TCRLA_Public/070302.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, March 2, 2007, Vol. 8, Issue 44

                          Headlines

A R G E N T I N A

BANCO DE GALICIA: Fitch Withdraws Ratings & Ends Coverage
EL PASO: Post US$175 Million Net Loss in Quarter Ended Dec. 31
EL PASO: Commences Cash Tender Offers for Certain Notes
EL PASO: Moody's Puts Debt Ratings on Review for Likely Upgrade
FERRO CORP: Strong Credit Metrics Cues S&P to Affirm B+ Rating

GREIF INC: Reports Strong Results for 2007 First Quarter
YPF: Repsol Reports US622.4 Mil. Net Income in 2006 Fourth Qtr.

B A H A M A S

GENERAL NUTRITION: Moody's Assigns B3 Corporate Family Rating
ISLE OF CAPRI: Lee Wielansky Elected to Board of Directors
WINN-DIXIE: Earns US$286.8 Mil. in Second Quarter Ended Jan. 10
WINN-DIXIE STORES: Will Get Tentative US$18 Mil. Refund from IRS

B E R M U D A

FOSTER WHEELER: Thierry Desmaris Elected as VP-Corporate Dev't.
REFCO INC: Refco LLC Files Dec. 2006 Monthly Operating Report

B O L I V I A

PETROLEO BRASILEIRO: Will Start Maintenance on Bolivian Plant

B R A Z I L

ALLIANCE ONE: Plans Private Offering of US$150MM Senior Notes
BANCO NACIONAL: Okays BRL28.5-Million Financing for Cemar
BENQ MOBILE: Assets to Land in eBay & Second-Hand Market
BLOUNT INTERNATIONAL: Earns US$9.2 Million in 2006 Fourth Qtr.
COMPANHIA SIDERURGICA: Ships Iron Ore Through Sepetiba Port

DIRECTV GROUP: Board Okays US$1-Billion Stock Repurchase Program
DIRECTV: Share Repurchase Program Won't Affect Ratings, S&P Says
LAZARD LTD: Dec. 31 Balance Sheet Upside-Down by US$240.3 Mil.
NOSSA CAIXA: May Auction Stake in Savings Bonds Unit
PETROLEO BRASILEIRO: Building Pipeline with Mitsui, Camargo

SENSATA TECHNOLOGIES: Reports US$294.6 Mil. in Revenues for 2006

C A Y M A N   I S L A N D S

DYNAMIC CAYMAN: Proofs of Claim Must be Filed by May 13
FRONTEER CAPITAL: Proofs of Claim Must be Filed by May 13
PARMALAT SPA: Judge Denies Consolidation of Parmalat Actions
PARMALAT SPA: Noteholders Object to Prelim Injunction Extension
SWISS CAPITAL: Proofs of Claim Filing Deadline Is on March 13

SWISS CAPITAL (CAYMAN): Proofs of Claim Filing Ends on March 13
UCAM SEMICONDUCTOR: Final Shareholders Meeting Is on March 10
WINSTON RE: Proofs of Claim Must be Filed by March 13
WOODALLEN GLOBAL FUND: Proofs of Claim Filing Ends on March 14
WOODALLEN GLOBAL PORTFOLIO: Proofs of Claim Filing Ends March 14

WOODALLEN REVOLUTION FUND: Proofs of Claim Filing Ends March 14
WOODALLEN REVOLUTION: Proofs of Claim Filing Ends on March 14

C H I L E

FREEPORT-MCMORAN: S&P Ups Corporate Credit Rating to BB from BB-
METROGAS SA: Reports CLP35.8B Consolidated Net Profits for 2006

C O L O M B I A

BANCOLOMBIA: Invercol Downgrades Firm to "Sell"
CA INC: Board Adopts Corporate Majority-Voting Standard
ECOPETROL: Court Orders Production Halt on Sacred Bari Land
ECOPETROL: Will Drill Gibraltar 3 Oil Exploration Well

C O S T A   R I C A

ARMSTRONG WORLD: James O'Connor to Join Board of Directors
US AIRWAYS: America West Merger Plans Spur ALPA to File Protest

* COSTA RICA: Registers Highest Banana Production in the World

C U B A

* CUBA: Launches Experimental Wind Farm
* CUBA: Will Extend Sugar Harvest to May

D O M I N I C A N   R E P U B L I C

ASHMORE ENERGY: Completes Acquisition of 15% Stake in Generadora

E C U A D O R

* ECUADOR: Rafael Correa Allots US$100MM for Transport Projects

H O N D U R A S

LEAR CORP: Net Loss Drops to US$707.5 Mil. in Year Ended Dec. 31

* HONDURAS: Manuel Zelaya Restarts El Cajon Hydro Plant Turbine

M E X I C O

ACCELLENT: S&P Affirms B+ Rating, Revises Outlook to Negative
ADVANCED MARKETING: Hires Capstone Advisory as Financial Advisor
ADVANCED MARKETING: Panel Taps Morris Nichols as Local Counsel
CELESTICA INC: S&P Lowers Corporate Credit Rating to B+ from BB-
EMPRESAS ICA: Subsidiary Inks El Cajon Project in Nayarit

GENERAL MOTORS: Expects 6-7% Decrease in February U.S. Sales
GRUPO CASA: Earns US$395.3 Mil. in Quarter Ended Dec. 31, 2006
GRUPO TMM: Revenues Reduced to US19.5 Million in 2006 Fiscal Yr.
RADIOSHACK CORP: Reports US$84.5MM Net Income in Fourth Quarter
VALASSIS COMM: Prices US$540 Million of 8.25% Senior Notes

P E R U

IRON MOUNTAIN: Posts US$37MM Net Income in 2006 Fourth Quarter

* PERU: S&P Rates US$1.24 Billion Global Bond Due 2037 at BB+

P U E R T O   R I C O

DAISY MAR: Case Summary & Four Largest Unsecured Creditors
MOTHERS WORK: Moody's Ups Corporate Family Rating to B2 from B3

T R I N I D A D   &   T O B A G O

DIGICEL GROUP: Closes US$1.4 Billion of Bond Sale

U R U G U A Y

CAMARGO CORREA: Offers US$130-Million Investment to Ancap

* URUGUAY: Receives US$130MM Investment Offer from Camargo

V E N E Z U E L A

AES CORP: Inks Pact with Petroleos to Sell Power Unit Stake
DAIMLERCHRYSLER AG: Predicts Drop in 2007 Sales for Truck Arm
INTERNATIONAL PAPER: Completes Arizona Chemical Sale for US$485M
PETROLEOS DE VENEZUELA: Upgrading 150 Gas Stations
PETROLEOS DE VENEZUELA: Will Sign US$3.5B Credit with Japan

* VENEZUELA: Hugo Chavez Inks Orinoco Nationalization Decree
* VENEZUELA: Hugo Chavez Takes Back Decision on Alunasa Shutdown
* VENEZUELA: Legislature Okays US$2.4-Billion Debt Issuance

* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


BANCO DE GALICIA: Fitch Withdraws Ratings & Ends Coverage
---------------------------------------------------------
Fitch has affirmed Banco de Galicia y Buenos Aires's Individual
'E' and Support '5' ratings and simultaneously withdrawn them.  
Fitch will no longer provide ratings or analytical coverage of
Banco de Galicia y Buenos Aires

Headquartered in Buenos Aires, Argentina, Banco de Galicia y
Buenos Aires SA -- http://www.e-galicia.com/-- is an
Argentinean private bank that is engaged in commercial banking,
providing general banking services to large corporations, small
and medium-sized companies, agricultural and cattle farms and
individuals.  The company controls an extensive and diverse
network of subsidiaries, which include Banco Galicia Uruguay SA,
Galicia Capital Markets SA, Galicia Factoring y Leasing SA, Agro
Galicia SA, Galicia Administradora de Fondos SA, Galicia Valores
SA, Galicia Warrants SA, Net Investments SA, Sudamericana
Holding SA and Tarjetas Regionales SA.  Through its subsidiaries
the company offers accounting, investment and insurance
services, loans, checks and debit and credit cards.  It also
finances the development of real estate, acts as a fiduciary and
leases properties to interested parties.  It operates over 400
branches across the country and provides e-banking services to
customers via its Internet site.


EL PASO: Post US$175 Million Net Loss in Quarter Ended Dec. 31
--------------------------------------------------------------
For the three months ended Dec. 31, 2006, El Paso Corporation
reported a net loss to common stockholders of US$175 million
compared with a net loss of US$172 million for the same period
in 2005.  Continuing operations in the fourth quarter of 2006
lost US$15 million.

Results were negatively impacted by a pre-tax charge of
US$188 million related to the divestiture of capacity on the
Alliance Pipeline.  Also, results were favorably impacted by a
pre-tax, mark-to-market gain of US$13 million, on derivatives
intended to manage the price risk of the company's natural gas
and oil production.

Discontinued operations for the fourth quarter of 2006 lost
US$151 million.  The results included operating results for ANR
Pipeline Company and related assets of US$39 million, as well as
US$188 million of deferred tax charges related to the sale of
ANR.  El Paso will recognize a gain on the sale of approximately
US$0.7 billion in the first quarter 2007.

For the fourth quarter of 2005, there was a net loss of
US$302 million from continuing operations.  Results include the
favorable impact of US$72 million pre-tax of mark-to-market
gains on derivatives intended to manage the price risk of the
company's natural gas and oil production.  Discontinued
operations for the fourth quarter of 2005 reported income of
US$144 million.

Commenting on the results, Doug Foshee, the company's president
and chief executive officer, said, "2006 was a year of major
accomplishments for El Paso.  We reported a swing in
profitability of more than US$1 billion; our pipeline business
reported record earnings and laid the foundation for future
expansion-driven growth; our E&P business delivered organic
production growth and replaced production through the drill bit;
we reduced debt by US$2.8 billion; and we eliminated numerous
legacy issues.  Finally, in December we announced, and last week
we closed, the sale of ANR, which is a transformational event
for our company as we regain our financial strength and
flexibility while maintaining our earnings outlook.  We look
forward to additional progress in 2007."

During the fourth quarter of 2006, Corporate and Other reported
an EBIT loss of US$37 million compared with a loss of US$352
million for the same period in 2005.  Fourth quarter 2006
results were unfavorably impacted by litigation, environmental,
and other charges.  The fourth quarter 2005 EBIT loss was
principally the result of an unfavorable court decision
associated with a retiree medical benefits lawsuit.

                 2006 Full-Year Highlights

  -- For the 12 months ended Dec. 31, 2006, El Paso reported net
     income available to common stockholders of US$438 million,
     compared with a net loss of US$633 million, for 2005.

     Discontinued operations include US$156 million, of
     operating results for ANR and related assets as well as a
     US$188 million of deferred tax charges pertaining to the
     sale of ANR and related assets.
   
     EBIT for the 12 months ended Dec. 31, 2006, was US$1.8
     billion versus US$458 million for 2005.  Results in 2005
     were impacted by a number of impairments, gains, and losses
     associated with asset sales, restructuring costs and other
     significant items, non-cash, mark-to-market losses, and
     litigation charges.


  -- El Paso's two core businesses of pipelines and exploration
     and production generated EBIT of US$1.8 billion in 2006.

         * The company's natural gas pipeline business generated
           US$1.2 billion of EBIT.

         * El Paso's exploration and production business gained
           momentum during the year and generated US$640 million
           of EBIT.  For the year, production volumes averaged
           730 MMcfe/d, excluding unconsolidated affiliate
           volumes of 68 MMcfe/d.  Hurricane-related shut-ins
           reduced average production by 14 MMcfe/d.

  -- Results for 2006 were impacted by:

         * US$188-million pre-tax charge related to the
           divestiture of the Alliance Pipeline capacity;

         * US$269-million pre-tax mark-to-market gain on
           derivatives intended to manage the price risk of the
           company's natural gas and oil production resulting
           from the decrease in commodity prices.  The company
           received US$59 million of settlements related to the
           contracts.

         * US$133-million pre-tax loss related to mark-to-market
           losses related to the sale of Midland Cogeneration
           Venture; and

         * US$159-million income tax benefit related to the
           favorable resolution of tax matters.

  -- In 2006, the company generated cash flow from operations of
     US$2.1 billion; invested US$2.4 billion of capital
     primarily in its two core businesses, including US$0.2
     billion from discontinued operations; generated US$1.1
     billion of cash through asset sales, including US$0.4
     billion of cash from discontinued assets sold; and paid
     US$0.1 billion in dividends.

  -- El Paso reduced gross debt by US$2.8 billion in 2006,
     including discontinued operations of US$0.2 billion.
     Approximately US$3.3 billion of cash proceeds from the ANR
     sale are currently targeted for further debt reduction.

                      ANR Pipeline Sale

As reported in the Troubled Company Reporter-Latin America on
Feb. 26, 2007, El Paso completed the sale of ANR Pipeline, its
Michigan storage assets, and its 50% interest in Great Lakes Gas
Transmission to TransCanada Corporation and TC PipeLines LP for
US$4.135 billion.  The sale includes the assumption of US$744
million of debt as of Dec. 31, 2006 -- US$269 million of which
has been retired.

                     About El Paso Corp.

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.


EL PASO: Commences Cash Tender Offers for Certain Notes
-------------------------------------------------------
El Paso Corporation has commenced cash tender offers for certain
series of its outstanding notes.

The tender offers consist of two separate offers: an Any and All
Offer and a Maximum Tender Offer, both made pursuant to an Offer
to Purchase dated Feb. 23, 2007, which sets forth a more
comprehensive description of the terms of the tender offers.  In
the Any and All Offer, El Paso is offering to purchase any and
all of the approximately US$862 million outstanding principal
amount of certain series of notes.

In the Maximum Tender Offer, El Paso is offering to purchase up
to a portion of the aggregate principal amount outstanding of
each of certain series of notes.

The table indicates each series of notes included in the tender
offers:
                           
                                 Principal         Principal
Title of         CUSIP            Amount           Purchase
Security         Number         Outstanding         Amount
--------         ------         -----------        ---------

   Offer for Notes Listed: Any and All Offer

7.625% Sr.
Notes due
Aug. 16,
2007             28336LAH2      US$272,102,000           N/A    


6.750% Notes
due Oct. 1,
2007             835415AF7       US$75,172,000           N/A    

6.950% Medium
Term Notes
due Dec. 15,
2007             28368EAC0      US$300,000,000           N/A    

7.625% Sr.
Notes due
Sept. 1,
2008             28336LAR0      US$215,000,000           N/A

   Offer for Notes Listed: Maximum Tender Offer

6.625% Notes
due Feb. 1,
2008             835415AG5      US$100,000,000         
US$5,000,000

6.500% Sr.
Notes due
June 1, 2008     28336LAP4      US$200,000,000        
US$10,000,000
                 U53248AE7
                 190441AV7

6.375% Sr.
Notes due
Feb. 1, 2009     28336LAT6      US$200,000,000        
US$60,000,000
                 190441AX3

6.750% Sr.
Notes due
May 15, 2009     283905AA5      US$495,000,000       
US$165,000,000

7.750% Sr.
Notes due
June 15, 2010    28336LAV1      US$400,000,000       
US$120,000,000
                 190441BC8

10.750% Sr.
Notes due
Oct. 1, 2010     28336LAX7       US$56,573,000        
US$56,573,000
                 190441AK1

7.000% Senior
Notes due
May 15, 2011     28336LAB5      US$470,000,000       
US$100,000,000

7.625% Notes
due July 15,
2011             835415AJ9      US$595,000,000       
US$150,000,000

9.625% Sr.
Notes due
May 15, 2012     28336LAZ2      US$150,000,000        
US$40,000,000
                 190441AP0

7.875% Notes
due June 15,
2012             28336LAE9      US$465,000,000       
US$111,153,000
                 28336LAD1

7.375% Medium
Term Notes
due Dec. 15,
2012             28368EAB2      US$300,000,000        
US$45,000,000

7.000% Notes
due Feb. 1,
2018             835415AH3      US$100,000,000        
US$10,000,000

6.950% Sr.
Notes due
June 1, 2028     28336LBD0      US$200,000,000        
US$20,000,000
                 190441AW5

8.050% Medium
Term Notes
due Oct. 15,
2030             28368EAA4      US$300,000,000        
US$30,000,000

7.800% Medium
Term Notes
due Aug. 1,
2031             28368EAD8      US$700,000,000        
US$70,000,000

7.750% Medium
Term Notes
due Jan. 15,
2032             28368EAE6    US$1,249,275,000       
US$125,000,000

7.420% Sr.
Notes due
Feb. 15,
2037             28336LBH1      US$200,000,000        
US$20,000,000
                 190441AT2



                Reference        Bloomberg            Full
Title of        Treasury         Reference        Tender Offer
Security        Security         Page             Consideration
--------        ---------        -------------    -------------

   Offer for Notes Listed: Any and All Offer

7.625% Sr.      6.125% U.S.
Notes due       Treasury
Aug. 16, 2007   Notes due
                08/15/2007           PX3          +50 bps

6.750% Notes    4.000% U.S.
due Oct. 1,     Treasury
2007            Notes due
                09/30/2007           PX3          +50 bps

6.950% Medium   4.250% U.S.
Term Notes      Treasury
due Dec. 15,    Notes due
2007            11/30/2007           PX3          +50 bps

7.625% Sr.      4.875% U.S.
Notes due       Treasury
Sept. 1, 2008   Notes due
                08/31/2008           PX4          +50 bps

   Offer for Notes Listed: Maximum Tender Offer

6.625% Notes
due Feb. 1,
2008            N/A                  N/A          US$1,007

6.500% Sr.
Notes due
June 1, 2008    N/A                  N/A          US$1,010

6.375% Sr.
Notes due
Feb. 1,
2009            N/A                  N/A          US$1,016

6.750% Sr.
Notes due
May 15,
2009            N/A                  N/A          US$1,026

7.750% Sr.
Notes due
June 15,
2010            N/A                  N/A          US$1,068

10.750% Sr.
Notes due
Oct. 1,
2010            N/A                  N/A          US$1,167

7.000% Senior
Notes due
May 15,
2011            N/A                  N/A          US$1,051

7.625% Notes
due July 15,
2011            N/A                  N/A          US$1,075

9.625% Sr.
Notes due
May 15,
2012            N/A                  N/A          US$1,165

7.875% Notes
due June 15,
2012            N/A                  N/A          US$1,090

7.375% Medium
Term Notes
due Dec. 15,
2012            N/A                  N/A          US$1,068

7.000% Notes
due Feb. 1,
2018            N/A                  N/A          US$1,033

6.950% Sr.
Notes due
June 1, 2028    N/A                  N/A          US$1,021

8.050% Medium
Term Notes
due Oct. 15,
2030            N/A                  N/A          US$1,128

7.800% Medium
Term Notes
due Aug. 1,
2031            N/A                  N/A          US$1,100

7.750% Medium
Term Notes
due Jan. 15,
2032            N/A                  N/A          US$1,097

7.420% Sr.
Notes due
Feb. 15, 2037   N/A                  N/A          US$1,047

The offers are scheduled to expire at 12:00 midnight, New York
City time, on March 22, 2007, unless extended or earlier
terminated.  Holders of notes must tender and not withdraw their
notes on or before the early tender date, which is 5:00 p.m.,
New York City time, on March 8, 2007, unless extended, to
receive the full tender offer consideration.  Holders of notes
who tender their notes after the early tender date will receive
the late tender offer consideration, which is the full tender
offer consideration minus an early tender premium of US$20.00
per US$1,000 principal amount of notes.

The full tender offer consideration for each US$1,000 principal
amount of the notes tendered and accepted for payment in the Any
and All Offer will be determined in the manner described in the
Offer to Purchase by reference to the fixed spread specified in
the table for each series of notes over the yield based on the
bid side price of the applicable reference treasury security
specified in the table, as calculated by the lead dealer
managers at 2:00 p.m., New York City time, on March 8, 2007.

The full tender offer consideration for each US$1,000 principal
amount of the notes tendered and accepted for payment in the
Maximum Tender Offer is the fixed price per US$1,000 principal
amount for each series of notes.

In addition to the full tender offer consideration or late
tender offer consideration, as applicable, holders of notes
tendered and accepted for payment will receive accrued and
unpaid interest on the tendered notes from the last interest
payment date for the notes to, but not including, the applicable
settlement date.

El Paso may increase the Principal Purchase Amount for any or
all series of notes subject to the Maximum Tender Offer (in
which case, the term "Principal Purchase Amount" shall mean such
amount as so increased with respect to such series of notes)
subject to and in accordance with applicable law, provided that
the aggregate principal amount of the notes purchased in the
Maximum Tender Offer shall not exceed US$2.5 billion.  If the
aggregate principal amount of notes of any series validly
tendered in the Maximum Tender Offer exceeds the applicable
Principal Purchase Amount for such series, the Company will
accept notes of such series for purchase on a pro rata basis.

Except as set forth in the Offer to Purchase or as required by
applicable law, notes tendered may be withdrawn only before the
withdrawal date, which is 5:00 p.m., New York City time, on
March 8, 2007, and notes tendered after the withdrawal date and
before the expiration of the tender offers may not be withdrawn.

El Paso currently expects to have an initial settlement on
March 9, 2007 for notes tendered in the Any and All Offer on or
before the early tender date, followed by a final settlement
promptly after the expiration of the tender offers for notes
tendered in the Any and All Offer after the early tender date
and for all notes tendered in the Maximum Tender Offer.  The
Company reserves the right to extend the initial settlement date
up to and including the final settlement date.

The tender offers are conditioned on the satisfaction of certain
conditions.  If any of the conditions are not satisfied, El Paso
is not obligated to accept for payment, purchase or pay for, and
may delay the acceptance for payment of, any tendered notes, in
each event, subject to applicable laws, and may terminate the
tender offers.  The tender offers are not conditioned on the
tender of a minimum principal amount of notes of any series.  El
Paso is not soliciting consents from holders of notes in
connection with the tender offers.

El Paso expects to fund the purchase of the notes with the net
proceeds from the sale of ANR Pipeline Company, El Paso's
Michigan storage assets and El Paso's 50% interest in Great
Lakes Gas Transmission to TransCanada Corporation and TC
Pipelines, LP, which closed on Feb. 22, 2007.

El Paso has retained Citigroup Corporate and Investment Banking,
Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith
Incorporated to serve as lead dealer managers for the tender
offers and has retained Global Bondholder Services Corporation
to serve as the depositary and information agent for the tender
offers.

Requests for documents may be directed to:

      Global Bondholder Services Corporation
      65 Broadway - Suite 723
      New York, NY, 10006
      Tel: (866) 952-2200 or (212) 430-3774

Questions regarding the tender offers may be directed to either:

      Citigroup Corporate and Investment Banking
      Tel: (800) 558-3745 or (212) 723-6106

      Goldman, Sachs & Co.
      Tel: (877) 686-5059 or (212) 357-0775

               -- or --

      Merrill Lynch, Pierce, Fenner & Smith Incorporated
      Tel: (888) 654-8637 or (212) 449-4914

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.


