TCRLA_Public/070305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, March 5, 2007, Vol. 8, Issue 45

                          Headlines

A R G E N T I N A

BANCO MACRO: Aims to Boost Private Sector Loans by 50% in 2007
EL PASO: Sells American Natural to TransCanada for US$2.8 Bil.
FERRO CORP: Appoints Perry W. Premdas to Board of Directors
INTERPUBLIC GROUP: Stabilization Cues Moody's to Affirm Ratings

B E L I Z E

* BELIZE: EU Approves EUR2.11-Mil. Fund for Banana Production

B E R M U D A

AMERICAN MERIDIAN: State of Texas Orders Firm's Liquidation
CENTRAL EUROPEAN: Financial Condition Cues S&P to Revise Outlook
FOSTER WHEELER: Thierry Desmaris Elected as Corp. Dev't VP
FOSTER WHEELER: Ralph Alexander Resigns as Member of the Board
SEA CONTAINERS: Posts US$7.3 Million Net Loss in December 2006

B O L I V I A

PETROBRAS ENERGIA: Acquires Conoco's Assets for US77.6 Million
YPF SA: Parent Company Reduces Bolivian Reserves

B R A Z I L

BANCO DO BRASIL: Microcredit Unit to Report First Half Profits
BANCO DO BRASIL: Total Lending to Increase 30% in 2007
COMPANHIA SIDERURGICA: Aims to Ship 450,000 Tons of Iron Ore
MACDERMID INC: S&P Junks Rating on Proposed US$465-Mln Sr. Notes
MILACRON INC: Posts US$8.6MM Net Loss for 2006 Fourth Quarter

NET SERVICOS: Leonardo Pereira Resigns as Chief Fin'l Officer
NEW AUTOCAM: Completes Restructuring; Moody's Changes Ratings
NOVELIS INC: Incurs US$275 Billion Net Loss in 2006 Fiscal Year
PETROLEO BRASILEIRO: To Invest US$542MM in Pernambuco Factory
SANYO ELECTRIC: SESC Initiates Probe Over Understated Losses

SMITHFIELD FOODS: Net Sales Up to US$3.3 Bil. in Third Quarter
TK ALUMINUM: Advisors Okay Nemak Transaction Consent Terms
TELE NORTE: Launches BRL250-Million Debenture Issue

C A Y M A N   I S L A N D S

DIK LTD: Sets Last Shareholders Meeting for March 19
DIK LTD: Proofs of Claim Filing Deadline Is March 19
DRAGON GLOBAL: To Hold Final Shareholders Meeting on March 7
ENAMEL LTD: Proofs of Claim Filing Deadline Is March 19
ENAMEL LTD: Sets Last Shareholders Meeting for March 19

FAIR OAKS: Proofs of Claim Filing Deadline Is March 19
FAIR OAKS: Sets Last Shareholders Meeting for March 19
FINLAYSON HOLDINGS: Proofs of Claim Filing Is March 19
FINLAYSON HOLDINGS: Sets Last Shareholders Meeting for March 19
HIGHFIRE HOLDINGS: Proofs of Claim Filing Is Until March 19

HIGHFIRE HOLDINGS: Sets Last Shareholders Meeting for March 19
LANDMARK FUNDING: Proofs of Claim Filing Deadline Is March 15
LITTLEWOOD INVESTMENTS: Proofs of Claim Filing Ends on March 19
LITTLEWOOD INVESTMENTS: Last Shareholders Meeting on March 19
MERIDIAN INVESTMENTS: Proofs of Claim Filing Ends on March 19

MERIDIAN INVESTMENTS: Sets Last Shareholders Meeting on Mar. 19
METEOR LTD: Proofs of Claim Filing Deadline Is March 19
METEOR LTD: Sets Last Shareholders Meeting for March 19
PEAK HILL: Proofs of Claim Filing Deadline Is March 19
PEAK HILL: Sets Last Shareholders Meeting for March 19

P&W FINANCIAL: Proofs of Claim Filing Deadline Is March 19
P&W FINANCIAL: Sets Last Shareholders Meeting for March 19
SAGABEA INVESTMENTS: Final Shareholders Meeting Is on March 19
SAMORAR LTD: Proofs of Claim Filing Deadline Is March 19
SAMORAR LTD: Sets Last Shareholders Meeting for March 19

VEMAG LTD: Proofs of Claim Filing Deadline Is March 12
VEMAG LTD: Sets Last Shareholders Meeting for March 13
EQUITABLE PCI CAYMAN: Proofs of Claim Filing Deadline Is March 5

C H I L E

CONSTELLATION BRANDS: Stock Buyback Cues S&P to Lower Ratings

C O L O M B I A

BANCOLOMBIA SA: Shareholders Okay 60MM Preferred Shares Issuance
BANCOLOMBIA SA: Court Dismisses Former BdC Sellers' Complaint
BANCOLOMBIA: Denies Knowledge Over Stake Purchase by Citigroup

* COLOMBIA: Ministry Launches Mining Accident Reduction Plan

C O S T A   R I C A

* COSTA RICA: ICE Will Invest US$59.8 Million in Fiber Optics

D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Fitch Affirms B- Issuer Default Rating
ASHMORE ENERGY: Attains 100% Ownership of Dominican Subsidiaries
BANCO INTERCONTINENTAL: Central Bank Publishes Audit on Firm

E C U A D O R

PETROECUADOR: Unit Launches Panacocha Works Tender

* ECUADOR: Intends to Join Banco del Sur

G U A T E M A L A

ALCATEL-LUCENT: Partners with GE Capital in U.K. & Ireland
ALCATEL-LUCENT: Expands SFERIA S.A.'s Fixed Wireless Network

H O N D U R A S

* HONDURAS: May Rescind Contracts with Power Generators

J A M A I C A

SUGAR COMPANY: Factories to Lose Up to US$0.08 Per Pound
WEST CORPORATION: Completes TeleVox Acquisition

M E X I C O

ACCELLENT INC: Reports Fourth Quarter 2006 Financial Results
ACCELLENT INC: Weak Performance Prompts S&P's Negative Outlook
ADVANCED MARKETING: Committee Wants Morris as Local Counsel
CLIENTLOGIC: Expands Customer Service Pact with XM Satellite
CONTINENTAL AIRLINES: Reports February Operational Performance

FORD MOTOR: Estimates US$11.18 Billion in Restructuring Costs
GENERAL MOTORS: Expects 6%-7% Decrease in February U.S. Sales
OCEANIA CRUISE: Moody's Affirms B2 Corporate Family Rating

P A N A M A

* PANAMA: Mulls Creation of Entity to Oversee Energy Sector

P A R A G U A Y

* PARAGUAY: State Firm to Launch Acaray-K30 Construction Tender

P E R U

LEVI STRAUSS: Secures New US$325 Mil. Senior Unsecured Term Loan
LEVI STRAUSS: Fitch Expects to Rate US$325 Mil. New Loan at BB-
LEVI STRAUSS: Moody's Rates US$325MM Proposed Term Loan at B2

P U E R T O   R I C O

ALLIED WASTE: Plans to Sell US$750 Million of 6.875% Sr. Notes
COVENTRY HEALTH: Earns US$156.1 Million in 2006 Fourth Quarter
DEVELOPERS DIVERSIFIED: Earns US$253.3 Million 2006 Fiscal Year
UNIVISION COMM: New Owners Name Joe Uva as Chief Exec. Officer

U R U G U A Y

* URUGUAY: Relaunches Ports Master Plan Consultancy Tender

V E N E Z U E L A

ARMOR HOLDINGS: Declares US$47.1 Million in MOLLE Orders
DAIMLERCHRYSLER AG: Chrysler Group February Sales Down by 8%
DAIMLERCHRYSLER AG: Magna Interested in Chrysler's Future

* VENEZUELA: Includes Mining Reform Bill in Enabling Law
* VENEZUELA: Okays VEB438B Funding for El Diluvio Dam Project
* BOOK REVIEW: Ocean Transportation


                          - - - - -


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


BANCO MACRO: Aims to Boost Private Sector Loans by 50% in 2007
--------------------------------------------------------------
Banco Macro Financial and Investor Relations Manager Jorge
Scarinci said in a conference call that the bank is aiming to
increase loans to the private sector up to 50% this year.

Business News Americas relates that Banco Macro's loans to the
private sector increased 85% to ARS5.53 billion in 2006,
compared to 2005, mainly due to personal loans.

Banco Macro expects to keep winning market share in 2007,
forecasting up to 35% loan growth for the financial system, Mr.
Scarinci told BNamericas.

Mr. Scarinci told BNamericas that Banco Macro would remain
focused on small and medium-sized enterprises as well as middle-
income individuals.  It would specifically target payroll loans
to increase in the latter segment in 2007.

BNamericas underscores that about 65% of Banco Macro's loan
portfolio comes from the corporate side.  Some 35% is from
retail lending.

Mr. Scarinci told BNamericas that this proportion would likely
switch more over to retail over the next few quarters.

According to BNamericas, strong loan growth increased Banco
Macro's earnings by 62% to ARS424 million in 2006, compared to
2005.  For the full year 2006, the bank reported 22.2% return on
equity and 3.60% return on assets.  

Banco Macro's net interest margin increased to 7.1% from 6.2% in
2006, from 2005.  Its net financial income rose 68.3% to ARS239
million.  Its fee income increased 67.6% to ARS114 million, the
report says.  Meanwhile, administrative expenses increased 64.1%
to ARS210 million.

Banco Macro's net income increased 95% to ARS147 million in the
fourth quarter of 2006, compared to the same quarter in 2005.  
The quarter's results fully include those of local bank Nuevo
Banco Bisel, which Macro acquired in April 2006, BNamericas
reports.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 11, 2007,
Moody's Investors Service assigned a provisional B2 global
foreign currency rating to Banco Macro SA's senior unsecured
notes, which are due 2017, for US$150,000,000.  Moody's also
assigned a provisional Aa3.ar in national scale to the same
debt.  Moody's said the outlook on the ratings is stable.


EL PASO: Sells American Natural to TransCanada for US$2.8 Bil.
--------------------------------------------------------------
El Paso Corporation sold 100% of the outstanding shares of the
capital stock of American Natural Resources Company, the parent
of ANR Pipeline Company, to TransCanada American Investments
Ltd., a subsidiary of TransCanada Corporation for approximately
US$2.8 billion.

TransCanada funded the purchase price through a combination of
proceeds from its recent equity offering, cash on hand as well
as funds drawn on newly established bridge and term loan
facilities.

As reported in the Troubled Company Reporter on Dec. 27, 2006,
the company sold ANR Pipeline, its Michigan storage assets and
its 50% interest in Great Lakes Gas Transmission to TransCanada
Corp. and TC PipeLines, LP for US$4.135 billion, including the
assumption of US$744 million of debt.

El Paso said that it will utilize tax loss carryovers in this
transaction, the company expects its after-tax cash proceeds
to be US$3.3 billion.  In addition, El Paso expects to have
approximately $1 billion of tax loss carryovers remaining after
the close.  Closing of the transaction is subject to customary
conditions and regulatory approvals, and is expected to occur
during the first quarter of 2007.

                    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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, 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.


FERRO CORP: Appoints Perry W. Premdas to Board of Directors
-----------------------------------------------------------
Ferro Corp. has appointed Perry W. Premdas to its Board of
Directors.  Subject to formal confirmation of his "independence"
under the Board's independence guidelines, the Board also
appointed Mr. Premdas to serve on its audit and finance
committees.  The election increases the number of members of
Ferro's Board to ten.

In addition, Alberto Weisser, a member of Ferro's Board of
Directors since 2000, has informed the company that he will
retire from the Board when his current term expires at the
company's 2007 Annual Meeting, due to the time demands of other
business obligations.

From 1999 to 2004, Mr. Premdas served as the chief financial
officer and a member of the Board of Management of Celanese AG,
a worldwide leader in chemical products, acetate fiber,
technical polymers and performance products headquartered in
Germany.  From 1976 to 1998, Mr. Premdas held management and
financial positions of increasing responsibility with Celanese
Corp. and Hoechst AG including chief financial officer roles at
Hoechst Celanese Corp. and Centeon LLC.  Mr. Premdas is also a
director of Compass Minerals International, Inc.

Mr. Premdas holds a Master in Business Administration degree
from the Harvard Business School and a Bachelor of Arts degree
from Brown University.

"We are very pleased to have Perry join our Board and provide us
the benefits of his strong financial background and
international experience," said Ferro Chairman, President and
Chief Executive Officer James Kirsch.  "I am excited to have the
opportunity to utilize his wisdom and guidance in order to help
Ferro in our pursuit of winning."

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, 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.  S&P said the outlook is stable.


INTERPUBLIC GROUP: Stabilization Cues Moody's to Affirm Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Interpublic Group of Cos. Inc., including the 'B' long-term
corporate credit rating and the 'B-3' short-term rating, and
removed the ratings from CreditWatch, where they were placed
with negative implications on March 22, 2006.  The outlook is
positive.  The global advertising agency holding company had
approximately US$2.2 billion in debt outstanding as of
Dec. 31, 2006.
     
"The ratings affirmation reflects our recognition that
Interpublic's business has begun to stabilize and that the
company has resolved a significant number of control
deficiencies," said Standard & Poor's credit analyst Deborah
Kinzer.
     
Stabilization has followed a period of client losses, operating
shortfalls, business restructuring, accounting restatements, and
financial and reporting issues resulting from internal control
weaknesses.
     
The rating on Interpublic reflects its high leverage, negative
discretionary cash flow, remaining internal control weaknesses,
weak organic growth, and poor profitability compared with peers.  
These factors are partially offset by Interpublic's portfolio of
advertising and communications services brands, its broad
geographic and business diversity, and strong cash balances.
     
The company has remediated a significant number of its internal
control weaknesses, but it continues to work on the remaining
material deficiencies, a task that consumes costs and managerial
time.  Further restructuring or disposal of underperforming
entities is possible.

New York-based, Interpublic Group of Companies Inc. (NYSE:IPG)
-- http://www.interpublic.com/-- is one of the world's leading    
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees
working in offices in more than 130 countries around the world,
including Argentina, Brazil, Barbados, Belize, Chile, Colombia,
Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala,
Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Puerto
Rico, Peru, Uruguay and Venezuela.




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


* BELIZE: EU Approves EUR2.11-Mil. Fund for Banana Production
-------------------------------------------------------------
The European Union has approved an additional EUR2.11 million
funding to Belize to promote sustainable development and poverty
alleviation in the traditional banana growing areas of the
latter.

H.E. Ambassador Marco Mazzocchi-Alemanni -- head of the European
Commission Delegation to Belize -- signed on Feb. 22, 2007, a
financing accord with the Belizean Prime Minister Said Musa for
the Banana Support Program, Special Frame Work of Assistance
(SFA 2006).  

SFA 2006 forms an integral part of the larger competitive
strategy for the banana industry developed by Belize and the
European Commission in 1999 to improve the efficiency and
productivity of the banana industry as well as to improve the
living standards for the banana workers and associated
communities in the traditional banana growing areas.

Under SFA 2006, the EU Banana Support Program (BSP) will focus
on three critical areas of intervention:

          -- Nematode Control Program designed to reduce the use
             of nematicides based on sound principles and an
             anticipated improvement in production yields in the
             farms resulting in an overall reduction in cost and
             an associated improvement in competitiveness;

          -- Rehabilitation of aged and diseased plantations and
             crop timing with the introduction of Tissue Culture
             Plants (Meristem Plants) through support to local
             capacity to develop meristem plants and
             rehabilitation of plantations; and

          -- Rural Development Component that represents 50% of
             the allocation of this SFA.  It will include:

             * Social Community-based sub-projects in the Banana
               Belt like water and sanitation, health, social
               infrastructure, education, social services, and
               organizational strengthening and support, and

             * all activities that will facilitate income
               generating private initiatives.  It is also
               foreseen a direct support to the creation and the
               development of rural enterprises through grants.

Since the inception of the Banana Support Program in June 1999,
Belize has been allocated over EUR21.39.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Standard & Poor's Ratings Services raised its
long- and short-term foreign currency sovereign credit ratings
on Belize to 'B' from 'SD' following the completion of the
government's debt restructuring.  At the same time, Standard &
Poor's raised its long-term local currency sovereign credit
rating on Belize to 'B' from 'CCC+' and its short-term local
currency sovereign rating to 'B' from 'C'.  The outlooks on both
the long-term foreign and local currency sovereign credit
ratings are stable.  Standard & Poor's also assigned its 'B'
rating to Belize's new US$546.8 million step-up bonds due
Feb. 20, 2029, issued at the conclusion of the debt exchange.  
These bonds bear the interest of 4.25% for the first three
years, 6% for years four to five, and 8.5% thereafter, and start
amortizing in 2019.




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


AMERICAN MERIDIAN: State of Texas Orders Firm's Liquidation
-----------------------------------------------------------
The State of Texas has ordered American Meridian Insurance
Company's liquidation, placing the former into permanent
receivership.

American Meridian's receivership is consolidated into the
receivership of American Eagle Insurance Company, its parent,
for purposes of administration.  

Jack M. Webb is the Special Deputy Receiver of American Eagle
and American Meridian.

All rights against American Meridian are fixed as of
Feb. 6, 2007, the date of receivership.  Certain acts are stayed
under Section 21A.008 of the Texas Insurance Code.  The 201th
District Court of Travis County, Texas (the Receivership Court)
has entered additional injunctive relief, which is more fully
described in the court's permanent injunction.  

Copies of court documents and additional information are
available at http://www.TexasReceiver.com/and at:
  
          Jack M. Webb & Associates, Inc.
          11402 Bee Caves Rd
          Austin, Texas 78738
          USA
          Phone: 1-800-551-4650.


CENTRAL EUROPEAN: Financial Condition Cues S&P to Revise Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Central European Media Enterprises Ltd. to positive from stable,
reflecting the group's improved financial profile and continued
operational momentum.
     
At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit and 'B+' senior unsecured debt ratings on
Central European.
     
"The outlook revision follows continued growth in Central
European's TV advertising markets, an improving business
environment, and the group's control of its Slovakian station,
which was unconsolidated at the time of the initial rating
assignment," said Standard & Poor's credit analyst Olli
Rouhiainen.
     
"The positive outlook could translate into a higher rating over
the next 12 to 18 months if the group can demonstrate improving
cash generation at both the FFO and FOCF levels while
maintaining operational momentum over the next 12 months," Mr.
Rouhiainen added.
     
To attain a higher rating Central European would need to achieve
and maintain adjusted debt to EBITDA of less than 4x and
adjusted FFO to total debt of more than 16%.
     
The outlook could be revised to stable if the group makes an
acquisition that takes financial ratios outside the stated
targets or if its TV stations under perform.
  
Central European Media Enterprises Ltd., a Bermuda-based company
with corporate offices in London, England, is a TV broadcasting
company with leading networks in six Central and Eastern
European countries reaching an aggregate of approximately 82
million people.  The Company's television stations are located
in Croatia (Nova TV), Czech Republic (TV Nova, Galaxie Sport),
Romania (PRO TV, Acasa, PRO Cinema), Slovakia (Markiza),
Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1).  For the
last twelve months ended March 2006, CME generated revenues of
US$472 million.


FOSTER WHEELER: Thierry Desmaris Elected as Corp. Dev't VP
----------------------------------------------------------
Foster Wheeler Ltd. announced that its 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.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- 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.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

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 company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


FOSTER WHEELER: Ralph Alexander Resigns as Member of the Board
--------------------------------------------------------------
Foster Wheeler Ltd. announced that Ralph Alexander has resigned
from its Board of Directors, in order to pursue other business
opportunities that could, in the future, potentially conflict
with his duties as a director of Foster Wheeler.

Mr. Alexander was elected to the Board of Directors of Foster
Wheeler Ltd. in May 2006, and his term was to have expired in
May 2007.  Mr. Alexander has also advised that he does not
intend to stand for re-election.

