a Negative Outlook:

  First BanCorp

     -- Long-term IDR at 'BB';
     -- Individual at 'C/D';
     -- Short-term at 'B'; and
     -- Support '5'.

  FirstBank Puerto Rico

     -- Long-term IDR at 'BB';
     -- Long-term deposit obligations at 'BB+';
     -- Short-term deposit obligations at 'B';
     -- Short-term at 'B';
     -- Individual at 'C/D'; and
     -- Support at '5'.

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent corporation of FirstBank Puerto Rico, a state
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation.  First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.


JETBLUE: S&P Says Ratings Unaffected by Operational Problems
------------------------------------------------------------
Standard & Poor's Ratings Services said that JetBlue Airways
Corp.'s (B/Stable/B-3) recent operational problems have no
immediate effect on its ratings.  An ice storm on Feb. 14
resulted in a shutdown and subsequent cancellation of a large
percentage of flights at JetBlue's major hub, New York's JFK
airport, with service only returning to normal on Feb. 20.  The
company estimates first-quarter 2007 costs will include at least
US$30 million to reaccomodate passengers and update its
operations to prevent further problems.  In addition, the
company's unit operating costs, the lowest in the industry, will
likely increase over the near to intermediate term.
     
JetBlue, which had suffered from weak profitability due to high
fuel prices and added competition, returned to industry leading
margins in the fourth quarter of 2006 after it initiated its
Return to Profitability plan in mid-2006.  The company also
increased its cash position in the quarter to US$699 million due
primarily to financing of its spare parts and the sale of older
aircraft.  Since its start-up in 1999, JetBlue has enjoyed
significant customer preference and allegiance due to its
attractive product offering and good service provided by
motivated employees, although price continues to be the primary
determinant of vacation travelers that make up a substantial
portion of JetBlue's passengers.  With the company's ticket
reimbursement and travel vouchers offered to passengers who were
inconvenienced over the past week, and its new "Customer Bill of
Rights" that contains a sliding scale of travel voucher
reimbursements for future delayed passengers, JetBlue hopes to
retain most of its customers.  If the costs of implementing
these programs and/or the airline's loss of passengers are
greater than expected, the outlook could be revised to negative.

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the Company operated approximately 369 daily
flights serving 34 destinations in 15 states, Puerto Rico, the
Dominican Republic, and the Bahamas.  The Company also provides
in-flight entertainment systems for commercial aircraft,
including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.


SANTANDER BANCORP: Board Declares Cash Dividend Due April 2
-----------------------------------------------------------
Santander BanCorp's Board of Directors declared a cash dividend
amounting to US$0.16 per common share.  The dividend shall be
payable on April 2, 2007, to shareholders of record as of
March 9, 2007.

Cash dividends on common shares are eligible for direct
reinvestment under the Company's Dividend Reinvestment and Cash
Purchase Plan.  For additional information on how to participate
in Santander BanCorp's Dividend Reinvestment and Cash Purchase
Plan, shareholders should contact our transfer agent and
registrar, Mellon Investor Services LLC, at (800) 851-9677.

Santander BanCorp (NYSE: SBP) (LATIBEX: XSBP) is a publicly held
financial holding company that is traded on the New York Stock
Exchange and on Latibex (Madrid Stock Exchange).  About 91% of
the outstanding common stock of Santander BanCorp is owned by
Banco Santander Central Hispano, S.A aka Santander.  The company
has four wholly owned subsidiaries -- Banco Santander Puerto
Rico, Santander Securities Corp., Santander Financial Services
and Santander Insurance Agency.

                        *     *     *

As reported in the Troubled Company Reporter on May 30, 2006,
Fitch affirmed the Individual ratings of Santander Bancorp and
Banco Santander Puerto Rico at 'C'.


SAN JUAN CABLE: S&P Affirms Low B Ratings on Payment News
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Puerto
Rico-based cable TV operator San Juan Cable LLC to negative from
stable.  At the same time, S&P affirmed the existing ratings on
the company, including the 'B+' corporate credit and senior
secured bank loan ratings and 'B-' second-lien loan rating.
      
"The rating action follows the company's announcement that it
will be issuing US$100 million in unsecured payment-in-kind bank
debt to fund a distribution to its shareholders," said Standard
& Poor's credit analyst Catherine Cosentino.  Pro forma for this
debt issuance, the company will have nearly US$450 million of
total debt outstanding.  This distribution increases the
company's leverage to about 9x from around 7x, deferring
improvement previously anticipated from ongoing growth in
broadband subscribers.
     