EL PASO: Moody's Puts Debt Ratings on Review for Likely Upgrade
---------------------------------------------------------------
Moody's Investors Service placed under review for possible
upgrade the debt ratings of El Paso Corporation (the parent, B2
Corporate Family Rating) and its subsidiaries, including its
pipelines (El Paso Natural Gas Company, Southern Natural Gas
Company, Tennessee Gas Pipeline Company, Colorado Interstate Gas
Company, all with Ba1 Corporate Family Ratings) and El Paso
Exploration & Production Co. (Ba3 Corporate Family Rating).  The
reviews follow some favorable recent developments, including El
Paso's US$4 billion sale (including debt assumption) of ANR
Pipeline Company and the initiation of a debt tender offer for
up to US$3.3 billion (including premiums and fees) of parent-
level debt with those proceeds, providing some clarity as to its
near-term financial plan.

"El Paso returned to profitability over the course of 2006 and
appears better able to sustain it, with less debt and the
restructuring of the company essentially complete," says Moody's
vice president Mihoko Manabe.

Over the next several weeks, Moody's will assess El Paso's long-
range financial plan and the credit implications of its
improving financial flexibility on its growth strategy.  Moody's
will consider potential shifts in El Paso's asset mix and
business risk profile, as seen recently with the sale of ANR,
its stated intention to increase its investment in the
Exploration & Production Co. and to form an MLP with some of its
pipeline assets later this year.

With the increase in growth spending in 2007, the company
expects to post well over US$700 million of negative free cash
flow, excluding the proceeds from the ANR sale.  Most of this
funding gap arises from the ramp-up in Exploration & Production
Co.'s spending -- almost US$1.7 billion, about two-third of the
consolidated 2007 capital program, up 40% from 2006, the most El
Paso has spent on Exploration & Production Co. since the company
went into financial distress five years ago.

El Paso Exploration & Production Co. is a rating restraint for
El Paso.  Moody's is concerned that more significant capital
will be invested in a business that has not been generating
sustainable returns.  Although Exploration & Production Co.
appears to have stabilized, it missed its original production
and reserve addition targets in 2006 and continues to post very
high finding costs.  As part of the review, Moody's will review
the FAS 69 oil and gas supplemental disclosures in the 2006 10-K
and consider the potential effects of projects being pursued
under the new Exploration & Production Co. leadership.

El Paso's Corporate Family Rating could be upgraded by one or
two notches, if the benefits of debt reduction and the
stabilization of the company outweigh the relative weakness of
Exploration & Production Co.  Given Exploration & Production
Co.'s unclear operating trends, its ratings could be confirmed
at current levels, or be possibly upgraded by one notch if
deemed appropriate by its affiliation with a stronger parent
company.  A one-notch upgrade is possible for the pipeline
companies, though Moody's will consider the restraints posed by
Exploration & Production Co. and its parent company.  Depending
on the outcome of the review, the companies' loss given default
methodology ratings could change.

On Review for Possible Upgrade:

   Issuer: Colorado Interstate Gas Company

     -- Issuer Rating, Placed on Review for Possible Upgrade,
        currently Ba2

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently Ba1

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently Ba1

   Issuer: El Paso CGP Company

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

     -- Senior Unsecured Conv./Exch. Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B2

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B2

   Issuer: El Paso Corporation

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently B2

     -- Subordinate Conv./Exch. Bond/Debenture, Placed on Review
        for Possible Upgrade, currently Caa1

     -- Senior Secured Bank Credit Facility, Placed on Review
        for Possible Upgrade, currently Ba3

     -- Senior Unsecured Conv./Exch. Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B2

     -- Senior Unsecured Medium-Term Note Program, Placed on
        Review for Possible Upgrade, currently B2

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B2

   Issuer: El Paso Energy Capital Trust I

     -- Preferred Stock Preferred Stock, Placed on Review for
        Possible Upgrade, currently Caa1

   Issuer: El Paso Exploration & Production Company

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently Ba3

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

   Issuer: El Paso Natural Gas Company

     -- Issuer Rating, Placed on Review for Possible Upgrade,
        currently Ba2

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently Ba1

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently Ba1

   Issuer: El Paso Performance-Linked Trust

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B2

   Issuer: El Paso Tennessee Pipeline Co.

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B2

   Issuer: Sonat Inc.

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B2

   Issuer: Southern Natural Gas Company

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently Ba1

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently Ba1

   Issuer: Tennessee Gas Pipeline Company

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently Ba1

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently Ba1

Outlook Actions:

   Issuer: Colorado Interstate Gas Company

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: El Paso Corporation

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: El Paso Energy Capital Trust I

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: El Paso Exploration & Production Company

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: El Paso Natural Gas Company

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: El Paso Performance-Linked Trust

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: El Paso Tennessee Pipeline Co.

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: Southern Natural Gas Company

     -- Outlook, Changed To Rating Under Review From Positive

   Issuer: Tennessee Gas Pipeline Company

     -- Outlook, Changed To Rating Under Review From Positive

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.


FERRO CORP: Strong Credit Metrics Cues S&P to Affirm B+ Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Ferro Corp. and raised the senior debt rating
to 'B+' from 'B'.  The ratings are removed from CreditWatch,
where they were placed Nov. 18, 2005, with negative
implications.  The outlook is stable.
     
The affirmation of the corporate credit rating reflects the
likelihood that the company will be able to maintain or further
strengthen credit metrics, which are reasonable for the ratings,
despite some concerns about somewhat slower economic growth
during 2007.  The upgrade of the senior debt rating recognizes
that the existing US$200 million of 9.25% notes benefit from the
same collateral as the secured credit facility.
      
"Ferro's earnings prospects are enhanced by restructuring
actions underway, and transparency has improved as a result of
the return to a normal reporting schedule.  In addition, the
company is likely to continue to work toward the reduction of
debt and metal lease borrowings," said Standard & Poor's credit
analyst Wesley E. Chinn.
      
The ratings -- on this producer of ceramic glaze, porcelain
enamel coatings, electronic materials, and inorganic pigments
and colorants -- reflect its aggressive debt leverage,
cyclicality of its markets, vulnerability to raw material costs,
and lackluster operating margins and return on capital.  These
negatives are partially offset by a diverse chemicals portfolio,
initiatives to lower the cost structure, and potential debt
reduction from asset sales.

                      About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corp. (NYSE:FOE)
-- http://www.ferro.com/-- supplies technology-based  
performance materials for manufacturers.  Ferro materials
enhance the performance of products in a variety of end markets,
including electronics, telecommunications, pharmaceuticals,
building and renovation, appliances, automotive, household
furnishings, and industrial products.  The Company has
approximately 6,800 employees globally.  In Latin America, the
company has operations in Argentina, Brazil, Mexico and
Venezuela.


GREIF INC: Reports Strong Results for 2007 First Quarter
--------------------------------------------------------
Greif Inc. reported results for its first fiscal quarter ended
Jan. 31, 2007.

Michael J. Gasser, chairman, chief executive officer and
president, commented, "We are very pleased with the
exceptionally strong results for our first quarter.  This
performance was driven by solid top-line growth, on both a
reported and same-structure basis, and margin expansion.  Our
positive momentum continues with improving fundamentals for
Paper, Packaging & Services, solid organic growth for Industrial
Packaging & Services, and further traction from the Greif
Business System. We are also pleased with the progress of
integrating our recent acquisitions."

Mr. Gasser continued, "The Greif Business System continues to be
the catalyst for unlocking value throughout the Company and is
an integral part of our growth strategy. We are pursuing
additional savings in our core businesses as well as synergies
and other benefits from the recent acquisitions.  We expect to
realize positive contributions from these initiatives during
fiscal 2007."

                     Special Items and GAAP to
                      Non-GAAP Reconciliation

Special items are:

   (i) for the first quarter of 2007, restructuring charges of
       US$2.0 million (US$1.5 million net of tax) and
       insignificant timberland gains; and

  (ii) for the first quarter of 2006, restructuring charges of
       US$5.5 million (US$4.3 million net of tax) and timberland
       gains of US$31.6 million (US$20.2 million net of tax).

                    Consolidated Results

Net Sales

Net sales were up 29% to US$750.8 million in the first quarter
of 2007 compared to US$582.3 million in the first quarter of
2006 -- an increase of 10% on a same-structure basis (i.e.,
excluding the impact of acquisitions) including 3% from foreign
currency translation.  The US$168.5 million increase resulted
from the positive contributions of Industrial Packaging &
Services (US$152.0 million) and Paper, Packaging & Services
(US$17.8 million).  The increase in Industrial Packaging &
Services is primarily due to generally higher sales volumes,
especially steel and plastic drums, the acquisitions of Blagden
Packaging Group's steel drum manufacturing and closures
businesses in the first quarter of 2007 and Delta Petroleum
Company, Inc. in the fourth quarter of 2006 and, to a lesser
extent, positive impact of foreign currency translation.  The
increase in Paper, Packaging & Services is primarily due to
improved containerboard pricing.

Gross Profit

Gross profit increased 45% to US$130.1 million in the first
quarter of 2007 compared to US$89.7 million in the first quarter
of 2006.  The gross profit margin improved 1.9 percentage points
to 17.3% of net sales in the first quarter of 2007 from 15.4% of
net sales for the same period of 2006.  The gross profit margin
primarily benefited from the improvement in Paper, Packaging &
Services and positive contributions from the continued execution
of the Greif Business System.

Selling, General & Administrative Expenses

SG&A expenses were US$74.6 million, or 9.9% of net sales, in the
first quarter of 2007 compared to US$59.5 million, or 10.2% of
net sales, in the first quarter of 2006.  The dollar increase is
primarily due to the Blagden and Delta acquisitions during the
first quarter of 2007 and the fourth quarter of 2006,
respectively, and accruals related to performance-based
incentive plans.

Operating Profit

Operating profit before special items was US$60.6 million for
the first quarter of 2007 compared to US$31.9 million for the
first quarter of 2006.  The US$28.7 million increase was due to
positive contributions from Paper, Packaging & Services (US$13.8
million), Industrial Packaging & Services (US$11.8 million) and
Timber (US$3.1 million) compared to the same period last year.  
There were US$2.0 million and US$5.5 million of restructuring
charges and US$0.1 million and US$31.6 million of timberland
gains during the first quarter of 2007 and 2006, respectively.  
GAAP operating profit was US$58.6 million in the first quarter
of 2007 compared to US$58.0 million in the first quarter of
2006.

Net Income and Diluted Earnings Per Share

Net income before special items was US$35.5 million for the
first quarter of 2007 compared to US$17.4 million in the first
quarter of 2006.  Diluted earnings per share before special
items were US$1.20 compared to US$0.60 per Class A share and
US$1.83 compared to US$0.90 per Class B share for the first
quarter of 2007 and 2006, respectively.

The company had GAAP net income of US$34.0 million, or US$1.15
per diluted Class A share and US$1.75 per diluted Class B share,
in the first quarter of 2007 compared to GAAP net income of
US$33.4 million, or US$1.13 per diluted Class A share and
US$1.73 per diluted Class B share, in the first quarter of 2006.

                   Business Group Results

Industrial Packaging & Services

The Industrial Packaging & Services segment offers a
comprehensive line of industrial packaging products and
services, such as steel, fibre and plastic drums, intermediate
bulk containers, closure systems for industrial packaging
products, polycarbonate water bottles and blending, filling and
packaging services.  The key factors influencing profitability
in the Industrial Packaging & Services segment are:

    * Selling prices and sales volumes;
    * Raw material costs, primarily steel, resin and
      containerboard;
    * Energy and transportation costs;
    * Benefits from executing the Greif Business System;
    * Contributions from recent acquisitions; and
    * Impact of foreign currency translation.

In this segment, net sales were up 35% to US$581.7 million in
the first quarter of 2007 compared to US$429.7 million in the
first quarter of 2006 -- an increase of 10US$ on a same-
structure basis including a 3% impact of foreign currency
translation.  The improvement in net sales was primarily due to
the company's recent acquisitions and strong organic growth,
which included higher sales volumes in emerging markets.  The
first quarter of 2007 contributions from the company's
acquisitions included two months of sales volume for Blagden and
a full quarter of sales volume for Delta, which was acquired at
the end of fiscal 2006.

Gross profit margin for the Industrial Packaging & Services
segment was 16.5% in the first quarter of 2007, versus 16.7% in
the first quarter of 2006.  The reduction was due to lower gross
profit margins for Blagden and Delta relative to the segment's
existing operations.  These acquisitions are in the early stages
of integration and are progressing as planned.

Operating profit before restructuring charges rose to US$36.1
million in the first quarter of 2007 from US$24.2 million in the
first quarter of 2006 primarily due to the improvement in net
sales and the execution of the Greif Business System.  
Restructuring charges were US$1.2 million in the first quarter
of 2007 compared with US$4.2 million during the same period last
year.  GAAP operating profit was US$34.9 million in the first
quarter of 2007 compared to US$20.0 million in the first quarter
of 2006.

Paper, Packaging & Services

The Paper, Packaging & Services segment sells containerboard,
corrugated sheets and other corrugated products and multiwall
bags in North America.  The key factors influencing
profitability in the Paper, Packaging & Services segment are:

    * Selling prices and sales volumes;
    * Raw material costs, primarily old corrugated containers;
    * Energy and transportation costs; and
    * Benefits from executing the Greif Business System.

In this segment, net sales were US$164.8 million in the first
quarter of 2007 compared to US$147.0 million in the first
quarter of 2006 primarily due to higher containerboard and
corrugated sheet selling prices and sales volumes compared to
the same quarter last year. These improvements were partially
offset by lower sales volumes in corrugated products and
multiwall bags.

The Paper, Packaging & Services segment's gross profit margin
increased to 19.6% in the first quarter of 2007 from 11.7% in
the first quarter of 2006.  This improvement over last year was
primarily due to higher containerboard pricing levels and
improved efficiencies, partially offset by higher OCC and
transportation costs.

Operating profit before restructuring charges was US$18.0
million in the first quarter of 2007 compared to US$4.3 million
in the first quarter of 2006 primarily due to the improvement in
net sales and gross profit margin.  Restructuring charges were
US$0.9 million in the first quarter of 2007 compared to US$1.2
million in the first quarter of 2006.  GAAP operating profit was
US$17.2 million in the first quarter of 2007 compared to US$3.0
million in the first quarter of 2006.

Timber

The Timber segment consists of approximately 265,800 acres of
timber properties in the southeastern United States, which are
actively harvested and regenerated, and approximately 36,700
acres in Canada.  The key factors influencing profitability in
the Timber segment are:

    * Planned level of timber sales;
    * Gains on sale of timberland; and
    * Sale of special use properties (surplus, higher and better
      use, and development properties).

Net sales were US$4.2 million in the first quarter of 2007,
consistent with plan, compared to US$5.6 million in the first
quarter of 2006.  Operating profit before special items was
US$6.5 million (including US$4.7 million of profits on special
use property sales) in the first quarter of 2007 compared to
US$3.4 million in the first quarter of 2006.  Special items
included timberland gains of US$0.1 million in the first quarter
of 2007 and US$31.6 million in the first quarter of 2006 and
insignificant restructuring charges in both years.  GAAP
operating profit was US$6.6 million in the first quarter of 2007
compared to US$34.9 million in the first quarter of 2006.

Greif Business System

The Greif Business System generates productivity improvements
and achieves permanent cost reductions.  Opportunities continue
to include, but are not limited to, improved labor productivity,
material yield and other manufacturing efficiencies, and
footprint rationalization.  In addition, strategic sourcing
leverages the Company's global spend and is establishing a
world-class sourcing and supply chain capability.  Incremental
contributions from the Greif Business System are expected to be
approximately US$30 million in fiscal 2007.

Fiscal 2007 restructuring charges are expected to primarily
relate to integration of the Company's recent acquisitions and
further implementation of the Greif Business System in Paper,
Packaging & Services.

                   Financing Arrangements

Net debt outstanding increased to US$694.2 million at
Jan. 31, 2007, primarily due to the financing of the company's
recent acquisitions, from US$323.6 million at Oct. 31, 2006, and
US$370.2 million at Jan. 31, 2006.  Net debt equals long-term
debt plus short-term borrowings less cash and cash equivalents.
GAAP long-term debt was US$722.3 million at Jan. 31, 2007,
US$481.4 million at Oct. 31, 2006 and US$457.4 million at
Jan. 31, 2006.

Net interest expense was US$12.0 million and US$9.2 million in
the first quarter of 2007 and 2006, respectively.  The increase
was primarily due to higher average net debt outstanding during
the first quarter of 2007 compared to the first quarter of 2006.

Following the end of the first quarter of 2007, the company
issued US$300 million of 6-3/4% Senior Notes due 2017.  At the
same time, the company completed a tender offer for its 8-7/8%
Senior Subordinated Notes due 2012.  In the tender offer, the
company purchased US$245.5 million aggregate principal amount of
Senior Subordinated Notes, which represented 99% of the
outstanding notes. Proceeds from the Senior Note issuance were
used to fund the purchase of the Senior Subordinated Notes in
the tender offer.  These actions, excluding the impact of a
second quarter 2007 debt extinguishment charge, will be
immediately accretive to earnings.

            Acquisitions and Capital Expenditures

During the first quarter of fiscal 2007, the company acquired
Blagden's steel drum manufacturing and closures businesses.  Net
sales of the acquired operations, which are located in Europe
and Asia, were approximately US$265 million for the annual
period prior to the acquisition.

Capital expenditures were US$18.6 million, excluding timberland
purchases of US$0.4 million, compared with capital expenditures
of US$12.5 million, excluding timberland purchases of US$35.5
million, for the first quarter of 2006.  Fiscal 2007 capital
expenditures are expected to be approximately US$95 million,
excluding timberland purchases.

                       Cash Dividends

The company paid US$10.3 million of cash dividends to its Class
A and Class B stockholders in the first quarter of 2007 compared
to US$6.8 million for the same quarter last year.  This
represents an increase of approximately 50% per share for both
classes of the Company's common stock compared to the first
quarter of 2006.

On Feb. 26, 2007, the board of directors declared quarterly cash
dividends of US$0.36 per share of Class A Common Stock and
US$0.54 per share of Class B Common Stock.  These dividends are
payable on April 1, 2007 to shareholders of record at close of
business on March 15, 2007.

                         Stock Split

The board announced a 2-for-1 stock split of the Class A Common
Stock and the Class B Common Stock on Feb. 26, 2007.  This stock
split is payable on April 11, 2007, for stockholders of record
at close of business on March 19, 2007.

                       Company Outlook

The company is encouraged by its strong first quarter 2007
results and positive momentum.  In addition to the improved
operating performance, the Company anticipates a lower annual
effective income tax rate and lower interest expense due to the
bond refinancing.  As a result, annual earnings guidance, which
excludes special items, is increased to a range of US$6.00 to
US$6.10 per share for the company's Class A Common Stock prior
to the stock split for fiscal 2007.  This range is approximately
26% to 28% over the company's fiscal 2006 record earnings.

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/--is a world leader in   
industrial packaging products and services.  The Company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Standard & Poor's Ratings Services assigned its
'BB-' ratings to Greif Inc.'s proposed US$300 million senior
unsecured notes due 2017.  The proceeds from the notes will be
used to retire approximately US$248 million in existing senior
subordinated notes due 2012 and for general corporate purposes.  
The new senior notes issue is contingent upon consummation of
the tender offer for the senior subordinated notes.

In addition, Standard & Poor's affirmed its 'BB+' corporate
credit rating on the Delaware, Ohio-based company.  S&P said the
outlook is stable.


YPF: Repsol Reports US622.4 Mil. Net Income in 2006 Fourth Qtr.
---------------------------------------------------------------
Repsol YPF disclosed that its fourth quarter profit fell 4% due
to lower output and higher exploration costs, the Associated
Press reports.

The company earned EUR473 million or US$622.4 million of net
income for the quarter ended Dec. 31, 2006, compared to EUR549
million for the same period in 2005.

AP relates that the company's adjusted net profit stood at
EUR547 million or US$719.8 million for the three months ended
Dec. 31, 2006, compared to EUR998 million of adjusted net profit
for the same period in 2005.  Adjusted net profit includes the
company's preferred measure of profitability, excluding minority
interests and nonrecurring items.

According to an unnamed London-based trader, the company's
financial results came below expectations.  The company's "very
weak" exploration and production figures, only partially offset
by a stronger contribution from the refining and marketing
division, notes AP citing the trader as saying.

Reports show that the company's total output fell 1.4% in the
fourth quarter to 1.1 million barrels of oil equivalent a day.  
The company disclosed that the decline resulted from a contract
renegotiation in Venezuela and minor oil output in Argentina.

In addition, the company has been affected by growing
exploration costs and taxes in the countries resulting to a 45%
drop on the adjusted operating figure in its exploration and
production for the fourth quarter.

                        *    *    *

On June 20, 2005, Moody's Investors Service upgraded the ratings
of Spanish-Argentine oil company Repsol YPF's local subsidiary
YPF S.A.  Moody's upgraded YPF's senior unsecured rating to Ba3
from B1 and the unit's domestic currency issuer rating to Baa2
from Baa3.

YPF's foreign currency issuer rating of Caa1 remained unchanged,
as it is constrained by the sovereign ceiling of Argentina.
YPF's Corporate Family Rating (formerly known as the senior
implied rating) is aligned with the foreign currency issuer
rating at Caa1.




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


GENERAL NUTRITION: Moody's Assigns B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
and SGL-3 liquidity rating to General Nutrition Centers, Inc.  
Moody's also rated General Nutrition's proposed secured bank
loan at B1 (LGD-2, 27%), senior notes at Caa1 (LGD-5, 77%), and
senior subordinated notes at Caa2 (LGD-6, 95%).  Proceeds from
the new debt, together with preferred and common equity from the
new owners Ares Management and Ontario Teachers' Pension Plan,
will be used to finance the leveraged buyout or LBO of General
Nutrition from Apollo Management for total consideration of
almost US$1.7 billion.  The rating outlook is stable.

Ratings/assessments assigned are:

   -- US$710 million senior secured credit facility at B1
      (LGD 2, 27%);

   -- US$300 million floating-rate seven-year senior notes
      at Caa1 (LGD 5, 77%);

   -- US$125 million fixed-rate eight-year senior subordinated
      notes at Caa2 (LGD 6, 95%);

   -- Corporate family rating at B3;

   -- Probability-of-default rating at B3;

   -- Speculative Grade Liquidity rating at SGL-3.

As part of this action, assigning ratings to the post-LBO
iteration of General Nutrition, the corporate family and
probability-of-default ratings were transferred to General
Nutrition Centers, Inc from GNC Parent Corporation.  The ratings
on the existing bank loan, senior notes, senior subordinated
notes, and holding company notes will be withdrawn upon
completion of this transaction.