"I would like to thank Ralph for his contribution during his
time as a Board Director and wish him every success in his new
ventures," said Raymond J. Milchovich, chairman and chief
executive officer.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- 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.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

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 company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


SEA CONTAINERS: Posts US$7.3 Million Net Loss in December 2006
--------------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of December 31, 2006

                            Assets

Current Assets
   Cash and cash equivalents                      US$54,196,789
   Trade receivables, less allowances
     for doubtful accounts                              508,115
   Due from related parties                             385,028
   Prepaid expenses and other current assets          4,465,332
                                                   ------------
      Total current assets                           59,555,264

Fixed assets, net                                             -

Long-term equipment sales receivable, net                     -
Investment in group companies                                 -
Intercompany receivables                                      -
Investment in equity ownership interests            204,331,424
Other assets                                          3,302,285
                                                   ------------
Total assets                                        267,188,973
                                                   ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                   2,123,898
   Accrued expenses                                  30,796,263
   Current portion of long-term debt                 26,946,083
   Current portion of senior notes                  385,097,380
                                                   ------------
      Total current liabilities                     444,963,624

Total shareholders' equity                         (177,774,651)
                                                   ------------
Total liabilities and shareholders' equity       US$267,188,973
                                                   ============

                     Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended December 31, 2006

Revenue
                                                     US$499,123
Costs and expenses:
   Operating costs                                      351,937
   Selling, general and
     administrative expenses                         (4,449,737)
   Reorganization Costs                                  (7,480)
   Charges to provide against
     intercompany accounts                            8,583,920
   Depreciation and amortization                        (58,677)
                                                   ------------
      Total costs and expenses                        4,419,963
                                                   ------------
Loss on sale of assets                                  (29,747)
                                                   ------------
Operating income (loss)                             
[(3,950,587)]

Other income (expense)
   Interest income                                      248,766
   Foreign exchange gains (losses)                      (92,909)
   Interest expense, net                             (3,408,685)
                                                   ------------
Income (Loss) before taxes                          
[(7,203,415)]
Income tax expense                                     (100,000)
                                                   ------------
Net Income (Loss)                               [(US$7,303,415)]
                                                   ============

The Debtors disclose that their financial statements represent
the internal accounting of Sea Containers, Ltd., and its
affiliates and subsidiaries, on an unaudited and uncertified
basis.  The certification and audit process may result in
adjustments to the stated entries.

As of Dec. 31, 2006, SCL has not filed its form 10-K report
for fiscal year ended Dec. 31, 2005, nor has it filed form
10-Q reports for the quarters ended March 31, 2006,
June 30, 2006, and Sept. 30, 2006.

After discussions with the Office of the United States Trustee,
the Debtors are undergoing a reconciliation process of, among
other things, their inter-company claims, to ensure that their
financial reporting is as of their bankruptcy filing rather than
as of Sept. 30, 2006.  

The reconciliation process will require extensive efforts from
the Debtors and will take time to complete.  However, in the
interest of maximum disclosure to all parties in their Chapter
11 cases, the Debtors have decided to file their December
Monthly Operating Report using information as of Sept. 30, 2006.  
The Debtors will amend their monthly operating reports upon
completion of the reconciliation.

A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:

                http://researcharchives.com/t/s?1a37

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  

The Debtors' exclusive period to file a plan expires on
June 12, 2007.  Their exclusive period to solicit acceptances
expires on Aug. 11, 2007.  (Sea Containers Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)




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


PETROBRAS ENERGIA: Acquires Conoco's Assets for US77.6 Million
--------------------------------------------------------------
Petrobras Energia S.A. acquired from ConocoPhillips (NYSE:COP)
its 25.67% and 52.37% interest in Sierra Chata and Parva Negra
assets, respectively.  The acquisition price is US$77.6 million.  
The acquisition was structured through the purchase of
Burlington Resources Argentina Holdings Limited, a company
organized in Bermuda and holder of the interest mentioned above.

Prior to this acquisition, Petrobras Energia already had an
interest in and was the operator of both assets.  As a result of
this acquisition, Petrobras Energia's interest in Sierra Chata
and Parva Negra increased to 45.5523% and 100%, respectively.

Sierra Chata is a natural gas producing field in the Neuqurn
Basin, with total proved reserves (according to the Securities
and Exchange Commission Regulations) of 56 million barrels of
oil equivalent as of Dec. 31, 2006, and with significant
probable and possible reserves.  Sales volumes of natural gas in
2006 were 2.8 million cubic meters per day.

Parva Negra is a lot adjacent on the north to Sierra Chata block
having two drilled wells with natural gas shows.  The lot
potential will be assessed during 2007 through 420 km2 of 3D
seismic works and drilling of step out wells.

This acquisition, in line with the company's strategic objective
to grow in oil and gas production, accounts for an increase in
interest in two gas assets with high growth potential, for which
Petrobras Energia S.A. already has the relevant experience and
know-how both in technical and natural gas marketing terms.

Petrobras Energia Participaciones SA (Buenos Aires: PBE, NYSE:
PZE) through its subsidiary, Petrobras Energia S.A., explores,
produces, and refines oil and gas, as well as generates,
transmits, and distributes electricity.  It also offers
petrochemicals, as well as markets and transports hydrocarbons.  
The company conducts oil and gas exploration and production
operations in Argentina, Venezuela, Peru, Ecuador, and Bolivia

                        *     *     *

As reported on Jan. 4, 2007, Fitch Argentina Calificadora de
Riesgo affirmed these ratings assigned to Petrobras Energia:

   -- international currency: B+
   -- local currency: BB-
   -- unsecured senior debt: B+


YPF SA: Parent Company Reduces Bolivian Reserves
------------------------------------------------
Repsol, YPF SA's parent firm, has decreased its Bolivian
reserves by 467 million barrels of oil equivalent due to locl
unit Andina's possible deconsolidation, Business News Americas
reports.

BNamericas relates that the terms of the new exploration and
production contracts with the Bolivian government has not yet
been approved.

According to BNamericas, Repsol reduced Bolivian reserves by 659
million barrels of oil equivalent at the end of 2005 due to the
hydrocarbons law passed in May 2005.

Repsol said in its year-end earnings statement, "It is important
to highlight that, in spite of the effect the new contracts have
on reserves, their application will improve the economic
conditions of Repsol YPF's exploratory activity in the country."

Meanwhile, Repsol increased reserves by 90 million barrels of
oil equivalent in Peru, BNamericas states.

                        *     *     *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.




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


BANCO DO BRASIL: Microcredit Unit to Report First Half Profits
--------------------------------------------------------------
Robson Rocha -- the Chief Executive of Banco Popular do Brasil,
Banco do Brasil's microcredit division for low-income earners
-- told the press that the bank will report its first profits in
the first half of 2007.

Business News Americas relates that Banco Popular posted
BRL5.4-million losses in the fourth quarter of 2006.  It was an
improvement of 77.2% compared to the fourth quarter of 2005 and
about 41.4% better than the third quarter of 2006.

According to BNamericas, Banco Popular incurred losses of
BRL40.4 million in 2006, about 34.8% less than BRL62.0 million
in 2005.

Mr. Robson told BNamericas that Banco Popular's lending remained
flat at BRL68.4 million in 2006 after the bank adopted stricter
measures to control the non-performing loan ratio.

"The change in methods didn't allow lending to grow last year,
but it improved asset quality.  We are now ready to increase
lending in 2007," Mr. Robson commented to BNamericas.

Banco Popular's non-performing loan ratio came to 30% in the
first half of 2006, from 25% in the full year 2005.  It then
dropped to 27% at the end of 2006, BNamericas notes, citing Mr.
Robson.

Banco Popular had a loan loss provision of BRL1.70 million at
the end of 2006, compared to BRL3.80 million in the middle of
2006, Mr. Robson told BNamericas.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings upgraded Banco do Brasil S.A.'s
Support rating to '3' from '4', and affirmed its other ratings:

   -- Foreign currency Issuer Default Rating (IDR) at 'BB+';
   -- Short-term foreign currency at 'B';
   -- Local currency IDR at 'BB+';
   -- Short-term local currency at 'B';
   -- Individual rating at 'C/D';
   -- National Long-term rating at 'AA(bra)'; and
   -- Short-term rating at 'F1+(bra)'.


BANCO DO BRASIL: Total Lending to Increase 30% in 2007
------------------------------------------------------
Banco do Brasil Chief Executive Officer Antonio Francisco Lima
Neto told the press that the bank expects that its total lending
will increase around 30% in 2007.

Banco do Brasil's retail loans will likely grow 35% in 2007, due
to a continued boost in payroll loans to primarily public sector
workers, Business News Americas relates, citing Mr. Neto.

According to BNamericas, Banco do Brasil's lending increased
30.8% to BRL133 billion in 2006, from 2005, as payroll and
retirement loans rose 118% to BRL8.30 billion.

Mr. Neto told BNamericas that Banco do Brasil will increase
payroll loans to as much as 56.7% to BRL13.0 billion this year.

Banco do Brasil Agribusiness Vice President Derci Alcantara said
that agricultural lending will likely increase 30% in 2007, from
2006, depending on government financing plans for the current
harvest, BNamericas says.

Mr. Alcantara told BNamericas that Banco do Brasil's lending to
agribusinesses grew 26.2% to BRL45.1 billion in 2006.  The bank
also renegotiated 98%, or BRL5.80 billion, in agricultural debts
in 2006, extending past-due loans payments over the next five
years.  

Mr. Alcantara said that Banco do Brasil expects improved
international commodity prices to allow producers to make their
loan payments this harvest.  The 2006-07 harvest will surpass
the previous record harvest in 2003 despite 6% less land under
cultivation, according to BNamericas.  Banco do Brasil will
further increase lending to producers in the state of Sao Paulo,
primarily for oranges, coffee and sugar.  In 2006 the bank
increased loans to orange, coffee and sugar producers.

Mr. Neto told BNamericas that Banco do Brasil's vehicle
financing portfolio will reach at least BRL2.20 billion in 2007.  
Banco do Brasil also launched in January a pilot program to
grant home loans through savings and loan association Poupex in
Brasilia.  The program granted BRL3 million in home loans in the
first week.

BNamericas emphasizes that Banco do Brasil's vehicle funding
operations increased 375% to BRL894 million in 2006, compared to
2005.

Banco do Brasil Chief Financial Officer Aldo Luiz Mendes told
BNamericas that last year's focus on payroll loans and vehicle
financing helped the bank decrease its non-performing loan (NPL)
ratio for retail loans overdue for over 90 days to 6.3%,
compared to 8.5% in 2005.  Banco do Brasil expects the NPL ratio
to decline further as retail lending operations remain
concentrated on the lower-risk segments of payroll loans and
vehicle financing.

"We will take care of the NPL ratio this year.  We're never
satisfied with it.  In 2007, we will expand what we did in
2006," Mr. Lima commented to BNamericas.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings upgraded Banco do Brasil S.A.'s
Support rating to '3' from '4', and affirmed its other ratings:

   -- Foreign currency Issuer Default Rating (IDR) at 'BB+';
   -- Short-term foreign currency at 'B';
   -- Local currency IDR at 'BB+';
   -- Short-term local currency at 'B';
   -- Individual rating at 'C/D';
   -- National Long-term rating at 'AA(bra)'; and
   -- Short-term rating at 'F1+(bra)'.


COMPANHIA SIDERURGICA: Aims to Ship 450,000 Tons of Iron Ore
------------------------------------------------------------
Companhia Siderurgica Nacional said in a filing with the
Brazilian stock exchange, Bovespa, that it expects to deliver
450,000 tons of iron ore in five vessels this month through its
Sepetiba port terminal in Rio de Janeiro.

Companhia Siderurgica told Business News Americas that another
350,000 tons of iron ore will be sent in four ships in April.  
All cargo will head for Asia.

According to BNamericas, Companhia Siderurgica delivered on
Feb. 25 about 65,000 tons of iron ore to Bahrain.

Overall investments in the new terminal totaled US$260 million.  
Iron ore export capacity will reach 30 million tons per year by
2008, BNamericas 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.


MACDERMID INC: S&P Junks Rating on Proposed US$465-Mln Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to MacDermid Inc.'s proposed US$560 million
senior secured credit facilities, based on preliminary terms and
conditions.  The 'B+' bank loan rating and the '1' recovery
rating indicate the rating agency's expectation that lenders
will experience full (100%) recovery of principal in a payment
default scenario.

Standard & Poor's also assigned its 'CCC+' rating to the
proposed US$250 million senior unsecured notes due in 2014 and
to the proposed US$215 million senior subordinated notes due
2017.  Both note issues are rated two notches below the expected
'B' corporate credit rating to reflect the substantial amount of
priority debt in the capital structure.

Standard & Poor's said that its 'BB+' corporate credit rating
and other existing ratings on MacDermid remain on CreditWatch
with negative implications, where they were placed on Sept. 6,
2006. The ratings were placed on CreditWatch after the
disclosure that MacDermid received a proposal letter from the
investor group consisting of Daniel H. Leever, MacDermid's
chairman and chief executive officer, Court Square Capital
Partners, and Western Presidio to purchase all of its
outstanding common stock at US$32.50 per share.  Subsequently,
the merger agreement was signed on Dec. 15, 2006, with a
purchase price of US$35.00 per share.

The investor group will use proceeds from the new bank credit
facilities, the senior unsecured notes, and the senior
subordinated notes to finance the acquisition of MacDermid in a
transaction valued at about US$1.3 billion.

Upon successful completion of the acquisition and proposed
financing, Standard & Poor's will resolve the CreditWatch
listing. "We will lower the corporate credit rating on MacDermid
to 'B' from 'BB+' to reflect the substantial increase in debt
and subsequent deterioration of the financial profile," said
Standard & Poor's credit analyst David Bird.

"We also expect to withdraw all of the ratings on the existing
debt instruments upon closing of the proposed refinancing."

After the completion of the pending transaction, the ratings on
MacDermid will reflect its satisfactory business position,
offset by a highly leveraged financial profile.  MacDermid
manufactures and markets specialty chemicals to a variety of
industries, including graphic arts, electronic materials, and
metal finishing.  Graphic arts include liquid and solid-sheet
photopolymer plates for flexographic printing, and offset
blankets for the offset printing segment.  In electronic
materials, the company focuses on chemicals used in the
fabrication of printed circuit boards. Metal finishing products
include decorative and functional metal and plastic plating, and
surface treatment chemicals used in a variety of end-markets,
including automotive, electronic equipment, and appliances.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer  
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.  
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including Brazil, China, Germany,
Italy, and Japan.  Revenues for the twelve months ended
June 30, 2006, were US$797 million.

Moody's Investors Service revised the ratings outlook for
MacDermid, Incorporated to developing from stable.

Ratings for the issuer are:

Corporate family rating - Ba2

   * US$301.5 million 9.125% Guaranteed Senior Subordinated
     Notes due 2011 -- Ba3


MILACRON INC: Posts US$8.6MM Net Loss for 2006 Fourth Quarter
-------------------------------------------------------------
Milacron Inc. reported a net loss in the fourth quarter of 2006
of US$8.6 million including US$5.1 million in restructuring
costs and US$1.8 million in refinancing charges.  This compared
to net earnings in the fourth quarter of 2005 of US$5.8 million,
which included a US$5.5 million tax benefit.  Fourth quarter
2006 operating results were at the mid-point of the range of
guidance issued in November.

Fourth quarter sales were US$198 million, down from US$217
million in the year-ago quarter.  New orders were US$203
million, compared to US$212 million in 2005.  The bulk of new
orders came late in the quarter, which negatively impacted
fourth quarter shipments.

Manufacturing margins in the quarter were 19.4%, comparable to
the year-ago quarter, despite a US$2 million write down of
inventory, which reduced the margin by a full percentage point.

Net cash used by operations during the quarter was US$0.8
million compared to US$3.3 million of cash provided by
operations in the fourth quarter of 2005.  At the end of the
quarter, Milacron had US$39 million in cash, up US$3 million
from the beginning of the quarter.  The company had US$41
million in borrowing availability under its new revolving credit
agreement, signed in December, up from US$36 million under the
previous facility at the beginning of the quarter.  Total
liquidity, therefore, rose US$8 million to US$80 million at
quarter-end.

                       Full Year 2006

Milacron's net loss for the year was US$39.7 million, or US$1.02
per share, and included US$17.4 million in restructuring costs
and US$1.8 million in refinancing charges.  This compared to a
net loss of US$14.0 million, or US$0.42 per share, in 2005,
which included a US$5.5 million one-time tax benefit as well as
US$1.5 million in after-tax restructuring costs.

Sales in 2006 reached US$820 million, up from US$809 million in
2005.  New orders were US$828 million compared to US$819 million
in the prior year.

Manufacturing margins for 2006 were 18.5%, up from 18.0% in
2005, as improved pricing and cost reductions more than offset
the effect of the US$2 million inventory write down.

Net cash used by operations for the year was US$19.2 million
compared to a net provision of cash of US$9.2 million in 2005.  
The single largest factor in cash flow for the year was a US$30
million advance contribution made to Milacron's pension fund in
September, 2006.

    Annual Meeting Date Set; Reverse Stock Split Proposed

Milacron's board of directors set May 2, 2007, as the date of
the annual meeting of shareholders to be held at 9:00 a.m. EDT
in the Cincinnati Museum Center at Union Terminal, 1301 Western
Avenue, Cincinnati, Ohio.  March 9, 2007, was established as the
record date for determination of shareholders entitled to notice
of and to vote at the meeting.  The board also approved a
proposal for a one-for-ten reverse split of common stock with
the objective of complying with minimum share price standards
for listing on the New York Stock Exchange.  The proposal will
be detailed in the company's proxy statement for approval by
shareholders at the annual meeting.

                      Segment Results

Machinery Technologies-North America [machinery and related
parts and services for injection molding, blow molding and
extrusion supplied from North America, India and China]: New
orders of US$99 million were comparable to orders of US$98
million in the fourth quarter of 2005.  Sales, however, fell to
US$96 million from US$107 million reflecting soft demand for
injection molding equipment particularly from the automotive
sector.  Segment earnings (earnings before interest, taxes and
restructuring charges) were US$5.2 million, off from US$6.2
million in the year-ago quarter, as the effects of lower
shipping volumes were largely offset by improved pricing and
operating efficiencies.

For the year 2006, new orders in this segment were US$411
million, up 7% from US$383 million in 2005.  Sales also rose 7%
to US$402 million.  Segment earnings were US$17.1 million
compared to US$17.3 million in 2005, as benefits from higher
volumes were offset by higher marketing costs, including the
NPE-2006 triennial plastics exposition held in June and expanded
international distribution for the extrusion systems business.

Machinery Technologies-Europe [machinery and related parts and
services for injection molding and blow molding supplied from
Europe]: Fourth quarter new orders of US$40 million and sales of
US$37 million were flat with those of the year-ago quarter
despite favorable currency translation effects.  This segment
lost US$0.6 million in the quarter compared to a loss of US$0.8
million in the fourth quarter of 2005.

For the year, this segment's new orders were US$154 million, up
US$1 million from 2005, while sales were US$153 million, up from
US$150 million.  For 2006, the segment posted an operating loss
of US$4.9 million compared to a loss of US$5.0 million a year
ago.

Mold Technologies [mold bases and related parts and services, as
well as maintenance, repair and operating (MRO) supplies for
injection molding worldwide]: Sales in the fourth quarter of
2006 were US$38 million compared to US$44 million in the fourth
quarter of 2005, reflecting declines primarily in North American
markets.  Cost cutting measures mitigated the decline in segment
earnings, which fell to US$0.8 million from US$1.6 million in
the year-ago quarter.

Sales in 2006 were US$159 million, down from US$173 million in
the prior year.  Segment earnings declined to US$3.0 million
from US$3.9 million, as benefits of restructuring and other cost
reductions offset most of the effects of lower volume.

Industrial Fluids [water-based and oil-based coolants,
lubricants and cleaners for metal-cutting and metal-forming
operations worldwide]: Fourth quarter sales were US$29 million
compared to US$30 million a year ago, as price increases and
favorable currency translation effects were offset by lower
shipping volumes.  Segment earnings improved to US$4.1 million
from US$3.6 million, thanks primarily to improved pricing.

Industrial fluid sales in 2006 were US$117 million, up from
US$112 million in 2005, as price increases compensated for
volume declines.  Segment earnings improved to US$10.8 million
versus US$8.7 million in 2005, reflecting improved pricing and
operating efficiency.