The ratings on San Juan Cable reflect high financial risk from
aggressive acquisition-related debt usage and near-term negative
discretionary cash flow; strong competitive pressure from
satellite direct-to-home or DTH TV companies; small company size
and lack of geographic revenue diversity; uncertain demand for
advanced services; and competition from Puerto Rico Telephone
Co. for data services, and potentially for video services in
future.  Tempering factors include revenue growth potential from
bundled advanced services provided over San Juan Cable's
upgraded cable plant, a relatively stable basic subscriber base,
the ability to offer more Spanish-language and local channels
than DTH providers, high average revenue per user, and high
system density and associated operating benefits.
     
San Juan Cable, formed in 2005, acquired the San Juan-based
cable system owned by an affiliate of Adelphia Communications
Corp. out of bankruptcy in October 2005.  The cable system
passes about 336,000 homes and serves about 137,400 basic
subscribers.  

San Juan Cable is the leading provider of cable television
services in Puerto Rico with approximately 140,000 subscribers.  
Its LTM revenue through Sept. 30, 2006, was approximately US$132
million.  The company is controlled by financial sponsors
MidOcean Partners L.P. and Crestview Partners L.P.




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


BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend
-----------------------------------------------------------
Bristow Group Inc.'s board of directors has declared a dividend
of US$0.68750 per share of Mandatory Convertible Preferred Stock
issued and outstanding at the close of business on
March 1, 2007, which will be payable on March 15, 2007, to
stockholders of record at the close of business on the Record
Date.  There are 4,600,000 shares of Bristow's Mandatory
Convertible Preferred Stock issued and outstanding.

Headquartered in Houston, Texas, Bristow Group Inc. --
http://www.bristowgroup.com/-- provides helicopter  
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, Mexico, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
the helicopter service company Bristow Group Inc.'s US$230
million 5.5% mandatory preferred convertible stock.  At the same
time, Standard & Poor's affirmed the 'BB' corporate credit
rating on the company.  S&P said the outlook is negative.




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


AMC ENTERTAINMENT: Calls for Redemption of Two Outstanding Notes
----------------------------------------------------------------
AMC Entertainment Inc. has called for redemption all of its
outstanding Senior Floating Rate Notes due 2010 (CUSIP No.
001669AW0) and 9 7/8% Senior Subordinated Notes due 2012 (CUSIP
No. 001669AM2).  Interest on the Notes due 2010 and the Notes
due 2012 will cease to accrue on the redemption date, which for
each is March 23, 2007.  The cash redemption price for the Notes
due 2010 is 103.000% of the outstanding principal amount
thereof.  AMC will pay accrued and unpaid interest of
approximately US$9.61 for each US$1,000 principal amount of the
Notes due 2010 redeemed, which represents accrued and unpaid
interest up to, but not including, the redemption date.  As of
Feb. 21, 2007, US$205,000,000 aggregate principal amount of the
Notes due 2010 were outstanding. The cash redemption price for
the Notes due 2012 is 104.938% of the outstanding principal
amount thereof. AMC will pay accrued and unpaid interest of
approximately $14.26389 for each $1,000 principal amount of the
Notes due 2012 redeemed, which represents accrued and unpaid
interest up to, but not including, the redemption date.  As of
Feb. 21, 2007, US$175,000,000 aggregate principal amount of the
Notes due 2012 were outstanding.

The formal redemption notices required by the respective
indentures pursuant to which the Notes due 2010 and the Notes
due 2012 were issued have been sent to the trustee.  The
redemption of the Notes due 2010 and the Notes due 2012 and the
payment of the respective redemption prices will be in
accordance with the terms specified in the respective redemption
notices and the redemption procedures of the trustee.

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is one of the world's leading  
theatrical exhibition companies with interests in approximately
411 theatres with 5,635 screens.  About 82% of the company's
theatres are located in the U.S. and Canada, and 18 percent in
Mexico, Argentina, Brazil, Chile, Uruguay, China (Hong Kong),
France, Spain and the United Kingdom.

                        *    *    *

AMC Entertainment Inc.'s Senior Secured Revolving Credit
Facility carries Moody's Investors Service's Ba1 Probability-of-
Default rating.