General Nutrition's corporate family rating of B3 balances the
company's very weak post-transaction credit metrics (such as
high leverage, low interest coverage, and limited free cash
flow) and revenue vulnerability to new product introductions
against certain qualitative aspects that have low investment
grade or high non-investment characteristics.  Also weighing
down the overall rating with B characteristics is the company's
financial policy that is leading to higher leverage compared to
before the transaction.  The ongoing challenges in matching
changes in consumer preferences for VMS (vitamins, minerals and
nutritional supplements) products also constrain the ratings.  
The company's geographic diversification and the relative lack
of cash flow seasonality have solid investment grade scores,
while the company's scale and widespread consumer recognition of
the General Nutrition Center, Inc. name in the intensely
competitive segment of vitamin, mineral, and nutritional
supplement retailing have Ba scores.  In accordance with Moody's
hybrid securities methodology, the proposed preferred stock
falls in basket C (50% equity / 50% debt).

The outlook reflects Moody's expectation that debt protection
measures will improve over the next six quarters.  The stable
rating outlook also recognizes that the sales and operating
profit trends have turned positive over the past six quarters,
and that liquidity is adequate.  Concerns about liquidity if
free cash flow does not exceed break-even, a return to declining
store-level operating performance, or another aggressive
financial policy action would cause the ratings to be lowered.  
Debt to EBITDA remaining above 7 times twelve to eighteen months
from now, EBIT to interest expense below 1 time, or negative
free cash flow would cause ratings to be lowered.  Given the
sizable contribution to operating profit from franchise
royalties, operating weaknesses among franchisees also would
negatively impact the ratings.  In the near term, Moody's
believes that a rating upgrade is unlikely.  Ratings could
eventually move upward if the company establishes a long-term
track record of sales stability and improved margins, the system
expands both from new store development (particularly in
international markets) and existing store performance, and if
the company begins to substantially reduce debt.  Debt
protection measures that Moody's will focus on include EBIT
coverage of interest expense meaningfully greater than 1 time,
debt to EBITDA below 6.5 times, and Free Cash Flow to Debt
approaching 3%.

General Nutrition Centers, Inc., with headquarters in
Pittsburgh, Pennsylvania, retails and manufactures vitamins,
minerals, and nutritional supplements domestically and
internationally through about 5850 company-operated and
franchised stores.  Revenue for the twelve months ended
September 2006 approached US$1.5 billion.  General Nutrition's
Latin American operations are in the Bahamas, Cayman Islands,
Chile, Colombia, Costa Rica, among others.


ISLE OF CAPRI: Lee Wielansky Elected to Board of Directors
----------------------------------------------------------
Isle of Capri Casinos Inc. reported that Lee Wielansky, chairman
and CEO of Midland Development Group, Inc., has been elected as
a member of the company's Board of Directors replacing Emanuel
Crystal upon his retirement.

"Manny has served on the Board of Directors since Isle of Capri
Casinos began operating a casino in Biloxi, Mississippi in 1992.  
His dedication and commitment have proven to be a valuable asset
and he will be greatly missed," said Bernard Goldstein, chairman
and chief executive officer of Isle of Capri Casinos Inc.

Mr. Wielansky previously served as president and chief executive
officer of JDN Development Company, Inc., a wholly owned
subsidiary of JDN Corporation, a publicly traded real estate
investment trust.  He has also served as managing director of
Midwest operations for Regency Centers Corporation and
president, chief executive officer and founding partner for
Midland Group prior to its sale to Regency Centers Corp.   Mr.
Wielansky also held the role as senior vice president and
partner for the St. Louis office of Leo Eisenberg & Co., Inc.,
and headed the brokerage division of Sachs Properties, Inc.

Mr. Wielansky holds the designation of Certified Commercial
Investment Member.  He currently serves on the boards of Pulaski
Bank in St. Louis and Virtual Realty, a distressed debt fund.  
He is also the lead trustee of Acadia Realty Trust a real estate
investment trust in New York.  He currently serves on the board
of the Jewish Federation of St. Louis and also served a three-
year term on the board of directors of the St. Louis Association
of Realtors and was awarded the Commercial Realtor of the Year
award in 1990.

Mr. Wielansky holds a bachelor's degree in business
administration, with a major in real estate and finance, from
the University of Missouri - Columbia.  The appointment is
subject to certain conditions including, but not limited to, the
receipt of all necessary licenses and approvals.

Based in Biloxi, Miss., Isle of Capri Casinos, Inc. (Nasdaq:
ISLE) -- http://www.islecorp.com/-- a developer and owner of  
gaming and entertainment facilities, operates 16 casinos in 14
locations.  The Company owns and operates riverboat and dockside
casinos in Biloxi, Vicksburg, Lula and Natchez, Miss.; Bossier
City and Lake Charles (two riverboats), La.; Bettendorf,
Davenport and Marquette, Iowa; and Kansas City and Boonville,
Mo.  The Company also owns a 57% interest in and operates land-
based casinos in Black Hawk (two casinos) and Cripple Creek,
Colorado.  Isle of Capri's international gaming interests
include a casino that it operates in Freeport, Grand Bahama, and
a 2/3 ownership interest in casinos in Dudley, Walsal and
Wolverhampton, England.  The company also owns and operates
Pompano Park Harness Racing Track in Pompano Beach, Fla.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 26, 2005,
Standard & Poor's Ratings Services affirmed its ratings on Isle
of Capri Casinos Inc., including its 'BB-' corporate credit
rating.  At the same time, all ratings were removed from
CreditWatch with negative implications where they were placed on
Sept. 1, 2005.  S&P said the outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector, the rating agency confirmed Isle of Capri Casinos,
Inc.'s Ba3 Corporate Family Rating.


WINN-DIXIE: Earns US$286.8 Mil. in Second Quarter Ended Jan. 10
----------------------------------------------------------------
Winn-Dixie Stores Inc. filed its financial statements for the
second quarter ended Jan. 10, 2007, with the U.S. Securities and
Exchange Commission on Feb. 20, 2007.  

Net income was US$286.8 million and US$262.2 million for the
second quarter and first half of the fiscal year, respectively.  
These results were impacted significantly by non-cash items, the
largest of which were a US$188.2 million gain in connection with
the discharge of liabilities associated with the company's exit
from Chapter 11 and a US$144.8 million gain related to the
revaluation of assets and liabilities as part of fresh-start
reporting.

Net sales for the sixteen weeks ended Jan. 10, 2007, were
US$2.2 billion, a decrease of US$19.2 million, compared to the
same period in the prior fiscal year.  Net sales for the 28
weeks ended Jan. 10, 2007, were US$3.8 billion, an increase of
US$18.7 million, or 0.5%, compared to the same period in the
prior fiscal year.  Net sales primarily related to grocery and
supermarket items. In aggregate, sales of the pharmacy, fuel and
floral departments comprised approximately 10% of retail sales
for all periods reported.

Identical store sales increased 1.8% in the first half of the
fiscal year, but decreased 0.5% in the second quarter.  
Comparisons to large sales increases in the prior year in areas
impacted by Hurricanes Katrina and Wilma negatively impacted
overall second quarter identical store sales.  During the second
quarter, identical store sales increased 3.5% in areas not
impacted in the prior year by Hurricanes Katrina or Wilma, but
decreased by 6.7% in the areas significantly impacted by these
storms.

"Overall, we are very pleased with our ID Store Sales for the
first half of the fiscal year," said Lynch.  "Especially since
we're matching up against the sizeable sales spike that resulted
from the influx of private and federal assistance dollars in
areas impacted by Hurricanes Katrina and Wilma."

Gross profit on sales increased US$4.2 million and US$18.8
million for the second quarter and first half of the fiscal
year, respectively, as compared to the same periods in the prior
fiscal year.  As a percentage of sales, gross margin was 25.7%
in the second quarter as compared to 25.3% in the same period of
the prior year.  For the first half of the fiscal year, gross
margin as a percentage of sales was 26% as compared to 25.6% for
the same period in the prior year.

The gross margin improvement of 40 basis points in both periods
was due to operational improvements that reduced inventory
shrink. Also, higher margins achieved in certain categories
offset higher investment in promotional programs that were made
in an effort to offset a portion of the prior year sales
increases in hurricane impacted areas.

Other operating and administrative expenses increased US$15
million in the second quarter and $20.5 million for the first
half of the fiscal year, in each case as compared to the same
periods of the prior year.  These increases reflected US$9.8
million of bankruptcy-related items, which impacted both
periods.

"We are continuing to make progress in many areas of our
business plan," said Winn-Dixie Chairman, Chief Executive
Officer and President Peter Lynch.  "Going forward, we remain
committed to executing five key initiatives: rebuilding trust in
our brand; investing capital in our stores; neighborhood
marketing; Associate training and development; and focusing on
profitable sales."

At Jan. 10, 2007, the company's balance sheet showed US$1.6
billion in total assets, US$873.1 million in total liabilities,
and US$749.2 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Jan. 10, 2007, are available
for free at http://researcharchives.com/t/s?1a76

                 Emergence from Chapter 11

As previously reported, Winn-Dixie's plan of reorganization
became effective and the company emerged from Chapter 11
bankruptcy protection on Nov. 21, 2006.  As the result of the
application of fresh-start reporting in accordance with SOP
90-7, the company's financial statements prior to Nov. 16, 2006
(the "predecessor" periods) are not comparable with its
financial statements for periods on or after Nov. 16, 2006 (the
"successor" periods). However, the company believes that the
combined financial information of the predecessor and successor
periods provides a useful comparison to prior year results for
the purpose of better understanding financial and operational
trends.

              Liquidity and Capital Resources

As of Jan. 10, 2007, Winn-Dixie had approximately US$500 million
of liquidity, comprised of US$367 million of borrowing
availability under its credit agreement and $133 million of cash
and cash equivalents.  

"We are pleased to have emerged from bankruptcy with virtually
no debt and substantial borrowing capacity under our new Credit
Facility," said Lynch.  "We are confident we have the liquidity
we need to fund both our current business operations and our
planned capital expenditure program."

                      About Winn-Dixie

Headquartered in Jacksonville, Florida, Winn-Dixie Stores Inc.
(Nasdaq: WINN) -- http://www.winn-dixie.com/-- is one of the  
nation's largest food retailers.  The Company operates 527
stores in Florida, Alabama, Louisiana, Georgia, and Mississippi.  
The Company, along with 23 of its U.S. subsidiaries, filed for
chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No.
05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case
Nos. 05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq.,
and Brian C. Walsh, Esq., at King & Spalding LLP, represent the
Debtors in their restructuring efforts.  Paul P. Huffard at The
Blackstone Group, LP, gives financial advisory services to the
Debtors.  Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt
give legal advice to the Official Committee of Unsecured
Creditors.  Houlihan Lokey & Zukin Capital gives financial
advisory services to the Committee.  When the Debtors filed for
protection from their creditors, they listed US$2,235,557,000 in
total assets and US$1,870,785,000 in total debts.  The Honorable
Jerry A. Funk confirmed Winn-Dixie's Joint Plan of
Reorganization on Nov. 9, 2006.  Winn-Dixie emerged from
bankruptcy on Nov. 21, 2006.


WINN-DIXIE STORES: Will Get Tentative US$18 Mil. Refund from IRS
----------------------------------------------------------------
In an agreed order signed by the Honorable Jerry A. Funk of the
U.S. Bankruptcy Court for the Middle District of Florida, Winn-
Dixie Stores Inc., its debtor-affiliates and the U.S. Internal
Revenue Service agreed that:

   (a) litigation of the Objection is stayed until further Court
       order;

   (b) IRS will pay US$18,906,132 to the Reorganized Debtors as
       a tentative refund;

   (c) within five days of a Court order approving the
       Reorganized Debtors' settlement agreement with the
       Department of Health and Human Services, IRS will pay
       cash equal to the difference between US$3,676,090 and the
       allowed amount of the DHHS claim.

As reported in the Troubled Company Reporter on Feb. 19, 2007,
The IRS had asked the Court to:

   (i) overrule the objection of the Reorganized Debtor and its
       debtor-affiliates to its claims valued at US$88.8
       million;

  (ii) dismiss the refund requests to the extent the claims for
       refund have not been filed with the IRS;

(iii) deny the Debtors' request to order a refund; and

  (iv) rule on the Reorganized Debtors' tax liabilities for the
       years requested.

As reported in the Troubled Company Reporter on Jan. 4, 2006,
the IRS filed 78 proofs of claim in the Reorganized Debtors'
Chapter 11 cases, 29 of which have been disallowed by prior
Court orders.  Claim No. 13607 asserts US$88,832,315, of which
US$52,062,370 is alleged to be secured.

The Reorganized Debtors have been in negotiations with the IRS
regarding their tax liabilities for the 2000 through 2004 tax
years.  Based upon their discussions, the parties had agreed
that:

   (x) the IRS is owed an additional US$8,786,660 for the 2000
       tax year;

   (y) the IRS owes the Debtors a refund of US$1,273,443 for the
       2001 tax year; and

   (z) the IRS owes the Debtors a refund of US$91,504 for the
       2002 tax year.

The Reorganized Debtors reasoned that they overpaid the IRS in
2003 by US$1,905,516, and that they owe the IRS no additional
monies for the 2004 tax year.  Furthermore, based upon net
losses incurred in the 2004 and 2005 tax years, the Reorganized
Debtors asserted that they are entitled to refunds for four tax
years:

                 Tax Year      Asserted Refunds
                 --------      ----------------
                   1994         US$6,293,764
                   1995         US$5,454,892
                   2002           US$161,155
                   2003        US$27,633,986

The Reorganized Debtors also asserted that they are owed
US$397,230 for a 2005 fuel tax credit.

Deborah M. Morris, Esq., trial attorney of the U.S. Department
of Justice, Tax Division, in Washington, D.C., asserted that all
of the proofs of claim filed by the IRS had some common
components, but they were not duplicative.

The IRS holds claims against 23 of the individual debtors,
majority of which represent the Reorganized Debtors' joint
liability resulting from consolidated income tax returns for tax
years 2000 to 2003.  The IRS claim amounts currently range from
US$87,906,032 to US$89,648,401.

During the pendency of their bankruptcy proceedings, the Debtors
and IRS were negotiating a settlement of the 2000, 2001, and
2002 income tax liabilities.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores Inc.
(Nasdaq: WINN) -- http://www.winn-dixie.com/-- is one of the  
nation's largest food retailers.  The Company operates 527
stores in Florida, Alabama, Louisiana, Georgia, and Mississippi.  
The Company, along with 23 of its U.S. subsidiaries, filed for
chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No.
05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case
Nos. 05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq.,
and Brian C. Walsh, Esq., at King & Spalding LLP, represent the
Debtors in their restructuring efforts.  Paul P. Huffard at The
Blackstone Group, LP, gives financial advisory services to the
Debtors.  Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt
give legal advice to the Official Committee of Unsecured
Creditors.  Houlihan Lokey & Zukin Capital gives financial
advisory services to the Committee.  When the Debtors filed for
protection from their creditors, they listed US$2,235,557,000 in
total assets and US$1,870,785,000 in total debts.  The Honorable
Jerry A. Funk confirmed Winn-Dixie's Joint Plan of
Reorganization on Nov. 9, 2006.  Winn-Dixie emerged from
bankruptcy on Nov. 21, 2006.  (Winn-Dixie Bankruptcy News, Issue
No. 65; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


FOSTER WHEELER: Thierry Desmaris Elected as VP-Corporate Dev't.
---------------------------------------------------------------
Foster Wheeler Ltd.'s board of directors has elected Thierry
Desmaris to the position of vice president of corporate
development, effective immediately.  In this newly created role,
Mr. Desmaris, who is also vice president and treasurer, will
report to Raymond J. Milchovich, chairman and chief executive
officer.

"Thierry is a 20-year veteran of Foster Wheeler.  He has served
in a variety of senior financial management positions in both
North America and Europe, and has an in-depth knowledge of our
business," said Mr. Milchovich.  "Thierry's prime objective will
be to oversee and expedite the Company's growth through mergers
and acquisitions that are consistent with our strategic growth
plan. Thierry is an extremely experienced individual and I am
highly confident that he will make a significant contribution to
the future growth and success of Foster Wheeler."

Prior to his appointment as vice president and treasurer of
Foster Wheeler, Mr. Desmaris, 48, was chief financial officer of
the company's Continental Europe business unit, part of its
Global Engineering and Construction Group.  During his career
with Foster Wheeler, he has also held senior positions in
financial planning and analysis, and in project finance.

Mr. Desmaris holds a Bachelor's Degree from Columbia University
and a Master's in Business Administration, from Syracuse
University.

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

                        *    *    *

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

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


REFCO INC: Refco LLC Files Dec. 2006 Monthly Operating Report
-------------------------------------------------------------
In lieu of comprehensive financial statements, Albert Togut, the
Chapter 7 Trustee appointed to oversee the liquidation of Refco,
LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash
receipts and disbursements for the period Dec. 1 to 31, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of Dec. 1, 2006, totals US$620,450,000.  The Debtor's
beginning purchase price account balance totals US$21,927,000,
and its beginning capital account "A" balance totals
US$598,523,000.

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

Refco LLC received US$6,773,000 in cash and disbursed
US$6,808,000 for the Reporting Period.  The Debtor held
US$620,415,000 at the end of the period.

A full-text copy of Refco LLC's December 2006 Monthly Statement
is available at no charge at:

               http://researcharchives.com/t/s?1a3d  

                      About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
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 LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management Inc., formerly known as CIS
Investments Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 57; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, 2006, the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates
LLC, was confirmed by the Court.  That Plan became effective on
Dec. 26, 2006.




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


PETROLEO BRASILEIRO: Will Start Maintenance on Bolivian Plant
-------------------------------------------------------------
Brazil's state oil firm Petroleo Brasileiro S.A. said in a
statement that it will start maintenance work on the Gualberto
Villaroel de Cochabamba refinery in Bolivia on March 3.

Business News Americas says the maintenance work involve the
repair of the primary furnace in the plant's distillation unit
and will require a 17-day suspension of operations.

"Supply of all fuels is guaranteed during this period as there
are sufficient stored volumes to attend to demand," Petroleo
Brasileiro said in a statement.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp   
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency issuer
default rating of the Federative Republic of Brazil to BB, from
BB- on June 29, 2006.




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


ALLIANCE ONE: Plans Private Offering of US$150MM Senior Notes
-------------------------------------------------------------
Alliance One International Inc. proposes to make a private
offering of US$150 million in aggregate principal amount of
unsecured senior notes due 2012.  Alliance One intends to use
the proceeds of the proposed offering to repay outstanding
borrowings under its existing senior secured term loans.  The
offering of the notes is subject to certain customary closing
conditions.

The senior notes proposed to be offered have not been and will
not be registered under the Securities Act of 1933 and may not
be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of
the Securities Act and applicable state securities laws.

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a  
leaf tobacco merchant.  The company has worldwide operations in
Argentina, Bangladesh, Brazil, Bulgaria, Canada, China, France,
Philippines, Malaysia, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for Alliance One International, Inc.,
and upgraded its B2 rating on the Company's US$300 million
senior secured revolver to B1.  In addition, Moody's assigned an
LGD3 rating to notes, suggesting noteholders will experience a
37% loss in the event of a default.


BANCO NACIONAL: Okays BRL28.5-Million Financing for Cemar
---------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's board has
ratified a BRL28.5-million financing for Cemar, a power
distributor controlled by investment firm Equatorial Energia,
Business News Americas reports.

Cemar will use the resources to fight electricity losses and
boost the efficiency and management of its distribution grid,
which in total will require BRL50 million, Banco Nacional said
in a statement.

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

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BENQ MOBILE: Assets to Land in eBay & Second-Hand Market
--------------------------------------------------------
Administrators of BenQ Mobile GmbH & Co. OHG, the bankrupt
mobile subsidiary of Taiwan-based BenQ Corp., are set to sell
the company's assets through eBay and the second-hand market,
Reuters reports.

According to the report, BenQ Mobile's office equipment,
furniture and even plants will be sold through the online
auction house and the insolvency administrator's Web site at
http://www.pluta.net/while larger items, such as factory-
production equipment, will find itself in second-hand markets.

Martin Prager, BenQ Mobile's insolvency administrator, said the
company would be liquidated and sold off in parts after a
potential bidder dropped plans to buy the bankrupt firm.

Proceeds from the sale, which Mr. Prager estimated to be about
EUR310 million, would go to BenQ Mobile's largest creditors,
chipmaker Infineon Technologies AG and credit-insurance firm
Euler Hermes, Reuters relates.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  The
company's global operations are in Brazil, Mexico, Canada,
United States, Australia, China, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, Turkey, Thailand, Vietnam, Austria, Belgium, among
others.

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

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


BLOUNT INTERNATIONAL: Earns US$9.2 Million in 2006 Fourth Qtr.
--------------------------------------------------------------
Blount International Inc. disclosed its financial results for
the fourth quarter and year ended Dec. 31, 2006.

                 2006 Fourth Quarter Results

Fourth quarter sales were US$158.1 million compared to US$176.9
million in the fourth quarter of 2005.  Operating income was
US$23.3 million compared to US$29.8 million in the fourth
quarter of 2005.  The sales and operating income decline from
2005's fourth quarter reflects year-over-year growth in the
Company's largest business segment, Outdoor Products, offset by
industry-driven declines in the Industrial and Power Equipment
segment.

Fourth quarter net income from continuing operations was US$9.2
million compared to US$56.4 million in the fourth quarter of
2005.  The fourth quarter 2005 net income was favorably impacted
by the reversal of most of the company's deferred income tax
valuation allowance, which resulted in a significant income tax
benefit being recorded.

                      Full Year Results

Sales in 2006 were US$651.1 million compared to US$702.3 million
in 2005, a 7.3% decline.  Sales in the company's largest
segment, Outdoor Products, increased by approximately 1% in 2006
to exceed 2005's record level.  This increase was more than
offset by an industry related sales decline of 21.5% for the
company's Industrial and Power Equipment segment.

Operating income from continuing operations in 2006 was US$88.3
million compared to US$117.8 million in 2005.  Operating income
in 2006 included US$5.0 million of non-recurring charges related
to the redesign of the company's domestic retirement plans and
the write-down and closure of a manufacturing facility.  Other
major variances related to the year-over-year operating income
decline include US$4.8 million from adverse foreign currency
trends, US$3.2 million for stock compensation expense and
US$13.4 million due to a unit reduction in timber-harvesting
equipment sold within the Industrial and Power Equipment
segment.  Income from continuing operations was US$38.1 million.  
Income from continuing operations in 2005 was US$104.7 million
and included a significant income tax adjustment that was made
to reverse most of the company's deferred income tax valuation
allowance.

Commenting on the 2006 results, James S. Osterman, Chairman and
Chief Executive Officer, stated, "Despite some challenging
market conditions during 2006, we made progress on several of
our business initiatives.  We posted our fourth consecutive year
of record revenues in the Outdoor Products segment, improved our
cost base through restructuring actions and reduced our
outstanding debt by an additional US$57 million.  However, the
impact of weak industry trends in the North American timber-
harvesting equipment market and stronger foreign currencies was
too steep to allow the Company to exceed the record level of
segment contribution achieved in 2005."