                          Outlook

"Energy and resin prices have declined from historic highs and
appear to be stabilizing," said Ronald D. Brown, chairman,
president and chief executive officer.  "These trends should
benefit plastics processors and, as their profitability
improves, enable them to invest in new machinery to replace
their aging equipment and increase productivity.  At the same
time, however, the health of processors supplying U.S.
automakers and pressures from consolidation in that industry
have dampened demand in a large segment of the market.  Overall,
we are cautiously optimistic with respect to 2007, as we believe
economic fundamentals will continue to favor recovery in
plastics processing industries worldwide.

"As for Milacron, we expect our first quarter 2007 results to be
comparable to those of the first quarter a year ago, as benefits
from our 2006 restructuring measures offset the effects of lower
sales volumes in North America.  We have implemented temporary
cost reductions, primarily furloughs, to adapt to lower shipping
volumes in the first half of the year in North America.  For
2007 as a whole, we expect 4% to 5% top-line growth, much of it
coming from emerging markets.  This increase in overall volume,
along with incremental restructuring benefits and other cost
reductions, should lead to better operating results," Mr. Brown
said.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a global manufacturer
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.
Milacron's annual revenues approximated US$805 million over the
last twelve months.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 2, 2007,
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.


NET SERVICOS: Leonardo Pereira Resigns as Chief Fin'l Officer
-------------------------------------------------------------
Net Servicos de Comunicacao S.A. disclosed that Leonardo P.G.
Pereira, Chief Financial and Investor Relations Officer, passed
his resignation from the company.  Mr. Pereira is taking office
as CEO for Companhia Vale do Araguaia, a company in the forestry
industry.

During his six years as part of the company's Executive Board,
Mr. Pereira played a key role in the management team, which has
consolidated the Company in the market, in addition to building
a strong financial team, which is independently assessed as one
of the best in Brazil.  Among his major contributions to the
Company are his determination to make the balance sheet stronger
and his actions in local and global capital markets, where he
has always worked to enhance the company's credibility, building
up investors' confidence through corporate governance best
practices.

In addition, he was one of the leaders in the Company's capital
restructuring process and made consistent efforts to improve
internal controls and to consolidate a culture of investment
discipline, a key pillar for the Company's sustainability during
this growth period.

The Officer will remain at his position until March 12, 2007,
when the next Board of Directors Meeting will take place and
will elect his successor.

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

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

                        *     *     *

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

                        *     *     *

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


NEW AUTOCAM: Completes Restructuring; Moody's Changes Ratings
-------------------------------------------------------------
Moody's Investors Service has changed the debt ratings of
Autocam Corporation or New Autocam, and Autocam Corp. France
SARL that were initially assigned on a provisional basis on
Feb. 12, 2007.  New Autocam's Corporate Family Rating was
changed from (P)B3 to B3 with provisional modifiers on its other
ratings similarly removed.  Ratings on existing Autocam Corp.'s
and Autocam Corp. France SARL's obligations were withdrawn at
the same time.  The actions follow the closing of Autocam's
financial restructuring on Feb. 28, 2007.

The restructuring involved the exchange by an investor group of
substantially all of existing Autocam's subordinated debt into
new common shares of Titan Holdings, the holding company parent
of Autocam Corp., and the investment by the note holder group of
US$85 million in a new issue of preferred stock of Titan
Holdings.  Existing common equity interests in Titan Holdings
were extinguished.  Proceeds from the preferred stock issue were
down-streamed and used to retire approximately US$78 million of
second lien term loans at Autocam Corp.  Autocam Corp.'s first
lien bank debt was refinanced in a syndication of US$150 million
of first lien bank facilities for New Autocam and Autocam Corp.
France SARL (New) (US$120 million of term loans and US$30
million of revolving credit facilities).  All of those
transactions closed on Feb. 28, 2007.  Accordingly, ratings on
approximately US$250 million of pre-restructuring debt at
Autocam Corp. and Autocam Corp.  France SARL have been
withdrawn, and the provisional modifier on ratings at New
Autocam and Autocam Corp. France SARL (New) have been removed.

Ratings changed:

   Autocam Corp. (New)

     -- Corporate Family Rating to B3 from (P)B3

     -- First lien term loan for US$83 million to B2
        (LGD-2, 26%) from (P)B2 (LGD-2, 26%)

     -- First lien revolving credit for US$17 million to B2
        (LGD-2, 26%) from (P)B2 (LGD-2, 26%)

     -- Outlook, stable

     -- Probability of Default Rating, Caa1

   Autocam Corp. France SARL (New)

     -- Guaranteed First lien term loan for Euro equivalent of
        US$37 million to B2 (LGD-2, 26%) from (P)B2 (LGD-2, 26%)

Guaranteed First lien revolving credit facility for Euro
equivalent of US$13 million to B2 (LGD-2, 26%) from (P)B2
(LGD-2, 26%)

Ratings withdrawn:

   Autocam Corp.

     -- Corporate Family Rating, Ca
     -- Probability of Default, D
     -- Outlook, stable
     -- First lien revolving credit, Caa1 (LGD-2, 20%)
     -- First lien term loan, Caa1 (LGD-2, 20%)
     -- Senior Subordinated Notes, C (LGD-5, 85%)
     -- Speculative Grade Liquidity rating, SGL-4

   Autocam France SARL

     -- First lien revolving credit, Caa1 (LGD-2, 20%)
     -- First lien term loan, Caa1, (LGD-2, 20%)

The last rating action was on Feb. 12, 2007, when initial
ratings were assigned to New Autocam and Autocam Corp. France
SARL(New).

Autocam Corporation, headquartered in Kentwood, Michigan, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies and assemblies, primarily
for performance and safety critical automotive applications.
Revenues in 2005 were approximately US$350 million from
operations in North America, Europe, and Brazil.


NOVELIS INC: Incurs US$275 Billion Net Loss in 2006 Fiscal Year
---------------------------------------------------------------
Novelis Inc. reported its financial results for the full year
ended Dec. 31, 2006.  The company incurred a net loss of US$275
million, or US$(3.71) per share, on net sales of US$9.8 billion,
compared with net income of US$90 million, or US$1.21 per share,
on net sales of US$8.4 billion for 2005.

In 2006, the company reduced its total debt by US$195 million.  
Despite a challenging metal price environment, Novelis has
reduced its debt by US$516 million since the company's inception
in January 2005.  Cash and cash equivalents as of Dec. 31, 2006,
were US$73 million.

Total rolled products shipments increased to 2,960 kilotons in
2006 from 2,873 kilotons in 2005.  This increase was primarily
due to increased shipments to the can market in North and South
America and Europe, as well as increased shipments of hot- and
cold-rolled intermediate products in Europe.

The 2006 net loss includes almost no tax benefit largely because
the Company recorded US$71 million of additional valuation
allowances related primarily to tax losses in certain
jurisdictions where it does not expect to be able to utilize
those losses.  Additionally, the company incurred added tax
expense associated with certain exchange items for which there
was no pre-tax benefit.  Cash taxes paid in 2006 were US$68
million.

As reported, Novelis' earnings in 2006 were adversely affected
by higher metal prices, which the company was unable to
completely pass through to certain customers as a result of
metal price ceilings on a portion of its can sheet sales in
North America.  In 2006, Novelis was unable to pass through
approximately US$475 million of metal price increases associated
with sales under these contracts.  This impact was partially
offset by internal and external hedges, including US$63 million
of gains from the change in fair value of derivative
instruments.  Additional items adversely affecting earnings
include higher energy and transportation costs; the adverse
effects of currency exchange rates; and expenses related to the
company's restatement and review process, delayed financial
reporting and continued reliance on third- party consultants to
support its financial reporting requirements.

Ed Blechschmidt, Acting Chief Executive Officer of Novelis,
said, "In the past year we made significant progress in
strengthening the company for the future.  We have taken steps
to streamline the manufacturing operations and to introduce
supply chain improvements.  We have also improved our financial
controls and procedures and our risk management capabilities.  
At the same time, we have strengthened our focus on customer
satisfaction, supported by innovations such as the Novelis
Fusion(TM) technology for multi-alloy sheet products.  We
believe that the fundamentals of the business, our operations
and our market position are strong, and that we are well
positioned to build on our accomplishments as we look forward to
our acquisition by Hindalco."

On Feb. 11, 2007, Hindalco Industries Limited and Novelis
announced that they have entered into a definitive agreement for
Hindalco to acquire the outstanding shares of Novelis.  Under
the terms of the agreement, Novelis shareholders will receive
US$44.93 in cash for each outstanding common share upon the
closing of the sale transaction.

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

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

                        *     *     *

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

Novelis Inc.

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

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

Novelis, Corp.

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


PETROLEO BRASILEIRO: To Invest US$542MM in Pernambuco Factory
-------------------------------------------------------------
Brazilian state oil firm Petroleo Brasileiro SA said in a
statement that its petrochemicals unit Petrobras Quimica SA will
invest US$542 million in a Pernambuco factory.

According to Petroleo Brasileiro's statement, the investment
will be made with textile firm Companhia Integrada Textil do
Nordeste or Citiene.

Dow Jones Newswires relates that Petrobras Quimica and Citiene
started constructing the US4862-million petrochemicals plant,
which will be called Companhia Petroquimica de Pernambuco.  The
firms will each have 50% stake in the factory.

Companhia Petroquimica will produce 640,000 tons of purified
terephtalic acid yearly.  It will start operating in 2009, Dow
Jones notes.

Dow Jones underscores that Petrobras Quimica will also construct
a US$320-million joint venture firm called Citepe, which will
produce raw materials for polyester used in the textile industry
in Brazil's northeast.  Petrobras Quimica will have a 40% stake
in that joint venture, while Citene will own 60%.  Production in
Citepe will begin in 2008.

Petroleo Brasileiro told Dow Jones that it will build the two
petrochemical units near the area where it will construct a
200,000-barrel-per-day heavy oil refinery together with
Venezuelan state-oil company Petroleos de Venezuela.

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.


SANYO ELECTRIC: SESC Initiates Probe Over Understated Losses
------------------------------------------------------------
The U.S. Securities and Exchange Surveillance Commission
commenced an investigation on whether Sanyo Electric Co. failed
to fully disclose its losses, Bloomberg News reports.

According to Zee News, Tokyo, Sanyo Electric said on Friday that
it was fully cooperating with the SESC's investigation into the
alleged window-dressing of earnings at the company.  AFX News
Limited explains that Sanyo allegedly underestimated valuation
losses on its holdings in struggling subsidiaries and affiliates
in reporting earnings for fiscal 2003.

Specifically, the Asahi newspaper earlier reported that Sanyo
had written off losses of JPY190 billion (US$1.6 billion) at its
subsidiaries, but reported the losses as JPY50 billion
(US$412 million).  The Osaka-based company may have falsely
reported a profit when it was in the red, the newspaper said.

The Asahi report, however, stated that the differences have been
corrected over the years, thus, Sanyo Electric's recent earnings
reports are no longer false.

According to Bloomberg, the SESC probe may hamper efforts by
Goldman Sachs Group Inc., Daiwa Securities SMBC Co. and Sumitomo
Mitsui Financial Group Inc. to revive Sanyo, which is projecting
a third year of losses.

The report recounts that New York-based Goldman, the world's
most profitable securities firm, Daiwa and Sumitomo Mitsui
invested JPY300 billion (US$2.5 billion) in Sanyo in January
2006 in return for management control.  Goldman and Daiwa each
bought JPY125 billion of preferred stock that can be converted
into a 24.5% stake in the company and sold to outside investors
without Sanyo's consent starting March 14.

                        Shares Fall

Sanyo Electric shares lost more than a fifth of their value on
Friday after the consumer electronics group admitted it was
under investigation, The Australian relates.

Bloomberg says that Sanyo's stock fell JPY48 to JPY181 at last
week's close in Tokyo -- 35% lower than Thursday's closing price
of JPY229.  The cost of protecting the company's debt against
default doubled compared with that of Feb. 22 as perceptions of
its creditworthiness deteriorated, the report cites BNP Paribas.  
Five-year credit-default swaps based on JPY1 billion of Sanyo
bonds rose to JPY16.8 million from JPY8 million on Feb. 22,
according to BNP Paribas.

                 To Restate 2003 Financials

AFX News, citing the Nikkei, notes that Sanyo Electric has
decided to voluntarily restate its year to March 2004 earnings
following the launch of the SESC investigation into its
accounting procedures for that year.

The exact size of the revision has yet to be determined, the
report says.

Sanyo, AFX says, is expected to make the announcement next
month.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading         
manufacturers of consumer electronics products.  The company has
operations in Brazil, Germany, India, Ireland, Spain, the United
States and the United Kingdom, among others.

Sanyo, according to press reports, has struggled after an
earthquake damaged a key chip-making plant in Niigata, central
Japan in October 2004.  Operating losses in the unit mounted to
JPY17.7 billion in the year to March 2005 and JPY35.1 billion
the following year.

An investigation was launched by Japan's Securities and Exchange
Commission on Sanyo's financial accounts for the year to March
2004.  The probe, media reports say, is a blow to Sanyo at a
time when it has been struggling to turn around its business,
trimming thousands of jobs, reducing factory space and dropping
some businesses since announcing a restructuring plan in 2004.

The company got a much-needed capital boost in January 2006 from
a group of investors led by Goldman Sachs Group Inc., which
became the company's top shareholders and took over the board,
putting new management in place.

As reported on Dec. 22, 2006, that Fitch Ratings has affirmed
the 'BB+' Long-term foreign and local currency Issuer Default
and senior unsecured ratings on Sanyo Electric Co., Ltd.  The
Outlook on the ratings remains Stable.  The rating affirmations
follow Sanyo's latest downward revision of its forecast for the
fiscal year ending March 2007, reflecting the difficulty of its
operating environment, the need for additional restructuring
activities, as well as the recent recall of its rechargeable
batteries.  Fitch says Sanyo's revised forecast is in line with
the agency's expectation for the company at the time of
assigning the current ratings.

As reported on Dec. 20, 2006, that Standard & Poor's Ratings
Services lowered to 'BB-' from 'BB' its long-term corporate
credit rating on Sanyo Electric.  At the same time, Standard &
Poor's lowered to 'BB' from 'BB+' its issue ratings on Sanyo
Electric's senior unsecured debt.  The outlook on the long-term
credit rating is negative.  The ratings were removed from
CreditWatch, where they were placed on Nov. 22, 2006.


SMITHFIELD FOODS: Net Sales Up to US$3.3 Bil. in Third Quarter
--------------------------------------------------------------
Smithfield Foods Inc. recorded income from continuing operations
for the third quarter of fiscal 2007 of US$60.4 million versus
income from continuing operations last year of US$75.0 million.  
Sales were US$3.3 billion versus US$2.9 billion a year ago.

Income from continuing operations for the nine-month period was
US$144.0 million compared to US$175.6 million last year.  Sales
for the nine months totaled US$8.9 billion versus US$8.7 billion
in the same nine-month period of the prior year.

The company attributed net income of US$.04 per diluted share of
this year's third quarter results to a lower estimate of its
annualized income tax rate.  The lower estimate is due to the
retroactive reinstatement of tax credits signed into law in the
current quarter combined with higher earnings estimates in
international operations subject to lower average tax rates.
Last year's third quarter results include an after-tax loss from
discontinued operations of US$4.0 million.  Net income for
fiscal 2006 year-to-date results includes a pre-tax charge of
US$16.3 million related to the East Coast restructuring at
Smithfield Packing Company.

The pork segment reflected significantly improved margins in
packaged meats, which were partially offset by lower margins in
fresh pork.  The packaged meats improvement reflects 34 percent
higher volume and higher overall margins as well as significant
contributions from Cook's Hams and Armour Eckrich, two
businesses acquired during the past year.  These improvements
are the result of a continuing effort to enhance the overall
margin structure of the packaged meats business.  This involves
a focus on lowering costs and changing the mix to higher value-
added products.  Fresh pork margins continued to be
disappointing.

The beef segment reflected improved processing margins, which
were offset by losses in the company's cattle feeding
operations.  Beef margins continue to be below historical levels
due to limited export shipments, an overall shortage of cattle
necessary for full processing levels and price pressure on all
proteins.

The international segment reflected substantially higher
earnings in all aspects of the company's European operations.  
This includes the contribution of a full quarter of profits of
Groupe Smithfield, a newly formed, 50-50 joint venture with
Oaktree Capital Management consisting of the company's
previously-owned Jean Caby operations in France and the assets
of the recently-acquired Sara Lee European Meats business.

Groupe Smithfield reported strong earnings for the quarter
compared with losses in the company's Jean Caby operations in
the prior year.  Operations in Poland were solidly profitable.  
The company's Romanian business also recorded a profitable
quarter compared with losses in the same quarter a year ago.  
Finally, the company's joint venture in Mexico was profitable
and Smithfield's 23% interest in Campofrio, in Spain,
experienced improved earnings.

The hog production segment results were substantially below
those in the prior year reflecting higher raising costs.  
Growing costs averaged US$42 per hundredweight compared with
US$38 per hundredweight in the prior year.  The increase in
raising costs reflect higher grain costs and the continued
adverse impact of circovirus on overall production levels,
particularly in the company's eastern operations.  The use of
recently-developed vaccines appears to have substantial positive
benefits.  However, the company and the industry continue to
experience limited vaccine supplies and further improvement will
depend upon adequate supplies.  The number of head marketed in
the United States was down eight percent versus the same quarter
last year.  Live hog prices averaged US$44 per hundredweight
compared with US$43 per hundredweight in the prior year.

Hog production incurred losses associated with its commodity
risk management activities.  A portion of these losses is
attributable to expanding the company's use of mark-to-market
accounting for commodity derivative contracts.  Given the
increasing complexity and costs of hedge accounting, the
decision was made to significantly reduce the use of this method
in favor of the simpler mark-to-market method.

Smithfield's Other segment results were well above the prior
year, reflecting the first full quarter since the acquisition of
Butterball assets by the company's 49%-owned joint venture,
Butterball L.L.C., previously known as Carolina Turkeys.

"Given the adverse conditions in hog production and cattle
feeding, I am reasonably satisfied with our third quarter
results," said C. Larry Pope, president and chief executive
officer.  "I am particularly pleased with the results in our
international operations.  In addition, our recent acquisitions
and investments in Sara Lee European Meats, Cook's, Armour
Eckrich and Butterball have all produced immediately accretive
results," he said.

"Looking forward, the recent rise in the price of corn, as well
as other grain costs, will have a significant impact on our
business.  Corn prices in the range of US$4 per bushel will
likely remain for some time.  In spite of increased raising
costs, the futures markets indicate that hog production should
continue to be profitable for several more quarters," Mr. Pope
said.  "While the fresh meat complex remains challenging, we
have put in place strategies to continue to improve margins in
our packaged meats business.  Our international operations are
just beginning to deliver and our beef operations routinely
outperform the industry.  All of this bodes well for our long-
term future.  We have said many times that we will not be
distracted by the ups and downs of the near-term business, but
will focus on the longer term.  Over the near term, I remain
cautious; however, over the long term, I am very optimistic," he
said.

Smithfield Foods, Inc., headquartered in Smithfield, Virginia,
is the largest vertically integrated producer and marketer of
fresh pork and processed meat in the US and has operating
subsidiaries and joint ventures in France, Poland, Romania, the
UK, Brazil, Mexico, and China.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service downgraded the ratings
of Smithfield Foods' senior unsecured debt to Ba3 from Ba2, its
senior subordinated notes to B1 from Ba2, and its corporate
family rating to Ba2 from Ba1.

Moody's also affirmed Smithfield's SGL-3 speculative grade
liquidity rating.

Moody's said the outlook on all ratings is negative.


TK ALUMINUM: Advisors Okay Nemak Transaction Consent Terms
----------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a. r.l., S.C.A. disclosed that the discussions with
Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader,
Wickersham & Taft LLP, the financial and legal advisors to an ad
hoc noteholders committee regarding terms for Noteholder consent
to the sale of certain Teksid assets to Tenedora Nemak, S.A. de
C.V., a subsidiary of ALFA, S.A. de C.V., and the distribution
of proceeds from such sale, the Advisors confirmed they would
recommend approval of those terms to the Ad Hoc Committee.  