* URUGUAY: Completing Preliminary Deal with Investors for Pluna
---------------------------------------------------------------
The Uruguayan government will complete this month a preliminary
agreement it signed with a group of investors led by Leadgate
Investment Corp. for the revival of Pluna, the nation's ailing
flagship airline, Dow Jones Newswires reports.

Dow Jones relates that Leadgate Investment's investors and
managers are businessmen:

          -- Matias Campiani,  
          -- Sebastian Hrisch,
          -- Arturo Demalde,
          -- Michael Marks, and
          -- Jorge Perez.

Paul Elberse -- a representative of Ficus Capital, Pluna's
financial advisor -- told Dow Jones, that the preliminary deal
allows 60 days for a due diligence process before the investors'
takeover of Pluna.

Mr. Campiani told the Espectador radio station, "Our plan, over
five years, is an aggressive plan of growth.  Multiply sales by
five and double the number of employees, taking them to around
1,300."

Leadgate Investment and a Uruguayan investment group will invest
US415 million to purchase a total of 75% stake in Pluna.  
Leadgate Investment will also provide US$10 million loan to
Pluna, Dow Jones says, citing Mr. Elberse.

Mr. Elberse told Dow Jones that a firm that businessman Raul
Rodriguez controls will take a 30% stake in Pluna, while
Leadgate Investment will take a 45% stake.  

The government will keep a 25% stake in Pluna.  Minority
investors including current and former workers who own 0.3% and
local businessmen Victor and Santiago Mesa who own 2% have
options to participate in the re-capitalization, Dow Jones
notes, citing Mr. Elberse.

Uruguayan Economy Minister Danilo Astori told Dow Jones that the
government will retain veto rights over some key decision like
share sales.

Published reports say that Pluna has posted losses for eight of
the last 10 years.

Pluna's revenues are about US$90 million yearly and total
liabilities are around US$40 million, Dow Jones says, citing Mr.
Elberse.  The airline has seven aircrafts with flights to
several large cities in Argentina and Brazil, and connections to
Madrid.

Mr. Elberse told Dow Jones, "The idea of this group is to
establish Pluna much more as a strong regional operator."

Leadgate Investment already signed an operating agreement with
Germany's Lufthansa and a major US consulting firm that
specializes in airline turnarounds, Mr. Campiani told
Espectador.

The group's total investment plan is for US$177 million, which
includes buying five new planes and leasing 15 planes.  Five
would be long-haul aircraft while the others would be regional
jets, Dow Jones says, citing Mr. Elberse.  The group will
concentrate on four different business segments, the first of
which is regional business destinations in Argentina, Brazil,
Chile and Paraguay, and possibly beyond.  Leadgate Investment
will also:

          -- reconstruct the Puente Aereo air bridge to Buenos
             Aires;

          -- grow the long-haul business with daily direct
             flights to Miami, Florida and Madrid, Spain; and

          -- expand cargo operations.

Mr. Campiani commented to Espectador, "Our business is to create
a great company out of Pluna.  And after that business plan is
implemented and the company is working well, we can do one of
three things.  Our preference is to carry out a public offering
in the United States or Europe of part of the shares of Pluna."

Other options would be to keep Pluna's shares or join forces
with another investor, Dow Jones states, citing Mr. Campiani.

                        *    *    *

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


CMS ENERGY: Utility Unit Declares Quarterly Dividends on Stock
--------------------------------------------------------------
Consumers Energy Company's the Board of Directors, has declared
regular quarterly dividends on both series of the company's
preferred stock.  The following dividends are payable April 1,
2007 to shareholders of record March 6, 2007: US$1.04 per share
on the US$4.16 stock, and US$1.125 per share on the US$4.50
stock.  The company is the principal subsidiary of CMS Energy.

Also, a dividend of US$0.96875 per security on CMS Energy's
Quarterly Income Preferred Securities (NYSE: CMS_pz) is payable
April 16, 2007, to holders of record on April 1, 2007.  CMS
Energy will pay the trustee the interest on related debentures
to cover the dividend.

                       About CMS Energy

Headquartered in Jackson, Michigan, Consumers Energy Company
-- http://www.consumersenergy.com/-- a wholly owned subsidiary  
of CMS Energy Corporation, is a combination of electric and
natural gas utility that serves more than 3.3 million customers
in Michigan's Lower Peninsula.  The company has offices in
Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Moody's Investors Service affirmed the ratings of
CMS Energy (Ba1 Corporate Family Rating) and Consumers Energy
(Baa2 senior secured) and revised the rating outlook of both to
positive from stable.  Moody's also affirmed CMS Energy's SGL-2
rating.