                       Segment Results

The Outdoor Products segment's fourth quarter sales were
US$114.6 million, a 1.8% increase from the fourth quarter 2005
sales of US$112.6 million.  Segment contribution to operating
income was US$26.4 million (23.0% of sales) in 2006 compared to
US$25.0 million (22.2% of sales) in the fourth quarter of 2005.  
The fourth quarter increase in year-over-year sales and
contribution is the result of increased volume and favorable
foreign currency effects, offset partially by the cost of
increased marketing programs.  The effects of foreign currency
increased sales revenue by US$1.6 million and segment
contribution by US$0.9 million in the fourth quarter of 2006
from 2005.  Backlog at the end of 2006 was US$54.8 million, down
from US$64.8 million at the end of the third quarter of 2006.  
Segment sales for the full year were a record US$455.0 million,
compared to US$452.3 million in 2005.  Segment contribution to
operating income for 2006 was US$97.8 million, compared to
US$105.5 million in 2005.  Approximately 60% of the year-over-
year contribution decline is related to the effects of stronger
international currencies relative to the United States dollar
during 2006.

The Industrial and Power Equipment segment sales were US$43.7
million in the fourth quarter of 2006, a decline of 32.4% from
US$64.6 million in 2005.  Segment contribution to operating
income in the fourth quarter was US$1.4 million compared to
US$8.7 million in the fourth quarter of 2005.  Sales for the
full year were US$196.9 million compared to the record level of
US$251.0 million in 2005.  Segment contribution to operating
income for 2006 was US$13.3 million compared to US$28.0 million
in 2005.  Throughout 2006, the Industrial and Power Equipment
segment was adversely impacted by a severe cyclical downturn in
the North American timber industry that resulted in a
significant decline in demand for the company's timber-
harvesting equipment products.  Order backlog at the end of 2006
was US$18.5 million compared to US$28.7 million at the end of
the third quarter of 2006.

                   2007 Financial Outlook

In 2007, the company expects the Outdoor Products segment to
experience a modest increase in sales and profitability.  The
weak industry conditions within the North American timber
markets are expected to continue through the first half of 2007
however, and will likely result in a year-over-year decline in
sales and profitability for the Industrial and Power Equipment
segment.  The company estimates that for the full year,
consolidated sales will be flat to down 3% from 2006 as the
decline in timber-harvesting equipment sales will likely offset
the anticipated increases in our other product lines.  Operating
income is estimated to range between US$85 million and US$90
million.  Cash flow available for debt repayment is expected to
be between US$25 million and US$35 million in 2007.  The income
tax rate for 2007 is estimated to be 37%, exclusive of the
effect of the company's adoption of FASB Interpretation No. 48,
"Accounting for Uncertainty in Income
Taxes".

The Outdoor Products segment full-year sales growth for 2007 is
estimated to be between 4% and 6%. Full-year sales of the
Industrial Power and Equipment segment are anticipated to
decline between 15% and 20% from 2006.  Total Company sales are
expected to decline in the first half of 2007 from 2006,
primarily due to the continued weakness in the North American
timber markets.

Blount International, Inc. (NYSE:BLT) -- http://www.blount.com/
-- is a diversified international company operating in three
principal business segments: Outdoor Products, Industrial and
Power Equipment and Lawnmower.  Blount sells its products in
more than 100 countries around the world.  Blount has one of its
manufacturing locations in Curitiba, Brazil.

Blount Inc. is the operating subsidiary of Blount International,
which makes products and accessories that can cut wood, grass,
brush, and concrete.

As of Dec. 31, 2006, Blount International's equity deficit
narrowed to US$105.2 million from a US$145.1 million deficit
at Dec. 31, 2005.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Standard & Poor's Rating Services revised its outlook on
Portland, Oregon-based Blount Inc. to negative from stable.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'BB-' corporate credit rating.


COMPANHIA SIDERURGICA: Ships Iron Ore Through Sepetiba Port
-----------------------------------------------------------
Business daily Valor Economico reports that Companhia
Siderurgica Nacional has made its first international iron ore
delivery through its Sepetiba port terminal in Rio de Janeiro.

According to Valor Economico, a ship carrying 65,000 tons of
iron ore left the port on Feb. 25 for Bahrain.  The iron ore was
acquired from miners that operate in Minas Gerais.

Business News Americas relates that Companhia Siderurgica
recently expanded its port terminal to export iron ore from its
Casa de Pedra mine in Minas Gerais.  The terminal's capacity is
expected to reach 30 million tons per year by 2008 and 50
million tons per year by 2010.

More iron ore will be delivered to Asia and the Middle East in
March and April, Valor Economico states.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *     *     *

As reported on Feb. 2, 2007, Standard & Poor's Ratings Services
affirmed its 'BB' local- and foreign-currency corporate credit
ratings on Brazil-steel maker Companhia Siderurgica Nacional or
CSN and removed them from CreditWatch, where they were placed on
Nov. 17, 2006, with negative implications.  S&P said the outlook
is stable.


DIRECTV GROUP: Board Okays US$1-Billion Stock Repurchase Program
----------------------------------------------------------------
The DIRECTV Group, Inc. announced that its Board of Directors
has approved the repurchase of up to US$1 billion of its common
stock, from time to time through open market purchases or in
negotiated transactions, using available cash on hand.  The
timing and amount of such transactions depend on a variety of
factors, including market conditions.  The program may be
suspended or discontinued at any time.

DIRECTV Group had recently completed its US$3.0 billion stock
repurchase program announced on Feb. 8, 2006.  DIRECTV Group had
total assets as of Dec. 31, 2006, of approximately US$15
billion, total annual revenues of approximately US$15 billion,
and cash or cash equivalents of over US$2 billion.

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital  
television entertainment in the United States and Latin America.  
It has two segments, DIRECTV U.S. and DIRECTV Latin America.  
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported on Jan. 10, 2007, Standard & Poor's Ratings Services
affirmed its ratings on satellite direct-to-home TV provider The
Directv Group Inc., including the 'BB' corporate credit rating.
S&P said the outlook is stable.


DIRECTV: Share Repurchase Program Won't Affect Ratings, S&P Says
----------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on The DIRECTV Group Inc. (BB/Stable/--) are not affected by the
company's announcement that the board of directors has
authorized a US$1 billion share repurchase program.  The
program, which will be funded out of the company's sizable cash
balance, should not result in incremental debt.  The company has
substantial liquidity from US$2.2 billion of cash, pro forma for
the acquisition of Darlene Investment's 14.1% stake in DIRECTV
Latin America, and generated US$1.2 billion of discretionary
cash flow in 2006.  However, the reduction in cash from the
share repurchase will diminish the company's capability to
address increased competition.  Our primary concern is DIRECTV's
inability to provide high-speed data, voice, and advanced two-
way video services presently available from cable TV companies
and, to a lesser extent, the local telephone companies.  
Consolidated total debt to EBITDA remains conservative at 1.0x
for 2006 (3.0x, including guarantees and adjustments for
operating leases and to remove the effect of capitalized
equipment leases).

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital  
television entertainment in the United States and Latin America.  
It has two segments, DIRECTV U.S. and DIRECTV Latin America.  
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.


LAZARD LTD: Dec. 31 Balance Sheet Upside-Down by US$240.3 Mil.
-------------------------------------------------------------
Lazard Ltd. reported that at Dec. 31, 2006, its balance sheet
showed total assets of US$3.2 billion and total liabilities of
US$3.4 billion, resulting in a total stockholders' deficit of
US$240.3 million.

The company earned US$236.2 million for the year ended
Dec. 31, 2006, from pro forma net income of US$172.3 million for
the year ended Dec. 31, 2005.  Operating income for the full
year 2006 increased 31% to US$327.2 million, compared to pro
forma US$248.9 million for 2005.

For the full year 2006, operating revenue increased 16% to a
record US$1.57 billion compared to US$1.36 billion for 2005.  
Net income, before exchange of outstanding exchangeable
interests for the full year 2006, increased 44% to $93 million
compared to pro forma income from continuing operations of
US$64.5 million for 2005.

Net income on a fully exchanged basis for the fourth quarter of
2006 increased by 50% to US$85.8 million from US$57.3 million
for the fourth quarter of 2005.  Operating income increased by
49% to US$115.2 million for the fourth quarter of 2006, from
US$77.1 million for the fourth quarter of 2005.  

Operating revenue for the fourth quarter of 2006 increased by
27% to US$491.5 million, from US$387.7 million for the fourth
quarter of 2005.  Net income before exchange of outstanding
exchangeable interests for the fourth quarter of 2006 increased
68% to US$36.6 million compared to pro forma income from
continuing operations of US$21.7 million for the fourth quarter
of 2005.

"Lazard had an exceptional first full year as a publicly traded
firm and these results demonstrate the continued effectiveness
of our simple business model.  We are particularly pleased to
have successfully implemented our three-year plan in Asset
Management," said Bruce Wasserstein, Chairman and Chief
Executive Officer of Lazard Ltd.  "We are a premium financial
services firm that is committed to excellence, intellectual
rigor, integrity and creativity for our clients on a global
scale."

"During 2006, Lazard marked a number of milestones in the
history of the firm.  We are pleased to report record annual
revenues in both Financial Advisory and Asset Management," said
Steven J. Golub, Lazard's Vice Chairman.  

"We advised on a large number of major transactions, including
Pfizer's US$16.6 billion sale of its consumer business, the
Cerberus consortium's US$14 billion acquisition of a controlling
stake in GMAC, Fisher Scientific's US$12.8 billion merger with
Thermo Electron, and Caisse d'Epargne's reorganization of its
Caisse des Depots et Consignations partnership and its
negotiations with Groupe Banque Populaire in the creation of
NATIXIS.  We delivered positive net inflows in Asset Management
for the fourth quarter and the full year, and reached an all
time record of over US$110 billion of assets under management.

"In December, we successfully completed our second public equity
offering, raising US$349 million for us.  This enables us to
invest in our businesses, furthering our ability to achieve our
strategic vision," noted Golub.  "We also have continued to
control costs, while retaining and attracting talented
professionals."

Lazard believes that pro forma results assuming full exchange of
outstanding exchangeable interests provide the most meaningful
basis for comparison among present, historical and future
periods.

Financial Advisory revenue increased 13% to US$973.4 million for
2006, from US$865.3 million for 2005, driven by strong M&A
performance and growth in Corporate Finance and Other revenue
offset by lower Financial Restructuring revenue.  

Asset Management revenue increased 18% to US$548.5 million for
2006 compared with US$463.7 million for the 2005.

                           Capital    

On Dec. 6, 2006, Lazard Ltd. issued 14,050,400 shares of Class A
common stock, of which 8,050,400 shares were sold by Lazard Ltd.
for net proceeds of US$349.1 million and 6,000,000 shares were
sold by its selling shareholders, for which Lazard Ltd did not
receive any proceeds.  The issuance increased the total issued
shares, on a fully exchanged basis, by 8,050,400.

                       About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's   
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and Brazil.  With origins dating back to
1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.

                        *     *     *

At June 30, 2006, Lazard's balance sheet showed US$2.1 billion
in total assets and US$2.8 billion in total liabilities,
resulting in US$745 million stockholders' deficit.


NOSSA CAIXA: May Auction Stake in Savings Bonds Unit
----------------------------------------------------
Banco Nossa Caixa Chief Executive Officer Milton Luiz de Melo
Santos told Business News Americas that the bank could schedule
an auction for a controlling stake in its savings bonds unit
this year.

Mr. Luiz de Melo Santos commented to BNamericas, "The project is
on the shelf and it could happen this year."

According to BNamericas, Nossa Caixa postponed an auction in May
2006 after only insurer Icatu Hartford, one out of the three
finalists, met minimum capital requirements.  

BNamericas underscores that Nossa Caixa was seeking a minimum of
BRL23.9 million for a 51% stake in the unit but postponed the
auction twice before canceling it after the local units of
Mapfre and MetLife did not satisfy insurance regulator Susep's
conditions.

The report says that Nossa Caixa then stopped selling savings
bonds at its branches.

Nossa Caixa wanted to sell a controlling stake rather than enter
into an operating accord with an insurer or another bank,
BNamericas notes, citing Mr. Luiz de Melo Santos.

Mr. Luiz de Melo Santos told BNamericas, "But we have some other
projects at the front of the line.  Granting more loans is a
priority, especially payroll loans and home loans to public
workers."

The CEO said that Nossa Caxia is seeking to boost overall
lending 30% this year, according to BNamericas.

Nossa Caixa increased lending 17.9% to BRL7.20 billion in 2006,
compared to 2005, as retail lending rose 23% to BRL4.64 billion.  
Payroll loans grew 37% and home loans increased 11.6%.  However,
recurring profits decreased 19.7% to BRL453 million on higher
legal provisions and infrastructure investments, BNamericas
states.

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

                        *     *     *

As reported on Sept 4, 2006, Moody's Investors Service upgraded
Banco Nossa Caixa S.A.'s long-term foreign currency deposits to
Ba3 from Ba1.  Moody's said the ratings outlook is stable.


PETROLEO BRASILEIRO: Building Pipeline with Mitsui, Camargo
-----------------------------------------------------------
Petroleo Brasileiro S.A., along with Mitsui and Camargo Correa,
plans to build an ethanol pipeline running from Goias, Brazil,
to the Atlantic coast, Xinhua news agency reports.

The three companies will start with a feasibility study that
would determine the technological and economic viability of a
pipeline network aimed at exporting ethanol from Brazil to Japan
and other markets, Dow Jones Newswires reports, citing a
statement from Petroleo Brasileiro.

The project aims to provide an efficient means for the export of
ethanol from Brazil's central state to the port of Sao Sebastiao
on the Atlantic Ocean.

                   Ethanol Export to Japan

The state-oil firm has been in talks with Japan for the export
of ethanol.  The pipeline would be a vital part of that
agreement, Xinhua says.

A contract with Japan could mean a yearly 1.8 billion to 6
billion liters of ethanol exported to the Asian nation,
depending on government-mandated ethanol mix.

Government figures showed approximately 225.4 million liters of
ethanol was exported to Japan in 2006.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency issuer
default rating of the Federative Republic of Brazil to BB, from
BB- on June 29, 2006.


SENSATA TECHNOLOGIES: Reports US$294.6 Mil. in Revenues for 2006
----------------------------------------------------------------
Sensata Technologies B.V. reported results for the fourth
quarter and year ended Dec. 31, 2006.

Fourth quarter 2006 net revenue was US$294.6 million, which
represents an increase of US$26.5 million or 9.9% from the
fourth quarter of 2005.  Adjusted EBITDA of US$86.0 million was
US$15.4 million or 21.7% above the fourth quarter of 2005.

Fiscal year ended Dec. 31, 2006, pro forma and combined net
revenue of US$1.17 billion increased US$113.4 million or 10.7%
compared to net revenue of US$1.06 billion for the year ended
Dec. 31, 2005.  Pro forma and combined adjusted EBITDA was
US$320.0 million for fiscal year 2006, which was US$17.9 million
or 5.9% higher than fiscal year 2005.

The net revenue growth over last year resulted from strength in
Sensors core products and new products.  Adjusted EBITDA grew
slower than net revenue as a result of investments in building
stand-alone company infrastructure and planned investments in
activities that will accelerate longer-term new product net
revenue growth.

Tom Wroe, Chairman and Chief Executive Officer, said, "Net
revenue in the business was strong compared to 2005 as we began
to realize the benefits of our investment in new products as
well as expansion in sales of our sensor products across all
geographies and our control products in Europe and Asia."

Martha Sullivan, Chief Operating Officer, added, "Our revenue
growth is powered by our global market reach and our ability to
meet our customers' requirements to deploy more sophisticated
technology.  The continued increase in the number and complexity
of the sensors used in our customers' products propels our unit
growth above that of the end markets that we serve.  We have
responded to our customers' requirements through sustained
strong investment in new technologies and processes, which has
positioned us well for continued growth and profitability."

                     Recent Developments

On Dec. 19, 2006, the company acquired the First Technology
Automotive and Special Products business from Honeywell Inc. for
US$90 million plus fees and expenses.  FTAS designs, develops
and manufactures automotive sensors, electromechanical control
devices and crash switch devices.  The purchase was funded by a
73 million euros (US$95.4 million) new term loan, the terms of
which are defined in our existing senior secured credit
facility.

On Dec. 29, 2006, the company filed a Registration Statement on
Form S-4 with the U.S. Securities and Exchange Commission to
register notes, which were previously issued on April 27, 2006,
with registration rights.  On Jan. 30, 2007, the Company
received a "Notice of Effectiveness" from the SEC without a
review of our filing.

On Feb. 27, 2007, the company entered into a definitive
agreement to purchase SMaL Camera Technologies, Inc., the
automotive imaging unit of Cypress Semiconductor Corporation.  
SMaL is located in Cambridge, Massachusetts, employs
approximately 25 people and provides cameras and camera
subsystems to automotive Advanced Driver Assistance Systems.  
The purchase will be funded by cash from operations.  The
transaction is expected to close before the end of March.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
B.V. -- http://www.sensata.com/-- designs and manufactures  
sensors and controls across a range of markets and applications.
Sensata has business and technology development centers in
Attleboro, Massachusetts, Holland and Japan and manufacturing
operations in Brazil, China, Korea, Malaysia, and Mexico, as
well as sales offices around the world.  Sensata Technologies
employs approximately 5,400 people world-wide.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 11, 2006,
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family and probability of default ratings.

Moody's rating affirmation pertains to Sensata's pending
acquisition of First Technology Automotive and Special Products
from Honeywell and its subsequent financing via a US$95 million
add-on to Sensata's existing senior secured Term Loan B.

Moody's said the rating outlook remains stable.




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


DYNAMIC CAYMAN: Proofs of Claim Must be Filed by May 13
-------------------------------------------------------
Creditors of Dynamic Cayman Investors, Ltd., which is being
voluntarily wound up, are required to present proofs of  
claim by May 13, 2007, to Christopher D. Johnson and
Russell Smith, 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:

           Russell Smith
           Christopher D. Johnson
           Attention: Paul Monico
           P.O. Box 2499
           George Town, Grand Cayman
           Cayman Islands           
           Telephone: (345) 946-0820
           Fax: (345) 946 0864


FRONTEER CAPITAL: Proofs of Claim Must be Filed by May 13
---------------------------------------------------------
Creditors of Fronteer Capital Holdings, Ltd., which is being
voluntarily wound up, are required to present proofs of claim by
May 13, 2007, to Christopher D. Johnson and Russell Smith, 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:

           Russell Smith
           Christopher D. Johnson
           Attention: Matthew Smith
           P.O. Box 2499
           George Town, Grand Cayman KY1 - 1104
           Cayman Islands
           Telephone: (345) 946 0820
           Fax: (345) 946 0864


PARMALAT SPA: Judge Denies Consolidation of Parmalat Actions
------------------------------------------------------------
The Hon. Domenico Truppa of the Parma Court denied the request
filed by counsel to Calisto Tanzi, former chairman and chief
executive officer of Parmalat, which sought the consolidation of
all legal proceedings relating to Parmalat's collapse, The
International Herald Tribune reports.

According to the Tribune, Judge Truppa agreed with Parma
prosecutors that uniting the proceedings would have slowed down
the main investigation.

Judge Truppa will decide on indictments at the end of the
hearings, with the main proceeding expected to wrap up in the
summer, the Tribune relates citing the judge.

                       About Parmalat

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

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

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

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

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

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

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

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


PARMALAT SPA: Noteholders Object to Prelim Injunction Extension
---------------------------------------------------------------
Certain holders of claims against Parmalat Finanziaria and its
subsidiaries and affiliates ask the U.S. Bankruptcy Court for
the Southern District of New York to exercise its equitable
discretion by refusing to extend the preliminary injunction and
denying entry of the permanent injunction under Section 304(b)
of the Bankruptcy Code.

As reported in the Troubled Company Reporter on Jan. 31, 2007,
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York adjourned the hearing to
consider entry of a permanent injunction in the Foreign Debtors'
Section 304 cases until Feb. 27, 2007.

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

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

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

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

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

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

The Noteholders hold an aggregate of US$1,036,000,000 in claims
against Parmalat.  The Claims consist of certain claims that
were filed under Article 2362 of the Italian Civil Code, and
claims that have been "conditionally admitted" in Parmalat's
Italian extraordinary administration proceedings.

According to Evan D. Flaschen, Esq., at Bingham McCutchen LLP,
in Hartford, Connecticut, the Conditional Claim Noteholders have
satisfied the Italian Court's sole condition to full claim
admittance and provided additional documents detailing ownership
of bonds.  The 2362 Claim Noteholders have filed valid Claims,
which are nearly identical to claims admitted time after time by
the Italian Court in Parmalat's case, he adds.

Mr. Flaschen argues that contrary to Parmalat's representations
that it has reached an "agreement in principle" with the
Noteholders, the Claims remain unresolved.  The Noteholders have
not received their shares of the company's common stock while
other creditors with nearly identical claims received their
Shares back in October 2005.

Mr. Flaschen relates that Parmalat has continued its "bad faith"
dealings with the Noteholders, including filing additional
objections to Claims and pulling the plug on their 2362 claim
settlements.

Mr. Flaschen notes that although the Noteholders have filed
substantial ancillary documents to evidence their Claims, they
continue to get hit with objections that are mostly irrelevant
to the merits of the Claims.  The Noteholders have met each of
the objections with supplemental materials.  Parmalat has
continued to abuse the Italian Proceedings in an attempt to
overburden the Noteholders with legal fees, expenses, delays and
the hassles of dealing with outrageous objections.

Parmalat is manipulating the Italian Proceedings to gain as much
leverage as possible, intended to treat the Noteholders unfairly
and inconsistently, and to prejudice and inconvenience them in
the processing of their Claims, Mr. Flaschen points out.

Parmalat's settlement with Deloitte & Touche will provide the
company with a consideration of US$149,000,000.  Parmalat also
has several other high-profile lawsuits pending against various
U.S. parties, including Bank of America, Citibank and Grant
Thornton, which could result in settlement proceeds and monetary
judgments in its favor.  Because of the availability of Parmalat
assets in the United States, Mr. Flaschen asserts that it is
necessary to terminate the preliminary injunction now to permit
the Noteholders to take appropriate actions in the U.S. to
enforce and collect upon their Claims against the company.  In
the absence of a termination of the injunctions, the Noteholders
may be left without a remedy if Parmalat moves any settlement
proceeds to Italy.