The Ad Hoc Committee represents holders of over 50% of the
outstanding Teksid Aluminum senior notes, and accordingly the
company anticipates that its consent solicitation will be
accepted by the Majority Noteholders.  The company also
announced the release of updated information relating to the
proposed sources and uses of the proceeds from the Nemak
transaction.

               Terms of Consent Solicitation
                  and Indenture Amendment

The consent solicitation will provide for approval by the
Noteholders of the Nemak transaction, and the release of note
guarantees of the relevant Nemak-purchased subsidiaries involved
in the transaction, as well as providing the necessary
amendments to the existing indenture.  The proposed indenture
amendments would also require Teksid Aluminum to pay out of the
proceeds from the first closing of the Nemak transaction
(relating to all of the assets being sold to Nemak other than
the operations in Poland and the majority of Teksid Aluminum's
interests in its China operations) the interest due and unpaid
on the Senior Notes as of Jan. 15, 2007, together with required
interest on such unpaid interest to the date of payment (the
"January 15 Interest Payment", which amount, if the closing of
the Nemak transaction occurs on Feb. 28, 2007, would equal
approximately US$19,522,000, increasing by approximately
US$6,600 for each day thereafter).  The January 15 Interest
Payment will be paid to holders of record of the Senior Notes on
Jan. 1, 2007.

In addition, the indenture amendment would require Teksid
Aluminum to make a tender offer for a limited portion of the
Senior Notes at 100% of par (including accrued but unpaid
interest to the date of purchase).  The tender offer would
involve that amount of Senior Notes, which can be purchased
(including accrued interest on such Senior Notes from
Jan. 15, 2007 to the date of purchase in the tender) for the
euro equivalent (such euro equivalent as determined by Teksid
Aluminum) of US$71,891,000 less the sum of:

    (i) the January 15 Interest Payment and

   (ii) if the first closing of the Nemak transaction occurs
        after Feb. 28, 2007, but before March 15, 2007, the
        incremental amount (as determined by Teksid Aluminum) as
        a result of any delay in such first closing from
        Feb. 28, 2007, of additional interest payable on debt
        being paid or purchased in connection with the first
        closing of the Nemak transaction and additional overdue
        interest on the January 15 Interest Payment, and such
        US$71,891,000 is subject to further adjustment for
        changes in exchange rates from the assumed exchange rate
        of 1 euro = US$1.295 used in the computation of the
        US$71,891,000 amount in connection with amounts payable
        on the Sources and Uses.

The amount of the required tender offer is the result of
negotiations between the company and the Advisors as to
permitted uses of proceeds and limitations on the use of funds
for certain purposes.  Such permitted uses of proceeds are a
component of the indenture amendment and include the items
provided for in the Sources and Uses, including among other
things, and without duplication:

    (i) repayment of senior secured indebtedness;

   (ii) cash collateralization of outstanding letters of credit;

  (iii) payment of the January 15 Interest Payment;

   (iv) the purchase of intercompany obligations by Nemak;

    (v) repayment of capitalized leases;

   (vi) repayment of non-recourse factoring relating to
        the entities sold in the first closing of the Nemak
        transaction;

  (vii) settlement of certain intercompany transactions
        necessary for the consummation of the Nemak transaction;

(viii) payment of certain employee-related expenses and
        professional fees and expenses related to the
        transaction; and

   (ix) a reserve of additional funds to provide for
        contingencies.

As a result of the foregoing, Teksid Aluminum's French
subsidiaries will receive approximately EUR40 million.  The
permitted uses of the proceeds will also include payments to
Teksid Aluminum's Italian subsidiaries, including payments to
terminate certain agreements between such Italian subsidiaries
and the companies being sold to Nemak, which payments will
provide Teksid Italy with funds sufficient to allow the Italian
subsidiaries to entirely repay their secured indebtedness under
the senior credit facility in the amount of EUR26 million,
obtain the release of all the collateral over their assets in
respect thereof, and satisfy certain other obligations,
including intercompany obligations, of the Italian subsidiaries,
thereby improving the financial position of the Italian
subsidiaries.

The indenture amendment also contemplates that the proceeds to
be received under its settlement agreement with Fiat, proceeds
received from subsequent anticipated sales of its Polish and
Chinese operations pursuant to the Nemak transaction agreement,
and any remainder of a purchase price adjustment escrow that is
returned by Nemak to Teksid Aluminum, in each case less certain
expenses, will be used to repurchase additional Senior Notes
through tender offers at 100% of par plus accrued and unpaid
interest thereon to the date of purchase.  Remaining Senior
Notes will be left outstanding in accordance with their original
terms (as amended by the indenture amendment), but will no
longer be guaranteed by those subsidiaries purchased by Nemak.  
In addition, the indenture amendment implements a standstill
preventing acceleration of the Senior Notes through
March 15, 2007, provided the lenders under Teksid Aluminum's
credit facilities do not accelerate the amounts due under our
senior credit facilities.  In addition, the amendments to the
indenture would permit an increase of up to EUR15 million in the
amount of indebtedness, which may be incurred by Teksid Aluminum
under its existing senior credit facility (provided that any of
such amounts borrowed are required to be repaid at the first
Nemak closing, or be applied to meet expenditures that result in
a working capital adjustment in Teksid's favor).  The indenture
amendment would limit to US$55.25 million (including amounts
borrowed under a bridge facility, if any) the amount of Nemak
sale proceeds that can be paid into the company's subsidiaries
in Italy, France and Germany.  Finally, the indenture amendments
would defer Teksid Aluminum's financial statement reporting
requirements to Noteholders.

There will not be any consent fee offered to Noteholders in
conjunction with the consent solicitation.  Most of the
amendments to the indenture will not become effective if the
first closing of the Nemak transaction does not occur on or
before March 15, 2007.

                    Consent Agreements

The company expects to enter into consent agreements with the
Majority Noteholders that will obligate such Noteholders to
accept the consent solicitation promptly after it is launched.  
The Advisors will recommend that the Majority Noteholders enter
into consent agreements; however, there is no guarantee that the
Majority Noteholders will do so.  The consent agreements, like
the indenture amendment, provide for a standstill through
March 15, 2007, and certain restrictions on transfer prior to
the effectiveness of the amendment.  The consent agreements
further provide that the company will promptly appoint a
representative of Alvarez and Marsal as the chief restructuring
officer of the appropriate Teksid Aluminum entity or entities
for an appropriate period of time to assist in the
restructuring, recapitalization or disposition of the company's
operations in France, Italy and Germany.

Prior to the execution of the indenture amendment, the consent
agreement may be terminated under certain circumstances,
including if:

    (i) the Company withdraws the consent solicitation or amends
        the terms in a manner adverse to the Majority
        Noteholders;

   (ii) certain bankruptcy-related events or filings occur;

  (iii) the lenders under the company's senior secured
        indebtedness accelerate the amounts due thereunder;

   (iv) the Nemak transaction agreement is terminated; or

    (v) the company and the Majority Noteholders agree to
        terminate the consent agreements.

              Status of the Nemak Transaction

On Feb. 12, 2007, the company received a signed term sheet from
Nemak indicating revised terms for the transaction, taking into
account the most current circumstances.  The company continues
to work with Nemak to finalize definitive documentation
consistent with these terms and consummate the Nemak
transaction.  If Majority Noteholders provide their consent in
the consent solicitation, as recommended by the Advisors, one of
the conditions to the closing of the Nemak transaction will be
satisfied.  The company anticipates that Majority Noteholder
consent will be received; however, until such Noteholders have
delivered their consent in the consent solicitation, there can
be no guarantee that the consents will be received.  In
addition, the previously announced letter of understanding with
Nemak places Nemak under no obligation to consummate a
transaction until a definitive agreement to amend the
transaction has been executed.  Failure to close the Nemak
transaction could materially and adversely affect the Company's
ability to continue trading.  Closing of the amended Nemak
transaction is subject to various conditions, including the
receipt of the Noteholder consent discussed above and other
customary conditions, including regulatory approvals.

           Italian Subsidiary Intercompany Loans

Pursuant to intercompany loans by Teksid Aluminum's Italian
subsidiaries to the Issuer, Teksid Investment Aluminum B.V. and
TK Aluminum-Luxembourg Finance S.a. r.l. existing prior to the
Nemak transaction, Teksid Aluminum's Italian subsidiaries are
owed approximately EUR41 million.  As a result of the settlement
of intercompany relationships in connection with the first
closing of the Nemak transaction, the company expects the amount
due to Teksid Aluminum's Italian subsidiaries to be reduced to
approximately EUR22.5 million, approximately EUR8 million of
which will be due from the Issuer.  There can be no guarantee
that these intercompany arrangements can be settled as expected,
and thus the amounts that remain outstanding after the first
closing of the Nemak transaction may be greater than
anticipated.

            Sources and Uses for Nemak Transaction

The Sources and Uses have been reviewed by the Advisors, and, if
the indenture amendments are approved by the Noteholders, the
Sources and Uses provide the general basis for the terms of the
amendment relating to the use of proceeds from the Nemak
transaction and receipt of Fiat settlement agreement proceeds,
if received.

The Sources and Uses are provided to aid the Noteholders in
their assessment of the Nemak transaction and consent
solicitation.  However, the Sources and Uses are based on
numerous assumptions and projections about our financial
condition, results of operations, business, strategies,
objectives, future business, financing needs and capital
expenditures.  These assumptions and projections may prove to be
materially inaccurate.  In addition, other than the amount of
the initial tender offer to Noteholders, in the company's
current operating environment it is difficult to accurately
quantify the payments from the Nemak transaction proceeds that
the company will need to make, and the actual amounts may be
higher or lower than those set forth in the Sources and Uses.  
The Sources and Uses are based on estimated working capital on
an assumed date for each closing of the Nemak transaction, and
thus the actual sources and uses may vary materially if the
estimated working capital as of the actual date of any such
closing is different.  Accordingly, actual results may differ
materially from those expressed or implied by the Sources and
Uses.

                   About Teksid Aluminum

Headquartered in Bermuda, Teksid Aluminum --
http://www.teksidaluminum.com/-- is a leading independent  
manufacturer of aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.

                        *     *     *

On Jan. 16, 2007, Moody's Investors Service placed TK Aluminum
Ltd.'s long-term corporate family rating at Caa3.


TELE NORTE: Launches BRL250-Million Debenture Issue
---------------------------------------------------
Tele Norte Leste Participacoes has launched a BRL250-million
debenture issue, news service AE-Setorial reports.

Business News Americas relates that Tele Norte will issue 25,000
papers at BRL10,000 each, due Feb. 1, 2012.  These financial
institutions are coordinating the operation:

          -- Itau BBA,
          -- Santander Banespa, and
          -- BB Banco de Investimento.

According to BNamericas, Tele Norte was one of the firms to get
large-scale funding from Banco Nacional de Desenvolvimento
Economico e Social last year, which invested BRL52.3 billion
across a range of sectors.

Banco Nacional granted BRL2.4 billion to Tele Norte as part of
the operator's plans to modernize network infrastructure,
information technology, and fixed line and mobile services,
BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes SA -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Brazil-based telecom service
providers Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA, jointly referred to as Telemar, to 'BB+' from 'BB'.
At the same time, Standard and Poor's revised its ratings on the
combined BRL300 million outstanding local debentures of Telemar
Participacoes SA in Brazil National Scale to 'brAA-' from
'brA+', and assigned o 'brAA-' rating to TmarPart's proposed
five-year BRL$250 million debentures.




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


DIK LTD: Sets Last Shareholders Meeting for March 19
----------------------------------------------------
DIK Ltd., will hold its final shareholders meeting on
March 19, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed during the meeting:

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

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

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

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

The liquidators can be reached at:

          Buchanan Limited
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


DIK LTD: Proofs of Claim Filing Deadline Is March 19
----------------------------------------------------
Creditors of DIK, Ltd., are given until March 19, 2007, to prove
their claims to Buchanan Ltd., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

DIK Ltd.'s shareholders agreed on Feb. 8, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Timothy Haddleton
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


DRAGON GLOBAL: To Hold Final Shareholders Meeting on March 7
------------------------------------------------------------
Dragon Global Growth Fund, Ltd., will hold its final
shareholders meeting on March 7, 2007, at 10:00 a.m., at:

          Time Warner Center
          25 Columbus Circle Unit 54F
          New York, NY 10019
          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.

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2007, Dragon Global's shareholders agreed on
Dec. 27, 2006, for the company's voluntary liquidation under
Section 135 of the Companies Law (2004 Revision) of the Cayman
Islands.  The proofs of claim filing deadline was set for
Feb. 7, 2007.

The liquidator can be reached at:

          Hinson Ng
          Time Warner Center
          25 Columbus Circle Unit 54F
          New York, NY 10019
          USA


ENAMEL LTD: Proofs of Claim Filing Deadline Is March 19
-------------------------------------------------------
Creditors of Enamel, Ltd., are given until March 19, 2007, to
prove their claims to Buchanan Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Enamel Ltd.'s shareholders agreed on Feb. 8, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


ENAMEL LTD: Sets Last Shareholders Meeting for March 19
-------------------------------------------------------
Enamel Ltd. will hold its final shareholders meeting on
March 19, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


FAIR OAKS: Proofs of Claim Filing Deadline Is March 19
------------------------------------------------------
Creditors of Fair Oaks, Ltd., are given until March 19, 2007, to
prove their claims to Buchanan Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Fair Oaks' shareholders agreed on Feb. 8, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Timothy Haddleton
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


FAIR OAKS: Sets Last Shareholders Meeting for March 19
------------------------------------------------------
Fair Oaks Ltd. will hold its final shareholders meeting on
March 19, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed during the meeting:

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

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

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

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

The liquidator can be reached at:

          Buchanan Limited
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


FINLAYSON HOLDINGS: Proofs of Claim Filing Is March 19
------------------------------------------------------
Creditors of Finlayson Holdings, Ltd., are given until
March 19, 2007, to prove their claims to Buchanan Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Finlayson Holdings' shareholders agreed on Feb. 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Timothy Haddleton
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


FINLAYSON HOLDINGS: Sets Last Shareholders Meeting for March 19
---------------------------------------------------------------
Finlayson Holdings Ltd. will hold its final shareholders meeting
on March 19, 2007, at:

          CIBC Financial Center
          George Town, Grand Cayman
          Cayman Islands

These agendas will be followed during the meeting:

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

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

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

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

The liquidators can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


HIGHFIRE HOLDINGS: Proofs of Claim Filing Is Until March 19
-----------------------------------------------------------
Creditors of Highfire Holdings, Ltd., are given until
March 19, 2007, to prove their claims to Buchanan Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Highfire Holdings' shareholders agreed on Feb. 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision).

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Timothy Haddleton
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


HIGHFIRE HOLDINGS: Sets Last Shareholders Meeting for March 19
--------------------------------------------------------------
Highfire Holdings, Ltd., will hold its final shareholders
meeting on March 19, 2007, at:

          CIBC Financial Center
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


LANDMARK FUNDING: Proofs of Claim Filing Deadline Is March 15
-------------------------------------------------------------
Creditors of Landmark Funding, Ltd., are given until
March 15, 2007, to prove their claims to Westport Services Ltd,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Landmark Funding Ltd shareholders agreed on Feb. 7, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

        Westport Services Ltd.
        Attention: Bonnie Willkom
        P.O. Box 1111
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-5122
        Fax: (345) 949-7920


LITTLEWOOD INVESTMENTS: Proofs of Claim Filing Ends on March 19
---------------------------------------------------------------
Creditors of Littlewood Investments, Ltd., are given until
March 19, 2007, to prove their claims to Buchanan Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Littlewood Investments' shareholders agreed on Feb. 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Timothy Haddleton
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


LITTLEWOOD INVESTMENTS: Last Shareholders Meeting on March 19
-------------------------------------------------------------
Littlewood Investments Ltd. will hold its final shareholders
meeting on March 19, 2007, at:

          CIBC Financial Center
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


MERIDIAN INVESTMENTS: Proofs of Claim Filing Ends on March 19
-------------------------------------------------------------
Creditors of Meridian Investments, Ltd., are given until
March 19, 2007, to prove their claims to Buchanan Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Meridian Investments' shareholders agreed on Feb. 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision).

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Timothy Haddleton
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


MERIDIAN INVESTMENTS: Sets Last Shareholders Meeting on Mar. 19
---------------------------------------------------------------
Meridian Investments Ltd. will hold its final shareholders
meeting on March 19, 2007, at:

          CIBC Financial Center
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


METEOR LTD: Proofs of Claim Filing Deadline Is March 19
-------------------------------------------------------
Creditors of Meteor, Ltd., are given until March 19, 2007, to
prove their claims to Buchanan Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Meteor's shareholders agreed on Feb. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision).

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


METEOR LTD: Sets Last Shareholders Meeting for March 19
-------------------------------------------------------
Meteor Ltd. will hold its final shareholders meeting on
March 19, 2007, at:

          CIBC Financial Center
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


PEAK HILL: Proofs of Claim Filing Deadline Is March 19
------------------------------------------------------
Creditors of Peak Hill, Ltd., are given until March 19, 2007, to
prove their claims to Buchanan Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Peak Hill Ltd.'s shareholders agreed on Feb. 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision).

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


PEAK HILL: Sets Last Shareholders Meeting for March 19
------------------------------------------------------
Peak Hill Ltd. will hold its final shareholders meeting on
March 19, 2007, at:

          CIBC Financial Center
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


P&W FINANCIAL: Proofs of Claim Filing Deadline Is March 19
----------------------------------------------------------
Creditors of P&W Financial Consulting (Cayman) Co., Ltd., are
given until March 19, 2007, to prove their claims to Westport
Services Ltd, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

P&W Financial's shareholders agreed on Feb. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision).

The liquidator can be reached at:

        CDL Company Ltd.
        Regatta Office Park
        P.O. Box 31106 SMB
        Grand Cayman, Cayman Islands


P&W FINANCIAL: Sets Last Shareholders Meeting for March 19
----------------------------------------------------------
P&W Financial Consulting (Cayman) Co., Ltd., will hold its final
shareholders meeting on March 19, 2007, at:

          Regatta Office Park
          West Bay Road
          Windward One, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          CDL Company Ltd.
          Regatta Office Park
          P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands


SAGABEA INVESTMENTS: Final Shareholders Meeting Is on March 19
--------------------------------------------------------------
Shareholders of Sagabea Investments Ltd. will gather for a final
meeting on March 19, 2007, at 9:00 a.m. at the office of the
company.
            
Accounts on the company's liquidation process will be presented
during the meeting.

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Sagabea Investments started liquidating assets on
Jan. 27, 2007.  Creditors of the company were required to submit
particulars of their debts or claims on or before Jan. 27, 2007
to C.I. Directors Ltd., the company's appointed liquidator.

Parties-in-interest may contact the liquidator at:

            C.I. Directors Ltd.
            P.O. Box 1110
            George Town, Grand Cayman
            Telephone: (345) 949 7212
            Fax: (345) 949 0993


SAMORAR LTD: Proofs of Claim Filing Deadline Is March 19
--------------------------------------------------------
Creditors of Samorar Ltd. are given until March 19, 2007, to
prove their claims to Buchanan Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Samorar Ltd.'s shareholders agreed on Feb. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

        Buchanan Ltd.
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


SAMORAR LTD: Sets Last Shareholders Meeting for March 19
--------------------------------------------------------
Samorar Ltd. will hold its final shareholders meeting on
March 19, 2007, at:

          CIBC Financial Center
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Buchanan Ltd.
          P.O. Box 1170
          Grand Cayman KY-1102
          Cayman Islands


VEMAG LTD: Proofs of Claim Filing Deadline Is March 12
------------------------------------------------------
Vemag, Ltd.'s creditors are given until March 12, 2007, to prove
their claims to Condor Nominees Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Vemag, Ltd.'s shareholders agreed on March 12, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision).