DAIMLERCHRYSLER: Finalizes Pact with Canadian Auto Workers
----------------------------------------------------------
The Canadian Auto Workers and DaimlerChrysler Canada Inc. has
finalized an agreement to mitigate the personal impact of the
company's workforce reduction plan.  

The agreement creates retirement and separation incentives to
help reduce DaimlerChrysler's Canadian hourly workforce, as part
of the company's Recovery and Transformation plan.  

The programs, full details of which will be relayed to employees
shortly, are specifically designed for the workforces at the
Windsor Assembly Plant, Brampton Assembly Plant, and Etobicoke
Casting Plant.

These retirement and separation incentives are intended to help
those who are eligible to retire or interested in leaving the
workforce to do so and at the same time provide job
opportunities for other workers.

The incentives negotiated, which follow the pattern established
earlier at Ford of Canada, include:

   -- US$70,000 in enhanced retirement allowance for eligible
      production workers and US$85,000 for eligible skilled
      trades workers;

   -- those eligible to retire also receive a US$30,000 voucher
      toward the purchase of a Chrysler vehicle registered in
      either the employee's or their spouse's name;

   -- anyone eligible to retire who declines all post-retirement
      benefits (other than pension benefits) receives an
      additional US$40,000;

   -- there will be Separation of Employment offers, for those
      not eligible to retire, of US$50,000 with one to five
      years service; US$75,000 with five to eight years service,
      and of US$100,000 for workers with eight or more years of
      service.  The total number of separation packages will be
      determined from location to location.

"These incentives are an effort on the part of the union and
company to protect the jobs of CAW members with young families
and at the same time will help with the transition for
retirement eligible workers," said CAW President Buzz Hargrove.

"The Chrysler Group's Recovery and Transformation Plan calls for
our Canadian operations to continue to operate at full capacity,
but to become more productive and thus more competitive," said
Ken McCarter, DaimlerChrysler Vice President, Labor Relations.
"In order to reduce our Canadian hourly workforce,
DaimlerChrysler and the CAW have agreed upon socially
responsible separation incentives.  With this agreement, we can
support those who choose to leave the company and lower the
number of employees on layoff."

                   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.


DAIMLERCHRYSLER: Chrysler Group In Talks with General Motors
------------------------------------------------------------
DaimlerChrysler AG and General Motors Corp. 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 General Motors Corp.

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

                   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.


PEABODY ENERGY: George Schuller Named as VP in U.S. Operations
--------------------------------------------------------------
Peabody Energy Corp. has named George J. Schuller as Vice
President of Continuous Improvement, reporting to Senior Vice
President of Operations Improvement Walter J. Scheller.
Mr. Schuller will relocate from Peabody's Australia operations
to the St. Louis office.

Mr. Schuller's diverse operations experience and history with
Peabody subsidiaries will allow him to provide leadership and
advice in continuous improvement initiatives.  Mr. Schuller has
22 years of operations experience and joined a Peabody
subsidiary in 1986 as a mine engineer.  He has served in various
mine management positions at U.S. operations, and most recently
served as General Manager of Underground Operations and General
Manager of Mining Support for Peabody's Australian operations in
Queensland, Australia.

Peabody's continuous improvement initiatives are driven by the
company's Centers of Excellence, which use team-based approaches
to promote best practices for operations, engineering,
commercial and sourcing activities.  These initiatives are
leading to efficiencies, cost savings and capital spending
reductions.

Mr. Schuller holds a Master of Business Administration from the
University of Charleston in West Virginia and a Bachelor of
Science degree in Mining Engineering from West Virginia
University.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 21, 2006,
Moody's Investors Service assigned Peabody Energy Corporation's
proposed US$500 million convertible junior subordinated
debentures a rating of Ba2.  Moody's also revised Peabody's
outlook to stable from negative.  At the same time, Moody's
affirmed Peabody's Ba1 corporate family rating and the Ba1
senior unsecured rating on its existing revolver, term loan and
notes.


PETROLEOS DE VENEZUELA: Using US$86.7 Mil. Into Filling Stations
----------------------------------------------------------------
PDVSA GAS, a subsidiary of Petroleos de Venezuela SA, has spend
roughly VEB186 billion or US$86.7 million in nine states to put
up community gas stations to guarantee supply, Business News
Americas reports.