                       About Parmalat

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

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

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

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

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

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

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

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


SWISS CAPITAL: Proofs of Claim Filing Deadline Is on March 13
-------------------------------------------------------------
Creditors of Swiss Capital Alternative Investments, Ltd., which
is being voluntarily wound up, are required to present proofs of
claim by March 13, 2007, to Christopher D. Johnson and Russell
Smith, 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:

           Russell Smith
           Christopher D. Johnson
           Attention: Matthew Smith
           P.O. Box 2499
           George Town, Grand Cayman KY1 - 1104
           Cayman Islands
           Telephone: (345) 946 0820
           Fax: (345) 946 0864


SWISS CAPITAL (CAYMAN): Proofs of Claim Filing Ends on March 13
---------------------------------------------------------------
Creditors of Swiss Capital (Cayman), Ltd., which is being
voluntarily wound up, are required to present proofs of claim by
March 13, 2007, to Christopher D. Johnson and Russell Smith, 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:

           Russell Smith
           Christopher D. Johnson
           Attention: Matthew Smith
           P.O. Box 2499
           George Town, Grand Cayman KY1 - 1104
           Cayman Islands
           Telephone: (345) 946 0820
           Fax: (345) 946 0864


UCAM SEMICONDUCTOR: Final Shareholders Meeting Is on March 10
-------------------------------------------------------------
Ucam Semiconductor, Inc. will hold its final shareholders
meeting on March 10, 2007, at 3:00 p.m., at:

          1615 Wyatt Drive
          Santa Clara, California
          USA

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:

          Vincent Yu
          1615 Wyatt Drive
          Santa Clara, California
          USA
          Tel: (408) 480-6183
          Fax: (408) 730-1739


WINSTON RE: Proofs of Claim Must be Filed by March 13
-----------------------------------------------------
Creditors of Winston Re SPC, which is being voluntarily wound
up, are required to present proofs of claim by March 13, 2007,
to Christopher D. Johnson and Russell Smith, 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:

           Russell Smith
           Christopher D. Johnson
           Attention: John Somerville
           P.O. Box 2499
           George Town, Grand Cayman KY1 - 1104
           Cayman Islands
           Telephone: (345) 946 0820
           Fax: (345) 946 0864


WOODALLEN GLOBAL FUND: Proofs of Claim Filing Ends on March 14
--------------------------------------------------------------
Creditors of Woodallen Global Fund, Ltd., which is being
voluntarily wound up, are required to present proofs of claim by
March 14, 2007, to David A.K. Walker and Lawrence Edwards, 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:

           Lawrence Edwards
           David A.K. Walker
           Attention: Jyoti Choi
           P.O. Box 258
           George Town, Grand Cayman KY1-1104
           Cayman Islands          
           Telephone: (345) 914 8657
           Fax: (345) 945 4237


WOODALLEN GLOBAL PORTFOLIO: Proofs of Claim Filing Ends March 14
----------------------------------------------------------------
Creditors of Woodallen Global Portfolio, Ltd., which is being
voluntarily wound up, are required to present proofs of  
claim by March 14, 2007, to David A.K. Walker and Lawrence
Edwards, 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:

           Lawrence Edwards
           David A.K. Walker
           Attention: Jyoti Choi
           P.O. Box 258
           George Town, Grand Cayman KY1-1104
           Cayman Islands          
           Telephone: (345) 914 8657
           Fax: (345) 945 4237


WOODALLEN REVOLUTION FUND: Proofs of Claim Filing Ends March 14
---------------------------------------------------------------
Creditors of Woodallen Revolution Fund, Ltd., which is being
voluntarily wound up, are required to present proofs of  
claim by March 14, 2007, to David A.K. Walker and
Lawrence Edwards, 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:

           Lawrence Edwards
           David A.K. Walker
           Attention: Jyoti Choi
           P.O. Box 258
           George Town, Grand Cayman KY1-1104
           Cayman Islands          
           Telephone: (345) 914 8657
           Fax: (345) 945 4237


WOODALLEN REVOLUTION: Proofs of Claim Filing Ends on March 14
-------------------------------------------------------------
Creditors of Woodallen Revolution Portfolio, Ltd., which is
being voluntarily wound up, are required to present proofs of
claim by March 14, 2007, to David A.K. Walker and Lawrence
Edwards, 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:

           Lawrence Edwards
           David A.K. Walker
           Attention: Jyoti Choi
           P.O. Box 258
           George Town, Grand Cayman KY1-1104
           Cayman Islands          
           Telephone: (345) 914 8657
           Fax: (345) 945 4237




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


FREEPORT-MCMORAN: S&P Ups Corporate Credit Rating to BB from BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Freeport-McMoRan Copper & Gold Inc. to 'BB' from 'BB-.  
Simultaneously, Standard & Poor's lowered its corporate credit
rating on Phelps Dodge Corp. to 'BB' from 'BBB'.  In addition,
all ratings were removed from CreditWatch where they were placed
on Nov. 20, 2006, following the announcement that Freeport-
McMoRan had entered into an agreement to acquire Phelps Dodge in
a transaction valued at US$26 billion.  The outlook is stable.
     
Under terms of the transaction, the acquisition will be funded
by US$18.5 billion in cash, of which US$16.0 billion is through
new debt offerings, with the remainder in common stock.  Pro
forma for the transaction, total adjusted debt will approximate
US$18 billion.
     
In addition, Standard & Poor's Lowered its senior unsecured
rating to 'BB-' from 'BBB.' on Phelps Dodge's existing senior
unsecured notes, which do not benefit from any subsidiary
guarantee, will receive a guarantee from the parent.  Standard &
Poor's also lowered the ratings on Cyprus Amax Minerals Co.'s
existing 7.375% senior notes, which will become secured
effective this transaction, due 2007 to 'BB+' from 'BBB'.
     
"The upgrade of Freeport-McMoRan's ratings reflects the marked
improvement of Freeport-McMoRan's business profile and position
in the mining industry," said Standard & Poor's credit analyst
Thomas Watters.  "The acquisition augments its reserves,
production, and geographic diversity, while somewhat mitigating
Freeport-McMoRan's exposure to the political and legal risks of
operating in Indonesia, which historically have been key risk
factors in the assessment of Freeport-McMoRan's corporate credit
rating.  The downgrade of Phelps Dodge's ratings reflects the
material increase in debt for the combined entity."
     
Pro forma for the acquisition, Freeport-McMoRan will be the
world's second- largest copper producer, with 3.6 billion pounds
of equity production in 2006.
     
Mr. Watters said, "Incorporated in the stable outlook is our
expectation that through company initiatives to reduce debt and
our belief that commodity prices during the near term will
remain at relatively healthy levels, Freeport-McMoRan should
make meaningful progress in significantly reducing its
aggressive debt leverage."

                 About Phelps Dodge Corp.

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

           About Freeport-McMoran Copper & Gold Inc.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.


METROGAS SA: Reports CLP35.8B Consolidated Net Profits for 2006
---------------------------------------------------------------
Metrogas SA said in a filing with Superintendencia de Valores y
Seguros de Chile that its consolidated net profits increased
5.7% to CLP35.8 billion in 2006, compared to 2005.

Business News Americas relates that Metrogas' revenue increased
1.86% to CLP160 billion.  The firm brought in 13.7% more revenue
from industrial customers at CLP53.9 billion in 2006, compared
to 2005.  Meanwhile, revenue from sale to distributors decreased
16.5% to CLP10.9 billion.

The report says that Argentina redirecting gas exports decreased
Metrogas' sales by 4.7% to 664 million cubic meters.

According to BNamericas, Metrogas' operating profits declined
14.9% to CLP50.4 billion due to increased costs.  Lower non-
operating losses helped raise the bottom line.

BNamericas underscores that Metrogas' net equity dropped to
CLP264 billion as of Dec. 31, 2006, compared to Dec. 31, 2005.

Metrogas's residential customers increased 8.2% to more than
372,000 in 2006, from 2005, BNamericas states.

Headquartered in Buenos Aires, Argentina, Metrogas SA --
http://www.metrogas.com.ar/-- distributes gas to Buenos Aires  
and southern and eastern greater metropolitan Buenos Aires.  The
Company has a 35-year concession that began in 1992 to provide
natural gas in this area.  The concession is renewable for an
additional 10 years.  Metrogas supplies some 2 million customers
in Buenos Aires through 15,840 km of pipelines, representing
about 26% of all gas retailed in Argentina.   Metrogas is 45%
owned by a subsidiary of UK gas production company BG Group and
26% owned by a unit of Spanish oil company Repsol YPF.

                        *    *    *
As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2007, Standard & Poor's as rated Metrogas SA's debts:

   -- Obligaciones Negociables Series for US$26,254,764, raBB+

   -- Program of Obligaciones Negociables simples for
      US$600,000,000, D

   -- Obligaciones Negociables Series 2-B for EUR26,070,450  

   -- Obligaciones Negociables Series 1 for US$236,285,638,
      raBB+.

In addition, Metrogas' ordinary class B shares had been included
in category 4.  The rating action was based on the company's
balance sheet at Sept. 30, 2006.




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


BANCOLOMBIA: Invercol Downgrades Firm to "Sell"
-----------------------------------------------
Colombia's stock brokerage Invercol said in a report that it has
lowered its recommendation on Bancolombia to sell from hold.

Invercol told Business News Americas that the downgrade was due
to Bancolombia's:

          -- slower than expected loan growth,

          -- higher operating expenses,

          -- lower intermediation margins from stronger
             competition, and

          -- end of tax exemptions.

The completion of Bancolombia's merger with Conavi and
Corfinsura in November 2006 increased the banks tax rate to 34%
in January 2007, from 15.3% in January 2006, BNamericas notes,
citing Invercol.

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

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

                        *    *    *

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

As reported in the Troubled Company Reporter on Feb. 06, 2007,
Fitch Ratings affirmed Bancolombia's long-term and short-term
foreign currency Issuer Default Ratings:

   * Foreign currency long-term IDR at 'BB+';
   * Foreign currency short-term rating at 'B';
   * Support rating at '3'.

The Rating Outlook is Stable.

The ratings remain on Rating Watch Negative:

   * Individual rating of 'C';
   * Local currency long-term IDR of 'BBB-';
   * Local currency short-term rating of 'F3'.


CA INC: Board Adopts Corporate Majority-Voting Standard
-------------------------------------------------------
CA Inc.'s board of directors has amended the company's By-laws
to implement a majority-voting standard.

"The adoption of this majority voting policy underscores CA's
commitment to continually enhancing its corporate governance
practices, as part of its overall goal of generating value for
stockholders over the long term," said CA Chairman Lewis
Ranieri.

The new standard, which became effective Feb. 23, 2007, and will
be in place for the 2007 Annual Meeting, provides that a
director nominee will be elected only if the number of votes
cast "for" exceeds the number of votes "against" his or her
election.  Previously, directors were elected under a plurality
vote standard, which mandated that nominees receiving the most
votes would be elected regardless of whether those votes
constituted a majority of the shares voted at the meeting.  In
accordance with best practices, the plurality voting standard
will be retained only in the case of contested elections.

Under a corresponding change to CA's Corporate Governance
Principles, if a director does not receive a majority of the
votes cast at an annual meeting, generally the board will have
90 days from the certification of the vote to accept or reject
the individual's irrevocable resignation that all incumbent
directors are required to submit before the mailing of the proxy
statement for the annual meeting.

CA's Board of Directors adopted a new Stockholder Protection
Rights Plan in October 2006.  Stockholders will vote on the
Rights Plan at the 2007 Annual Meeting.
    
Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Latin America, CA has operations in
Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


ECOPETROL: Court Orders Production Halt on Sacred Bari Land
-----------------------------------------------------------
The Colombian national constitutional court has ordered state
oil company, Ecopetrol, to cease oil production on lands
belonging to the Bari people, the Indian Country Today reports.

"We have observed not just damage to the fundamental right of
the Motilon Bari Indigenous People to be consulted beforehand,
but profound harm to the legitimate confidence that traditional
authorities have deposited in government authorities," the court
order says according to Indian Country.

The judgment prohibits Ecopetrol to explore for oil in the Alamo
1 installation in Gebarra, in Norte de Santander, Colombia.  

Bari's lawyers were happy with the decision but questioned the
length of time it took for the order to be released.  The
lawyers underscored that Ecopetrol has been conducting oil
exploration on the installation while the decision was pending
in Court since October 2005, the same article says.  

                         The Lawsuit

The Bari tribe's suit stated that Ecopetrol began exploration in
Bari territory without consulting with leaders of the community
or checking to see if indigenous people lived on the land, and
made no environmental studies on the impact of their
exploration, Indian Country relates.

The suit named the Colombian Ministries of the Environment,
Interior and Justice, Territorial Development and Defense, who
gave permission for Ecopetrol to begin exploration, as
plaintiffs.

Chief Gonzalo Arabadora of the Motilon Bari Community
Association said in a statement sent to court last year that:

   -- Ecopetrol was exploring for oil in sacred Bari land;

   -- Bari people were insulted, beaten and forbidden from
      speaking their language by soldiers who guarded the oil
      installations on their territories and

   -- soldiers prevented the Bari from entering their ceremonial
      grounds.

The court's decision chastised government officials for ignoring
their duty to:

   -- meet with the claimants in good faith,
   -- respect Bari's rights,
   -- not abuse their own prerogatives,
   -- defend and propagate human rights,
   -- maintain peace and
   -- protect the natural resources of the country.''

"This not only sets a precedent for Ecopetrol," Attorney Melisa
Ballesteros told Web site Actualidad Etnica, "but also for the
Ministry of Interior and Justice in their certification of the
presence of indigenous peoples on territories where they are
planning projects like this; and for the Ministry of Environment
who gives environmental licenses to projects that involve
indigenous people."

                      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.

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.
  

ECOPETROL: Will Drill Gibraltar 3 Oil Exploration Well  
------------------------------------------------------  
Colombian state-owned oil company Ecopetrol told Business News
Americas that it will begin drilling the Gibraltar 3 oil
exploration well in Toledo, Norte de Santander, without private
sector aid.    

BNamericas relates that Ecopetrol has drilled two wells at the
Gibraltar 1 and 2 oil wells, which are near the land being
safeguarded for the U'wa natives.    

According to BNamericas, the U'wa has been demanding that the
government prohibit drilling inside safeguarded lands.    

There will be no dispute this time, BNamericas notes, citing
Ecopetrol.    

The drilling area is located outside of U'wa indigenous
safeguard so does not require previous consultation with the
community.  The environmental license to drill in the area was
granted in 1999 by the environment, housing and territorial
development ministry, Ecopetrol said in a statement.    

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.




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


ARMSTRONG WORLD: James O'Connor to Join Board of Directors
----------------------------------------------------------
Armstrong World Industries Inc. disclosed that James J. O'Connor
has been elected to its Board of Directors.

"We are pleased to have Jim join our board of directors," said
Chairman and CEO Michael D. Lockhart.  "He is a talented and
experienced director who will provide invaluable assistance to
us."

Mr. O'Connor is the retired chairman of the board and chief
executive officer of Unicom Corporation and its subsidiary,
Commonwealth Edison Company.  He joined Commonwealth Edison
Company in 1963, became president in 1977, a director in 1978
and chairman and chief executive in 1980.  In 1994, he also was
named chairman and chief executive officer of Unicom
Corporation.  He retired in 1998. O'Connor also serves on the
boards of directors of Corning, Inc., Smurfit - Stone Container
Corporation, UAL Corporation and United Airlines.

Mr. O'Connor received his bachelor's degree from Holy Cross
College, an MBA from Harvard University, and a Juris Doctor
degree from Georgetown University Law School.  He served on
active duty with the United States Air Force before joining
Commonwealth Edison.

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

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

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

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

                        *     *     *

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


US AIRWAYS: America West Merger Plans Spur ALPA to File Protest
---------------------------------------------------------------
The US Airways and America West units of the Air Line Pilots
Association, International, filed a lawsuit in the U.S. District
Court of Philadelphia demanding that US Airways halt plans that
attempt to illegally merge the airlines until a single contract
is reached between both pilot groups, as is required under the
Railway Labor Act and an agreement reached by the parties in
September 2005.

US Airways plans to eliminate America West's HP designator code
from reservation systems, which means that all flights will be
listed as a US Airways flight.  The code elimination is in
violation of the Transition Agreement negotiated with the two
pilot groups that promised that the two airlines would remain
separated until a single pilot collective bargaining agreement
is reached.

The parties have been negotiating for a year and a half, but US
Airways management is continuing to pass bankruptcy-era
proposals that ignore the investment that the pilots made in
order to keep their airline viable after 9/11.  Until a single
agreement is reached, the company must operate both airlines
separately.  Instead, management apparently is trying to reap
the benefits of the merger without fulfilling their promise to
first get a single, fair pilot contract.

ALPA contends that US Airways is violating their obligation to
negotiate a single agreement and asks that the status quo be
maintained until then.

"US Airways wants desperately for our pilots to look like, dress
like, and act like they work for a merged airline. However, the
only road to a real merged airline is through a single
contract," US Airways Master Executive Council Chairman Captain
Jack Stephan said.  "Our pilot group will not tolerate
management attaining synergies they haven't paid for or
negotiated.  Like our passengers, we are frustrated dealing with
management's empty promises and their reluctance to properly
merge our airline."

"US Airways continues to drag the merger process on and on, to
the detriment of our passengers and our employees," America West
Master Executive Council Chairman Captain John McIlvenna said.  
"Instead of focusing on productive negotiations, management is
trying to grab operational efficiencies they can't legally have.  
Until the America West and US Airways pilots have a fair, single
contract, we are far from being one airline."

Founded in 1931, Air Line Pilots Association, International --
http://www.alpa.org/represents 60,000 pilots at 39 airlines in  
the U.S. and Canada.

                      About US Airways

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

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

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

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

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

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

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

                        *     *     *

As reported in Troubled Company Reporter on Feb. 1, 2007,
Standard & Poor's Ratings Services affirmed its ratings on US
Airways Group. and its major operating subsidiaries America West
Holdings Corp., America West Airlines Inc., and US Airways Inc.,
including the 'B-' corporate credit ratings.  The ratings were
removed from CreditWatch, where they were placed with developing
implications on Nov. 15, 2006.  S&P said the outlook is
positive.


* COSTA RICA: Registers Highest Banana Production in the World
--------------------------------------------------------------
Costa Rican banana growers posted the highest average production
of 2524 boxes per hectare in 2006, Fresh Plaza reports.    

The country's production totaled 107.4 million boxes of 18.14 kg
last year, which represents an increase of 21% compared to 2005,
Fresh Plaza says.  The increase in production was attributed to
a combination of climate, soil, experienced labor and
technology.  

                        *     *     *

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




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


* CUBA: Launches Experimental Wind Farm
---------------------------------------
Cuba has opened an experimental wind farm that could become an
alternative energy source to ease occasional power shortages,
local reports said.

The US$3.4 million project located on Isla de la Juventud
features six 180-foot windmills, the Associated Press reports,
citing Communist Party youth newspaper Juventud Rebelde.

The wind park uses French technology that allows for quick
disassembly in times of hurricanes.  It is expected to produce
1,800 megawatts of electricity -- a savings of US$136,000 in oil
costs on international market, Juventud Rebelde said.

Cuba's energy shortages resulted from the collapse of the Soviet
Union, where it used to buy fuels on highly preferential terms,
AP says.  The island now depends on Venezuela to provide it with
100,000 barrels of oil per day under preferential terms.

                        *    *    *

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


* CUBA: Will Extend Sugar Harvest to May
----------------------------------------
Cuba will extend the sugar harvest to May from April, Reuters
reports.

Reuters relates that these factors negatively affect the
harvest, which is aimed at around 1.6 million tons of raw sugar:

          -- rain,
          -- hot weather, and
          -- organizational problems.

Published reports say that two months into the harvest, mills
are operating below expectations of 80% of potential and yields
are below the 11% or more that had been planned.

Cuban sugar vice minister Juan Godefoy told a national radio
station, "We have some delays in plans due to rainfall. Also,
some resources arrived late."

The vice minister told Reuters that these provinces, which will
produce almost 50% of the 2007 output, were affected:

          -- Villa Clara,
          -- Camaguey,
          -- Las Tunas,
          -- Holguin, and
          -- Granma.

Reporter Juan Varela told the official Radio Progresso, "There
is more cane than last year, but not as much as some think.  It
is a shame that at this moment not all the mills are using the
cane they have well."

According to Reuters, the sugar ministry reported there was 28%
more cane this year, compared to last year.  

The Cuban government decided in 2006 to reinvest in sugar after
a downsizing that closed over half the nation's mills and
decreased plantations by 60%, Reuters states.

                        *    *    *

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


ASHMORE ENERGY: Completes Acquisition of 15% Stake in Generadora
----------------------------------------------------------------
Ashmore Energy International has concluded its acquisition of an
additional 15% interest in Generadora San Felipe, its 180-
megawatt oil-fired plant in the Dominican Republic, Business
News Americas reports.

Ashmore Energy said in a statement that Operadora San Felipe
runs Generadora San Felipe.

According to BNamericas, Ashmore Energy also acquired an
additional 50% stake in Operadora San Felipe, bringing the
former's equity in the two firms to 100%.

"This strategic acquisition will enable AEI to streamline its
corporate governance and operations in the Dominican Republic,"
Ashmore Energy said in a statement.

Ashmore Energy International -- http://www.ashmoreenergy.com--
owns and operates a portfolio of energy infrastructure assets in
power generation, transmission, and distribution of natural gas,
gas liquids, and electric power.  Ashmore Energy's portfolio,
directly or indirectly, consists of 19 companies in 14
countries, most of which are located in Latin America.  The
company's largest asset is Brazilian electric distribution
company, Elektro, which represents approximately 43% of EBITDA,
and 55.3% of fiscal 2006 consolidated cash flow to parent
company Ashmore Energy.  Consolidated revenues and EBITDA are
approximately US$2.5 billion and US$650 million-US$675 million,
respectively.  Consolidated debt and balance sheet cash are
expected to be US$2.5 billion and US$1.0 billion, respectively,
at fiscal year-end 2006.




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


* ECUADOR: Rafael Correa Allots US$100MM for Transport Projects
---------------------------------------------------------------
The Ecuadorian government reported on the presidential Web site
that President Rafael Correa has declared the transport
infrastructure in a state of emergency and allocated an initial
US$100 million for maintenance and rehabilitation.

Business News Americas relates that officials will conduct some
studies to define improvement priorities in:

          -- ports,
          -- bridges,
          -- roads, and
          -- highways.

President Correa told BNamericas that the government will invest
up to US$600 million, which had initially been allotted for
payment of some of the nation's foreign debt, in productive
infrastructure development.  

According to BNamericas, works will include:

          -- Guamote-Macas highway,
          -- Troncal Amazonica highway,
          -- Esmeraldas-Tachina bridge, and
          -- Bahia-San Vicente bridge.

The government aims to develop the Ecuador's infrastructure to
improve its output and competitiveness, President Correa told
BNamericas.

                        *     *     *

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


LEAR CORP: Net Loss Drops to US$707.5 Mil. in Year Ended Dec. 31
----------------------------------------------------------------
Lear Corporation's net loss for the year ended Dec. 31, 2006,
decreased to US$707.5 million from US$1,381.5 million in the
year ended Dec. 31, 2005, reflecting loss on divestiture of the
company's interior business of US$636 million in 2006 and
goodwill impairment charges of US$1.0 billion in 2005.

Net sales for the year ended Dec. 31, 2006, increased by 4.4%,
or US$750 million, to US$17,838.9 million from US$17,089.2
million in 2005.  New business favorably impacted net sales by
US$1.9 billion.  The increase was partially offset by the impact
of unfavorable vehicle platform mix and lower industry
production volumes primarily in North America, which reduced net
sales by US$1.2 billion.
  
The company's balance sheet at Dec. 31, 2006, showed total
assets of US$7,850.5 million, total liabilities of US$7,248.5
million, and total stockholders' equity of US$602.0 million.  
Lear's total stockholders' equity at Dec. 31, 2005, was
US$1,111.0 million.