The liquidators can be reached at:

         Condor Nominees Ltd.
         Attention: Nigel Sanders
         P.O. Box 265
         George Town, Walker House
         Mary Street, Grand Cayman
         Cayman Islands
         Telephone: (345) 914 4203
         Fax: (345) 814 8203


VEMAG LTD: Sets Last Shareholders Meeting for March 13
------------------------------------------------------
Vemag, Ltd., will hold its final shareholders meeting on
March 13, 2007, at:

         4th Floor, FirstCaribbean House
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

         Condor Nominees Ltd.
         Attention: Nigel Sanders
         P.O. Box 265
         George Town, Walker House
         Mary Street, Grand Cayman
         Cayman Islands
         Telephone: (345) 914 4203
         Fax: (345) 814 8203


EQUITABLE PCI CAYMAN: Proofs of Claim Filing Deadline Is March 5
----------------------------------------------------------------
Creditors of Equitable PCI Bank Cayman, Ltd., are given until
March 5, 2007, to prove their claims to Westport Services Ltd,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Equitable Bank PCI shareholders agreed on March 5, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision).

The liquidators can be reached at:

        Sergio l. Naranjilla
        Btenvenido M. Juat, Jr.
        P.O. Box 501
        George Town, Grand Cayman
        Cayman Islands




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


CONSTELLATION BRANDS: Stock Buyback Cues S&P to Lower Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands Inc., including its corporate credit and
bank loan ratings to 'BB-' from 'BB'.  The outlook is stable.
     
"The rating actions follow Constellation Brands' announcement
that the company's Board of Directors has authorized the
repurchase of up to US$500 million of its common stock, and
reflects our opinion that the company will continue to maintain
a highly leveraged capital structure over the near to
intermediate term," said Standard & Poor's credit analyst Mark
Salierno.
     
Constellation Brands has the world's largest wine business.  It
is the second-largest U.S. supplier of wines and is the largest
multi-category (wine, spirits, and imported beer) supplier of
beverage alcohol in the U.S.  The ratings on Constellation
Brands reflect the company's acquisitive growth strategy, highly
leveraged financial profile, significant debt burden, and
participation in the highly competitive beverage alcohol
markets.

Based in Fairport, New York, Constellation Brands, Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  Well-known
brands in Constellation's portfolio include: Almaden, Arbor
Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Nobilo,
Kim Crawford, Alice White, Ruffino, Kumala, Robert Mondavi
Private Selection, Rex Goliath, Toasted Head, Blackstone,
Ravenswood, Estancia, Franciscan Oakville Estate, Inniskillin,
Jackson-Triggs, Simi, Robert Mondavi Winery, Stowells,
Blackthorn, Black Velvet, Mr. Boston, Fleischmann's, Paul Masson
Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve
1792, Effen Vodka, Corona Extra, Corona Light, Pacifico, Modelo
Especial, Negra Modelo, St. Pauli Girl, Tsingtao.  One of
Constellation Brands wine and grape processing facilities is
located in Casablanca, Chile.




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


BANCOLOMBIA SA: Shareholders Okay 60MM Preferred Shares Issuance
----------------------------------------------------------------
Bancolombia S.A.'s shareholders approved the unconsolidated and
consolidated financial statements as of Dec. 31, 2006, and their
respective notes, as well as the annual report of management at
the annual General Shareholders Meeting on Thursday.

               Issuance Of Preferred Shares

At the same meeting, Bancolombia's shareholders approved the
issuance of up to 60 million of preferred shares with a par
value of COP500 per share and authorized the Board of Directors
to determine the specific terms of the issuance, including
applicable timing for the offering, as well as the amounts to be
offered in Colombia and abroad.

                    Profit Distribution

The shareholders also approved the proposal made by the Board of
Directors of Bancolombia regarding the distribution of the 2006
profits, which provided for the distribution of dividends in an
amount equivalent to COP133 per share, per quarter, which will
be payable as of the first business day of each calendar quarter
(April 2, July 3, and Oct. 1, 2007, and Jan. 2, 2008).  The
aggregate amount of annual dividends to be distributed is Pesos.
532 per share, which represents an increase of 4.72% in respect
of the dividends paid in 2006.  The total aggregate amount of
dividends to be distributed is COP387,203,966,660.  In addition,
the shareholders approved the payment of dividends in the total
aggregate amount of COP29,478,718,498.33 with respect to any
future issuance of shares which will be determined by the board
of directors pursuant to the same conditions applicable to the
current outstanding shares, starting from the moment of their
subscription.  Dividends are exempt from Colombian withholding
tax for the shareholders in 69,51%.

In order to contribute to Bancolombia's growth during 2007, the
shareholders present at the meeting also approved the allocation
of COP564,897,096,366.44 to increase the legal reserve.

          Partial Amendment of Bancolombia's By-Laws

At the same meeting, the shareholders also approved a partial
amendment of Bancolombia's by-laws.

The by-laws will be partially amended as:

Article 39 shall read as: Chair of the General Shareholders'
Meeting: The General Shareholders' Meeting shall be chaired by
the President of the Bank; in his absence, by the members of the
Board of Directors, according to their order; in the absence of
the foregoing, by the person appointed by the General
Shareholders' Meeting among the participants at the meeting, by
majority of the votes corresponding to the shares represented
therein.  The Secretary of the Bank shall act as Secretary of
the General Meeting, and in his absence, the person appointed by
the President of such meeting.

Article 46(10) shall read as: To elect the Board of Directors,
composed of nine Directors for two year terms, to determine
their compensation and to remove them at its sole discretion.

Article 48(4) shall read as: For the election of the members of
the Board of Directors, the General Shareholders' Meeting shall
take into account the selection and incompatibility standards
established by the law and, as possible, the standards
established in the Corporate Governance Code of the Bank which
shall be informed with respect to each one of the candidates
prior to the ballot.  The election of independent directors
shall be in a separate ballot to the one to elect the rest of
the directors, unless the reaching of the minimum number of
independent directors required by law or by the by-laws is
assured, or when there is only one list that includes the
minimum number of independent directors required by law or by
the by-laws.  Likewise, in order to set the directors' fees, the
General Shareholders' Meeting shall consider the number and
quality of the directors as well as their responsibilities and
time required to perform their duties, in a manner that the fees
properly compensate the contribution that the Bank expects from
its directors.

Article 48(9) shall read as: When the General Shareholders'
Meeting declares the members of the Board of Directors duly
elected, it shall enumerate them, following the order in which
they were placed and became elected on the only list or on the
several lists that according to the number of votes would have
been able to elect their candidates.  It shall resolve, then on
this basis, which are the first, second, third, fourth, fifth,
sixth, seventh, eighth and ninth directors.

Article 52 shall read as: Composition: the Board of Directors is
composed of nine Directors, with the character of first, second,
third, fourth, fifth, sixth, seventh, eighth and ninth according
to their order of election.  In accordance with Colombian laws,
the Board of Directors shall not be composed by a number of
members employed by Bank that could by themselves form the
majority required to take any decision.

Article 53 was deleted, thus the following articles shall be
renumbered.

Article 54 is renumbered as 53 and shall read as: Vacancy: The
absence of a director for a period of more than three months
shall produce vacancy of his post.

Article 59 is renumbered as 58 and shall read as: Meetings of
the Board of Directors: The Board of Directors shall meet at
least once a month on the day and time determined by itself, and
extraordinarily at any time if called by itself, the President
of the Bank, the Auditor, or by two of its members.  The notice
to extraordinary meetings shall be communicated at least one day
in advance, but if all the members are present at a meeting,
they can deliberate at any time and place, and make decisions
without previous notice.  Likewise, meetings for which the
presence of the directors is not required may be held according
to the provisions of the Law.

Article 60 was deleted, thus the following articles shall be
renumbered.

Article 63(2) is renumbered as 61(2) and shall read as: 2. It
shall deliberate with a minimum of five members.

Article 64(22) is renumbered as 62(22) and shall read as: To
approve the Bank's Ethics Code, which will establish the
principles and rules of conduct that will guide the attitude and
behavior of directors, employees, officers and collaborators
regulating, among other aspects, mechanisms to prevent conflicts
of interests and the use of privileged information.  The Board
of Directors will include in the Code the establishment and
existence of an Ethics Committee and will regulate its
activities.

Article 94 is renumbered as 92 and shall read as follows:
Appointment of the liquidator: The liquidation and division of
the capital shall be performed, subject to the legal provisions,
by a special liquidator appointed by the General Shareholders'
Meeting, without prejudice to the fact that the General Meeting
may appoint several liquidators and determine, in such event, if
they shall act jointly or separately.  The General Shareholders'
Meeting shall appoint an alternate liquidator.  Until the
appointment of the liquidator and his alternate are made and
registered at the Chamber of Commerce of the Corporate domicile,
the President of the Bank, at the moment it starts its
liquidation, shall act as liquidator and the members of the
Board of Directors shall act as his alternates in the order of
precedence, except for the chairman of the Board.

                     Board of Directors

In accordance with the amendment to Bancolombia's by-laws that
was approved at the meeting, which increased the number of
directors from 7 to 9 and eliminated the provision for alternate
directors, the shareholders present at the meeting appointed the
following individuals to serve as members of the Board of
Directors for the April 2007 to March 2009 period:

   * David Bojanini Garcia
   * Jose Alberto Velez Cadavid
   * Carlos Enrique Piedrahita Arocha
   * Gonzalo Alberto Perez Rojas
   * Ricardo Sierra Moreno
   * Juan Camilo Restrepo Salazar
   * Alejandro Gaviria Uribe
   * Francisco Moncaleano Botero
   * Carlos Raul Yepes Jimenez

Mr. Juan Camilo Restrepo Salazar, Mr. Alejandro Gaviria Uribe
and Mr. Francisco Moncaleano Botero were elected as independent
directors in accordance with the provisions of Law 964 of 2005.

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'.


BANCOLOMBIA SA: Court Dismisses Former BdC Sellers' Complaint
-------------------------------------------------------------
In a ruling dated Feb. 28, 2007, Judge Jed S. Rakoff of the
United States Court for the Southern District of New York
dismissed the complaint of the sellers of the former Banco de
Colombia against Bancolombia S.A., its President Joge Londono
Saldarriaga, and some of the officers that were members of the
Board of Directors of Bancolombia at the time of the acquisition
and merger.

The lawsuit, which had been initiated on March 24, 1999, was
suspended by the Court on Sept. 28, 1999, pending the resolution
of the case before an arbitral tribunal in Colombia, according
to the parties' agreement under the Promise of Sale Agreement,
dated August 24, 1997.

The Court based its ruling on the principle of res judicata.  
The Court considered that the award of the Colombian arbitral
tribunal, dated May 16, 2006, decided on the same claims filed
before the Court in New York and, therefore, put an end to the
proceedings in New York.

The Court considered that the arbitral tribunal had decided on
the merits of all the claims, and rejected the liability of
Bancolombia and its managers.

The Court noted that the arbitral tribunal rejected the main
three allegations of the plaintiffs.  The arbitral tribunal
found that

    (i) Bancolombia had not manipulated the price of ADRs on the
        New York Stock Exchange;

   (ii) the failure to raise U.S. $150 million was neither a
        breach of an express contractual obligation nor
        unlawful, fraudulent or willful misconduct; and

  (iii) neither Bancolombia nor its managers did engage in
        transactions or conduct in violation of Colombian law
        and sound banking practices.

However, the arbitral tribunal found that Bancolombia had
breached certain secondary duties of conduct.

It is important to note that the arbitral tribunal that reached
the aforementioned conclusions reviewed all the evidence that is
part of the criminal investigation against some of Bancolombia's
officers, including the evidence recently referred to in the
decision of the Constitutional Court.

The company stresses the importance of the decision of the New
York Court, which agreed with Bancolombia's arguments based on
the principle of res judicata as an indispensable guaranty of
the rule of law.

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'.


BANCOLOMBIA: Denies Knowledge Over Stake Purchase by Citigroup
--------------------------------------------------------------
Bancolombia S.A., in response to a request of the
Superintendency of Finance of Colombia, has stated that it has
no knowledge of any agreement regarding a potential acquisition
by Citigroup of a stake in the capital stock of Bancolombia.

Additionally, after consulting with Bancolombia's principal
shareholders, Bancolombia has confirmed that there is currently
no agreement, pending negotiations nor intention to sell such
shareholders' participation in Bancolombia.

Moreover, in response to a question raised by a shareholder at
the General Shareholders' Meeting, Mr. David Bojanini Garcia,
the president of the Board of Directors and in his capacity as
president of Suramericana de Inversiones S.A., stated that
"Bancolombia is not on sale."

Bancolombia reiterated its previous request to the
Superintendency of Finance to investigate the origin of these
groundless rumors, particularly in light of the references to
allegedly executed agreements, which could create confusion in
the securities and capital markets.

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'.


* COLOMBIA: Ministry Launches Mining Accident Reduction Plan  
------------------------------------------------------------
The Colombian social protection ministry has launched a plan to
lessen accidents and illnesses that affect miners operating
informally, Business News Americas reports.

BNamericas relates that the plan is especially aimed at miners
who operate in departments:

          -- Boyaca,
          -- Norte de Santander, and
          -- Cundinamarca.

Social Protection Minister Diego Palacio said in a statement
that mining is one of the sectors with the highest number of
accident and mortality rates in the country.  

According to a statement from the president's office, several
workers in the sector are:

          -- not affiliated with social security,
          -- their basic needs are not met, and
          -- they work on inadequate jobsites with unstable
             technology and poor organization, placing them in a
             highly vulnerable situation.

BNamericas underscores that the initiative considers taking a
census of informal workers in the mining sector from the three
departments to help outline:

          -- work conditions,
          -- location of mines, and
          -- number of workers, among other details.

The report says that the initiative also aims at identifying
miners under the age of 18 and come up with a protective program
to take them out of the mines.

The government told BNamericas that it will evaluate mines
within its national borders and shut down illegally run coal
operations, as part of a new control plan to avoid accidents.

                        *    *    *

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




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


* COSTA RICA: ICE Will Invest US$59.8 Million in Fiber Optics
-------------------------------------------------------------
Costa Rican state-owned telecoms and energy firm Instituto
Costarricense de Electricidad said in a statement that it will
invest US$59.8 million in installing a nationwide fiber optics
network to improve its broadband Internet capacity and coverage.

Business News Americas relates that of the US$59.8 million,
Instituto Costarricense will provide US$28.6 million, while the
Central American Bank for Economic Integration will provide
US$32.5 million.

According to Instituto Costarricense's statement, the firm
contracted Israeli network solutions provider ECI Telecom to
roll out the project, which will take a year to complete.

BNamericas underscores that the project is aimed at better
international interconnection for its GSM network and improved
connectivity for firms seeking to install call centers and
Voice-Over-Internet Protocol service providers setting up
international networks.

Gabrile Viquez, Instituto Costarricense's project development
manager, said in a statement, "[The project] will establish an
excellent transportation channel, which will make it possible to
take a big step in our evolution towards advanced technology
services."

BNamericas states that the network will have five separate
rings:

         -- the far north,
         -- the south,
         -- the northern central region,
         -- the southern central region, and
         -- the San Jose metropolitan region.

                        *     *     *

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




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


AES DOMINICANA: Fitch Affirms B- Issuer Default Rating
------------------------------------------------------
Fitch has affirmed AES Dominicana Energia Finance, S.A.'s
foreign currency Issuer Default Rating at 'B-'.  The rating
outlook is stable.

Fitch has also affirmed the 'B-/RR4' rating of the company's
US$160 million of senior unsecured notes due 2015.  The notes
are jointly and severally guaranteed by AES Dominicana's two
operating companies, AES Andres B.V. and Dominican Power
Partners.  In addition, the notes benefit from a six-month debt-
service reserve account and a US$23.5 million guarantee from AES
Corp., rated 'B+' by Fitch.  The 'RR4' recovery rating reflects
the Dominican Republic's recovery rating cap.

AES Dominicana's ratings are based on the credit quality of the
company's two main electricity generation assets, Andres and
Dominican Power.  The company's credit metrics are considered
strong for the rating category and have recently improved
significantly.  The ratings also consider the company's
dependence on government subsidies and the systemic risks
associated with the power sector in the Dominican Republic.  
Over the next two years, Fitch expects the government to
continue to support the sector via subsidies and the sector to
slowly recover.  The recent government initiatives to re-
negotiate power purchase agreements might increase cash flow
generation uncertainty for generation companies.

Andres and Dominican Power enjoy a competitive advantage due to
their favorable power purchase agreements and the use of
liquefied natural gas or LNG versus other fuels to generate
electricity.  AES Dominicana controls the only LNG import point
into the Dominican Republic.  Andres is the newest and most
efficient power plant in the country and ranks among the lowest
cost electricity generators in the country.  Andres' combined-
cycle plant burns natural gas and is expected to be fully
dispatched as a base load unit as long as the LNG price is not
more than 15% above the imported price of fuel oil No. 6.

Due to increased electricity generation, strong collections and
favorable natural gas prices, AES Dominicana's credit metrics
have exceeded expectations and are considered to be one year
ahead of projections.  The company generated EBITDA of US$74.3
million as of the last twelve months ended Sep. 30, 2006.  
Annual debt service of US$17.6 million can be adequately met
using cash on hand of US$46 million as of Sept. 30, 2006, and
free cash flow generation.

The Dominican Republic power sector is characterized by low
collections from end users and high electricity losses.  This
creates great uncertainty towards the government respect for
private property.  Such conditions have kept distribution
companies from effectively transferring cash to the country's
generation companies.  The proposed electricity law reform that
will penalize electricity theft is viewed as positive for the
sector.  Should the reform be approved by congress and passed
into law, the sector benefits are expected to take place in two
phases.  Phase one will be a sharp reduction in electricity
losses from theft of electricity from industrial customers.  The
second phase would be more challenging given that it requires
significant investments from distribution companies in order to
convert non-paying non-subscribers families and small users to
regulated customers.

Over the past two and a half years, the Dominican government has
provided approximately US$1.4 billion of subsidies to the sector
and has budgeted US$400 million in subsidies for 2007.  This
compare favorably with the US$500 million budgeted and allocated
subsidies during 2006 and the US$600 million of subsidies during
2005.  Going forward, subsidies to distribution companies are
expected to decline as discos should increase efficiency by
increasing collections and reducing losses and government
funding tightens.  If the sector's systemic problem does not
improve, it will continue depending on the government's onerous
subsidy program in order to endure.

AES Dominicana is an energy group operating in the Dominican
Republic, which manages two of AES Corp.'s wholly owned
generation assets, Andres and Dominican Power.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304 MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236 MW power
plant comprising two simple-cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260 MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.


ASHMORE ENERGY: Attains 100% Ownership of Dominican Subsidiaries
----------------------------------------------------------------
Ashmore Energy International has completed the acquisition of an
additional 15% interest in its subsidiary Generadora San Felipe
Limited Partnership, a 180 MW generation plant in the Dominican
Republic.  Additionally, Ashmore Energy has acquired an
additional 50% interest in Operadora San Felipe Limited
Partnership, the power plant operator.  With this acquisition,
Ashmore Energy now owns 100% equity interest in both Generadora
San Felipe and Operadora San Felipe.

This strategic acquisition enables Ashmore Energy to streamline
its corporate governance and operations in the Dominican
Republic, and demonstrates the company's commitment to the
Dominican Republic.

Ashmore Energy owns and operates essential energy infrastructure
in emerging markets.  It manages interests in a group of 19
energy assets (27 assets including Promigas' subsidiaries) with
operations in 14 countries and more than US$2 billion in
revenues and 9,800 employees.  The company serves approximately
8 million customers worldwide by operating through three
business segments: Natural Gas Distribution, Transportation and
Services; Power Distribution; and Power Generation with
approximately 37,000 km of gas and liquids pipelines, 120,000 km
of power transmission and distribution lines, and a gross
installed capacity of 1,675 MW.

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.  The company also operates a power plant
in the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter - Latin America on
Feb. 27, 2007, Standard & Poor's Ratings Services assigned its
'B+' corporate credit rating to Ashmore Energy International.
     
At the same time, Standard & Poor's assigned its 'B+' secured
debt rating and '3' recovery rating to Ashmore Energy's US$500
million revolving credit facility due 2012 and the company's
US$1.0 billion term loan due in 2014.  S&P said the outlook is
stable.