PDVSA Gas told BNamericas that the works would profit 666,000
families in the states of Cojedes, Yaracuy, Miranda, Barinas,
Bolivar, Apure, Sucre, Delta Amacuro and Guarico.

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

                        *    *    *

Standard & Poor's said on July 17, 2006, that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: To Develop Scada System with UCI
--------------------------------------------------------
Petroleos de Venezuela SA and Cuban IT Science University UCI
have team up to develop a supervisory control and data
acquisition system overseeing industrial processes, Business
News Americas reports.

According to the source, developing Scada system in open source
codes will pave the way to raise both countries' independence in
IT matters from proprietary software.

During the XII International IT Convention, the project was
announced where PDVSA unveiled nine other projects the firm is
developing to reach IT freedom.  The event took place in Havana,
Cuba, from Feb. 12 to 16.

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

                        *    *    *

Standard & Poor's said on July 17, 2006, that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* VENEZUELA: Needs US$1.7 Billion to Buy All of Cantv Shares
------------------------------------------------------------
The Venezuelan government needs to pay US$1.7 billion to acquire
shares it doesn't own at Ca. Nacional Telefonos de Venezuela, El
Universal says, citing economist Mauricio Valley.   

Mr. Valley said the amount corresponds to 1.2 million stock at
US$2.55 per share

The government holds a 35.1% stake at the network after its
purchase of Verizon Communication's 28.5% holding.

"Within a month, we will make a takeover bid both in New York
and Caracas.  The State is bound to buy from any shareholders
willing to sell at the same purchase price that was paid to
Verizon," Telecommunications Minister Jesse Chacon said during
an interview with TV channel Venevision.

                        *    *    *

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: To Discuss Bilateral Cooperation Pacts with Ecuador
----------------------------------------------------------------
Venezuela will discuss bilateral cooperation accords with
Ecuador, news daily Prensa Latina reports.

Prensa Latina relates that Ecuadorian Economy Minister Ricardo
Patino will be in Caracas.

The discussion will include the setting up of Banco del Sur,
which will help fund economic projects in South America, Prensa
Latina says, citing the Ecuadorian economy ministry.

Prensa Latina underscores that the discussion will also involve
the agreements signed in January.  The agreements cover:

          -- education,
          -- culture,
          -- training,
          -- tourism,
          -- energy,
          -- agriculture, and
          -- commerce.

                        *    *    *

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.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA-NOW Networking & Panel: Discussing Women's Networking
         Issues
            PBI, Philadelphia, Pennsylvania
               Contact: 215-657-5551 or
                        http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, Utah
            Contact: http://www2.nortoninstitutes.org/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Maggianos, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

February 27, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues Workshop
         San Francisco, CA
            Contact: http://www.pli.edu/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Devil Rays Turnaround
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

February 27-28, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      5th Annual Corporate Restructuring Summit
         Sheraton Park Lane Hotel, London, U.K.
            Contact: http://www.euromoneyplc.com/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, Calif.
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, Calif.
            Contact: http://www.abiworld.org/

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, Georgia
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, New York
            Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, Georgia
            Contact: http://www.NABT.com/

March 18-21, 2007
   INSOL
      Annual Europe, Africa & Middle East Conference
         Cape Town, South Africa
            Contact: http://www.insol.org/CapeTown07/

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, New York
            Contact: http://www.westlegalworks.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/
March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 22-23, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Euromoney Indonesian Financial Markets Congress
         Bali, Indonesia
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/


April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, Florida
            Contact: http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, Fla.
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, Fla.
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, Connecticut
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, Pennsylvania
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, SDNY
         New York, New York
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, New York
            Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Fla.
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Fla.
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa, Atlantic City, New Jersey
            Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Fla.
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Fla.
            Contact: http://www.turnaround.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, Maryland
            Contact: http://www.abiworld.org/

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Ill.
            Contact: http://www.nabt.com/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Fla.
            Contact: http://www.turnaround.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, Nevada
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Fla.
            Contact: http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Fla.
            Contact: http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Fla.
            Contact: http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/  

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

TBA 2008
   INSOL
      Annual Pan Pacific Rim Conference
         Shanghai, China
            Contact: http://www.insol.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Fla.

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Mich.
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Fla.
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, Arizona
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-   
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/



                        ***********


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
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


           * * * End of Transmission * * *