Gross profit and gross margin were US$928 million and 5.2% in
2006, as compared to US$736 million and 4.3% in 2005.  New
business favorably impacted gross profit by US$186 million.  
Gross profit also benefited from productivity initiatives and
other efficiencies.  The 2005 period also included incremental
fixed asset impairment charges of US$72 million.  The
improvements in gross profit were partially offset by the impact
of net selling price reductions, unfavorable vehicle platform
mix and lower industry production volumes primarily in North
America, which collectively reduced gross profit by US$175
million.  Gross profit was also negatively impacted by higher
raw material and commodity costs.

Selling, general and administrative expenses, including research
and development, were US$647 million for the year ended Dec. 31,
2006, as compared to US$631 million for the year ended Dec. 31,
2005.  As a percentage of net sales, selling, general and
administrative expenses were 3.6% and 3.7% in 2006 and 2005,
respectively.  The increase in selling, general and
administrative expenses was largely due to inflationary
increases in compensation, facility maintenance and insurance
expense, as well as incremental infrastructure and development
costs in Asia, partially offset by a decrease in litigation-
related charges and the impact of recent census reduction
actions.

Interest expense was US$210 million in 2006, as compared to
$183 million in 2005.  The increase was largely due to an
increase in short-term interest rates and increased costs
associated with debt refinancing.

                        Cash Flows

Net cash provided by operating activities was US$285 million in
2006, as compared to US$561 million in 2005.  The net change in
sold accounts receivable resulted in a US$589 million decrease
in operating cash flows between periods.  The decrease was
partially offset by the net change in recoverable customer
engineering and tooling, which resulted in a US$307 million
increase in operating cash flows between periods.  Decreases in
accounts receivable and accounts payable were a source of US$153
million of cash and a use of US$359 million of cash,
respectively, in 2006, reflecting the timing of payments
received from customers and made to suppliers.

Net cash used in investing activities was US$312 million in
2006, as compared to US$542 million in 2005, reflecting a US$221
million decrease in capital spending between periods.  In 2006,
cash received of US$35 million related to the sales of interest
in two affiliates was partially offset by a US$21 million
indemnity payment related to 1999 acquisition of UT Automotive,
Inc.

Financing activities were a source of US$277 million of cash in
2006, as compared to a use of US$347 million of cash in 2005.  
In 2006, financing activities include the incurrence of an
additional US$600 million of term loans due 2010 under primary
credit facility, the issuance of $900 million aggregate
principal amount of senior notes due 2013 and 2016, the
repurchase of US$1.3 billion aggregate principal amount (or
accreted value) of senior notes due 2008, 2009 and 2022 and the
issuance of 8.7 million shares of common stock in a private
placement for a net purchase price of US$199 million.

                        Capitalization

In addition to cash provided by operating activities, the
company utilizes a combination of available credit facilities to
fund capital expenditures and working capital requirements.  For
the years ended Dec. 31, 2006, and 2005, the company's average
outstanding long-term debt balance, as of the end of each fiscal
quarter, was US$2.4 billion and US$2.3 billion, respectively.  
The weighted average long-term interest rate, including rates
under committed credit facility and the effect of hedging
activities, was 7.3% and 6.5% for the respective periods.

The company utilizes uncommitted lines of credit as needed for
short-term working capital fluctuations.  For the years ended
Dec. 31, 2006, and 2005, average outstanding unsecured short-
term debt balance, as of the end of each fiscal quarter, was
US$20 million and US$38 million, respectively.  The weighted
average interest rate, including the effect of hedging
activities, was 4.4% and 3.7% for the respective periods.  The
availability of uncommitted lines of credit may be affected by
financial performance, credit ratings and other factors.  
Uncommitted lines of credit available from banks decreased by
approximately US$75 million from Dec. 31, 2005, to Dec. 31,
2006.

                       AREP Merger Deal

As reported in the Troubled Company Reporter on Feb. 12, 2007,
Lear and American Real Estate Partners entered into an agreement
for Lear to be acquired by AREP, in a transaction valued at
approximately US$5.3 billion, including the assumption of debt.
Under the terms of the agreement, Lear shareholders would
receive US$36.00 per share in cash.  Closing is expected to
occur by the end of the second quarter of 2007.

Under the terms of the agreement, Lear may solicit alternative
proposals from third parties for a period of 45 days from the
execution of the agreement and intends to consider any such
proposals with the assistance of its independent advisors.  In
addition, Lear may, at any time, subject to the terms of the
merger agreement, respond to unsolicited proposals.  If Lear
accepts a superior proposal, a break-up fee would be payable to
AREP.

                        Restructuring

In the second quarter of 2005, the company began to implement
consolidation and census actions in order to address unfavorable
industry conditions.  The actions continued throughout 2005 and
2006 and are part of a comprehensive restructuring strategy
intended to (i) better align manufacturing capacity with the
changing needs of customers, (ii) eliminate excess capacity and
lower operating costs and (iii) streamline organizational
structure and reposition business for improved long-term
profitability.

In connection with the restructuring actions, Lear expects to
incur pretax costs of approximately US$300 million through 2007,
although all aspects of the restructuring actions have not been
finalized.  Restructuring and related manufacturing inefficiency
charges were US$100 million in 2006 and US$104 million in 2005.  
The remainder of the restructuring costs are expected to be
incurred in 2007.

                   Financing Transactions

On April 25, 2006, Lear amended and restated its primary credit
facility.  On Nov. 24, 2006, Lear completed the issuance of
US$300 million aggregate principal amount of 8.50% senior notes
due 2013 and US$600 million aggregate principal amount of 8.75%
senior notes due 2016.  Using the net proceeds from the
financing transactions, the company repurchased EUR194 million
aggregate principal amount of 8.125% senior notes due 2008,
US$759 million aggregate principal amount of 8.11% senior notes
due 2009 and outstanding zero-coupon convertible notes due 2022
with an accreted value of US$303 million.  In connection with
the refinancing transactions, Lear recognized a net loss on the
extinguishment of debt of approximately US$48 million in 2006.

On Nov. 8, 2006, Lear completed the sale of 8,695,653 shares of
its common stock in a private placement to affiliates of and
funds managed by Carl C. Icahn for a purchase price of $23 per
share. The proceeds of the offering will be used for general
corporate purposes, including strategic investments in the
company's core businesses.

A full-text copy of the financial report can be accessed for
free at http://researcharchives.com/t/s?1a8c

                       About Lear Corp.

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior  
systems and components.  Lear provides complete seat systems,
electronic products, electrical distribution systems, and other
interior products.  The company has 104,000 employees at 275
locations in 33 countries.

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

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2007,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


* HONDURAS: Manuel Zelaya Restarts El Cajon Hydro Plant Turbine
---------------------------------------------------------------
The Honduran presidential Web site reports that President Manuel
Zelaya Rosales has restarted the El Cajon hydro plant turbine,
which had been under repair for over six months.

According to the Web site, the turbine will add 75 megawatts of
power and will allow Honduras to save almost HNL40 million per
month on power purchases.

The restart of the turbine is under the Honduran president's
recovery program for the electricity sector, Business News
Americas states.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


ACCELLENT: S&P Affirms B+ Rating, Revises Outlook to Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Accellent Inc. and revised its outlook to
negative from stable.
     
"This action reflects a weak 2006 fourth quarter, high debt
leverage, and bank loan covenants which will tighten in late
2007," said Standard & Poor's credit analyst Cheryl Richer.  
Accellent ended the year with only US$3 million of cash, and had
to draw US$3 million on its revolver.  While growth should pick
up prospectively, the pace of growth remains uncertain.
     
The rating on Accellent reflects the position of its wholly
owned subsidiary, Accellent Corp., as a leading, but small,
participant in the fragmented medical device contract-
manufacturing business.
     
"Protracted weakness in the company's key markets, while not
expected, could result in a rating downgrade within the next
year," said Ms. Richer.

Accellent Inc., headquartered in Wilmington, Massachusetts,
-- http://www.accellent.com-- provides fully integrated  
outsourced manufacturing and engineering services to the medical
device industry in the cardiology, endoscopy and orthopaedic
markets.  Accellent has broad capabilities in design &
engineering services, precision component fabrication, finished
device assembly and complete supply chain management.  These
capabilities enhance customers' speed to market and return on
investment by allowing companies to refocus internal resources
more efficiently.  The company generated revenues of US$487
million for the twelve months ended Sept. 30, 2006.  The company
has offices in Mexico.


ADVANCED MARKETING: Hires Capstone Advisory as Financial Advisor
----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware has granted authority to Advanced
Marketing and its debtor-affiliates to employ Capstone Advisory
Group LLC as their financial advisors.

Capstone Advisory is expected to:

   (a) analyze and challenge the Debtors' short-term and long-
       term cash flow forecasts;

   (b) assist management, as appropriate, in developing
       corresponding liquidity analysis;

   (c) analyze the Debtors' business plan and any alternative
       business plans suggested by the Debtors;

   (d) assist the Debtors and their advisors in identifying and
       evaluating strategic financial and restructuring
       alternatives;

   (e) support or assist investment banks of the Debtors in
       their efforts to sell or restructure the business entity;

   (f) act as a liaison between the Debtors and their investment
       bankers;

   (g) assist in providing data and information requested by
       Houlihan, Lokey, Howard & Zukin Capital, Inc., in its
       efforts to market and refinance the Debtors;

   (h) assist Houlihan Lokey in its efforts to market or
       refinance the Debtors;

   (i) assist Houlihan, Lokey in identifying and executing an
       alternative transaction that best meets the objectives of
       the Debtors' and their estates; and

   (j) perform other tasks as may be requested by the Debtors
       from time to time.

Mr. Mark Rohman, Capstone Executive Director assured the Court
that Capstone and its partners and associates do not have any
connection with or any adverse interest to the Debtors, their
creditors, or any other parties-in-interest.

Capstone will be entitled to allowance of compensation and
reimbursement of expenses, upon the filing and Court approval of
monthly, interim and final applications, Judge Sontchi says.

Judge Sontchi notes that the consideration of the "Success Fee"
is continued until that time as Capstone seeks Court approval
and provides notice to interested parties for it.  The rights of
all parties with respect to any application are hereby reserved.

The Debtors will have no obligation to indemnify Capstone, or to
provide contribution or reimbursement to Capstone, for any claim
or expense that is judicially determined -- the determination
having become final -- to have arisen from Capstone's gross
negligence, willful misconduct or bad faith, Judge Sontchi says.

If, before the earlier of (a) a final order confirming a Chapter
11 plan in the Debtors' bankruptcy cases, or (b) an order
closing the Debtors' Chapter 11 cases, Capstone believes that it
is entitled to the payment of any amounts by the Debtors on
account of the Debtors' indemnification, contribution, and
reimbursement obligations under its employment agreement with
the Debtors, Capstone must file an application with the Court
and the Debtors may not pay any of those amounts before any
Court ruling approving the payment.

Upon Court approval, the Debtors may indemnify Capstone,
pursuant to the terms of the Employment Agreement as amended in
the Debtors' employment application, for any claim related to
Capstone's performance of the services described in the
Employment Agreement.

Judge Sontchi further rules that upon Court approval and in
accordance with the Employment Agreement as amended in the
Employment Application, the Debtors may indemnify and hold
harmless Capstone for any claim related to the consulting
services, but not for any claim related to Capstone's
postpetition performance of any services other than described in
the Employment Agreement unless the postpetition services and
indemnification are approved by the Court.

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: Panel Taps Morris Nichols as Local Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Advanced
Marketing and its debtor-affiliates bankruptcy case asks
authority from the United States Bankruptcy Court for the
District of Delaware to retain Morris, Nichols, Arsht & Tunnell
LLP, as its local counsel, nunc pro tunc to Jan. 31, 2007.

The Creditors Committee seeks to retain Morris Nichols because
of the firm's extensive experience, knowledge and resources in
the fields of, inter alia, debtors' and creditors' rights and
business reorganizations under Chapter 11 of the Bankruptcy
Code, William Sinnott of Random House, the Committee
Chairperson, relates.

Morris Nichols has advantage in expertise, experience and
knowledge practicing before the Court, as well as its proximity
to the Court, and its ability to respond quickly to emergency
hearings and other emergency matters in the Court, Mr. Sinnott
says.  The Creditors Committee further believes that Morris
Nichols' attorneys are well qualified and able to represent it
in the Debtors' Chapter 11 cases.

As the Creditors Committee's local counsel, Morris Nichols will:

    (a) advise the Committee with respect to its rights, duties
        and powers in the Debtors' bankruptcy cases;

    (b) assist and advise the Committee in its consultations
        with the Debtors relative to the administration of the
        bankruptcy cases;

    (c) assist the Committee in analyzing the claims of the
        Debtors' creditors in negotiating with the creditors;

    (d) assist with the Committee's investigation of the acts,
        conduct, assets liabilities and financial condition of
        the Debtors and of the Debtors' business operation;

    (e) assist the Committee in its analysis of, and
        negotiations with, the Debtors or their creditors
        concerning matters related to, among other things, the
        terms of a plan or plans of reorganization for the
        Debtors;

    (f) assist and advise the Committee with respect to its
        communications with the general creditor body regarding
        significant matters in the Debtors' bankruptcy cases;

    (g) assist and counsel the Committee in respect to its
        organization; the conduct of its business and meetings;
        the dissemination of information to its constituency;
        and other matters as are reasonably deemed necessary to
        facilitate the administrative activities of the
        Committee;

    (h) attend the meetings of the Committee;

    (i) represent the Committee at all hearings and other
        proceedings;

    (j) review and analyze all applications, orders, statements
        of operations and schedules filed with the Court, and
        advise the Committee as to their propriety;

    (k) assist the Committee in preparing pleadings and
        applications as may be necessary in furtherance of the
        Committee's interests and objectives; and

    (l) perform other legal services as may be required and are
        deemed to be in the interests of the Committee in
        accordance with the Committee's powers and duties as set
        forth in the Bankruptcy Code.

Morris Nichols' compensation for professional services rendered
to the Creditors Committee will be based on the hours actually
expended by each assigned professional at each professional's
hourly billing rate.

Morris Nichols' current hourly rates are:

        Professional                      Hourly Rate
        ------------                      -----------
        Partners                        US$425 - US$650
        Associates                      US$220 - US$400
        Paraprofessionals                    US$175
        Case Clerks                          US$100

Morris Nichols has discussed with Lowenstein Sandler PC, the
Debtors' proposed main bankruptcy counsel, regarding the
division of their responsibilities so as to minimize duplication
of services on behalf of the Creditors Committee, Mr. Sinnott
tells the Court.

Eric D. Schwartz, Esq., a member of the firm, assures the Court
that none of Morris Nichols' partners, counsel or associates
hold or represent any interest adverse to the Debtors' estates
or their creditors, and that Morris Nichols is a "disinterested
person," as defined in Section 101(14) of the Bankruptcy Code.

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)


CELESTICA INC: S&P Lowers Corporate Credit Rating to B+ from BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Celestica Inc. to 'B+' from 'BB-'.  
The ratings on the company's senior subordinated notes were also
lowered to 'B-' from 'B'.  At the same time, Standard & Poor's
removed the ratings from CreditWatch with negative implications,
where they were placed Jan. 31, 2007.  The outlook is negative.
     
"The downgrade, said Standard & Poor's credit analyst Don
Povilaitis, reflects:

     -- weak profitability metrics;

     -- execution issues at the company's Monterrey, Mexico
        facility, which have resulted in customer
        disengagements;

     -- deteriorating credit metrics; and

     -- decreasing liquidity.
     
Standard & Poor's remains concerned with Celestica's prospects
for fiscal 2007 (with no improvement in profitability expected
before the second half of 2007), as the company is likely to
remain challenged by persistent weakness in the
telecommunications segment and the effect of more customer
disengagements.  In addition, we are concerned by the potential
disruption caused by recent management turnover.  The company is
also involved in litigation concerning disclosure of certain
adverse information with respect to demand and inventory in its
Mexican operation.
     
The negative outlook reflects the company's current operational
challenges, deteriorating credit protection measures, and
reduced liquidity.  Although Standard & Poor's expects that
Celestica will generate stronger positive free cash flows from
the company's substantive restructuring initiatives by the
second half of 2007, further customer disengagements could
preclude or further delay such a recovery.  Hence, the ratings
will be constrained until the company demonstrates sustained
margin improvement and stronger free cash flow generation.  If
the company's credit ratios do not improve over the course of
2007 and profitability metrics deteriorate further, the ratings
could be lowered again.  Conversely, if the company is able to
stabilize operations and improve its profitability, likely only
in the medium term, the outlook could be revised to stable.

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 facility in Monterrey, Mexico.

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.


EMPRESAS ICA: Subsidiary Inks El Cajon Project in Nayarit
---------------------------------------------------------
Empresas ICA, S.A. de C.V.'s subsidiary, Constructora
Internacional de Infraestructura, S.A. de C.V., has received
Provisional Acceptance for the first turbine unit of the El
Cajon Hydroelectric Project in Nayarit, in accordance to the
contract signed by CIISA and its client, the Federal Electricity
Commission.

The Provisional Acceptance is the result of successful
completion of the operating tests specified in the contract.  
The unit has begun commercial operations and is generating power
at its full capacity of 375 megawatts to the satisfaction of the
CFE and in accordance with the contract terms.

As a result, CFE has paid CIISA the initial US$525 million,
which will be applied in its entirety to pay the project's debt.

"This is a great accomplishment for the consortium that built El
Cajon. The delivery of the turbine unit to the client's
satisfaction and in accordance with the terms of the contract
confirms our commitment to our clients.  It also reiterates our
history of fulfilling our obligations, both to our clients and
to the financial institutions that believed in the project and
financed it.  El Cajon is the first hydroelectric project
financed through the financed public works mechanism.  This
mechanism enabled this project to be financed and completed on
schedule. El Cajon will make an important contribution to
increasing the supply of electricity in Mexico," said Dr. Jose
Luis Guerrero, CEO of ICA.

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

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

                        *    *    *

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


GENERAL MOTORS: Expects 6-7% Decrease in February U.S. Sales
------------------------------------------------------------
Following its decision to reduce sales to daily rental fleets,
General Motors Corp. expects its February U.S. sales to be down
between 6 to 7%, Reuters reports.

GM reduced discounted fleet sales with the prospect of returning
to profitability in North America.  The move, according to
analysts, allowed the automaker to keep its assembly plants
running but eroded the value of its brands.

GM spokesman John McDonald told Reuters in an interview that the
company expects retail sales to be flat for the month.  Overall,
Mr. McDonald added, GM expects the U.S. February industry sales
to come in at an annualized rate of 16 million units.

According to Reuters, GM planned to cut its daily rental sales
more than 200,000 units this year after a reduction of about
77,000 units in 2006.  The planned cuts would take GM's annual
rental-related sales below 700,000 units by the end of 2008 from
more than 1 million before the effort began.

GM shares eased more than 2% in pre-market trading after
finishing almost 1% lower in Monday trade on the New York Stock
Exchange, Reuters said.

                 About General Motors Corp.

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

                        *     *     *

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

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

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


GRUPO CASA: Earns US$395.3 Mil. in Quarter Ended Dec. 31, 2006
--------------------------------------------------------------
Grupo Casa Saba reported its consolidated financial and
operating results for the fourth quarter of 2006.

GCS' net income in fourth quarter 2006 increased 29.45%, or
US$89.93 million, to US$395.34 million.  Net income as a
percentage of total sales increased from 4.59% in fourth quarter
2005 to 6.00% fourth quarter 2006.

                         Net Sales

During the fourth quarter of 2006, Grupo Casa Saba sales
decreased 0.83% when compared to the same 2005 quarter.  The
decline mainly reflects a high comparison base for Private
Pharma sales and lower sales to the government, as well as
health and beauty products.  It's worth mentioning that during
2005's fourth quarter, and particularly during month of December
that year, special season sales took place and triggered a
double-digit growth in the period.  In December 2006, the
Private Pharma market did not offer the same conditions to reach
the sales volumes registered in 2005, affecting the growth rate
of our main division, Private Pharma.

Sales of Publications and Food Products rose 12.48% and 8.33%,
respectively.  The increases reflect a good acceptance of our
catalogs of products in the different markets where we operate.

                      Sales By Division

Private Pharma

During 2006's fourth quarter sales in our Private Pharma
divisions rose 0.90%.  This modest growth reflects a high
comparison base, particularly in December.  Special end of
season sales in the last month of 2006 could not match those of
2005, as the market for private pharmaceuticals did not offer
the conditions to reach December 2005 sales.

Even when December was a difficult month in terms of comparison
for this division, the positive performance of the national
private pharmaceuticals market in terms of values, allowed
quarter sales to reach US$5,616.53 million, while its percentage
to total sales increased to 85.19% in fourth quarter 2006 from
83.73% in fourth quarter 2005.

Government Pharma

Sales of our Government Pharma division, which include sales to
government institutions, whether federal or state, decreased
26.59%, as sales to Petroleos Mexicanos declined.  Lower sales
to PEMEX stem from an internal modification applied by the
institution to their subrogation scheme of pharmaceutical
products.

With sales decreasing, the percentage to total sales of this
division also declined from 4.63% in fourth quarter 2005 to
3.43% in fourth quarter 2006.

Mainly as a result of lower sales of health and beauty products,
sales from this division, which include products other than
pharmaceuticals and publications, declined 7.79% during 2006's
fourth quarter.

The reduction in health and beauty products sales stems mainly
from the decision made by some of our clients not to buy these
type of products from GCS.

Conversely, food products sales had a good performance,
increasing 8.33% with respect to fourth quarter 2005.

As a percentage to total sales, the sales reduction in this
division affected its contribution to total sales, declining
from 8.92% in fourth quarter 2005 to 8.28% in fourth quarter
2006.

                        Publications

Citem's which is GCS' subsidiary that distributes publications
nation wide (mainly magazines), increased sales by 12.48% from
fourth quarter 2005.  The increase stems from a better
distribution of products by type of client in the different
niches where it operates, along with a greater acceptance and
demand for year-end editions.

As a result, the division's percentage to total sales grew from
2.73% in fourth quarter 2005 to 3.10% in fourth quarter 2006.

                        Gross Income

Grupo Casa Saba's gross income during the fourth quarter of 2006
decreased 3.97% from the same 2005 period.  Lower sales and
greater discounts offered contributed to this decrease.  The
increase in discounts stems from the strong competition that
prevails in all channels of the private pharmaceutical market.

                     Operating Expenses

The operating expenses of the Group as a percentage to total
sales decreased by 87 b.p. to 5.43%.  Operating expenses
performance during the fourth quarter of 2006 was influenced by
storage and route efficiency programs, as well as by corporate
and administrative expense savings schemes.  Total operating
expenses for the Group declined 14.46% from fourth quarter 2005,
or US$60.59 million.

                      Operating Income

Given that the reduction in expenses was proportionately above
the lower gross income, GCS's operating income increased 8.18%
from fourth quarter 2005.  As a percentage of total sales,
operating income of the Group represented 5.45% in fourth
quarter 2005 and closed at 5.94% in fourth quarter 2006.