BANCO INTERCONTINENTAL: Central Bank Publishes Audit on Firm
------------------------------------------------------------
The Dominican Republic's central has posted in its Web site, the
audit on Banco Intercontinental's liquidation and dissolution,
Dominican Today reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Judge Sara Veras of the National District's 2nd
Collegiate Court in the Dominican Republic moved to
Feb. 19, 2007, a hearing in which the defense attorneys of the
indicted ex-president of the collapsed bank Baninter, Ramon Baez
Figueroa, filed a motion to force the central bank to handover
the rough draft of the agency's assets liquidation audit.  The
hearing was postponed at the behest of the central bank's
lawyers, who requested a short reprieve before presenting their
argument.  BBO, Ortega & Asociados had conducted an audit on
Banco Intercontinental at the central bank's request.  However,
Mr. Figueroa's attorneys, who asked copies of the report on
Dec. 20, 2006, argued that the central bank refuses to give them
a copy of the audit in relation to the liquidation process of
Banco Intercontinental's assets.

The central bank told Dominican Today that it published the
report "for the purpose of continuing with the policy of
transparency and rendering of accounts which characterizes the
present Monetary and Financial Administration."

Banco Intercontinental aka Baninter collapsed in 2003 as a
result of a massive fraud that drained it of about US$657
million in funds.  As a consequence, all of its branches were
closed.  The bank's current and savings accounts holders were
transferred to the bank's new owner -- Scotiabank.  The
bankruptcy of Baninter was considered the largest in world
history, in relation to the Dominican Republic's Gross Domestic
Product.  It cost Dominican taxpayers DOP55 billion and resulted
to the country's worst economic crisis.




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


PETROECUADOR: Unit Launches Panacocha Works Tender
--------------------------------------------------
State-owned oil company Petroecuador said in a statement that
its subsidiary Petroproduccion has launched the tender to design
production, transport, water reinjection and infrastructure
works at the Panacocha oil block.

According to Petroecuador's statement, Petroproduccion will
receive offers through March 9 and award the contract on
March 17.

Business News Americas relates that the winning bidder will have
two months to complete the engineering.  Once the basic design
has been conducted and environmental licenses granted, the
block's development plan would be presented to the national
hydrocarbons department for ratification.

A Petroecuador spokesperson told BNamericas that the firm will
start drilling the first wells at Panacocha by the end of 2007.

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


* ECUADOR: Intends to Join Banco del Sur
---------------------------------------
The Ecuadorian government posted in its Web site that it will
join the regional development bank Banco del Sur that will be
established by Latin American countries to wean the region from
the International Monetary Fund's influence.

Business News Americas relates that Banco del Sur is part of a
series of trade and agriculture-related cooperation accords
Venezuelan President Hugo Chavez signed with Argentine President
Nestor Kirchner.

The Ecuadorian government may provide up to US$100 million to
help capitalize Banco del Sur, BNamericas states, citing Ricardo
Patino, the nation's economy minister.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


ALCATEL-LUCENT: Partners with GE Capital in U.K. & Ireland
----------------------------------------------------------
Alcatel-Lucent agreed with GE Capital Solutions in the U.K. to
provide finance solutions for U.K. and Irish enterprises.

GE's finance solutions enable U.K. and Irish businesses and
organizations to reap the benefits of Alcatel's hardware and
software communications products and services, without the
burden of significant upfront investment.

These financial solutions are also designed to help Alcatel-
Lucent's business partners increase sales, as well as build on
the profitability of each sale.  Furthermore, by encouraging
customer loyalty, these financial packages will help secure
future upgrades and new deployments.

This launch will entitle Alcatel-Lucent's premium and expert
partner customers to a special introductory promotion on the
purchase of its Alcatel-Lucent OmniPCX Office and Alcatel-Lucent
OmniPCX Enterprise communications platforms for small, medium
and large enterprises, as well as its conferencing and
collaboration tool, Alcatel-Lucent My Teamwork.

"GE is the ideal partner to work with for our finance offering,"
said Graeme Allan, for Alcatel-Lucent Enterprise activities in
U.K. and Ireland.  "Its finance consultants will support our
business partners throughout the sales process, while its
automated financing process, which will be available through our
partner site, will make smaller transactions quick and easy to
process."

"The launch of these finance solutions, working with Alcatel-
Lucent, will allow customers to improve their business processes
and productivity with Alcatel-Lucent's leading convergence
solutions, without impacting on their cash flow," Lynne Wood of
GE said.  "We've worked with Alcatel-Lucent to ensure that the
products we've designed are competitive and truly beneficial to
the business partners, by understanding and specifically meeting
the needs of its end-user customers."

                      About GE Capital

GE Capital Solutions -- http://gecapsol.com/-- offers financing  
services for commercial, industrial, construction and technology
equipment; corporate aircraft; trucks and trailers; franchise
facilities; transportation fleets; private label, wholesale; and
outsourced sales and inventory.  The company also offers tax-
exempt and non tax-exempt financing for federal, state and local
governments and non-profit organizations.

                    About Alcatel-Lucent

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

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

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.

                        *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

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

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


ALCATEL-LUCENT: Expands SFERIA S.A.'s Fixed Wireless Network
------------------------------------------------------------
Alcatel-Lucent, within the framework of three frame agreements
with SFERIA S.A., has upgraded and expanded the SFERIA network
and is responsible for the maintenance of the operator's
telecommunication wireless network based on CDMA2000 technology
in the Warsaw calling area.

Under terms of the agreements, Alcatel-Lucent upgraded SFERIA's
existing base stations, with CDMA2000 1xEV-DO technology to
enable high-speed wireless broadband data services at speeds of
up to 2.4 Megabits per second.  Part of the project was the
implementation by Alcatel-Lucent of a more efficient transport
network to support increased traffic carried over SFERIA's
expanded CDMA2000 wireless broadband network.

Alcatel-Lucent implemented several new end-user applications and
new network management tools and was responsible for general
deployment and other services and will continue to maintain the
network.  

"SFERIA is taking a significant step to expand their network and
enhance the services they offer their customers, and we are
proud to be selected to help them with this important project,"
said Andrzej Dulka, Country Senior Officer, Alcatel-Lucent in
Poland.  "This achievement further confirms the role that our
CDMA2000 technology plays in providing customers a competitive
advantage in the market."

The new synchronous digital hierarchy transport network is based
on Alcatel-Lucent's METROPOLIS(R) AMU and METROPOLIS(R) ADM
Universal products. New network management tools to run the
network include Alcatel-Lucent's NAVIS(TM) OMS (Optical
Management System) and NAVISAAA(TM) software, to manage and
protect SFERIA's network against unauthorized access and provide
billing information for data services.

Alcatel-Lucent designed and deployed the new optical network,
managed the CDMA2000 1xEV-DO upgrade and provided network
integration for the new software platforms and applications.  In
addition, under an extension of an existing maintenance
agreement, Alcatel-Lucent services will provide spare parts
management, first-line maintenance and remote technical support
services.  SFERIA will continue its participation in Alcatel-
Lucent's Base Release Software program, which guarantees that it
receives major releases, point releases and software updates as
they become available for both its mobile switching centers and
base stations.  Alcatel-Lucent's relationship with SFERIA dates
back to the first half of 2003, when the companies signed a
contract to upgrade SFERIA's network to support CDMA2000 1X
technology.

                    About Alcatel-Lucent

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

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

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.

                        *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

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

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




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


* HONDURAS: May Rescind Contracts with Power Generators
-------------------------------------------------------
The Honduran presidential Web site reports that the government
will compare contracts signed with thermo power generators
against market prices to determine if the contracts need to be
cancelled or changed.

Business News Americas relates that the move is one of seven
points that a government commission will discuss at a meeting
with the state power firm Enee as part of a recovery plan
President Manuel Zelaya Rosales launched in last month

According to BNamericas, the meeting also will cover:

          -- a review of meter-reading contractor Semeh's
             contract and its possible cancellation or
             revision;

          -- an action plan to continue a crackdown on those who
             have not paid their bills, equipment purchases; and

          -- Enee's upgrade.

The officials will also study a plan to construct hydroelectric
dams and a bank financing plan for Enee's development,
BNamericas states.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


SUGAR COMPANY: Factories to Lose Up to US$0.08 Per Pound
--------------------------------------------------------
Jamaican agriculture minister Roger Clarke admitted to the
Jamaica Observer that the Sugar Company of Jamaica's factories
would lose up to US$0.08 per pound on exported sugar in 2007 due
to high production costs.

The average cost of sugar from the Sugar Company factories
averaged about US$0.28 to US$0.30 per pound this year, compared
to an expected sale price per pound of US$0.22 to US$0.23 per
pound, The Observer says, citing Minister Clarke.

According to The Observer, opposition head Bruce Golding had
asked Minister Clarke on the average cost of production per
pound of sugar in the Sugar Company factories, based on the last
crop.

The Observer underscores that Minister Clarke rated the Frome
factory as the best performer, with an average output cost of
about US$0.20 to US$0.22 per pound.

Minister Clarke told The Observer that the Bernard Lodge and
Monymusk factories were about US$0.30 per pound, the St. Thomas
factory about US$0.25 per pound and the Trelawny factory, which
was the worst performer, at over US$0.60 per pound.

The average production cost for the factories was up to US$0.30
cents per pound, The Observer says, citing Minister Clarke.

Minister Clarke said that the reduction in European Union prices
would be about 5% in 2007.  The export price for sugar should
end up at about US$0.22 to US$0.23 per pound, The Observer
states.

Sugar Company of Jamaica operates five factories in Jamaica that
normally produces about 60% of the island's sugar output and
earn roughly US$100 million per year.  But for the past five
years, Sugar Company's hasn't been able to realize profit.  Its
losses have accumulated to more than US$4 billion, according to
Agriculture Minister Roger Clarke.  For the fiscal financial
year ended Sept. 30, 2005, Sugar Company registered a net loss
of almost US$1.1 billion, 80% higher than the US$600 million
reported in the previous financial year.  Sugar Company blamed
its financial deterioration to the reduction in sugar cane
production.  According to published reports, the Jamaican
government has taken responsibility for payment of the firm's
debts.


WEST CORPORATION: Completes TeleVox Acquisition
-----------------------------------------------
West Corporation has completed the acquisition of TeleVox
Software, Inc., a leading provider of communication and
automated messaging services to the healthcare industry.  The
acquisition was announced on Jan. 31, 2007.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com--    
is a leading provider of business process outsourcing services.
The company reported revenues of US$1.7 billion for the 12-month
period ending June 30, 2006.  West operates through 3 business
segments: communication services (55% of revenues), conferencing
services (32% of revenues) and receivable management (13% of
revenues).

The company has operations in Mexico and Jamaica, among other
countries.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' loan and
'2' recovery ratings on the senior secured first-lien bank
facility of business process outsourcer West Corp., following
the announcement that the company will add US$165 million to its
first-lien term loan.




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


ACCELLENT INC: Reports Fourth Quarter 2006 Financial Results
------------------------------------------------------------
Accellent Inc., a wholly owned subsidiary of Accellent Holdings
Corp., announced results for the three and twelve months ended
Dec. 31, 2006.

                 Historical Financial Results

Fourth Quarter Financial Results

Net sales for the fourth quarter of 2006 decreased 11% to
US$107.8 million compared with US$120.9 million in the
corresponding period of 2005.  The net loss for the fourth
quarter of 2006 was US$7.7 million compared to a net loss in the
corresponding period of 2005 of US$116.7 million.  The net loss
for the fourth quarter of 2005 includes US$126.5 million in one-
time charges related to the Kohlberg Kravis Roberts & Co. L.P.
and Bain Capital acquisition of the company on Nov. 22, 2005 or
the 2005 transaction.  One-time charges primarily related to the
2005 transaction and incurred during the fourth quarter of 2005
include: merger related costs of US$47.9 million, debt
prepayment penalties of US$29.9 million, write-off of deferred
financing costs of US$14.4 million, US$2.4 million of bridge
loan expenses, stock-based compensation charges of US$13.1
million, inventory step-up charges of US$10.8 million and in-
process R&D write-offs of US$8.0 million.  The net loss for the
fourth quarter of 2006 includes US$1.8 million of primarily non-
cash losses due to changes in the fair value of the company's
interest rate hedging instruments and US$1.6 million in
restructuring costs, partially offset by US$1.2 million in non-
cash stock-based compensation credits.

Twelve Months Financial Results

Net sales for the year ended Dec. 31, 2006, increased 3% to
US$474.1 million compared with US$461.1 million in the
corresponding period of 2005.  The net loss for the 2006 year
was US$18.6 million compared to a net loss in the corresponding
period of 2005 of US$104.8 million.  The net loss for the year
ended Dec. 31, 2005, includes the one-time charges referenced
above relating to the 2005 transaction.  The net loss for the
year ended Dec. 31, 2006, includes inventory step-up charges of
US$6.4 million, restructuring charges of US$5.0 million and
US$1.1 million of non-cash stock-based compensation charges.

             Pro Forma 2006 Financial Results

Fourth Quarter Pro Forma Financial Results

Giving pro forma effect to the 2005 transaction and the
company's acquisitions of Campbell Engineering, Inc. and
Machining Technology Group, LLC as if they had occurred as of
Jan. 1, 2005, net sales for the fourth quarter ended
Dec. 31, 2006, decreased 11% to US$107.8 million compared with
pro forma net sales of US$121.2 million in the corresponding
period of 2005.  Sales were negatively impacted 7% by the
previously disclosed ramp-down of a select product line and 6%
by slower orthopedic end market conditions.  The company's
facility rationalization program also negatively impacted fourth
quarter 2006 sales growth by approximately 1%.

Adjusted EBITDA for the three months ended Dec. 31, 2006, was
US$21.7 million, a decrease of 17% compared to Adjusted EBITDA
of US$26.3 million in the corresponding period of 2005.  
Adjusted EBITDA declined due to lower sales and higher costs
primarily related to new production start-up.

Twelve Months Pro Forma Financial Results

Pro forma net sales for the year ended Dec. 31, 2006, decreased
1% to US$474.1 million compared with pro forma net sales of
US$481.0 million in the corresponding period of 2005.  Sales
were negatively impacted 6% by the ramp-down of a select product
line and 1% by the Company's facility rationalization program,
partially offset by growth in the cardiology and endoscopy
markets.

Adjusted EBITDA for the year ended Dec. 31, 2006, decreased 4%
to US$101.7 million compared to Adjusted EBITDA of US$105.5
million in the corresponding period of 2005.  Adjusted EBITDA
declined due to lower sales, a less favorable product mix and
higher costs primarily related to new production start-up.

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.

                        *     *     *

As reported in the Troubled Company Reporter - Latin America on
Jan. 26, 2007, Moody's Investors Service downgraded Accellent
Inc.'s corporate family rating to B3 from B2 and assigned a
stable outlook.  There was no change to Accellent's speculative
grade liquidity rating of SGL-3.


ACCELLENT INC: Weak Performance Prompts S&P's Negative Outlook
--------------------------------------------------------------
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 Wilmington, Massachusetts-based 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.


ADVANCED MARKETING: Committee Wants Morris as Local Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors in Advanced
Marketing Services Inc. and its debtor-affiliates' bankruptcy
cases seeks authority from the United States Court for the
District of Delaware to retain Morris, Nichols, Arsht & Tunnell
LLP, as its local counsel, nunc pro tunc to January 31.

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' 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.

                  About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
(Advanced Marketing Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.


CLIENTLOGIC: Expands Customer Service Pact with XM Satellite
------------------------------------------------------------
ClientLogic announced the expansion of its partnership with XM
Satellite Radio to continue providing customer service,
technical support and customer retention services for XM's 7.6
million subscribers in the U.S. and Canada.  ClientLogic
currently services XM Satellite Radio from contact centers in
three near shore and offshore locations.  The expansion will
call for the hiring of approximately 150 associates in a fourth
ClientLogic facility located in Huntington, West Virginia.

"At XM Satellite Radio, we want to ensure that our customers'
needs are met quickly and efficiently so we can seamlessly
provide access to the widest selection of programming and
content through a user-friendly environment," said Joe Zarella,
EVP of Business Operations at XM Satellite Radio.  "Our
relationship with ClientLogic has been extremely successful and
we are looking forward to expanding to a fourth facility staffed
by ClientLogic's talented and professional customer care
associates."

XM Satellite Radio features more than 170 digital channels
consisting of commercial-free music channels and a variety of
sports, talk, comedy, children's and entertainment programming.  
XM reaches more than 7.6 million subscribers in the U.S. and
Canada, broadcasting from studios in Washington, D.C., New York,
Nashville, Tenn., Toronto and Montreal.  XM Satellite Radio
originally partnered with ClientLogic because of its expertise
in the consumer entertainment and telecommunications industries
and its commitment to providing quality customer care.

"For companies in the competitive consumer entertainment
industry, there is nothing more important than creating brand
loyalty through quality products and customer service," said
Julie Casteel, chief global sales and marketing officer at
ClientLogic.  "We have enjoyed working side by side with XM
Satellite Radio to develop and implement a customer care
strategy tailored to the unique needs of its diverse customer
base.  We are thrilled to be expanding with XM Satellite Radio
once again and look forward to growing our partnership in the
months and years ahead."

                  About XM Satellite Radio

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) -- http://www.xmradio.com/-- is a wholly owned
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2007 lineup includes more than 170 digital channels of choice
from coast to coast: commercial-free music channels, premier
sports, news, talk, comedy, children's and entertainment
programming; and the most advanced traffic and weather
information.  XM has broadcast facilities in New York and
Nashville, and additional offices in Boca Raton, Fla.;
Southfield, Mich.; and Yokohama, Japan.

        About the Newly Combined ClientLogic and SITEL

The new company is a global Business Process Outsourcing leader.  
Formed by the merger of ClientLogic and SITEL in January 2007,
the new company meets clients' customer care and transaction
processing needs through 65,000 associates in 28 countries,
including Argentina, Austria, Canada, Denmark, France, Germany,
India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.  The new
company provides world-class solutions from on-shore, near shore
and offshore locations across 145+ facilities throughout North
America, South America, EMEA and Asia Pacific.  The new
company's award-winning services provide clients with the
strategic insight, scale and diversity of offerings to ensure
the best return on their customer investment.  The company is
privately held and majority owned by Canadian diversified
company, Onex Corporation.

                        *     *     *

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

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


CONTINENTAL AIRLINES: Reports February Operational Performance
--------------------------------------------------------------
Continental Airlines reported a February consolidated (mainline
plus regional) load factor of 77.0%, 1.0 point above the
February 2006 consolidated load factor, and a mainline load
factor of 77.1%, 1.0 point above the February 2006 mainline load
factor.  Both load factors were records for the month.  In
addition, the carrier reported a domestic mainline load factor
of 80.7%, 0.3 points below February 2006, and an international
mainline load factor of 73.2%, 2.7 points above February 2006.

During the month, Continental recorded a U.S. Department of
Transportation on-time arrival rate of 73.7% and a February
mainline completion factor of 99.4%.

In February 2007, Continental flew 6.5 billion consolidated
revenue passenger miles and 8.4 billion consolidated available
seat miles, resulting in a traffic increase of 7.6% and a
capacity increase of 6.2% as compared to February 2006.  In
February 2007, Continental flew 5.8 billion mainline RPMs and
7.5 billion mainline ASMs, resulting in a mainline traffic
increase of 8.1% and a 6.6% increase in mainline capacity as
compared to February 2006.  Domestic mainline traffic was 3.2
billion RPMs in February 2007, up 5.8% from February 2006, and
domestic mainline capacity was 4.0 billion ASMs, up 6.2% from
February 2006.

For February 2007, consolidated passenger revenue per available
seat mile is estimated to have increased between 1.5% and 2.5%
compared to February 2006, while mainline passenger RASM is
estimated to have increased between 3.0 and 4.0% compared to
February 2006. For January 2007, consolidated passenger RASM
increased 2.7% compared to January 2006, while mainline
passenger RASM increased 4.4% from January 2006.

February 2007 sales at continental.com increased 20% over
February 2006.

Continental's regional operations had a record February load
factor of 75.5%, 0.5 points above the February 2006 load factor.  
Regional RPMs were 721.6 million and regional ASMs were 955.2
million in February 2007, resulting in a traffic increase of
4.0% and a capacity increase of 3.3% versus February 2006.