                Operating Income Plus Depreciation
                           And Amortization

Depreciation and amortization in fourth quarter 2006 decreased
56.79% from fourth quarter 2005, as the Group's computer
equipment stopped depreciating a few months ago and a goodwill
registered in the fourth quarter of 2005 was not registered in
fourth quarter 2006.

Operating income plus depreciation and amortization in fourth
quarter 2006 increased 0.35% from the same previous quarter,
amounting to US$413.12 million.

                 Cash And Cash Equivalents

Cash and cash equivalents in fourth quarter 2006 totaled
US$616.38 million pesos, representing a 17.09% decreased from
fourth quarter 2005.  The decline in the cash position owes to
higher investment in working capital of the Group.

              Comprehensive Cost Of Financing

The comprehensive cost of financing in the fourth quarter
generated an income of US$6.45 million, 109.18% above the income
in fourth quarter 2005.  This growth mainly stems from a gain
during the fourth quarter in the company's monetary and exchange
rate positions, compared to a losses registered in fourth
quarter 2005.

                    Other Expenses/Income

Other expenses/income in fourth quarter 2006 totaled US$125.54
million, as a result of transportation equipment sales, third-
party services and others.

                       Tax Provisions

Tax provisions for fourth quarter 2006 increased 85.60% from
fourth quarter 2005.  The relationship between tax provisions
and income before taxes represented 18.39% in fourth quarter
2005 and closed at 24.40% in fourth quarter 2006.

                       Working Capital

During the fourth quarter of 2006, account receivables measured
in terms of days increased from 2005 by 0.3 days to 55.3 days.  
Inventory days also grew by 3.50 days to 60.8 days.  Account
payables, conversely, decreased by 0.90 days to 52.2 days.

Grupo Casa Saba, S.A. de C.V., operates as a multichannel,
multiproduct wholesale distributor in Mexico.  It primarily
offers pharmaceutical products, health, beauty aids and consumer
goods, general merchandise, publications, and office and other
products.  The company distributes its products through
pharmacies, mass merchandisers, retail and convenience stores,
supermarkets, and other specialized channels.  As of
Dec. 31, 2005, it operated a network of 22 distribution centers.
Grupo Casa Saba also offers a range of value-added services,
including multiple daily deliveries and emergency product
replacement services, as well as provides services that include
training, conferences, and trade fairs.  The company was founded
in 1892 and is based in Mexico City, Mexico.

                        *     *     *

Moody's assigned a Ba2 long-term corporate family rating on
Grupo Casa Saba S.A. de CV since July 15, 2003.


GRUPO TMM: Revenues Reduced to US19.5 Million in 2006 Fiscal Yr.
----------------------------------------------------------------
Grupo TMM S.A.B. reported its financial results for the fourth-
quarter and full-year periods of 2006.

Revenues in the fourth quarter and full year of 2006 compared to
the same periods of 2005 were impacted by the sale of TMM's port
assets in Colombia in 2005, reducing fourth quarter 2006
revenues by US$3.3 million and twelve months 2006 revenues by
US$19.5 million.  Revenues in the 2006 periods were also
impacted by the cancellation of service agreements by Kansas
City Southern de Mexico, reducing revenues by US$9.0 million in
the fourth quarter and US$29.0 million in the full year.  
Consolidated operating profit in fourth quarter 2006 was US$2.8
million and included US$1.5 million of one-time costs and
expenses.  Had these one-time charges not occurred, the
consolidated operating profit run rate for the quarter would
have been US$4.3 million.

Javier Segovia, president of Grupo TMM, said, "The year 2006 was
one of transition, evolution and ultimately progress for Grupo
TMM.  Last year we focused our efforts to make TMM stronger and
better positioned for the future.  Constrained by high debt at
the beginning of 2006, we paid our Bondholders in full in the
third quarter of last year and adopted a new financial
structure, which gives us greater flexibility in managing our
debt levels.  This stronger balance sheet freed up capital to
provide vital resources for growth and expansion for each of our
business units, positioning Grupo TMM to increase market share
organically, service our customers more efficiently, and improve
profitability in 2007.

"At Maritime, we invested over US$241.4 million in 2005 and 2006
to acquire new vessels and the minority interests held by our
former partners in our offshore and tugboat operations, securing
the financing for these investments through the contracted
revenues generated by these assets.  During the fourth quarter
of 2006 and at the beginning of 2007, our product tanker group
was awarded three time charter contracts, which will increase
our annual revenues by approximately US$13 million.  In our
parcel tanker segment we negotiated rate increases associated
with current contracts, which will add approximately US$5
million of incremental revenue for this year. These additions
bring the Maritime division's EBITDA to US$55 million for 2007.  
Maritime is positioned for growth as Mexico's new administration
continues to make decisions concerning oil exploration,
including further outsourcing of the government-owned fleet.

Mr. Segovia continued, "At Logistics, we begin 2007 with a clean
slate and a renewed focus. This division lost US$29 million in
revenue in 2006 due to the cancellation of contracts by Kansas
City Southern de Mexico.  Fourth quarter results also reflect
significant losses due to other terminated operations.  However,
in 2006, we began to invest in this division by ordering 80 new
tractors and 82 new trailers, and securing leasing for an
additional 271 new tractors and 390 trailers in September, which
began to arrive in December.  As of the end of February we have
received 130 tractors and 200 trailers and believe we will have
modernized much of our fleet by May or June of this year, taking
the average age of our trucking fleet from 11 years in 2006 to
four years in 2007.  The modernization of our fleet will provide
fuel efficiencies and lower our maintenance costs.  The
replacement and addition of assets to our trucking fleet will
allow us to increase our operable tractors from 452 to 595 units
by mid-Summer and our trailer fleet from 1,000 to 1,300 units.  
Additionally, in December 2006 we purchased ADEMSA, the fourth
largest bonded warehouse system in Mexico, improved yards and
terminal capabilities, and added software to link our supply
chain process.  The ADEMSA warehouse system provides an
important part of the integrated supply chain, so that this
division can quickly become a significant player in bonded and
non-bonded warehousing facilities within Mexico.  We believe
that with the investments we are now making, Logistics will
become a profitable and growth-oriented part of the company and
project an annual EBITDA run rate of US$17 million by mid-year.

"Finally, our Ports division remains stable, and we project 2007
EBITDA of US$3 million for this division."

Mr. Segovia concluded, "While Grupo TMM's revenues in 2006 were
lower than in 2005 due to cancelled contracts and terminated
operations, we have reversed this downward trend.  We are
beginning 2007 with US$30 million of additional revenue,
providing a base of US$278 million of revenue compared to US$248
million at the end of 2006, which will afford us greater
financial flexibility and a stronger foundation.  We expect that
2007 will benefit from last year's transition as our efforts in
2006 continue to gain traction. Overall, we expect improvements
in financial results and believe that our performance in 2007
will lead to enhanced shareholder value."

SG&A of US$6.9 million in fourth quarter 2006 decreased 19.3%,
or US$1.6 million, over the same period of 2005, and SG&A of
US$31.8 million for full-year 2006 remained stable compared to
the same period of 2005.

Net interest expense in fourth quarter 2006 was US$9.8 million
compared to US$15.4 million in the same quarter last year.  Net
interest expense in the 2006 twelve-month period was US$30.6
million compared to US$68.2 million in the 2005 twelve-month
period.

As of Dec. 31, 2006, TMM's total debt was US$362.3 million, of
which US$195.2 million is related to the company's
securitization facility, US$1.0 million is related to debt in an
acquired subsidiary, and US$166.1 million is project finance
debt and is related to the acquisition of maritime assets and
supported by approximately US$116.7 million of long-term
contracted revenues, by the Mexican Navigation Law and by the
total market value of these assets, which is estimated to exceed
their book value by US$42 million.

                      Segment Results

Maritime

Comparing the fourth quarter and twelve months of 2006 with the
same periods of last year:

  -- Revenues decreased 7.8% in the 2006 fourth-quarter and 8.2%
     in the 2006 twelve-month periods due mainly to fewer
     offshore and tanker vessels in operation

  -- Revenues were also impacted by US$0.9 million from atypical
     dry-docking activity in the 2006 fourth quarter and by
     US$4.0 million in the 2006 twelve-month period

  -- Improved operating profit and margins at all business
     segments in the 2006 twelve-month period due mainly to cost
     reductions of 17.3% in the 2006 twelve-month period as a
     result of increased owned offshore and tanker vessels
    
Logistics

Comparing the fourth quarter and twelve months of 2006 with the
same periods of last year:

  -- Overall revenues and operating results were impacted in
     both periods due to Kansas City Southern de Mexico contract
     losses and to the termination of unprofitable operations

  -- In the 2006 fourth quarter, trucking revenues increased
     22.7% to US$9.7 million and 32.1% to US$35.6 million in the
     2006 twelve-month period due to new tractors and trailers
     acquired throughout the year

  -- In the 2006 twelve-month period, inbound logistics revenues
     increased 21.8% to US$21.0 million due mainly to increased
     volumes at Volkswagen
    
Ports and Terminals

Comparing the fourth quarter and twelve months of 2006 with the
same periods of last year:

  -- Revenues were impacted by the sale of port assets in
     Colombia and by a reclassification of net revenue at the
     shipping agencies business segment

  -- Revenues at Acapulco increased 8.9% to US$5.7 million in
     the 2006 twelve-month period due to a 16.2% revenue
     increase in the cruise ship business segment

  -- Auto handling revenues at Acapulco improved 27.5% to US$1.7
     million in the 2006 twelve-month period as export volumes
     to the Middle East and South America increased from 25,963
     automobiles in 2005 to 37,452 in 2006

                      About Grupo TMM

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin   
American multimodal transportation and logistics company.  
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                        *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM SA to 'B-' from 'CCC.'  The rating was
removed from Creditwatch, where it was placed on Dec. 15, 2004.  
S&P said the outlook is positive.


RADIOSHACK CORP: Reports US$84.5MM Net Income in Fourth Quarter
---------------------------------------------------------------
RadioShack Corporation announced a 65% increase in reported net
income to US$84.5 million for the quarter ended Dec. 31, 2006.  
Net income for the quarter ended Dec. 31, 2005, was US$51.2
million.  Fourth quarter 2006 net income was favorably impacted
by improved gross margin, a reduction in SG&A, and reduced
interest expense when compared to the prior year.  RadioShack's
cash balance increased 111% or US$248 million at the end of the
fourth quarter of 2006 to US$472 million versus US$224 million
at the end of the fourth quarter of 2005.  The increase in cash
was driven by improved working capital management and cash
generated from net income.

"Our team put forth a tremendous effort executing our plan
during the fourth quarter.  We have made great progress in some
areas, while other areas such as the wireless business remain a
challenge.  We have strengthened our balance sheet and cash
position while enhancing profitability of the company.  This
gives us greater flexibility as we develop our longer-term
strategy," said Julian Day, chairman and chief executive
officer.  "I look forward to 2007, as we continue our focus on
improving our core operations in all facets of our company."

                   Fourth Quarter Results

Revenue

Fourth quarter 2006 comparable store sales were down 7.7% versus
the fourth quarter of 2005.  An income statement
reclassification relating to the sale of prepaid wireless
airtime, due primarily to contract changes, negatively impacted
comparable store sales by approximately 220 basis points but did
not impact operating profit.  Adjusted comparable store sales,
excluding the impact of the reclassification, decreased by 5.5%.  
The decline in comparable sales was mainly driven by lower sales
in postpaid wireless and personal electronics, partially offset
by increases in pre-paid wireless sales, MP3 players and
accessories.

Total sales in the fourth quarter of 2006 were down US$214
million to US$1.458 billion versus total sales of US$1.672
billion for the same period last year, driven by the impact of
closed stores and the decline in comparable store sales.  
RadioShack had 4,467 U.S. company-operated stores at the end of
the fourth quarter of 2006, down 505 from the previous year.

Operating Income

Fourth quarter 2006 operating income was US$145.8 million as
compared to US$82.4 million in the prior year.  This increase
was driven by lower operating expenses, which was partially
offset by fewer gross profit dollars.  The decline in gross
profit dollars versus the prior year was due to the impact of
closed stores and comparable store sales decreases.  
Nevertheless, the company's gross margin for the fourth quarter
increased 450 basis points to 45.6%.  This favorability in gross
margin versus prior year was driven by improved inventory
management, reduced promotional markdowns and the change in
income statement geography of prepaid wireless airtime,
partially offset by an unfavorable merchandise mix.

SG&A expenses were US$482.8 million in the fourth quarter of
2006, down US$89.5 million versus the prior year.  The decrease
in SG&A was driven by payroll, both from headcount reductions at
headquarters and efficiencies in labor scheduling at store
level, impact of store closings and reduced advertising expense.

               Full-Year Sales and Net Income

Full year 2006 comparable store sales were down 5.6% versus
calendar year 2005.  An income statement reclassification
relating to the sale of prepaid wireless airtime, described
above, negatively impacted comparable store sales by
approximately 280 basis points but did not impact operating
profit.  Adjusted comparable store sales, excluding the impact
of the reclassification, decreased by 2.8%.

Total sales for 2006 were down US$304 million to US$4.778
billion versus total sales of US$5.082 billion for the same
period last year.  The reduction in sales was primarily the
result of the store closures mid-year and the comparable store
sales decline.

Net income for the full year ended Dec. 31, 2006 was US$73.4
million versus net income of US$267.0 million for the comparable
prior year period.

                Financial Position at Year End and
                        Full-Year Cash Flow

The company ended the year with a reduction in accounts
receivable and inventory when compared to prior year. These
improvements were a result of increased focus on working capital
and to a lesser extent, the impact of a reduction in the
wireless business.

Net property, plant and equipment was less than last year due to
the impact of closing stores mid-year and the removal of their
corresponding fixed asset balances.

The company's total debt remained consistent with 2005, although
at Dec. 31, 2006, US$150 million was reclassified from long-term
debt to short-term debt due to the upcoming maturity of notes
issued in 1997.

RadioShack generated US$189.9 million in free cash flow through
the twelve months of 2006 versus free cash flow of US$158.5
million for the same period in 2005.  Compared to 2005, the
increased cash generated in 2006 was driven by improved
inventory and accounts receivable management, combined with more
prudent capital expenditures, partially offset by lower net
income.

                        2007 Outlook

"We are pleased with the progress made during the fourth
quarter, as we improved profitability and strengthened our
balance sheet," stated Jim Gooch, chief financial officer.  "We
expect these improvements to drive increased profitability for
2007, and we therefore anticipate fully diluted earnings per
share will be in the range of US$1.00 to US$1.20."

Expected drivers of earnings are improved gross profit trends,
lower SG&A expenses, lower depreciation and lower net interest
expense.  The effective tax rate is anticipated to be higher
than the 2006 rate.

The company also reported today that it expects capital
expenditures to be between US$60 and US$80 million in 2007.

Fort Worth, Texas-based RadioShack Corp. --
http://www.RadioShackCorporation.com/-- is a consumer  
electronics specialty retailers and a growing provider of retail
support services.  The company operates a network of sales
channels, including: more than 6,000 company and dealer stores;
more than 100 RadioShack locations in Mexico and Canada; and
nearly 800 wireless kiosks.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services lowered the corporate credit
and senior unsecured ratings on Fort Worth, Texas-based
RadioShack Corp. to 'BB' from 'BBB-'.  At the same time, the
rating agency lowered the short-term rating to 'B-1' from 'A-3'.
The outlook is negative.  Total debt was US$610 million as of
Sept. 30, 2006.


VALASSIS COMM: Prices US$540 Million of 8.25% Senior Notes
----------------------------------------------------------
Valassis Communications Inc. has priced a private placement of
US$540 million aggregate principal amount of 8-1/4% senior notes
due 2015.  The sale of the notes is expected to close on
March 2, 2007, subject to customary closing conditions.

Valassis intends to use the net proceeds from the offering,
together with initial borrowings under an anticipated new senior
secured credit facility and other available cash, to finance its
previously announced acquisition of ADVO, Inc., to refinance all
of ADVO's outstanding indebtedness and to pay related fees and
expenses.

Valassis will pay interest on the notes at an annual rate equal
to 8-1/4%, subject to earlier repurchase or redemption.  The
notes will mature on March 1, 2015, and will be guaranteed by
substantially all of Valassis' existing and future domestic
restricted subsidiaries on a senior unsecured basis.

The offering is being made only to qualified institutional
buyers pursuant to Rule 144A of the Securities Act and outside
the United States to persons other than U.S. persons in reliance
upon Regulation S.  The notes have not been registered under the
Securities Act and may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Standard & Poor's Ratings Services assigned its
'B-' rating to Valassis Communications Inc.'s proposed US$590
million senior unsecured notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2007, Moody's Investors Service assigned a B3 rating to
Valassis Communications, Inc.'s proposed US$590 million of fixed
and floating rate senior unsecured notes due 2015.  Moody's
Feb. 12, 2007, rating action on Valassis contemplated the
issuance of US$590 million of junior debt in conjunction with
the acquisition of ADVO and the company's existing ratings are
not affected by the issuance of the new senior unsecured notes.  
Valassis' Corporate Family rating is B1 and the rating outlook
remains stable.




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


IRON MOUNTAIN: Posts US$37MM Net Income in 2006 Fourth Quarter
--------------------------------------------------------------
Iron Mountain Incorporated announced its financial results for
the fourth quarter ended Dec. 31, 2006, reporting higher
revenues, strong storage internal revenue growth and net income
for the quarter.

Operating income for the fourth quarter of 2006 was US$115
million, or 19% of revenues, compared to US$97 million, or 18%
of revenues, for the same period in 2005.  Net income for the
quarter was US$37 million compared to US$26 million for the same
period in 2005.  All per share amounts have been restated to
reflect the three-for-two stock split effected in the form of a
stock dividend on Dec. 29, 2006.

Included in net income for the quarter is US$3 million of other
income, net comprised primarily of foreign currency related net
gains due primarily to the strengthening of the British Pound
Sterling compared to Sept. 30, 2006.  Included in net income for
the quarter ended Dec. 31, 2005, is US$3 million of other
expense, net comprised primarily of foreign currency related net
losses, due mainly to the weakening of the Euro and the British
Pound Sterling.

The company's total consolidated revenues for the quarter ended
Dec. 31, 2006, grew to US$610 million, an increase of 13%
compared to the quarter ended Dec. 31, 2005.  For the quarter,
storage revenues grew 11% and service revenues grew 16% compared
to the same period in 2005.  Storage revenues, which are
considered a key performance indicator for the information
protection and storage services industry, are largely recurring
since customers typically retain their records for many years.  
This marks the 72nd consecutive quarter for which the company
has reported increased storage revenues.

For the fourth quarter of 2006, the storage and service revenue
internal growth rates were 10% and 10%, respectively, yielding a
total internal revenue growth rate of 10%.  The total core
storage and services revenue internal growth rate was 9% for the
quarter.

"2006 was another solid year for Iron Mountain, highlighted by
strong internal revenue growth rates, particularly in storage
revenue, a key driver of our business, as our customer facing
investments continue to generate the expected results," stated
Richard Reese, the company's Chairman and CEO.  "The
opportunities before us are many and we are aggressively
investing in those that hold the greatest potential for driving
long-term, increasingly profitable growth and ultimately higher
shareholder value."

Operating income before depreciation and amortization was
US$169 million, or 27.7% of revenues, for the quarter ended
Dec. 31, 2006, compared to US$149 million, or 27.6% of revenues,
for the quarter ended Dec. 31, 2005.  Included in OIBDA for the
quarter ended Dec. 31, 2006, is US$10 million of gains related
to the sale of real estate compared to US$4 million for
the quarter ended Dec. 31, 2005.

For the twelve months ended Dec. 31, 2006, the company reported
total consolidated revenues of US$2.4 billion, an increase of
13% compared to the prior year.  Storage revenues and service
revenues grew 12% and 14%, respectively, for the twelve months
of 2006 compared to the prior year.  For the year, storage and
service revenue internal growth rates were 10% and 7%,
respectively, yielding a total internal revenue growth rate of
9%.

OIBDA was US$616 million, or 26.2% of revenues, for the year
ended Dec. 31, 2006 compared to US$574 million, or 27.6% of
revenues, for the year ended Dec. 31, 2005.  Included in OIBDA
for the year ended Dec. 31, 2006, is US$10 million of net gains
related primarily to the sale of real estate compared to US$3
million for the year ended Dec. 31, 2005.

Operating income for the twelve months of 2006 was US$407
million, or 17% of revenues, compared to US$387 million, or 19%
of revenues, for 2005.  Net income was US$129 million for 2006,
compared to US$111 million for 2005.

Included in net income for the twelve months ended
Dec. 31, 2006, is US$12 million of other income, net comprised
primarily of foreign currency related net gains, due mainly to
the strengthening of the British Pound Sterling, partially
offset by charges related to the early extinguishment of debt
associated with the company's financing activities.  Included in
net income for the twelve months ended Dec. 31, 2005, is US$6
million of other expense, net comprised almost exclusively of
foreign currency related net losses, due primarily to the
weakening of the British Pound Sterling and the Euro offset by
the strengthening of the Canadian Dollar.

In line with its strategy, Iron Mountain acquires attractive
businesses that provide a strong platform for future growth by
expanding the company's geographic footprint and service
offerings while enhancing its existing operations.  Since the
end of the third quarter, the company completed several small
shredding and records management business acquisitions in North
America and acquired a 50.1% equity interest in Transnational
Company Pte. Ltd. Established in 1978, Transnational Company
Pte. Ltd. is headquartered in Singapore and is a provider of
information protection and storage services in Singapore, Hong
Kong-SAR China, Indonesia, Sri Lanka, Taiwan, and Malaysia.

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services.  The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery.  Founded in 1951, Iron
Mountain has more than 90,000 corporate clients throughout North
America, Europe, Latin America, and Asia Pacific.  Net revenue
for twelve months ended March 31, 2006 was approximately US$2.1
billion.  Its Latin American operations are located in
Argentina, Brazil, Chile, Mexico and Peru.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Standard & Poor's Ratings Services assigned its
'B' rating to Iron Mountain Inc.'s proposed EUR175 million 6.75%
senior subordinated notes due 2018.


* PERU: S&P Rates US$1.24 Billion Global Bond Due 2037 at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' foreign
currency credit rating to the Republic of Peru's (BB+/Stable/B
foreign, BBB-/Stable/A-3 local currency sovereign credit
ratings) US$1.24 billion global bond due in 2037 issued as part
of a new liability management operation.  Peruvian authorities
also announced the reopening of the already-rated global 2016
and global 2033 bonds by additional amounts of US$855 million
and US$95 million, respectively.
     
According to Standard & Poor's credit analyst Sebastian Briozzo,
these bonds are part of a new liability operation that seeks to
strengthen the Peruvian government's debt profile by taking
advantage of both the good performance of the local economy and
the high liquidity in international capital markets.
      