Continental Airlines is the world's fifth largest airline.
Continental, together with Continental Express and Continental
Connection, has more than 3,100 daily departures throughout the
Americas, Europe and Asia, serving 150 domestic and 136
international destinations.  More than 400 additional points are
served via SkyTeam alliance airlines.  With more than 44,000
employees, Continental has hubs serving New York, Houston,
Cleveland and Guam, and together with Continental Express,
carries approximately 67 million passengers per year.  
Continental consistently earns awards and critical acclaim for
both its operation and its corporate culture.

In 2006, Continental Airlines won its sixth J.D. Power and
Associates award since 1996.  The carrier received the highest
rank in customer satisfaction among network carriers in North
America in the J.D. Power and Associates 2006 Airline
Satisfaction Index Survey.  For the third consecutive year,
FORTUNE magazine named Continental the No. 1 Most Admired Global
Airline on its 2006 list of Most Admired Global Companies.  
Continental was also named the No. 1 airline on the
publication's 2006 America's Most Admired airline industry list.
Additionally, Continental again won major awards at the OAG
Airline of the Year Awards including "Best Airline Based in
North America" for the third year in a row, and
"Best Executive/Business Class" for the fourth consecutive year.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/    
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout Mexico, Europe and Asia,
serving 154 domestic and 138 international destinations
including Honduras and Bonaire.  More than 400 additional points
are served via SkyTeam alliance airlines.  With more than 43,000
employees, Continental has hubs serving New York, Houston,
Cleveland and Guam, and together with Continental Express,
carries approximately 61 million passengers per year.
Continental consistently earns awards and critical acclaim for
both its operation and its corporate culture.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 10, 2006,
Moody's Investors Service assigned ratings of Caa1, LDG5-75% to
the US$200 million of senior unsecured notes issued by
Continental Airlines Inc.'s.  Moody's affirmed the B3 corporate
family rating.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' long-term and 'B-3' short-term corporate
credit ratings, on Continental Airlines Inc.  The outlook is
revised to stable from negative.  Continental has about US$17
billion of debt and leases.

At the same time, Fitch Ratings has upgraded Continental
Airlines Inc.'s Issuer Default Rating to 'B-' from 'CCC' and
Senior Unsecured Debt to 'CCC/RR6' from 'CC/RR6'.  Fitch said
the rating outlook was stable.


FORD MOTOR: Estimates US$11.18 Billion in Restructuring Costs
-------------------------------------------------------------
Ford Motor Company disclosed Wednesday in a regulatory filing
with the Securities and Exchange Commission its estimated life-
time costs for restructuring actions:

   Jobs Bank Benefits and
   personnel-reduction programs    US$5,960 million

   Pension curtailment charges        2,741 million
  
   Fixed asset impairment charges     2,200 million
  
   U.S. plant idlings
   (primarily fixed-asset
   write-offs)                          281 million

   Total                           US$11,182 million

Of the total US$11,182 million of estimated costs, Ford says
that US$9,982 million has been accrued in 2006 and the balance,
which is primarily related to salaried personnel-reduction
programs, is expected to be accrued in the first quarter of
2007.

The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007.  Of the estimated costs, those relating to
Job Bank Benefits and personnel-reduction programs also
constitute cash expenditure estimates.
  
The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.  

The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.

As reported in the Troubled Company Reporter on Feb. 21, 2007,
Ford expected to miss some points in its "Way Forward"
restructuring plan, according to an internal report titled
"Report Card: Ford North America."

Reports said that although Ford hit the US$400 million material
cost savings in January, the company would likely miss its
target for February and March.  Also, Ford missed its U.S.
retail sales goal in January for Focus by 10,600 vehicles.  

                        2006 Results

Ford incurred a US$12,613 million net loss on US$160,123 million
of total sales and revenues for the year ended Dec. 31, 2006,
compared to a US$1,440 million net income on US$176,896 million
of total sales and revenues for the year ended Dec. 31, 2005.

Ford's balance sheet at Dec. 31, 2006, showed total assets of
US$278,554 million and total liabilities of US$280,860 million
resulting in a total stockholders' deficit of US$3,465 million.

The company had US$13,442 million in total stockholders' equity
at Dec. 31, 2005.

             Continued Decline in Market Share

Ford says its overall market share in the United States has
declined in each of the past five years, from 21.1% in 2002 to
17.1% in 2006.  The decline in overall market share primarily
reflects a decline in the company's retail market share, which
excludes fleet sales, during the past five years from 16.3% in
2002 to 11.8% in 2006.

                    Stockholders' Equity

The US$16.9 billion decrease in Ford's stockholders' equity at
Dec. 31, 2006, primarily reflected 2006 net losses and
recognition of previously unamortized changes in the funded
status of the company's defined benefit postretirement plans as
required by the implementation of Statement of Financial
Accounting Standards No. 158, offset partially by foreign
currency translation adjustments.

                      Automotive Sector

The weighted-average maturity of Ford's total automotive debt is
approximately 17 years, and is measured based on the maturity
dates of its debt or the first date of any put option available
to the owners of its debt.  About US$3 billion of debt matures
by Dec. 31, 2011, and about US$15 billion matures or has a put
option by Dec. 31, 2016.

At Dec. 31, 2006, Ford had US$13 billion of contractually-
committed credit facilities with financial institutions,
including US$11.5 billion pursuant to a senior secured credit
facility established in December 2006, US$1.1 billion of global
Automotive unsecured credit facilities, and US$400 million of
local credit facilities available to foreign affiliates.  At
Dec. 31, 2006, US$12.5 billion of the facilities were available
for use.

             Financial Services Sector -- Ford Credit

Ford Credit's total debt plus securitized off-balance sheet
funding was US$150.9 billion at Dec. 31, 2006, about US$900
million higher compared with a year ago.  At Dec. 31, 2006, Ford
Credit's cash, cash equivalents and marketable securities
totaled US$21.8 billion (including US$3.7 billion to be used
only to support on-balance sheet securitizations), compared with
US$17.9 billion at year-end 2005.  

Ford Credit obtains short-term funding, among others, from sale
of floating rate demand notes under its Ford Interest Advantage
program.  At Dec. 31, 2006, the principal amount outstanding of
such notes was US$5.6 billion.  

For additional funding and to maintain liquidity, at
Dec. 31, 2006, Ford Credit and its majority owned subsidiaries
had US$3.8 billion of contractually committed unsecured credit
facilities with financial institutions, of which US$2.6 billion
were available for use.

In addition, at Dec. 31, 2006, banks provided US$18.9 billion of
contractually-committed liquidity facilities exclusively to
support Ford Credit's two on-balance sheet asset-backed
commercial paper programs.

Ford Credit also has entered into agreements with a number of
bank-sponsored asset-backed commercial paper conduits and other
financial institutions pursuant to which the parties are
contractually committed, at Ford Credit's option, to purchase
from Ford Credit eligible retail or wholesale assets or to make
advances under asset-backed securities backed by wholesale
assets for proceeds of up to approximately US$29.1 billion.  At
Dec. 31, 2006, US$9.7 billion of the commitments were in use.  

Furthermore, Ford Credit has a multi-year committed liquidity
program for the purchase of up to US$6 billion of unrated asset-
backed securities that at its option can be supported with
various retail, wholesale, or leased assets.  Ford Credit's
ability to obtain funding under this program is subject to
having a sufficient amount of assets available to issue the
securities.

A full-text copy of the financial report is available for free
at http://researcharchives.com/t/s?1a95

                     About Ford Motor Co.

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

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

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


GENERAL MOTORS: 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 percent, 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 Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.

                        *     *     *

On Jan. 31, Standard & Poor's Ratings Services said that General
Motors Corp.'s (GM; B/Negative/B-3) 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 Dec. 13, 2006, Standard & Poor's Ratings Services affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

Standard & Poor's Ratings Services earlier assigned its 'B+'
bank loan rating to General Motors Corp.'s proposed US$1.5
billion senior term loan facility, expiring 2013, with a
recovery rating of '1'.  The 'B+' rating was placed on
Creditwatch with negative implications, consistent with the
other issue ratings of GM, excluding recovery ratings.


OCEANIA CRUISE: Moody's Affirms B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service affirmed Oceania Cruise Holdings B2
Corporate Family Rating, and changed the rating outlook of
Oceania and related entities to negative.  Oceania announced it
has entered into a strategic partnership with Apollo Management
L.P. in a transaction valued at approximately US$850 million,
including the assumption of debt.  The transaction will likely
trigger the change of control in the bank agreement requiring
Oceania to refinance its existing bank facilities.  The negative
outlook reflects refinancing risk, as well as, uncertainties
regarding the form and use of Apollo's investment and its impact
on Oceania's capital structure, and future growth strategy,
including the possibility that the company could order new ships
and increase debt.

Moody's last rating action occurred on Oct. 18, 2006, when
Oceania was assigned a corporate family rating of B2 to Oceania
Cruise Holdings, Inc. and the associated loss given default
rating LGD4, 50%.

Headquartered in Miami, Florida, Oceania Cruise Holdings, Inc.
owns three passenger identical cruise ships that each have 698
berths (2,094 in total) operating under the brand name of
Oceania Cruises.  The company was formed in 2002 and began
operating in 2003 when it entered into a charter (lease)
arrangement to operate the first of three ships.
The company targets the upper premium segment of the cruise
industry with destination-oriented cruises that maximize on-
shore activities.  Oceania's principal areas of operation
include Africa, Arabia, Black Sea, Caribbean, Central America,
China, Greek Isles, Iceland, India, Mediterranean, Mexico,
Russia, Scandinavia, South America, Southeast Asia.




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


* PANAMA: Mulls Creation of Entity to Oversee Energy Sector
-----------------------------------------------------------
Panamanian state-run power generator Egesa Manager Carlos
Carcache told Business News Americas that the government is
considering creating a high-level entity that would supervise
the energy sector.

Mr. Carcache said that the economy and finance ministry
currently oversees the electricity sector through the energy
policy commission COPE.  Meanwhile, the trade and ministry is
responsible for hydrocarbons, BNamericas notes.

"There is a lot of political interest in giving COPE the mandate
and jurisdiction it needs to drive the country's energy sector,"
Mr. Carcache commented to BNamericas.


                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




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


* PARAGUAY: State Firm to Launch Acaray-K30 Construction Tender
---------------------------------------------------------------
The Paraguayan government said in a statement that state power
firm Ande will launch a tender to build the 220-kilovolt Acaray-
K30-Coronel Oviedo transmission line this month.

Ande Planning Director Dario Nunez told Business News Americas
that the company sent the project bidding rules to the Inter-
American Development Bank aka IDB for approval, which the firm
expects this week.

According to BNamericas, the IDB will provide funding for the
project as part of a US$69.5-million loan for Ande ventures over
the next three years.  As part of the agreement, Ande will match
the loan with a US$36-million commitment.

BNamericas underscores that the project, which will require 18
months to construct, will need an estimated US$40 million
investment.

Firms will have 45 days to submit offers, Mr. Nunez told
BNamericas.


                        *     *     *

Moody's assigned these ratings on Paraguay:

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

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

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




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P E R U
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LEVI STRAUSS: Secures New US$325 Mil. Senior Unsecured Term Loan
----------------------------------------------------------------
Levi Strauss & Co. has entered into a binding commitment with
Banc of America Securities LLC and Goldman Sachs Credit Partners
L.P., as joint lead arrangers and joint book managers, with
respect to a new seven-year US$325 million senior unsecured term
loan facility.  The company expects, subject to certain
conditions, to enter into a definitive term loan agreement with
the joint lead arrangers, their affiliates and other potential
lenders by mid-March.

The company intends to use the gross proceeds from the new term
loan, plus cash on hand of approximately US$69 million, to
redeem in full its outstanding US$380 million floating rate
notes due 2012 and to pay related redemption premiums,
transaction fees and expenses.

Pursuant to the terms of the indenture relating to the floating
rate notes, the floating rate notes become redeemable on
April 1, 2007, at a price of 102% of par.  The company intends
to issue the redemption notice in the near future and to redeem
the floating rate notes shortly after the notes become
redeemable.

Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.


LEVI STRAUSS: Fitch Expects to Rate US$325 Mil. New Loan at BB-
---------------------------------------------------------------
Fitch affirms the ratings on Levi Strauss & Co:

     -- Issuer Default Rating 'B';
     -- US$650 million asset-based loan 'BB/RR1'; and
     -- US$1.8 billion unsecured notes 'BB-/RR2'.

Fitch also expects to rate Levi's new senior unsecured term loan
'BB-/RR2'.  The Rating Outlook is Positive.

The rating actions follows Levi's announcement that it has
entered into a binding agreement for a new 7-year, US$325
million senior unsecured term loan facility with Banc of America
Securities and Goldman Sachs Credit Partners L.P.  The proceeds
from the new term loan, combined with cash on hand of
approximately US$69 million, will be used to redeem its US$380
million floating rate notes due 2012 and pay related fees.  The
floating rate notes become callable on April 1, 2007 at a price
of 102% of par, and the company intends to issue a redemption
notice to redeem the notes.  This transaction reduces Levi's
debt maturities in 2012 and is expected to reduce the company's
annual interest expense.  Pro forma debt as of Nov. 26, 2006,
and corresponding adjusted leverage, measured by total adjusted
debt to EBITDAR, will remain near current levels.

The ratings reflect Levi's strengthened credit profile,
resulting from improvements made to streamline its business and
focus on product mix and a more premium offering across its
operating segments.  Also considered is Levi's well known brand
name, geographic diversity, and good liquidity position, offset
by high debt balances and the competitive operating environment
of the denim and casual bottoms market.  Fitch expects that
further rating improvement is possible if positive sales trends
continue, and this is reflected in the Positive Rating Outlook.

Fitch derives recovery values and recovery ratings or RR from an
analysis and valuation of Levi's operations.  The 'RR1' recovery
rating assigned to Levi's US$550 million secured asset-based
bank facility, which is secured by a first priority lien on
domestic receivables and inventory, is based on Fitch's
expectation that this piece of debt would receive full recovery
in a distressed scenario.  Availability under this facility is
dependent upon the level of Levi's domestic accounts receivable,
inventory, and cash and cash equivalents.  The recovery for the
senior unsecured debt would be good at 71-90%, and therefore
Fitch has assigned a 'RR2' rating to this class of debt.

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a   
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands.  Levi Strauss also licenses
its trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.


LEVI STRAUSS: Moody's Rates US$325MM Proposed Term Loan at B2
-------------------------------------------------------------
Moody's Investors Service upgraded its corporate family and
probability of default ratings for Levi Strauss & Co. to B1 from
B2.  The rating outlook is stable.  At the same time Moody's
also assigned a B2 rating to the company's proposed US$325
million senior unsecured term loan, which reflects the B1
probability of default rating and the loss given default
assessment of LGD 4 (62%).  Proceeds from the new financing and
cash on hand are expected to be used to retire the outstanding
floating rate notes due 2012, and upon repayment Moody's would
expect to withdraw the ratings on these notes.  The ratings for
other rated senior unsecured debts were also upgraded to B2
from B3.

"The upgrade reflects revenue and operating margin stability as
well as improved free cash flow generation, which enabled the
company to repay approximately US$145 million of debt in 2006",
commented Moody's Vice President Scott Tuhy.  The upgrade also
reflects improving operational and systems controls, which are
expected to be enhanced by the rollout of SAP across the
franchise in the near term.  The stable outlook reflects Moody's
expectations that the company's financial metrics will remain at
appropriate levels for the B1 rating category.

This rating is assigned:

     -- US$325 million Senior Unsecured Term Loan due 2014:
        B2 (LGD 4 -- 62%)

These were upgraded and loss given default assessments amended:

     -- Corporate Family Rating and Probability of Default
        Ratings: to B1 from B2

     -- Various Senior Unsecured Notes: to B2 from B3
        (LGD 4 - 62% was LGD 4 -- 59%)

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a   
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands.  Levi Strauss also licenses
its trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.  

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.




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


ALLIED WASTE: Plans to Sell US$750 Million of 6.875% Sr. Notes
--------------------------------------------------------------
Allied Waste North America Inc. intends to issue and sell to
UBS Securities LLC, Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, J.P. Morgan Securities Inc., and the other
financial institutions US$750,000,000 in aggregate principal
amount of its 6.875% Senior Notes due 2017, which is subject to
the terms and conditions set forth herein.  The company said
that it will guarantee the Notes.

The Notes are to be issued pursuant to a Series Supplement, to
be dated as of the Closing Date, to an indenture, dated Dec. 23,
1998, among the Company, the Guarantors and U.S. Bank National
Association.

The Notes will be secured by a first priority lien on:

   a. all of the capital stock of Browning-Ferris Industries,
      LLC's domestic Restricted Subsidiaries;

   b. 65% of the capital stock of BFI's foreign Restricted
      Subsidiaries;

   c. all tangible and intangible assets currently owned by BFI
      and substantially all of BFI's domestic Restricted
      Subsidiaries; and

   d. certain tangible and intangible assets of certain wholly-
      owned subsidiaries of Allied.

BFI and its subsidiaries that own the Collateral entered into
a Shared Collateral Pledge Agreement, dated July 30, 1999 and
amended and restated as of April 29, 2003, among the company,
BFI, the Grantor Subsidiaries and the Collateral Trustee, a
Shared Collateral Security Agreement, dated July 30, 1999 and
amended and restated as of April 29, 2003, among the Company,
BFI, the Grantor Subsidiaries and the Collateral Trustee and a
Collateral Trust Agreement, dated July 30, 1999 and amended and
restated as of April 29, 2003, among the Company, BFI, the
Grantor Subsidiaries and the Collateral Trustee.

The Shared Collateral Agreements provide for the grant by BFI
and its subsidiaries that own the Collateral to the Collateral
Trustee for the ratable benefit of the Holders of the Notes of a
pledge of, or a security interest in, as the case may be, the
Collateral.

Allied Waste North America, Inc., a wholly owned operating
subsidiary of Allied Waste Industries, Inc., is based in
Phoenix, Arizona.  Allied Waste is a vertically integrated, non-
hazardous solid waste management company providing collection,
transfer, and recycling and disposal services for residential,
commercial and industrial customers.  As of Dec. 31, 2006, the
company operated a network of 304 collection companies, 161
transfer stations, 168 active landfills and 57 recycling
facilities in 37 states and Puerto Rico.  The company had
revenues of approximately US$6.0 billion in fiscal 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2007, Moody's Investors Service upgraded the Corporate
Family Rating of Allied Waste Industries, Inc to B1 from B2,
affirmed the Ba3 (LGD 2, 30%) rating on the senior secured
credit facilities of Allied Waste North America, Inc., and
upgraded other rated debt tranches of Allied Waste along with
Allied Waste North America and its wholly-owned subsidiary,
Browning-Ferris Industries, LLC.  Concurrently, Moody's assigned
a B1 (LGD 4, 56%) rating to the company's proposed US$750
million senior secured note due 2017.  The outlook for the
ratings remains positive, reflecting continuing pricing strength
in the industry as a whole and the company's own pricing
initiatives in driving enhanced internal revenue growth (6.7% in
2006, versus 5% in 2005 and 2.2% in 2004).


COVENTRY HEALTH: Earns US$156.1 Million in 2006 Fourth Quarter
--------------------------------------------------------------
Coventry Health Care, Inc., reported results for the fourth
quarter and year ended Dec. 31, 2006.

For the fourth quarter ended Dec. 31, 2006, Coventry reported
net earnings of US$156.1 million, 23.5% higher compared to
US$126.4 million in 2005.        

Net earnings for the year ended Dec. 31, 2006 were US$560
million 11.64% higher compared to US$501.6 million in 2005.
       
At Dec. 31, 2006, Coventry Health's balance sheets showed
US$5.67 billion in total assets, US$2.7 billion in total
liabilities and total stockholders' equity of US$2.95 billion.  
Stockholders' equity was US$2.56 billion at Dec. 31, 2005.

"During the year, the company's health plans continued to
perform at a high level, its Medicare business has expanded
meaningfully and the company completed the integration of First
Health," Dale B. Wolf, chief executive officer of Coventry,
said.  The company has realigned with a focus on positioning its
well-diversified businesses for continued growth and new
opportunities in 2007 and beyond."

Additionally, Coventry has entered into a definitive agreement
to acquire Concentra's workers' compensation managed care
services businesses for US$387.5 million in an all-cash
transaction and expected to close in 90 to 180 days, subject to
closing conditions, regulatory and other customary approvals.  
The transaction is projected to be slightly accretive to
earnings in the first year after closing.  

Coventry will acquire Concentra's workers' compensation PPO,
provider bill review, pharmacy benefit management, field case
management, telephonic case management, and independent medical
exam businesses, including FOCUS, First Script, and MetraComp.
Concentra will retain ownership of all health centers and other
unrelated businesses.  In total, the workers' compensation
managed care services businesses of Concentra generated US$324
million in fee-based revenue in 2006.

                       About Coventry

Headquartered in Bethesda, Maryland, Coventry Health Care, Inc.
(NYSE: CVH) -- http://www.cvty.com/-- is a national managed  
health care company operating health plans, insurance companies,
network rental/managed care and workers' compensation services
companies.  Coventry provides a full range of risk and fee-based
managed care products and services, including HMO, PPO, POS,
Medicare Advantage, Medicare Prescription Drug Plans, Medicaid,
Workers' Compensation services and Network Rental to a broad
cross section of individuals, employer and government-funded
groups, government agencies, and other insurance carriers and
administrators in all 50 states as well as the District of
Columbia and Puerto Rico.

                        *     *     *

Coventry Health Care, Inc.'s 5-7/8% Senior Notes due 2012 carry
Moody's Investors Service's 'Ba1' rating and Fitch's 'BB'
rating.


DEVELOPERS DIVERSIFIED: Earns US$253.3 Million 2006 Fiscal Year
---------------------------------------------------------------
Developers Diversified Realty Corp. reported US$253.3 million of
net income on US$818.1 million of revenues for the year ended
Dec. 31, 2006, compared with US$282.6 million of net income on
US$719.6 million of revenues for the year ended Dec. 31, 2005.

The decrease in net income of approximately US$29.3 million is
due to increases in net operating income from operating
properties, offset by decreases in gains on disposition of real
estate, increases in depreciation of the assets acquired and
developed and increases in short-term interest rates and related
interest expense.

The US$98.5 million increase in total revenues is mainly due to
the US$58.7 million increase in base and percentage rental
revenues, the US$20.9 million increase in recoveries from
tenants, the US$6.6 million increase in ancillary income and
other property income, the US$7.4 million increase in
management, development and other fee income, as well as a
US$4.9 million increase in other income which was attributable
to the increase in lease termination fees.

The increase in recoveries from tenants is primarily due to an
increase in operating expenses and real estate taxes that
aggregated US$26.7 million, primarily due to acquisitions and
developments coming on line.  Recoveries were approximately 85%
and 86% of operating expenses and real estate taxes for the
years ended Dec. 31, 2006 and 2005, respectively.

Ancillary and other properly related income increased due to
income earned from the acquisition of portfolios from Caribbean
Property Group LLC and Benderson Development Company.

The increase in management, development and other fee income,
which aggregated US$7.4 million, is primarily due to
unconsolidated joint venture interests formed in 2005, the
continued growth of the joint venture with Macquarie DDR Trust
aggregating US$1.3 million and an increase in other income of
approximately US$4.9 million.  This increase was offset by the
sale of several of the company's joint venture properties that
contributed approximately US$1.8 million in management fee
income in the prior year and a decrease in development fee
income of approximately US$200,000.  The remaining increase of
US$3.2 million is due to an increase in other fee income.

At Dec. 31, 2006, the company's balance sheet showed US$7.2
billion in total assets, US$4.6 billion in total liabilities,
and US$2.5 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1a91

Net cash flow provided by operating activities was US$349.7
million during 2006, compared with US$355.4 million during 2005.

                About Developers Diversified

Based in Beachwood, Ohio, Developers Diversified Realty
Corp. (NYSE: DDR) -- http://www.ddr.com/-- owns or manages  
approximately 800 operating and development retail properties in
45 states, plus Puerto Rico and Brazil, comprising approximately
162 million square feet.  Developers Diversified is a self-
administered and self-managed real estate investment trust
operating as a fully integrated real estate company, which
develops, leases and manages shopping centers.

The company elected to be treated as a Real Estate Investment
Trust under the Internal Revenue Code of 1986, as amended,
commencing with its taxable year ended Dec. 31, 1993.  As a real
estate investment trust, the company must meet a number of
organizational and operational requirements, including a
requirement that the company distribute at least 90% of its
taxable income to its stockholders.  As a real estate investment
trust the company generally will not be subject to corporate
level federal income tax on taxable income it distributes to its
stockholders.  

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 31, 2006,
Fitch Ratings affirmed Developers Diversified Realty
Corporation's BB+ preferred stock rating.


UNIVISION COMM: New Owners Name Joe Uva as Chief Exec. Officer
--------------------------------------------------------------
Broadcasting Media Partners Inc. -- an investor group including
Madison Dearborn Partners, Providence Equity Partners, Texas
Pacific Group, Thomas H. Lee Partners, and Saban Capital Group
-- announced that following completion of its pending
acquisition of Univision Communications Inc., Joe Uva will
become Chief Executive Officer of Univision.

Mr. Uva, 51, who is currently President and Chief Executive
Officer of OMD Worldwide, an Omnicom company, will be based in
New York.  He will assume the CEO position at Univision
effective April 1, 2007.  The acquisition of Univision is
expected to be completed in March.

Over the past five years, Mr. Uva has led the growth of OMD into
the #2-ranked global media strategy and buying agency with over
100 offices in over 80 countries.  He will have overall
responsibility for all aspects of Univision's operations,
including its television, radio, music and online divisions.

BMPI said, "Univision has enormous growth opportunities ahead of
it, and we are very pleased that an executive with Joe Uva's
broad media experience, leadership abilities, and
entrepreneurial qualities will be driving our efforts to build
value and take the company to the next level.  Joe has a proven
track record of achievement in a broad range of advertising-
focused media businesses based on his effective strategy
development, team building, sales skills, creative execution and
new business expansion.  While at OMD he structured the
industry's first billion-dollar cross-media buying contract and
attracted a stable of new clients while solidifying a global
network and working to establish best practices around the
world.  He previously played a key role in the growth and
development of Turner Broadcasting over a 17-year period.  We
are delighted to welcome him to Univision."

"I am excited to have the opportunity to lead a premier company
that has redefined the American media landscape and is so deeply
embedded in the lives of its audience," said Mr. Uva.  "This is
a company with tremendous strength that has fabulous growth
opportunities.  Its relationships with its consumers are
unparalleled in the media industry.  I very much look forward to
working with Univision's outstanding management team,
programming and industry partners, and leaders in the Hispanic
community to build on the company's legacy of innovation and
success.  At the same time, it will be difficult to leave OMD
where I have had a very positive experience.  OMD is a strong
company with a deep management team that will move forward
without missing a beat."

Mr. Uva has spent five years as President and Chief Executive
Officer of OMD where he successfully led the company to be named
Global Media Agency of the Year by Advertising Age Magazine in
2003, by Adweek and Campaign Magazines in 2005, and US Media
Agency of the Year by Advertising Age in 2005.

Prior to joining OMD in 2002, Mr. Uva spent 17 years at Turner
Broadcasting System, Inc.  In 1996, he was named President of
Sales and Marketing for Turner Entertainment Group, where he
handled all advertising sales and marketing for TBS
Superstation, TNT, Turner Sports, Cartoon Network, WTBS-TV and
all network websites.  Mr. Uva also oversaw strategy and
investments in interactive television, the Internet and specific
audience demographics as head of the Turner Ventures Group.  
Prior to joining Turner, Mr. Uva was involved in a Swiss
independent media partnership after having served as Eastern
Regional Sales Manager for USA Network.  Earlier in his career,
he worked as a media planner for McCann Erickson and Grey
Advertising.

Mr. Uva serves on the Boards of Directors of TiVo Incorporated
and Imaginova Corp.  He is a graduate of the State University of
New York at Albany.

            About Madison Dearborn Partners, LLC

Madison Dearborn Partners, based in Chicago, is one of the
largest and most experienced private equity investment firms in
the world.  MDP has more than US$14 billion of equity capital
under management and makes new investments through its most
recent fund, Madison Dearborn Capital Partners V, a US$6.5
billion investment fund raised in 2006.  The company focuses on
management buyout transactions and other private equity
investments across a broad spectrum of industries, including
basic industries, communications, consumer, financial services,
and health care.  

           About Providence Equity Partners Inc.

Providence Equity Partners Inc. is a global private investment
firm specializing in equity investments in media, entertainment,
communications and information companies around the world.  The
principals of Providence Equity manage funds with approximately
US$21 billion in equity commitments and have invested in more
than 100 companies operating in over 20 countries since the
firm's inception in 1990.  Significant investments include
Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education
Management Corporation, Eircom, Freedom Communications, Idea
Cellular, Kabel Deutschland, Metro-Goldwyn-Mayer, Ono, PanAmSat,
ProSiebenSat.1, Recoletos, TDC, VoiceStream Wireless, Warner
Music Group, Western Wireless and Yankees Entertainment Sports
Network.  Providence Equity is headquartered in Providence, RI,
and has offices in New York and London.  The firm is in the
process of opening offices in Hong Kong and New Delhi.

                  About Texas Pacific Group

Texas Pacific Group is a private investment partnership that was
founded in 1992 and currently has more than US$30 billion of
assets under management.  Headquartered in Fort Worth, with
offices in San Francisco, London, Hong Kong, New York,
Minneapolis, Melbourne, Menlo Park, Mumbai, Shanghai, Singapore
and Tokyo, Texas Pacific Group has extensive experience with
global public and private investments executed through leveraged
buyouts, recapitalizations, spinouts, joint ventures and
restructurings.  TPG seeks to invest in world-class franchises
across a range of industries.  Prior investments in media and
communications include Findexa, Hotwire, Metro-Goldwyn-Mayer and
TIM Hellas.  Other significant investments include Aleris,
Burger King, Continental Airlines, Debenhams, Ducati, MEMC, J.
Crew, Neiman Marcus, Petco, Seagate and Texas Genco.  Visit
www.tpg.com.

             About Thomas H. Lee Partners, L.P.

Thomas H. Lee Partners, L.P. is one of the largest and oldest
private equity investment firms in the United States and has
raised and managed almost US$20 billion of capital, making
investments in over 100 businesses since its founding in 1974.  
Today, by remaining focused on growth oriented companies with
strong fundamentals and investing in large buyouts primarily in
North America, Thomas H. Lee Partners continues to build on a
strong track record of creating lasting value and delivering
exceptional returns to its investors.  Notable transactions
sponsored by the firm include Dunkin' Brands, Simmons, The
Nielsen Company (formerly VNU), Warner Music Group and the
announced acquisitions of Clear Channel Communications and
Univision, as well as the recent realizations of investments
such as Houghton Mifflin and ProSiebenSat.1.

                About Saban Capital Group

Saban Capital Group, Inc. is a private investment firm
specializing in the media and entertainment industries.  Based
in Los Angeles, Saban Capital was established in 2001 by Haim
Saban, founder of Saban Entertainment, a global television
broadcasting, production, distribution, merchandising and music
company that was sold to the Walt Disney Corporation in 2001 in
a US$5.2 billion transaction.  The firm makes both controlling
and minority investments in public and private companies
worldwide, including ProSiebenSat.1, Germany's biggest
television group; Keshet Broadcasting Ltd., Israel's leading
television network; and Bezeq, Israel's national phone company,
and adds strategic value through its established relationships
and industry experience.

            About Univision Communications Inc.

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

                        *     *     *

As reported in the Troubled Company Reporter - Latin America on
Feb 20, 2007, Fitch expects to downgrade the Issuer Default
Rating for Univision Communications Inc to 'B' from 'BB' and
expects to rate the proposed financings as:

   -- US$750 million revolving senior secured credit facility
      due 2014 'B+/RR3';

   -- US$7 billion senior secured term loans due 2014 'B+/RR3';

   -- US$500 million second lien term loan due 2009
      'B-/RR5'; and

   -- US$1.5 billion senior unsecured notes due 2015 'CCC+/RR6'.




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


* URUGUAY: Relaunches Ports Master Plan Consultancy Tender
----------------------------------------------------------
The Uruguayan national port authority ANP posted on its Web site
that it has restarted the tender process to hire a consultancy
firm to design the master plan of the Salto and Paysandu ports.

An ANP official explained to Business News Americas that the
presentation of bids were initially set for Feb. 26.  However,
ANP moved the deadline to March 16, at the request of interested
companies.  The process has been relaunched, with some of
changes in the bidding rules after ANP officials met and
discussed the initiative with potential bidders.

ANP already answered some enquiries submitted by the consultancy
firms seeking to present proposals.  It will ANP a few days to
review the offers before awarding the tender.  The final award
date will be determined this week, BNamericas notes, citing the
official.

The master plan will include studies in port demand as well as
expansion plans for each of the terminals.  Authorities decided
to analyze port expansion alternatives due to the increasing
trade within the "southern cone," the official told BNamericas.

                        *    *    *

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


ARMOR HOLDINGS: Declares US$47.1 Million in MOLLE Orders
--------------------------------------------------------
Armor Holdings Inc. disclosed the award of a new delivery order
valued at US$47.1 million from the U.S. Army Natick Contracting
Activity.  The company stated that this new order brings the
total accumulated orders to US$108.6 million that have been
issued under a US$258.9 million multi-year Indefinite
Delivery/Indefinite Quantity (ID/IQ) contract received in August
2006 for the supply of Modular Light- weight Load Carrying
Equipment -- MOLLE.  Production will be performed in 2007 and
2008 by the Armor Holdings Aerospace and Defense Group at its
facilities located in Arizona, Kentucky, Pennsylvania and
Tennessee.

Robert Schiller, President of Armor Holdings, Inc., said, "The
MOLLE line of products has been very well received in the field
as the primary load carrying system for the U.S. Army.  We have
invested in our production capacity for this important product
and we are very pleased with continued orders from our
customers.  This system is an important part of a suite of
products designed to function together to provide critical
protection and survivability to the troops in the field."

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH) -- http://www.armorholdings.com/-- manufactures and  
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.

Additionally, Moody's affirmed its B1 ratings on the company's
2% Convertible Senior Subordinated Notes Due 2024 and 8.25%
Senior Subordinated Notes Due 2013.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 77% loss in the event of default.


DAIMLERCHRYSLER AG: Chrysler Group February Sales Down by 8%
------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group reported sales for February
2007 of 174,506 units; down 8% compared with February 2006 with
190,367 units.  All sales figures are reported unadjusted.

"In a generally soft market environment in February, the
Chrysler Group had good traffic and solid customer interest
especially for our newly launched, fuel efficient models like
the Dodge Avenger, Dodge Caliber, and Jeep(R) Compass.  Also,
the Jeep Wrangler had its best February ever," Chrysler Group
Vice President for Sales and Field Operations Steven Landry
said.

The Dodge Avenger posted sales of 5,205 units.  The vehicle is
one of the Chrysler Group's five new models that achieve 30
miles per gallon or better in highway driving.

Jeep Wrangler and Wrangler Unlimited continued to post strong
sales in February with 9,240 units, a rise of 63% over February
2006 sales of 5,673 units.  February 2007 marks the best month
of February in the history of the Jeep Wrangler.

Sales of the Jeep Compass increased 3% over the previous month
with 4,071 units compared with 3,965 units in January 2007.

The Dodge Caliber finished February with sales of 9,900 units,
an increase of 14% compared with last month with 8,672 units.

Dodge Ram pickup sales continued to increase after an already
strong January and posted sales of 28,633 units, up by 17% over
the previous month with 24,379 units.

"Building on the sales momentum of the Dodge Ram in the first
two months of 2007, March will be the Chrysler Group's 'National
Truck Month.'

"Our marketing approach will primarily focus on our biggest
volume model, the Dodge Ram, and tie it with the value of one of
our most successful product features, the legendary HEMI(R)
engine," Chrysler Group Vice President for Sales and Dealer
Operations Michael Manley said.

"Customers have the opportunity to get a no-extra-charge HEMI
engine upgrade for the Dodge Ram 1500 as well as the Dodge
Durango.  We are confident that 'National Truck Month' will
resonate well with our customers."

Chrysler Group finished the month with 492,230 units of
inventory, or a 68-day supply.  Inventory is down by 8% compared
with February 2006 when it was at 532,534 units.

                    National Truck Month

Dodge will offer a no-extra charge Hemi(R) engine on a Dodge Ram
1500 and the Dodge Durango this month.

"We have a no-charge Hemi and special incentives for both
consumers and our dealers.  So our dealers really ordered and
stocked up in anticipation of a really strong truck month," Mr.
Landry said.

"It's kind of an anniversary of sorts.  We've done it in the
past and our dealers are geeked.  And we think it's going to be
a huge, huge Dodge Ram, Dakota, and Durango month in March."

              Uncertainty Impact February Sales

"I certainly think it had something to do with it," Mr. Landry
said in reply to a question that uncertainty surrounding the
Chrysler Group had an impact on February sales results.

"The industry was soft enough on its own.  Our sales were off
8%.  I think it could have been a lot worse, considering the
impact of the notification of the options for our company.  But,
you know, our employees are standing strong, our dealers are
totally behind us, so we expect to bounce back fairly strongly
in March."

                    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.


DAIMLERCHRYSLER AG: Magna Interested in Chrysler's Future
---------------------------------------------------------
Magna International Inc. indicated that it has a role in
DaimlerChrysler AG's Chrysler Group's future, Bernard Simon and
John Reed writing for the Financial Times.

According to reports, DaimlerChrysler is Magna's biggest
customer, contributing about 26% of total sales.

The discussions between the two companies are all about
"protecting Magna's franchise," Greg Keenan writes for Globe and
Mail, citing an industry source in Detroit.

However, KeyBanc analyst Brett Hoselton told investors that his
sources said Magna is seriously considering a purchase of
Chrysler, Tom Krisher writes for the Associated Press.

Mr. Hoselton said Magna officers received Chrysler's financial
information, visited Chrysler facilities, and met with United
Auto Workers representative, Mr. Krisher adds.

                   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.


* VENEZUELA: Includes Mining Reform Bill in Enabling Law
--------------------------------------------------------
Venezuelan deputy mining minister Ivan Hernandez told Business
News Americas that the mining reform bill has been included in
the enabling law that the national assembly granted to President
Hugo Chavez.

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, 2007, the national assembly voted in favor of granting
President Chavez special powers for 18 months that would allow
their leader to quickly resolve issues involving changes in the
oil, gas and electricity industries.  

Minister Hernandez told BNamericas, "Right now they are
registering the different talking points for the reform bill
discussion which will be conducted according to the mechanisms
determined by the AN and specifically by the legislative
committee selected by President Chavez via the enabling bill."

Small-scale miners were allowed to make suggestions for the
reform bill during the second annual mining congress in
Tumeremo, BNamericas says, citing Minister Hernandez.

The national assembly plans to conclude the consultation phase
for bill in the first quarter, BNamericas 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: Okays VEB438B Funding for El Diluvio Dam Project
-------------------------------------------------------------
Venezuelan news service Panorama Digital reports that the
government has ratified VEB438 billion in funding for the
environment ministry to conduct works on the El Diluvio dam.

Business News Americas relates that El Diluvio will let
officials use the water of the Los Tres Rios reservoir in Zulia
to provide potable water to the Huinca aqueduct.

According to BNamericas, the amount of water to be sent to the
Huinca aqueduct was not disclosed.

"This is a strategic initiative that confirms President [Hugo]
Chavez's commitment of providing the resources needed to keep
operative the El Diluvio dam, as well as investment programs for
the Maracaibo area," Venezuelan Finance Minister Rodrigo Cabezas
told BNamericas.

                        *     *     *

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.


* BOOK REVIEW: Ocean Transportation
-----------------------------------
Author:     Carl E. McDowell and Helen M. Gibbs
Publisher:  Beard Books
Paperback:  492 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/189312245X/internetbankru
pt

Carl E. McDowell and Helen M. Gibbs' Ocean Transportation gives
a unique historical perspective of the shipping industry in the
United States in the days following World War II.

When first published in 1954, it was the first comprehensive
book in two decades to discuss the principal aspects of ocean
transportation.

The book is primarily concerned with the techniques, practices,
and problems of private ship ownership and operation, focusing
on management from the point of view of the successful ship
owner.


                         ***********


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
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Copyright 2076.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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