"The recent debt swap specifically reduced Peru's refinancing
risk between 2011 and 2015, putting it more in line with the
amortization profile for the period 2007-2010," Mr. Briozzo
said.  "Standard & Poor's views these liability management
procedures, and other upcoming operations of this type, as
positive developments in Peru's current trend of strengthening
creditworthiness," he added.
     
Mr. Briozzo explained that the ratings on Peru reflect a
comprehensive improvement in the country's economic indicators,
and favorable medium-term prospects in the context of a more
stabilized political and social situation.  By year-end 2006,
after an impressive economic performance that led to GDP growth
of 8%, Peru reached five years of economic growth averaging
5.8%.  More importantly, this growth performance was achieved
within a strengthening macroeconomic framework characterized by
low inflation, improved monetary institutions, current account
surpluses, and a fiscal consolidation strategy resulting in
declining debt levels.     

Most of Peru's historic vulnerabilities continue to show a
declining trend, in particular its debt burdens (both internal
and external) and high level of dollarization.  The positive
adjustment of Peru's external sector, benefiting from a very
favorable international environment, has been spectacular.  The
successful development of Peru's local capital market was also
fundamental in mitigating the country's external vulnerability
and incorporating new sources of financing.
      
"Political and social instability continue to constrain the
rating on Peru," added Mr. Briozzo.  "However, since taking
office, President Alan Garcia has regained political momentum
and stabilized a complex social situation, allowing the economy
to continue benefiting from the very favorable international
environment.  President Garcia reaffirmed his commitment to
sound macroeconomic policies by appointing independent
economists to manage the key areas of fiscal and monetary policy
management," he said.
     
Peru's social and political situation remains weak.  This
constitutes the major constraint on the current ratings and the
key weakness this credit will continue to face in moving into
investment grade.  The extraordinarily favorable international
environment facilitates the challenge of dealing with large
social problems and, at the same time, consolidating the
macroeconomic framework.  While these favorable conditions are
expected to continue over the medium term, dealing with the
current level of social problems in the face of declining
commodity prices will remain the most significant risk to the
rating going forward.
      
"The stable outlook is based upon the balance provided by
strengthening economic, fiscal, monetary, and external
conditions that are gradually converging at the investment-grade
level, combined with still-high vulnerabilities on the political
and social front that are well in line with speculative-grade
ratings," noted Mr. Briozzo.  "Peru's credit story could
continue its upward trend over the medium term if social
stability deepens, but could also suffer if social conditions
deteriorate and affect governability and economic policy
implementation.  Dealing with this social situation under a
scenario of lower commodity prices will remain a major challenge
for current and future administrations in Peru," he concluded.




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


DAISY MAR: Case Summary & Four Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Daisy Mar Fabrics Inc.
        HC 03 Box 14811
        Corozal, Puerto Rico 00783

Bankruptcy Case No.: 07-00841

Type of Business: The Debtor distributes and sells wearing
                  Apparels.

Chapter 11 Petition Date: Feb. 22, 2007

Court: District of Puerto Rico (Old San Juan)

Judge: Gerardo Carlo

Debtor's Counsel: Jorge R. Collazo Sanchez, Esq.
                  Collazo Sanchez Law Office
                  P.O. Box 1494
                  Coamo, PR 00769
                  Tel: (787) 825-7161

Total Assets: US$512,884

Total Debts:  US$478,816

Debtor's 4 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Zultex Creaciones                                      US$40,000
Carr 56 Numero 50-55
Colombia
Colombia Medellin

Everfit                                                US$17,663
Urb Industrial Los Angeles
P.O. Box 8950
Panama

Herber Fabrics Corp./Cit      Bank Loan                US$12,382
1270 E. Highway 356
Irving, TX 75060

Disenos Exclusivos                                      US$8,268
Calle 17 No. 43 F 23
Colombia Medellin


MOTHERS WORK: Moody's Ups Corporate Family Rating to B2 from B3
---------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Mothers Work, Inc., to B2 from B3 and its probability of
default rating to B2 from B3.  The rating outlook is stable.  
The upgrade is a result of the company's sustained improvement
in operating performance combined with a sizable debt reduction,
which has led to a solid improvement in credit metrics.  In
addition, Moody's assigned a B2 rating to Mothers Work's new
proposed senior secured Term Loan B.  The proceeds from the
proposed US$90 million Term Loan B would be used to redeem its
existing 11.25% Senior Notes.

The improvements in credit metrics were driven by a recovery in
its operating margin to 5.6% for the LTM period ended
Dec. 31, 2006, from 2.5% for the fiscal year ended
Sept. 30, 2005.  Operating margins increased primarily due to a
successful refinement of the company's merchandising strategy
driving modestly positive comparable store sales, the success of
the leased departments and licensing arrangements with Sears and
Kohl's, as well as the implementation of its real estate
repositioning strategy by consolidating a number of its stores
operating under different brand names into the multi brand
Destination Maternity format.  In addition, the company repaid
approximately US$35 million in debt since August 2006.  The
improvement in operating margin and debt reduction has resulted
in Debt/EBITDA falling to 5.7 times for the LTM period ended
Dec. 31, 2006, from 7.0 times for the FYE Sept. 30, 2005, and
EBITA to interest expense improving to 1.4 times from 1.0 times
over the same period.

ThIs rating is assigned:

   -- US$90 million senior secured term loan B of B2
      (LGD4, 52%)

These ratings are upgraded:

   -- Corporate family rating to B2 from B3;

   -- Probability of default rating to B2 from B3; and

   -- US$90 Million 11.25% Senior Notes to B3 (LGD4-67%)
      from Caa1 (LGD4-64%).

The ratings on the US$90 million of 11.25% senior notes will be
withdrawn upon their successful redemption.

The B2 corporate family rating is indicative of the company's
very small scale with top line revenues for the fiscal year
ended Sept. 30, 2006, of US$603 million, its low operating
margins with profitability that is well below its peer group,
and its high seasonality with most of its cash flow from
operations being generated during the fiscal third quarter.  In
addition, the company's B2 rating is supported by the company's
predominantly B rating level credit metrics (all metrics
calculated using Moody's standard analytical adjustments),
notably its fairly high leverage with Debt/EBITDA of 5.7 times,
weak FCF/Debt of 2.5%, and its low interest coverage with EBITA
to interest expense of 1.4 times for the LTM period ending
Dec. 31, 2006.  Offsetting these high yield characteristics are
several investment grade characteristics -- including its
leading position in the maternity apparel sub-sector of retail
and its national geographic footprint with locations in 50
states.

Mothers Work, Inc., with headquarters in Philadelphia,
Pennsylvania, is the largest independent retailer of maternity
apparel in the United States.  The company operates 1,582 retail
locations, including 798 stores in 50 states, Puerto Rico and
Canada under the Motherhood Maternity, Mimi Maternity, A Pea in
the Pod and Destination Maternity trade names, in addition to
its brand-specific Internet web stores.  Revenues for the fiscal
year ended Sept. 30, 2006, were US$603 million.




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


DIGICEL GROUP: Closes US$1.4 Billion of Bond Sale
-------------------------------------------------
Digicel Group Limited, has raised US$1.4 billion in capital
through a corporate bond offering to acquire 100% ownership of
Digicel Ltd., one of the fastest growing telecommunications
companies in the world, by its founder and Chairman Denis
O'Brien.  The transaction -- representing the largest bond
offering in the Caribbean -- was five times over-subscribed.

Led by investment banks Citigroup and J.P. Morgan Chase the
transaction also involved Lehman Brothers, Credit Suisse, Davy
Stockbrokers and Goodbody Stockbrokers in Ireland.  The US$1.4
billion bond financing which was priced at a coupon of 8.875%
cash pay and 9.125% PIK toggle, involved orders from
approximately 300 accounts across the international financial
community including the United States, Europe, the Caribbean and
Asia.

Digicel Chairman Denis O'Brien said he was delighted that the
funding was such a resounding success.  "The response to our
offering reflects the confidence in the prospects for future
growth and development of Digicel under the direction of a
dynamic management team and a dedicated workforce."

"We believe that the growth prospects in our 22 markets
including Guyana, El Salvador, Haiti and Trinidad & Tobago will
enable Digicel Group to achieve the growth consistency which has
been evident since we started operations in Jamaica less than
six years ago" added Mr. O'Brien.

Digicel recorded annualized revenues of US$948 million for the
six month period ended September 2006 and has a total customer
base of more than 4 million.

"This transaction is the largest bond offering ever undertaken
in the Caribbean, and we believe the largest High Yield from the
Latin & Caribbean region" said Ken McGrath, Managing Director,
Citigroup.  "It is also the first innovative Toggle note ever
done in the emerging markets.  We believe that the success of
the offering was a result of the Digicel's growth prospects and
most particularly to the credibility of the management team to
continue to grow the business as the leading Caribbean wireless
operator.  Citigroup is proud to have played a role in its
success."

James Seagrave, Managing Director of JP Morgan remarked: "This
transaction is remarkable in many respects.  Digicel's brand is
increasingly ubiquitous across the Caribbean, as the Company has
continued to expand its footprint and materially increase the
number of mobile users across the region.

"Digicel's growth is testament to both its strategy of providing
a high quality network and unique service experience to its
customers as well as to the strength and track record of the
management team.  We congratulate all at the Company who have
been involved in Digicel's success so far and look forward to
tracking future milestones" added James Seagrave.

Digicel Group Limited -- http://www.digicelgroup.com/-- is a  
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

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

Digicel Group Ltd.

   -- 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 was stable.




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


CAMARGO CORREA: Offers US$130-Million Investment to Ancap
---------------------------------------------------------
Published reports in Uruguay say that Brazilian civil
engineering group Camargo Correa has proposed a US$130-million
investment to Uruguayan state oil firm Ancap to build up the
latter's cement industry.

According to Business News Americas, Camargo Correa has offered
to construct a clinker, cement and coke plant in Paysandu.

BNamericas relates Camargo Correa and Ancap officials will meet
again to finalize details of the project.

The report says that Camargo Correa is considering participating
actively in Uruguay's infrastructure development, which will
include:

          -- highways,
          -- bridges, and
          -- ports.

The building of two pulp mill plants will also boost the need to
improve Uruguay's transport infrastructure, as production from
them will be exported to Europe and Asia, BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2006, Fitch Ratings has assigned local currency and
foreign currency IDR debt ratings of 'BB' to Camargo Correa S.A.
as well as an 'A+(bra)' national debt rating.  Fitch said the
outlook for all ratings is stable.

Moody's assigned a BB long-term currency rating on Camargo
Correa's US$250,000,000 senior unsecured notes that will mature
on May 17, 2016.


* URUGUAY: Receives US$130MM Investment Offer from Camargo
----------------------------------------------------------
Published reports in Uruguay say that the Uruguayan state oil
firm Ancap has received a US$130-million investment offer from
Brazilian civil engineering group Camargo Correa to build up the
former's cement industry.

According to Business News Americas, Camargo Correa has offered
to construct a clinker, cement and coke plant in Paysandu.

BNamericas relates Camargo Correa and Ancap officials will meet
again to finalize details of the project.

The report says that Camargo Correa is considering participating
actively in Uruguay's infrastructure development, which will
include:

          -- highways,
          -- bridges, and
          -- ports.

The building of two pulp mill plants will also boost the need to
improve Uruguay's transport infrastructure, as production from
them will be exported to Europe and Asia, BNamericas states.

                        *     *     *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.




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


AES CORP: Inks Pact with Petroleos to Sell Power Unit Stake
-----------------------------------------------------------
The AES Corp. has entered into a definitive agreement with
Petroleos de Venezuela S.A. for the purchase of AES Corp.'s
82.14% stake in C.A. La Electricidad de Caracas for
approximately US$739 million.  AES Corp. expects to receive its
share of a dividend, which will provide up to US$98.6 million,
following its conversion from Bolivares into US Dollars.  As a
result of this sale, the company expects to record a pre-tax,
non-cash charge in the range of US$550 to US$650 million in the
first quarter of 2007.

Petroleos de Venezuela is the state-owned oil company of the
Bolivarian Republic of Venezuela.

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

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

                        *     *     *

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


DAIMLERCHRYSLER AG: Predicts Drop in 2007 Sales for Truck Arm
-------------------------------------------------------------
DaimlerChrysler AG projects a drop in sales for its truck
division in 2007, although it is expected to stay profitable as
the company anticipates a steady demand for trucks in Western
Europe and North America, the Wall Street Journal reports.

Truck division head Andreas Renschler revealed that Freightliner
LLC, part of the unit, would continue to be lucrative this year,
despite soaring fuel prices that could lead to a slump for the
industry, the Associated Press states.

According to published reports, Mr. Renschler said that the
market for middle to heavy trucks could decline by 25% to 27%,
with the Japanese market possibly shrinking 40% in 2007, but he
sees an increase in demand during the last quarter.

TCR-Europe reported on Feb. 15 that in 2006, the Truck Group
built on the very successful developments of the prior year,
increasing unit sales by 1% to a new record of 537,000 vehicles.

The Truck Group achieved an operating profit of EUR2.020 billion
in 2006, a significant increase from the previous year's result
of EUR1.606 billion.

                    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 company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

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.


INTERNATIONAL PAPER: Completes Arizona Chemical Sale for US$485M
----------------------------------------------------------------
International Paper completed the sale of its Arizona Chemical
business to Rhone Capital III L.P. for approximately US$485
million.  In addition, International Paper will acquire a
minority interest of approximately 10% in the acquisition
vehicle to be formed by Rhone Capital.

                   About Arizona Chemical

Headquartered in Jacksonville, Florida, Arizona Chemical --
http://www.arizonachemical.com-- has been a global leader in  
pine chemistry for more than 75 years.  The company supplies
high-quality pine chemicals to the adhesives, inks and coatings,
and oleo chemicals markets.

Arizona Chemical has 11 manufacturing facilities worldwide,
located in Panama City, Pensacola and Port St. Joe, Fla.;
Savannah and Valdosta, Ga.; Dover, Ohio; Bedlington and Chester-
le-Street, England; Niort, France; Oulu, Finland; and Sandarne,
Sweden.  Arizona Chemical also has research and development
capabilities and a network of sales offices throughout the
world, including a research and European headquarters in Almere,
Netherlands, as well as a research laboratory in Savannah, Ga.  
The company employs nearly 1,500 team members.

                     About Rhone Capital

Rhone Capital specializes in mid-market leveraged buyouts,
recapitalizations and partnerships with particular focus on
European and Trans-Atlantic investments.  The acquisition of
Arizona Chemical will be an investment of Rhone's third private
equity fund.

                 About International Paper

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Upgrading 150 Gas Stations
--------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela SA is
upgrading 150 gas stations all over the country to restart the
sale of natural gas for vehicles or VNG, news daily El Universal
reports.

Business News Americas relates that Deltaven, Petroleos de
Venezuela's domestic marketing unit, runs the 150 gas stations.

According to El Universal, the Venezuelan government is planning
to raise gasoline prices and so Petroleos de Venezuela ordered
its vehicles to be redesigned to run on natural gas.

Venezuela signed on Feb. 21 an accord with Argentina, whose cars
run on natural gas, for the latter's firms to advise the
Venezuelan government about implementing the new VNG plan,
BNamericas notes.  

BNamericas underscores that Venezuela experimented with VNG in
the 1990s.  However, cheap gasoline prevented the initiative
from gaining wide acceptance.  

Figures from the Organization of the Petroleum Exporting
Countries indicated that gasoline prices have been frozen since
1997 and that premium gasoline is the world's cheapest, at about
US$0.04 per liter, BNamericas states.

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

                        *    *    *

As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'.  Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company.  Fitch said the rating
outlook is stable.


PETROLEOS DE VENEZUELA: Will Sign US$3.5B Credit with Japan
-----------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA
will sign a US$3.5-billion credit facility with several Japanese
firms for 15 years, El Universal reports.

According to El Universal, Petroleos de Venezuela will have an
option of paying the loan through oil and by-products.

Petroleos de Venezuela said on its Web site that it will sign
the deal with:

          -- the Japan Bank for International Cooperation,
          -- a group of Japanese banks,  
          -- Marubeni, and
          -- Mitsui.

Marubeni and Mitsui had agreed to buy oil from Petroleos de
Venezuela for 15 years.  They considered the deal as a supply
accord with an advance payment, Reuters states, citing the Japan
Bank.

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

                        *    *    *

As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'.  Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company.  Fitch said the rating
outlook is stable.  


* VENEZUELA: Hugo Chavez Inks Orinoco Nationalization Decree
------------------------------------------------------------
Venezuelan President Hugo Chavez has signed a decree that will
nationalize four extra-heavy crude oil projects in the Orinoco
belt, Alo Presidente television program reports.

Business News Americas relates that under the decree, the
Orinoco projects have to abide by the 2004 hydrocarbons law,
giving Venezuelan state-owned oil company Petroleos de Venezuela
SA a majority stake.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2007, Venezuelan energy and oil minister Rafael Ramirez
said that the government drafted the decree to nationalize the
projects.  The Venezuelan national assembly agreed on
Jan. 31, 2007, to grant President Hugo Chavez special powers for
18 months to regulate hydrocarbons and their derivates, electric
power, telecommunications and other strategic industries.  

The four Orinoco projects, which have capacity to produce
620,000 barrels per day of oil but are churning out less than
600,000 barrels per day, include:

          -- Ameriven,
          -- Petrozuata,
          -- Cerro Negro, and
          -- Sincor.

While Petroleos de Venezuela, which already has a 40% stake on
average in each project, seeks to raise the stake to 60%.

The foreign partners in the Orinoco projects are:

          -- US oil and gas major ExxonMobil,
          -- UK's BP,
          -- US major ConocoPhillips,
          -- France's Total,
          -- Norway's Statoil, and
          -- US oil and gas major Chevron.

Newspaper El Universal relates that Cerro Negro workers who are
in favor of the Venezuelan government have stopped work to give
way to meetings.

According to BNamericas, the workers began the meetings before
Venezuelan President Hugo Chavez signed the nationalization
decree aimed at Cerro Negro.  

The meetings resulted from allegations that Cerro Negro partner
ExxonMobil is restricting union activities, El Universal states.

                       *    *    *

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


* VENEZUELA: Hugo Chavez Takes Back Decision on Alunasa Shutdown
----------------------------------------------------------------
Venezuelan President Hugo Chavez has decided not to shut down
Alunasa, the Costa Rican subsidiary of Venezuela's state heavy
industry holding Corporacion Venezolana de Guyana, Business News
Americas reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2007, the Venezuelan government considered relocating
Alunasa to Nicaragua.  President Chavez decided to closing down
Alunasa due to geopolitical, technical and economic reasons,
contrary to what reports said that the closure was caused by his
political spat with Costa Rican President Oscar Arias.  
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.

According to the international press, President Chavez took back
his decision to shut down Alunasa after a meeting with workers
from the firm.

President Chavez reportedly said in his radio program Alo
Presidente that Venezuela will continue aluminum deliveries to
avoid closure of Alunasa.

President Chavez told BNamericas that if Alunasa's technological
and raw material supply problems are solved, a firm could be set
up under the sponsorship of the Venezuelan trade and cooperation
scheme Alternativa Bolivariana de las Americas.

The Venezuelan government is also considering options to set up
firms similar to Alunasa in Panama and Nicaragua, BNamericas
states, citing President Chavez.

                        *    *    *

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: Legislature Okays US$2.4-Billion Debt Issuance
-----------------------------------------------------------
Venezuela's legislature has ratified a debt issuance of US$2.4
billion, El Universal reports.

El Universal says that part of the US$2.4 billion debt issue
will be used to launch the second issuance of the Bond of the
South with Argentina.  

The Bond of the South is an instrument combining debt titles of
Argentina and Venezuela.  It was formed by a treaty between the
two countries that resulted in the purchase of the debt of
Argentina by Venezuela.  It was first proposed earlier in 2006
by Argentine President Nestor Kirchner as part of a plan to make
new lines of financing in South America.

The report says that Venezuela sold on Nov. 13, 2006 about US$1
billion in the Bond of the South, which include:

          -- US$500 million covered interest and capital
             titles of Venezuela,

           -- US$300 million Argentine Boden 2012, and

           -- US$200 million Argentine Boden 2015.

A Boden is a federal bond issued after the 2002 default.  

The second issuance of the Bond of the South will be for US$1.5
billion, El Universal underscores.

The Associated Press relates that that Venezuela and Argentina
will each issue US$750 million of the bond in its local market.

The bond will have an excellent coupon rate, the Associated
Press relates, citing President Kirchner.

According to El Universal, the bonds are attractive for
Venezuelan investors.  They allow for the legal purchase of
foreign currency amidst stringent exchange controls.  The bnods
would also help Venezuela absorb liquidity, a factor that
increases inflation in the nation.

Argentina and Venezuela believed that the bonds will strengthen
their alliance and make new lines of financing in South America,
AP says.  

Meanwhile, the Argentine government is facing debt maturity for
US$13.5 billion this year.  Argentina has made two debt
issuances for US$500 million each, with yield at 7.71%.

Venezuela Purchases US$750 Million in Argentine Debt Bonds

Argentine Minister of Finance Felisa Miceli told the Argentine
daily news Clarin that Venezuela bought US$750 million in
Argentine debt bonds maturing in 2015.  

Argentine reporters say that Venezuela's Ministry of Finance has
already paid Argentina for the Boden 15 titles.

The bonds will be resold in the US$1.5-billion issuance of the
Bond of the South, according to El Universal.

Reuters reports that Venezuela has become the Argentine
government's major source of funds, with direct purchases of
debt titles surpassing US$3 billion.

Venezuela deposited about US$750 million on Feb. 16, Minister
Miceli told Clarin.  

The minimum investment to buy the Bond of the South will be
US$1,000.  The operation is open to small investors, small
savers, savings associations and cooperatives, El Universal
says, citing President Chavez.

President Chavez commented to El Universal, "This operation is a
good example for other countries, as this is not dependent upon
the international financial architecture, we are becoming
independent."

The Venezuelan leader told El Universal that the transaction
amounts to democratization of public finances.

El Universal emphasizes that in 18 months, Venezuela has bought
US$3.7 billion in Argentinean debt bonds, and then sold US$3
billion to domestic banks.  

                        *    *    *

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
---------------------------------------------
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 6, 2007
   BEARD AUDIO CONFERENCES
      Distressed Claims Trading  
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, Georgia
            Contact: http://www.NABT.com/

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 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 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
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, Ariz.
            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, District of Columbia
            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, District of Columbia
               Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
         Jacksonville, Florida
            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, District of Columbia
            Contact: http://www.abiworld.org/

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/  

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, Florida
                  Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, Florida
            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, Conn.
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, Conn.
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, Conn.
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, Penn.
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/  

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, 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 Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Florida
            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 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed
            Debt Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            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 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

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, Ill.
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring
            Troubled Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            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, Florida
            Contact: 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 Florida
            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/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               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, Florida
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or 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 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Mass.
               Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            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, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

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, District of Columbia
            Contact: http://www.abiworld.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, Florida
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Ariz.
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            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, Ariz.
               Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Ariz.
            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/

June 21-24, 2009
INSOL
   8th International World Congress
      TBA
         Contact: http://www.insol.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.


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